Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCTI | ||
Entity Registrant Name | PC TEL INC | ||
Entity Central Index Key | 1,057,083 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,264,986 | ||
Entity Public Float | $ 133,228,684 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 7,055 | $ 20,432 |
Short-term investment securities | 24,728 | 39,577 |
Accounts receivable, net of allowance for doubtful accounts of $314 and $121 at December 31, 2015 and December 31, 2014, respectively | 21,001 | 23,874 |
Inventories, net | 17,596 | 16,358 |
Deferred tax assets, net | 0 | 2,281 |
Prepaid expenses and other assets | 1,586 | 1,757 |
Total current assets | 71,966 | 104,279 |
Property and equipment, net | 13,839 | 14,842 |
Goodwill | 3,332 | 161 |
Intangible assets, net | 11,378 | 2,637 |
Deferred tax assets, net | 13,155 | 9,710 |
Other noncurrent assets | 40 | 40 |
TOTAL ASSETS | 113,710 | 131,669 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 6,735 | 5,495 |
Accrued liabilities | 6,190 | 10,211 |
Total current liabilities | 12,925 | 15,706 |
Other long-term liabilities | 388 | 448 |
Total liabilities | 13,313 | 16,154 |
Stockholders' equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 17,654,236 and 18,571,419 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | 18 | 19 |
Additional paid-in capital | 135,714 | 145,462 |
Accumulated deficit | (35,320) | (30,101) |
Accumulated other comprehensive income (loss) | (15) | 135 |
Total stockholders' equity | 100,397 | 115,515 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 113,710 | $ 131,669 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 314 | $ 121 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,654,236 | 18,571,419 |
Common stock, shares outstanding | 17,654,236 | 18,571,419 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
REVENUES | $ 106,615 | $ 107,164 | $ 104,253 |
COST OF REVENUES | 69,354 | 63,577 | 62,493 |
GROSS PROFIT | 37,261 | 43,587 | 41,760 |
OPERATING EXPENSES: | |||
Research and development | 11,205 | 11,736 | 11,064 |
Sales and marketing | 14,196 | 12,961 | 12,121 |
General and administrative | 12,399 | 12,819 | 15,623 |
Amortization of intangible assets | 3,426 | 1,967 | 2,400 |
Impairment of goodwill | 161 | 0 | 0 |
Restructuring charges | 1,630 | 0 | 256 |
Total operating expenses | 43,017 | 39,483 | 41,464 |
OPERATING (LOSS) INCOME | (5,756) | 4,104 | 296 |
Other income, net | 3,287 | 1,666 | 5,378 |
(LOSS) INCOME BEFORE INCOME TAXES | (2,469) | 5,770 | 5,674 |
(Benefit) expense for income taxes | (901) | 1,158 | 2,332 |
NET (LOSS) INCOME FROM CONTINUING OPERATIONS | (1,568) | 4,612 | 3,342 |
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT | 0 | 0 | (91) |
NET (LOSS) INCOME | $ (1,568) | $ 4,612 | $ 3,251 |
(Loss) Earnings per Share from Continuing Operations: | |||
Basic | $ (0.09) | $ 0.25 | $ 0.19 |
Diluted | (0.09) | 0.25 | 0.18 |
Loss per Share from Discontinued Operations: | |||
Basic | 0 | 0 | (0.01) |
Dilute | 0 | 0 | 0 |
(Loss) Earnings per Share: | |||
Basic | (0.09) | 0.25 | 0.18 |
Diluted | $ (0.09) | $ 0.25 | $ 0.18 |
Weighted Average Shares: | |||
Basic | 17,737 | 18,159 | 17,797 |
Diluted | 17,737 | 18,389 | 18,184 |
Cash dividend per share | $ 0.20 | $ 0.16 | $ 0.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (1,568) | $ 4,612 | $ 3,251 |
OTHER COMPREHENSIVE (LOSS) INCOME: | |||
Foreign currency translation adjustments | (150) | (74) | 61 |
COMPREHENSIVE (LOSS) INCOME | $ (1,718) | $ 4,538 | $ 3,312 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid - In Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at Dec. 31, 2012 | $ 108,145 | $ 19 | $ 140,388 | $ (32,410) | $ 148 |
Stock-based compensation expense | 3,441 | 0 | 3,441 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,266 | 1 | 1,265 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (1,098) | (1) | (1,097) | 0 | 0 |
Repurchase of common stock | (435) | 0 | (435) | 0 | 0 |
Dividends paid | (2,579) | 0 | 10 | (2,589) | 0 |
Net income (loss) | 3,251 | 0 | 0 | 3,251 | 0 |
Change in cumulative translation adjustment, net | 61 | 0 | 0 | 0 | 61 |
BALANCE at Dec. 31, 2013 | 112,052 | 19 | 143,572 | (31,748) | 209 |
Stock-based compensation expense | 3,276 | 0 | 3,276 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,092 | 1 | 1,091 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (1,037) | 0 | (1,037) | 0 | 0 |
Tax effect from stock based compensation | 203 | 0 | 203 | 0 | 0 |
Repurchase of common stock | (1,652) | (1) | (1,651) | 0 | 0 |
Dividends paid | (2,957) | 0 | 8 | (2,965) | 0 |
Net income (loss) | 4,612 | 0 | 0 | 4,612 | 0 |
Change in cumulative translation adjustment, net | (74) | 0 | 0 | 0 | (74) |
BALANCE at Dec. 31, 2014 | 115,515 | 19 | 145,462 | (30,101) | 135 |
Stock-based compensation expense | 1,865 | 0 | 1,865 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,018 | 0 | 1,018 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (438) | 0 | (438) | 0 | 0 |
Tax effect from stock based compensation | (115) | 0 | (115) | 0 | 0 |
Repurchase of common stock | (12,079) | (1) | (12,078) | 0 | 0 |
Dividends paid | (3,651) | 0 | 0 | (3,651) | 0 |
Net income (loss) | (1,568) | 0 | 0 | (1,568) | 0 |
Change in cumulative translation adjustment, net | (150) | 0 | 0 | 0 | (150) |
BALANCE at Dec. 31, 2015 | $ 100,397 | $ 18 | $ 135,714 | $ (35,320) | $ (15) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net (loss) income | $ (1,568) | $ 4,612 | $ 3,251 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss from discontinued operations | 0 | 0 | 91 |
Depreciation and amortization | 7,105 | 4,806 | 5,070 |
Impairment charges | 161 | 0 | 0 |
Stock based compensation | 1,865 | 3,276 | 3,440 |
(Gain) loss on disposal/sale of property and equipment | (12) | 9 | (27) |
Restructuring costs | 688 | 0 | 86 |
Payment of withholding tax on stock based compensation | (438) | (1,037) | (1,098) |
Deferred tax expense | (1,284) | 1,666 | 2,165 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 8,260 | (5,301) | 1 |
Inventories | (1,385) | (1,870) | 3,092 |
Prepaid expenses and other assets | 227 | 1,406 | 596 |
Accounts payable | 1,114 | 1,050 | (6,149) |
Income taxes payable | 4 | (79) | (61) |
Other accrued liabilities | (4,465) | (1,625) | 807 |
Deferred revenue | (1,198) | 1,063 | 139 |
Net cash provided by operating activities | 9,074 | 7,976 | 11,403 |
Investing Activities: | |||
Capital expenditures | (2,102) | (2,542) | (2,959) |
Proceeds from disposal of property and equipment | 64 | 0 | 3 |
Purchase of investments | (30,146) | (58,629) | (72,010) |
Redemptions/maturities of short-term investments | 44,995 | 55,157 | 69,501 |
Purchase of assets/businesses, net of cash acquired | (20,500) | 0 | 0 |
Net cash used in investing activities | (7,689) | (6,014) | (5,465) |
Financing Activities: | |||
Proceeds from issuance of common stock | 1,018 | 1,092 | 1,266 |
Payments for repurchase of common stock | (12,079) | (1,652) | (435) |
Tax effect from stock based compensation | 0 | 203 | 0 |
Cash dividends | (3,651) | (2,957) | (2,579) |
Net cash used in financing activities | (14,712) | (3,314) | (1,748) |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | 0 | 0 | (17) |
Net cash provided by investing activities | 0 | 0 | 1 |
Net cash provided by financing activities | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (13,327) | (1,352) | 4,174 |
Effect of exchange rate changes on cash | (50) | (6) | 57 |
Cash and cash equivalents, beginning of year | 20,432 | 21,790 | 17,559 |
Cash and Cash Equivalents, End of Year | 7,055 | 20,432 | 21,790 |
Other information: | |||
Cash paid (refunds received) for income taxes | 413 | 199 | 232 |
Cash paid for interest | 7 | 14 | 16 |
Non-cash investing and financing information: | |||
Increases (decreases) to deferred stock compensation, net | 3,566 | 12 | (1,968) |
Issuance of restricted common stock, net of cancellations | 4,941 | 431 | (703) |
Purchase of assets under capital leases | $ 30 | $ 189 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Nature of Operations PCTEL, Inc. (“PCTEL”, the “Company”, “we”, “ours”, and “us”) delivers P C Tel Segment Reporting PCTEL operates in two segments for reporting purposes, Connected Solutions and RF Solutions. 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. Each segment 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. Connected Solutions Segment Connected Solutions designs and delivers performance critical antennas and site solutions for wireless networks globally. The Company’s antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, healthcare, small cell and network timing deployment, defense, public safety, education, and broadband access. PCTEL’s performance critical MAXRAD ® 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. The Company seeks 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 RF Solutions develops and provides performance critical test equipment, software, and engineering services for wireless networks. The industry relies upon PCTEL to benchmark network performance, analyze trends, and optimize wireless networks. SeeGull ® On February 27, 2015, PCTEL, Inc. acquired substantially all of the assets of, and assumed certain specified liabilities of, Nexgen Wireless, Inc. (“Nexgen”), pursuant to an Asset Purchase Agreement dated as of February 27, 2015. The business acquired from Nexgen is based in Schaumburg, Illinois. Nexgen provides a network analysis tool portfolio now known as SeeHawk ® 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 These consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. On April 30, 2013, the Company divested all material assets associated with its PCTEL Secure, LLC 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 $10.0 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. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. Foreign Operations 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 year-end exchange rate for assets and liabilities and average monthly rates for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the consolidated statements of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $33, $49, and $26 in the years ended December 31, 2015, 2014, and 2013, respectively. 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. Cash and Cash Equivalents and Investments The Company’s cash and investments consist of the following: December 31, December 31, 2015 2014 Cash $ 6,077 $ 19,731 Cash equivalents 978 701 Short-term investments 24,728 39,577 $ 31,783 $ 60,009 Cash and Cash equivalents At December 31, 2015, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At December 31, 2015 and 2014, the Company’s cash equivalents were invested in highly liquid AAA rated money market funds that are required to comply with Rule 2a-7 under 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 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 limit of $250. At December 31, 2015, the Company had $6.1 million in cash and $1.0 million in cash equivalents and at December 31, 2014, the Company had $19.7 million in cash and $0.7 million in cash equivalents. The Company had $1.3 million and $0.5 million of cash and cash equivalents in foreign bank accounts at December 31, 2015 and at December 31, 2014, respectively. The Company plans to repatriate its cash from its subsidiary in Israel during 2016 because we expect to cease operations of this subsidiary during 2016. The Company expects to incur incremental income tax of $0.1 million related to the repatriation of the funds from Israel. The Company does not expect the foreign currency exchange related to the repatriation of these funds to have a material impact on the financial statements. As of December 31, 2015, the Company had no intentions of repatriating the cash in its foreign bank accounts in the U.K. or China. If the Company decides to repatriate the cash in the foreign bank accounts, it may experience difficulty in doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. The Company’s cash in its foreign bank accounts is not insured. Investments At December 31, 2015 and 2014, the Company’s short-term investments consisted of pre-refunded municipal bonds, U.S. government agency bonds, AA or higher rated corporate bonds and certificates of deposit, all classified as held-to-maturity. At December 31, 2014, the Company’s short-term investments also included mutual funds classified as available-for-sale and recorded at fair value. At December 31, 2015, the Company had invested $7.6 million in AA rated or higher corporate bond funds, $7.5 million in pre-refunded municipal bonds and taxable bond funds, $7.0 million in U.S. government agency bonds, $2.7 million in certificates of deposit. The income and principal from the pre-refunded municipal bonds is secured by an irrevocable trust of U.S. Treasury securities. The bonds have original maturities greater than 90 days and mature in 2015. The Company’s bonds are recorded at the purchase price and carried at amortized cost. The net unrealized gains (losses) were approximately $1 and $(5) at December 31, 2015 and December 31, 2014, respectively. Approximately 11% and 5% of the Company’s bonds were protected by bond default insurance at December 31, 2015 and 2014, respectively. At December 31, 2014, the Company had invested $13.5 million in U.S. government agency bonds, $11.8 million in certificates of deposit, $7.2 million in AA rated or higher corporate bond funds, $5.2 million in pre-refunded municipal bonds and taxable bond funds, and $2.0 million in mutual funds. The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 1. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds and other cash equivalents $ 978 $ 0 $ 0 $ 978 $ 701 $ 0 $ 0 $ 701 Investments: Corporate bonds 0 7,558 0 7,558 0 7,155 0 7,155 Pre-refunded municipal bonds 0 7,497 0 7,497 0 5,162 0 5,162 US government agency bonds 0 7,008 0 7,008 0 13,502 0 13,502 Certificates of deposit 2,666 0 0 2,666 11,782 0 0 11,782 Mutual funds 0 0 0 0 1,971 0 0 1,971 Total $ 3,644 $ 22,063 $ 0 $ 25,707 $ 14,454 $ 25,819 $ 0 $ 40,273 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount with standard net terms for most customers that range between 30 and 60 days. The Company extends credit to its customers based on an evaluation of a company’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 $0.3 million and $0.1 million at December 31, 2015 and 2014, respectively. The provision for doubtful accounts is included in sales and marketing expense in the 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 December 31, 2015 and 2014 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory of $0.7 million and $0.8 million at December 31, 2015 and 2014, 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. Reserves for excess inventory are calculated based on our estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on our identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $2.2 million and $1.8 million as of December 31, 2015 and 2014, respectively. Inventories consisted of the following: December 31, December 31, 2015 2014 Raw materials $ 11,012 $ 10,160 Work in process 917 915 Finished goods 5,667 5,283 Inventories, net $ 17,596 $ 16,358 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 computers 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 consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: December 31, December 31, 2015 2014 Building $ 6,227 $ 6,229 Computers and office equipment 10,931 10,435 Manufacturing and test equipment 12,826 11,880 Furniture and fixtures 1,273 1,214 Leasehold improvements 1,001 909 Motor vehicles 42 117 Total property and equipment 32,300 30,784 Less: Accumulated depreciation and amortization (20,231 ) (17,712 ) Land 1,770 1,770 Property and equipment, net $ 13,839 $ 14,842 Depreciation and amortization expense was approximately $3.1 million, $2.8 million, and $2.7 million for the years ended December 31, 2015, 2014, and 2013, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 8 for information related to capital leases. Liabilities Accrued liabilities consisted of the following: December 31, December 31, 2015 2014 Inventory receipts $ 1,628 $ 2,471 Paid time off 1,271 1,247 Payroll, bonuses, and other employee benefits 1,179 1,539 Warranties 348 304 Income and sales taxes 381 266 Professional fees and contractors 305 223 Employee stock purchase plan 280 314 Restructuring 237 0 Real estate taxes 161 181 Deferred revenues 65 1,262 Executive deferred compensation 0 2,043 Other 335 361 Total $ 6,190 $ 10,211 Long-term liabilities consisted of the following: December 31, December 31, 2015 2014 Deferred rent $ 250 $ 258 Long-term obligations under capital leases 107 135 Deferred revenues 31 55 $ 388 $ 448 Revenue Recognition The Company sells antennas, site solutions, and scanning receiver products, and provides network engineering and staffing services. The Company recognizes revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed and determinable, and collectability is reasonably assured. The Company recognizes revenue for sales of its products when title transfers, which is predominantly upon shipment from its factory. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. The Company allows its major antenna product distributors to return product under specified terms and conditions and accrues for product returns. The Company recognizes revenue for its engineering services under the completed performance method. Most services occur in one week or less, and revenue is generally recognized when engineering reports are completed and issued to the customer. For specialized staffing, the Company recognizes revenue as services are provided to the customer. Research and Development Costs The Company expenses research and development costs as incurred. To date, the Company has expensed all software development costs related to research and development because the costs incurred subsequent to the products reaching technological feasibility were not significant. Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense was $212, $175, and $166 in each of the fiscal years ended December 31, 2015, 2014, and 2013, respectively. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets, which are not likely to be realized. On a regular basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Deferred tax assets arise when the Company recognizes charges or expenses in the financial statements that will not be allowed as income tax deductions until future periods. The deferred tax assets also include unused tax net operating losses and tax credits that the Company is allowed to carry forward to future years. Accounting rules permit the Company to carry the deferred tax assets on the balance sheet at full value as long as it is more likely than not the deductions, losses, or credits will be used in the future. A valuation allowance must be recorded against a deferred tax asset if this test cannot be met. