Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PCTI | ' |
Entity Registrant Name | 'PC TEL INC | ' |
Entity Central Index Key | '0001057083 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,527,078 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $17,420 | $17,543 |
Short-term investment securities | 37,516 | 33,596 |
Accounts receivable, net of allowance for doubtful accounts of $233 and $222 at September 30, 2013 and December 31, 2012, respectively | 17,275 | 18,586 |
Inventories, net | 15,238 | 17,573 |
Deferred tax assets, net | 1,484 | 1,484 |
Prepaid expenses and other assets | 1,304 | 2,160 |
Total current assets | 90,237 | 90,942 |
Property and equipment, net | 14,619 | 14,775 |
Goodwill | 161 | 161 |
Intangible assets, net | 5,199 | 7,004 |
Deferred tax assets, net | 12,441 | 14,034 |
Other noncurrent assets | 1,796 | 1,636 |
Assets of discontinued operations | 0 | 18 |
TOTAL ASSETS | 124,453 | 128,570 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 3,842 | 10,557 |
Accrued liabilities | 6,577 | 5,899 |
Total current liabilities | 10,419 | 16,456 |
Contingent consideration | 0 | 1,130 |
Other long-term liabilities | 2,905 | 2,736 |
Liabilities of discontinued operations | 0 | 103 |
Total long-term liabilities | 2,905 | 3,969 |
Total liabilities | 13,324 | 20,425 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,530,551 and 18,514,809 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 19 | 19 |
Additional paid-in capital | 142,496 | 140,388 |
Accumulated deficit | -31,570 | -32,410 |
Accumulated other comprehensive income | 184 | 148 |
Total equity | 111,129 | 108,145 |
TOTAL LIABILITIES AND EQUITY | $124,453 | $128,570 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for accounts receivable | $233 | $222 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,530,551 | 18,514,809 |
Common stock, shares outstanding | 18,530,551 | 18,514,809 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
REVENUES | $26,471 | $25,853 | $78,290 | $63,007 |
COST OF REVENUES | 15,695 | 15,815 | 47,373 | 37,119 |
GROSS PROFIT | 10,776 | 10,038 | 30,917 | 25,888 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Research and development | 2,735 | 2,348 | 7,963 | 6,879 |
Sales and marketing | 2,912 | 2,811 | 8,986 | 7,893 |
General and administrative | 3,576 | 2,647 | 12,034 | 8,036 |
Amortization of intangible assets | 596 | 917 | 1,804 | 2,002 |
Restructuring charges | 29 | 156 | 254 | 156 |
Total operating expenses | 9,848 | 8,879 | 31,041 | 24,966 |
OPERATING INCOME (LOSS) | 928 | 1,159 | -124 | 922 |
Other income, net | 389 | 12 | 4,778 | 85 |
INCOME BEFORE INCOME TAXES | 1,317 | 1,171 | 4,654 | 1,007 |
Expense for income taxes | 566 | 483 | 1,764 | 430 |
NET INCOME FROM CONTINUING OPERATIONS | 751 | 688 | 2,890 | 577 |
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT | 0 | -416 | -109 | -1,514 |
NET INCOME (LOSS) | $751 | $272 | $2,781 | ($937) |
Earnings per Share from Continuing Operations: | ' | ' | ' | ' |
Basic | $0.04 | $0.04 | $0.16 | $0.03 |
Diluted | $0.04 | $0.04 | $0.16 | $0.03 |
Earnings (Loss) per Share from Discontinued Operations: | ' | ' | ' | ' |
Basic | $0 | ($0.02) | ($0.01) | ($0.09) |
Dilute | $0 | ($0.02) | ($0.01) | ($0.09) |
Earnings (Loss) per Share: | ' | ' | ' | ' |
Basic | $0.04 | $0.02 | $0.16 | ($0.05) |
Diluted | $0.04 | $0.02 | $0.15 | ($0.05) |
Weighed Average Shares: | ' | ' | ' | ' |
Basic | 17,841 | 17,493 | 17,766 | 17,368 |
Diluted | 18,354 | 17,779 | 18,093 | 17,368 |
Cash dividend per share | $0.04 | $0.03 | $0.11 | $0.09 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME (LOSS) | $751 | $272 | $2,781 | ($937) |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' |
Foreign Currency Translation Adjustments | 16 | 20 | 36 | 8 |
COMPREHENSIVE INCOME (LOSS) | $767 | $292 | $2,817 | ($929) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid - In Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
BALANCE at Dec. 31, 2012 | $108,145 | $19 | $140,388 | ($32,410) | $148 |
Stock-based compensation | 2,619 | 0 | 2,619 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,558 | 2 | 1,556 | 0 | 0 |
Cancellation of shares for payment of withholding tax | -996 | -1 | -995 | 0 | 0 |
Shares surrendered from stock swap | -646 | -1 | -645 | 0 | 0 |
Repurchase of common stock | -435 | 0 | -435 | 0 | 0 |
Dividend | -1,933 | 0 | 8 | -1,941 | 0 |
Net income | 2,781 | 0 | 0 | 2,781 | 0 |
Change in cumulative translation adjustment, net | 36 | 0 | 0 | 0 | 36 |
BALANCE at Sep. 30, 2013 | $111,129 | $19 | $142,496 | ($31,570) | $184 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
NET INCOME (LOSS) | $2,781 | ($937) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Loss from discontinued operations | 109 | 1,514 |
Depreciation and amortization | 3,810 | 3,766 |
Stock-based compensation | 2,618 | 2,331 |
(Gain) loss on disposal/sale of property and equipment | -1 | 4 |
Restructuring costs | 156 | 0 |
Payment of withholding tax on stock based compensation | -995 | -1,193 |
Deferred tax provision | 1,593 | 0 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Accounts receivable | 1,322 | -5,294 |
Inventories | 2,371 | -308 |
Prepaid expenses and other assets | 703 | 966 |
Accounts payable | -6,741 | 848 |
Income taxes payable | -36 | 613 |
Other accrued liabilities | -517 | -23 |
Net cash provided by operating activities | 7,173 | 2,287 |
Investing Activities: | ' | ' |
Capital expenditures | -1,930 | -2,636 |
Proceeds from disposal of property and equipment | 1 | 0 |
Purchases of investments | -60,736 | -35,859 |
Redemptions/maturities of short-term investments | 56,816 | 54,280 |
Purchase of assets/businesses, net of cash acquired | 0 | -17,731 |
Cash held in escrow | 0 | -500 |
Net cash used in investing activities | -5,849 | -2,446 |
Financing Activities: | ' | ' |
Proceeds from issuance of common stock | 911 | 571 |
Payments for repurchase of common stock | -435 | 0 |
Cash dividends | -1,933 | -1,649 |
Net cash used in financing activities | -1,457 | -1,078 |
Cash flows from discontinued operations: | ' | ' |
Net cash used in operating activities | -17 | -1,136 |
Net cash provided by investing activities | 1 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | -149 | -2,373 |
Effect of exchange rate changes on cash | 10 | 16 |
Cash and cash equivalents, beginning of year | 17,559 | 19,418 |
Cash and Cash Equivalents, End of Period | $17,420 | $17,061 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Nature of Operations | |
PCTEL is a global leader in propagation and optimization solutions for the wireless industry. The Company develops and distributes innovative antenna and engineered site solutions and designs and develops software-based radios (scanning receivers) and provides related RF engineering services for wireless network optimization. | |
PCTEL was incorporated in California in 1994 and reincorporated in Delaware in 1998. Our principal executive offices are located at 471 Brighton Drive, Bloomingdale, Illinois 60108. Our telephone number at that address is (630) 372-6800 and our website is www.pctel.com. The information within, or that can be accessed through, our website is not part of this report. | |
Segment Reporting | |
Effective January 1, 2013, PCTEL operates in two new segments for reporting purposes. The Company’s Connected Solutions segment includes its antenna and engineered site solutions. The Company’s RF Solutions segment includes its scanning receivers and related RF engineering services. Each of the segments has its own segment manager as well as its own engineering, sales and marketing, and operational general and administrative functions. All of the Company’s accounting and finance, human resources, IT and legal functions are provided on a centralized basis through the corporate function. The Company manages its balance sheet and cash flows centrally at the corporate level, with the exception of trade accounts receivable and inventory which is managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. As of January 1, 2013, the Company’s chief operating decision maker uses the profit and loss results through operating profit and identified assets for the Connected Solutions and RF Solutions segments to make operating decisions. The 2012 segment information presented in the financial statements has been presented on a retrospective basis reflecting the new Connected Solutions and RF Solution segments on a consistent basis with the current period. | |
For the year ended December 31, 2012, the Company operated in two different segments, PCTEL Secure, and the rest of the Company. The Company’s chief operating decision maker used the profit and loss results and the assets to make operating decisions. | |
Connected Solutions Segment | |
PCTEL is a leading supplier of antennas for private network, public safety and government applications, and site solutions for both private and public network, data, and communications applications. PCTEL’s MAXRAD®, Bluewave™ and Wi-Sys™ antenna solutions include high-value YAGI, land mobile radio (“LMR”), Wi-Fi, GPS, In Tunnel, Subway, and Broadband antennas (parabolic and flat panel). PCTEL’s Connected Solutions™ products include specialized towers, enclosures, fiber optic panels, and fiber jumper cables that are engineered into site solutions. The vertical markets into which the antenna and site solutions are sold include supervisory control and data acquisition (“SCADA”), health care, energy, smart grid, precision agriculture, indoor wireless, telemetry, offloading, and wireless backhaul. Growth for antenna and engineered site solutions is primarily driven by the increased use of wireless communications in these vertical markets. PCTEL’s antenna and site solution products are primarily sold through distributors, value added reseller, and original equipment manufacturer (“OEM”) providers. | |
The Company established its current antenna and site solutions product portfolio with a series of acquisitions. In 2004, the Company acquired MAXRAD, Inc. (“MAXRAD”), as well as certain product lines from Andrew Corporation (“Andrew”), which established its core product offerings in Wi-Fi, LMR and GPS. Over the next several years we added additional capabilities within those product lines and additional served markets with the acquisition of certain assets from Bluewave Antenna Systems, Ltd (“Bluewave”) in 2008, and the acquisitions of Wi-Sys Communications, Inc (“Wi-Sys”) in 2009, Sparco Technologies, Inc. (“Sparco”) in 2010, and certain assets of TelWorx Communications LLC, TelWorx U.K. Limited, TowerWorx LLC, and TowerWorx International, Inc. (collectively “TelWorx”), in July 2012. | |
There are many competitors for antenna products, as the market is highly fragmented. Competitors include Laird (Cushcraft, Centurion, and Antennex brands), Mobile Mark, Radiall/Larsen, Comtelco, Wilson, Commscope (Andrew products), Kathrein, among others. We seek out product applications that command a premium for product performance and customer service, and avoid commodity markets. | |
PCTEL maintains expertise in several technology areas in order to be competitive in the antenna engineered site solutions market. These include radio frequency engineering, mobile antenna design and manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. | |
RF Solutions Segment | |
PCTEL is a leading supplier of high-speed, multi-standard, demodulating receivers and test and measurement solutions to the wireless industry worldwide. Our SeeGull® scanning receivers, receiver-based products and CLARIFY® interference management solutions are used to measure, monitor and optimize cellular networks. PCTEL’s network engineering services (“NES”) Group provides value-added analysis of measured data collected during the optimization process. Revenue growth for these products and services is driven by the deployment of products based on new wireless technology and the need for wireless networks to be tuned and reconfigured on a regular basis. PCTEL develops and supports scanning receivers for LTE, EVDO, CDMA, WCDMA, GSM, TD-SCDMA, and WiMAX networks. Our scanning receiver products are sold primarily through test and measurement value added resellers and to a lesser extent directly to network operators. The engineering services are sold primarily to network infrastructure providers and cellular carriers. Competitors for these products are OEMs such as JDS Uniphase, Rohde and Schwarz, Anritsu, and Berkley Varitronics. | |
The Company established its scanning receiver product portfolio in 2003 with the acquisition of certain assets of Dynamic Telecommunications, Inc. (“DTI”). In 2009, we acquired the scanning receiver business from Ascom Network Testing, Inc. (“Ascom”) as well as the exclusive distribution rights and patented technology for Wider Network LLC (“Wider”) network interference products. In 2011, we purchased certain assets from Envision Wireless Inc. (“Envision”), an engineering services business based in Melbourne, Florida. The NES business focuses on the radio frequency (“RF”) issues pertaining to in-building coverage and capacity and its target market is relevant to our antenna and scanning receiver businesses. NES provides value-added analysis of collected data to public cellular carriers, network infrastructure providers, and real estate companies. | |
PCTEL maintains expertise in several technology areas in order to be competitive in the scanning receiver and related engineering services market. These include radio frequency engineering, DSP engineering, manufacturing, mechanical engineering, product quality and testing, and wireless network engineering | |
Basis of Consolidation | |
The condensed consolidated balance sheet as of September 30, 2013 and the condensed consolidated statements of operations, statements of comprehensive income (loss), and cash flows for the three and nine months ended September 30, 2013 and 2012, respectively, are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The interim condensed consolidated financial statements are derived from the audited financial statements as of December 31, 2012. | |
On April 30, 2013, the Company divested all material assets associated with its PCTEL Secure subsidiary’s ProsettaCore™ technology to Redwall Technologies, LLC (“Redwall”), a development organization that specializes in mobile security, military and defense projects and systems, and critical national infrastructure. Under the terms of the agreement, Redwall acquired the server and device software (the “Software”), the underlying intellectual property, and complete development responsibility for the security products. At the closing of the divestiture, the Company received no upfront cash payment, but has the right to receive a royalty of 7% of the net sale price of each future sale or license of the Software and each provision of services related to the Software, if any. Under the agreement, royalties will not exceed $10 million in the aggregate. In accordance with accounting for discontinued operations, the consolidated financial statements separately reflect the results of PCTEL Secure as discontinued operations for all periods presented. The prior period results have been restated to reflect this accounting treatment. | |
The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted. The significant accounting policies followed by the Company are set forth within the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 (“the 2012 Form 10-K”). There were no changes in the Company’s significant accounting policies during the nine months ended September 30, 2013. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2012 Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2012 Form 10-K. The results for the operations for the period ended September 30, 2013 may not be indicative of the results for the period ending December 31, 2013. | |
Foreign Currency Translation | |
The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the exchange rate in effect at the applicable balance sheet date for assets and liabilities and average monthly rates prevailing during the period for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income, a separate component of shareholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statement of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $10 and $9 for the three months ended September 30, 2013 and 2012, respectively. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $26 for each of the nine months ended September 30, 2013 and 2012. | |
Recent Accounting Guidance | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in the update require an entity to report the effect of significant respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference other disclosures. The amendments in this update are effective prospectively for reporting periods after December 15, 2012. The adoption of this update did not have a material effect on our financial position, results of operations or cash flows. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
2. Fair Value of Financial Instruments | |
The Company follows accounting pronouncements for Fair Value Measurements and Disclosures, which establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: | |
Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | |
Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. | |
Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Cash equivalents are measured at fair value and investments are recognized at amortized cost in the Company’s financial statements. Accounts receivable and other investments are financial assets with carrying values that approximate fair value due to the short-term nature of these assets. Accounts payable is a financial liability with a carrying value that approximates fair value due to the short-term nature of these liabilities. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
3. Earnings per Share | |||||||||||||||||
The following table is the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic Earnings Per Share computation: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations | $ | 751 | $ | 688 | $ | 2,890 | $ | 577 | |||||||||
Net loss from discontinued operations | 0 | (416 | ) | (109 | ) | (1,514 | ) | ||||||||||
Net income (loss) | 751 | 272 | 2,781 | (937 | ) | ||||||||||||
Denominator: | |||||||||||||||||
Common shares outstanding | 17,841 | 17,493 | 17,766 | 17,368 | |||||||||||||
Earnings per common share - basic | |||||||||||||||||
Net income from continuing operations | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.03 | |||||||||
Net loss from discontinued operations | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Net income (loss) | $ | 0.04 | $ | 0.02 | $ | 0.16 | ($ | 0.05 | ) | ||||||||
Diluted Earnings Per Share computation: | |||||||||||||||||
Denominator: | |||||||||||||||||
Common shares outstanding | 17,841 | 17,493 | 17,766 | 17,368 | |||||||||||||
Restricted shares subject to vesting | 333 | 214 | 227 | * | |||||||||||||
Performance shares subject to vesting | 65 | 71 | 65 | * | |||||||||||||
Common stock option grants | 115 | 1 | 35 | * | |||||||||||||
Total shares | 18,354 | 17,779 | 18,093 | 17,368 | |||||||||||||
Earnings per common share - diluted | |||||||||||||||||
Net income from continuing operations | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.03 | |||||||||
Net loss from discontinued operations | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Net income (loss) | $ | 0.04 | $ | 0.02 | $ | 0.15 | ($ | 0.05 | ) | ||||||||
* | As denoted by “*” in the table above, the weighted average common stock option grants, performance shares and restricted shares of 384,000 for the nine months ended September 30, 2012 were excluded from the calculations of diluted net loss per share since their effects are anti-dilutive. |
Cash_Cash_Equivalents_and_Inve
Cash, Cash Equivalents and Investments | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Investments | ' | ||||||||||||||||||||||||||||||||
4. Cash, Cash Equivalents and Investments | |||||||||||||||||||||||||||||||||
The Company’s cash and investments consist of the following: | |||||||||||||||||||||||||||||||||
September 30, | December 31 | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Cash | $ | 16,789 | $ | 13,043 | |||||||||||||||||||||||||||||
Cash equivalents | 631 | 4,500 | |||||||||||||||||||||||||||||||
Short-term investments | 37,516 | 33,596 | |||||||||||||||||||||||||||||||
$ | 54,936 | $ | 51,139 | ||||||||||||||||||||||||||||||
Cash and Cash equivalents | |||||||||||||||||||||||||||||||||
At September 30, 2013, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At September 30, 2013 and December 31, 2012, the Company’s cash equivalents were invested in highly liquid AAA rated money market funds that are required to comply with Rule 2a-7 of the Investment Company Act of 1940. Such funds utilize the amortized cost method of accounting, seek to maintain a constant $1.00 per share price, and are redeemable upon demand. The Company restricts its investments in AAA rated money market funds to those invested 100% in either short-term U.S. Government Agency securities or bank repurchase agreements collateralized by these same securities. The fair values of these money market funds are established through quoted prices in active markets for identical assets (Level 1 inputs). The cash in the Company’s U.S. banks is insured by the Federal Deposit Insurance Corporation up to the insurable amount of $250,000. | |||||||||||||||||||||||||||||||||
At September 30, 2013, the Company had $16.8 million in cash and $0.6 million in cash equivalents and at December 31, 2012, the Company had $13.0 million in cash and $4.5 million in cash equivalents. The Company had $0.8 million of cash and cash equivalents in foreign bank accounts at September 30, 2013 and at December 31, 2012. As of September 30, 2013, the Company has no intentions of repatriating the cash in its foreign bank accounts. If the Company decides to repatriate the cash in the foreign bank accounts, it may experience difficulty in doing so in a timely manner and it may also be exposed to foreign currency fluctuations and taxes. | |||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Company’s short-term investments consisted of pre-refunded municipal bonds, U.S. government agency bonds, and AA or higher rated corporate bonds all classified as held-to-maturity. | |||||||||||||||||||||||||||||||||
At September 30, 2013 the Company had invested $14.7 million in pre-refunded municipal bonds, $8.5 million in U.S. government agency bonds, $7.8 million in AA rated or higher corporate bonds, and $6.5 million in certificates of deposit. The income and principal from the pre-refunded municipal bonds are secured by an irrevocable trust of U.S. Treasury securities. The bonds, classified as short-term investments, have original maturities greater than 90 days and mature in less than one year. At September 30, 2013, the Company had no investments classified as long-term investment securities. The Company’s bonds are recorded at the purchase price and carried at amortized cost. The net unrealized gains were $13 at September 30, 2013. Approximately 8% of the Company’s bonds were protected by bond default insurance at September 30, 2013. | |||||||||||||||||||||||||||||||||
