HAYWARD, Calif., Feb. 24, 2015 /PRNewswire/ -- Impax Laboratories, Inc.(NASDAQ: IPXL) today reported total revenues increased 30.2% to $131.2 million for the fourth quarter ended December 31, 2014, compared to $100.7 million in the prior year period. Adjusted diluted earnings per share (EPS) increased to $0.16 for the fourth quarter 2014, compared to a loss of $0.02 per diluted share in the prior year period. On a GAAP basis, diluted EPS was break-even for the fourth quarter 2014, compared to a loss of $0.14 per diluted share in the prior year period.
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For the fourth quarter 2014, adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) increased $25.8 million to $27.4 million, compared to $1.6 million in the prior year period. Cash, cash equivalents and short-term investments were $414.9 million as of December 31, 2014, compared to $413.1 million as of December 31, 2013.
For the full year 2014, total revenues increased 16.5% to $596.0 million, compared to $511.5 million for the full year 2013. Adjusted diluted EPS for the full year 2014 increased 61.0% to $1.32, compared to $0.82 per diluted share for the full year 2013. On a GAAP basis, 2014 diluted EPS was $0.81, compared to $1.47 per diluted share in 2013, primarily due to the receipt of $150.0 million from pre-tax settlements in 2013.
Adjusted EBITDA for the full year 2014 increased $71.3 million to $186.7 million, compared to $115.4 million for the full year 2013. Refer to the attached “Non-GAAP Financial Measures” for a reconciliation of fourth quarter and full year GAAP to non-GAAP items.
“In 2014 we delivered strong financial results and effectively executed on a number of business objectives that further positioned Impax for long-term growth,” said Fred Wilkinson, president and chief executive officer of Impax Laboratories.
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