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in cost of sales in the accompanying consolidated statements of operations. Shipping and handling costs Shipping and handling costs are included on a gross basis in cost of sales in the accompanying consolidated statements of operations. Goodwill 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 the 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 the 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. The process of evaluating the potential impairment of goodwill is subjective because it requires the use of estimates and assumptions in determining a reporting unit’s fair value. The Company calculates the fair value of each reporting unit by using the income approach based on the present value of future discounted cash flows. The discounted cash flow method requires the Company to use estimates and judgments about the future cash flows of the reporting units. Although the Company bases cash flow forecasts on assumptions that are consistent with plans and estimates the Company uses to manage the underlying reporting units, there is significant judgment in determining the cash flows attributable to these reporting units, including markets and market share, sales volumes and mix, research and development expenses, tax rates, capital spending, discount rate and working capital changes. Cash flow forecasts are based on reporting unit operating plans for the early years and business projections in later years. The Company believes the accounting estimate related to the valuation of goodwill is a critical accounting estimate because it requires us to make assumptions that are highly uncertain about the future cash flows of the reporting units. Changes in these estimates can have a material impact on the Company’s financial statements. While the use of historical results and future projections can result in different valuations for a business, it is a generally accepted valuation practice to apply more than one valuation technique to establish a range of values for a business. Since each technique relies on different inputs and assumptions, it is unlikely that each technique would yield the same results. However, it is expected that the different techniques would establish a reasonable range. In determining the fair value, the Company weighs the two methods equally because it believes both methods have an equal probability of providing an appropriate fair value. The Company recorded $0.2 million of goodwill related to the business acquired from Envision Wireless, Inc. in 2011 and recorded goodwill of $3.3 million of related to the business acquired from Nexgen Wireless, Inc. in February 2015. There are two reporting units for goodwill testing purposes within the RF Solutions segment, Products and Services. The $3.3 million of goodwill from the Nexgen acquisition was recorded in Products and the $0.2 million of goodwill from the Envision acquisition was recorded in Services. The RF Solutions segment had experienced declining profitability for the three quarters ended September 30, 2015 (See Note 12 for the segment information). The Company considered the decline to be an interim change in circumstances that would indicate that an impairment loss may have been incurred at September 30, 2015. The Company performed a qualitative assessment on both reporting units at September 30, 2015 and determined it was more likely than not that the fair value of each reporting unit was greater than its carrying value, including goodwill. The primary positive evidence considered was a restructuring of costs that is expected to lower the cost structure by several million dollars annually. In addition the Company performed a Step 1 quantitative goodwill test at September 30, 2015 at the lower forecasted cost structure, which confirmed the qualitative assessment. The Company performed its annual goodwill test on both the RF Solutions Products and Services reporting units at October 31, 2015. At that date the carrying value of the Company’s assets was $102.5 million as compared to a $100.0 million market capitalization and a $9.3 million control premium determined by the Company as the net present value of its public company costs that would become cost savings synergies to an acquirer. During the fourth quarter the Products reporting unit was operating consistently with the projections made at September 30, 2015. The Services reporting unit was operating at a lower level than the projections at September 30, 2015. The Company performed a qualitative assessment and concluded it is more likely than not that the fair value of the Products reporting unit is more than its carrying value, including goodwill, and the Services reporting unit is less likely than not. In addition the Company performed a Step 1 quantitative goodwill test for both reporting units at October 31, 2015 which confirmed the qualitative assessments. The Company performed a Step 2 quantitative goodwill test at October 31, 2015 on the Services reporting unit and concluded that all $0.2 million of the goodwill was impaired. The Company’s carrying value at December 31, 2015 was $100.5 million as compared to a market capitalization of $80.3 million and a control premium of $9.3 million. The market cap deficit has existed since mid-November 2015. A stock performance comparison was performed with twelve of the peer companies we use for compensation comparable data that are still publicly traded at December 31, 2015. The company list can be found in the Company’s Proxy Statement dated April 30, 2015. When comparing the period October 31, 2015 to December 31, 2015 eight of the companies experienced stock price declines, two of which were comparable to PCTEL’s decline. Trading volume for all the companies including PCTEL during that period was consistent with historical levels. Management concluded that the market was distressed but liquid. The Company considered the decline in market capitalization and resulting deficit to carrying value to be an indication that an impairment loss may have occurred at December 31, 2015. The Company performed another Step 1 quantitative goodwill test at December 31, 2015. The higher discount rates used for the reporting units reconciled the total fair value of the Company to its December 31, 2015 market capitalization. The test indicated the remaining goodwill was not impaired. For the annual goodwill test as of October 31, 2014, the Company performed a qualitative analysis of goodwill and concluded that there was no triggering event that would necessitate a two-step goodwill impairment test. Long-lived and Definite-Lived Intangible assets The Company reviews definite-lived intangible assets, investments and other long-lived assets for impairment when events or changes in circumstances indicate that their carrying values may not be fully recoverable. This analysis differs from the Company’s goodwill analysis in that definite-lived intangible asset impairment is only deemed to have occurred if the sum of the forecasted undiscounted future cash flows related to the assets being evaluated is less than the carrying value of the assets. The estimate of long-term undiscounted cash flows includes long-term forecasts of revenue growth, gross margins, and operating expenses. All of these items require significant judgment and assumptions. An impairment loss may exist when the estimated undiscounted cash flows attributable to the assets are less than the carrying amount. As discussed in the goodwill section above, the Company recorded the impairment of all $0.2 million of the goodwill carried by the RF Services reporting unit at the annual impairment test date. Additionally at December 31, 2015 the Services reporting unit forecast had deteriorated from that used in the October 31, 2015 goodwill impairment analysis. Management concluded that these were triggering events indicating that a potential impairment of long lived intangible assets in that reporting unit may have occurred. The Company performed a long lived asset impairment test by comparing the undiscounted future cash flows for the reporting unit to the reporting unit’s asset carrying value. The customer relationships were determined to be the primary asset of the asset group. Since this asset was not separable from the other assets in the reporting group, the asset group consisted of all of the assets in the reporting group. No impairment was indicated. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact the standard may have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes. The amendments in this update require that deferred tax assets and liabilities be entirely classified as noncurrent within the statement of financial position. Effective December 31, 2015, the Company early adopted the balance sheet classification of deferred taxes on a prospective basis. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent. Approximately $1.8 million in current deferred tax assets were reclassified to long-term deferred tax assets at December 31, 2015. See Note 7 for additional details related to income taxes. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory (Topic 330).” The new guidance requires most inventory to be measured at the lower of cost and net realizable value, thereby simplifying the previous guidance under which an entity must measure inventory at the lower of cost or market. Market is defined as replacement cost, net realizable value (“NRV”), or NRV less a normal profit margin. The ASU will not apply to inventory that is measured using either the last-in, first-out method or the retail inventory method. The standard will be effective prospectively for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the provisions of the guidance and has not determined the impact of the adoption of this guidance on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 was issued to clarify that a performance target in a sh |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 2. Earnings (Loss) per Share The Company computes earnings per share data under two different disclosures, basic and diluted, for all periods in which statements of operations are presented. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding, less shares subject to repurchase. Diluted earnings (loss) per share are computed by dividing net income by the weighted average number of common stock and common stock equivalents outstanding. Common stock equivalents consist of stock options using the treasury stock method. Common stock options are excluded from the computation of diluted earnings per share if their effect is anti-dilutive. The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: Years Ended December 31, 2015 2014 2013 Basic (Loss) Earnings Per Share computation: Numerator: Net (loss) income from continuing operations ($ 1,568 ) $ 4,612 $ 3,342 Net loss from discontinued operations $ 0 $ 0 ($ 91 ) Net (loss) income ($ 1,568 ) $ 4,612 $ 3,251 Denominator: Common shares outstanding 17,737 18,159 17,797 (Loss) Earnings per common share - basic (Loss) net income from continuing operations ($ 0.09 ) $ 0.25 $ 0.19 Net loss from discontinued operations $ 0.00 $ 0.00 ($ 0.01 ) (Loss) net income ($ 0.09 ) $ 0.25 $ 0.18 Diluted (Loss) Earnings Per Share computation: Denominator: Common shares outstanding 17,737 18,159 17,797 Restricted shares subject to vesting * 139 232 Performance shares subject to vesting * 80 97 Common stock option grants * 11 58 Total shares 17,737 18,389 18,184 (Loss) Earnings per common share - diluted (Loss) net income from continuing operations ($ 0.09 ) $ 0.25 $ 0.18 Net loss from discontinued operations $ 0.00 $ 0.00 $ 0.00 (Loss) net income ($ 0.09 ) $ 0.25 $ 0.18 * As denoted by “*” in the table above, weighted average common stock option grants and restricted shares of 520,000 were excluded from the calculations of diluted net loss per share for the year ended December 31, 2015, since their effects are anti-dilutive. |
PCTEL Secure - discontinued ope
PCTEL Secure - discontinued operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
PCTEL Secure - discontinued operations | 3. PCTEL Secure – discontinued operations PCTEL Secure designed Android-based, secure communication products. The Company learned through its marketing efforts for PCTEL Secure’s baseline product that its distribution channels had limited access to the target software markets, primarily U.S. government agencies. 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. 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. Through December 31, 2015, the Company has received aggregate royalties of $14. The consolidated financial statements separately reflect the PCTEL Secure operations as discontinued operations for all periods presented. Summary results of operations for the discontinued operations included in the condensed consolidated statements of operations are as follows: Year Ended December 31, 2013 Operating loss ($ 191 ) Loss from discontinued operations, before income taxes (191 ) Benefit for income tax (100 ) Loss from discontinued operations, net of tax ($ 91 ) Loss from discontinued operations per common share: Basic ($ 0.01 ) Diluted $ 0.00 Weighted average shares: Basic 17,797 Diluted 18,184 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions Business combinations are accounted for using the acquisition method of accounting. In general the acquisition method requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. The measurement requirements result in the recognition of the full amount of acquisition-date goodwill, which includes amounts attributable to non-controlling interests. Neither the direct costs incurred to effect a business combination nor the costs the acquirer expects to incur under a plan to restructure an acquired business may be included as part of the business combination accounting. As a result, those costs are charged to expense when incurred, except for debt or equity issuance costs, which are accounted for in accordance with other generally accepted accounting principles. Acquisition of Nexgen Wireless, Inc. On February 27, 2015, the Company acquired substantially all of the assets of, and assumed certain specified liabilities of, Nexgen Wireless, Inc., an Illinois corporation (“Nexgen”), pursuant to an Asset Purchase Agreement dated as of February 27, 2015 (the “Nexgen APA”) among PCTEL, Inc., Nexgen, Bhumika Thakkar 2012 Irrevocable Trust Number One, Bhumika Thakkar 2012 Irrevocable Trust Number Two, and Jigar Thakkar (collectively, such trusts and Mr. Thakkar are the “Nexgen Shareholders”), and Bhumika Thakkar (collectively with Nexgen and the Nexgen Shareholders, the “Nexgen Parties”). The business acquired from Nexgen is based in Schaumburg, Illinois. Nexgen provides a network analysis tool portfolio, and engineering services. Nexgen’s software product portfolio translates real-time network performance data into engineering actions to optimize operator performance and supports crowd-based, cloud-based data analysis to enhance network performance. The business provides performance engineering, specialized staffing, and trend analysis for carriers, infrastructure vendors, and neutral hosts for 2G, 3G, 4G, and LTE networks. The purchase consideration for the Nexgen business was $21.4 million, consisting of $18.25 million in cash paid at closing, $2.25 million held in escrow, an estimated $0.8 million excess working capital true-up to be paid in cash, and a contingency payment that was provisionally calculated with a fair value of $0.1 million. The contingent payment was dependent on the achievement of revenue-based goals pertaining to the acquired business for the period commencing on March 1, 2015 and ending on April 30, 2016. The purchase consideration paid in cash was provided from the Company’s existing cash. The Company incurred transaction costs of $0.8 million for the acquisition of Nexgen primarily related to investment banking, legal, and due diligence consulting services. The assets acquired from Nexgen consisted primarily of customer relationships, intellectual property (including trade names), working capital (accounts receivable, work in process, accounts payable and accrued liabilities), and fixed assets. The Nexgen Parties are bound by non-competition covenants under the Nexgen APA, which generally expire on February 27, 2019. The Company calculated the fair value of the customer relationships, trade names, and non-compete agreement assets acquired by using the present value of future discounted cash flows. For the new technology, the Company used the replacement cost method for its valuation. The intangible assets recorded have a weighted average amortization period of 5.0 years. As previously reported in the Company’s Current Report on Form 8-K filed with the SEC on April 14, 2015, on April 7, 2015, Samsung Electronics America, Inc., as successor in interest to Samsung Telecommunications America, LLC (“Samsung”), provided Nexgen and the Company with a final notice of Samsung’s election to terminate, effective April 30, 2015, the Contractor Services Agreement, dated May 2, 2012 (the “CSA”), by and between Samsung and Nexgen. On May 5, 2015, the Company and the Nexgen Parties entered into an Amendment to the Asset Purchase Agreement (the “Nexgen APA Amendment”) with the following principal terms: (a) Nexgen agreed to transfer to the Company previously excluded accounts receivable with an aggregate value of $0.8 million; (b) the aggregate amount potentially payable to the Nexgen Parties as contingent earnout consideration was reduced from $2.0 million to $1.0 million; (c) the Company waived its right to seek additional indemnification from the Nexgen Parties for matters specified therein; (d) the parties directed that $2.25 million in escrowed funds potentially payable to the Nexgen Parties pursuant to the Nexgen APA be released to the Company; (e) Mr. Thakkar relinquished a portion of the equity awards previously granted to him; (f) the Company released various potential claims against Nexgen and the Nexgen Parties with respect to the termination of the CSA and related matters; The measurement period for the revised earnout commenced on January 1, 2016 and ends on December 31, 2016 and is dependent on software revenue-based goals pertaining to the acquired business. The Company estimated that the contingent liability would be 0 at December 31, 2015. The amendment terms were accounted for consistent with accounting for legal settlements, as there is not a clear and direct link between the settlement and the acquisition price. During June 2015, the Company received the cash from the escrow fund and the previously excluded accounts receivable. These amounts are recorded in Other Income, net in the condensed consolidated statements of operations. At December 31, 2015, the Company assumed no liability for the contingent earnout consideration. Approximately 78% of Nexgen’s revenue was related to the U.S. Sprint cellular network, contracted either with Samsung or Sprint directly. During due diligence, the Company modeled a likely range of future revenue and cash flow based on the high degree of customer concentration risk. While the terminated CSA represented a material portion of that revenue, the resulting total future revenue and cash flow remained within the lower range of the forecast model. The Company utilized the lower end of the forecast range in evaluating the fair value of the acquired assets. At December 31, 2015, the valuation yielded goodwill of $3.3 million, of which $1.5 million was related to the assembled workforce. The goodwill is deductible for income tax purposes. The purchase accounting related to the valuation of certain tangible and intangible assets was complete as of December 31, 2015. The following is the allocation of the purchase price for the assets from Nexgen at the date of the acquisition as of December 31, 2015: Tangible assets: Accounts receivable $ 5,358 Prepaid and other assets 49 Deferred cost of sales 24 Fixed assets 43 Total tangible assets 5,474 Intangible assets: Customer relationships 8,117 Trade names 972 Technology 3,332 Backlog 162 Non-compete 583 Goodwill 3,332 Total intangible assets 16,498 Total assets 21,972 Accounts payable 200 Accrued liabilities 341 Total liabilities 541 Net assets acquired $ 21,431 A reconciliation of the assets acquired with the cash paid at closing is as follows: Net assets acquired $ 21,431 Due Nexgen - contingent liability (91 ) Due Nexgen - working capital adjustment (840 ) Cash paid at closing $ 20,500 The Company does not have any material relationship with Mr. Thakkar and the other Nexgen Parties other than in respect of the Nexgen APA, the Nexgen APA Amendment and the transactions provided for therein. Effective November 2015, Mr. Thakkar resigned from his role as the Company’s Vice President and Chief Technology Officer, Network Analytics. The Company assumed Nexgen’s existing lease for Nexgen’s offices in Schaumburg, Illinois and is currently operating the acquired business from that location. The Nexgen services acquired in 2015 were integrated into the existing RF engineering services operation and the data analytics products were integrated in the RF scanner product line. The Company recognizes revenue for the engineering services under the completed performance method. For specialized staffing, the Company recognizes revenue as services are provided to the customer. Revenues for Nexgen were $23.8 million for the year ended December 31, 2014. The Company’s results for the year ended December 31, 2015 include the operating results for March through December 2015 for the business acquired from Nexgen. The following unaudited pro forma financial information gives effect to the acquisition of the Nexgen business as if the acquisition had taken place on January 1, 2013. The pro forma financial information for Nexgen was derived from the historical accounting records of Nexgen. (unaudited) Year Ended (unaudited) Year Ended (unaudited) Year Ended REVENUES $ 109,573 $ 130,991 $ 119,796 NET (LOSS) INCOME ($ 1,435 ) $ 8,954 $ 3,242 NET (LOSS) INCOME PER SHARE ($ 0.08 ) $ 0.49 $ 0.18 The pro forma results include adjustments for intangible amortization of $0.3 million, $2.6 million, and $2.8 million for the years ended December 31, 2015, 2014, and 2013, respectively. 