Organization And Basis Of Presentation

6 Months Ended

Sep. 28, 2013

Organization And Basis Of Presentation [Abstract]

Organization And Basis Of Presentation

Note 1 – Organization and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Supertex, Inc. (“Supertex,” the “Company,” “we,” and “us”) and its subsidiary have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America.  This financial information reflects all adjustments, which are, in the opinion of the Company’s management, of normal recurring nature and necessary to state fairly the balance sheet as of September 28, 2013; the related statements of income and comprehensive income for the three and six months ended September 28, 2013 and September 29, 2012; and the statements of cash flows for the six months ended September 28, 2013 and September 29, 2012. The March 30, 2013 balance sheet was derived from the audited financial statements included in the fiscal 2013 Annual Report on Form 10-K, but does not include all disclosures required by GAAP in the United States of America.  All significant intercompany transactions and balances have been eliminated. 

The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and footnote disclosures normally included in these financial statements have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading.  These financial statements should be read in conjunction with the audited consolidated financial statements of Supertex, Inc. for the fiscal year ended March 30, 2013, which were included in the fiscal 2013 Annual Report on Form 10-K.

The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the financial statements. The results of operations for the three and six months ended September 28, 2013 are not necessarily indicative of the results to be expected for any future periods.

The Company reports on a fiscal year basis and it operates and reports based on quarterly periods ending on the Saturday nearest to the end of the applicable calendar quarter, except in a 53-week fiscal year, in which case the additional week falls into the fourth quarter of the fiscal year.  Fiscal 2014 will be a 52-week year.  The three months ended September 28, 2013 and September 29, 2012, both consist of thirteen weeks.

Recent Accounting Pronouncements

In July 2013, Financial Accounting Standard Board (“FASB”) issued an amendment regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment requires certain unrecognized tax benefits to be presented as reductions to deferred tax assets instead of liabilities on the condensed consolidated balance sheets. This amendment is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013 (the fiscal quarter ending March 29, 2014 for the company).  The company is currently assessing the potential effect to its consolidated financial statements in applying this guidance.

In February 2013, FASBissued an amendment regarding net income or other comprehensive income in financial statements.  This amendment does not change the current requirements for reporting net income or other comprehensive income in financial statements.  However, it requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts.  This amendment is effective prospectively for reporting periods beginning after December 15, 2012.  The Company adopted this guidance in its interim period ended June 29, 2013. The adoption of this guidance did not impact the Company's financial statements, as the guidance is related to disclosure only.