At December 31, 2012, the Company had invested $10.1 million in pre-refunded municipal bonds and taxable bond funds, $9.9 million in AA rated or higher corporate bond funds, $8.5 million in U.S. government agency bonds, and $5.1 million in certificates of deposit. | |||||||||||||||||||||||||||||||||
The Company categorizes its financial instruments within a fair value hierarchy established in accounting and disclosures for fair value measurements. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 2. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. | |||||||||||||||||||||||||||||||||
Cash equivalents, Level 1 and Level 2 investments measured at fair value were as follows at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Money market funds and other cash equivalents | $ | 631 | $ | 0 | $ | 0 | $ | 631 | $ | 4,500 | $ | 0 | $ | 0 | $ | 4,500 | |||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||
Certificates of deposit | 6,493 | 0 | 0 | 6,493 | 5,062 | 0 | 0 | 5,062 | |||||||||||||||||||||||||
US government agency bonds | 0 | 8,576 | 0 | 8,576 | 0 | 8,498 | 0 | 8,498 | |||||||||||||||||||||||||
Municipal bonds | 0 | 14,678 | 0 | 14,678 | 0 | 10,162 | 0 | 10,162 | |||||||||||||||||||||||||
Corporate debt securities | 0 | 7,782 | 0 | 7,782 | 0 | 9,880 | 0 | 9,880 | |||||||||||||||||||||||||
Total | $ | 7,124 | $ | 31,036 | $ | 0 | $ | 38,160 | $ | 9,562 | $ | 28,540 | $ | 0 | $ | 38,102 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
5. Goodwill and Intangible Assets | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The Company had goodwill of $0.2 million at September 30, 2013 and December 31, 2012, respectively. In July 2012, the Company recorded goodwill of $12.5 million with the acquisition of assets related to the TelWorx business. In conjunction with the annual evaluation of goodwill in the fourth quarter 2012, the Company recorded an impairment of goodwill of $12.5 million with respect to the TelWorx acquisition. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
The Company amortizes intangible assets with finite lives on a straight-line basis over the estimated useful lives, which range from one to eight years. The summary of other intangible assets, net as of September 30, 2013 and December 31, 2012, are as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Cost | Accumulated | Net Book | Cost | Accumulated | Net Book | ||||||||||||||||||||
Amortization | Value | Amortization | Value | ||||||||||||||||||||||
Customer contracts and relationships | $ | 17,381 | $ | 13,905 | $ | 3,476 | $ | 17,381 | $ | 12,463 | $ | 4,918 | |||||||||||||
Patents and technology | 7,878 | 7,485 | 393 | 7,878 | 7,378 | 500 | |||||||||||||||||||
Trademarks and trade names | 3,988 | 2,792 | 1,196 | 3,988 | 2,575 | 1,413 | |||||||||||||||||||
Other | 3,301 | 3,167 | 134 | 3,301 | 3,128 | 173 | |||||||||||||||||||
$ | 32,548 | $ | 27,349 | $ | 5,199 | $ | 32,548 | $ | 25,544 | $ | 7,004 | ||||||||||||||
The $1.8 million decrease in the net book value of intangible assets at September 30, 2013 compared to December 31, 2012 reflects amortization expense of $1.8 million recorded for the nine months ended September 30, 2013. For the year ended December 31, 2012, intangible assets decreased $2.3 million, which consisted of amortization expense of $3.2 million and impairment charges of $1.0 million for PCTEL Secure, net of the addition of $1.9 million of intangible assets acquired from TelWorx in July 2012. | |||||||||||||||||||||||||
The assigned lives and weighted average amortization periods by intangible asset category is summarized below: | |||||||||||||||||||||||||
Intangible Assets | Assigned Life | Weighted Average | |||||||||||||||||||||||
Amortization Period | |||||||||||||||||||||||||
Customer contracts and relationships | 4 to 6 years | 5.1 | |||||||||||||||||||||||
Patents and technology | 1 to 6 years | 5.2 | |||||||||||||||||||||||
Trademarks and trade names | 3 to 8 years | 7.4 | |||||||||||||||||||||||
Other | 1 to 6 years | 5.6 | |||||||||||||||||||||||
The Company’s scheduled amortization expense for 2013 and the next five years is as follows: | |||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||
2013 | $ | 2,400 | |||||||||||||||||||||||
2014 | $ | 1,967 | |||||||||||||||||||||||
2015 | $ | 1,737 | |||||||||||||||||||||||
2016 | $ | 468 | |||||||||||||||||||||||
2017 | $ | 288 | |||||||||||||||||||||||
Thereafter | $ | 144 |
Balance_Sheet_Information
Balance Sheet Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Balance Sheet Information | ' | ||||||||
6. Balance Sheet Information | |||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
Accounts receivable are recorded at invoiced amount with standard net terms that range between 30 and 60 days. The Company extends credit to its customers based on an evaluation of a customer’s financial condition and collateral is generally not required. The Company maintains an allowance for doubtful accounts for estimated uncollectible accounts receivable. The allowance is based on the Company’s assessment of known delinquent accounts, historical experience, and other currently available evidence of the collectability and the aging of accounts receivable. The Company’s allowance for doubtful accounts was $0.2 million at September 30, 2013 and at December 31, 2012. The provision for doubtful accounts is included in sales and marketing expense in the condensed consolidated statements of operations. | |||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market and include material, labor and overhead costs using the first-in, first-out (“FIFO”) method of costing. Inventories as of September 30, 2013 and December 31, 2012 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory with customers of $1.7 million at September 30, 2013 and $1.2 million at December 31, 2012, respectively. The Company records allowances to reduce the value of inventory to the lower of cost or market, including allowances for excess and obsolete inventory. The allowance for inventory losses was $1.9 million and $2.0 million at September 30, 2013 and at December 31, 2012, respectively. | |||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 8,866 | $ | 12,226 | |||||
Work in process | 739 | 789 | |||||||
Finished goods | 5,633 | 4,558 | |||||||
Inventories, net | $ | 15,238 | $ | 17,573 | |||||
Prepaid and Other Current Assets | |||||||||
Prepaid assets are stated at cost and are amortized over the useful lives (up to one year) of the assets. | |||||||||
Property and Equipment | |||||||||
Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company depreciates computer equipment over three to five years, office equipment, manufacturing and test equipment, and motor vehicles over five years, furniture and fixtures over seven years, and buildings over 30 years. Leasehold improvements are amortized over the shorter of the corresponding lease term or useful life. Depreciation expense and gains and losses on the disposal of property and equipment are included in cost of sales and operating expenses in the condensed consolidated statements of operations. Maintenance and repairs are expensed as incurred. | |||||||||
Property and equipment consists of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Building | $ | 6,207 | $ | 6,207 | |||||
Computers and office equipment | 9,443 | 9,968 | |||||||
Manufacturing and test equipment | 10,665 | 9,495 | |||||||
Furniture and fixtures | 1,211 | 1,256 | |||||||
Leasehold improvements | 698 | 519 | |||||||
Motor vehicles | 117 | 150 | |||||||
Total property and equipment | 28,341 | 27,595 | |||||||
Less: Accumulated depreciation and amortization | (15,492 | ) | (14,590 | ) | |||||
Land | 1,770 | 1,770 | |||||||
Property and equipment, net | $ | 14,619 | $ | 14,775 | |||||
Depreciation and amortization expense was approximately $0.7 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $2.0 million and $1.8 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
Liabilities | |||||||||
Accrued liabilities consist of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Payroll, bonuses, and other employee benefits | $ | 2,634 | $ | 859 | |||||
Inventory receipts | 1,570 | 2,191 | |||||||
Paid time off | 1,120 | 1,067 | |||||||
Warranties | 274 | 270 | |||||||
Deferred liabilities | 197 | 127 | |||||||
Professional fees | 158 | 268 | |||||||
Real estate taxes | 131 | 170 | |||||||
Employee stock purchase plan | 115 | 276 | |||||||
Restructuring | 56 | 0 | |||||||
Sales tax | 1 | 156 | |||||||
Other | 321 | 515 | |||||||
Total | $ | 6,577 | $ | 5,899 | |||||
Long-term liabilities consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Executive deferred compensation plan | $ | 1,797 | $ | 1,652 | |||||
Reserve for uncertain tax positions | 842 | 842 | |||||||
Deferred rent | 223 | 166 | |||||||
Deferred revenues | 43 | 74 | |||||||
Long-term obligations under capital leases | 0 | 2 | |||||||
$ | 2,905 | $ | 2,736 | ||||||
PCTEL_Secure_discontinued_oper
PCTEL Secure - discontinued operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
PCTEL Secure - discontinued operations | ' | ||||||||||||||||
7. PCTEL Secure – discontinued operations | |||||||||||||||||
On January 5, 2011, the Company formed PCTEL Secure LLC (“PCTEL Secure”), a joint venture limited liability company, with Eclipse Design Technologies, Inc. (“Eclipse”). PCTEL Secure designed Android-based, secure communication products. The Company contributed $2.5 million in cash on the formation of the joint venture in return for 51% ownership of the joint venture. In return for 49% ownership of the joint venture, Eclipse contributed $2.4 million of intangible assets in the form of intellectual property and a services agreement, including an assembled workforce, to provide services. At the date of formation the weighted average amortization period of the intangible assets acquired was 2.4 years. The Company estimated the fair value and remaining useful lives of the assets. | |||||||||||||||||
The limited liability company agreement of PCTEL Secure, as amended, provided several mechanisms for the orderly transition of the Company’s ownership from 51% to 100%. The Company purchased an additional 19% of the membership interests for $0.9 million on May 29, 2012 and the remaining 30% of the membership interests for $0.8 million on July 2, 2012. During the periods that the Company did not own 100% of the membership interests, Eclipse’s membership interests were recorded as non-controlling interest. | |||||||||||||||||
The Company learned through its marketing efforts for PCTEL Secure baseline product that its distribution channels had limited access to the target software markets, primarily U.S. government agencies. The Company was in active discussions with a number of potential distribution entities with U.S. government agency access through December 31, 2012, and in January 2013 the Company engaged Wunderlich Securities, Inc. to evaluate strategic alternatives for PCTEL Secure, including a further search for a distribution entity that could take its baseline product to market. Based on the lack of success of such efforts, the Company concluded, as of December 31, 2012, that the future potential revenue of PCTEL Secure was indeterminate, resulting in management’s forecast of future undiscounted cash flow to be in a range at or below zero. Based on these revised forecast cash flows, the Company concluded that the intangible assets of PCTEL Secure were impaired at December 31, 2012. The Company recorded intangible asset impairment expense of $1.1 million in December 2012. | |||||||||||||||||
On April 30, 2013, the Company divested all material assets associated with PCTEL Secure’s ProsettaCore™ technology to Redwall Technologies, LLC (“Redwall”), a development organization that specializes in mobile security, military and defense projects and systems, and critical national infrastructure. Under the terms of the agreement, Redwall acquired the server and device software (the “Software”), the underlying intellectual property, and complete development responsibility for the related products. At the closing of the divestiture, the | |||||||||||||||||
Company received no upfront cash payment, but the Company has the right to receive a royalty of 7% of the net sale price of each future sale or license of the Software and each provision of services related to the Software, if any. Under the agreement, royalties are capped at $10 million in the aggregate. | |||||||||||||||||
The consolidated financial statements separately reflect the PCTEL Secure operations as discontinued operations for all periods presented. Summary results of operations for the discontinued operations included in the condensed consolidated statement of operations for the three and nine months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating expenses | $ | 0 | $ | 713 | $ | 191 | $ | 2,216 | |||||||||
Other income, net | 0 | 0 | 0 | (41 | ) | ||||||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | (686 | ) | ||||||||||||
Adjustments to redemption value of noncontrolling interests | 0 | 0 | 0 | 647 | |||||||||||||
Loss from discontinued operations, before income taxes | 0 | (713 | ) | (191 | ) | (2,136 | ) | ||||||||||
Benefit for income tax | 0 | (297 | ) | (82 | ) | (622 | ) | ||||||||||
Loss from discontinued operations, net of tax | $ | 0 | ($ | 416 | ) | ($ | 109 | ) | ($ | 1,514 | ) | ||||||
Income (loss) from discontinued operations per common share: | |||||||||||||||||
Basic | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Diluted | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Weighted average shares: | |||||||||||||||||
Basic | 17,841 | 17,493 | 17,766 | 17,368 | |||||||||||||
Diluted | 18,354 | 17,779 | 18,093 | 17,368 | |||||||||||||
Assets and liabilities classified as discontinued operations held for sale on the condensed consolidated balances sheets as of September 30, 2013 and December 31, 2012 include the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash and cash equivalents | $ | 0 | $ | 16 | |||||||||||||
Fixed assets | 0 | 2 | |||||||||||||||
Total assets | $ | 0 | $ | 18 | |||||||||||||
Accounts payable | $ | 0 | $ | 86 | |||||||||||||
Accrued liabilities | 0 | 17 | |||||||||||||||
Total liabilities | $ | 0 | $ | 103 | |||||||||||||
Acquisition_of_TelWorx_Communi
Acquisition of TelWorx Communications LLC | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisition of TelWorx Communications LLC | ' | ||||||||||||
8. Acquisition of TelWorx Communications LLC | |||||||||||||
The Company, through its wholly-owned subsidiary PCTelWorx, Inc. (“PCTelWorx”), completed the acquisition of substantially all of the assets and the assumption of certain specified liabilities of TelWorx Communications LLC, TelWorx U.K. Limited, TowerWorx LLC and TowerWorx International, Inc. (collectively “TelWorx”), pursuant to an Asset Purchase Agreement dated as of July 9, 2012 among the Company, PCTelWorx, TelWorx and Tim and Brenda Scronce, the principal owners of TelWorx. The business operations associated with these purchased assets are collectively referred to as “TelWorx” in this Form 10-Q. The acquired business was primarily a North Carolina-based business with expertise in delivering wireless and fiber optic solutions into the enterprise, defense, transportation, and the carrier market. The acquired business excels at global procurement, custom engineering of RF solutions, rapid delivery and deployment of systems, and value-added reselling of antennas, related RF components, and other communication elements. The acquisition includes the assets of TowerWorx, a provider of mobile towers for defense, industrial wireless, and other applications. The acquisition expands the Company’s products and markets addressed by its Connected Solutions™ product line. The fair value purchase price for TelWorx was $16.1 million, consisting of $16.0 million in cash paid at closing, $1.1 million of contingent consideration related to an indemnity holdback escrow and potential earn-out at fair value, net of $1.0 million cash recovered from Tim and Brenda Scronce in March 2013 pursuant to the working capital adjustment provisions of the Asset Purchase Agreement and the legal settlement described below. | |||||||||||||
Following the closing of the acquisition, the Company’s management became aware of accounting irregularities with respect to the TelWorx financial statements, in part through an internal review conducted in connection with the calculation of post-closing purchase price adjustments and in part due to an anonymous tip received after the internal review began. With the oversight of the Audit Committee, management expanded its review into an internal investigation regarding these financial irregularities and outside counsel was retained to assist in the investigation. The Company’s outside counsel then retained a Big Four accounting firm to perform an independent forensic accounting investigation under counsel’s direction. The accounting irregularities in the TelWorx financial statements identified as a result of this investigation are believed to have been directed and/or permitted by management of TelWorx, principally Tim Scronce and those acting at his direction. The correction of the pre-acquisition accounting misstatements discovered in the investigation are reflected in the pro-forma adjustments in Footnote 4 – Acquisition of TelWorx Communications LLC in the Company’s annual report filed on Form 10-K for the fiscal year ended December 31, 2012 as well as this footnote. | |||||||||||||
The Company determined the amount of the corrections and the period in which they occurred through the forensic audit performed, which included tracing sales transactions to customer commitments and proof of delivery documents as well as reviewing the cost of sales records and aging of inventory at the acquisition date. The Company was authorized by the Board of Directors to seek restitution from the Scronces and other responsible parties. On March 27, 2013, the Company and the Scronces entered into a legal settlement over claims by the Company relating to the value of the acquisition and the accounting issues summarized above. The Company is still pursuing additional restitution from other responsible parties. See Footnote 11 – TelWorx Legal Settlement for full details. | |||||||||||||
The Company, through PCTelWorx, offered employment to all former employees of TelWorx. The key managers entered into employment arrangements that include a non-competition covenant during their employment and for twelve months thereafter. The Company entered into a five-year lease agreement for the continued use of the operating facility and offices in Lexington, North Carolina and a two-year lease for an operating facility in Pryor, Oklahoma. During the second and third quarters of 2013, the Company integrated the TelWorx business with its Connected Solutions segment. The Company moved kitting operations and order fulfillment to its Bloomingdale, Illinois facility from the Lexington, North Carolina facility. In May 2013, the Company gave notice of early termination of the facility lease in Lexington, North Carolina. The termination became effective in October 2013. In July 2013, the Company signed a new lease for office space for its sales, procurement, and administration functions in Lexington, North Carolina. The new five-year lease was effective August 1, 2013. | |||||||||||||
The following is the allocation of the purchase price for the assets acquired from TelWorx at the date of the acquisition. | |||||||||||||
Estimated Fair | Provisional | Estimated Fair | |||||||||||
Value July 9, 2012 | Adjustments | Value July 9, 2012 | |||||||||||
as reported at | Subsequent to | ||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||
Tangible assets: | |||||||||||||
Accounts receivable | $ | 1,575 | ($ | 205 | ) | $ | 1,370 | ||||||
Inventory | 1,843 | (465 | ) | 1,378 | |||||||||
Prepaid expenses | 9 | 0 | 9 | ||||||||||
Fixed assets | 248 | 0 | 248 | ||||||||||
Total tangible assets | 3,675 | (670 | ) | 3,005 | |||||||||
Intangible assets: | |||||||||||||
Goodwill | 9,491 | 3,059 | 12,550 | ||||||||||
Trade names | 1,527 | (268 | ) | 1,259 | |||||||||
Technology | 458 | 12 | 470 | ||||||||||
Customer relationships | 2,898 | (2,781 | ) | 117 | |||||||||
Backlog | 91 | (58 | ) | 33 | |||||||||
Non-compete | 262 | (248 | ) | 14 | |||||||||
Total intangible assets | 14,727 | (284 | ) | 14,443 | |||||||||
Total assets | 18,402 | (954 | ) | 17,448 | |||||||||
Capital leases | 57 | (20 | ) | 37 | |||||||||
Accounts payable | 1,113 | 100 | 1,213 | ||||||||||
Accrued liabilities | 85 | 33 | 118 | ||||||||||
Total liabilities | 1,255 | 113 | 1,368 | ||||||||||
Net assets acquired | $ | 17,147 | ($ | 1,067 | ) | $ | 16,080 | ||||||
In the fourth quarter of 2012, the Company subsequently recorded a goodwill impairment of $12.5 million related to the TelWorx acquisition based on the results from our annual test of goodwill impairment conducted as of October 31, 2012. This amount represented the total goodwill associated with the acquisition. The Company considers its purchase accounting for the TelWorx acquisition to have been complete as of the quarter ended December 31, 2012. The chronology of the Company’s change in purchase accounting fair value of $16.1 million on July 9, 2012 to a $12.5 million goodwill impairment in the quarter ended December 31, 2012 is as follows: | |||||||||||||
The Company based its purchase accounting fair value of intangible assets on future projections using the revenue and margin profile of TelWorx’ historical financial statements for 2010, 2011 and the six months ended June 30, 2012. They presented a profile of a business that yielded goodwill of $9.5 million, primarily attributed to the synergies expected to arise for the acquired TelWorx business after the Company’s acquisition of the business and the assembled workforce of the acquired business. The two primary synergies that the Company expected to accrue to the TelWorx business that the Company concluded were not typically available to a market participant were: (1) increased TelWorx revenue as a result of customer confidence resulting from being part of a public company with significant cash and investments available for working capital with no debt (the vast majority of the competitors in the antenna and site solution market are smaller private companies with limited working capital and financial resources); and (2) lower raw material costs for TelWorx products as a result of having access to PCTEL’s supply chain for certain products. PCTEL has access through several of its large key customers, with which it has a preferred supplier relationship, to their supply chain and profits from the volume discounts that come with our customer’s significantly larger volume. There were no synergies identified that accrued to PCTEL. | |||||||||||||
