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from 10QSB
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Part I - Financial Information - Item 1. Financial Statements - Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet September 30, 2002 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 20,489,090 Short-Term Investments 5,804,682 Accounts Receivable - Net 327,617 Finished Goods Inventory 1,636,393 Deferred Tax Asset 1,347,703 Prepaid Samples and Materials 326,077 Prepaid Expenses and Other 405,071 Total Current Assets 30,336,633 Property and Equipment - Net 762,349 Intangibles - Net 6,556,788 Deferred Tax Asset 3,036,708 Other Assets 7,326 Total Assets $ 40,699,804 =============== Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 223,773 Accounts Payable 643,075 Accrued Expenses 3,100,674 Income Taxes Payable 38,094 Total Current Liabilities 4,005,616 Long-Term Debt, Less Current Maturities 200,220 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 10,831,639 Shares at September 30, 2002 108,317 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 429,752 Shares at September 30, 2002 4,298 Additional Paid-In Capital 31,087,709 Retained Earnings 6,458,502 Accumulated Other Comprehensive Gain 67,941 Treasury Stock, at Cost (742,527 Shares at September 30, 2002) (1,232,799) 36,493,968 Total Liabilities and Stockholders' Equity $ 40,699,804 =============== See Notes to Condensed Consolidated Financial Statements 3
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Part I-Financial Information - Item I.FINANCIAL Statements - Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet June 30, 2002 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 16,465,512 Short-Term Investments 4,329,550 Accounts Receivable - Net 2,782,192 Finished Goods Inventory 1,679,690 Deferred Tax Asset 1,337,032 Prepaid Samples and Materials 334,530 Prepaid Expenses and Other 233,742 Total Current Assets 27,162,248 Property and Equipment - Net 808,251 Intangibles - Net 6,765,105 Deferred Tax Asset 3,074,382 Other Assets 13,556 Total Assets $ 37,823,542 ============= Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 230,362 Accounts Payable 493,511 Accrued Expenses 2,515,675 Income Taxes Payable 111,676 Total Current Liabilities 3,351,224 Long-Term Debt, Less Current Maturities 245,142 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 10,794,089 Shares at June 30, 2002 107,942 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 429,752 Shares at June 30, 2002 4,298 Additional Paid-In Capital 31,013,678 Retained Earnings 4,450,885 Accumulated Other Comprehensive Loss (113,843) Treasury Stock, at Cost (743,996 Shares at June 30, 2002) (1,235,784) 34,227,176 Total Liabilities and Stockholders' Equity $ 37,823,542 ============= See Notes to Condensed Consolidated Financial Statements 3
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet March 31, 2002 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 7,438,926 Short-Term Investments 9,860,827 Accounts Receivable - Net 5,102,826 Finished Goods Inventory 1,952,921 Deferred Tax Asset 1,276,347 Prepaid Samples and Materials 372,886 Prepaid Expenses and Other 311,243 Total Current Assets 26,315,976 Property and Equipment - Net 786,118 Intangibles - Net 6,973,422 Deferred Tax Asset 3,041,640 Other Assets 24,937 Total Assets $ 37,142,093 ============= Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 226,290 Accounts Payable 1,757,939 Accrued Expenses 2,044,460 Income Taxes Payable 785,933 Total Current Liabilities 4,814,622 Long-Term Debt, Less Current Maturities 278,096 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 10,759,889 Shares at March 31, 2002 107,600 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 429,752 Shares at March 31, 2002 4,298 Additional Paid-In Capital 30,702,541 Retained Earnings 2,658,431 Accumulated Other Comprehensive Loss (186,046) Treasury Stock, at Cost (744,816 Shares at March 31, 2002) (1,237,449) 32,049,375 Total Liabilities & Stockholders' Equity $ 37,142,093 ============ See Notes to Condensed Consolidated Financial Statements 3