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, 2013, nor is it necessarily indicative of the Company’s future consolidated results of operations or financial position. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets Goodwill The activity related to goodwill for the year ended December 31, 2015 was as follows: Amount Balance at January 1, 2014 $ 161 No changes 0 Balance at December 31, 2014 $ 161 Acquisition of business from Nexgen Wireless 3,332 Impairment of goodwill - RF Services (161 ) Balance at December 31, 2015 $ 3,332 The Company recorded $0.2 million of goodwill related to the business acquired from Envision Wireless, Inc. in 2011 and recorded goodwill of $3.3 million of related to the business acquired from Nexgen in February 2015. There are two reporting units for goodwill testing purposes within the RF Solutions segment, Products and Services. The $3.3 million of goodwill from the Nexgen acquisition was recorded in Products and the $0.2 million of goodwill from the Envision acquisition was recorded in Services. The Company recorded an impairment charge of $0.2 million in the fourth quarter 2015 because the fair value of the RF Services reporting unit was below its carrying value. See the goodwill section of Note 1 for more information on the evaluation of goodwill. 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. Amortization expense was approximately $4.0 million, $2.0 million, and $2.4 million for the years ended December 31, 2015, 2014, and 2013, respectively. For the year ended December 31, 2015, $3.4 million of the intangible amortization was included in operating expenses and $0.6 million was included in cost of goods sold. For the years ended December 31, 2014 and 2013, all of the intangible amortization was recorded within operating expenses. The summary of other intangible assets, net is as follows: December 31, 2015 December 31, 2014 Cost Accumulated Net Book Cost Accumulated Net Book Customer contracts and relationships $ 25,497 $ 18,616 $ 6,881 $ 17,381 $ 15,933 $ 1,448 Patents and technology 10,114 7,337 2,777 6,781 6,507 274 Trademarks and trade names 4,960 3,738 1,222 3,988 3,152 836 Other 2,743 2,245 498 1,998 1,919 79 $ 43,314 $ 31,936 $ 11,378 $ 30,148 $ 27,511 $ 2,637 The $8.7 million increase in the net book value of intangible assets at December 31, 2015 compared to December 31, 2014 reflects $13.1 million of intangible assets recorded for the purchase of the business from Nexgen, offset by amortization expense of $4.0 million recorded for the year ended December 31, 2015, and a restructuring charge of $0.4 million recorded in June 2015. The amortization expense for new technology of $0.6 million was recorded in cost of revenues, and the $3.4 million was recorded in operating expenses. The restructuring charge relates to the Company’s exit from the mobile towers product line. The Company wrote off the remaining technology and a portion of the trade names and customer relationships from the acquisition of the TelWorx business in 2012. The amortization related to the assets recorded for the acquisition of the business from Nexgen was $2.4 million for the year ended December 31, 2015. The assigned lives and weighted average amortization periods by intangible asset category is summarized below: Intangible Assets Assigned Life Weighted Average Customer contracts and relationships 4 to 6 years 5.0 Patents and technology 3 to 6 years 4.5 Trademarks and trade names 3 to 8 years 4.7 Other 1 to 6 years 4.4 The Company’s scheduled amortization expense over the next four years is as follows: Fiscal Year Amount 2016 $ 2,962 2017 $ 2,785 2018 $ 2,708 2019 $ 2,509 2020 $ 414 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 6. Restructuring The Company incurred restructuring expense of $1.6 million for the year ended December 31, 2015 and $0.3 million during the year ended 2013. No restructuring expenses were recorded for the year ended December 31, 2014. 2015 Restructuring In June 2015, the Company committed to a restructuring program for reductions in U.S. headcount and the exit from the mobile towers product line. To lower operating and production costs, the Company reduced headcount in engineering related to scanning receivers, in U.S. operations for Connected Solutions, and related to the mobile tower product line. The Company terminated 51 employees between June and December 2015 and recorded severance and other employee benefits of $1.2 million. The Company acquired the mobile tower product line in the 2012 acquisition of TelWorx. The Company’s mobile towers were primarily sold into the oil and gas exploration market in North America. The mobile towers were used to primarily provide a communications link to an oil drilling site or lighting for a site under construction. The decline in oil prices caused a decline in related mobile tower sales. The Company made the decision to exit the mobile tower product line due to the anticipated long term effect on revenue from depressed oil prices, and the fact that one of our two tower suppliers filing for Chapter 7 bankruptcy in June 2015 as a result of the decline in sales. Mobile towers were not a key element of the company’s kitting operation or antenna business within Connected Solutions. The Company’s exit from the mobile tower product line does not meet the accounting guidance for discontinued operations. The exit from mobile towers did not constitute a strategic shift in our operations. The Company recorded a charge of $0.4 million related to write-off of intangible assets related to the mobile product line. The following table summarizes the Company’s restructuring accrual activity for 2015: Severance Intangible Asset Total Balance at December 31, 2014 $ 0 $ 0 $ 0 $ 0 Restructuring charges 1,199 406 25 1,630 Payments/Charges (962 ) (406 ) (25 ) (1,393 ) Balance at December 31, 2015 $ 237 $ 0 $ 0 $ 237 2013 Restructuring During the second and third quarters of 2013, the Company integrated the Company’s TelWorx business with its Bloomingdale, IL operations. The Company moved kitting operations and order fulfillment to its Bloomingdale facility from the Lexington, North Carolina facility. As part of the integration, the Company separated 18 employees between March and September 2013. The Company recorded $0.3 million as restructuring expense during the year ended December 31, 2013, consisting of employee-related costs and asset disposals. In October 2013, the Company moved to a smaller Lexington office facility for its sales and procurement functions. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company recorded an income tax benefit of $0.9 million for the year ended December 31, 2015 and income tax expense of $1.2 million and $2.3 million for the years ended December 31, 2014 and December 31, 2013 respectively. The 2015 effective tax rate differed from the statutory Federal rate of 34% primarily due to research and development credits and incremental tax on repatriation of funds from Israel. The 2014 effective tax rate differed from the statutory Federal rate of 34% primarily because of reversals of liabilities for uncertain tax positions related to research credits and foreign withholding taxes. The 2013 effective tax rate differed from the statutory Federal rate of 34% primarily because of state taxes and a change in the effective state rate for deferred tax assets. During 2015 the Company wrote off $0.1 million of deferred tax assets to additional paid in capital related to vested stock options that were forfeited. During 2014, the Company recorded $0.2 million to additional paid in capital related to excess tax benefits for stock-based compensation. In 2013, the Company recorded a tax gain of $0.7 million related to the sale of PCTEL Secure. The income tax gain was based on the fair market value of the intangible assets sold minus the tax basis of the intangible assets. A reconciliation of the expense (benefit) for income taxes at the federal statutory rate compared to the expense (benefit) at the effective tax rate is as follows: Years Ended December 31 2015 2014 2013 Statutory federal income tax rate 34 % 34 % 34 % State income tax, net of federal benefit 2 % 4 % 5 % Tax effect of permanent differences -2 % 1 % 1 % Tax on repatriation -5 % 0 % 0 % Effective state rate change to deferred tax assets 0 % 0 % 4 % Foreign income taxed at different rates 3 % -1 % 0 % Research and development credits 5 % -3 % -4 % Return to provision adjustments 0 % 0 % 1 % Release of FIN 48 liability 0 % -15 % 0 % 37 % 20 % 41 % The domestic and foreign components of the continuing income (loss) before expense (benefit) for income taxes were as follows: Years Ended December 31, 2015 2014 2013 Domestic ($ 3,705 ) $ 4,882 $ 5,413 Foreign 1,236 888 261 ($ 2,469 ) $ 5,770 $ 5,674 The expense (benefit) for income taxes of continuing operations consisted of the following: Years Ended December 31, 2015 2014 2013 Current: Federal $ 30 ($ 716 ) $ 23 State 91 60 56 Foreign 262 148 88 383 (508 ) 167 Deferred: Federal (1,214 ) 1,521 1,696 State (113 ) 164 481 Foreign 43 (19 ) (12 ) (1,284 ) 1,666 2,165 Total ($ 901 ) $ 1,158 $ 2,332 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax accounts consist of the following: December 31, 2015 2014 Deferred Tax Assets: Amortization 7,799 8,692 Stock compensation 1,571 1,798 Federal, foreign, and state credits 1,247 1,117 Inventory reserves 1,191 971 Deferred compensation 0 755 Accrued vacation 465 446 Net operating loss carryforwards 2,514 213 Other 330 261 Gross deferred tax assets 15,117 14,253 Valuation allowance (659 ) (633 ) Net deferred tax asset 14,458 13,620 Deferred Tax liabilities: Depreciation (1,303 ) (1,629 ) Net Deferred Tax Assets $ 13,155 $ 11,991 The classification of deferred tax amounts on the balance sheet is as follows: December 31, 2015 2014 Current: Deferred tax assets $ 0 $ 2,281 Deferred tax liabilities 0 0 Current deferred tax assets 0 2,281 Non-current: Deferred tax assets 14,458 11,339 Deferred tax liabilities (1,303 ) (1,629 ) Non-current deferred tax assets, net 13,155 9,710 Net Deferred Tax Assets $ 13,155 $ 11,991 Effective December 31, 2015, the Company early adopted the balance sheet classification of deferred taxes on a prospective basis. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent. Approximately $1.8 million in current deferred tax assets were reclassified to long-term deferred tax assets at December 31, 2015. The Company did not change the prior period balance sheet amounts. Deferred Tax Valuation Allowance At December 31, 2015, the Company had $13.2 million of net deferred tax assets, including domestic net deferred tax assets of $13.1 million and foreign net deferred tax assets of $0.1 million. The Company had a valuation allowance of $0.7 million at December 31, 2015. At December 31, 2014, the Company had $12.0 million of net deferred tax assets, including domestic net deferred tax assets of $11.8 million and foreign net deferred tax assets of $0.2 million. The Company had a valuation allowance of $0.6 million at December 31, 2014. The net deferred tax assets at December 31, 2015 and 2014, respectively, are primarily related to intangible assets acquired under purchase accounting which are amortized for tax purposes over 15 years, but for shorter periods under generally accepted accounting principles. The valuation allowance at December 31, 2015 and 2014, respectively, relates to credits and state operating losses that the Company does not expect to realize because they correspond to tax jurisdictions where the Company no longer has significant operations. 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 has incurred a cumulative U.S. profit exclusive of reversing temporary differences over the three years ended December 31, 2015 of $7.1 million. The Company’s domestic deferred tax assets have a ratable reversal pattern over 15 years. The carry forward 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 carry forward period yields a 27.5 year average period over which future income can be utilized to realize the deferred tax assets. The future domestic income required to realize the $13.1 million of net deferred U.S. tax assets over that period is $35.0 million. The result is that $1.3 million a year on average ($35.0 million/27.5 years) of income is required over the next 27.5 years to realize the net deferred tax assets. In the Company’s judgment, an average of $1.3 million per year of income over an extended 27.5 year period represents a threshold that is unlikely to require extraordinary or unusual one-time events or actions on the Company’s part to meet. The Company’s estimate of future income over the recovery period is sufficient to realize the deferred tax assets. Based on the evaluation of these factors taken as a whole, the Company believes that the positive evidence in the form of (i) a 27.5 year future recovery period, (ii) a modest average future annual income requirement of $1.3 million is unlikely to require extraordinary or unusual one-time events or actions on the Company’s part to meet, and (iii) its estimate of future income, outweigh the negative evidence of a cumulative taxable loss from operations exclusive of reversing temporary differences over the last three years. Therefore, the Company believes that the net deferred tax asset exclusive of the credits and state net operating losses is more likely than not to be realized. Accounting for Uncertainty for Income Taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2015 2014 Beginning of period $ 807 $ 1,539 Addition related to tax positions in current year 43 47 Reversals 0 (779 ) End of period $ 850 $ 807 Included in the balance of total unrecognized tax benefits at December 31, 2015 are potential benefits of $0.8 million that, if recognized, would affect the effective rate on income before taxes. During 2014, the Company recognized tax benefits of $0.8 million related to the reversal of liabilities related to tax positions for research credits and foreign withholding taxes. 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 recognizes all interest and penalties, including those relating to unrecognized tax benefits as income tax expense. The Company’s income tax expense related to interest and penalties includes $0, $0, and $22 for the years ended December 31, 2015, 2014, and 2013, respectively for unrecognized tax benefits. Audits The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. The Company’s U.S. federal tax returns remain subject to examination for 2012 and subsequent periods. The Company’s state tax returns remain subject to examination for 2012 and subsequent periods. The Company’s foreign tax returns remain subject to examination for 2009 and subsequent periods. Summary of Carryforwards At December 31, 2015, the Company has a federal net operating loss carryforward of $7.9 million that expires between 2032 and 2034, state net operating loss carryforwards of $8.1 million that expire between 2024 and 2034. Of the $7.9 million net operating loss, $1.7 million is related to stock-based compensation tax deductions in excess of book compensation expense (APIC NOLs) that will be credited to additional paid in capital when such deductions reduce taxes payable as determined on a “with-and-without” basis. The Company’s state net operating losses consist of tax deductible expenses in addition to excess tax benefits for stock-based compensation. Additionally, the Company has $1.5 million of state research credits with no expiration. Investment in Foreign Operations The Company provided additional U.S. income taxes of $0.1 million related to the expected repatriation of earnings from its subsidiary in Israel. The Company expects to cease operations of this subsidiary in 2016. The Company has not provided deferred U.S. income taxes and foreign withholding taxes on approximately $2.8 million of undistributed cumulative earnings of other foreign subsidiaries because the Company considers such earnings to be permanently reinvested in those operations. Upon repatriation of these earnings, the Company would be subject to U.S. income tax, net of available foreign tax credits. The Company does not believe that the net tax effect of repatriation of foreign earnings is significant. Tangible Property Regulations On September 13, 2013, the U. S. Treasury Department and the IRS issued final regulations providing comprehensive guidance on the tax treatment of costs incurred to acquire, repair or improve tangible property. The final regulations are generally effective for taxable years beginning on or after January 1, 2014. On January 24, 2014, the IRS issued procedural guidance pursuant to which taxpayers will be granted automatic consent to change their tax accounting methods to comply with the final regulations. These regulations did not have a material impact on the Company’s financial condition, results of operations or cash flows. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Leases The Company has operating leases for facilities through 2020 and office equipment through 2019. The future minimum rental payments under these leases at December 31, 2015, are as follows: Year Amount 2016 1,132 2017 974 2018 927 2019 711 2020 242 Thereafter 21 Future minimum lease payments $ 4,007 The rent expense under leases was approximately $1.1 million, $0.9 million, and $1.0 million for the years ended December 31, 2015, 2014, and 2013, respectively. Capital Leases The Company has capital leases for office and manufacturing equipment. As of December 31, 2015 and 2014, the equipment had cost, accumulated depreciation, and a net book value as follows: December 31, December 31, Cost $ 190 $ 189 Accumulated Depreciation (48 ) (16 ) Net Book Value $ 142 $ 173 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 2016 41 2017 40 2018 40 2019 29 2020 4 Total minimum payments required: 154 Less amount representing interest: 12 Present value of net minimum lease payments: $ 142 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 December 31, 2015, and $0.1 million at December 31, 2014, respectively, and is included within accounts receivable on the consolidated balance sheet. The Company offers repair and replacement warranties of primarily five years for antenna products and for scanning receivers. 