The accounting irregularities discovered in the historical financial statements lowered the historical pre-acquisition sales and margins as well as the post-acquisition sales in the quarter ended September 30, 2012, the quarter in which the acquisition closed. The Company recalculated the allocation of the purchase price using future projections which have a new lower revenue and margin profile. The result was a $3.1 million increase of goodwill up to $12.5 million. At this time the Company remained confident that the acquisition would yield the synergies expected to arise after the acquisition, to which the goodwill was attributed. | |||||||||||||
The Company performs an annual impairment test of goodwill as of the end of the first month of the fiscal fourth quarter (October 31st), or at an interim date if an event occurs or if circumstances change that would indicate that an impairment loss may have been incurred. In performing our annual impairment test, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If our qualitative assessment is indicative of possible impairment, then a two-step quantitative fair value assessment is performed at the reporting unit level. In the first step, the fair value of each reporting unit is compared with its carrying value. If the fair value exceeds the carrying value, then goodwill is not impaired and no further testing is performed. The second step is performed if the carrying value exceeds the fair value. The implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. | |||||||||||||
During the quarter ended December 31, 2012, the Company observed that the orders in the 2013 sales projections used in the purchase accounting allocation for TelWorx were not converting to sales backlog at a pace that would support the projected 2013 base revenue used in the purchase accounting fair value of the TelWorx business at the acquisition date. Due to the Company’s short order to shipment cycles, such a variance would not become apparent until 60-90 days before 2013 began. Additionally, at the date of the acquisition the Company was not seeing funnel conversion variances in its antenna and site solutions products that operate in similar markets and therefore did not suspect that the site solution products would experience a dissimilar path. Specifically, 2013 base revenue and gross profit used in the Company’s purchase accounting was $18.5 million and $3.2 million (18% of revenue), respectively. At October 31, 2012, based on the Company’s historical order to ship cycle and historical rate of sales funnel conversion to actual sales (50%), there should have been approximately $1.0 million of Q1 2013 deliverable order backlog and a sales funnel of Q1 deliverable sales orders being tracked totaling at least $7.5 million. At October 31, 2012 the backlog was half the target, the sales funnel was 17% below the target, and the gross profit margin on the backlog and funnel was at 16% instead of 18%. All of these were indicators that the business was deteriorating from the projections used at the acquisition date for the purchase accounting. The Company reevaluated the projections and determined that they supported 2013 revenue of $15.0 million, at 16% margin, which was used in the goodwill test calculations, and adopted by the Board of Directors as TelWorx’ contribution to the 2013 Company financial plan. Management concluded the decline in projected revenue and gross margin levels were of a long-term nature. The decline was across a broad range of customers and products. Additionally, the decline in revenue was sufficiently large to not be recoverable in the short term based on historical revenue growth rates for the markets in which the Company’s antenna and site solutions products are sold. The Company considered this significant revenue decline at the annual goodwill test date to be an indicator of goodwill impairment requiring the performance of the two step quantitative fair value assessment, which resulted in a net present value of future cash flows that did not support a goodwill carrying value for this reporting unit. It is not as a result of the accounting irregularities previously discussed. | |||||||||||||
The following pro forma financial information gives effect to the acquisition of the TelWorx business as if the acquisition had taken place on January 1, 2012. The pro forma financial information for TelWorx was derived from the unaudited historical accounting records of TelWorx. | |||||||||||||
(unaudited) | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, 2012 | |||||||||||||
REVENUES | $ | 70,335 | |||||||||||
LOSS BEFORE INCOME TAXES | $ | 597 | |||||||||||
The Company made pro forma adjustments to the historical TelWorx revenue and earnings before income taxes that reduced revenue by $0.1 million and total combined earnings by $0.2 million for the three months ended June 30, 2012, and that reduced revenue by $0.4 million and total combined earnings by $0.5 million for the six months ended June 30, 2012. | |||||||||||||
The adjustments were made to apply a correction to the misstatements to revenue and profit before tax contained in the historical pre-acquisition TelWorx financial statements that were discovered in the course of the Company’s internal investigation by the forensic auditors. The forensic auditing procedures that identified the misstatements included the tracing of all significant sales transactions from the TelWorx operation back to customer commitment and proof of delivery documentation. The forensic audit dollar coverage obtained is approximately 50% of the operations’ revenue. Additionally there is also an adjustment to the costs associated with excess and obsolete inventory not used for a year or more at the acquisition date to the appropriate pre-acquisition period, consistent with the policy used by the Company after the acquisition. The forensic accounting procedures included the tracing of all significant inventory items at the date of the acquisition back to historical costing and usage records. | |||||||||||||
The pro forma information is presented for illustrative purposes only and may not be indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2012, nor is it necessarily indicative of the Company’s future consolidated results of operations or financial position. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||||||
9. Stock-Based Compensation | |||||||||||||||||||||||||||||
The condensed consolidated statements of operations include $0.9 million and $2.6 million of stock compensation expense for the three and nine months ended September 30, 2013, respectively. Stock compensation expense for the three months ended September 30, 2013 consists of $0.5 million for restricted stock awards, and $0.4 million for stock option and stock purchase plan expenses. Stock compensation expense for the nine months ended September 30, 2013 consists of $1.9 million for restricted stock awards, and $0.7 million for stock option and stock purchase plan expenses. | |||||||||||||||||||||||||||||
The condensed consolidated statements of operations include $0.7 million and $2.3 million of stock compensation expense for the three and nine months ended September 30, 2012, respectively. Stock compensation expense for the three months ended September 30, 2012 consists of $0.6 million for restricted stock awards, and $0.1 million for stock option and stock purchase plan expenses. Stock compensation expense for the nine months ended September 30, 2012 consists of $2.1 million for restricted stock awards, and $0.2 million for stock option and stock purchase plan expenses. | |||||||||||||||||||||||||||||
The Company did not capitalize any stock compensation expense during the three and nine months ended September 30, 2013 or 2012. | |||||||||||||||||||||||||||||
Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Cost of revenues | $ | 104 | $ | 99 | $ | 294 | $ | 298 | |||||||||||||||||||||
Research and development | 182 | 153 | 505 | 442 | |||||||||||||||||||||||||
Sales and marketing | 174 | 141 | 435 | 398 | |||||||||||||||||||||||||
General and administrative | 437 | 302 | 1,384 | 1,193 | |||||||||||||||||||||||||
Total continuing operations | 897 | 695 | 2,618 | 2,331 | |||||||||||||||||||||||||
Discontinued operations | 0 | 0 | 1 | 4 | |||||||||||||||||||||||||
Total | $ | 897 | $ | 695 | $ | 2,619 | $ | 2,335 | |||||||||||||||||||||
Restricted Stock – Service Based | |||||||||||||||||||||||||||||
The Company grants shares of restricted stock as employee incentives as permitted under the Company’s 1997 Stock Plan, as amended and restated (“1997 Stock Plan”). In connection with the grant of restricted stock to employees, the Company records deferred stock compensation representing the fair value of the common stock on the date the restricted stock is granted. Stock-based compensation expense is recorded ratably over the vesting period of the applicable shares. These grants vest over various periods, but typically vest over four years. | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013, the Company issued 10,580 restricted stock awards with grant date fair value of $93 and recorded cancellations of 10,172 shares with grant date fair value of $68. For the nine months ended September 30, 2013, the Company issued 23,982 restricted stock awards with grant date fair value of $198 and recorded cancellations of 19,533 shares with grant date fair value of $130. | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013, 7,973 restricted shares vested with grant date fair value of $52 and intrinsic value of $67, respectively. For the nine months ended September 30, 2013, 360,538 restricted shares vested with grant date fair value of $2.1 million and intrinsic value of $2.7 million. | |||||||||||||||||||||||||||||
For the three months ended September 30, 2012, the Company did not issue any restricted stock awards and recorded cancellations of 22,850 shares with grant date fair value of $0.1 million. For the nine months ended September 30, 2012, the Company issued 229,950 shares of restricted stock with grant date fair value of $1.6 million and recorded cancellations of 75,506 shares with grant date fair value of $0.5 million. | |||||||||||||||||||||||||||||
For the three months ended September 30, 2012, 2,475 restricted shares vested with grant date fair value and intrinsic value of $17, respectively. For the nine months ended September 30, 2012, 468,730 restricted shares vested with grant date fair value of $2.8 million and intrinsic value of $3.5 million. | |||||||||||||||||||||||||||||
At September 30, 2013, total unrecognized compensation expense related to restricted stock was approximately $2.0 million, net of forfeitures to be recognized through 2017 over a weighted average period of 1.2 years. | |||||||||||||||||||||||||||||
The following table summarizes restricted stock activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Unvested Restricted Stock Awards - December 31, 2012 | 940,685 | $ | 6.24 | ||||||||||||||||||||||||||
Shares awarded | 23,982 | 8.26 | |||||||||||||||||||||||||||
Shares vested | (360,538 | ) | 5.81 | ||||||||||||||||||||||||||
Shares cancelled | (19,533 | ) | 6.68 | ||||||||||||||||||||||||||
Unvested Restricted Stock Awards - September 30, 2013 | 584,596 | $ | 6.57 | ||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||
The Company issues stock options to purchase common stock with exercise prices no less than the fair value of the Company’s stock on the grant date. Employee stock options contain gradual vesting provisions, whereby 25% vest one year from the date of grant and thereafter in monthly increments over the remaining three years. Stock options may be exercised at any time prior to their expiration date or within ninety days of termination of employment, or such shorter time as may be provided in the related stock option agreement. Historically, the Company has granted stock options with a ten year life. Beginning with options granted in July 2010, the Company granted stock options with a seven year life. During 2012 and 2013, the Company has awarded stock options to eligible new employees for incentive purposes. The Company issued stock options to employees for long-term incentive purposes in April 2013. | |||||||||||||||||||||||||||||
The fair value of each unvested stock option was estimated on the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility and expected option life. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models may not necessarily provide a reliable single measure of the fair value of the employee stock options. | |||||||||||||||||||||||||||||
During the three months ended September 30, 2013 the Company issued 3,500 stock options with a weighted average grant date fair value of $3.09. During the nine months ended September 30, 2013 the Company issued 693,050 stock options with a weighted average grant date value of $2.87. The Company received proceeds of $0.8 million from the exercise of 105,113 options during the three months ended September 30, 2013. The intrinsic value of these options exercised was $146. The Company received proceeds of $0.9 million from the exercise of 116,954 options during the nine months ended September 30, 2013. The intrinsic value of these options exercised was $153. During the three and nine months ended September 30, 2013, 32,817 and 144,018 options, respectively, were cancelled or expired. | |||||||||||||||||||||||||||||
During the three months ended September 30, 2012 the Company issued 65,000 stock options with a weighted average grant date value of $2.49. During the nine months ended September 30, 2012 the Company issued 69,500 stock options with a weighted average grant date value of $2.51. The Company received proceeds of $8 from the exercise of 1,281 options during the three months ended September 30, 2012. The intrinsic value of these options exercised was $1. The Company received proceeds of $33 from the exercise of 5,000 options during the nine months ended September 30, 2012. The intrinsic value of these options exercised was $4. During the three months ended September 30, 2012, 120,200 options were cancelled or expired. During the nine months ended September 30, 2012, 336,692 options were cancelled, expired, or forfeited. | |||||||||||||||||||||||||||||
As of September 30, 2013, the unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $2.0 million, net of estimated forfeitures to be recognized through 2017 over a weighted average period of 1.6 years. | |||||||||||||||||||||||||||||
The range of exercise prices for options outstanding and exercisable at September 30, 2013 was $5.50 to $11.84. The following table summarizes information about stock options outstanding under all stock plans at September 30, 2013: | |||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
Range of | Number | Weighted | Weighted- | Number | Weighted | ||||||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||||
Contractual Life | Exercise Price | Exercise Price | |||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||
$ 5.50 | — | $ | 6.86 | 88,574 | 4.86 | $ | 6.62 | 62,278 | $ | 6.72 | |||||||||||||||||||
6.87 | — | 7.93 | 756,648 | 5.99 | 7.26 | 78,511 | 7.73 | ||||||||||||||||||||||
8.07 | — | 8.63 | 40,045 | 2.71 | 8.48 | 38,045 | 8.48 | ||||||||||||||||||||||
8.76 | — | 8.76 | 43,000 | 2.36 | 8.76 | 43,000 | 8.76 | ||||||||||||||||||||||
8.96 | — | 9.09 | 101,500 | 1.91 | 9.09 | 100,000 | 9.09 | ||||||||||||||||||||||
9.11 | — | 9.12 | 6,627 | 2.73 | 9.11 | 6,627 | 9.11 | ||||||||||||||||||||||
9.16 | — | 9.16 | 132,000 | 2.84 | 9.16 | 132,000 | 9.16 | ||||||||||||||||||||||
9.19 | — | 10.25 | 121,780 | 2.45 | 9.7 | 121,780 | 9.7 | ||||||||||||||||||||||
10.46 | — | 11 | 100,960 | 1.21 | 10.72 | 100,960 | 10.72 | ||||||||||||||||||||||
11.01 | — | 11.84 | 140,050 | 0.31 | 11.56 | 140,050 | 11.56 | ||||||||||||||||||||||
$ 5.50 | — | $ | 11.84 | 1,531,184 | 4.07 | $ | 8.4 | 823,251 | $ | 9.46 | |||||||||||||||||||
The Company calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Dividend yield | 1.6 | % | 1.7 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
Expected volatility | 51 | % | 52 | % | |||||||||||||||||||||||||
Expected life (in years) | 4.6 | 5.1 | |||||||||||||||||||||||||||
The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with remaining term that approximates the expected life of the options granted. The Company calculates the volatility based on a five-year historical period of the Company’s stock price. The Company incorporates a forfeiture rate based on historical data in the expense calculation. The expected life used for options granted is based on historical data of employee exercise performance. | |||||||||||||||||||||||||||||
The intrinsic value and contractual life of the options outstanding and exercisable at September 30, 2013 were as follows: | |||||||||||||||||||||||||||||
Weighted | Intrinsic | ||||||||||||||||||||||||||||
Average | Value | ||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||
Life (years) | |||||||||||||||||||||||||||||
Options Outstanding | 4.07 | $ | 1,419 | ||||||||||||||||||||||||||
Options Exercisable | 1.97 | $ | 239 | ||||||||||||||||||||||||||
The intrinsic value is based on the share price of $8.85 at September 30, 2013. | |||||||||||||||||||||||||||||
The following table summarizes the stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Options | Weighted | ||||||||||||||||||||||||||||
Outstanding | Average | ||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 1,099,106 | $ | 9.06 | ||||||||||||||||||||||||||
Granted | 693,050 | 7.21 | |||||||||||||||||||||||||||
Exercised | (116,954 | ) | 7.93 | ||||||||||||||||||||||||||
Expired or Cancelled | (109,235 | ) | 8.47 | ||||||||||||||||||||||||||
Forfeited | (34,783 | ) | 6.71 | ||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 1,531,184 | $ | 8.4 | ||||||||||||||||||||||||||
Exercisable at September 30, 2013 | 823,251 | $ | 9.46 | ||||||||||||||||||||||||||
Retention Stock Options | |||||||||||||||||||||||||||||
In April 2013, the Company awarded 182,500 retention stock options to executive officers with a weighted average grant date fair value of $2.83. The actual number of stock options awarded will be based on performance goals for 2013. The options will vest between two and four years beginning in 2014. The Company records expense for these retention stock options based on estimated achievement of the performance goals. The assumptions used for the valuation of these stock options were consistent with the employee stock options awarded to employees in April 2013. | |||||||||||||||||||||||||||||
The following table summarizes the retention stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Retention | Weighted | ||||||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||||||
Outstanding | Exercise | ||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 0 | $ | 0 | ||||||||||||||||||||||||||
Granted | 182,500 | 7.16 | |||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 182,500 | $ | 7.16 | ||||||||||||||||||||||||||
Exercisable at September 30, 2013 | 0 | $ | 0 | ||||||||||||||||||||||||||
Performance Units | |||||||||||||||||||||||||||||
The Company grants performance units to certain executive officers. Shares are earned upon achievement of defined performance goals such as revenue and earnings. Certain performance units granted are subject to a service period before vesting. The fair value of the performance units issued is based on the Company’s stock price on the date the performance units are granted. The Company records expense for the performance units based on estimated achievement of the performance goals. | |||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company did not grant any performance units and cancelled 147,250 performance units with a grant date fair value of $1.0 million. There was no activity during the three months ended September 30, 2013. | |||||||||||||||||||||||||||||
During the nine months ended September 30, 2012, the Company granted 169,650 performance units with a grant date fair value of $1.2 million and cancelled 11,320 performance units with a grant date fair value of $79. During the nine months ended September 30, 2012, 4,836 performance units vested with a grant date fair value of $33 and intrinsic value of $36. During the nine months ended September 30, 2012, 139,150 performance units were converted to time-based restricted stock awards. The Company did not record expense for performance share awards during the nine months ended September 30, 2012 because the Company did not anticipate the 2012 fiscal year targets associated with the performance shares to be met. | |||||||||||||||||||||||||||||
As of September 30, 2013, there are no unvested performance units. The following table summarizes the performance share activity during the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Unvested Performance Units - December 31, 2012 | 147,250 | $ | 7.04 | ||||||||||||||||||||||||||
Units cancelled | (147,250 | ) | 7.04 | ||||||||||||||||||||||||||
Unvested Performance Units - September 30, 2013 | 0 | $ | 0 | ||||||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||||||||
The Company grants restricted stock units as employee incentives as permitted under the Company’s 1997 Stock Plan. Employee restricted stock units are time-based awards and are amortized over the vesting period. At the vesting date, these units are converted to shares of common stock. These units vest over various periods, but typically vest over four years. The fair value of the restricted stock units issued is based on the Company’s stock price on the date the restricted stock units are granted. | |||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company did not issue any time-based restricted stock units and cancelled 1,125 shares with a grant date fair value of $8. During the nine months ended September 30, 2013, 3,850 restricted stock units vested with a grant date fair value of $25 and intrinsic value of $28. There was no activity during the three months ended September 30, 2013. | |||||||||||||||||||||||||||||
The Company issued 5,000 time-based restricted stock units with a fair value of $35 to employees during the nine months ended September 30, 2012. During the nine months ended September 30, 2012, 2,600 restricted stock units vested with a grant date fair value of $16 and intrinsic value of $20. | |||||||||||||||||||||||||||||
As of September 30, 2013, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units was approximately $29, to be recognized through 2016 over a weighted average period of 1.2 years. | |||||||||||||||||||||||||||||
The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Unvested Restricted Stock Units - December 31, 2012 | 11,925 | $ | 6.61 | ||||||||||||||||||||||||||
Units vested | (3,850 | ) | 6.56 | ||||||||||||||||||||||||||
Units cancelled | (1,125 | ) | 6.77 | ||||||||||||||||||||||||||
Unvested Restricted Stock Units - September 30, 2013 | 6,950 | $ | 6.62 | ||||||||||||||||||||||||||
