Statements of Income (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Revenue | ||||
| Product sales | $ 6,387,080 | $ 6,814,384 | $ 13,269,753 | $ 12,665,598 |
| Contract research and development | 609,154 | 488,155 | 1,334,147 | 1,344,713 |
| Total revenue | 6,996,234 | 7,302,539 | 14,603,900 | 14,010,311 |
| Cost of sales | 1,353,169 | 1,740,814 | 3,151,535 | 3,125,992 |
| Gross profit | 5,643,065 | 5,561,725 | 11,452,365 | 10,884,319 |
| Expenses | ||||
| Selling, general, and administrative | 348,363 | 343,688 | 747,724 | 733,603 |
| Research and development | 1,030,504 | 768,188 | 1,936,229 | 1,526,556 |
| Total expenses | 1,378,867 | 1,111,876 | 2,683,953 | 2,260,159 |
| Income from operations | 4,264,198 | 4,449,849 | 8,768,412 | 8,624,160 |
| Interest income | 387,860 | 430,983 | 749,638 | 868,717 |
| Income before taxes | 4,652,058 | 4,880,832 | 9,518,050 | 9,492,877 |
| Provision for income taxes | 1,491,023 | 1,575,635 | 3,059,400 | 3,055,135 |
| Net income | $ 3,161,035 | $ 3,305,197 | $ 6,458,650 | $ 6,437,742 |
| Net income per share – basic (in dollars per share) | $ 0.65 | $ 0.68 | $ 1.33 | $ 1.33 |
| Net income per share – diluted (in dollars per share) | 0.65 | 0.68 | 1.33 | 1.33 |
| Cash dividends declared per common share (in dollars per share) | $ 1 | $ 1 | $ 2 | $ 2 |
| Weighted average shares outstanding | ||||
| Basic (in shares) | 4,841,010 | 4,835,564 | 4,841,010 | 4,835,289 |
| Diluted (in shares) | 4,845,632 | 4,837,819 | 4,845,907 | 4,837,293 |