SAVIENT PHARMACEUTICALS INC

CIK:0000722104|SEC Filings

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Product sales, net	$ 6,949	$ 4,916	$ 17,921	$ 13,076
Co-promotion revenue	(382)
Total Revenues	6,567	4,916	17,921	13,076
Cost and expenses:
Cost of goods sold	1,419	4,222	7,007	12,669
Research and development	4,147	6,796	16,307	20,747
Selling, general and administrative	14,320	20,427	47,283	72,006
Operating Expenses, Total	19,886	31,445	70,597	105,422
Operating loss	(13,319)	(26,529)	(52,676)	(92,346)
Investment income, net	9	41	62	125
Interest expense on debt	(7,364)	(6,805)	(21,680)	(16,962)
Gain on extinguishment of debt				21,800
Other income (expense), net	240	(6,408)	1,740	(2,895)
Loss before income taxes	(20,434)	(39,701)	(72,554)	(90,278)
Income tax benefit			2,242
Net loss	$ (20,434)	$ (39,701)	$ (70,312)	$ (90,278)
Loss per common share:
Basic and diluted	$ (0.28)	$ (0.56)	$ (0.98)	$ (1.28)
Weighted-average number of common shares:
Basic and diluted	72,353	70,956	72,056	70,718

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net loss	$ (70,312)	$ (90,278)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	344	314
Accretion of debt discount	12,817	8,323
Gain on extinguishment of debt		(21,800)
Valuation change in warrant liability	(1,301)	2,785
Amortization of deferred financing costs	651	561
Stock compensation expense	3,256	5,165
Other	4	116
Changes in:
Accounts receivable, net	(2,478)	(82)
Inventories, net	3,064	252
Prepaid expenses and other current assets	(261)	(2,106)
Other assets	(693)	(808)
Accounts payable	(1,820)	(3,104)
Accrued interest on convertible notes	(168)	(1,661)
Other current liabilities	(5,055)	5,944
Deferred revenues	193	74
Other liabilities	(200)	1,709
Net cash used in operating activities	(61,959)	(94,596)
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity securities	40,286	52,711
Purchases of held-to-maturity securities	(520)	(45,071)
Capital expenditures		(1,549)
Changes in restricted cash	775	(350)
Net cash provided by investing activities	40,541	5,741
Cash flows from financing activities:
Proceeds from issuance of common stock	139	412
Proceeds from issuance of debt, net of expenses		42,647
Net cash provided by financing activities	139	43,059
Effect of exchange rate changes	(612)	(111)
Net decrease in cash and cash equivalents	(21,891)	(45,907)
Cash and cash equivalents at beginning of period	50,332	114,094
Cash and cash equivalents at end of period	28,441	68,187
Other information:
Income tax paid
Interest paid	$ 8,380	$ 9,764

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 28,441	$ 50,332
Short-term investments	6,183	45,949
Accounts receivable, net	6,819	4,341
Inventories, net	1,261	4,325
Prepaid expenses and other current assets	4,679	4,367
Total current assets	47,383	109,314
Property and equipment, net	1,702	2,050
Deferred financing costs, net	4,267	4,969
Restricted cash and other assets	2,791	2,873
Total assets	56,143	119,206
Current Liabilities:
Accounts payable	1,615	3,435
Deferred revenues	773	580
Warrant liability	1,634	2,935
Accrued interest	2,982	3,150
Other current liabilities	16,956	21,516
Total current liabilities	23,960	31,616
Convertible notes, net of discount of $22,368 at September 30, 2013 and $25,354 at December 31, 2012	100,073	97,087
Senior secured notes, net of discount of $35,283 at September 30, 2013 and $45,114 at December 31, 2012	135,658	125,827
Other liabilities	2,773	2,973
Stockholders' Deficit:
Preferred stock-$.01 par value 4,000,000 shares authorized; no shares issued
Common stock-$.01 par value 150,000,000 shares authorized; 73,627,000 shares issued and outstanding at September 30, 2013 and 73,083,000 shares issued and outstanding at December 31, 2012	737	731
Additional paid-in-capital	400,580	397,191
Accumulated deficit	(606,227)	(535,915)
Accumulated other comprehensive loss	(1,411)	(304)
Total stockholders' deficit	(206,321)	(138,297)
Total liabilities and stockholders' deficit	$ 56,143	$ 119,206