Employee Stock Purchase Plan (“ESPP”) | |||||||||||||||||||||||||||||
The ESPP enables eligible employees to purchase common stock at the lower of 85% of the fair market value of the common stock on the first or last day of each offering period. Each offering period is nine months. The Company received proceeds of $0.3 million from the issuance of 61,230 shares under the ESPP in February 2013 and received proceeds of $0.3 million from the issuance of 48,032 shares under the ESPP in February 2012. The Company received proceeds of $0.3 million from the issuance of 51,735 shares under the Purchase Plan in August 2013 and received proceeds of $0.3 million from the issuance of 56,041 shares under the Purchase Plan in August 2012. | |||||||||||||||||||||||||||||
Based on the 15% discount and the fair value of the option feature of this plan, the ESPP is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. | |||||||||||||||||||||||||||||
The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Dividend yield | 1.7 | % | 1.7 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.3 | % | 0.2 | % | |||||||||||||||||||||||||
Expected volatility | 51 | % | 52 | % | |||||||||||||||||||||||||
Expected life (in years) | 0.5 | 0.5 | |||||||||||||||||||||||||||
The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with a remaining term that approximates the expected life of the options granted. The Company calculates the volatility based on a five-year historical period of the Company’s stock price. The expected life used is based on the offering period. | |||||||||||||||||||||||||||||
Employee Withholding Taxes on Stock Awards | |||||||||||||||||||||||||||||
For ease in administering the issuance of stock awards, the Company holds back shares of vested restricted stock awards and short-term incentive plan stock awards for the value of the statutory withholding taxes. For each individual receiving a share award, the Company redeems the shares it computes as the value for the withholding tax and remits this amount to the appropriate tax authority. The Company paid $1.0 million and $1.2 million for withholding taxes related to stock awards during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Stock Repurchases | |||||||||||||||||||||||||||||
All share repurchase programs are authorized by the Company’s Board of Directors and are announced publicly. On March 18, 2013, the Company’s Board of Directors approved a new share repurchase program of $5.0 million. The Company repurchased 59,510 shares at an average price of $7.31 during the three months ended June 30, 2013. No shares were repurchased during the three months ended September 30, 2013. At September 30, 2013, the Company had $4.6 million in share value that could still be repurchased under this program. |
Benefit_Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Benefit Plans | ' |
10. Benefit Plans | |
Employee Benefit Plans | |
The Company’s 401(k) plan covers all of the eligible U.S. employees beginning the first of the month following the month they begin their employment. Under this plan, employees may elect to contribute up to 15% of their current compensation, up to the statutorily prescribed annual limit. The Company may make discretionary contributions to the 401(k) plan. The Company made employer contributions of $140 and $141 to the 401(k) plan for the three months ended September 30, 2013 and 2012, respectively. The Company made employer contributions of $434 and $442 to the 401(k) plan for the nine months ended September 30, 2013 and 2012, respectively. | |
The Company also contributes to various retirement plans for foreign employees. The Company made contributions to these plans of $65 and $54 for the three months ended September 30, 2013 and 2012 respectively. The Company made contributions to these plans of $189 and $156 for the nine months ended September 30, 2013 and 2012, respectively. | |
Executive Deferred Compensation Plan | |
The Company provides an Executive Deferred Compensation Plan (“EDCP”) for executive officers, senior managers and directors. Under this plan, the executives may defer up to 50% of salary and up to 100% of cash bonuses. In addition, the Company provides a 4% matching cash contribution which vests depending upon the number of completed years of participation in the EDCP. The executive has a choice of investment alternatives from a menu of mutual funds offered by an insurance company. The plan is administered by the Compensation Committee and an outside party tracks investments and provides the Company’s executives with quarterly statements showing relevant contribution and investment data. Upon termination of employment, death, disability or retirement, the executive will receive the value of his or her account in accordance with the provisions of the plan. Upon retirement, the executive may request to receive either a lump sum payment, or payments in annual installments over 15 years or over the lifetime of the participant with 20 annual payments guaranteed. At September 30, 2013 and December 31, 2012, the deferred compensation obligation was $1.8 million and $1.7 million, respectively, included in long-term liabilities in the consolidated balance sheets. The Company funds the obligation related to the EDCP with corporate-owned life insurance policies. At September 30, 2013 and December 31, 2012, the cash surrender value of such policies was $1.8 million and $1.6 million, respectively, included in other noncurrent assets in the consolidated balance sheets. In November 2012, the Company’s Board of Directors authorized the termination of the EDCP. The Company expects the plan to terminate in 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
11. Commitments and Contingencies | |||||||||||||||||
Leases | |||||||||||||||||
The Company has operating leases for office facilities through 2020 and office equipment through 2014. The future minimum rental payments under these leases at September 30, 2013, are as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
2013 | $ | 211 | |||||||||||||||
2014 | 834 | ||||||||||||||||
2015 | 815 | ||||||||||||||||
2016 | 699 | ||||||||||||||||
2017 | 586 | ||||||||||||||||
Thereafter | 1,182 | ||||||||||||||||
Future minumum lease payments | $ | 4,327 | |||||||||||||||
The Company has capital leases for office equipment. The office equipment had a cost of $3, accumulated depreciation of $1, and a net book value of $2 as of September 30, 2013. | |||||||||||||||||
The following table presents future minimum lease payments under capital leases together with the present value of the net minimum lease payments due in each year: | |||||||||||||||||
Year | Amount | ||||||||||||||||
2013 | $ | 1 | |||||||||||||||
2014 | 2 | ||||||||||||||||
Total minimum payments required: | 3 | ||||||||||||||||
Less amount representing interest: | 0 | ||||||||||||||||
Present value of net minimum lease payments: | $ | 3 | |||||||||||||||
Warranty Reserve and Sales Returns | |||||||||||||||||
The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company accrues for product returns based on historical sales and return trends. The Company’s allowance for sales returns was $0.2 million at September 30, 2013 and $0.1 million at December 31, 2012. | |||||||||||||||||
The Company offers repair and replacement warranties of typically two years for antenna products and one to three years for scanning receiver products. The Company’s warranty reserve is based on historical sales and costs of repair and replacement trends. The warranty reserve was $0.3 million at September 30, 2013 and at December 31, 2012, respectively, and is included in other accrued liabilities in the accompanying condensed consolidated balance sheets. | |||||||||||||||||
Changes in the warranty reserves during the nine months ended September 30, 2013 and 2012, were as follows: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Beginning balance | $ | 270 | $ | 249 | |||||||||||||
Provisions for warranty | 124 | 127 | |||||||||||||||
Consumption of reserves | (120 | ) | (106 | ) | |||||||||||||
Ending balance | $ | 274 | $ | 270 | |||||||||||||
Restructuring | |||||||||||||||||
During the second and third quarters of 2013, the Company integrated the TelWorx business with its Bloomingdale operations. The Company moved kitting operations and order fulfillment to its Bloomingdale, Illinois facility from the Lexington, North Carolina facility. As part of the integration, the Company separated eighteen PCTelWorx employees between March and September 2013. The Company recorded $0.3 million as restructuring expense during the nine months ended September 30, 2013, consisting of employee related costs and asset disposals. The Company also recorded $0.3 million in cost of sales for the disposal of TelWorx inventory that was not compatible with the Company’s Bloomingdale facility or Bloomingdale operations. In October 2013, the Company moved to a smaller Lexington office facility for its sales, procurement, and administrative functions. | |||||||||||||||||
The following table summarizes the restructuring activity during the nine months ended September 30, 2013 and the status of the reserves at September 30. 2013: | |||||||||||||||||
Accrual | Accrual | ||||||||||||||||
Balance at | Balance at | ||||||||||||||||
December 31, | Restructuring | Payments/ | September 30, | ||||||||||||||
2012 | Expense | Charges | 2013 | ||||||||||||||
2013 TelWorx integration: | |||||||||||||||||
Employee related costs | $ | 0 | $ | 188 | ($ | 132 | ) | $ | 56 | ||||||||
Asset disposals | 0 | $ | 66 | ($ | 66 | ) | 0 | ||||||||||
Subtotal | 0 | 254 | (198 | ) | 56 | ||||||||||||
2012 Bloomingdale manufacturing: | 1 | 0 | (1 | ) | 0 | ||||||||||||
Totals | $ | 1 | $ | 254 | ($ | 199 | ) | $ | 56 | ||||||||
During the three months ended September 30, 2012, the Company eliminated twelve positions in its Bloomingdale, Illinois manufacturing organization and recorded restructuring expense of $0.2 million for severance costs and related benefits. | |||||||||||||||||
TelWorx Settlement | |||||||||||||||||
On March 27, 2013, the Company, its wholly-owned subsidiary PCTelWorx, Inc. (“PCTelWorx”), and the TelWorx Parties (as defined below) entered into an Amendment (the “Amendment”) to the Asset Purchase Agreement dated July 9, 2012 (the “Original Agreement), among the Company, PCTelWorx, Ciao Enterprises, LLC f/k/a TelWorx Communications, LLC and certain of its affiliated entities (collectively, the “TelWorx Entities”) and Tim and Brenda Scronce (“Sellers” and collectively with the TelWorx Entities, the “TelWorx Parties”), as part of a settlement arrangement relative to PCTelWorx’s acquisition of substantially all of the assets of and the assumption of certain specified liabilities of the TelWorx Entities on July 9, 2012 (the “Acquisition”). | |||||||||||||||||
As part of the Acquisition, PCTelWorx previously executed a five-year lease with Scronce Real Estate, LLC for the continued use of an operating facility and offices in Lexington, North Carolina, which provided for annual rental payments of approximately $0.2 million. | |||||||||||||||||
As disclosed in the Company’s Form 8-K/A filed with the Securities and Exchange Commission (the “Commission”) on March 13, 2013, after completion of the Acquisition, the Company became aware of certain accounting irregularities with respect to the TelWorx Entities and the Company’s Board of Directors directed management to conduct an internal investigation. Based on the results of the Company’s investigation, the Company’s Board of Directors directed management to seek restitution from the TelWorx Parties, and after protracted negotiations and concurrent litigation, the parties entered into the Amendment and related settlement agreements to resolve their dispute. | |||||||||||||||||
The following is a summary of the material terms of the Amendment: | |||||||||||||||||
• | the TelWorx Parties paid the Company a cash payment of $4.3 million, which included $1.0 million pursuant to the working capital adjustment provisions of the Original Agreement; | ||||||||||||||||
• | the TelWorx Parties forfeited all $1.5 million of the potential contingent consideration earnable under the Original Agreement, which had a fair value of $0.6 million, and which, if earned, would have been payable in the form of common stock of the Company; | ||||||||||||||||
• | the TelWorx Parties forfeited the $0.5 million holdback escrow under the Original Agreement; | ||||||||||||||||
• | the parties agreed to the elimination of all indemnification obligations provided for under the Original Agreement; | ||||||||||||||||
• | the Company, PCTelWorx and Sellers each agreed to execute mutual releases of all claims arising in connection with the dispute; and | ||||||||||||||||
• | PCTelWorx acquired an option to terminate its current facility lease in Lexington, North Carolina with Scronce Real Estate, LLC (which is controlled by Sellers) upon 180 days written notice. | ||||||||||||||||
The settlement had an aggregate fair value of $5.4 million, consisting of $4.3 million cash received, $0.6 million for the contingent consideration forfeited, and $0.5 million for the holdback escrow balance released. Approximately $1.0 million of the cash received was pursuant to the working capital adjustment provisions of the Original Agreement and settle the miscellaneous accounts receivable recorded in prepaid expenses and other assets at December 31, 2012. The remaining $4.3 million settlement amount, consisting of $3.2 million cash and the release of the $0.6 million contingent consideration fair value and the $0.5 million release of the holdback escrow, was recorded as income in the quarter ended March 31, 2013, consistent with accounting for legal settlements. | |||||||||||||||||
The Company recorded a $12.5 million impairment of goodwill related to the TelWorx Entities in the fourth quarter of 2012. See Footnote 8 -Acquisition of TelWorx Communications LLC for full details. The Company is also engaged in efforts to seek further restitution from the independent accountants that provided the 2010 and 2011 audited financial statements for TelWorx and the investment banking firm used by the TelWorx Parties. The Company cannot predict the total amount of restitution it will eventually obtain. In settling with the TelWorx parties, management considered the risks and expenses associated with protracted litigation as well as the consumption of Company resources that would otherwise be applied to operating activities. | |||||||||||||||||
In May 2013, the Company gave notice of its election to exercise its option with respect to its Lexington facility lease, with termination effective October 31, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
The Company recorded an income tax expense for continuing operations of $1.8 million for the nine months ended September 30, 2013. The tax expense for the nine months ended September 30, 2013 differs from the statutory rate of 34% primarily because of state income taxes. | |
The Company recorded an income tax benefit of $0.4 million for the nine months ended September 30, 2012. The tax benefit for the nine months ended September 30, 2012 differs from the statutory rate of 34% because of state income taxes. | |
The Company’s valuation allowance against its deferred tax assets was $0.7 million at September 30, 2013 and December 31, 2012. On a regular basis, the Company evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Such evaluations involve the application of significant judgment. The Company considers multiple factors in its evaluation of the need for a valuation allowance. The Company’s long-term forecasts continue to support the realization of its deferred tax assets. The Company’s domestic deferred tax assets have a ratable reversal pattern over 15 years. The carryforward rules allow for up to a 20 year carryforward of net operating losses (“NOL”) to future income that is available to realize the deferred tax assets. The combination of the deferred tax asset reversal pattern and carryforward period yields a 27.5 year average period over which future income can be utilized to realize the deferred tax assets. | |
The Company’s gross unrecognized tax benefit was $1.4 million both at September 30, 2013 and December 31, 2012. The Company does not expect any of the potential benefits will be settled within the next twelve months. The Company is unaware of any positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease within the next twelve months. | |
The Company files a consolidated federal income tax return, income tax returns with various states, and foreign income tax returns in various foreign jurisdictions. The Company’s federal and state income tax years, with limited exceptions, are closed through 2007. | |
The Company recorded a tax gain of $0.7 million related to the sale of PCTEL Secure assets in April 2013. The income tax gain was based on the fair market value of the intangible assets sold minus the tax basis of the intangible assets. | |
The Company has no plans to repatriate foreign income from its subsidiaries. The Company has not provided deferred U.S. income taxes and foreign withholding taxes on approximately $1.0 million of undistributed cumulative earnings of foreign subsidiaries because the Company considers such earnings to be permanently reinvested in those operations. |
Segment_Customer_and_Geographi
Segment, Customer and Geographic Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment, Customer and Geographic Information | ' | ||||||||||||||||
13. Segment, Customer and Geographic Information | |||||||||||||||||
PCTEL operates in two new segments for reporting purposes as of January 1, 2013. The Company’s Connected Solutions segment includes its antenna and engineered site solutions. Its RF Solutions segment includes its scanning receivers and RF engineering services. Each of the segments has its own segment manager as well as its own engineering, sales and marketing, and operational general and administrative functions. All of the Company’s accounting and finance, human resources, IT and legal functions are provided on a centralized basis through the corporate function. The Company manages its balance sheet and cash flows centrally at the corporate level, with the exception of trade accounts receivable and inventory which is managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. As of January 1, 2013 the Company’s chief operating decision maker uses the profit and loss results through operating profit and identified assets for Connected Solutions and RF Solutions segments to make operating decisions. The segment information presented in the financial statements restates history for the new Connected Solutions and RF Solution segments on a consistent basis with the current period. | |||||||||||||||||
The following tables are the segment operating profits for the three and nine months ended September 30, 2013 and September 30, 2012, respectively, and the segment balance sheet information as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 18,318 | $ | 8,243 | ($ | 90 | ) | $ | 26,471 | ||||||||
GROSS PROFIT | 5,684 | 5,090 | 2 | 10,776 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 1,738 | $ | 2,098 | ($ | 2,908 | ) | $ | 928 | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 56,874 | $ | 21,617 | ($ | 201 | ) | $ | 78,290 | ||||||||
GROSS PROFIT | 17,352 | 13,547 | 18 | 30,917 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 4,872 | $ | 5,139 | ($ | 10,135 | ) | ($ | 124 | ) | |||||||
As of September 30, 2013 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
Accounts receivable | $ | 11,231 | $ | 6,044 | $ | 0 | $ | 17,275 | |||||||||
Inventories | $ | 13,462 | $ | 1,776 | $ | 0 | $ | 15,238 | |||||||||
Long-lived assets: | |||||||||||||||||
Property and equipment, net | $ | 11,520 | $ | 1,990 | $ | 1,109 | $ | 14,619 | |||||||||
Goodwill | $ | 0 | $ | 161 | $ | 0 | $ | 161 | |||||||||
Intangible assets, net | $ | 3,223 | $ | 1,976 | $ | 0 | $ | 5,199 | |||||||||
Deferred tax assets, net | $ | 0 | $ | 0 | $ | 12,441 | $ | 12,441 | |||||||||
Other noncurrent assets | $ | 0 | $ | 0 | $ | 1,796 | $ | 1,796 | |||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 19,714 | $ | 6,182 | ($ | 43 | ) | $ | 25,853 | ||||||||
GROSS PROFIT | 5,684 | 4,348 | 6 | 10,038 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 1,287 | $ | 1,879 | ($ | 2,007 | ) | $ | 1,159 | ||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 47,687 | $ | 15,387 | ($ | 67 | ) | $ | 63,007 | ||||||||
GROSS PROFIT | 15,186 | 10,667 | 35 | 25,888 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 4,471 | $ | 3,090 | ($ | 6,639 | ) | $ | 922 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
Accounts receivable | $ | 11,885 | $ | 6,701 | $ | 0 | $ | 18,586 | |||||||||
Inventories | $ | 14,283 | $ | 3,290 | $ | 0 | $ | 17,573 | |||||||||
Long-lived assets: | |||||||||||||||||
Property and equipment, net | $ | 11,868 | $ | 1,746 | $ | 1,161 | $ | 14,775 | |||||||||
Goodwill | $ | 0 | $ | 161 | $ | 0 | $ | 161 | |||||||||
Intangible assets, net | $ | 4,404 | $ | 2,600 | $ | 0 | $ | 7,004 | |||||||||
Deferred tax assets, net | $ | 0 | $ | 0 | $ | 14,034 | $ | 14,034 | |||||||||
Other noncurrent assets | $ | 0 | $ | 0 | $ | 1,636 | $ | 1,636 | |||||||||
The Company’s revenues to customers outside of the United States, as a percent of total revenues for the three and nine months ended September 30, 2013 and 2012, respectively were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Region | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Europe, Middle East, & Africa | 11 | % | 11 | % | 10 | % | 13 | % | |||||||||
Asia Pacific | 10 | % | 10 | % | 10 | % | 9 | % | |||||||||
Other Americas | 8 | % | 6 | % | 6 | % | 7 | % | |||||||||
Total Foreign sales | 29 | % | 27 | % | 26 | % | 29 | % | |||||||||
No customers accounted for 10% or greater of revenues or receivables during the three and nine months ended September 30, 2013 or the three and nine months ended September 30, 2012. |
Related_Parties
Related Parties | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
14. Related Parties | |
The Company’s lease for its Lexington, North Carolina facility was with Scronce Real Estate LLC. Scronce Real Estate, LLC is owned by Tim and Brenda Scronce, the wife of Tim Scronce. Tim and/or Brenda Scronce were the majority owners of the TelWorx entities as defined in Note 11 – Commitments and Contingencies above. The Company, through its wholly-owned subsidiary PCTelWorx, Inc. (“PCTelWorx”), purchased the assets of TelWorx in July 2012. Tim Scronce worked for the Company until his resignation in December 2012 and Brenda Scronce never worked for the Company. Through September 30, 2013, a total of $0.2 million has been paid under this lease. In May 2013, the Company gave notice of early termination of the lease which became effective in October 2013. The Company signed a new lease for an office facility in Lexington effective August 1, 2013. The new lease is not with a related party. | |