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 December 31, 2015 and 2014, respectively, and is included in other accrued liabilities in the accompanying consolidated balance sheets. Year Ended December 31, 2015 2014 Beginning balance $ 304 $ 305 Provisions for warranties 60 124 Consumption of reserves (16 ) (125 ) Ending balance $ 348 $ 304 Contingent Consideration As part of the acquisition of the business from Nexgen, the purchase consideration included a contingent payment that was dependent on the achievement of revenue-based goals pertaining to the acquired business for the period commencing on March 1, 2015 and ending on April 30, 2016. As part of the Nexgen APA Amendment, the parties revised the terms of the contingent consideration. The measurement period for the revised earnout commenced on January 1, 2016 and ends on December 31, 2016 and is dependent on software revenue-based goals pertaining to the acquired business. The Company estimated that the contingent liability would be 0 at December 31, 2015. See Note 4 for information related to the Nexgen APA Amendment. Legal Proceedings Settlement with TelWorx Parties 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 and the assumption of certain specified liabilities of the TelWorx Entities on July 9, 2012 (the “Acquisition”). 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 the Sellers each agreed to execute mutual releases of all claims arising in connection with the dispute; and • The Company acquired an option to terminate the facility lease in Lexington, North Carolina with Scronce Real Estate, LLC (which is controlled by the 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. 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. As part of the Acquisition, the Company executed a five-year lease with Scronce Real Estate, LLC for the continued use of an operating facility and offices in Lexington, which provided for annual rental payments of approximately $0.2 million. In May 2013, the Company gave notice of its election to exercise its option to terminate the Lexington facility lease, with termination effective October 31, 2013. Settlement with Other Parties on the TelWorx Acquisition The Company also engaged in efforts to seek further restitution from two other parties used by the TelWorx Parties for professional services in their sale of the business to the Company. On September 30, 2014, the Company settled in cash with one party for $0.1 million and on October 10, 2014, the Company settled with the other party in cash for $0.8 million. The Company recorded the settlements as income in the quarters ended September 30, 2014 and December 31, 2014, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 9. Shareholders’ Equity Common Stock The activity related to common shares outstanding for the years ended December 31 st 2015 2014 2013 Beginning of year 18,571 18,566 18,515 Issuance of common stock on exercise of stock options net of stock swaps 35 58 91 Issuance of restricted common stock and performance shares, net of cancellations 916 183 49 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 134 101 113 Cancellation of stock for withholding tax for vested shares (59 ) (121 ) (142 ) Common stock buyback (1,943 ) (216 ) (60 ) End of Year 17,654 18,571 18,566 Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock in one or more series, each with a par value of $0.001 per share. As of December 31, 2015 and 2014, no shares of preferred stock were issued or outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Plans Common Stock Reserved for Future Issuance At December 31, 2015, the Company had 5,400,264 shares of common stock that could potentially be issued under various stock-based compensation plans described in this footnote. A summary of the reserved shares of common stock for future issuance are as follows: December 31, 2015 2014 1997 Stock Plan 4,712,576 2,835,151 2001 Stock Plan 50,530 68,810 Employee Stock Purchase Plan 637,158 770,765 Total shares reserved 5,400,264 3,674,726 These amounts include the shares available for grant and the options outstanding. 1997 Stock Plan The Board of Directors may grant to employees, directors and consultants restricted stock, options to purchase common stock, or stock purchase rights at terms and prices determined by the Board under the 1997 Stock Plan which expires in 2016. Under the 1997 Stock Plan, each restricted share award consumes 1.78 of shares available and each stock option award consumes 1.0 share available. As of December 31, 2015, options to acquire 1,169,912 shares were outstanding and a total of 3,542,664 shares remain available for future grants. 2001 Non-Statutory Stock Option Plan Options granted under the 2001 Plan are exercisable at any time within ten years from the date of grant or within ninety days of termination of employment. In June 2010 the stockholders approved certain changes to the 1997 Stock Plan that included the following: (i) there would be no additional grants from the 2001 Stock Plan; and (ii) any shares returned (or that would have otherwise returned) to the 2001 Plan would be added to the shares of common stock authorized for issuance under the 1997 Stock Plan. The 2001 Plan terminated in August 2011, and options to acquire 50,530 shares were outstanding at December 31, 2015. Employee Stock Purchase Plan Under the Company’s Employee Stock Purchase Plan (“ESPP”), eligible employees can 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. In June 2014, the Company’s shareholders approved an amended and restated ESPP. Under the restated ESPP, the number of shares authorized for issuance was increased by 750,000 and the expiration date of the ESPP was modified from March 2017 to the date that all shares authorized have been granted. As of December 31, 2015, the Company had 637,158 shares remaining that can be issued under the Purchase Plan. Stock-Based Compensation Expense The consolidated statements of operations include $1.9 million, $3.3 million, and $3.4 million of stock compensation expense for the years ended December 31, 2015, 2014, and 2013, respectively. Stock compensation expense for the year ended December 31, 2015, consisted of $1.8 million for service-based restricted stock and restricted stock unit awards and $0.6 million for stock option and stock purchase plan expenses, offset by a $0.5 million benefit related to expense reversals for performance-based stock awards. Stock compensation expense for the year ended December 31, 2014, consisted of $1.5 million for service-based restricted stock and restricted stock unit awards, $1.2 million for stock option and stock purchase plan expenses, and $0.6 million for performance-based stock awards. Stock compensation expense for the year ended December 31, 2013, consisted of $2.3 million for service-based restricted stock and restricted stock unit awards, $0.9 million for stock option and stock purchase plan expenses, and $0.2 million for performance-based stock awards. The Company did not capitalize any stock compensation expense during the years ended December 31, 2015, 2014, and 2013. The stock-based compensation expense by type is as follows: Years Ended December 31, 2015 2014 2013 Service-based awards $ 1,813 $ 1,468 $ 2,332 Stock option and employee purchase plans 562 1,192 883 Performance-based shares and stock options (510 ) 616 226 $ 1,865 $ 3,276 $ 3,441 The stock-based compensation is reflected in the consolidated statements of operations as follows: Years Ended December 31, 2015 2014 2013 Cost of revenues $ 370 $ 426 $ 390 Research and development 419 659 689 Sales and marketing 238 661 575 General and administrative 838 1,530 1,786 Total continuing operations 1,865 3,276 3,440 Discontinued operations 0 0 1 Total $ 1,865 $ 3,276 $ 3,441 Restricted Stock - Serviced Based The Company grants restricted shares as employee incentives. When service-based restricted stock is granted to employees, the Company records deferred stock compensation within additional paid in capital, representing the fair value of the common stock on the date the restricted shares are granted. The Company records stock compensation expense on a straight-line basis over the vesting period of the applicable service-based restricted shares. These grants vest over various periods, but typically vest over four years. During the years ended December 31, 2015 and 2014, the Company awarded annual service-based restricted stock to eligible employees. The following table summarizes service-based restricted stock activity for the years ended December 31 st 2015 2014 2013 Unvested Restricted Stock Awards Shares Weighted Shares Weighted Shares Weighted Beginning of year 343,836 $ 7.41 543,021 $ 6.59 940,685 $ 6.24 Shares awarded 1,033,776 6.12 182,407 8.19 23,982 8.26 Shares vested (193,751 ) 7.20 (378,417 ) 6.60 (401,713 ) 5.87 Shares cancelled (133,689 ) 7.90 (3,175 ) 8.28 (19,933 ) 6.68 End of year 1,050,172 $ 6.11 343,836 $ 7.41 543,021 $ 6.59 The intrinsic values of service-based restricted shares that vested were $1.5 million, $3.2 million, and $3.0 million during the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock was approximately $4.3 million, net of estimated forfeitures to be recognized through 2019 over a weighted average period of 1.8 years. Restricted Stock Units – Service Based The Company grants restricted stock units as employee incentives. Restricted stock units are primarily granted to foreign employees for long-term incentive purposes. Employee restricted stock units are service-based awards and are amortized over the vesting period. At the vesting date, these units are converted to shares of common stock. The Company records expense on a straight-line basis for restricted stock units. The following summarizes the service-based restricted stock unit activity during the year ended December 31 st 2015 2014 2013 Unvested Restricted Stock Units Shares Weighted Shares Weighted Shares Weighted Beginning of year 4,600 $ 7.47 6,325 $ 6.70 11,925 $ 6.61 Units awarded 22,350 5.62 1,500 8.77 0 0.00 Units vested/Shares awarded (2,475 ) 7.00 (3,225 ) 6.56 (4,475 ) 6.46 Units cancelled (1,750 ) 7.91 0 0.00 (1,125 ) 6.77 End of year 22,725 $ 5.65 4,600 $ 7.47 6,325 $ 6.70 The intrinsic values of service-based restricted stock units that vested were $20, $27, and $34 during the years ended December 31, 2015, 2014, and 2013, respectively. The Company recorded stock compensation expense of $22, $21, and $25 for restricted stock units in the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units was $92, net of estimated forfeitures to be recognized through 2019 over a weighted average period of 1.5 years Stock Options The Company grants stock options to purchase common stock as long-term incentives. The Company issues stock options with exercise prices no less than the fair value of the Company’s stock on the grant date. Employee options are subject to installment vesting typically over a period of four 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. Prior to July 2010, the Company primarily granted stock options with a ten-year life. Beginning with options granted in July 2010, the Company grants stock options with a seven-year life. During 2013, the Company issued its annual long-term incentive awards in the form of stock options, and during the years ended December 31, 2015, 2014, and 2013, the Company awarded stock options to eligible new employees for incentive purposes. A summary of the Company’s stock option activity for the years ended December 31 st 2015 2014 2013 Options Weighted Options Weighted Options Weighted Beginning of Year 1,357,928 $ 7.81 1,461,559 $ 8.40 1,099,106 $ 9.06 Options granted 185,000 7.61 25,800 8.19 698,050 7.23 Options granted from stock option rights 0 0.00 207,236 7.16 0 0.00 Options exercised (35,134 ) 7.25 (74,463 ) 7.46 (164,079 ) 7.84 Options forfeited (141,722 ) 7.46 (10,144 ) 7.98 (40,783 ) 6.86 Options cancelled/expired (145,630 ) 8.75 (252,060 ) 10.86 (130,735 ) 8.85 End of Year 1,220,442 $ 7.72 1,357,928 $ 7.81 1,461,559 $ 8.40 Exercisable 764,546 $ 7.97 643,810 $ 8.46 759,284 $ 9.51 During the year ended December 31, 2015, the Company received proceeds of $0.3 million from the exercise of 35,134 options. The intrinsic value of these options exercised was $34. During the year ended December 31, 2014, the Company received proceeds of $0.6 million from the exercise of 74,463 options. The intrinsic value of these options exercised was $72. During the year ended December 31, 2013, the Company received proceeds of $1.3 million from the exercise of 164,079 options. The intrinsic value of these options exercised was $252. The range of exercise prices for options outstanding and exercisable at December 31, 2015, was $5.50 to $11.00. The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted- Number Weighted $ 5.50 — $ 6.00 32,379 6.46 $ 5.90 3,180 $ 5.64 6.01 — 6.50 16,267 3.29 6.23 13,786 6.23 6.51 — 7.00 37,522 2.40 6.85 34,908 6.86 7.01 — 7.50 715,546 4.01 7.18 406,293 7.17 7.51 — 8.00 24,250 4.66 7.78 11,009 7.81 8.01 — 8.50 123,244 4.91 8.17 28,574 8.44 8.51 — 9.00 31,750 0.92 8.76 28,523 7.76 9.01 — 9.50 182,584 0.74 9.19 182,323 9.19 9.51 — 10.00 16,000 2.79 9.63 15,050 9.63 10.01 — 11.00 40,900 0.47 10.64 40,900 10.64 $ 5.50 — $ 11.00 1,220,442 3.41 $ 7.72 764,546 $ 7.97 The weighted average contractual life and intrinsic value at December 31, 2015, was the following: Weighted Intrinsic Options Outstanding 3.41 $ 0 Options Exercisable 2.54 $ 0 The intrinsic value is based on the share price of $4.55 at December 31, 2015. 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 at December 31 st 2015 2014 2013 Dividend yield 4.4 % 2.3 % 1.7 % Risk-free interest rate 0.7 % 0.8 % 0.5 % Expected volatility 34 % 33 % 45 % Expected life (in years) 5.2 5.3 5.8 The fair value of each unvested 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. 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 Company records expense based on the grading vesting method. As of December 31, 2015, the unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $0.3 million, net of estimated forfeitures to be recognized through 2019 over a weighted average period of 1.3 years. Performance-based Equity Awards Performance units The Company issued performance share units to executives in 2014 and 2015. The fair value of these performance share units was calculated based on the stock price on the date of grant. In March 2015, the Company’s Board of Directors approved the 2015 Long-Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, shares can be earned by certain executive employees based upon achievement of revenue goals over a four-year period with a penalty if certain earnings levels are not maintained. The four-year period is divided into two interim periods (each an “Interim Period”), the first of which will end on December 31, 2016, and the second of which will end on December 31, 2018. At the award date, the number of shares that could be earned collectively by all participants at threshold and target were 212,000 and 424,000, respectively. Stock compensation expense is amortized over the performance period for these awards based on estimated achievement of the goals. No expense was recorded during the year ended December 31, 2015 for the 2015 LTIP because the Company does not believe it will meet the revenue threshold for the year ended December 31, 2016. In March 2014, the Company’s Board of Directors approved the 2014 Long-Term Incentive Plan (“2014 LTIP”). Under the 2014 LTIP, shares can be earned by certain executive employees based upon achievement of revenue goals over a four-year period with a penalty if certain profit levels are not maintained. The four-year period is divided into two interim periods (each an “Interim Period”), the first of which will end on December 31, 2015, and the second of which will end on December 31, 2017. The number of shares that could be earned collectively by all participants at threshold and target were 190,000 and 380,000, respectively. Stock compensation expense is amortized over the performance period for these awards based on estimated achievement of the goals. No expense was recorded for the 2014 LTIP because the Company did not meet the revenue threshold for the year ended 2015. Unvested awards of 162,000 related to the Interim Period ended December 31, 2015 were cancelled in December. The following summarizes the performance unit activity during the years ended December 31 st 2015 2014 2013 Unvested Performance Units Awards Weighted Awards Weighted Awards Weighted Beginning of Year 380,000 $ 8.47 0 $ 0.00 147,250 $ 7.04 Units awarded 431,000 7.49 380,000 8.47 0 0.00 Units vested (13,202 ) 7.98 0 0.00 0 0.00 Units cancelled (242,798 ) 8.34 0 0.00 (147,250 ) 7.04 End of Year 555,000 $ 7.78 380,000 $ 8.47 0 $ 0.00 The number of awards presented in the table above is based on achievement at target. The intrinsic value of performance units that vested during the year ended December 31, 2015 was $82. Performance stock option rights For the Company’s 2013 Long-Term Incentive Plan, the Company awarded 182,500 performance-based retention stock option rights to executive officers with a weighted average grant date fair value of $2.83 in April 2013. The number of options granted was based on the target for the Company’s 2013 revenue goal. In March 2014, the Company awarded 207,236 stock options because the Company exceeded the target revenue goal for 2013. These options will vest between two and four years beginning in April 2014. The Company records expense for these retention stock options on the grading vested method based on 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 year ended December 31, 2014: 2014 Retention Stock Option Rights Stock Weighted Beginning of Year 182,500 $ 7.16 Stock option rights granted 24,736 7.16 Stock options granted (207,236 ) 7.16 End of Year 0 $ 0.00 Exercisable 0 $ 0.00 Employee Stock Purchase Plan The following summarizes the Purchase Plan activity during the years ended December 31 st 2015 2014 2013 Shares Weighted Shares Weighted Shares Weighted Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 Granted 133,607 1.35 100,608 1.88 112,965 2.24 Vested (133,607 ) 1.35 (100,608 ) 1.88 (112,965 ) 2.24 Outstanding, end of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 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 recognized compensation expense of $0.2 million for the years ended December 31, 2015 and 2014, respectively and $0.3 million for the year ended December 31, 2013. 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: Employee Stock 2015 2014 2013 Dividend yield 3.4 % 2.2 % 1.7 % Risk-free interest rate 0.6 % 0.3 % 0.3 % Expected volatility 34 % 38 % 51 % Expected life (in years) 0.5 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 remaining term that approximates the expected life of the options granted. The dividend yield rate is calculated by dividing the Company’s annual dividend by the closing price on the grant date. 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. Board of Director Equity Awards The Company grants equity awards to member of its Board of Directors for an annual retainer and for committee services in either shares of the Company’s stock or restricted stock units. These awards vest immediately. New directors receive time-based restricted shares which vest over three years. During the year ended December 31, 2015, the Company issued 37,379 shares of the Company’s stock with a fair value of $277 which vested immediately to the directors. During the year ended December 31, 2014, the Company issued 35,555 shares of the Company’s stock with a fair value of $277 which vested immediately to the directors. During the year ended December 31, 2013, the Company issued 38,812 shares of the Company’s stock with a fair value of $307 which vested immediately to the Directors. 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. For withholding taxes related to stock awards, the Company paid $0.4 million during the year ended December 31, 2015, and $1.0 million during the years ended December 31, 2014 and 2013. |
