Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

Under Accounting Standards Codification 280, “Segment Reporting”, operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the entity’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The Company has evaluated this Codification and has identified two reportable segments: the development and commercialization of drugs using Captisol technology by CyDex Pharmaceuticals, Inc. and the traditional biotechnology operations including drug discovery and development of Ligand Pharmaceuticals, Inc. We evaluate performance based on the operating profit (loss) of the respective business segments. The segment results may not represent actual results that would be expected if they were independent, stand-alone businesses. Segment information was as follows (in thousands):
Balance Sheet Data:
As of September 30, 2012
 
Ligand
 
CyDex
 
Total
Total assets
$
65,289

 
$
32,217

 
$
97,506

 
 
 
 
 
 
 
As of December 31, 2011
 
Ligand
 
CyDex
 
Total
 
(Restated)
 
(Restated)
 
(Restated)
Total assets
$
111,431

 
$
9,152

 
$
120,583

 
 
 
 
 
 
Operating Data:
For the three months ended September 30, 2012
 
Ligand
 
CyDex
 
Total
Net revenues from external customers
$
3,708

 
$
2,667

 
$
6,375

Operating income (loss)
(1,498
)
 
176

 
(1,322
)
Depreciation and amortization expense
34

 
604

 
638

Income tax expense from continuing operations
142

 

 
142

Interest expense, net
838

 

 
838

 
 
 
 
 
 
 
For the three months ended September 30, 2011
 
Ligand
 
CyDex
 
Total
Net revenues from external customers
$
3,291

 
$
2,450

 
$
5,741

Operating income (loss)
(3,381
)
 
132

 
(3,249
)
Depreciation and amortization expense
134

 
609

 
743

Income tax expense from continuing operations
22

 

 
22

Interest expense, net
699

 

 
699

Write-off of in-process research and development
2,282

 
 
 
2,282

 
 
 
 
 
 
 
For the nine months ended September 30, 2012
 
Ligand
 
CyDex
 
Total
Net revenues from external customers
$
11,728

 
$
6,025

 
$
17,753

Operating loss
(3,298
)
 
(520
)
 
(3,818
)
Depreciation and amortization expense
162

 
1,816

 
1,978

Income tax expense from continuing operations
445

 

 
445

Income tax benefit from discontinuing operations
14

 

 
14

Interest expense, net
2,460

 

 
2,460

 
 
 
 
 
 
 
For the nine months Ended September 30, 2011
 
Ligand
 
CyDex
 
Total
 
(Restated)
 
(Restated)
 
(Restated)
Net revenues from external customers
$
8,718

 
$
8,383

 
$
17,101

Operating loss
(6,507
)
 
966

 
(5,541
)
Depreciation and amortization expense
407

 
1,692

 
2,099

Income tax expense from continuing operations
(13,572
)
 

 
(13,572
)
Interest expense, net
1,762

 

 
1,762

Write off of in-process research and development
2,282

 

 
2,282