The Company’s lease for its Melbourne, Florida office is with 3dB, LLC, a real estate entity co-owned by Robert Joslin, Scott Clay, and Greg Akin. As co-owners of Envision Wireless, Joslin, Clay and Akin sold the assets of Envision Wireless to the Company in October 2011. Joslin, Clay, and Akin continue to work for the Company. This lease expired in October 2013. In September 2013, the Company signed a five-year lease for new office space in Melbourne, Florida. The new lease is not with a related party. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
15. Subsequent Events | |
The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded in and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time that they are filed with the SEC. There are no subsequent events to report that would have a material impact on the Company’s financial statements. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
PCTEL is a global leader in propagation and optimization solutions for the wireless industry. The Company develops and distributes innovative antenna and engineered site solutions and designs and develops software-based radios (scanning receivers) and provides related RF engineering services for wireless network optimization. | |
PCTEL was incorporated in California in 1994 and reincorporated in Delaware in 1998. Our principal executive offices are located at 471 Brighton Drive, Bloomingdale, Illinois 60108. Our telephone number at that address is (630) 372-6800 and our website is www.pctel.com. The information within, or that can be accessed through, our website is not part of this report. | |
Segment Reporting | ' |
Segment Reporting | |
Effective January 1, 2013, PCTEL operates in two new segments for reporting purposes. The Company’s Connected Solutions segment includes its antenna and engineered site solutions. The Company’s RF Solutions segment includes its scanning receivers and related RF engineering services. Each of the segments has its own segment manager as well as its own engineering, sales and marketing, and operational general and administrative functions. All of the Company’s accounting and finance, human resources, IT and legal functions are provided on a centralized basis through the corporate function. The Company manages its balance sheet and cash flows centrally at the corporate level, with the exception of trade accounts receivable and inventory which is managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. As of January 1, 2013, the Company’s chief operating decision maker uses the profit and loss results through operating profit and identified assets for the Connected Solutions and RF Solutions segments to make operating decisions. The 2012 segment information presented in the financial statements has been presented on a retrospective basis reflecting the new Connected Solutions and RF Solution segments on a consistent basis with the current period. | |
For the year ended December 31, 2012, the Company operated in two different segments, PCTEL Secure, and the rest of the Company. The Company’s chief operating decision maker used the profit and loss results and the assets to make operating decisions. | |
Connected Solutions Segment | |
PCTEL is a leading supplier of antennas for private network, public safety and government applications, and site solutions for both private and public network, data, and communications applications. PCTEL’s MAXRAD®, Bluewave™ and Wi-Sys™ antenna solutions include high-value YAGI, land mobile radio (“LMR”), Wi-Fi, GPS, In Tunnel, Subway, and Broadband antennas (parabolic and flat panel). PCTEL’s Connected Solutions™ products include specialized towers, enclosures, fiber optic panels, and fiber jumper cables that are engineered into site solutions. The vertical markets into which the antenna and site solutions are sold include supervisory control and data acquisition (“SCADA”), health care, energy, smart grid, precision agriculture, indoor wireless, telemetry, offloading, and wireless backhaul. Growth for antenna and engineered site solutions is primarily driven by the increased use of wireless communications in these vertical markets. PCTEL’s antenna and site solution products are primarily sold through distributors, value added reseller, and original equipment manufacturer (“OEM”) providers. | |
The Company established its current antenna and site solutions product portfolio with a series of acquisitions. In 2004, the Company acquired MAXRAD, Inc. (“MAXRAD”), as well as certain product lines from Andrew Corporation (“Andrew”), which established its core product offerings in Wi-Fi, LMR and GPS. Over the next several years we added additional capabilities within those product lines and additional served markets with the acquisition of certain assets from Bluewave Antenna Systems, Ltd (“Bluewave”) in 2008, and the acquisitions of Wi-Sys Communications, Inc (“Wi-Sys”) in 2009, Sparco Technologies, Inc. (“Sparco”) in 2010, and certain assets of TelWorx Communications LLC, TelWorx U.K. Limited, TowerWorx LLC, and TowerWorx International, Inc. (collectively “TelWorx”), in July 2012. | |
There are many competitors for antenna products, as the market is highly fragmented. Competitors include Laird (Cushcraft, Centurion, and Antennex brands), Mobile Mark, Radiall/Larsen, Comtelco, Wilson, Commscope (Andrew products), Kathrein, among others. We seek out product applications that command a premium for product performance and customer service, and avoid commodity markets. | |
PCTEL maintains expertise in several technology areas in order to be competitive in the antenna engineered site solutions market. These include radio frequency engineering, mobile antenna design and manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. | |
RF Solutions Segment | |
PCTEL is a leading supplier of high-speed, multi-standard, demodulating receivers and test and measurement solutions to the wireless industry worldwide. Our SeeGull® scanning receivers, receiver-based products and CLARIFY® interference management solutions are used to measure, monitor and optimize cellular networks. PCTEL’s network engineering services (“NES”) Group provides value-added analysis of measured data collected during the optimization process. Revenue growth for these products and services is driven by the deployment of products based on new wireless technology and the need for wireless networks to be tuned and reconfigured on a regular basis. PCTEL develops and supports scanning receivers for LTE, EVDO, CDMA, WCDMA, GSM, TD-SCDMA, and WiMAX networks. Our scanning receiver products are sold primarily through test and measurement value added resellers and to a lesser extent directly to network operators. The engineering services are sold primarily to network infrastructure providers and cellular carriers. Competitors for these products are OEMs such as JDS Uniphase, Rohde and Schwarz, Anritsu, and Berkley Varitronics. | |
The Company established its scanning receiver product portfolio in 2003 with the acquisition of certain assets of Dynamic Telecommunications, Inc. (“DTI”). In 2009, we acquired the scanning receiver business from Ascom Network Testing, Inc. (“Ascom”) as well as the exclusive distribution rights and patented technology for Wider Network LLC (“Wider”) network interference products. In 2011, we purchased certain assets from Envision Wireless Inc. (“Envision”), an engineering services business based in Melbourne, Florida. The NES business focuses on the radio frequency (“RF”) issues pertaining to in-building coverage and capacity and its target market is relevant to our antenna and scanning receiver businesses. NES provides value-added analysis of collected data to public cellular carriers, network infrastructure providers, and real estate companies. | |
PCTEL maintains expertise in several technology areas in order to be competitive in the scanning receiver and related engineering services market. These include radio frequency engineering, DSP engineering, manufacturing, mechanical engineering, product quality and testing, and wireless network engineering | |
Basis of Consolidation | ' |
Basis of Consolidation | |
The condensed consolidated balance sheet as of September 30, 2013 and the condensed consolidated statements of operations, statements of comprehensive income (loss), and cash flows for the three and nine months ended September 30, 2013 and 2012, respectively, are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The interim condensed consolidated financial statements are derived from the audited financial statements as of December 31, 2012. | |
On April 30, 2013, the Company divested all material assets associated with its PCTEL Secure subsidiary’s ProsettaCore™ technology to Redwall Technologies, LLC (“Redwall”), a development organization that specializes in mobile security, military and defense projects and systems, and critical national infrastructure. Under the terms of the agreement, Redwall acquired the server and device software (the “Software”), the underlying intellectual property, and complete development responsibility for the security products. At the closing of the divestiture, the Company received no upfront cash payment, but has the right to receive a royalty of 7% of the net sale price of each future sale or license of the Software and each provision of services related to the Software, if any. Under the agreement, royalties will not exceed $10 million in the aggregate. In accordance with accounting for discontinued operations, the consolidated financial statements separately reflect the results of PCTEL Secure as discontinued operations for all periods presented. The prior period results have been restated to reflect this accounting treatment. | |
The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted. The significant accounting policies followed by the Company are set forth within the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 (“the 2012 Form 10-K”). There were no changes in the Company’s significant accounting policies during the nine months ended September 30, 2013. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2012 Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2012 Form 10-K. The results for the operations for the period ended September 30, 2013 may not be indicative of the results for the period ending December 31, 2013. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the exchange rate in effect at the applicable balance sheet date for assets and liabilities and average monthly rates prevailing during the period for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income, a separate component of shareholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statement of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $10 and $9 for the three months ended September 30, 2013 and 2012, respectively. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $26 for each of the nine months ended September 30, 2013 and 2012. | |
Recent Accounting Guidance | ' |
Recent Accounting Guidance | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in the update require an entity to report the effect of significant respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference other disclosures. The amendments in this update are effective prospectively for reporting periods after December 15, 2012. The adoption of this update did not have a material effect on our financial position, results of operations or cash flows. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table is the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic Earnings Per Share computation: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations | $ | 751 | $ | 688 | $ | 2,890 | $ | 577 | |||||||||
Net loss from discontinued operations | 0 | (416 | ) | (109 | ) | (1,514 | ) | ||||||||||
Net income (loss) | 751 | 272 | 2,781 | (937 | ) | ||||||||||||
Denominator: | |||||||||||||||||
Common shares outstanding | 17,841 | 17,493 | 17,766 | 17,368 | |||||||||||||
Earnings per common share - basic | |||||||||||||||||
Net income from continuing operations | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.03 | |||||||||
Net loss from discontinued operations | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Net income (loss) | $ | 0.04 | $ | 0.02 | $ | 0.16 | ($ | 0.05 | ) | ||||||||
Diluted Earnings Per Share computation: | |||||||||||||||||
Denominator: | |||||||||||||||||
Common shares outstanding | 17,841 | 17,493 | 17,766 | 17,368 | |||||||||||||
Restricted shares subject to vesting | 333 | 214 | 227 | * | |||||||||||||
Performance shares subject to vesting | 65 | 71 | 65 | * | |||||||||||||
Common stock option grants | 115 | 1 | 35 | * | |||||||||||||
Total shares | 18,354 | 17,779 | 18,093 | 17,368 | |||||||||||||
Earnings per common share - diluted | |||||||||||||||||
Net income from continuing operations | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.03 | |||||||||
Net loss from discontinued operations | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Net income (loss) | $ | 0.04 | $ | 0.02 | $ | 0.15 | ($ | 0.05 | ) | ||||||||
* | As denoted by “*” in the table above, the weighted average common stock option grants, performance shares and restricted shares of 384,000 for the nine months ended September 30, 2012 were excluded from the calculations of diluted net loss per share since their effects are anti-dilutive. |
Cash_Cash_Equivalents_and_Inve1
Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||||||||||||||||||
Cash and Investments | ' | ||||||||||||||||||||||||||||||||
The Company’s cash and investments consist of the following: | |||||||||||||||||||||||||||||||||
September 30, | December 31 | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Cash | $ | 16,789 | $ | 13,043 | |||||||||||||||||||||||||||||
Cash equivalents | 631 | 4,500 | |||||||||||||||||||||||||||||||
Short-term investments | 37,516 | 33,596 | |||||||||||||||||||||||||||||||
$ | 54,936 | $ | 51,139 | ||||||||||||||||||||||||||||||
Cash Equivalents and Level 1 Investments Measured at Fair Value | ' | ||||||||||||||||||||||||||||||||
Cash equivalents, Level 1 and Level 2 investments measured at fair value were as follows at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Money market funds and other cash equivalents | $ | 631 | $ | 0 | $ | 0 | $ | 631 | $ | 4,500 | $ | 0 | $ | 0 | $ | 4,500 | |||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||
Certificates of deposit | 6,493 | 0 | 0 | 6,493 | 5,062 | 0 | 0 | 5,062 | |||||||||||||||||||||||||
US government agency bonds | 0 | 8,576 | 0 | 8,576 | 0 | 8,498 | 0 | 8,498 | |||||||||||||||||||||||||
Municipal bonds | 0 | 14,678 | 0 | 14,678 | 0 | 10,162 | 0 | 10,162 | |||||||||||||||||||||||||
Corporate debt securities | 0 | 7,782 | 0 | 7,782 | 0 | 9,880 | 0 | 9,880 | |||||||||||||||||||||||||
Total | $ | 7,124 | $ | 31,036 | $ | 0 | $ | 38,160 | $ | 9,562 | $ | 28,540 | $ | 0 | $ | 38,102 | |||||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||||||||||
The summary of other intangible assets, net as of September 30, 2013 and December 31, 2012, are as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Cost | Accumulated | Net Book | Cost | Accumulated | Net Book | ||||||||||||||||||||
Amortization | Value | Amortization | Value | ||||||||||||||||||||||
Customer contracts and relationships | $ | 17,381 | $ | 13,905 | $ | 3,476 | $ | 17,381 | $ | 12,463 | $ | 4,918 | |||||||||||||
Patents and technology | 7,878 | 7,485 | 393 | 7,878 | 7,378 | 500 | |||||||||||||||||||
Trademarks and trade names | 3,988 | 2,792 | 1,196 | 3,988 | 2,575 | 1,413 | |||||||||||||||||||
Other | 3,301 | 3,167 | 134 | 3,301 | 3,128 | 173 | |||||||||||||||||||
$ | 32,548 | $ | 27,349 | $ | 5,199 | $ | 32,548 | $ | 25,544 | $ | 7,004 | ||||||||||||||
Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category | ' | ||||||||||||||||||||||||
The assigned lives and weighted average amortization periods by intangible asset category is summarized below: | |||||||||||||||||||||||||
Intangible Assets | Assigned Life | Weighted Average | |||||||||||||||||||||||
Amortization Period | |||||||||||||||||||||||||
Customer contracts and relationships | 4 to 6 years | 5.1 | |||||||||||||||||||||||
Patents and technology | 1 to 6 years | 5.2 | |||||||||||||||||||||||
Trademarks and trade names | 3 to 8 years | 7.4 | |||||||||||||||||||||||
Other | 1 to 6 years | 5.6 | |||||||||||||||||||||||
Schedule of Expected Amortization Expense | ' | ||||||||||||||||||||||||
The Company’s scheduled amortization expense for 2013 and the next five years is as follows: | |||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||
2013 | $ | 2,400 | |||||||||||||||||||||||
2014 | $ | 1,967 | |||||||||||||||||||||||
2015 | $ | 1,737 | |||||||||||||||||||||||
2016 | $ | 468 | |||||||||||||||||||||||
2017 | $ | 288 | |||||||||||||||||||||||
Thereafter | $ | 144 |
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 8,866 | $ | 12,226 | |||||
Work in process | 739 | 789 | |||||||
Finished goods | 5,633 | 4,558 | |||||||
Inventories, net | $ | 15,238 | $ | 17,573 | |||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consists of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Building | $ | 6,207 | $ | 6,207 | |||||
Computers and office equipment | 9,443 | 9,968 | |||||||
Manufacturing and test equipment | 10,665 | 9,495 | |||||||
Furniture and fixtures | 1,211 | 1,256 | |||||||
Leasehold improvements | 698 | 519 | |||||||
Motor vehicles | 117 | 150 | |||||||
Total property and equipment | 28,341 | 27,595 | |||||||
Less: Accumulated depreciation and amortization | (15,492 | ) | (14,590 | ) | |||||
Land | 1,770 | 1,770 | |||||||
Property and equipment, net | $ | 14,619 | $ | 14,775 | |||||
Summary of Accrued Liabilities | ' | ||||||||
Accrued liabilities consist of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Payroll, bonuses, and other employee benefits | $ | 2,634 | $ | 859 | |||||
Inventory receipts | 1,570 | 2,191 | |||||||
Paid time off | 1,120 | 1,067 | |||||||
Warranties | 274 | 270 | |||||||
Deferred liabilities | 197 | 127 | |||||||
Professional fees | 158 | 268 | |||||||
Real estate taxes | 131 | 170 | |||||||
Employee stock purchase plan | 115 | 276 | |||||||
Restructuring | 56 | 0 | |||||||
Sales tax | 1 | 156 | |||||||
Other | 321 | 515 | |||||||
Total | $ | 6,577 | $ | 5,899 | |||||
Summary of Long-term Liabilities | ' | ||||||||
Long-term liabilities consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Executive deferred compensation plan | $ | 1,797 | $ | 1,652 | |||||
Reserve for uncertain tax positions | 842 | 842 | |||||||
Deferred rent | 223 | 166 | |||||||
Deferred revenues | 43 | 74 | |||||||
Long-term obligations under capital leases | 0 | 2 | |||||||
$ | 2,905 | $ | 2,736 | ||||||
PCTEL_Secure_discontinued_oper1
PCTEL Secure - discontinued operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Assets and Liabilities Classified as Discontinued Operations Held for Sale on Condensed Consolidated Balances Sheets | ' | ||||||||||||||||
Summary results of operations for the discontinued operations included in the condensed consolidated statement of operations for the three and nine months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating expenses | $ | 0 | $ | 713 | $ | 191 | $ | 2,216 | |||||||||
Other income, net | 0 | 0 | 0 | (41 | ) | ||||||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | (686 | ) | ||||||||||||
Adjustments to redemption value of noncontrolling interests | 0 | 0 | 0 | 647 | |||||||||||||
Loss from discontinued operations, before income taxes | 0 | (713 | ) | (191 | ) | (2,136 | ) | ||||||||||
Benefit for income tax | 0 | (297 | ) | (82 | ) | (622 | ) | ||||||||||
Loss from discontinued operations, net of tax | $ | 0 | ($ | 416 | ) | ($ | 109 | ) | ($ | 1,514 | ) | ||||||
Income (loss) from discontinued operations per common share: | |||||||||||||||||
Basic | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Diluted | $ | 0 | ($ | 0.02 | ) | ($ | 0.01 | ) | ($ | 0.09 | ) | ||||||
Weighted average shares: | |||||||||||||||||
Basic | 17,841 | 17,493 | 17,766 | 17,368 | |||||||||||||
Diluted | 18,354 | 17,779 | 18,093 | 17,368 | |||||||||||||
Balance Sheet [Member] | ' | ||||||||||||||||
Assets and Liabilities Classified as Discontinued Operations Held for Sale on Condensed Consolidated Balances Sheets | ' | ||||||||||||||||
Assets and liabilities classified as discontinued operations held for sale on the condensed consolidated balances sheets as of September 30, 2013 and December 31, 2012 include the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash and cash equivalents | $ | 0 | $ | 16 | |||||||||||||
Fixed assets | 0 | 2 | |||||||||||||||
Total assets | $ | 0 | $ | 18 | |||||||||||||
Accounts payable | $ | 0 | $ | 86 | |||||||||||||
Accrued liabilities | 0 | 17 | |||||||||||||||
Total liabilities | $ | 0 | $ | 103 | |||||||||||||
Acquisition_of_TelWorx_Communi1
Acquisition of TelWorx Communications LLC (Tables) (TelWorx Communications LLC [Member]) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
TelWorx Communications LLC [Member] | ' | ||||||||||||
Allocation of Purchase Price for Assets from Date of Acquisition | ' | ||||||||||||
The following is the allocation of the purchase price for the assets acquired from TelWorx at the date of the acquisition. | |||||||||||||
Estimated Fair | Provisional | Estimated Fair | |||||||||||
Value July 9, 2012 | Adjustments | Value July 9, 2012 | |||||||||||
as reported at | Subsequent to | ||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||
Tangible assets: | |||||||||||||
Accounts receivable | $ | 1,575 | ($ | 205 | ) | $ | 1,370 | ||||||
Inventory | 1,843 | (465 | ) | 1,378 | |||||||||
Prepaid expenses | 9 | 0 | 9 | ||||||||||
Fixed assets | 248 | 0 | 248 | ||||||||||
Total tangible assets | 3,675 | (670 | ) | 3,005 | |||||||||
Intangible assets: | |||||||||||||
Goodwill | 9,491 | 3,059 | 12,550 | ||||||||||
Trade names | 1,527 | (268 | ) | 1,259 | |||||||||
Technology | 458 | 12 | 470 | ||||||||||
Customer relationships | 2,898 | (2,781 | ) | 117 | |||||||||
Backlog | 91 | (58 | ) | 33 | |||||||||
Non-compete | 262 | (248 | ) | 14 | |||||||||
Total intangible assets | 14,727 | (284 | ) | 14,443 | |||||||||
Total assets | 18,402 | (954 | ) | 17,448 | |||||||||
Capital leases | 57 | (20 | ) | 37 | |||||||||
Accounts payable | 1,113 | 100 | 1,213 | ||||||||||
Accrued liabilities | 85 | 33 | 118 | ||||||||||
Total liabilities | 1,255 | 113 | 1,368 | ||||||||||
Net assets acquired | $ | 17,147 | ($ | 1,067 | ) | $ | 16,080 | ||||||
Pro Forma Financial Information for TelWorx | ' | ||||||||||||
The following pro forma financial information gives effect to the acquisition of the TelWorx business as if the acquisition had taken place on January 1, 2012. The pro forma financial information for TelWorx was derived from the unaudited historical accounting records of TelWorx. | |||||||||||||
(unaudited) | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, 2012 | |||||||||||||
REVENUES | $ | 70,335 | |||||||||||
LOSS BEFORE INCOME TAXES | $ | 597 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Total Stock-Based Compensation | ' | ||||||||||||||||||||||||||||
Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Cost of revenues | $ | 104 | $ | 99 | $ | 294 | $ | 298 | |||||||||||||||||||||
Research and development | 182 | 153 | 505 | 442 | |||||||||||||||||||||||||
Sales and marketing | 174 | 141 | 435 | 398 | |||||||||||||||||||||||||
General and administrative | 437 | 302 | 1,384 | 1,193 | |||||||||||||||||||||||||
Total continuing operations | 897 | 695 | 2,618 | 2,331 | |||||||||||||||||||||||||
Discontinued operations | 0 | 0 | 1 | 4 | |||||||||||||||||||||||||
Total | $ | 897 | $ | 695 | $ | 2,619 | $ | 2,335 | |||||||||||||||||||||
Information About Stock Options Outstanding Under All Stock Plans | ' | ||||||||||||||||||||||||||||
The range of exercise prices for options outstanding and exercisable at September 30, 2013 was $5.50 to $11.84. The following table summarizes information about stock options outstanding under all stock plans at September 30, 2013: | |||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
Range of | Number | Weighted | Weighted- | Number | Weighted | ||||||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||||
Contractual Life | Exercise Price | Exercise Price | |||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||
$ | 5.50 | — | $ | 6.86 | 88,574 | 4.86 | $ | 6.62 | 62,278 | $ | 6.72 | ||||||||||||||||||
6.87 | — | 7.93 | 756,648 | 5.99 | 7.26 | 78,511 | 7.73 | ||||||||||||||||||||||
8.07 | — | 8.63 | 40,045 | 2.71 | 8.48 | 38,045 | 8.48 | ||||||||||||||||||||||
8.76 | — | 8.76 | 43,000 | 2.36 | 8.76 | 43,000 | 8.76 | ||||||||||||||||||||||
8.96 | — | 9.09 | 101,500 | 1.91 | 9.09 | 100,000 | 9.09 | ||||||||||||||||||||||
9.11 | — | 9.12 | 6,627 | 2.73 | 9.11 | 6,627 | 9.11 | ||||||||||||||||||||||
9.16 | — | 9.16 | 132,000 | 2.84 | 9.16 | 132,000 | 9.16 | ||||||||||||||||||||||
9.19 | — | 10.25 | 121,780 | 2.45 | 9.7 | 121,780 | 9.7 | ||||||||||||||||||||||
10.46 | — | 11 | 100,960 | 1.21 | 10.72 | 100,960 | 10.72 | ||||||||||||||||||||||
11.01 | — | 11.84 | 140,050 | 0.31 | 11.56 | 140,050 | 11.56 | ||||||||||||||||||||||
$ | 5.50 | — | $ | 11.84 | 1,531,184 | 4.07 | $ | 8.4 | 823,251 | $ | 9.46 | ||||||||||||||||||
Fair Value of Date of Grant Using Black Scholes Option Pricing Model | ' | ||||||||||||||||||||||||||||
The Company calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Dividend yield | 1.6 | % | 1.7 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
Expected volatility | 51 | % | 52 | % | |||||||||||||||||||||||||
Expected life (in years) | 4.6 | 5.1 | |||||||||||||||||||||||||||
Weighted Average Contractual Life and Intrinsic Value of Options Outstanding | ' | ||||||||||||||||||||||||||||
The intrinsic value and contractual life of the options outstanding and exercisable at September 30, 2013 were as follows: | |||||||||||||||||||||||||||||
Weighted | Intrinsic | ||||||||||||||||||||||||||||
Average | Value | ||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||
Life (years) | |||||||||||||||||||||||||||||
Options Outstanding | 4.07 | $ | 1,419 | ||||||||||||||||||||||||||
Options Exercisable | 1.97 | $ | 239 | ||||||||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||||||||||
The following table summarizes the stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Options | Weighted | ||||||||||||||||||||||||||||
Outstanding | Average | ||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 1,099,106 | $ | 9.06 | ||||||||||||||||||||||||||
Granted | 693,050 | 7.21 | |||||||||||||||||||||||||||
Exercised | (116,954 | ) | 7.93 | ||||||||||||||||||||||||||
Expired or Cancelled | (109,235 | ) | 8.47 | ||||||||||||||||||||||||||
Forfeited | (34,783 | ) | 6.71 | ||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 1,531,184 | $ | 8.4 | ||||||||||||||||||||||||||
Exercisable at September 30, 2013 | 823,251 | $ | 9.46 | ||||||||||||||||||||||||||
Summary of Retention Stock Option Activity | ' | ||||||||||||||||||||||||||||
The following table summarizes the retention stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Retention | Weighted | ||||||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||||||
Outstanding | Exercise | ||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 0 | $ | 0 | ||||||||||||||||||||||||||
Granted | 182,500 | 7.16 | |||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 182,500 | $ | 7.16 | ||||||||||||||||||||||||||
Exercisable at September 30, 2013 | 0 | $ | 0 | ||||||||||||||||||||||||||
Summary of Performance Share Activity | ' | ||||||||||||||||||||||||||||
The following table summarizes the performance share activity during the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Unvested Performance Units - December 31, 2012 | 147,250 | $ | 7.04 | ||||||||||||||||||||||||||
Units cancelled | (147,250 | ) | 7.04 | ||||||||||||||||||||||||||
Unvested Performance Units - September 30, 2013 | 0 | $ | 0 | ||||||||||||||||||||||||||
Calculation of Fair Value of Each Employee Stock Purchase Grant Using Black-Scholes Option Pricing Model | ' | ||||||||||||||||||||||||||||
The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Dividend yield | 1.7 | % | 1.7 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.3 | % | 0.2 | % | |||||||||||||||||||||||||
Expected volatility | 51 | % | 52 | % | |||||||||||||||||||||||||
Expected life (in years) | 0.5 | 0.5 | |||||||||||||||||||||||||||
Restricted Stock [Member] | ' | ||||||||||||||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||||||||||||||
The following table summarizes restricted stock activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Unvested Restricted Stock Awards - December 31, 2012 | 940,685 | $ | 6.24 | ||||||||||||||||||||||||||
Shares awarded | 23,982 | 8.26 | |||||||||||||||||||||||||||
Shares vested | (360,538 | ) | 5.81 | ||||||||||||||||||||||||||
Shares cancelled | (19,533 | ) | 6.68 | ||||||||||||||||||||||||||
Unvested Restricted Stock Awards - September 30, 2013 | 584,596 | $ | 6.57 | ||||||||||||||||||||||||||
Restricted Stock Units [Member] | ' | ||||||||||||||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||||||||||||||
The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Unvested Restricted Stock Units - December 31, 2012 | 11,925 | $ | 6.61 | ||||||||||||||||||||||||||
Units vested | (3,850 | ) | 6.56 | ||||||||||||||||||||||||||
Units cancelled | (1,125 | ) | 6.77 | ||||||||||||||||||||||||||
Unvested Restricted Stock Units - September 30, 2013 | 6,950 | $ | 6.62 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Future Minimum Rental Payments | ' | ||||||||||||||||
The future minimum rental payments under these leases at September 30, 2013, are as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
2013 | $ | 211 | |||||||||||||||
2014 | 834 | ||||||||||||||||
2015 | 815 | ||||||||||||||||
2016 | 699 | ||||||||||||||||
2017 | 586 | ||||||||||||||||
Thereafter | 1,182 | ||||||||||||||||
Future minumum lease payments | $ | 4,327 | |||||||||||||||
Present Value of Net Minimum Lease Payments, Capital Leases | ' | ||||||||||||||||
The following table presents future minimum lease payments under capital leases together with the present value of the net minimum lease payments due in each year: | |||||||||||||||||
Year | Amount | ||||||||||||||||
2013 | $ | 1 | |||||||||||||||
2014 | 2 | ||||||||||||||||
Total minimum payments required: | 3 | ||||||||||||||||
Less amount representing interest: | 0 | ||||||||||||||||
Present value of net minimum lease payments: | $ | 3 | |||||||||||||||
Changes in Warranty Reserves | ' | ||||||||||||||||
Changes in the warranty reserves during the nine months ended September 30, 2013 and 2012, were as follows: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Beginning balance | $ | 270 | $ | 249 | |||||||||||||
Provisions for warranty | 124 | 127 | |||||||||||||||
Consumption of reserves | (120 | ) | (106 | ) | |||||||||||||
Ending balance | $ | 274 | $ | 270 | |||||||||||||
Summary of Restructuring Activity and Status of Reserves | ' | ||||||||||||||||
The following table summarizes the restructuring activity during the nine months ended September 30, 2013 and the status of the reserves at September 30. 2013: | |||||||||||||||||
Accrual | Accrual | ||||||||||||||||
Balance at | Balance at | ||||||||||||||||
December 31, | Restructuring | Payments/ | September 30, | ||||||||||||||
2012 | Expense | Charges | 2013 | ||||||||||||||
2013 TelWorx integration: | |||||||||||||||||
Employee related costs | $ | 0 | $ | 188 | ($ | 132 | ) | $ | 56 | ||||||||
Asset disposals | 0 | $ | 66 | ($ | 66 | ) | 0 | ||||||||||
Subtotal | 0 | 254 | (198 | ) | 56 | ||||||||||||
2012 Bloomingdale manufacturing: | 1 | 0 | (1 | ) | 0 | ||||||||||||
Totals | $ | 1 | $ | 254 | ($ | 199 | ) | $ | 56 | ||||||||
Segment_Customer_and_Geographi1
Segment, Customer and Geographic Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Result of Operations by Segments | ' | ||||||||||||||||
The following tables are the segment operating profits for the three and nine months ended September 30, 2013 and September 30, 2012, respectively, and the segment balance sheet information as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 18,318 | $ | 8,243 | ($ | 90 | ) | $ | 26,471 | ||||||||
GROSS PROFIT | 5,684 | 5,090 | 2 | 10,776 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 1,738 | $ | 2,098 | ($ | 2,908 | ) | $ | 928 | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 56,874 | $ | 21,617 | ($ | 201 | ) | $ | 78,290 | ||||||||
GROSS PROFIT | 17,352 | 13,547 | 18 | 30,917 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 4,872 | $ | 5,139 | ($ | 10,135 | ) | ($ | 124 | ) | |||||||
As of September 30, 2013 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
Accounts receivable | $ | 11,231 | $ | 6,044 | $ | 0 | $ | 17,275 | |||||||||
Inventories | $ | 13,462 | $ | 1,776 | $ | 0 | $ | 15,238 | |||||||||
Long-lived assets: | |||||||||||||||||
Property and equipment, net | $ | 11,520 | $ | 1,990 | $ | 1,109 | $ | 14,619 | |||||||||
Goodwill | $ | 0 | $ | 161 | $ | 0 | $ | 161 | |||||||||
Intangible assets, net | $ | 3,223 | $ | 1,976 | $ | 0 | $ | 5,199 | |||||||||
Deferred tax assets, net | $ | 0 | $ | 0 | $ | 12,441 | $ | 12,441 | |||||||||
Other noncurrent assets | $ | 0 | $ | 0 | $ | 1,796 | $ | 1,796 | |||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 19,714 | $ | 6,182 | ($ | 43 | ) | $ | 25,853 | ||||||||
GROSS PROFIT | 5,684 | 4,348 | 6 | 10,038 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 1,287 | $ | 1,879 | ($ | 2,007 | ) | $ | 1,159 | ||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Connected | RF Solutions | Consolidating | Total | ||||||||||||||
Solutions | |||||||||||||||||
REVENUES | $ | 47,687 | $ | 15,387 | ($ | 67 | ) | $ | 63,007 | ||||||||
GROSS PROFIT | 15,186 | 10,667 | 35 | 25,888 | |||||||||||||
OPERATING INCOME (LOSS) | $ | 4,471 | $ | 3,090 | ($ | 6,639 | ) | $ | 922 | ||||||||
Assets by Segment | ' | ||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Connected | |||||||||||||||||
Solutions | RF Solutions | Consolidating | Total | ||||||||||||||
Accounts receivable | $ | 11,231 | $ | 6,044 | $ | 0 | $ | 17,275 | |||||||||
Inventories | $ | 13,462 | $ | 1,776 | $ | 0 | $ | 15,238 | |||||||||
Long-lived assets: | |||||||||||||||||
Property and equipment, net | $ | 11,520 | $ | 1,990 | $ | 1,109 | $ | 14,619 | |||||||||
Goodwill | $ | 0 | $ | 161 | $ | 0 | $ | 161 | |||||||||
Intangible assets, net | $ | 3,223 | $ | 1,976 | $ | 0 | $ | 5,199 | |||||||||
Deferred tax assets, net | $ | 0 | $ | 0 | $ | 12,441 | $ | 12,441 | |||||||||
Other noncurrent assets | $ | 0 | $ | 0 | $ | 1,796 | $ | 1,796 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Connected | |||||||||||||||||
Solutions | RF Solutions | Consolidating | Total | ||||||||||||||
Accounts receivable | $ | 11,885 | $ | 6,701 | $ | 0 | $ | 18,586 | |||||||||
Inventories | $ | 14,283 | $ | 3,290 | $ | 0 | $ | 17,573 | |||||||||
Long-lived assets: | |||||||||||||||||
Property and equipment, net | $ | 11,868 | $ | 1,746 | $ | 1,161 | $ | 14,775 | |||||||||
Goodwill | $ | 0 | $ | 161 | $ | 0 | $ | 161 | |||||||||
Intangible assets, net | $ | 4,404 | $ | 2,600 | $ | 0 | $ | 7,004 | |||||||||
Deferred tax assets, net | $ | 0 | $ | 0 | $ | 14,034 | $ | 14,034 | |||||||||
Other noncurrent assets | $ | 0 | $ | 0 | $ | 1,636 | $ | 1,636 | |||||||||
Customer Accounted Revenues | ' | ||||||||||||||||
The Company’s revenues to customers outside of the United States, as a percent of total revenues for the three and nine months ended September 30, 2013 and 2012, respectively were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Region | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Europe, Middle East, & Africa | 11 | % | 11 | % | 10 | % | 13 | % | |||||||||
Asia Pacific | 10 | % | 10 | % | 10 | % | 9 | % | |||||||||
Other Americas | 8 | % | 6 | % | 6 | % | 7 | % | |||||||||
Total Foreign sales | 29 | % | 27 | % | 26 | % | 29 | % | |||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment | Segment | |||||
Nature Of Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Number of operating segments | 2 | ' | ' | ' | ' | 2 |
Net foreign exchange losses resulting from foreign currency transactions included in other income | ' | $10,000 | $9,000 | $26,000 | $26,000 | ' |
Pctel Secure [Member] | ' | ' | ' | ' | ' | ' |
Nature Of Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Royalty receivable as percentage of net sale price | ' | ' | ' | 7.00% | ' | ' |
Maximum royalty rate | ' | ' | ' | 10,000,000 | ' | ' |
Pctel Secure [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Nature Of Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Maximum royalty rate | ' | ' | ' | $10,000,000 | ' | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income from continuing operations | $751 | $688 | $2,890 | $577 |
Net loss from discontinued operations | 0 | -416 | -109 | -1,514 |
Net income (loss) | $751 | $272 | $2,781 | ($937) |
Denominator: | ' | ' | ' | ' |
Common shares outstanding | 17,841 | 17,493 | 17,766 | 17,368 |
Earnings per common share - basic | ' | ' | ' | ' |
Net income from continuing operations | $0.04 | $0.04 | $0.16 | $0.03 |
Net loss from discontinued operations | $0 | ($0.02) | ($0.01) | ($0.09) |
Net income (loss) | $0.04 | $0.02 | $0.16 | ($0.05) |
Denominator: | ' | ' | ' | ' |
Common shares outstanding | 17,841 | 17,493 | 17,766 | 17,368 |
Restricted shares subject to vesting | 333 | 214 | 227 | ' |
Performance shares subject to vesting | 65 | 71 | 65 | ' |
Common stock option grants | 115 | 1 | 35 | ' |
Total shares | 18,354 | 17,779 | 18,093 | 17,368 |
Earnings per common share - diluted | ' | ' | ' | ' |
Net income from continuing operations | $0.04 | $0.04 | $0.16 | $0.03 |
Net loss from discontinued operations | $0 | ($0.02) | ($0.01) | ($0.09) |
Net income (loss) | $0.04 | $0.02 | $0.15 | ($0.05) |
Earnings_Per_Share_Computation1
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' |
Antidilutive shares excluded | 384,000 |
Cash_Cash_Equivalents_and_Inve2
Cash, Cash Equivalents and Investments - Cash and Investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ' | ' |
Cash | $16,789 | $13,043 |
Cash equivalents | 631 | 4,500 |
Short-term investments | 37,516 | 33,596 |
Cash and investment | $54,936 | $51,139 |
Cash_Cash_Equivalents_and_Inve3
Cash, Cash Equivalents and Investments - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents maturities | '90 days | ' |
Investment of cash equivalents are redeemable upon demand using amortized cost method | $1 | ' |
Investment in money market funds restricted by investment in short term securities, percentage | 100.00% | ' |
Cash deposited in the US banks insured by the Federal Deposit Insurance Corporation | $250,000 | ' |
Cash | 16,789,000 | 13,043,000 |
Cash equivalents | 631,000 | 4,500,000 |
Cash and cash equivalents in foreign bank | 800,000 | 800,000 |
Short-term investments | 37,516,000 | 33,596,000 |
Certificates of deposit | 6,493,000 | 5,062,000 |
Net unrealized gains | 13,000 | ' |
Long-term investments | 0 | ' |
Percentage of investment in bond protected by bond default insurance | 8.00% | ' |
Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments, maturities | '90 days | ' |
Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments, maturities | '1 year | ' |
Money market funds and other cash equivalents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 14,678,000 | 10,162,000 |
Corporate debt securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | 7,782,000 | 9,880,000 |
U.S. government agency bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | $8,576,000 | $8,498,000 |
Cash_Cash_Equivalents_and_Inve4
Cash, Cash Equivalents and Investments - Cash Equivalents and Level 1 Investments Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | $38,160 | $38,102 |
Money market funds and other cash equivalents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 631 | 4,500 |
Certificates of deposit [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 6,493 | 5,062 |
U.S. government agency bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 8,576 | 8,498 |
Municipal bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 14,678 | 10,162 |
Corporate debt securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 7,782 | 9,880 |
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 7,124 | 9,562 |
Level 1 [Member] | Money market funds and other cash equivalents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 631 | 4,500 |
Level 1 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 6,493 | 5,062 |
Level 1 [Member] | U.S. government agency bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 1 [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 1 [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 31,036 | 28,540 |
Level 2 [Member] | Money market funds and other cash equivalents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Level 2 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 2 [Member] | U.S. government agency bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 8,576 | 8,498 |
Level 2 [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 14,678 | 10,162 |
Level 2 [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 7,782 | 9,880 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 0 | 0 |
Level 3 [Member] | Money market funds and other cash equivalents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Level 3 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 3 [Member] | U.S. government agency bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 3 [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Level 3 [Member] | Corporate debt securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | $0 | $0 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
TelWorx Communications LLC [Member] | TelWorx Communications LLC [Member] | TelWorx Communications LLC [Member] | Minimum [Member] | Maximum [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $161,000 | ' | $161,000 | ' | $161,000 | ' | ' | ' | ' | ' |
Goodwill acquired | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' |
Goodwill impairment (TelWorx) | ' | ' | ' | ' | ' | 16,100,000 | 12,500,000 | 12,500,000 | ' | ' |
Amortization of intangible assets basis over estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '8 years |
Increase (decrease) in cost of intangible assets | ' | ' | -1,800,000 | ' | -2,300,000 | ' | ' | ' | ' | ' |
Amortization of intangible assets | 596,000 | 917,000 | 1,804,000 | 2,002,000 | 3,200,000 | ' | ' | ' | ' | ' |
Impairment charges of intangible assets | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Additional intangible assets acquired | ' | ' | ' | ' | $1,900,000 | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $32,548 | $32,548 |
Accumulated Amortization | 27,349 | 25,544 |
Net Book Value | 5,199 | 7,004 |
Customer contracts and relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 17,381 | 17,381 |
Accumulated Amortization | 13,905 | 12,463 |
Net Book Value | 3,476 | 4,918 |
Patents and technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 7,878 | 7,878 |
Accumulated Amortization | 7,485 | 7,378 |
Net Book Value | 393 | 500 |
Trademarks and trade names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 3,988 | 3,988 |
Accumulated Amortization | 2,792 | 2,575 |
Net Book Value | 1,196 | 1,413 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 3,301 | 3,301 |
Accumulated Amortization | 3,167 | 3,128 |
Net Book Value | $134 | $173 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '1 year |
Maximum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '8 years |
Customer contracts and relationships [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Weighted Average Amortization Period | '5 years 1 month 6 days |
Customer contracts and relationships [Member] | Minimum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '4 years |
Customer contracts and relationships [Member] | Maximum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '6 years |
Patents and technology [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Weighted Average Amortization Period | '5 years 2 months 12 days |
Patents and technology [Member] | Minimum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '1 year |
Patents and technology [Member] | Maximum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '6 years |
Trademarks and trade names [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Weighted Average Amortization Period | '7 years 4 months 24 days |
Trademarks and trade names [Member] | Minimum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '3 years |
Trademarks and trade names [Member] | Maximum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '8 years |
Other [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Weighted Average Amortization Period | '5 years 7 months 6 days |
Other [Member] | Minimum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '1 year |
Other [Member] | Maximum [Member] | ' |
Summary of assigned lives and weighted average amortization periods by intangible asset category | ' |
Assigned Life | '6 years |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
2013 | $2,400 |
2014 | 1,967 |
2015 | 1,737 |
2016 | 468 |
2017 | 288 |
Thereafter | $144 |
Balance_Sheet_Information_Addi
Balance Sheet Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | $0.20 | ' | $0.20 | ' | $0.20 |
Consigned inventory with customers | 1.7 | ' | 1.7 | ' | 1.2 |
Allowance for inventory losses | 1.9 | ' | 1.9 | ' | 2 |
Depreciation and amortization expense | $0.70 | $0.60 | $2 | $1.80 | ' |
Building [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Useful lives of the assets | ' | ' | '30 years | ' | ' |
Office equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Period over which assets are deprecated | ' | ' | '5 years | ' | ' |
Manufacturing and test equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Period over which assets are deprecated | ' | ' | '5 years | ' | ' |
Motor vehicles [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Period over which assets are deprecated | ' | ' | '5 years | ' | ' |
