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BUSINESS SEGMENTS | 9 Months Ended
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Sep. 30, 2012
BUSINESS SEGMENTS [Abstract] |
BUSINESS SEGMENTS | NOTE 14 - BUSINESS SEGMENTS The Company has three reportable segments: bromine, crude salt and chemical products. The reportable segments are consistent with how management views the markets served by the Company and the financial information that is reviewed by its chief operating decision maker. The Company manages its sensors and controls businesses as components of an enterprise for which separate information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. An operating segment's performance is primarily evaluated based on segment operating income, which excludes share-based compensation expense, certain corporate costs and other income not associated with the operations of the segment. These corporate costs (income) are separately stated below and also include costs that are related to functional areas such as accounting, treasury, information technology, legal, human resources, and internal audit. The Company believes that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of its segments.
Three-Month Period Ended September 30, 2012 |  | Bromine* |  |  | Crude Salt* |  |  | Chemical Products |  |  | Segment Total |  |  | Corporate |  |  | Total |
Net revenue (external customers) |  | $ | 13,960,118 |  |  | $ | 2,360,905 |  |  | $ | 8,209,309 |  |  | $ | 24,530,332 |  |  | $ | - |  |  | $ | 24,530,332 |
Net revenue (intersegment) |  |  | 593,035 |  |  |  | - |  |  |  | - |  |  |  | 593,035 |  |  |  | - |  |  |  | 593,035 |
Income (loss) from operations before taxes |  |  | 3,134,709 |  |  |  | 549,446 |  |  |  | 2,258,624 |  |  |  | 5,942,779 |  |  |  | (313,898 | ) |  |  | 5,628,881 |
Income taxes |  |  | 720,469 |  |  |  | 239,204 |  |  |  | 569,653 |  |  |  | 1,529,326 |  |  |  | - |  |  |  | 1,529,326 |
Income (loss) from operations after taxes |  |  | 2,414,240 |  |  |  | 310,242 |  |  |  | 1,688,971 |  |  |  | 4,413,453 |  |  |  | (313,898 | ) |  |  | 4,099,555 |
Total assets |  |  | 147,781,415 |  |  |  | 69,333,330 |  |  |  | 51,659,755 |  |  |  | 268,774,500 |  |  |  | 344,202 |  |  |  | 269,118,702 |
Depreciation and amortization |  |  | 3,309,109 |  |  |  | 1,743,342 |  |  |  | 652,645 |  |  |  | 5,705,096 |  |  |  | - |  |  |  | 5,705,096 |
Capital expenditures |  |  | 10,947,478 |  |  |  | 3,372,192 |  |  |  | 7,233,871 |  |  |  | 21,553,541 |  |  |  | - |  |  |  | 21,553,541 |
Write-off / Impairment |  |  | 128,562 |  |  |  | 1,581 |  |  |  | - |  |  |  | 130,143 |  |  |  | - |  |  |  | 130,143 |
Three-Month Period Ended September 30, 2011 |  | Bromine* |  |  | Crude Salt* |  |  | Chemical Products |  |  | Segment Total |  |  | Corporate |  |  | Total |
Net revenue (external customers) |  | $ | 24,820,194 |  |  | $ | 2,455,307 |  |  | $ | 10,486,474 |  |  | $ | 37,761,975 |  |  | $ | - |  |  | $ | 37,761,975 |
Net revenue (intersegment) |  |  | 717,251 |  |  |  | - |  |  |  | - |  |  |  | 717,251 |  |  |  | - |  |  |  | 717,251 |
Income (loss) from operations before taxes |  |  | 9,408,923 |  |  |  | 1,317,015 |  |  |  | 2,661,362 |  |  |  | 13,387,300 |  |  |  | (4,641,055 | ) |  |  | 8,746,245 |
Income taxes |  |  | 2,290,082 |  |  |  | 230,105 |  |  |  | 659,359 |  |  |  | 3,179,546 |  |  |  | - |  |  |  | 3,179,546 |
Income (loss) from operations after taxes |  |  | 7,118,841 |  |  |  | 1,086,910 |  |  |  | 2,002,003 |  |  |  | 10,207,754 |  |  |  | (4,641,055 | ) |  |  | 5,566,699 |
