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Related Party Transactions
6 Months Ended
Dec. 31, 2014
Related Party Transactions  
Related Party Transactions

 

Note 19.  Related Party Transactions

 

The Company had sales of $717 thousand and $496 thousand during the three months ended December 31, 2014 and 2013, respectively, to a generic distributor, Auburn Pharmaceutical Company (“Auburn”).  Sales to Auburn for the six months ended December 31, 2014 and 2013 were $1.1 million and $1.0 million, respectively.  Jeffrey Farber, Chairman of the Board and the son of William Farber, Chairman Emeritus of the Board of Directors, is the owner of Auburn.  Accounts receivable includes amounts due from Auburn of $768 thousand and $980 thousand at December 31, 2014 and June 30, 2014, respectively.  In the Company’s opinion, the terms of these transactions were not more favorable to Auburn than would have been to a non-related party.