Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
6 Months Ended
Jun. 30, 2012
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 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:

Balance Sheet Data:

 

                         
    As of June 30, 2012  
    Ligand     CyDex     Total  

Total Assets

  $ 71,580     $ 33,223     $ 104,594  
   
    As of December 31, 2012  
    Ligand     CyDex     Total  

Total Assets

  $ 81,277     $ 41,073     $ 122,350  

Operating Data:

 

                         
    For the three months Ended June 30, 2012  
    Ligand     CyDex     Total  

Net revenues from external customers

  $ 3,929     $ 1,813     $ 5,742  

Operating loss

    (1,514     (245     (1,730

Depreciation and amortization expense

    73       605       678  

Income tax expense from continuing operations

    338       —         338  

Income tax benefit from discontinuing operations

    191       —         191  

Interest expense, net

    847       —         847  
   
    For the six months Ended June 30, 2012  
    Ligand     CyDex     Total  

Net revenues from external customers

  $ 8,030     $ 3,348     $ 11,378  

Operating profit (loss)

    (1,799     (696     (2,495

Depreciation and amortization expense

    128       1,212       1,340  

Income tax expense (benefit) from continuing operations

    303       —         303  

Income tax expense from discontinuing operations

    14       —         14  

Interest expense

    1,622       —         1,622