Stock Repurchases
Stock Repurchases | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Stock Repurchases | 11. Stock Repurchases All share repurchase programs are authorized by the Company’s Board of Directors and are announced publicly. On March 18, 2013, the Board of Directors approved a share repurchase program of $5.0 million. On May 6, 2014, the Board of Directors extended this stock buyback program through September 2014. On November 13, 2014, the Board of Directors approved a share repurchase program of up to 926,000 of the Company’s outstanding shares that will expire on the earlier of the date that the total shares are repurchased or November 13, 2016. On April 20, 2015, the Board of Directors authorized an increase to the share repurchase program to purchase another 500,000 shares of stock. Additionally, on August 10, 2015, the Board of Directors authorized another increase to the share repurchase program to purchase an additional 1,300,000 shares, for a total of 2,726,000 shares. The Company repurchased 1,942,788 shares at an average price of $6.22 during the year ended December 31, 2015. At December 31, 2015, the Company had 783,212 shares that could still be repurchased under these programs. The following table is a summary of the share repurchases for the years ended December 31 st Year Shares Amount Avg price 2013 59,510 $ 435 $ 7.31 2014 215,650 $ 1,651 $ 7.66 2015 1,942,788 $ 12,079 $ 6.22 |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment, Customer and Geographic Information | 12. Segment, Customer and Geographic Information PCTEL operates in two segments for reporting purposes. 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. 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 following tables are the segment operating profits and cash flow information for the year ended December 31, 2015 and December 31, 2014, respectively, and the segment balance sheet information as of December 31, 2015 and December 31, 2014: Year Ended December 31, 2015 Connected RF Solutions Corporate Total REVENUES $ 69,579 $ 37,255 ($ 219 ) $ 106,615 GROSS PROFIT 20,426 16,803 32 37,261 OPERATING INCOME (LOSS) $ 5,040 ($ 298 ) ($ 10,498 ) ($ 5,756 ) Depreciation $ 1,706 $ 1,108 $ 271 $ 3,085 Intangible amortization $ 811 $ 2,615 $ 0 $ 3,426 Capital expenditures $ 954 $ 997 $ 151 $ 2,102 As of December 31, 2015 Connected RF Solutions Corporate Total Accounts receivable $ 12,875 $ 8,126 $ 0 $ 21,001 Inventories $ 15,507 $ 2,089 $ 0 $ 17,596 Long-lived assets: Property and equipment, net $ 10,250 $ 2,985 $ 604 $ 13,839 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 425 $ 10,953 $ 0 $ 11,378 Deferred tax assets, net $ 0 $ 0 $ 13,155 $ 13,155 Other noncurrent assets $ 0 $ 0 $ 40 $ 40 Year Ended December 31, 2014 Connected RF Solutions Corporate Total REVENUES $ 72,333 $ 35,113 ($ 282 ) $ 107,164 GROSS PROFIT 22,818 20,743 26 43,587 OPERATING INCOME (LOSS) $ 7,357 $ 7,333 ($ 10,586 ) $ 4,104 Depreciation $ 1,700 $ 795 $ 344 $ 2,839 Intangible amortization $ 1,151 $ 816 $ 0 $ 1,967 Capital expenditures $ 1,173 $ 1,328 $ 41 $ 2,542 As of December 31, 2014 Connected RF Solutions Corporate Total Accounts receivable $ 15,947 $ 7,927 $ 0 $ 23,874 Inventories $ 14,172 $ 2,186 $ 0 $ 16,358 Long-lived assets: Property and equipment, net $ 11,124 $ 2,987 $ 731 $ 14,842 Goodwill $ 0 $ 161 $ 0 $ 161 Intangible assets, net $ 1,681 $ 956 $ 0 $ 2,637 Deferred tax assets, net $ 0 $ 0 $ 9,710 $ 9,710 Other noncurrent assets $ 0 $ 0 $ 40 $ 40 Year Ended December 31, 2013 Connected RF Solutions Corporate Total REVENUES $ 74,223 $ 30,310 ($ 280 ) $ 104,253 GROSS PROFIT 22,720 19,018 22 41,760 OPERATING INCOME (LOSS) $ 6,012 $ 7,248 ($ 12,964 ) $ 296 Depreciation $ 1,785 $ 570 $ 315 $ 2,670 Intangible amortization $ 1,573 $ 827 $ 0 $ 2,400 Capital expenditures $ 1,505 $ 1,251 $ 203 $ 2,959 The Company’s revenues attributable to products and services are as follows: Years Ended December 31, 2015 2014 2013 Revenues: Products $ 90,337 $ 96,346 $ 97,722 Services 16,278 10,818 6,531 Total revenues $ 106,615 $ 107,164 $ 104,253 Years Ended December 31, 2015 2014 2013 Cost of revenues: Products $ 54,561 $ 55,813 $ 57,387 Services 14,793 7,764 5,106 Total cost of revenues $ 69,354 $ 63,577 $ 62,493 The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2015 2014 2013 Europe, Middle East, & Africa 10 % 11 % 13 % Asia Pacific 9 % 11 % 10 % Other Americas 6 % 5 % 6 % Total Foreign sales 25 % 27 % 29 % Total Domestic sales 75 % 73 % 71 % 100 % 100 % 100 % There were no customers that accounted for 10% or greater of revenues during the years ended December 31, 2015 and December 31, 2014. At December 31, 2015 and 2014, no customer accounts receivable balance represented 10% or greater of gross receivable. The long-lived assets by geographic region are as follows: December 31, 2015 2014 2013 United States $ 23,741 $ 26,436 $ 30,682 All Other 994 954 922 $ 24,735 $ 27,390 $ 31,604 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | 13. Benefit Plans The Company’s 401(k) plan covers all of the U.S. employees beginning the first of the month following the first month of their employment. Under this plan, employees may elect to contribute up to 15% of their current compensation to the 401(k) plan up to the statutorily prescribed annual limit. The Company may make discretionary contributions to the 401(k) plan. For the year ended December 31, 2015, contributions of $55 was related to employees from the acquisition of the business from Nexgen. The Company also contributes to various defined contribution retirement plans for foreign employees. The Company’s contributions to retirement plans were as follows: Year Ended December 31, 2015 2014 2013 PCTEL, Inc. 401(k) Profit sharing Plan - US employees $ 757 $ 666 $ 584 Defined contribution plans - foreign employees 345 332 259 Total $ 1,102 $ 998 $ 843 Executive Deferred Compensation Plan Through December 2013, the Company provided an Executive Deferred Compensation Plan (“EDCP”) for executive officers, senior managers and directors. Under the EDCP, the executives could select to defer up to 50% of salary and up to 100% of cash bonuses. In addition, the Company provided a 4% matching cash contribution which vests depending upon the number of completed years of participation in the EDCP. The Company funded the obligation related to the EDCP with corporate-owned life insurance policies. The executive had a choice of investment alternatives from a menu of mutual funds offered by the insurance company. In November 2012, the Company’s Board of Directors authorized the termination of the EDCP and on December 27, 2013, the plan was terminated. The funds at the life insurance company were remitted to the Company and subsequently invested by the Company to fund the obligation. At December 31, 2014, the value of the Company’s investment account to fund EDCP obligations was $2.1 million, included in cash equivalents and short-term investments in the consolidated balance sheets. The funds from the insurance company were received by the Company in January 2014 following the termination of the plan in December 2013. As such, $1.9 million was included in prepaid assets and other receivables on the balance sheet at December 31, 2013. At December 31, 2014 the deferred compensation obligation was $2.0 million, included in accrued liabilities in the consolidated balance sheets. Each participant received the value of his or her account in January 2015. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 14. Quarterly Data (Unaudited) Quarters Ended, March 31, June 30, September 30, December 31, Revenues $ 26,326 $ 27,625 $ 26,526 $ 26,138 Gross profit 10,169 9,350 8,463 9,279 Operating loss (96 ) (1,665 ) (2,221 ) (1,774 ) (Loss) Income before income taxes (52 ) 540 (1,687 ) (1,270 ) Net (loss) income ($ 33 ) $ 347 ($ 1,062 ) ($ 820 ) (Loss) Earnings per Share: Basic $ 0.00 $ 0.02 ($ 0.06 ) ($ 0.05 ) Diluted $ 0.00 $ 0.02 ($ 0.06 ) ($ 0.05 ) Weighted Average Shares: Basic 18,312 18,257 17,626 16,820 Diluted 18,312 18,408 17,626 16,820 Quarters Ended, March 31, June 30, September 30, December 31, Revenues $ 23,656 $ 26,181 $ 27,932 $ 29,395 Gross profit 9,582 10,850 11,394 11,761 Operating (loss) income (422 ) 545 2,096 1,885 (Loss) Income before income taxes (225 ) 879 2,304 2,812 Net (loss) income ($ 146 ) $ 545 $ 2,218 $ 1,995 (Loss) Earnings per Share: Basic ($ 0.01 ) $ 0.03 $ 0.12 $ 0.11 Diluted ($ 0.01 ) $ 0.03 $ 0.12 $ 0.11 Weighted Average Shares: Basic 18,176 18,165 18,112 18,154 Diluted 18,176 18,291 18,271 18,412 The quarterly information for 2015 includes reclassifications between cost of revenues and operating expenses for intangible amortization. The Company reclassified $20 from operating expense to cost of revenues for the quarter ended March 31, 2015, reclassified $0.2 million from operating expenses to cost of revenues for the quarters ended June 30, 2015 and September 30, 2015, respectively, and reclassified $0.4 million from cost of revenues to operating expenses for the quarter ended December 31, 2015. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | 15. Related Parties Commencing July 9, 2012 through October 2013, 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 8 – Commitments and Contingencies above. The Company, through its wholly owned subsidiary PCTelWorx, Inc. (“PCTelWorx”), purchased certain of 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. In May 2013, the Company gave notice of early termination of the lease which became effective October 31, 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. Through October 2013, the Company’s lease for its Melbourne, Florida office was 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 October 31, 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. The Company leased its Pryor, Oklahoma facility from American Tradition Custom Steel LLC, of which Aaron Jarvis is a member. Mr. Jarvis was the operations manager for the Company’s mobile tower business. Mr. Jarvis was separated from employment with the Company in September 2015, and the lease terminated on October 31, 2015. Effective October, 2015, Mr. Jarvis provides warranty support as a contractor for the mobile towers product line. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 16. Accumulated Other Comprehensive Income Accumulated other comprehensive income (loss) of ($15) and $135 at December 31, 2015 and December 31, 2014, respectively, consists of foreign currency translation adjustments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. 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 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. Except as described below, there were no other subsequent events or transactions that required recognition or disclosure in the consolidated financial statements. Restructuring Through March 10, 2015, the Company eliminated the positions of 16 employees to reduce costs in RF Solutions. The Company also exercised its option to terminate its Schaumburg lease as of August 31, 2016. The Company paid a termination fee of $57. With the termination, lease obligations will decline by $0.3 million. The employees in the Company’s Schaumburg office will be relocated to the Bloomingdale office. Stock Repurchases The Company repurchased 783,212 shares at an average price of $5.23 during the three months ended March 31, 2016. As of March 10, 2015, there were no additional shares yet to be purchased under publicly announced share repurchase programs. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | PCTEL, INC. (in thousands) Balance at Charged to Addition Balance at Year Ended December 31, 2013: Allowance for doubtful accounts $ 222 130 (222 ) $ 130 Warranty reserves $ 270 192 (157 ) $ 305 Deferred tax asset valuation allowance $ 662 (22 ) 0 $ 640 Year Ended December 31, 2014: Allowance for doubtful accounts $ 130 48 (57 ) $ 121 Warranty reserves $ 305 124 (125 ) $ 304 Deferred tax asset valuation allowance $ 640 (7 ) 0 $ 633 Year Ended December 31, 2015: Allowance for doubtful accounts $ 121 205 (12 ) $ 314 Warranty reserves $ 304 60 (16 ) $ 348 Deferred tax asset valuation allowance $ 633 26 0 $ 659 |
Organization and Summary of S26
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations PCTEL, Inc. (“PCTEL”, the “Company”, “we”, “ours”, and “us”) delivers P C Tel |
Segment Reporting | Segment Reporting PCTEL operates in two segments for reporting purposes, Connected Solutions and RF Solutions. 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. Each segment 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. Connected Solutions Segment Connected Solutions designs and delivers performance critical antennas and site solutions for wireless networks globally. The Company’s antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, healthcare, small cell and network timing deployment, defense, public safety, education, and broadband access. PCTEL’s performance critical MAXRAD ® 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. The Company seeks 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 RF Solutions develops and provides performance critical test equipment, software, and engineering services for wireless networks. The industry relies upon PCTEL to benchmark network performance, analyze trends, and optimize wireless networks. SeeGull ® On February 27, 2015, PCTEL, Inc. acquired substantially all of the assets of, and assumed certain specified liabilities of, Nexgen Wireless, Inc. (“Nexgen”), pursuant to an Asset Purchase Agreement dated as of February 27, 2015. The business acquired from Nexgen is based in Schaumburg, Illinois. Nexgen provides a network analysis tool portfolio now known as SeeHawk ® 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 These consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. On April 30, 2013, the Company divested all material assets associated with its PCTEL Secure, LLC 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 $10.0 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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. |
Foreign Operations | Foreign Operations 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 year-end exchange rate for assets and liabilities and average monthly rates for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the consolidated statements of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $33, $49, and $26 in the years ended December 31, 2015, 2014, and 2013, respectively. |
Fair Value of Financial Instruments | 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. |
Cash and Cash equivalents | Cash and Cash equivalents At December 31, 2015, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At December 31, 2015 and 2014, the Company’s cash equivalents were invested in highly liquid AAA rated money market funds that are required to comply with Rule 2a-7 under 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 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 limit of $250. At December 31, 2015, the Company had $6.1 million in cash and $1.0 million in cash equivalents and at December 31, 2014, the Company had $19.7 million in cash and $0.7 million in cash equivalents. The Company had $1.3 million and $0.5 million of cash and cash equivalents in foreign bank accounts at December 31, 2015 and at December 31, 2014, respectively. The Company plans to repatriate its cash from its subsidiary in Israel during 2016 because we expect to cease operations of this subsidiary during 2016. The Company expects to incur incremental income tax of $0.1 million related to the repatriation of the funds from Israel. The Company does not expect the foreign currency exchange related to the repatriation of these funds to have a material impact on the financial statements. As of December 31, 2015, the Company had no intentions of repatriating the cash in its foreign bank accounts in the U.K. or China. If the Company decides to repatriate the cash in the foreign bank accounts, it may experience difficulty in doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. The Company’s cash in its foreign bank accounts is not insured. |
Investments | Investments At December 31, 2015 and 2014, the Company’s short-term investments consisted of pre-refunded municipal bonds, U.S. government agency bonds, AA or higher rated corporate bonds and certificates of deposit, all classified as held-to-maturity. At December 31, 2014, the Company’s short-term investments also included mutual funds classified as available-for-sale and recorded at fair value. At December 31, 2015, the Company had invested $7.6 million in AA rated or higher corporate bond funds, $7.5 million in pre-refunded municipal bonds and taxable bond funds, $7.0 million in U.S. government agency bonds, $2.7 million in certificates of deposit. The income and principal from the pre-refunded municipal bonds is secured by an irrevocable trust of U.S. Treasury securities. The bonds have original maturities greater than 90 days and mature in 2015. The Company’s bonds are recorded at the purchase price and carried at amortized cost. The net unrealized gains (losses) were approximately $1 and $(5) at December 31, 2015 and December 31, 2014, respectively. Approximately 11% and 5% of the Company’s bonds were protected by bond default insurance at December 31, 2015 and 2014, respectively. At December 31, 2014, the Company had invested $13.5 million in U.S. government agency bonds, $11.8 million in certificates of deposit, $7.2 million in AA rated or higher corporate bond funds, $5.2 million in pre-refunded municipal bonds and taxable bond funds, and $2.0 million in mutual funds. The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 1. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds and other cash equivalents $ 978 $ 0 $ 0 $ 978 $ 701 $ 0 $ 0 $ 701 Investments: Corporate bonds 0 7,558 0 7,558 0 7,155 0 7,155 Pre-refunded municipal bonds 0 7,497 0 7,497 0 5,162 0 5,162 US government agency bonds 0 7,008 0 7,008 0 13,502 0 13,502 Certificates of deposit 2,666 0 0 2,666 11,782 0 0 11,782 Mutual funds 0 0 0 0 1,971 0 0 1,971 Total $ 3,644 $ 22,063 $ 0 $ 25,707 $ 14,454 $ 25,819 $ 0 $ 40,273 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount with standard net terms for most customers that range between 30 and 60 days. The Company extends credit to its customers based on an evaluation of a company’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 $0.3 million and $0.1 million at December 31, 2015 and 2014, respectively. The provision for doubtful accounts is included in sales and marketing expense in the consolidated statements of operations. |
Inventories | 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 December 31, 2015 and 2014 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory of $0.7 million and $0.8 million at December 31, 2015 and 2014, 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. Reserves for excess inventory are calculated based on our estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on our identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $2.2 million and $1.8 million as of December 31, 2015 and 2014, respectively. Inventories consisted of the following: December 31, December 31, 2015 2014 Raw materials $ 11,012 $ 10,160 Work in process 917 915 Finished goods 5,667 5,283 Inventories, net $ 17,596 $ 16,358 |
Prepaid and other current assets | 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 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 computers 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 consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: December 31, December 31, 2015 2014 Building $ 6,227 $ 6,229 Computers and office equipment 10,931 10,435 Manufacturing and test equipment 12,826 11,880 Furniture and fixtures 1,273 1,214 Leasehold improvements 1,001 909 Motor vehicles 42 117 Total property and equipment 32,300 30,784 Less: Accumulated depreciation and amortization (20,231 ) (17,712 ) Land 1,770 1,770 Property and equipment, net $ 13,839 $ 14,842 Depreciation and amortization expense was approximately $3.1 million, $2.8 million, and $2.7 million for the years ended December 31, 2015, 2014, and 2013, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 8 for information related to capital leases. |
