Synutra International, Inc. - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - August 12, 2011

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v2.3.0.11
Segment Reporting
 3 Months Ended
Jun. 30, 2011
Segment Reporting  
Segment Reporting

 

11.

SEGMENT REPORTING

 

The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered formula and prepared baby food, and certain nutritional ingredients and supplements. The activities of each segment are as follows:

 

Powdered Formula - Sales of powdered infant and adult formula products.

 

Baby Food - Sales of prepared baby food for babies and children.

 

Nutritional Ingredients and Supplements - Sales of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid ("DHA") and Arachidonic Acid ("ARA").

 

"All Other" includes non-core businesses such as sales of ingredients and materials to industrial customers.

 

The Company's underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting.

 

 

 

Three Months Ended June 30,

 

 

 

2011

 

 

2010

 

 

 

(In thousands)

 

NET SALES TO EXTERNAL CUSTOMERS

 

 

 

 

 

 

Powdered formula

 

$

40,163

 

 

$

79,244

 

Baby food

 

 

65

 

 

 

82

 

Nutritional ingredients and supplements

 

 

453

 

 

 

—

 

All other

 

 

3,076

 

 

 

4,461

 

Net sales

 

$

43,757

 

 

$

83,787

 

INTERSEGMENT SALES

 

 

 

 

 

 

 

 

Powdered formula

 

$

—

 

 

$

—

 

Baby food

 

 

119

 

 

 

74

 

Nutritional ingredients and supplements

 

 

2,179

 

 

 

3,734

 

All other 

 

 

516

 

 

 

472

 

Intersegment sales

 

$

2,814

 

 

$

4,280

 

GROSS PROFIT

 

 

 

 

 

 

 

 

Powdered formula

 

$

16,936

 

 

$

45,054

 

Baby food

 

 

(256

) 

 

 

(9

) 

Nutritional ingredients and supplements

 

 

(132

) 

 

 

—

 

All other 

 

 

(469

) 

 

 

1,316

 

Gross profit

 

$

16,079

 

 

$

46,361

 

Selling and distribution expenses

 

 

12,461

 

 

 

12,626

 

Advertising and promotion expenses

 

 

7,008

 

 

 

10,002

 

General and administrative expenses

 

 

6,579

 

 

 

6,076

 

Impairment of goodwill

 

 

—

 

 

 

1,440

 

Other operating income, net

 

 

110

 

 

 

73

 

Income (loss) from operations

 

 

(9,859

) 

 

 

16,290

 

Interest expense

 

 

3,412

 

 

 

2,662

 

Interest income

 

 

311

 

 

 

108

 

Other income, net

 

 

465

 

 

 

167

 

Income (loss) before income tax expense (benefit)

 

$

(12,495

) 

 

$

13,903

 

 

 

 

 

June 30, 2011

 

 

March 31, 2011

 

 

 

(In thousands)

 

TOTAL ASSETS

 

 

 

 

 

 

Powdered formula

 

$

406,647

 

 

$

398,801

 

Baby food

 

 

27,677

 

 

 

26,991

 

Nutritional ingredients and supplements

 

 

30,633

 

 

 

32,637

 

All other

 

 

148,140

 

 

 

138,385

 

Intersegment elimination

 

 

(205,081

)

 

 

(198,110

)

Total

 

$

408,016

 

 

$

398,704

 

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