Furniture and fixtures [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Period over which assets are deprecated | ' | ' | '7 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Standard term of accounts receivable | ' | ' | '60 days | ' | ' |
Useful lives of the assets | ' | ' | '1 year | ' | ' |
Maximum [Member] | Computer equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Period over which assets are deprecated | ' | ' | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Standard term of accounts receivable | ' | ' | '30 days | ' | ' |
Minimum [Member] | Computer equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Period over which assets are deprecated | ' | ' | '3 years | ' | ' |
Balance_Sheet_Information_Summ
Balance Sheet Information - Summary of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials | $8,866 | $12,226 |
Work in process | 739 | 789 |
Finished goods | 5,633 | 4,558 |
Inventories, net | $15,238 | $17,573 |
Balance_Sheet_Information_Summ1
Balance Sheet Information - Summary of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $28,341 | $27,595 |
Less: Accumulated depreciation and amortization | -15,492 | -14,590 |
Land | 1,770 | 1,770 |
Property and equipment, net | 14,619 | 14,775 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 6,207 | 6,207 |
Computers and office equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 9,443 | 9,968 |
Manufacturing and test equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 10,665 | 9,495 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 1,211 | 1,256 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 698 | 519 |
Motor vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $117 | $150 |
Balance_Sheet_Information_Summ2
Balance Sheet Information - Summary of Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Payroll, bonuses, and other employee benefits | $2,634 | $859 |
Inventory receipts | 1,570 | 2,191 |
Paid time off | 1,120 | 1,067 |
Warranties | 274 | 270 |
Deferred liabilities | 197 | 127 |
Professional fees | 158 | 268 |
Real estate taxes | 131 | 170 |
Employee stock purchase plan | 115 | 276 |
Restructuring | 56 | 0 |
Sales tax | 1 | 156 |
Other | 321 | 515 |
Total | $6,577 | $5,899 |
Balance_Sheet_Information_Summ3
Balance Sheet Information - Summary of Long-term Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities Noncurrent [Abstract] | ' | ' |
Executive deferred compensation plan | $1,797 | $1,652 |
Reserve for uncertain tax positions | 842 | 842 |
Deferred rent | 223 | 166 |
Deferred revenues | 43 | 74 |
Long-term obligations under capital leases | 0 | 2 |
Total long-term liabilities | $2,905 | $2,736 |
Recovered_Sheet1
PCTEL Secure - Discontinued Operations - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2012 | 29-May-12 | Jan. 05, 2011 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Contribution of cash in return of ownership of the joint venture | ' | ' | $0.80 | $0.90 | $2.50 |
Ownership percentage in the joint venture | ' | ' | 30.00% | 19.00% | 51.00% |
Weighted average amortization period of the intangible assets acquired | '2 years 4 months 24 days | ' | ' | ' | ' |
Ownership, prior transition | 51.00% | ' | ' | ' | ' |
Ownership, after transition | 100.00% | ' | ' | ' | ' |
Percentage of membership interests company did not owned | 100.00% | ' | ' | ' | ' |
Intangible asset impairment expense | ' | 1.1 | ' | ' | ' |
Pctel Secure [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Royalty receivable as percentage of net sale price | 7.00% | ' | ' | ' | ' |
Maximum royalty rate | 10 | ' | ' | ' | ' |
Eclipse [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage in the joint venture | ' | ' | ' | ' | 49.00% |
Contribution of intangible asset in return for ownership of the joint venture | ' | ' | ' | ' | $2.40 |
Recovered_Sheet2
PCTEL Secure - Discontinued Operations - Summary of Operations for Discontinued Operations Included in Condensed Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Operating expenses | $0 | $713 | $191 | $2,216 |
Other income, net | 0 | 0 | 0 | -41 |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | -686 |
Adjustments to redemption value of noncontrolling interests | 0 | 0 | 0 | 647 |
Loss from discontinued operations, before income taxes | 0 | -713 | -191 | -2,136 |
Benefit for income tax | 0 | -297 | -82 | -622 |
Loss from discontinued operations, net of tax | $0 | ($416) | ($109) | ($1,514) |
Income (loss) from discontinued operations per common share: | ' | ' | ' | ' |
Basic | $0 | ($0.02) | ($0.01) | ($0.09) |
Diluted | $0 | ($0.02) | ($0.01) | ($0.09) |
Weighted average shares: | ' | ' | ' | ' |
Basic | 17,841 | 17,493 | 17,766 | 17,368 |
Diluted | 18,354 | 17,779 | 18,093 | 17,368 |
PCTEL_Secure_Discontinued_Oper2
PCTEL Secure - Discontinued Operations - Assets and Liabilities Classified as Discontinued Operations Held for Sale on Condensed Consolidated Balances Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Cash and cash equivalents | $0 | $16 |
Fixed assets | 0 | 2 |
Total assets | 0 | 18 |
Accounts payable | 0 | 86 |
Accrued liabilities | 0 | 17 |
Total liabilities | $0 | $103 |
Acquisition_of_TelWorx_Communi2
Acquisition of TelWorx Communications LLC - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Oct. 31, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Legal settlement date | ' | ' | ' | ' | 27-Mar-13 | ' | ' | ' |
Reduction in total combined earnings | ' | ' | $0.20 | $0.40 | ' | ' | ' | ' |
Forensic audit dollar coverage percentage of operation's revenue | ' | ' | ' | ' | 50.00% | ' | ' | ' |
TelWorx Communications LLC [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price acquisition, fair value | ' | ' | ' | ' | 16.1 | ' | ' | ' |
Cash paid | ' | ' | ' | ' | 16 | ' | ' | ' |
Contingent consideration related to claims escrow | ' | ' | ' | ' | 1.1 | ' | ' | ' |
Potential earn-out at fair value | ' | ' | ' | ' | ' | ' | 1 | ' |
Goodwill impairment | 16.1 | 12.5 | ' | ' | ' | 12.5 | ' | ' |
Business acquisition estimated annual sales of acquired entity | ' | 18.5 | ' | ' | ' | 18.5 | ' | ' |
Business acquisition estimated gross profit of acquired entity | ' | 3.2 | ' | ' | ' | 3.2 | ' | ' |
Business acquisition estimated revenue gross profit percentage | ' | 18.00% | ' | ' | ' | 18.00% | ' | ' |
Business acquisition estimated sales funnel conversion to actual sales percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Business acquisition estimated first quarter sales funnel of acquired entity | ' | ' | ' | ' | ' | ' | ' | 7.5 |
Percentage of reduction in project revenue due to impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | 17.00% |
Reduction in total combined earnings | ' | ' | 0.1 | 0.5 | ' | ' | ' | ' |
TelWorx Communications LLC [Member] | Goodwill [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 12.5 | ' | ' | ' | 12.5 | ' | ' |
TelWorx Communications LLC [Member] | Backlog [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition estimated first quarter sales of acquired entity | ' | ' | ' | ' | ' | ' | ' | 1 |
TelWorx Communications LLC [Member] | Backlog And Funnel [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition estimated revenue gross profit percentage | ' | ' | ' | ' | ' | ' | ' | 16.00% |
TelWorx Communications LLC [Member] | After Devaluation [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition estimated annual sales of acquired entity | ' | ' | ' | ' | ' | ' | ' | 15 |
Business acquisition estimated revenue gross profit percentage | ' | ' | ' | ' | ' | ' | ' | 16.00% |
TelWorx Communications LLC [Member] | Estimated Fair Value [Member] | Goodwill [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 9.5 | ' | ' | ' | 9.5 | ' | ' |
TelWorx Communications LLC [Member] | Provisional Adjustments [Member] | Goodwill [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | $3.10 | ' | ' | ' | $3.10 | ' | ' |
TelWorx Communications LLC [Member] | Lexington, North Carolina [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Period for continued use of operating facility | ' | ' | ' | ' | '5 years | ' | ' | ' |
Lease effective date | ' | ' | ' | ' | 1-Aug-13 | ' | ' | ' |
TelWorx Communications LLC [Member] | Pryor, Oklahoma [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Period for continued use of operating facility | ' | ' | ' | ' | '2 years | ' | ' | ' |
Acquisition_of_TelWorx_Communi3
Acquisition of TelWorx Communications LLC - Allocation of Purchase Price for Assets from Date of Acquisition (Detail) (TelWorx Communications LLC [Member], USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Tangible assets: | ' |
Purchase price allocation, Assets | $17,448 |
Intangible assets: | ' |
Purchase price allocation, Assets | 17,448 |
Purchase price allocation, Assets | 17,448 |
Purchase price allocation, Liabilities | 1,368 |
Purchase price allocation Assets and Liabilities Assumed, Net | 16,080 |
Accounts Receivable [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 1,370 |
Intangible assets: | ' |
Purchase price allocation, Assets | 1,370 |
Purchase price allocation, Assets | 1,370 |
Inventories [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 1,378 |
Intangible assets: | ' |
Purchase price allocation, Assets | 1,378 |
Purchase price allocation, Assets | 1,378 |
Prepaid Expenses and Other Current Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 9 |
Intangible assets: | ' |
Purchase price allocation, Assets | 9 |
Purchase price allocation, Assets | 9 |
Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 248 |
Intangible assets: | ' |
Purchase price allocation, Assets | 248 |
Purchase price allocation, Assets | 248 |
Tangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 3,005 |
Intangible assets: | ' |
Purchase price allocation, Assets | 3,005 |
Purchase price allocation, Assets | 3,005 |
Goodwill [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 12,550 |
Intangible assets: | ' |
Purchase price allocation, Assets | 12,550 |
Purchase price allocation, Assets | 12,550 |
Trade names [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 1,259 |
Intangible assets: | ' |
Purchase price allocation, Assets | 1,259 |
Purchase price allocation, Assets | 1,259 |
Technology-Based Intangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 470 |
Intangible assets: | ' |
Purchase price allocation, Assets | 470 |
Purchase price allocation, Assets | 470 |
Customer relationships [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 117 |
Intangible assets: | ' |
Purchase price allocation, Assets | 117 |
Purchase price allocation, Assets | 117 |
Order or Production Backlog [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 33 |
Intangible assets: | ' |
Purchase price allocation, Assets | 33 |
Purchase price allocation, Assets | 33 |
Non-compete [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 14 |
Intangible assets: | ' |
Purchase price allocation, Assets | 14 |
Purchase price allocation, Assets | 14 |
Intangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 14,443 |
Intangible assets: | ' |
Purchase price allocation, Assets | 14,443 |
Purchase price allocation, Assets | 14,443 |
Assets Held under Capital Leases [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -37 |
Accounts Payable [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -1,213 |
Accrued Liabilities [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -118 |
Estimated Fair Value [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 18,402 |
Intangible assets: | ' |
Purchase price allocation, Assets | 18,402 |
Purchase price allocation, Assets | 18,402 |
Purchase price allocation, Liabilities | 1,255 |
Purchase price allocation Assets and Liabilities Assumed, Net | 17,147 |
Estimated Fair Value [Member] | Accounts Receivable [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 1,575 |
Intangible assets: | ' |
Purchase price allocation, Assets | 1,575 |
Purchase price allocation, Assets | 1,575 |
Estimated Fair Value [Member] | Inventories [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 1,843 |
Intangible assets: | ' |
Purchase price allocation, Assets | 1,843 |
Purchase price allocation, Assets | 1,843 |
Estimated Fair Value [Member] | Prepaid Expenses and Other Current Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 9 |
Intangible assets: | ' |
Purchase price allocation, Assets | 9 |
Purchase price allocation, Assets | 9 |
Estimated Fair Value [Member] | Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 248 |
Intangible assets: | ' |
Purchase price allocation, Assets | 248 |
Purchase price allocation, Assets | 248 |
Estimated Fair Value [Member] | Tangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 3,675 |
Intangible assets: | ' |
Purchase price allocation, Assets | 3,675 |
Purchase price allocation, Assets | 3,675 |
Estimated Fair Value [Member] | Goodwill [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 9,491 |
Intangible assets: | ' |
Purchase price allocation, Assets | 9,491 |
Purchase price allocation, Assets | 9,491 |
Estimated Fair Value [Member] | Trade names [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 1,527 |
Intangible assets: | ' |
Purchase price allocation, Assets | 1,527 |
Purchase price allocation, Assets | 1,527 |
Estimated Fair Value [Member] | Technology-Based Intangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 458 |
Intangible assets: | ' |
Purchase price allocation, Assets | 458 |
Purchase price allocation, Assets | 458 |
Estimated Fair Value [Member] | Customer relationships [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 2,898 |
Intangible assets: | ' |
Purchase price allocation, Assets | 2,898 |
Purchase price allocation, Assets | 2,898 |
Estimated Fair Value [Member] | Order or Production Backlog [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 91 |
Intangible assets: | ' |
Purchase price allocation, Assets | 91 |
Purchase price allocation, Assets | 91 |
Estimated Fair Value [Member] | Non-compete [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 262 |
Intangible assets: | ' |
Purchase price allocation, Assets | 262 |
Purchase price allocation, Assets | 262 |
Estimated Fair Value [Member] | Intangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 14,727 |
Intangible assets: | ' |
Purchase price allocation, Assets | 14,727 |
Purchase price allocation, Assets | 14,727 |
Estimated Fair Value [Member] | Assets Held under Capital Leases [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -57 |
Estimated Fair Value [Member] | Accounts Payable [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -1,113 |
Estimated Fair Value [Member] | Accrued Liabilities [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -85 |
Provisional Adjustments [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -954 |
Intangible assets: | ' |
Purchase price allocation, Assets | -954 |
Purchase price allocation, Assets | -954 |
Purchase price allocation, Liabilities | 113 |
Purchase price allocation Assets and Liabilities Assumed, Net | -1,067 |
Provisional Adjustments [Member] | Accounts Receivable [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -205 |
Intangible assets: | ' |
Purchase price allocation, Assets | -205 |
Purchase price allocation, Assets | -205 |
Provisional Adjustments [Member] | Inventories [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -465 |
Intangible assets: | ' |
Purchase price allocation, Assets | -465 |
Purchase price allocation, Assets | -465 |
Provisional Adjustments [Member] | Prepaid Expenses and Other Current Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 0 |
Intangible assets: | ' |
Purchase price allocation, Assets | 0 |
Purchase price allocation, Assets | 0 |
Provisional Adjustments [Member] | Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 0 |
Intangible assets: | ' |
Purchase price allocation, Assets | 0 |
Purchase price allocation, Assets | 0 |
Provisional Adjustments [Member] | Tangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -670 |
Intangible assets: | ' |
Purchase price allocation, Assets | -670 |
Purchase price allocation, Assets | -670 |
Provisional Adjustments [Member] | Goodwill [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 3,059 |
Intangible assets: | ' |
Purchase price allocation, Assets | 3,059 |
Purchase price allocation, Assets | 3,059 |
Provisional Adjustments [Member] | Trade names [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -268 |
Intangible assets: | ' |
Purchase price allocation, Assets | -268 |
Purchase price allocation, Assets | -268 |
Provisional Adjustments [Member] | Technology-Based Intangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | 12 |
Intangible assets: | ' |
Purchase price allocation, Assets | 12 |
Purchase price allocation, Assets | 12 |
Provisional Adjustments [Member] | Customer relationships [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -2,781 |
Intangible assets: | ' |
Purchase price allocation, Assets | -2,781 |
Purchase price allocation, Assets | -2,781 |
Provisional Adjustments [Member] | Order or Production Backlog [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -58 |
Intangible assets: | ' |
Purchase price allocation, Assets | -58 |
Purchase price allocation, Assets | -58 |
Provisional Adjustments [Member] | Non-compete [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -248 |
Intangible assets: | ' |
Purchase price allocation, Assets | -248 |
Purchase price allocation, Assets | -248 |
Provisional Adjustments [Member] | Intangible Assets [Member] | ' |
Tangible assets: | ' |
Purchase price allocation, Assets | -284 |
Intangible assets: | ' |
Purchase price allocation, Assets | -284 |
Purchase price allocation, Assets | -284 |
Provisional Adjustments [Member] | Assets Held under Capital Leases [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | 20 |
Provisional Adjustments [Member] | Accounts Payable [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | -100 |
Provisional Adjustments [Member] | Accrued Liabilities [Member] | ' |
Intangible assets: | ' |
Purchase price allocation, Liabilities | ($33) |
Acquisition_of_TelWorx_Communi4
Acquisition of TelWorx Communications LLC - Pro Forma Financial Information for TelWorx (Detail) (TelWorx Communications LLC [Member], Pro Forma [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
TelWorx Communications LLC [Member] | Pro Forma [Member] | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' |
REVENUES | $70,335 |
LOSS BEFORE INCOME TAXES | $597 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2012 | Feb. 29, 2012 | 31-May-98 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Stock Purchase Plan ("ESPP") [Member] | Employee Stock Purchase Plan ("ESPP") [Member] | Employee Stock Purchase Plan ("ESPP") [Member] | Employee Stock Purchase Plan ("ESPP") [Member] | Employee Stock Purchase Plan ("ESPP") [Member] | Employee Stock Purchase Plan ("ESPP") [Member] | Employee Stock Purchase Plan ("ESPP") [Member] | Service Based Restricted Stock Units [Member] | Service Based Restricted Stock Units [Member] | Service Based Restricted Stock Units [Member] | Service Based Restricted Stock Units [Member] | Stock Plans [Member] | Stock Plans [Member] | Stock Plans [Member] | Stock Plans [Member] | Stock Plans [Member] | Retention Stock Options [Member] | Retention Stock Options [Member] | Retention Stock Options [Member] | Retention Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Units [Member] | Performance Units [Member] | Performance Units [Member] | Time Based Restricted Stock Units [Member] | Time Based Restricted Stock Units [Member] | Time Based Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Employee Withholding Taxes on Stock Awards [Member] | Employee Withholding Taxes on Stock Awards [Member] | |||||||
Executive Officer [Member] | Executive Officer [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Executive Officer [Member] | Executive Officer [Member] | |||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based expense | ' | $900,000 | ' | $700,000 | $2,600,000 | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $600,000 | $1,900,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense for share-based payments | ' | 897,000 | ' | 695,000 | 2,619,000 | 2,335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 100,000 | 700,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '4 years | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,580 | ' | 23,982 | 229,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,982 | ' | ' | ' | ' | 0 | ' | 5,000 | ' | ' | ' | ' |
Fair value of options issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,000 | ' | 198,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' |
Restricted stock awards cancellation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,172 | 22,850 | 19,533 | 75,506 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,533 | ' | 0 | 147,250 | 11,320 | ' | 1,125 | ' | 1,125 | ' | ' | ' |
Grant date fair value of restricted stock cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000 | 100,000 | 130,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 79,000 | ' | 8,000 | ' | 25,000 | ' | ' | ' |
Shares, other than options, vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,973 | 2,475 | 360,538 | 468,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,538 | ' | ' | ' | 4,836 | ' | ' | ' | 3,850 | 2,600 | ' | ' |
Grant date fair value of restricted stock vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000 | 17,000 | 2,100,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares vested grant date intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,000 | 17,000 | 2,700,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000 | ' | ' | ' | 28,000 | 20,000 | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | 29,000 | ' | ' | ' |
Weighted average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | '1 year 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' |
Percent of options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock options vesting provisions, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25% vest one year from the date of grant and thereafter in monthly increments over the remaining three years. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested in remaining period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of termination of employment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | ' | ' | 693,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500 | 65,000 | 693,050 | 69,500 | 182,500 | 182,500 | ' | ' | ' | ' | ' | ' | ' | ' | 169,650 | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,090 | ' | 2,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 8,000 | 900,000 | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option exercised | ' | ' | ' | ' | 116,954 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,113 | 1,281 | 116,954 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,000 | 1,000 | 153,000 | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares expired | ' | ' | ' | ' | 109,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,817 | 120,200 | 144,018 | 336,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.49 | ' | $2.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lower range of exercise prices | ' | ' | ' | ' | $5.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upper range of exercise prices | ' | ' | ' | ' | $11.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value based on share price | ' | $8.85 | ' | ' | $8.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value of options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value of restricted stock vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | ' | ' | ' | 16,000 | ' | ' |
