For the third quarter 2013, analysts estimate IPXL will generate revenues of $111.8M, a decrease of 23.19% over the prior year third quarter results.
IPXL reported today that the total revenues were $132.6 million for the third quarter 2013, compared to $145.6 million in the prior year period.
IPXL also reported that the third quarter 2013 adjusted net income of $16.6 million, or $0.25 per diluted share, compared to adjusted net income of $33.0 million, or $0.48 per diluted share in the prior year period.
Adjusted earnings before interest, taxes, depreciation and amortization was $34.2 million in the third quarter 2013, compared to $57.3 million in the prior year period.
Cash and short-term investments increased $137.7 million to $436.6 million as of September 30, 2013, compared to $298.9 million as of December 31, 2012.
This should come as no surprise too anyone following the stock because they were effectively shut down on approved product and prevented from moving forward on others until the insufficiencies were corrected. Naturally, the "revenue" suffered. And if they hadn't set up a special committee focused on making sure the corrections were done this time, it wouldn't be a good sign, but they have, which indicates to me at least, that they are tackling the problem at last with a view to making it right. It won't take long to rebalance once this is behind them.
Frankly, I don't understand why companies aren't on top of their own facilities so that things like this don't happen. it was blind mismanagement, no doubt, but I think they got the message and are acting on it.