NOTE 6 — INVENTORIES

The components of inventories are as follows (in thousands):

	SEPTEMBER 30,		DECEMBER 31,
	2012		2011
Finished goods	$	17,336	$	11,588
Work in process		5,160		5,841
Raw materials and supplies		27,734		18,027
	$	50,230	$	35,456

The Company maintains reserves and records provisions for slow-moving and obsolete inventory as well as inventory with a carrying value in excess of its net realizable value. Inventory at September 30, 2012 and December 31, 2011 was reported net of these reserves of $2,147,000 and $1,239,000, respectively, primarily related to finished goods.

As of September 30, 2012 and December 31, 2011, the Company's inventory balances included $2,506,000 and $4,035,000, respectively, related to products which have not yet received approval from the U.S. Food and Drug Administration ("FDA"). The Company established a reserve of $1,676,000 in the year ended December 31, 2011 against this inventory for products approaching expiration. This reserve remained at $470,000 as of September 30, 2012.