Quarterly report pursuant to Section 13 or 15(d)

Restatement Of Financial Statements

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Restatement Of Financial Statements
9 Months Ended
Sep. 30, 2011
Restatement Of Financial Statements [Abstract]  
Restatement Of Financial Statements

10. Restatement of Financial Statements

The Company restated its previously issued consolidated financial statements as of September 30, 2011 and for the three and nine months then ended, to correct errors in the accounting for certain transaction costs related to the acquisition of CyDex. Specifically, the Company previously expensed transaction costs paid on behalf of CyDex that should have been recorded as an assumed liability as of the acquisition date. Accordingly, the Company reduced general and administrative expenses and increased goodwill by $0.2 million for the three months ended September 30, 2011 and $0.9 million for the nine months ended September 30, 2011 and reduced the income tax benefit by $0 for the three months ended September 30, 2011 and $0.2 million for the nine months ended September 30, 2011, increasing income from continuing operations by $0.2 million for the three months ended September 30, 2011 and $0.7 million for the nine months ended September 30, 2011.

 

The following tables summarize the effects of the restatement on the specific items presented in our historical consolidated financial statements previously include in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011:

 

     September 30, 2011  
     As
previously
reported
    As
Restated
 

Balance sheet data:

    

Goodwill and other identifiable intangible assets

   $ 72,237      $ 72,929   

Total assets

     122,466        123,158   

Accumulated deficit

     (687,965     (687,273

 

     Three Months Ended
September 30, 2011
    Nine Months Ended
September 30, 2011
 
     As
Previously
Reported
    As
Restated
    As
Previously
Reported
     As
Restated
 

Statement of Operations data:

         

General and Administrative expense

   $ 4,112      $ 3,962      $ 12,146       $ 11,261   

Income tax benefit (expense)

   $ (22   $ (22     13,620         13,427   

Net Income (loss)

     (3,906     (3,756     4,674         5,366   

Basic and diluted earnings per share:

         

Income (loss) from continuing operations

     (0.20     (0.19     0.24         0.27   

Income from discontinued operations

     —          —          —           0   

Net Income (loss)

     (0.20     (0.19     0.24         0.27   

Weighted average number of common shares-basic

     19,673        19,673        19,649         19,649   

Weighted average number of common shares-diluted

     19,673        19,673        19,686         19,686