Total assets |  |  | 165,546,613 |  |  |  | 45,291,380 |  |  |  | 45,346,872 |  |  |  | 256,184,865 |  |  |  | 2,594,619 |  |  |  | 258,779,484 |
Depreciation and amortization |  |  | 3,287,677 |  |  |  | 1,161,077 |  |  |  | 625,809 |  |  |  | 5,074,563 |  |  |  | - |  |  |  | 5,074,563 |
Capital expenditures |  |  | 573,820 |  |  |  | 57,657 |  |  |  | 153,426 |  |  |  | 784,903 |  |  |  | - |  |  |  | 784,903 |
Write-off / Impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nine-Month Period Ended September 30, 2012 |  | Bromine* |  |  | Crude Salt* |  |  | Chemical Products |  |  | Segment Total |  |  | Corporate |  |  | Total |
Net revenue (external customers) |  | $ | 44,953,429 |  |  | $ | 8,415,487 |  |  | $ | 26,284,936 |  |  | $ | 79,653,852 |  |  | $ | - |  |  | $ | 79,653,852 |
Net revenue (intersegment) |  |  | 2,156,188 |  |  |  | - |  |  |  | - |  |  |  | 2,156,188 |  |  |  | - |  |  |  | 2,156,188 |
Income (loss) from operations before taxes |  |  | 9,536,574 |  |  |  | 1,986,451 |  |  |  | 7,508,900 |  |  |  | 19,031,925 |  |  |  | (1,192,742 | ) |  |  | 17,839,183 |
Income taxes |  |  | 2,401,678 |  |  |  | 541,853 |  |  |  | 1,895,454 |  |  |  | 4,838,985 |  |  |  | - |  |  |  | 4,838,985 |
Income (loss) from operations after taxes |  |  | 7,134,896 |  |  |  | 1,444,598 |  |  |  | 5,613,446 |  |  |  | 14,192,940 |  |  |  | (1,192,742 | ) |  |  | 13,000,198 |
Total assets |  |  | 147,781,415 |  |  |  | 69,333,330 |  |  |  | 51,659,755 |  |  |  | 268,774,500 |  |  |  | 344,202 |  |  |  | 269,118,702 |
Depreciation and amortization |  |  | 10,483,142 |  |  |  | 4,549,027 |  |  |  | 1,963,515 |  |  |  | 16,995,684 |  |  |  | - |  |  |  | 16,995,684 |
Capital expenditures |  |  | 17,514,773 |  |  |  | 4,654,183 |  |  |  | 7,233,871 |  |  |  | 29,402,827 |  |  |  | - |  |  |  | 29,402,827 |
Write-off / Impairment |  |  | 891,605 |  |  |  | 150,533 |  |  |  | - |  |  |  | 1,042,138 |  |  |  | - |  |  |  | 1,042,138 |
Nine-Month Period Ended September 30, 2011 |  | Bromine* |  |  | Crude Salt* |  |  | Chemical Products |  |  | Segment Total |  |  | Corporate |  |  | Total |
Net revenue (external customers) |  | $ | 88,200,156 |  |  | $ | 13,484,025 |  |  | $ | 32,757,138 |  |  | $ | 134,441,319 |  |  | $ | - |  |  | $ | 134,441,319 |
Net revenue (intersegment) |  |  | 2,221,117 |  |  |  | - |  |  |  | - |  |  |  | 2,221,117 |  |  |  | - |  |  |  | 2,221,117 |
Income (loss) from operations before taxes |  |  | 35,322,297 |  |  |  | 7,190,560 |  |  |  | 8,047,059 |  |  |  | 50,559,916 |  |  |  | (8,160,769 | ) |  |  | 42,399,147 |
Income taxes |  |  | 9,032,235 |  |  |  | 1,423,022 |  |  |  | 2,009,756 |  |  |  | 12,465,013 |  |  |  | - |  |  |  | 12,465,013 |
Income (loss) from operations after taxes |  |  | 26,290,062 |  |  |  | 5,767,538 |  |  |  | 6,037,303 |  |  |  | 38,094,903 |  |  |  | (8,160,769 | ) |  |  | 29,934,134 |
Total assets |  |  | 165,546,613 |  |  |  | 45,291,380 |  |  |  | 45,346,872 |  |  |  | 256,184,865 |  |  |  | 2,594,619 |  |  |  | 258,779,484 |
Depreciation and amortization |  |  | 8,301,833 |  |  |  | 2,259,754 |  |  |  | 1,981,592 |  |  |  | 12,543,179 |  |  |  | - |  |  |  | 12,543,179 |
Capital expenditures |  |  | 32,222,899 |  |  |  | 16,243,142 |  |  |  | 191,090 |  |  |  | 48,657,131 |  |  |  | - |  |  |  | 48,657,131 |
Write-off / Impairment |  |  | 3,749,435 |  |  |  | 2,015,533 |  |  |  | 1,805,598 |  |  |  | 7,570,566 |  |  |  | - |  |  |  | 7,570,566 |
* Certain common production overheads, operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in SCHC were split by reference to the average selling price and production volume of respective segment.