Performance share units converted to restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,150 | ' | ' | ' | ' | ' | ' | ' |
Percentage of fair market value to determine purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds of from issuance of shares under ESPP | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options issued | ' | ' | ' | ' | ' | ' | 51,735 | 61,230 | 56,041 | 48,032 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of discount on fair market value of common stock under ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of expected life, options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of withholding taxes related to stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,200,000 |
Repurchase of shares | ' | 0 | 59,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares, Amount | 5,000,000 | ' | ' | ' | 435,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price of repurchased share | ' | ' | $7.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares, outstanding amount | ' | ' | ' | ' | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Total_
Stock-Based Compensation - Total Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $897 | $695 | $2,619 | $2,335 |
Cost of revenues [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 104 | 99 | 294 | 298 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 182 | 153 | 505 | 442 |
Sales and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 174 | 141 | 435 | 398 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 437 | 302 | 1,384 | 1,193 |
Continuing Operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 897 | 695 | 2,618 | 2,331 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $0 | $0 | $1 | $4 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning balance, shares | 940,685 |
Shares awarded | 23,982 |
Shares vested | -360,538 |
Shares cancelled | -19,533 |
Ending balance, shares | 584,596 |
Beginning balance, Weighted average grant date fair value | $6.24 |
Units awarded, Weighted average grant date fair value | $8.26 |
Units vested, Weighted average grant date fair value | $5.81 |
Units cancelled, Weighted average grant date fair value | $6.68 |
Ending balance, Weighted average grant date fair value | $6.57 |
StockBased_Compensation_Inform
Stock-Based Compensation - Information about Stock Options Outstanding Under All Stock Plans (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $5.50 |
Upper range of exercise prices | $11.84 |
Options Outstanding, Number | 1,531,184 |
Options Outstanding, Weighted Average Contractual Life (Years) | '4 years 26 days |
Options Outstanding, Weighted Average Exercise Price | $8.40 |
Options Exercisable, Number | 823,251 |
Options Exercisable, Weighted Average Exercise Price | $9.46 |
Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $5.50 |
Upper range of exercise prices | $6.86 |
Options Outstanding, Number | 88,574 |
Options Outstanding, Weighted Average Contractual Life (Years) | '4 years 10 months 10 days |
Options Outstanding, Weighted Average Exercise Price | $6.62 |
Options Exercisable, Number | 62,278 |
Options Exercisable, Weighted Average Exercise Price | $6.72 |
Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $6.87 |
Upper range of exercise prices | $7.93 |
Options Outstanding, Number | 756,648 |
Options Outstanding, Weighted Average Contractual Life (Years) | '5 years 11 months 27 days |
Options Outstanding, Weighted Average Exercise Price | $7.26 |
Options Exercisable, Number | 78,511 |
Options Exercisable, Weighted Average Exercise Price | $7.73 |
Range Three [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $8.07 |
Upper range of exercise prices | $8.63 |
Options Outstanding, Number | 40,045 |
Options Outstanding, Weighted Average Contractual Life (Years) | '2 years 8 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $8.48 |
Options Exercisable, Number | 38,045 |
Options Exercisable, Weighted Average Exercise Price | $8.48 |
Range Four [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $8.76 |
Upper range of exercise prices | $8.76 |
Options Outstanding, Number | 43,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | '2 years 4 months 10 days |
Options Outstanding, Weighted Average Exercise Price | $8.76 |
Options Exercisable, Number | 43,000 |
Options Exercisable, Weighted Average Exercise Price | $8.76 |
Range Five [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $8.96 |
Upper range of exercise prices | $9.09 |
Options Outstanding, Number | 101,500 |
Options Outstanding, Weighted Average Contractual Life (Years) | '1 year 10 months 28 days |
Options Outstanding, Weighted Average Exercise Price | $9.09 |
Options Exercisable, Number | 100,000 |
Options Exercisable, Weighted Average Exercise Price | $9.09 |
Range Six [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $9.11 |
Upper range of exercise prices | $9.12 |
Options Outstanding, Number | 6,627 |
Options Outstanding, Weighted Average Contractual Life (Years) | '2 years 8 months 23 days |
Options Outstanding, Weighted Average Exercise Price | $9.11 |
Options Exercisable, Number | 6,627 |
Options Exercisable, Weighted Average Exercise Price | $9.11 |
Range Seven [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $9.16 |
Upper range of exercise prices | $9.16 |
Options Outstanding, Number | 132,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | '2 years 10 months 2 days |
Options Outstanding, Weighted Average Exercise Price | $9.16 |
Options Exercisable, Number | 132,000 |
Options Exercisable, Weighted Average Exercise Price | $9.16 |
Range Eight [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $9.19 |
Upper range of exercise prices | $10.25 |
Options Outstanding, Number | 121,780 |
Options Outstanding, Weighted Average Contractual Life (Years) | '2 years 5 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $9.70 |
Options Exercisable, Number | 121,780 |
Options Exercisable, Weighted Average Exercise Price | $9.70 |
Range Nine [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $10.46 |
Upper range of exercise prices | $11 |
Options Outstanding, Number | 100,960 |
Options Outstanding, Weighted Average Contractual Life (Years) | '1 year 2 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $10.72 |
Options Exercisable, Number | 100,960 |
Options Exercisable, Weighted Average Exercise Price | $10.72 |
Range Ten [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise prices | $11.01 |
Upper range of exercise prices | $11.84 |
Options Outstanding, Number | 140,050 |
Options Outstanding, Weighted Average Contractual Life (Years) | '3 months 22 days |
Options Outstanding, Weighted Average Exercise Price | $11.56 |
Options Exercisable, Number | 140,050 |
Options Exercisable, Weighted Average Exercise Price | $11.56 |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value of Date of Grant Using Black Scholes Option Pricing Model (Detail) (Stock Plans [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Plans [Member] | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' |
Dividend yield | 1.60% | 1.70% |
Risk-free interest rate | 0.20% | 0.20% |
Expected volatility | 51.00% | 52.00% |
Expected life (in years) | '4 years 7 months 6 days | '5 years 4 months 24 days |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | ' |
Options Outstanding Weighted Average Contractual Life (years) | '4 years 26 days |
Options Exercisable Weighted Average Contractual Life (years) | '1 year 11 months 19 days |
Options Outstanding Intrinsic Value | $1,419 |
Options Exercisable Intrinsic Value | $239 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | ' |
Options outstanding, beginning balance, shares | 1,099,106 |
Options Outstanding Granted | 693,050 |
Options Outstanding Exercised | -116,954 |
Options outstanding Expired or cancelled | -109,235 |
Options outstanding Forfeited | -34,783 |
Options outstanding, ending balance, shares | 1,531,184 |
Options exercisable, ending balance, shares | 823,251 |
Options outstanding, beginning balance, Weighted Average Exercise Price | $9.06 |
Weighted Average Exercise Price Granted | $7.21 |
Weighted Average Exercise Price Exercised | $7.93 |
Weighted Average Exercise Price Expired or Cancelled | $8.47 |
Weighted Average Exercise Price Forfeited | $6.71 |
Options outstanding, ending balance, Weighted Average Exercise Price | $8.40 |
Options outstanding, Exercisable at End of Year, Weighted Average Exercise Price | $9.46 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Retention Stock Option Activity (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2013 | Sep. 30, 2013 |
Schedule Of Stock Options [Line Items] | ' | ' |
Options outstanding, beginning balance, shares | ' | 1,099,106 |
Retention Stock Options Granted, shares | ' | 693,050 |
Options outstanding, ending balance, shares | ' | 1,531,184 |
Retention Stock Options outstanding, Exercisable, Ending balance, shares | ' | 823,251 |
Options outstanding, beginning balance, Weighted Average Exercise Price | ' | $9.06 |
Retention Stock Options Granted, Weighted Average Exercise Price | ' | $7.21 |
Options outstanding, ending balance, Weighted Average Exercise Price | ' | $8.40 |
Retention Stock Options outstanding, Exercisable, Ending balance, Weighted Average Exercise Price | ' | $9.46 |
Retention Stock Options [Member] | Executive Officer [Member] | ' | ' |
Schedule Of Stock Options [Line Items] | ' | ' |
Options outstanding, beginning balance, shares | ' | 0 |
Retention Stock Options Granted, shares | 182,500 | 182,500 |
Options outstanding, ending balance, shares | ' | 182,500 |
Retention Stock Options outstanding, Exercisable, Ending balance, shares | ' | 0 |
Options outstanding, beginning balance, Weighted Average Exercise Price | ' | $0 |
Retention Stock Options Granted, Weighted Average Exercise Price | ' | $7.16 |
Options outstanding, ending balance, Weighted Average Exercise Price | ' | $7.16 |
Retention Stock Options outstanding, Exercisable, Ending balance, Weighted Average Exercise Price | ' | $0 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Performance Share Activity (Detail) (Performance Units [Member], USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Performance Units [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Beginning balance, shares | ' | 147,250 | ' |
Units cancelled | 0 | -147,250 | -11,320 |
Ending balance, shares | 0 | 0 | ' |
Beginning balance, Weighted average grant date fair value | ' | $7.04 | ' |
Units cancelled, Weighted average grant date fair value | ' | $7.04 | ' |
Ending balance, Weighted average grant date fair value | $0 | $0 | ' |
StockBased_Compensation_Summar4
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) (Restricted Stock Units [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Restricted Stock Units [Member] | ' | ' |
Shares | ' | ' |
Beginning balance, shares | 11,925 | ' |
Units vested | -3,850 | -2,600 |
Units cancelled | -1,125 | ' |
Ending balance, shares | 6,950 | ' |
Beginning balance, Weighted average grant date fair value | $6.61 | ' |
Units vested, Weighted average grant date fair value | $6.56 | ' |
Units cancelled, Weighted average grant date fair value | $6.77 | ' |
Ending balance, Weighted average grant date fair value | $6.62 | ' |
StockBased_Compensation_Calcul
Stock-Based Compensation - Calculation of Fair Value of Each Employee Stock Purchase Grant Using the Black-Scholes Option-Pricing Model (Detail) (Employee Stock Purchase Plan ("ESPP") [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Stock Purchase Plan ("ESPP") [Member] | ' | ' |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | ' | ' |
Dividend yield | 1.70% | 1.70% |
Risk-free interest rate | 0.30% | 0.20% |
Expected volatility | 51.00% | 52.00% |
Expected life (in years) | '6 months | '6 months |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Member] | Employee Benefit Plans [Member] | Employee Benefit Plans [Member] | Employee Benefit Plans [Member] | Executive Deferred Compensation Plan [Member] | Executive Deferred Compensation Plan [Member] | Executive Deferred Compensation Plan [Member] | |
Installment | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of current compensation of employee to contribute in plan | ' | ' | 15.00% | ' | ' | ' | ' |
Amount of company contribution in compensation | $140,000 | $141,000 | $434,000 | $442,000 | ' | ' | ' |
Company contributes to various retirement plans for foreign employees | 65,000 | 54,000 | 189,000 | 156,000 | ' | ' | ' |
Maximum percentage of salary for contribution in compensation plan | ' | ' | ' | ' | ' | 50.00% | ' |
Maximum percentage of cash bonuses for contribution in compensation plan | ' | ' | ' | ' | ' | 100.00% | ' |
Percent of matching cash | ' | ' | ' | ' | ' | 4.00% | ' |
Executive's continued service period | ' | ' | ' | ' | ' | 'over three years | ' |
Period for receiving payments in annual Installments | ' | ' | ' | ' | '15 years | ' | ' |
Number of guaranteed annual payments | ' | ' | ' | ' | 20 | ' | ' |
Deferred compensation obligation | ' | ' | ' | ' | 1,800,000 | 1,800,000 | 1,700,000 |
Cash surrender value of policies | ' | ' | ' | ' | $1,800,000 | $1,800,000 | $1,600,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Rental Payments (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | ' |
2013 | $211 |
2014 | 834 |
2015 | 815 |
2016 | 699 |
2017 | 586 |
Thereafter | 1,182 |
Future minimum lease payments | $4,327 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Positions | Antenna [Member] | Scanning [Member] | Scanning [Member] | Disposal of TelWorx Inventory [Member] | Employee Severance [Member] | Office equipment [Member] | TelWorx Communications LLC [Member] | TelWorx Communications LLC [Member] | TelWorx Communications LLC [Member] | |||||
Minimum [Member] | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Office equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000 | ' | ' | ' |
Accumulated depreciation | ' | 15,492,000 | ' | ' | 14,590,000 | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' |
Office equipment, net | ' | 14,619,000 | ' | ' | 14,775,000 | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' |
Allowance for sales returns | ' | 200,000 | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repair and replacement warranty | ' | ' | ' | ' | ' | '2 years | '1 year | '3 years | ' | ' | ' | ' | ' | ' |
Warranty reserve | ' | 300,000 | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expenses | ' | 156,000 | 0 | ' | ' | ' | ' | ' | 300,000 | 200,000 | ' | ' | ' | ' |
Number of positions eliminated | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental payments | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital adjustment provisions | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential contingent consideration earnable under the Original Agreement | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value in the form common stock | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parties agreed to the elimination of the holdback | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period for termination of leaves under option | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement agreement fair value | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement agreement remaining consideration | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash agreed to be paid to company under agreement | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset purchase agreement contingent consideration | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset purchase agreement escrow deposit | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,100,000 | $12,500,000 | $12,500,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Present Value of Net Minimum Lease Payments, Capital Leases (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2013 | $1 |
2014 | 2 |
Total minimum payments required: | 3 |
Less amount representing interest: | 0 |
Present value of net minimum lease payments: | $3 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Changes in Warranty Reserves (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Warranty reserves [Member] | Warranty reserves [Member] | ||
Changes in warranty reserves | ' | ' | ' | ' |
Beginning balance | $300 | $300 | $270 | $249 |
Provisions for warranty | ' | ' | 124 | 127 |
Consumption of reserves | ' | ' | -120 | -106 |
Ending balance | $300 | $300 | $274 | $270 |
Commitments_and_Contingencies_5
Commitments and Contingencies - Summary of Restructuring Activity and Status of the Reserves (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Accrual Balance, Beginning Balance | $1 |
Restructuring Expense | 254 |
Payments/Charges | -199 |
Accrual Balance, Ending Balance | 56 |
2013 Telworx integration [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrual Balance, Beginning Balance | 0 |
Restructuring Expense | 254 |
Payments/Charges | -198 |
Accrual Balance, Ending Balance | 56 |
2013 Telworx integration [Member] | Employee Related Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrual Balance, Beginning Balance | 0 |
Restructuring Expense | 188 |
Payments/Charges | -132 |
Accrual Balance, Ending Balance | 56 |
2013 Telworx integration [Member] | Asset Disposals [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrual Balance, Beginning Balance | 0 |
Restructuring Expense | 66 |
Payments/Charges | -66 |
Accrual Balance, Ending Balance | 0 |
2012 Bloomingdale manufacturing [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrual Balance, Beginning Balance | 1 |
Restructuring Expense | 0 |
Payments/Charges | -1 |
Accrual Balance, Ending Balance | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ' |
Income tax expense (benefit) | $566,000 | $483,000 | $1,764,000 | $430,000 | ' |
Statutory rate | ' | ' | 34.00% | 34.00% | ' |
Valuation allowance | 700,000 | ' | 700,000 | ' | 700,000 |
Domestic deferred tax assets ratable reversal pattern period | ' | ' | '15 years | ' | ' |
Operating loss carryforwards, Expiration period | ' | ' | 'The carryforward rules allow for up to a 20 year carryforward of net operating losses | ' | ' |
Net operating loss carry forward period | ' | ' | '20 years | ' | ' |
Average period required to utilize future income | ' | ' | '27 years 6 months | ' | ' |
Gross unrecognized tax benefit | 1,400,000 | ' | 1,400,000 | ' | 1,400,000 |
Period decrease in unrecognized tax benefits related to research credits | ' | ' | '12 months | ' | ' |
Undistributed cumulative earnings of foreign subsidiaries | 1,000,000 | ' | 1,000,000 | ' | ' |
Pctel Secure [Member] | ' | ' | ' | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ' |
Tax gain related to sale | ' | ' | $700,000 | ' | ' |
Segment_Customer_and_Geographi2
Segment, Customer and Geographic Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Number of Reporting segments | ' | ' | 2 | ' |
Number of customers accounted for more than ten percentage of revenue | 0 | 0 | 0 | 0 |
Sales [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Entity wide revenue major customer percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Segment_Customer_and_Geographi3
Segment, Customer and Geographic Information - Assets by Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Accounts receivable | $17,275 | $18,586 |
Inventories | 15,238 | 17,573 |
Property and equipment, net | 14,619 | 14,775 |
Goodwill | 161 | 161 |
Intangible assets, net | 5,199 | 7,004 |
Deferred tax assets, net | 12,441 | 14,034 |
Other noncurrent assets | 1,796 | 1,636 |
Operating Segments [Member] | Connected Solutions [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Accounts receivable | 11,231 | 11,885 |
Inventories | 13,462 | 14,283 |
Property and equipment, net | 11,520 | 11,868 |
Goodwill | 0 | 0 |
Intangible assets, net | 3,223 | 4,404 |
Deferred tax assets, net | 0 | 0 |
Other noncurrent assets | 0 | 0 |
Operating Segments [Member] | RF Solutions [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Accounts receivable | 6,044 | 6,701 |
Inventories | 1,776 | 3,290 |
Property and equipment, net | 1,990 | 1,746 |
Goodwill | 161 | 161 |
Intangible assets, net | 1,976 | 2,600 |
Deferred tax assets, net | 0 | 0 |
Other noncurrent assets | 0 | 0 |
Consolidating [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Property and equipment, net | 1,109 | 1,161 |
Goodwill | 0 | 0 |
Intangible assets, net | 0 | 0 |
Deferred tax assets, net | 12,441 | 14,034 |
Other noncurrent assets | $1,796 | $1,636 |
Segment_Customer_and_Geographi4
Segment, Customer and Geographic Information - Result of Operations by Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Results of operations by segments | ' | ' | ' | ' |
REVENUES | $26,471 | $25,853 | $78,290 | $63,007 |
GROSS PROFIT | 10,776 | 10,038 | 30,917 | 25,888 |
OPERATING INCOME (LOSS) | 928 | 1,159 | -124 | 922 |
Operating Segments [Member] | Connected Solutions [Member] | ' | ' | ' | ' |
Results of operations by segments | ' | ' | ' | ' |
REVENUES | 18,318 | 19,714 | 56,874 | 47,687 |
GROSS PROFIT | 5,684 | 5,684 | 17,352 | 15,186 |
OPERATING INCOME (LOSS) | 1,738 | 1,287 | 4,872 | 4,471 |
Operating Segments [Member] | RF Solutions [Member] | ' | ' | ' | ' |
Results of operations by segments | ' | ' | ' | ' |
REVENUES | 8,243 | 6,182 | 21,617 | 15,387 |
GROSS PROFIT | 5,090 | 4,348 | 13,547 | 10,667 |
OPERATING INCOME (LOSS) | 2,098 | 1,879 | 5,139 | 3,090 |
Consolidating [Member] | ' | ' | ' | ' |
Results of operations by segments | ' | ' | ' | ' |
REVENUES | -90 | -43 | -201 | -67 |
GROSS PROFIT | 2 | 6 | 18 | 35 |
OPERATING INCOME (LOSS) | ($2,908) | ($2,007) | ($10,135) | ($6,639) |
Segment_Customer_and_Geographi5
Segment, Customer and Geographic Information - Customer Accounted Revenues (Detail) (Sales [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total Sales | 10.00% | 10.00% | 10.00% | 10.00% |
Europe, Middle East, & Africa [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total Sales | 11.00% | 11.00% | 10.00% | 13.00% |
Asia Pacific [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total Sales | 10.00% | 10.00% | 10.00% | 9.00% |
Other Americas [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total Sales | 8.00% | 6.00% | 6.00% | 7.00% |
Foreign [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total Sales | 29.00% | 27.00% | 26.00% | 29.00% |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Related Party Transactions [Abstract] | ' |
Total lease Payment | $0.20 |
Effective date of early termination of lease | 'October 2013 |
Effective date of new lease agreement | 1-Aug-13 |
New Lease period | '5 years |