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Related Party Transactions
9 Months Ended
Mar. 31, 2015
Related Party Transactions  
Related Party Transactions

 

Note 19.  Related Party Transactions

 

The Company had sales of $226 thousand and $375 thousand during the three months ended March 31, 2015 and 2014, respectively, to a generic distributor, Auburn Pharmaceutical Company (“Auburn”).  Sales to Auburn for the nine months ended March 31, 2015 and 2014 were $1.3 million and $1.4 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 $685 thousand and $980 thousand at March 31, 2015 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.