|  | Three-Month Period Ended September 30, |  |  | Nine-Month Period Ended September 30, |
Reconciliations |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Total segment operating income |  | $ | 5,942,779 |  |  | $ | 13,387,300 |  |  | $ | 19,031,925 |  |  | $ | 50,559,916 |
Corporate costs |  |  | (313,898 | ) |  |  | (4,641,055 | ) |  |  | (1,192,742 | ) |  |  | (8,160,769 | )
Income from operations |  |  | 5,628,881 |  |  |  | 8,746,245 |  |  |  | 17,839,183 |  |  |  | 42,399,147 |
Other income, net |  |  | 13,661 |  |  |  | 17,647 |  |  |  | 88,799 |  |  |  | 38,466 |
Income before taxes |  | $ | 5,642,542 |  |  | $ | 8,763,892 |  |  | $ | 17,927,982 |  |  | $ | 42,437,613 |
The following table shows the major customer(s) (10% or more) for the three-month period ended September 30, 2012.
Number |  | Customer |  | Bromine (000's) |  |  | Crude Salt (000's) |  |  | Chemical Products (000's) |  |  | Total Revenue (000's) |  |  | Percentage of Total Revenue (%) |
1 |  | Shandong Morui Chemical Company Limited |  | $ | 1,383 |  |  | $ | 511 |  |  | $ | 947 |  |  | $ | 2,841 |  |  |  | 11.6 | %
TOTAL |  |  |  | $ | 1,383 |  |  | $ | 511 |  |  | $ | 947 |  |  | $ | 2,841 |  |  |  | 11.6 | %
The following table shows the major customer(s) (10% or more) for the nine-month period ended September 30, 2012.
Number |  | Customer |  | Bromine (000's) |  |  | Crude Salt (000's) |  |  | Chemical Products (000's) |  |  | Total Revenue (000's) |  |  | Percentage of Total Revenue (%) |
1 |  | Shandong Morui Chemical Company Limited |  | $ | 5,017 |  |  | $ | 1,623 |  |  | $ | 3,055 |  |  | $ | 9,695 |  |  |  | 12.2 | %
TOTAL |  |  |  | $ | 5,017 |  |  | $ | 1,623 |  |  | $ | 3,055 |  |  | $ | 9,695 |  |  |  | 12.2 | %
The following table shows the major customer(s) (10% or more) for the three-month period ended September 30, 2011.
Number |  | Customer |  | Bromine (000's) |  |  | Crude Salt (000's) |  |  | Chemical Products (000's) |  |  | Total Revenue (000's) |  |  | Percentage of Total Revenue (%) |
1 |  | Shandong Morui Chemical Company Limited |  | $ | 2,713 |  |  | $ | 554 |  |  | $ | 590 |  |  | $ | 3,857 |  |  |  | 10.2 | %
TOTAL |  |  |  | $ | 2,713 |  |  | $ | 554 |  |  | $ | 590 |  |  | $ | 3,857 |  |  |  | 10.2 | %
The following table shows the major customer(s) (10% or more) for the nine-month period ended September 30, 2011.
Number |  | Customer |  | Bromine (000's) |  |  | Crude Salt (000's) |  |  | Chemical Products (000's) |  |  | Total Revenue (000's) |  |  | Percentage of Total Revenue (%) |
1 |  | Shandong Morui Chemical Company Limited |  | $ | 11,951 |  |  | $ | 2,517 |  |  | $ | 1,919 |  |  | $ | 16,387 |  |  |  | 12.2 | %
2 |  | Shouguang City Rongyuan Chemical Company Limited |  | $ | 10,320 |  |  | $ | 3,203 |  |  | $ | - |  |  | $ | 13,523 |  |  |  | 10.1 | %
TOTAL |  |  |  | $ | 22,271 |  |  | $ | 5,720 |  |  | $ | 1,919 |  |  | $ | 29,910 |  |  |  | 22.3 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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