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from 10QSB/A
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet September 30, 2001 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 4,071,336 Short-Term Investments 2,200,000 Accounts Receivable - Net 3,081,273 Finished Goods Inventory 1,352,066 Deferred Tax Asset 350,748 Prepaid Samples and Materials 333,260 Prepaid Expenses and Other 127,048 Total Current Assets 11,515,731 Property and Equipment - Net 771,550 Intangibles - Net 7,427,762 Deferred Tax Asset 638,758 Other Assets 50,199 Total Assets $ 20,404,000 ============= Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 499,871 Revolving Credit Line - Accounts Payable 845,491 Accrued Expenses 2,818,333 Income Taxes Payable 537,769 Total Current Liabilities 4,701,464 Long-Term Debt, Less Current Maturities 714,663 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 9,086,110 Shares at September 30, 2001 16,270,129 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 431,552 Shares at September 30, 2001 845,448 Treasury Stock, at Cost (748,351 Shares at September 30, 2001) (1,238,312) Accumulated Deficit (889,392) 14,987,873 Total Liabilities & Stockholders' Equity $ 20,404,000 ============== See Notes to Condensed Consolidated Financial Statements
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from 10QSB
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet September 30, 2001 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 4,071,336 Short-Term Investments 2,200,000 Accounts Receivable - Net 2,381,273 Finished Goods Inventory 1,352,066 Deferred Tax Asset 350,748 Prepaid Samples and Materials 333,260 Prepaid Expenses and Other 127,048 Total Current Assets 10,815,731 Property and Equipment - Net 771,550 Intangibles - Net 7,427,762 Deferred Tax Asset 638,758 Other Assets 50,199 Total Assets $ 19,704,000 ============= Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 499,871 Revolving Credit Line - Accounts Payable 1,131,149 Accrued Expenses 1,832,675 Income Taxes Payable 537,769 Total Current Liabilities 4,001,464 Long-Term Debt, Less Current Maturities 714,663 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 9,086,110 Shares at September 30, 2001 16,270,129 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 431,552 Shares at September 30, 2001 845,448 Treasury Stock, at Cost (748,351 Shares at September 30, 2001) (1,238,312) Accumulated Deficit (889,392) 14,987,873 Total Liabilities & Stockholders' Equity $ 19,704,000 ============== See Notes to Condensed Consolidated Financial Statements
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from 10QSB
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet June 30, 2001 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 461,302 Short-Term Investments 2,200,000 Accounts Receivable - Net 2,859,887 Finished Goods Inventory 1,563,617 Deferred Tax Asset 344,718 Prepaid Samples and Materials 329,871 Prepaid Expenses and Other 95,604 Total Current Assets 7,854,999 Property and Equipment - Net 727,421 Intangibles - Net 7,663,154 Deferred Tax Asset 658,872 Other Assets 61,580 Total Assets $ 16,966,026 ================== Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 489,404 Revolving Credit Line 24,990 Accounts Payable 960,807 Accrued Expenses 1,443,265 Income Taxes Payable 259,049 Total Current Liabilities 3,177,515 Long-Term Debt, Less Current Maturities 771,159 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 8,262,852 Shares at June 30, 2001 15,001,219 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 431,552 Shares at June 30, 2001 845,448 Treasury Stock, at Cost (719,232 Shares at June 30, 2001) (1,004,218) Accumulated Deficit (1,825,097) 13,017,352 Total Liabilities & Stockholders' Equity $ 16,966,026 =================== See Notes to Condensed Consolidated Financial Statements
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from 10QSB
