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, no par value, has been traded on the Nasdaq Global Select Market since August 11, 2009 under the symbol “CPIX.” As of March 8, 2021, we had 77 shareholders of record of our common stock. This excludes shareholders whose shares are held by brokers and other institutions on behalf of shareholders. The closing price of our common stock on the Nasdaq Global Select Market on March 8, 2021 was $3.21 per share.
Dividend Policy
We have not declared or paid any cash dividends on our common stock. Any future decision to declare or pay dividends will be at the sole discretion of our Board of Directors.
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Performance Graph
The stock performance graph below illustrates a comparison of the total cumulative stockholder return on our common stock since December 31, 2015 to the Nasdaq Composite and a composite of seven Nasdaq Pharmaceutical and Specialty Pharmaceutical Stocks which most closely compare to our Company. The graph assumes an initial investment of $100 on December 31, 2015, and that all dividends were reinvested.
Purchases of Equity Securities
The Company currently has a share repurchase program to repurchase up to $10.0 million of our common stock pursuant to Rule 10b-18 of the Securities Act of 1934. In January 2019, the Company's Board of Directors established the current $10.0 million repurchase program to replace the prior authorizations. We repurchased 503,626 shares, 623,478 shares and 443,041 shares of common stock for approximately $1.8 million, $3.5 million and $2.9 million, and during the years ended December 31, 2020, 2019 and 2018, respectively.
The following table summarizes the activity, by month, during the fourth quarter of 2020:
Period Total Number
of Shares (or
Units)
Purchased
Average
Price Paid
per Share
(or Unit)
Total Number of
Shares (or Units)
Purchased as
Part of Publicly
Announced Plans or
Programs
Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) that May Yet Be
Purchased Under the
Plans or Programs
October 38,501 $3.14 38,501 $6,364,741
November 31,162 (1) $3.02 31,162 $6,270,602
December 26,280 $3.06 26,280 $6,190,118
Total 95,943
(1) Of this amount, 280 shares were repurchased directly in private purchases at the then-current fair market value of common stock.
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Item 6. Selected Financial Data.
The selected consolidated financial data set forth below should be read in conjunction with the audited consolidated financial statements and related notes and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other financial information appearing elsewhere in this Form 10-K. The historical results are not necessarily indicative of the results to be expected for any future periods.
Years Ended December 31,
Statement of income data: 2020 2019 2018 2017 2016
(in thousands, except per share data)
Net revenues $ 37,441 $ 34,388 $ 29,345 $ 26,323 $ 32,187
Costs and expenses 43,823 43,676 40,518 35,202 33,753
Operating income (loss) (6,382) (9,288) (11,173) (8,879) (1,566)
Net income (loss) from continuing operations (6,626) (9,212) (10,821) (12,848) (1,137)
Net income (loss) from discontinued operations 3,207 5,665 3,782 4,798 133
Net income (loss) attributable to common shareholders (3,339) (3,538) (6,963) (7,979) (945)
Earnings (loss) per share:
Continuing operations - basic $ (0.43) $ (0.60) $ (0.69) $ (0.80) $ (0.07)
Discontinued operations - basic 0.21 0.37 0.24 0.30 0.01
Earnings (loss) per share – basic $ (0.22) $ (0.23) $ (0.45) $ (0.50) $ (0.06)
Continuing operations - diluted $ (0.43) $ (0.60) $ (0.69) $ (0.80) $ (0.07)
Discontinued operations - diluted 0.21 0.37 0.24 0.30 0.01
Earnings (loss) per share – diluted $ (0.22) $ (0.23) $ (0.45) $ (0.50) $ (0.06)
As of December 31,
Balance sheet data: 2020 2019 2018 2017 2016
(in thousands)
Cash and cash equivalents $ 24,754 $ 28,213 $ 27,939 $ 45,413 $ 34,510
Marketable securities — — 8,291 4,672 15,622
Working capital 24,302 26,013 31,312 50,990 50,753
Total assets 96,463 104,549 112,694 93,232 93,405
Total long-term debt (including current portion) and other long-term obligations 23,922 29,314 29,319 11,616 5,491
Retained earnings (deficit) (2,131) 1,208 4,746 11,709 18,605
Total equity 46,873 51,085 55,571 63,922 73,121
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