Revenue Recognition | Revenue Recognition The Company sells antennas, site solutions, and scanning receiver products, and provides network engineering and staffing services. The Company recognizes revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed and determinable, and collectability is reasonably assured. The Company recognizes revenue for sales of its products when title transfers, which is predominantly upon shipment from its factory. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. The Company allows its major antenna product distributors to return product under specified terms and conditions and accrues for product returns. The Company recognizes revenue for its engineering services under the completed performance method. Most services occur in one week or less, and revenue is generally recognized when engineering reports are completed and issued to the customer. For specialized staffing, the Company recognizes revenue as services are provided to the customer. |
Research and Development Costs | Research and Development Costs The Company expenses research and development costs as incurred. To date, the Company has expensed all software development costs related to research and development because the costs incurred subsequent to the products reaching technological feasibility were not significant. |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense was $212, $175, and $166 in each of the fiscal years ended December 31, 2015, 2014, and 2013, respectively. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets, which are not likely to be realized. On a regular basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Deferred tax assets arise when the Company recognizes charges or expenses in the financial statements that will not be allowed as income tax deductions until future periods. The deferred tax assets also include unused tax net operating losses and tax credits that the Company is allowed to carry forward to future years. Accounting rules permit the Company to carry the deferred tax assets on the balance sheet at full value as long as it is more likely than not the deductions, losses, or credits will be used in the future. A valuation allowance must be recorded against a deferred tax asset if this test cannot be met. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Sales and Value Added Taxes | Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in cost of sales in the accompanying consolidated statements of operations. |
Shipping and handling costs | Shipping and handling costs Shipping and handling costs are included on a gross basis in cost of sales in the accompanying consolidated statements of operations. |
Goodwill | Goodwill 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 the 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 the 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. The process of evaluating the potential impairment of goodwill is subjective because it requires the use of estimates and assumptions in determining a reporting unit’s fair value. The Company calculates the fair value of each reporting unit by using the income approach based on the present value of future discounted cash flows. The discounted cash flow method requires the Company to use estimates and judgments about the future cash flows of the reporting units. Although the Company bases cash flow forecasts on assumptions that are consistent with plans and estimates the Company uses to manage the underlying reporting units, there is significant judgment in determining the cash flows attributable to these reporting units, including markets and market share, sales volumes and mix, research and development expenses, tax rates, capital spending, discount rate and working capital changes. Cash flow forecasts are based on reporting unit operating plans for the early years and business projections in later years. The Company believes the accounting estimate related to the valuation of goodwill is a critical accounting estimate because it requires us to make assumptions that are highly uncertain about the future cash flows of the reporting units. Changes in these estimates can have a material impact on the Company’s financial statements. While the use of historical results and future projections can result in different valuations for a business, it is a generally accepted valuation practice to apply more than one valuation technique to establish a range of values for a business. Since each technique relies on different inputs and assumptions, it is unlikely that each technique would yield the same results. However, it is expected that the different techniques would establish a reasonable range. In determining the fair value, the Company weighs the two methods equally because it believes both methods have an equal probability of providing an appropriate fair value. The Company recorded $0.2 million of goodwill related to the business acquired from Envision Wireless, Inc. in 2011 and recorded goodwill of $3.3 million of related to the business acquired from Nexgen Wireless, Inc. in February 2015. There are two reporting units for goodwill testing purposes within the RF Solutions segment, Products and Services. The $3.3 million of goodwill from the Nexgen acquisition was recorded in Products and the $0.2 million of goodwill from the Envision acquisition was recorded in Services. The RF Solutions segment had experienced declining profitability for the three quarters ended September 30, 2015 (See Note 12 for the segment information). The Company considered the decline to be an interim change in circumstances that would indicate that an impairment loss may have been incurred at September 30, 2015. The Company performed a qualitative assessment on both reporting units at September 30, 2015 and determined it was more likely than not that the fair value of each reporting unit was greater than its carrying value, including goodwill. The primary positive evidence considered was a restructuring of costs that is expected to lower the cost structure by several million dollars annually. In addition the Company performed a Step 1 quantitative goodwill test at September 30, 2015 at the lower forecasted cost structure, which confirmed the qualitative assessment. The Company performed its annual goodwill test on both the RF Solutions Products and Services reporting units at October 31, 2015. At that date the carrying value of the Company’s assets was $102.5 million as compared to a $100.0 million market capitalization and a $9.3 million control premium determined by the Company as the net present value of its public company costs that would become cost savings synergies to an acquirer. During the fourth quarter the Products reporting unit was operating consistently with the projections made at September 30, 2015. The Services reporting unit was operating at a lower level than the projections at September 30, 2015. The Company performed a qualitative assessment and concluded it is more likely than not that the fair value of the Products reporting unit is more than its carrying value, including goodwill, and the Services reporting unit is less likely than not. In addition the Company performed a Step 1 quantitative goodwill test for both reporting units at October 31, 2015 which confirmed the qualitative assessments. The Company performed a Step 2 quantitative goodwill test at October 31, 2015 on the Services reporting unit and concluded that all $0.2 million of the goodwill was impaired. The Company’s carrying value at December 31, 2015 was $100.5 million as compared to a market capitalization of $80.3 million and a control premium of $9.3 million. The market cap deficit has existed since mid-November 2015. A stock performance comparison was performed with twelve of the peer companies we use for compensation comparable data that are still publicly traded at December 31, 2015. The company list can be found in the Company’s Proxy Statement dated April 30, 2015. When comparing the period October 31, 2015 to December 31, 2015 eight of the companies experienced stock price declines, two of which were comparable to PCTEL’s decline. Trading volume for all the companies including PCTEL during that period was consistent with historical levels. Management concluded that the market was distressed but liquid. The Company considered the decline in market capitalization and resulting deficit to carrying value to be an indication that an impairment loss may have occurred at December 31, 2015. The Company performed another Step 1 quantitative goodwill test at December 31, 2015. The higher discount rates used for the reporting units reconciled the total fair value of the Company to its December 31, 2015 market capitalization. The test indicated the remaining goodwill was not impaired. For the annual goodwill test as of October 31, 2014, the Company performed a qualitative analysis of goodwill and concluded that there was no triggering event that would necessitate a two-step goodwill impairment test. |
Long-lived and Definite-Lived Intangible assets | Long-lived and Definite-Lived Intangible assets The Company reviews definite-lived intangible assets, investments and other long-lived assets for impairment when events or changes in circumstances indicate that their carrying values may not be fully recoverable. This analysis differs from the Company’s goodwill analysis in that definite-lived intangible asset impairment is only deemed to have occurred if the sum of the forecasted undiscounted future cash flows related to the assets being evaluated is less than the carrying value of the assets. The estimate of long-term undiscounted cash flows includes long-term forecasts of revenue growth, gross margins, and operating expenses. All of these items require significant judgment and assumptions. An impairment loss may exist when the estimated undiscounted cash flows attributable to the assets are less than the carrying amount. As discussed in the goodwill section above, the Company recorded the impairment of all $0.2 million of the goodwill carried by the RF Services reporting unit at the annual impairment test date. Additionally at December 31, 2015 the Services reporting unit forecast had deteriorated from that used in the October 31, 2015 goodwill impairment analysis. Management concluded that these were triggering events indicating that a potential impairment of long lived intangible assets in that reporting unit may have occurred. The Company performed a long lived asset impairment test by comparing the undiscounted future cash flows for the reporting unit to the reporting unit’s asset carrying value. The customer relationships were determined to be the primary asset of the asset group. Since this asset was not separable from the other assets in the reporting group, the asset group consisted of all of the assets in the reporting group. No impairment was indicated. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact the standard may have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes. The amendments in this update require that deferred tax assets and liabilities be entirely classified as noncurrent within the statement of financial position. Effective December 31, 2015, the Company early adopted the balance sheet classification of deferred taxes on a prospective basis. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent. Approximately $1.8 million in current deferred tax assets were reclassified to long-term deferred tax assets at December 31, 2015. See Note 7 for additional details related to income taxes. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory (Topic 330).” The new guidance requires most inventory to be measured at the lower of cost and net realizable value, thereby simplifying the previous guidance under which an entity must measure inventory at the lower of cost or market. Market is defined as replacement cost, net realizable value (“NRV”), or NRV less a normal profit margin. The ASU will not apply to inventory that is measured using either the last-in, first-out method or the retail inventory method. The standard will be effective prospectively for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the provisions of the guidance and has not determined the impact of the adoption of this guidance on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 was issued to clarify that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation - Stock Compensation. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. The adoption of ASU No. 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” which introduces a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has voted to approve a one-year deferral of the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017. The new accounting standard is expected to have an impact to the Company’s consolidated financial statements. The Company is currently evaluating the adoption method options and the impact of the new guidance on our consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements” which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization’s operations and financial results should be presented as discontinued operations. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This update took effect in the first quarter of 2015. The new guidance did not have a material impact on the Company’s consolidated financial statements. |
Organization and Summary of S27
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash and Cash Equivalents and Investments | The Company’s cash and investments consist of the following: December 31, December 31, 2015 2014 Cash $ 6,077 $ 19,731 Cash equivalents 978 701 Short-term investments 24,728 39,577 $ 31,783 $ 60,009 |
Cash Equivalents and Investments Measured at Fair Value | Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds and other cash equivalents $ 978 $ 0 $ 0 $ 978 $ 701 $ 0 $ 0 $ 701 Investments: Corporate bonds 0 7,558 0 7,558 0 7,155 0 7,155 Pre-refunded municipal bonds 0 7,497 0 7,497 0 5,162 0 5,162 US government agency bonds 0 7,008 0 7,008 0 13,502 0 13,502 Certificates of deposit 2,666 0 0 2,666 11,782 0 0 11,782 Mutual funds 0 0 0 0 1,971 0 0 1,971 Total $ 3,644 $ 22,063 $ 0 $ 25,707 $ 14,454 $ 25,819 $ 0 $ 40,273 |
Summary of Inventories | Inventories consisted of the following: December 31, December 31, 2015 2014 Raw materials $ 11,012 $ 10,160 Work in process 917 915 Finished goods 5,667 5,283 Inventories, net $ 17,596 $ 16,358 |
Summary of Property and Equipment | Property and equipment consisted of the following: December 31, December 31, 2015 2014 Building $ 6,227 $ 6,229 Computers and office equipment 10,931 10,435 Manufacturing and test equipment 12,826 11,880 Furniture and fixtures 1,273 1,214 Leasehold improvements 1,001 909 Motor vehicles 42 117 Total property and equipment 32,300 30,784 Less: Accumulated depreciation and amortization (20,231 ) (17,712 ) Land 1,770 1,770 Property and equipment, net $ 13,839 $ 14,842 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, December 31, 2015 2014 Inventory receipts $ 1,628 $ 2,471 Paid time off 1,271 1,247 Payroll, bonuses, and other employee benefits 1,179 1,539 Warranties 348 304 Income and sales taxes 381 266 Professional fees and contractors 305 223 Employee stock purchase plan 280 314 Restructuring 237 0 Real estate taxes 161 181 Deferred revenues 65 1,262 Executive deferred compensation 0 2,043 Other 335 361 Total $ 6,190 $ 10,211 |
Summary of Long-term Liabilities | Long-term liabilities consisted of the following: December 31, December 31, 2015 2014 Deferred rent $ 250 $ 258 Long-term obligations under capital leases 107 135 Deferred revenues 31 55 $ 388 $ 448 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: Years Ended December 31, 2015 2014 2013 Basic (Loss) Earnings Per Share computation: Numerator: Net (loss) income from continuing operations ($ 1,568 ) $ 4,612 $ 3,342 Net loss from discontinued operations $ 0 $ 0 ($ 91 ) Net (loss) income ($ 1,568 ) $ 4,612 $ 3,251 Denominator: Common shares outstanding 17,737 18,159 17,797 (Loss) Earnings per common share - basic (Loss) net income from continuing operations ($ 0.09 ) $ 0.25 $ 0.19 Net loss from discontinued operations $ 0.00 $ 0.00 ($ 0.01 ) (Loss) net income ($ 0.09 ) $ 0.25 $ 0.18 Diluted (Loss) Earnings Per Share computation: Denominator: Common shares outstanding 17,737 18,159 17,797 Restricted shares subject to vesting * 139 232 Performance shares subject to vesting * 80 97 Common stock option grants * 11 58 Total shares 17,737 18,389 18,184 (Loss) Earnings per common share - diluted (Loss) net income from continuing operations ($ 0.09 ) $ 0.25 $ 0.18 Net loss from discontinued operations $ 0.00 $ 0.00 $ 0.00 (Loss) net income ($ 0.09 ) $ 0.25 $ 0.18 * As denoted by “*” in the table above, weighted average common stock option grants and restricted shares of 520,000 were excluded from the calculations of diluted net loss per share for the year ended December 31, 2015, since their effects are anti-dilutive. |
PCTEL Secure - discontinued o29
PCTEL Secure - discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Operations for Discontinued Operations Included in Condensed Consolidated Statement of Operations | Summary results of operations for the discontinued operations included in the condensed consolidated statements of operations are as follows: Year Ended December 31, 2013 Operating loss ($ 191 ) Loss from discontinued operations, before income taxes (191 ) Benefit for income tax (100 ) Loss from discontinued operations, net of tax ($ 91 ) Loss from discontinued operations per common share: Basic ($ 0.01 ) Diluted $ 0.00 Weighted average shares: Basic 17,797 Diluted 18,184 |
Acquisitions (Tables)
Acquisitions (Tables) - Nexgen Wireless, Inc. [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Provisional Allocation of Purchase Price for Assets from Date of Acquisition | The following is the allocation of the purchase price for the assets from Nexgen at the date of the acquisition as of December 31, 2015: Tangible assets: Accounts receivable $ 5,358 Prepaid and other assets 49 Deferred cost of sales 24 Fixed assets 43 Total tangible assets 5,474 Intangible assets: Customer relationships 8,117 Trade names 972 Technology 3,332 Backlog 162 Non-compete 583 Goodwill 3,332 Total intangible assets 16,498 Total assets 21,972 Accounts payable 200 Accrued liabilities 341 Total liabilities 541 Net assets acquired $ 21,431 |
Reconciliation of Assets Acquired with Cash Paid at Closing | A reconciliation of the assets acquired with the cash paid at closing is as follows: Net assets acquired $ 21,431 Due Nexgen - contingent liability (91 ) Due Nexgen - working capital adjustment (840 ) Cash paid at closing $ 20,500 |
Pro Forma Financial Information for Nexgen | The following unaudited pro forma financial information gives effect to the acquisition of the Nexgen business as if the acquisition had taken place on January 1, 2013. The pro forma financial information for Nexgen was derived from the historical accounting records of Nexgen. (unaudited) Year Ended (unaudited) Year Ended (unaudited) Year Ended REVENUES $ 109,573 $ 130,991 $ 119,796 NET (LOSS) INCOME ($ 1,435 ) $ 8,954 $ 3,242 NET (LOSS) INCOME PER SHARE ($ 0.08 ) $ 0.49 $ 0.18 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The activity related to goodwill for the year ended December 31, 2015 was as follows: Amount Balance at January 1, 2014 $ 161 No changes 0 Balance at December 31, 2014 $ 161 Acquisition of business from Nexgen Wireless 3,332 Impairment of goodwill - RF Services (161 ) Balance at December 31, 2015 $ 3,332 |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: December 31, 2015 December 31, 2014 Cost Accumulated Net Book Cost Accumulated Net Book Customer contracts and relationships $ 25,497 $ 18,616 $ 6,881 $ 17,381 $ 15,933 $ 1,448 Patents and technology 10,114 7,337 2,777 6,781 6,507 274 Trademarks and trade names 4,960 3,738 1,222 3,988 3,152 836 Other 2,743 2,245 498 1,998 1,919 79 $ 43,314 $ 31,936 $ 11,378 $ 30,148 $ 27,511 $ 2,637 |
