Business briefs

Apr. 25, 2013 @ 07:07 PM

United Therapeutics 1Q revenues up, net income down

SILVER SPRING, Md.— Maryland-based United Therapeutics Corp.’s net income was down 12 percent in the first quarter compared to the same period last year as it saw increases in stock-based compensation and other expenses.

The company’s net income in the quarter was $62 million on revenues of $245.1 million. Its total revenues were up about 20 percent year-over-year. The company saw increased sales of all three of its treatments for pulmonary arterial hypertension, a disease characterized by increased pressure in the pulmonary artery.

United Therapeutics has research and development and other operations in the Research Triangle Park.

The company saw research and development expense increases due to development of an implantable pump and a once-daily self-injectable alternative to another injectable treatment through a continuous infusion pump.

Its general and administrative expenses were up $11.8 million due to grants to nonprofits, operating expenses from its corporate expansion, payroll expenses and consulting and professional fees.

Cardinal bank branches to be rebranded

ELKIN—Cardinal State Bank will be rebranded as Yadkin Bank on May 28.

Yadkin Valley Bank and Trust acquired Cardinal State Bank in 2008. Cardinal’s branches in Durham, Granville and Orange Counties kept the Cardinal name.

The holding company for the bank announced the rebranding initiative along with the company’s first-quarter financial results Thursday.

The company reported net income available to common stockholders for the quarter of $4.2 million, or 10 cents per diluted share. That’s compared to a net loss of $25.3 million, in the fourth quarter of last year, and a net income of $2.7 million, or 14 cents per diluted share, in last year’s first quarter.

The company said it finished the remaining portion of its plan to sell problem assets by mostly completing the sale of other real-estate owned in the first quarter.