Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
 6 Months Ended
Jun. 30, 2011
Segment Reporting [Abstract]  
Segment Reporting

6. Segment Reporting

Under Accounting Standards Codification No. 280, "Segment Reporting", or ASC 280, 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 the recently acquired CyDex Pharmaceuticals, Inc. and the traditional biotech 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 for the three and six months ended June 30, 2011:

 

For the Three Months Ending June 30, 2011:    Ligand     CyDex      Total  

Net revenues from external customers

    $ 3,056      $ 4,407       $ 7,463   

Operating profit (loss)

      (1,346 )      536         (810 ) 

Depreciation and amortization expense

      168        617         785   

Income tax expense (benefit)

      141        0         141   

Assets

      92,066        35,911         127,977   
For the Six Months Ending June 30, 2011:    (Restated)            (Restated)  

Net revenues from external customers

    $ 5,404      $ 5,955       $ 11,359   

Operating profit (loss)

      (3,126 )      834         (2,292 ) 

Depreciation and amortization expense

      266        1,083         1,349   

Income tax expense (benefit)

      (13,444 )      0         (13,444 ) 

Assets

      92,066        35,911         127,977