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 Customer contracts and relationships 4 to 6 years 5.0 Patents and technology 3 to 6 years 4.5 Trademarks and trade names 3 to 8 years 4.7 Other 1 to 6 years 4.4 |
Schedule of Expected Amortization Expense | The Company’s scheduled amortization expense over the next four years is as follows: Fiscal Year Amount 2016 $ 2,962 2017 $ 2,785 2018 $ 2,708 2019 $ 2,509 2020 $ 414 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Charges | The following table summarizes the Company’s restructuring accrual activity for 2015: Severance Intangible Asset Total Balance at December 31, 2014 $ 0 $ 0 $ 0 $ 0 Restructuring charges 1,199 406 25 1,630 Payments/Charges (962 ) (406 ) (25 ) (1,393 ) Balance at December 31, 2015 $ 237 $ 0 $ 0 $ 237 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Expense (Benefit) for Income Taxes | A reconciliation of the expense (benefit) for income taxes at the federal statutory rate compared to the expense (benefit) at the effective tax rate is as follows: Years Ended December 31 2015 2014 2013 Statutory federal income tax rate 34 % 34 % 34 % State income tax, net of federal benefit 2 % 4 % 5 % Tax effect of permanent differences -2 % 1 % 1 % Tax on repatriation -5 % 0 % 0 % Effective state rate change to deferred tax assets 0 % 0 % 4 % Foreign income taxed at different rates 3 % -1 % 0 % Research and development credits 5 % -3 % -4 % Return to provision adjustments 0 % 0 % 1 % Release of FIN 48 liability 0 % -15 % 0 % 37 % 20 % 41 % |
Components of Loss Before Expense (Benefit) for Income Taxes | The domestic and foreign components of the continuing income (loss) before expense (benefit) for income taxes were as follows: Years Ended December 31, 2015 2014 2013 Domestic ($ 3,705 ) $ 4,882 $ 5,413 Foreign 1,236 888 261 ($ 2,469 ) $ 5,770 $ 5,674 |
Summary of Expense (Benefit) for Income Taxes | The expense (benefit) for income taxes of continuing operations consisted of the following: Years Ended December 31, 2015 2014 2013 Current: Federal $ 30 ($ 716 ) $ 23 State 91 60 56 Foreign 262 148 88 383 (508 ) 167 Deferred: Federal (1,214 ) 1,521 1,696 State (113 ) 164 481 Foreign 43 (19 ) (12 ) (1,284 ) 1,666 2,165 Total ($ 901 ) $ 1,158 $ 2,332 |
Summary of Net Deferred Tax Accounts | The net deferred tax accounts consist of the following: December 31, 2015 2014 Deferred Tax Assets: Amortization 7,799 8,692 Stock compensation 1,571 1,798 Federal, foreign, and state credits 1,247 1,117 Inventory reserves 1,191 971 Deferred compensation 0 755 Accrued vacation 465 446 Net operating loss carryforwards 2,514 213 Other 330 261 Gross deferred tax assets 15,117 14,253 Valuation allowance (659 ) (633 ) Net deferred tax asset 14,458 13,620 Deferred Tax liabilities: Depreciation (1,303 ) (1,629 ) Net Deferred Tax Assets $ 13,155 $ 11,991 |
Classification of Deferred Tax Amounts on Balance Sheet | The classification of deferred tax amounts on the balance sheet is as follows: December 31, 2015 2014 Current: Deferred tax assets $ 0 $ 2,281 Deferred tax liabilities 0 0 Current deferred tax assets 0 2,281 Non-current: Deferred tax assets 14,458 11,339 Deferred tax liabilities (1,303 ) (1,629 ) Non-current deferred tax assets, net 13,155 9,710 Net Deferred Tax Assets $ 13,155 $ 11,991 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2015 2014 Beginning of period $ 807 $ 1,539 Addition related to tax positions in current year 43 47 Reversals 0 (779 ) End of period $ 850 $ 807 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments Under Operating Leases | The future minimum rental payments under these leases at December 31, 2015, are as follows: Year Amount 2016 1,132 2017 974 2018 927 2019 711 2020 242 Thereafter 21 Future minimum lease payments $ 4,007 |
Summary of Capital Leases for Office and Manufacturing Equipment | The Company has capital leases for office and manufacturing equipment. As of December 31, 2015 and 2014, the equipment had cost, accumulated depreciation, and a net book value as follows: December 31, December 31, Cost $ 190 $ 189 Accumulated Depreciation (48 ) (16 ) Net Book Value $ 142 $ 173 |
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 2016 41 2017 40 2018 40 2019 29 2020 4 Total minimum payments required: 154 Less amount representing interest: 12 Present value of net minimum lease payments: $ 142 |
Changes in Warranty Reserves | Year Ended December 31, 2015 2014 Beginning balance $ 304 $ 305 Provisions for warranties 60 124 Consumption of reserves (16 ) (125 ) Ending balance $ 348 $ 304 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Activity Related to Common Shares Outstanding | The activity related to common shares outstanding for the years ended December 31 st 2015 2014 2013 Beginning of year 18,571 18,566 18,515 Issuance of common stock on exercise of stock options net of stock swaps 35 58 91 Issuance of restricted common stock and performance shares, net of cancellations 916 183 49 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 134 101 113 Cancellation of stock for withholding tax for vested shares (59 ) (121 ) (142 ) Common stock buyback (1,943 ) (216 ) (60 ) End of Year 17,654 18,571 18,566 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of the Reserved Shares of Common Stock for Future Issuance | A summary of the reserved shares of common stock for future issuance are as follows: December 31, 2015 2014 1997 Stock Plan 4,712,576 2,835,151 2001 Stock Plan 50,530 68,810 Employee Stock Purchase Plan 637,158 770,765 Total shares reserved 5,400,264 3,674,726 |
Summary of Stock-Based Compensation Expense by Type | The stock-based compensation expense by type is as follows: Years Ended December 31, 2015 2014 2013 Service-based awards $ 1,813 $ 1,468 $ 2,332 Stock option and employee purchase plans 562 1,192 883 Performance-based shares and stock options (510 ) 616 226 $ 1,865 $ 3,276 $ 3,441 |
Stock-Based Compensation | The stock-based compensation is reflected in the consolidated statements of operations as follows: Years Ended December 31, 2015 2014 2013 Cost of revenues $ 370 $ 426 $ 390 Research and development 419 659 689 Sales and marketing 238 661 575 General and administrative 838 1,530 1,786 Total continuing operations 1,865 3,276 3,440 Discontinued operations 0 0 1 Total $ 1,865 $ 3,276 $ 3,441 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the years ended December 31 st 2015 2014 2013 Options Weighted Options Weighted Options Weighted Beginning of Year 1,357,928 $ 7.81 1,461,559 $ 8.40 1,099,106 $ 9.06 Options granted 185,000 7.61 25,800 8.19 698,050 7.23 Options granted from stock option rights 0 0.00 207,236 7.16 0 0.00 Options exercised (35,134 ) 7.25 (74,463 ) 7.46 (164,079 ) 7.84 Options forfeited (141,722 ) 7.46 (10,144 ) 7.98 (40,783 ) 6.86 Options cancelled/expired (145,630 ) 8.75 (252,060 ) 10.86 (130,735 ) 8.85 End of Year 1,220,442 $ 7.72 1,357,928 $ 7.81 1,461,559 $ 8.40 Exercisable 764,546 $ 7.97 643,810 $ 8.46 759,284 $ 9.51 |
Information about Stock Options Outstanding Under all Stock Plans | The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted- Number Weighted $ 5.50 — $ 6.00 32,379 6.46 $ 5.90 3,180 $ 5.64 6.01 — 6.50 16,267 3.29 6.23 13,786 6.23 6.51 — 7.00 37,522 2.40 6.85 34,908 6.86 7.01 — 7.50 715,546 4.01 7.18 406,293 7.17 7.51 — 8.00 24,250 4.66 7.78 11,009 7.81 8.01 — 8.50 123,244 4.91 8.17 28,574 8.44 8.51 — 9.00 31,750 0.92 8.76 28,523 7.76 9.01 — 9.50 182,584 0.74 9.19 182,323 9.19 9.51 — 10.00 16,000 2.79 9.63 15,050 9.63 10.01 — 11.00 40,900 0.47 10.64 40,900 10.64 $ 5.50 — $ 11.00 1,220,442 3.41 $ 7.72 764,546 $ 7.97 |
Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding | The weighted average contractual life and intrinsic value at December 31, 2015, was the following: Weighted Intrinsic Options Outstanding 3.41 $ 0 Options Exercisable 2.54 $ 0 |
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 at December 31 st 2015 2014 2013 Dividend yield 4.4 % 2.3 % 1.7 % Risk-free interest rate 0.7 % 0.8 % 0.5 % Expected volatility 34 % 33 % 45 % Expected life (in years) 5.2 5.3 5.8 |
Summary of Performance Share Activity | The following summarizes the performance unit activity during the years ended December 31 st 2015 2014 2013 Unvested Performance Units Awards Weighted Awards Weighted Awards Weighted Beginning of Year 380,000 $ 8.47 0 $ 0.00 147,250 $ 7.04 Units awarded 431,000 7.49 380,000 8.47 0 0.00 Units vested (13,202 ) 7.98 0 0.00 0 0.00 Units cancelled (242,798 ) 8.34 0 0.00 (147,250 ) 7.04 End of Year 555,000 $ 7.78 380,000 $ 8.47 0 $ 0.00 |
Summary of Retention Stock Option Activity | The following table summarizes the retention stock option activity for the year ended December 31, 2014: 2014 Retention Stock Option Rights Stock Weighted Beginning of Year 182,500 $ 7.16 Stock option rights granted 24,736 7.16 Stock options granted (207,236 ) 7.16 End of Year 0 $ 0.00 Exercisable 0 $ 0.00 |
Summary of Purchase Plan Activity | The following summarizes the Purchase Plan activity during the years ended December 31 st 2015 2014 2013 Shares Weighted Shares Weighted Shares Weighted Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 Granted 133,607 1.35 100,608 1.88 112,965 2.24 Vested (133,607 ) 1.35 (100,608 ) 1.88 (112,965 ) 2.24 Outstanding, end of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 |
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: Employee Stock 2015 2014 2013 Dividend yield 3.4 % 2.2 % 1.7 % Risk-free interest rate 0.6 % 0.3 % 0.3 % Expected volatility 34 % 38 % 51 % Expected life (in years) 0.5 0.5 0.5 |
Restricted Stock [Member] | |
Summary of Service-based Restricted Stock Activity | The following table summarizes service-based restricted stock activity for the years ended December 31 st 2015 2014 2013 Unvested Restricted Stock Awards Shares Weighted Shares Weighted Shares Weighted Beginning of year 343,836 $ 7.41 543,021 $ 6.59 940,685 $ 6.24 Shares awarded 1,033,776 6.12 182,407 8.19 23,982 8.26 Shares vested (193,751 ) 7.20 (378,417 ) 6.60 (401,713 ) 5.87 Shares cancelled (133,689 ) 7.90 (3,175 ) 8.28 (19,933 ) 6.68 End of year 1,050,172 $ 6.11 343,836 $ 7.41 543,021 $ 6.59 |
Restricted Stock Units [Member] | |
Summary of Service-based Restricted Stock Activity | The following summarizes the service-based restricted stock unit activity during the year ended December 31 st 2015 2014 2013 Unvested Restricted Stock Units Shares Weighted Shares Weighted Shares Weighted Beginning of year 4,600 $ 7.47 6,325 $ 6.70 11,925 $ 6.61 Units awarded 22,350 5.62 1,500 8.77 0 0.00 Units vested/Shares awarded (2,475 ) 7.00 (3,225 ) 6.56 (4,475 ) 6.46 Units cancelled (1,750 ) 7.91 0 0.00 (1,125 ) 6.77 End of year 22,725 $ 5.65 4,600 $ 7.47 6,325 $ 6.70 |
Stock Repurchases (Tables)
Stock Repurchases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Share Repurchases | The following table is a summary of the share repurchases for the years ended December 31 st Year Shares Amount Avg price 2013 59,510 $ 435 $ 7.31 2014 215,650 $ 1,651 $ 7.66 2015 1,942,788 $ 12,079 $ 6.22 |
Segment, Customer and Geograp38
Segment, Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Assets by Segment | The following tables are the segment operating profits and cash flow information for the year ended December 31, 2015 and December 31, 2014, respectively, and the segment balance sheet information as of December 31, 2015 and December 31, 2014: As of December 31, 2015 Connected RF Solutions Corporate Total Accounts receivable $ 12,875 $ 8,126 $ 0 $ 21,001 Inventories $ 15,507 $ 2,089 $ 0 $ 17,596 Long-lived assets: Property and equipment, net $ 10,250 $ 2,985 $ 604 $ 13,839 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 425 $ 10,953 $ 0 $ 11,378 Deferred tax assets, net $ 0 $ 0 $ 13,155 $ 13,155 Other noncurrent assets $ 0 $ 0 $ 40 $ 40 As of December 31, 2014 Connected RF Solutions Corporate Total Accounts receivable $ 15,947 $ 7,927 $ 0 $ 23,874 Inventories $ 14,172 $ 2,186 $ 0 $ 16,358 Long-lived assets: Property and equipment, net $ 11,124 $ 2,987 $ 731 $ 14,842 Goodwill $ 0 $ 161 $ 0 $ 161 Intangible assets, net $ 1,681 $ 956 $ 0 $ 2,637 Deferred tax assets, net $ 0 $ 0 $ 9,710 $ 9,710 Other noncurrent assets $ 0 $ 0 $ 40 $ 40 |
Result of Operations by Segments | The following tables are the segment operating profits and cash flow information for the year ended December 31, 2015 and December 31, 2014, respectively, and the segment balance sheet information as of December 31, 2015 and December 31, 2014: Year Ended December 31, 2015 Connected RF Solutions Corporate Total REVENUES $ 69,579 $ 37,255 ($ 219 ) $ 106,615 GROSS PROFIT 20,426 16,803 32 37,261 OPERATING INCOME (LOSS) $ 5,040 ($ 298 ) ($ 10,498 ) ($ 5,756 ) Depreciation $ 1,706 $ 1,108 $ 271 $ 3,085 Intangible amortization $ 811 $ 2,615 $ 0 $ 3,426 Capital expenditures $ 954 $ 997 $ 151 $ 2,102 Year Ended December 31, 2014 Connected RF Solutions Corporate Total REVENUES $ 72,333 $ 35,113 ($ 282 ) $ 107,164 GROSS PROFIT 22,818 20,743 26 43,587 OPERATING INCOME (LOSS) $ 7,357 $ 7,333 ($ 10,586 ) $ 4,104 Depreciation $ 1,700 $ 795 $ 344 $ 2,839 Intangible amortization $ 1,151 $ 816 $ 0 $ 1,967 Capital expenditures $ 1,173 $ 1,328 $ 41 $ 2,542 Year Ended December 31, 2013 Connected RF Solutions Corporate Total REVENUES $ 74,223 $ 30,310 ($ 280 ) $ 104,253 GROSS PROFIT 22,720 19,018 22 41,760 OPERATING INCOME (LOSS) $ 6,012 $ 7,248 ($ 12,964 ) $ 296 Depreciation $ 1,785 $ 570 $ 315 $ 2,670 Intangible amortization $ 1,573 $ 827 $ 0 $ 2,400 Capital expenditures $ 1,505 $ 1,251 $ 203 $ 2,959 |
Revenues Attributable to Products and Services | The Company’s revenues attributable to products and services are as follows: Years Ended December 31, 2015 2014 2013 Revenues: Products $ 90,337 $ 96,346 $ 97,722 Services 16,278 10,818 6,531 Total revenues $ 106,615 $ 107,164 $ 104,253 Years Ended December 31, 2015 2014 2013 Cost of revenues: Products $ 54,561 $ 55,813 $ 57,387 Services 14,793 7,764 5,106 Total cost of revenues $ 69,354 $ 63,577 $ 62,493 |
Customer Accounted Revenues by Geographic Location | The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2015 2014 2013 Europe, Middle East, & Africa 10 % 11 % 13 % Asia Pacific 9 % 11 % 10 % Other Americas 6 % 5 % 6 % Total Foreign sales 25 % 27 % 29 % Total Domestic sales 75 % 73 % 71 % 100 % 100 % 100 % |
Long-lived Assets by Geographic Region | The long-lived assets by geographic region are as follows: December 31, 2015 2014 2013 United States $ 23,741 $ 26,436 $ 30,682 All Other 994 954 922 $ 24,735 $ 27,390 $ 31,604 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans were as follows: Year Ended December 31, 2015 2014 2013 PCTEL, Inc. 401(k) Profit sharing Plan - US employees $ 757 $ 666 $ 584 Defined contribution plans - foreign employees 345 332 259 Total $ 1,102 $ 998 $ 843 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters Ended, March 31, June 30, September 30, December 31, Revenues $ 26,326 $ 27,625 $ 26,526 $ 26,138 Gross profit 10,169 9,350 8,463 9,279 Operating income (loss) (96 ) (1,665 ) (2,221 ) (1,774 ) Income (loss) before income taxes (52 ) 540 (1,687 ) (1,270 ) Net income (loss) ($ 33 ) $ 347 ($ 1,062 ) ($ 820 ) Earnings (loss) per Share: Basic $ 0.00 $ 0.02 ($ 0.06 ) ($ 0.05 ) Diluted $ 0.00 $ 0.02 ($ 0.06 ) ($ 0.05 ) Weighted Average Shares: Basic 18,312 18,257 17,626 16,820 Diluted 18,312 18,408 17,626 16,820 Quarters Ended, March 31, June 30, September 30, December 31, Revenues $ 23,656 $ 26,181 $ 27,932 $ 29,395 Gross profit 9,582 10,850 11,394 11,761 Operating income (loss) (422 ) 545 2,096 1,885 Income (loss) before income taxes (225 ) 879 2,304 2,812 Net income (loss) ($ 146 ) $ 545 $ 2,218 $ 1,995 Earnings (loss) per Share: Basic ($ 0.01 ) $ 0.03 $ 0.12 $ 0.11 Diluted ($ 0.01 ) $ 0.03 $ 0.12 $ 0.11 Weighted Average Shares: Basic 18,176 18,165 18,112 18,154 Diluted 18,176 18,291 18,271 18,412 |
Organization and Summary of S41
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | Apr. 30, 2013USD ($) | Oct. 31, 2015USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)Segment$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011Reporting_Unit |
Nature Of Operations [Line Items] | ||||||||
Number of operating segments | Segment | 2 | |||||||
Net foreign exchange losses resulting from foreign currency transactions included in other income | $ 33,000 | $ 49,000 | $ 26,000 | |||||
Cash and cash equivalents maturities | 90 days | |||||||
Investment of cash equivalents are redeemable upon demand using amortized cost method | $ / shares | $ 1 | |||||||
Investment in money market funds restricted by investment in short term securities, percentage | 100.00% | 100.00% | ||||||
Cash | $ 6,077,000 | $ 6,077,000 | 19,731,000 | |||||
Cash equivalents | 978,000 | 978,000 | 701,000 | |||||
Cash and cash equivalents in foreign bank | 1,300,000 | 1,300,000 | 500,000 | |||||
Income tax expense (benefit) | (901,000) | 1,158,000 | 2,332,000 | |||||
Short-term investments | $ 24,728,000 | $ 24,728,000 | 39,577,000 | |||||
Short-term investments, maturities | 90 days | |||||||
Net unrealized gains (losses) | $ 1,000 | $ (5,000) | ||||||
Percentage of investment in bond protected by bond default insurance | 11.00% | 11.00% | 5.00% | |||||
Allowance for doubtful accounts | $ 314,000 | $ 314,000 | $ 121,000 | |||||
Consigned inventory with customers | 700,000 | 700,000 | 800,000 | |||||
Allowance for inventory losses | 2,200,000 | 2,200,000 | 1,800,000 | |||||
Depreciation and amortization | 3,100,000 | 2,800,000 | 2,700,000 | |||||
Advertising expense | 212,000 | $ 175,000 | 166,000 | |||||
Most likely than not benefit likelihood percentage being realized upon ultimate settlement with taxing authority resulting from sustainability of tax examination | 50.00% | |||||||
Goodwill acquired | 3,332,000 | |||||||
Goodwill | 3,332,000 | $ 3,332,000 | $ 161,000 | $ 161,000 | ||||
Goodwill impairment test | October 31, 2015 | |||||||
Current deferred tax assets reclassified to long-term deferred tax assets | 13,155,000 | $ 13,155,000 | 9,710,000 | |||||
Israel [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Income tax expense (benefit) | 100,000 | |||||||
After Reclassification [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Current deferred tax assets reclassified to long-term deferred tax assets | 1,800,000 | 1,800,000 | ||||||
Nexgen Wireless, Inc. [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Goodwill acquired | $ 3,300,000 | |||||||
Goodwill | 3,332,000 | 3,332,000 | ||||||
Envision Wireless, Inc. [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Goodwill acquired | 200,000 | |||||||
Maximum [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Federal Deposit Insurance Corporation insured limit | 250,000 | $ 250,000 | ||||||
Standard term of accounts receivable | 60 days | |||||||
Useful lives of the assets | 1 year | |||||||
Minimum [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Standard term of accounts receivable | 30 days | |||||||
Computer Equipment [Member] | Maximum [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Period over which assets are deprecated | 5 years | |||||||
Computer Equipment [Member] | Minimum [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Period over which assets are deprecated | 3 years | |||||||
Equipment [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Period over which assets are deprecated | 5 years | |||||||
Furniture and Fixtures [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Period over which assets are deprecated | 7 years | |||||||
