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EXCEL - IDEA: XBRL DOCUMENT - HI TECH PHARMACAL CO INCFinancial_Report.xls
10-Q - FORM 10-Q - HI TECH PHARMACAL CO INCd399017d10q.htm
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v2.4.0.6
Segment Information
6 Months Ended
Oct. 31, 2012
Segment Information [Abstract]  
SEGMENT INFORMATION

18. SEGMENT INFORMATION:

The Company operates in three reportable business segments: generic pharmaceuticals (referred to as “Hi-Tech Generics”), OTC branded pharmaceuticals (referred to as “Health Care Products”, or “HCP”) and prescription brands (referred to as “ECR”). Branded products are marketed under brand names through marketing programs that are designed to generate physician and consumer loyalty. Generic pharmaceutical products are the chemical and therapeutic equivalents of corresponding brand drugs. Our Chief Operating Decision Maker is our Chief Executive Officer.

The business segments are determined based on management’s reporting and decision-making requirements in accordance with FASB ASC 280-10 Segment Reporting. The generic products represent a single operating segment because the demand for these products is mainly driven by consumers seeking a lower cost alternative to brand name drugs. Certain of our expenses, such as the direct sales force and other sales and marketing expenses and specific research and development expenses, are charged directly to the respective segments. Other expenses, such as general and administrative expenses, are included under the Corporate and other cost center.

                                         
    Hi-Tech     HCP     ECR     Corp/Other     Total  

For the three months ended October 31, 2012

                                       

Net sales

  $ 47,286,000     $ 4,658,000     $ 5,593,000     $ —       $ 57,537,000  

Cost of goods sold

    24,434,000       1,984,000       1,530,000       —         27,948,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  $ 22,852,000     $ 2,674,000     $ 4,063,000     $ —       $ 29,589,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss) before income taxes

  $ 17,371,000     $ (3,000   $ (134,000   $ (4,123,000   $ 13,111,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For the three months ended October 31, 2011

                                       

Net sales

  $ 48,667,000     $ 4,697,000     $ 3,511,000     $ —       $ 56,875,000  

Cost of goods sold

    19,321,000       1,944,000       2,214,000       —         23,479,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  $ 29,346,000     $ 2,753,000     $ 1,297,000     $ —       $ 33,396,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss) before income taxes

  $ 24,816,000     $ 481,000     $ (1,946,000   $ (3,201,000   $ 20,150,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
    Hi-Tech     HCP     ECR     Corp/Other     Total  

For the six months ended October 31, 2012

                                       

Net sales

  $ 93,208,000     $ 7,684,000     $ 8,688,000     $ —       $ 109,580,000  

Cost of goods sold

    49,158,000       3,324,000       2,188,000       —         54,670,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  $ 44,050,000     $ 4,360,000     $ 6,500,000     $ —       $ 54,910,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss) before income taxes

  $ 32,185,000     $ (746,000   $ (1,931,000   $ (7,411,000   $ 22,097,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For the six months ended October 31, 2011

                                       

Net sales

  $ 97,637,000     $ 8,232,000     $ 7,217,000     $ —       $ 113,086,000  

Cost of goods sold

    39,248,000       3,467,000       3,739,000       —         46,454,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  $ 58,389,000     $ 4,765,000     $ 3,478,000     $ —       $ 66,632,000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss) before income taxes

  $ 48,546,000     $ 734,000     $ (2,189,000   $ (6,073,000   $ 41,018,000