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Board of Directors of Obagi Medical Products, Inc. Receives Unsolicited Acquisition Proposal from Me

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By Business Wirevia The Motley Fool

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Board of Directors of Obagi Medical Products, Inc. Receives Unsolicited Acquisition Proposal from Merz Pharma

LONG BEACH, Calif.–(BUSINESS WIRE)– On April 2, 2012, Obagi Medical Products, Inc. (NAS: OMPI) (the “Company” or “Obagi”) announced that the Obagi Board of Directors had received an unsolicited letter from Merz Pharma offering $22 per share cash to acquire the Company, and the Obagi Board of Directors will evaluate Merz Pharma‘s offer and the merger terms consistent with its fiduciary and legal duties. The Obagi Board of Directors realizes that time is of the essence in this matter.


About Obagi Medical Products, Inc.

Obagi Medical Products is a specialty pharmaceutical company that develops, markets and sells, and is a leading provider of, proprietary topical aesthetic and therapeutic prescription-strength skin care systems in the physician-dispensed market. Using its Penetrating Therapeutics™ technologies, Obagi Medical‘s products are designed to improve penetration of agents across the skin barrier for common and visible skin conditions in adult skin including premature aging, photodamage, hyperpigmentation (irregular or patchy discoloration of the skin), acne, sun damage, rosacea, and soft tissue deficits, such as fine lines and wrinkles. Obagi Medical‘s portfolio, which includes cosmetic, over-the-counter and prescription products, including 4% hydroquinone, is sold and promoted only through physician offices and requires education by a physician on proper use. The history of Obagi’s skin care product introductions is as follows: Obagi Nu-Derm®, Obagi-C® Rx (a prescription-strength vitamin C and hydroquinone system), Obagi® Professional-C (a line of highly stable vitamin C serums), Obagi Condition & Enhance® for use with cosmetic procedures to enhance patient outcomes and satisfaction, ObagiELASTIderm® Eye Products and ObagiCLENZIderm® M.D. acne therapeutic systems, a formulation of ObagiCLENZIderm M.D. Systems for normal to dry skin, and ObagiELASTIderm Décolletage System, ObagiRosaclear® System, ObagiELASTILash® Eyelash Solution, Obagi Blue Peel RADIANCE®, Nu-Derm® Sun Shield SPF 50 and Obagi Hydrate™. Visit www.obagi.com for information.

Penetrating Therapeutics and Obagi Hydrate are trademarks, and Obagi, the Obagi logo, Blue Peel RADIANCE, Condition & Enhance, ELASTIderm, ELASTILash, Nu-Derm, Obagi-C, ObagiCLENZIderm and Rosaclear are registered trademarks, of Obagi Medical Products, Inc. and/or its affiliates in the United States and certain other countries.

Notice to Investors

On March 26, 2013, Obagi Medical Products, Inc. filed a solicitation/recommendation statement with respect …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Obagi Medical Products Reports Fourth Quarter and Year-End 2012 Financial Results

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By Business Wirevia The Motley Fool

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Obagi Medical Products Reports Fourth Quarter and Year-End 2012 Financial Results

—Conference Call To Be Held at 4:30 PM ET Today—

LONG BEACH, Calif.–(BUSINESS WIRE)– Obagi Medical Products, Inc. (NAS: OMPI) , a leader in topical aesthetic and therapeutic skin health systems, today reported financial results for the fourth quarter and full-year ended December 31, 2012.

Net sales for the fourth quarter of 2012 were $30.3 million, compared with the prior year quarter’s sales of $30.6 million, reflecting a 5.3% increase in international product revenues that was offset by a decline in licensing fees and the planned reduction in sales to accounts identified to be re-selling to unauthorized internet retailers.

Net income for the fourth quarter of 2012 was $7.3 million, or $0.41 per diluted share. This compared with net income of $5.1 million, or $0.27 per diluted share, a year ago. Excluding the impact of an insurance related settlement and corporate advisory related expenses, non-GAAP net income for the fourth quarter of 2012 was $2.6 million, or $0.15 per diluted share. Please refer to the GAAP vs. non-GAAP reconciliation attached.

Operating expenses for the fourth quarter of 2012 were $11.6 million, down from $16.0 million for the same period last year, primarily due to the $8.4 million benefit of insurance proceeds. Included in operating expenses for the fourth quarter 2012 was $1.7 million for our e-Commerce and other growth initiatives, or an earnings per dilutive share impact of $0.06.

Gross margin for the fourth quarter of 2012 was 77.7%, compared with 79.2% a year ago as a result of component inventory write offs and lower royalties from our Japanese licensing partner.

The Company generated $13.6 million in cash flow from operations in the fourth quarter, which includes the benefit of insurance proceeds received in October 2012. This compared to $7.8 million a year ago.Total cash on hand at December 31, 2012 was $34.6 million.

Al Hummel, the Company’s President and CEO, stated, “Obagi achieved solid performance for the fourth quarter, which reflected our continued focus on growing existing accounts and launching new products, even though we reduced sales to unauthorized discounted internet sites. In particular, performance of the Nu-Derm System improved, aided by the successful November launch of our novel moisturizer, Obagi Hydrate, and continued traction from the re-introduction of product sales in Texas.”

Mr. Hummel continued, “We continue to advance development of our new e-Commerce platform that …read more
Source: FULL ARTICLE at DailyFinance