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2000 1999 Cash Flows From Operating Activities: Net Income (Loss) $ (4,111,705) $ 565,488 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities Depreciation & Amortization 707,598 896,355 Loss on Sale of Fixed Assets - 6,905 Writeoff of Deferred Loan Costs - 90,000 Loss Due to Impairment of Asset 3,897,000 - Noncash Compensation and Consulting Services 18,853 14,992 Changes in Operating Assets and Liabilities Accounts Receivable 1,648,721 (119,719) Inventory and Prepaid Samples and Materials 201,044 (34,165) Prepaid Expenses and Other 19,507 (199,234) Accounts Payable (406,387) 427,668 Accrued Expenses 31,389 (407,726) Accrued (Refundable) Income Tax (488,877) 130,364 Net Cash Provided by Operating Activities 1,517,143 1,370,928 Cash Flows From Investing Activities: Investments in Trademarks, and Other Intangible Assets (21,465) (484) Purchase of Property & Equipment (7,138) (48,074) Proceeds From Sale of Fixed Assets - 109,910 Net Cash Provided by (Used In) Investing Activities (28,603) 61,352 Cash Flows From Financing Activities: Payment of Long-Term Debt (266,421) (113,087) Revolving Credit Line, Net (1,495,974) (1,728,812) Proceeds From Exercise of Stock Options 3,437 - Distribution (Purchase) of Treasury Shares, Net 72,421 (565,712) Net Cash Used in Financing Activities (1,686,537) (2,407,611) Decrease in Cash and Cash Equivalents (197,997) (975,331) Cash and Cash Equivalents at Beginning of Period 385,640 1,417,746 Cash and Cash Equivalents at End of Period $ 187,643 $ 442,415 =========== =========== (Continued) 5
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 Netsales $ 4,667,772 $ 4,128,173 $11,556,819 $13,544,105 Cost of Sales 1,060,740 1,070,773 2,915,107 3,725,770 3,607,032 3,057,400 8,641,712 9,818,335 Selling, General and Administrative Expenses 2,695,508 2,880,761 8,103,652 7,851,404 Depreciation and Amortization 225,521 257,305 707,598 896,355 Interest Expense - Net 70,229 51,014 182,167 173,088 Loss Due to Impairment of Asset - - 3,897,000 - 2,991,258 3,189,080 12,890,417 8,920,847 Income (Loss) Before Income Taxes 615,774 (131,680) (4,248,705) 897,488 Income Tax Expense (Benefit) 240,000 (48,000) (137,000) 332,000 Net Income (Loss) $ 375,774 $ (83,680) $(4,111,705)$ 565,488 ========== ========== ========== ========== Net Income (Loss) Per Common Share Basic & Diluted $ 0.05 $ (0.01) $ (0.52)$ 0.07 ========== ========== ========== ========== Weighted Average Number of Common Shares Basic 7,910,000 7,900,000 7,900,000 8,010,000 ========== ========== ========== ========== Diluted 7,960,000 7,930,000 7,900,000 8,070,000 ========== ========== ========== ========== See Notes to Condensed Consolidated Financial Statements 4
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EX-1
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Bradley Pharmaceuticals, Inc. Condensed Consolidated Balance Sheet September 30, 2000 (Unaudited) Assets Current Assets - Cash and Cash Equivalents $ 187,643 Accounts Receivable - Net 4,298,545 Finished Goods Inventory 2,479,040 Prepaid Samples and Materials 137,177 Prepaid Expenses and Other 102,600 Refundable Income Tax 249,879 Total Current Assets 7,454,884 Property and Equipment - Net 221,091 Intangibles - Net 8,342,662 Other Assets 111,556 Total Assets $ 16,130,193 =========== Liabilities and Stockholders' Equity Current Liabilities - Current Maturities of Long-Term Debt $ 461,647 Revolving Credit Line 624,347 Accounts Payable 1,625,639 Accrued Expenses 2,812,356 Total Current Liabilities 5,523,989 Long-Term Debt, Less Current Maturities 741,128 Stockholders' Equity - Preferred Stock, $.01 Par Value; Authorized, 2,000,000 Shares; Issued, None - Common Stock, $.01 Par Value, Authorized 26,400,000; Issued 8,206,289 Shares at September 30, 2000 14,774,770 Common, Class B, $.01 Par Value, Authorized 900,000 Shares, Issued and Outstanding, 431,552 Shares at September 30, 2000 845,448 Treasury Stock, at Cost (726,413 Shares at September 30, 2000) (1,028,890) Accumulated Deficit (4,726,252) 9,865,076 Total Liabilities & Stockholders' Equity $ 16,130,193 =========== See Notes to Condensed Consolidated Financial Statements 3
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