MILTON, ONTARIO -- (Marketwired) -- 05/14/13 -- Tribute Pharmaceuticals Canada Inc. (formerly Stellar Pharmaceuticals Inc.) (OTCQB: TBUFF)(OTCBB: TBUFF)(PINKSHEETS: TBUFF) ("Tribute" or "the Company"), a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada, today announced financial results for its fiscal 2013 first quarter ending March 31, 2013. In this press release, all dollar amounts are expressed in Canadian currency - unless otherwise noted - and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
First Quarter 2013 Highlights:
-- Revenues increased 18% to $3.4MM in Q1-2013 vs. Q1-2012-- Gross profit up 36% in Q1-2103 vs. Q1-2012-- Tribute's sales force launched Cambia® throughout Canada in Q1-2013 to include primary care physicians-- The Company completed a private placement of units of its securities in Q1-2013 for aggregate gross proceeds of approximately US $4.6MM
Total revenue for the three month period ended March 31, 2013 increased by 18.0% to $3,422,200 compared to $2,900,200 in 2012. The underlying increase in sales was primarily attributable to the recent launch of Cambia® and continued growth of existing products.
Gross profit for the three month period ended March 31, 2013 was $1,675,900, higher by 36.0%, or $443,100 compared to the same period in the prior year. Selling, general and administrative expenses for the three month period ended March 31, 2013 were $2,949,600 compared to $2,019,000 for the same period in 2012. The increase of $930,600 or 46.1% is primarily due to the expanded launch of Cambia® in Q1 to primary care physicians in Canada.
The net loss after taxes for the three month period ended March 31, 2013 was $2,716,800 compared to a loss of $626,300 for the same period in the prior year. The increase in the net loss of $2,090,500 was primarily due to a significant investment in the expansion of the Company's sales force and marketing expenses related to the launch of Cambia® and increased promotion with our other promoted products, business development activities and a non-cash expense increase in the warrant liability of $1,317,000, primarily related to the recently completed private placement of aggregate gross proceeds of US$4,545,000 ($4,662,700). This equates to a loss of ($0.06) per share for the year compared to a loss of ($0.02) per share in for the same period in 2012.
Excluding non-operating expenses for the three month period ended March 31, 2013 of $1,428,400 (which includes the non-cash change in warrant liability) net loss from operations was $1,603,200. This compares to the prior year net loss from operations of $883,200.
The Company's cash and cash equivalents position amounted to $2,101,900 at March 31, 2013 compared with $2,283,900 at December 31, 2012. The Company's recent private placement was completed in three tranches for net proceeds to the Company of US$4,231,800 after deducting expenses. Each Unit was issued at a price of US$0.40 and consisted of one common share of the Company and one-half of one Series A common share purchase warrant and one-half of one Series B common share purchase warrant. For further details see the press release dated March 15, 2013.