Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock trades on the Nasdaq Global Market under the symbol “ANIP.”
Stockholder Information
As of March 4, 2021, there were approximately 123 shareholders of record of our common stock, which does not include stockholders that beneficially own shares held in a “nominee” or in “street” name, and six holders of record of Class C stock.
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Dividends
We have never declared or paid cash dividends on our common stock. We do not anticipate paying any cash dividends on our capital stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business.
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
None.
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Performance Graph
The graph below compares the five-year cumulative total stockholder return on our common stock, the Nasdaq Stock Market (US) Index, and the Nasdaq Pharmaceuticals Index, assuming the investment of $100.00 on December 31, 2015, with dividends being reinvested. The stock price performance in the graph below is not necessarily indicative of future price performance.
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Item 6. Selected Financial Data
The following table sets forth selected financial data as of and for the five years ended December 31, 2020. The information has been derived from our audited consolidated financial statements for each of the years ended December 31, 2020, 2019, 2018, 2017, and 2016. The data presented below should be read in conjunction with our consolidated financial statements, the notes to our consolidated financial statements, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Years Ended December 31,
(in thousands, except per share data)
2020
2019
2018(1)
2017(2)
2016
Statement of Operations Data:
Net revenues
$
208,475
$
206,547
$
201,576
$
176,842
$
128,622
Total operating expenses
224,491
190,196
166,217
148,513
108,543
Operating (loss)/income from continuing operations
(16,016)
16,351
35,359
28,329
20,079
Benefit/(provision) for income taxes
3,414
2,937
(4,557)
(17,425)
(4,744)
Net (loss)/income from continuing operations
$
(22,548)
$
6,094
$
15,494
$
(1,076)
$
3,934
Basic and diluted (loss)/income from continuing operations per share:
Basic (loss)/income per share from continuing operations
$
(1.88)
$
0.51
$
1.31
$
(0.09)
$
0.34
Diluted (loss)/income per share from continuing operations
$
(1.88)
$
0.50
$
1.30
$
(0.09)
$
0.34
Balance Sheet Data:
Total assets
$
461,190
$
456,789
$
430,604
$
412,138
$
322,864
Total Convertible Notes, net of deferred financing costs
—
—
112,463
128,208
120,643
Non-current debt, net of deferred financing costs and current component
172,443
175,808
67,296
69,946
—
Total stockholder's equity
$
195,700
$
212,791
$
197,263
$
174,756
$
169,648
(1) On August 6, 2018, our subsidiary, ANI Pharmaceuticals Canada Inc. (“ANI Canada”), acquired all the issued and outstanding equity interests of WellSpring Pharma Services Inc. (“WellSpring”), a Canadian company that performs contract development and manufacturing of pharmaceutical products for a purchase price of $18.0 million, subject to certain customary adjustments. Pursuant to these customary adjustments, the total purchase consideration was $16.7 million. The consideration was paid entirely from cash on hand.
(2) The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Tax Cuts and Jobs Act includes a number of changes to existing U.S. tax laws, most notably the reduction of the U.S. corporate income tax rate from 35% to 21%, which began in 2018. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. As a result, we remeasured our deferred tax assets and deferred tax liabilities to reflect the reduction in the enacted U.S. corporate income tax rate, resulting in a $13.4 million increase in income tax expense for the year ended December 31, 2017. See Note 11. Income Taxes, in the notes to the consolidated financial statements in Part II, Item 8. of this Annual Report on Form 10-K for further information.
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