Building [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Period over which assets are deprecated | 30 years | |||||||
Pctel Secure [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Royalty receivable as percentage of net sale price | 7.00% | 7.00% | ||||||
Maximum royalty rate | $ 14,000,000 | |||||||
Pctel Secure [Member] | Maximum [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Maximum royalty rate | $ 10,000,000 | 10,000,000 | ||||||
RF Solutions [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Number of reporting units for goodwill testing purposes | Reporting_Unit | 2 | |||||||
Goodwill | $ 102,500,000 | 100,500,000 | 100,500,000 | |||||
Goodwill, fair value | 100,000,000 | 80,300,000 | 80,300,000 | |||||
Fair value inputs, control premium amount | 9,300,000 | 9,300,000 | 9,300,000 | |||||
Goodwill impairment | $ 200,000 | 200,000 | ||||||
Pre-refunded Municipal Bonds [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Short-term investments | 7,500,000 | 7,500,000 | 5,200,000 | |||||
Corporate Bonds [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Short-term investments | 7,600,000 | 7,600,000 | 7,200,000 | |||||
U.S. Government Agency Bonds [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Short-term investments | 7,000,000 | 7,000,000 | 13,500,000 | |||||
Certificates of Deposit [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Short-term investments | $ 2,700,000 | $ 2,700,000 | 11,800,000 | |||||
Mutual Funds [Member] | ||||||||
Nature Of Operations [Line Items] | ||||||||
Short-term investments | $ 2,000,000 |
Organization and Summary of S42
Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Cash | $ 6,077 | $ 19,731 |
Cash equivalents | 978 | 701 |
Short-term investments | 24,728 | 39,577 |
Cash and investments | $ 31,783 | $ 60,009 |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Cash Equivalents and Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 978 | $ 701 |
Total | 25,707 | 40,273 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,558 | 7,155 |
Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,497 | 5,162 |
U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,008 | 13,502 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,666 | 11,782 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 1,971 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 978 | 701 |
Total | 3,644 | 14,454 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 1 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
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] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,666 | 11,782 |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 1,971 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Total | 22,063 | 25,819 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,558 | 7,155 |
Level 2 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,497 | 5,162 |
Level 2 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,008 | 13,502 |
Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 2 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | Pre-refunded Municipal Bonds [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] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 0 |
Organization and Summary of S44
Organization and Summary of Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Raw materials | $ 11,012 | $ 10,160 |
Work in process | 917 | 915 |
Finished goods | 5,667 | 5,283 |
Inventories, net | $ 17,596 | $ 16,358 |
Organization and Summary of S45
Organization and Summary of Significant Accounting Policies - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 32,300 | $ 30,784 |
Less: Accumulated depreciation and amortization | (20,231) | (17,712) |
Land | 1,770 | 1,770 |
Property and equipment, net | 13,839 | 14,842 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,227 | 6,229 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,931 | 10,435 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 12,826 | 11,880 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,273 | 1,214 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,001 | 909 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 42 | $ 117 |
Organization and Summary of S46
Organization and Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Inventory receipts | $ 1,628 | $ 2,471 |
Paid time off | 1,271 | 1,247 |
Payroll, bonuses, and other employee benefits | 1,179 | 1,539 |
Warranties | 348 | 304 |
Income and sales taxes | 381 | 266 |
Professional fees and contractors | 305 | 223 |
Employee stock purchase plan | 280 | 314 |
Restructuring | 237 | 0 |
Real estate taxes | 161 | 181 |
Deferred revenues | 65 | 1,262 |
Executive deferred compensation | 0 | 2,043 |
Other | 335 | 361 |
Total | $ 6,190 | $ 10,211 |
Organization and Summary of S47
Organization and Summary of Significant Accounting Policies - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities, Noncurrent [Abstract] | ||
Deferred rent | $ 250 | $ 258 |
Long-term obligations under capital leases | 107 | 135 |
Deferred revenues | 31 | 55 |
Long-term liabilities | $ 388 | $ 448 |
Earnings (Loss) per Share - Com
Earnings (Loss) per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net (loss) income from continuing operations | $ (1,568) | $ 4,612 | $ 3,342 | ||||||||
Net loss from discontinued operations | 0 | 0 | (91) | ||||||||
Net (loss) income | $ (820) | $ (1,062) | $ 347 | $ (33) | $ 1,995 | $ 2,218 | $ 545 | $ (146) | $ (1,568) | $ 4,612 | $ 3,251 |
Denominator: | |||||||||||
Common shares outstanding | 16,820 | 17,626 | 18,257 | 18,312 | 18,154 | 18,112 | 18,165 | 18,176 | 17,737 | 18,159 | 17,797 |
(Loss) Earnings per common share - basic | |||||||||||
(Loss) net income from continuing operations | $ (0.09) | $ 0.25 | $ 0.19 | ||||||||
Net loss from discontinued operations | 0 | 0 | (0.01) | ||||||||
(Loss) net income | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ 0.11 | $ 0.12 | $ 0.03 | $ (0.01) | $ (0.09) | $ 0.25 | $ 0.18 |
Denominator: | |||||||||||
Common shares outstanding | 16,820 | 17,626 | 18,257 | 18,312 | 18,154 | 18,112 | 18,165 | 18,176 | 17,737 | 18,159 | 17,797 |
Common stock option grants | 11 | 58 | |||||||||
Total shares | 16,820 | 17,626 | 18,408 | 18,312 | 18,412 | 18,271 | 18,291 | 18,176 | 17,737 | 18,389 | 18,184 |
(Loss) Earnings per common share - diluted | |||||||||||
(Loss) net income from continuing operations | $ (0.09) | $ 0.25 | $ 0.18 | ||||||||
Net loss from discontinued operations | 0 | 0 | 0 | ||||||||
(Loss) net income | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ 0.11 | $ 0.12 | $ 0.03 | $ (0.01) | $ (0.09) | $ 0.25 | $ 0.18 |
Restricted Stock [Member] | |||||||||||
Denominator: | |||||||||||
Shares subject to vesting | 139 | 232 | |||||||||
Performance Based Equity Awards [Member] | |||||||||||
Denominator: | |||||||||||
Shares subject to vesting | 80 | 97 |
Earnings (Loss) per Share - C49
Earnings (Loss) per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015shares | |
Earnings Per Share [Abstract] | |
Antidilutive shares excluded | 520,000 |
PCTEL Secure - Discontinued O50
PCTEL Secure - Discontinued Operations - Additional Information (Detail) - Pctel Secure [Member] - USD ($) | Apr. 30, 2013 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Royalty receivable as percentage of net sale price | 7.00% | 7.00% |
Aggregate royalties received | $ 14,000,000 | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Aggregate royalties received | $ 10,000,000 | $ 10,000,000 |
PCTEL Secure - Discontinued O51
PCTEL Secure - Discontinued Operations - Summary of Operations for Discontinued Operations Included in Condensed Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||||||||||
Operating loss | $ (191) | ||||||||||
Loss from discontinued operations, before income taxes | (191) | ||||||||||
Benefit for income tax | (100) | ||||||||||
Loss from discontinued operations, net of tax | $ (91) | ||||||||||
Loss from discontinued operations per common share: | |||||||||||
Basic | $ 0 | $ 0 | $ (0.01) | ||||||||
Diluted | $ 0 | $ 0 | $ 0 | ||||||||
Weighted Average Shares: | |||||||||||
Basic | 16,820 | 17,626 | 18,257 | 18,312 | 18,154 | 18,112 | 18,165 | 18,176 | 17,737 | 18,159 | 17,797 |
Diluted | 16,820 | 17,626 | 18,408 | 18,312 | 18,412 | 18,271 | 18,291 | 18,176 | 17,737 | 18,389 | 18,184 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Feb. 27, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 05, 2015 |
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, acquired entity name | Nexgen Wireless, Inc. | |||||||||||||
Business acquisition, effective date | Feb. 27, 2015 | |||||||||||||
Asset purchase, date of agreement | Feb. 27, 2015 | |||||||||||||
Contingent consideration related to claims escrow | $ 0 | $ 0 | $ 0 | |||||||||||
Goodwill | 3,332,000 | 3,332,000 | $ 161,000 | 3,332,000 | $ 161,000 | $ 161,000 | ||||||||
Revenue | 26,138,000 | $ 26,526,000 | $ 27,625,000 | $ 26,326,000 | $ 29,395,000 | $ 27,932,000 | $ 26,181,000 | $ 23,656,000 | 106,615,000 | 107,164,000 | 104,253,000 | |||
Amortization of intangible assets | 3,426,000 | 1,967,000 | 2,400,000 | |||||||||||
Pro Forma [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Amortization of intangible assets | 300,000 | 2,600,000 | $ 2,800,000 | |||||||||||
Nexgen Wireless, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Provisional purchase consideration | $ 21,400,000 | |||||||||||||
Cash paid | 20,500,000 | 18,250,000 | ||||||||||||
Contingent consideration related to claims escrow | 91,000 | 2,250,000 | 91,000 | $ 91,000 | ||||||||||
Potential earn-out at fair value | 100,000 | |||||||||||||
Business acquisition estimated excess working capital paid | 800,000 | |||||||||||||
Acquisition related transaction costs | $ 800,000 | |||||||||||||
Weighted average amortization period of intangible assets | 5 years | |||||||||||||
Percentage of revenue | 78.00% | |||||||||||||
Goodwill | 3,332,000 | 3,332,000 | $ 3,332,000 | |||||||||||
Assembled workforce, goodwill earned | $ 1,500,000 | $ 1,500,000 | 1,500,000 | |||||||||||
Revenue | $ 23,800,000 | |||||||||||||
Amortization of intangible assets | $ 4,000,000 | |||||||||||||
Nexgen APA Amendment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Contingent consideration related to claims escrow | $ 1,000,000 | |||||||||||||
Portion of accounts receivable transferred | 800,000 | |||||||||||||
Escrowed funds payable | 2,250,000 | |||||||||||||
Nexgen APA Amendment [Member] | Estimated Fair Value [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Contingent consideration related to claims escrow | $ 2,000,000 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price for Assets from Date of Acquisition (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Goodwill | $ 3,332 | $ 161 | $ 161 |
Nexgen Wireless, Inc. [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Accounts receivable | 5,358 | ||
Purchase price allocation, Prepaid and other assets | 49 | ||
Purchase price allocation, Deferred cost of sales | 24 | ||
Purchase price allocation, Fixed assets | 43 | ||
Purchase price allocation, Goodwill | 3,332 | ||
Purchase price allocation, Total intangible assets | 16,498 | ||
Purchase price allocation, Assets | 21,972 | ||
Purchase price allocation, Accounts payable | 200 | ||
Purchase price allocation, Accrued liabilities | 341 | ||
Purchase price allocation, Liabilities | 541 | ||
Purchase price allocation, Assets and Liabilities Assumed, Net | 21,431 | ||
Nexgen Wireless, Inc. [Member] | Tangible Assets [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Assets | 5,474 | ||
Nexgen Wireless, Inc. [Member] | Customer Relationships [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Intangible assets | 8,117 | ||
Nexgen Wireless, Inc. [Member] | Trade Names [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Intangible assets | 972 | ||
Nexgen Wireless, Inc. [Member] | Technology [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Intangible assets | 3,332 | ||
Nexgen Wireless, Inc. [Member] | Backlog [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Intangible assets | 162 | ||
Nexgen Wireless, Inc. [Member] | Non-Compete [Member] | |||
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Intangible assets | $ 583 |
Acquisitions - Reconciliation o
Acquisitions - Reconciliation of Assets Acquired with Cash Paid at Closing (Detail) - USD ($) | Dec. 31, 2015 | Feb. 27, 2015 |
Business Acquisition [Line Items] | ||
Due Nexgen - contingent liability | $ 0 | |
Nexgen Wireless, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Net assets acquired | 21,431,000 | |
Due Nexgen - contingent liability | (91,000) | $ (2,250,000) |
Due Nexgen - working capital adjustment | (840,000) | |
Cash paid at closing | $ 20,500,000 | $ 18,250,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information for Nexgen (Detail) - Nexgen Wireless, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
REVENUES | $ 109,573 | $ 130,991 | $ 119,796 |
NET (LOSS) INCOME | $ (1,435) | $ 8,954 | $ 3,242 |
NET (LOSS) INCOME PER SHARE | $ (0.08) | $ 0.49 | $ 0.18 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Beginning balance | $ 161 | $ 161 | |
Acquisition of business from Nexgen Wireless | 3,332 | ||
No changes | 0 | ||
Impairment of goodwill - RF Services | (161) | 0 | $ 0 |
Ending balance | $ 3,332 | $ 161 | $ 161 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011Reporting_Unit | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 3,332 | |||||||
Amortization of intangible assets | 3,426 | $ 1,967 | $ 2,400 | |||||
Increase (decrease) in cost of intangible assets | 8,700 | |||||||
Restructuring charges | 1,630 | $ 0 | $ 256 | |||||
Nexgen Wireless, Inc. [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 3,300 | |||||||
Amortization of intangible assets | 4,000 | |||||||
Intangible asset | $ 13,100 | 13,100 | ||||||
Intangible asset amortization expense | 2,400 | |||||||
Restructuring charges | $ 400 | |||||||
Envision Wireless, Inc. [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 200 | |||||||
Minimum [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets basis over estimated useful lives | 1 year | |||||||
Maximum [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets basis over estimated useful lives | 8 years | |||||||
RF Solutions [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Number of reporting units for goodwill testing purposes | Reporting_Unit | 2 | |||||||
Goodwill impairment | $ 200 | $ 200 | ||||||
Operating Expense [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | $ 3,400 | |||||||
Operating Expense [Member] | Nexgen Wireless, Inc. [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | 3,400 | |||||||
Cost of Revenues [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | 600 | |||||||
Cost of Revenues [Member] | Nexgen Wireless, Inc. [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | $ 600 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 43,314 | $ 30,148 |
Accumulated Amortization | 31,936 | 27,511 |
Net Book Value | 11,378 | 2,637 |
Customer Contracts and Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 25,497 | 17,381 |
Accumulated Amortization | 18,616 | 15,933 |
Net Book Value | 6,881 | 1,448 |
Patents and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 10,114 | 6,781 |
Accumulated Amortization | 7,337 | 6,507 |
Net Book Value | 2,777 | 274 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,960 | 3,988 |
Accumulated Amortization | 3,738 | 3,152 |
Net Book Value | 1,222 | 836 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,743 | 1,998 |
Accumulated Amortization | 2,245 | 1,919 |
Net Book Value | $ 498 | $ 79 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Customer Contracts and Relationships [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 5 years |
Patents and Technology [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 4 years 6 months |
Trademarks and Trade Names [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 4 years 8 months 12 days |
Other [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 4 years 4 months 24 days |
Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 1 year |
Minimum [Member] | Customer Contracts and Relationships [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 4 years |
Minimum [Member] | Patents and Technology [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 3 years |
Minimum [Member] | Trademarks and Trade Names [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 3 years |
Minimum [Member] | Other [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 |
Maximum [Member] | Customer Contracts and Relationships [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Maximum [Member] | Patents and Technology [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Maximum [Member] | Trademarks and Trade Names [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 8 years |
Maximum [Member] | Other [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 2,962 |
2,017 | 2,785 |
2,018 | 2,708 |
2,019 | 2,509 |
2,020 | $ 414 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Employees | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 1,630 | $ 0 | $ 256 |
2013 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 300 | ||
2015 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1,630 | ||
2015 Restructuring Plan [Member] | Mobile Product Line [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 400 | ||
2015 Restructuring Plan [Member] | Connected Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of employees terminated | Employees | 51 | ||
2015 Restructuring Plan [Member] | Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 1,199 | ||
2015 Restructuring Plan [Member] | Severance [Member] | Connected Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 1,200 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 0 | ||
Restructuring charges | 1,630 | $ 0 | $ 256 |
Ending balance | 237 | 0 | |
2015 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | ||
Restructuring charges | 1,630 | ||
Payments/Charges | (1,393) | ||
Ending balance | 237 | 0 | |
Severance [Member] | 2015 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | ||
Restructuring charges | 1,199 | ||
Payments/Charges | (962) | ||
Ending balance | 237 | 0 | |
Intangible Assets [Member] | 2015 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | ||
Restructuring charges | 406 | ||
Payments/Charges | (406) | ||
Ending balance | 0 | 0 | |
Asset Disposals [Member] | 2015 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | ||
Restructuring charges | 25 | ||
Payments/Charges | (25) | ||
Ending balance | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Income tax expense (benefit) | $ (901) | $ 1,158 | $ 2,332 |
Statutory rate | 34.00% | 34.00% | 34.00% |
Additional paid in capital related to tax benefits for stock compensation | $ (115) | $ 203 | |
Deferred tax assets, write off | 100 | ||
Tax gain on sale of segment, Fair market value adjustment of intangible assets | $ 700 | ||
Current deferred tax assets reclassified to long-term deferred tax assets | 13,155 | 9,710 | |
Net deferred tax assets | 13,155 | 11,991 | |
Deferred Tax Assets, valuation allowances | $ 659 | $ 633 | |
Acquired intangible asset amortization period for tax purpose | 15 years | ||
Domestic deferred tax assets ratable reversal pattern period | 15 years | ||
Operating loss carry forward, expiration period | The carry forward 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 | 27 years 6 months | |
Future income required to realize net deferred tax assets | $ 35,000 | ||
Average amount required to utilize future income | 1,300 | $ 1,300 | |
Deferred tax assets, cumulative tax loss | $ 7,100 | ||
Deferred tax assets, cumulative loss, number of years | 3 years | ||
Recovery period required to realize deferred tax asset | 27 years 6 months | ||
Potential benefits that would affect the effective rate | $ 800 | ||
Unrecognized tax benefits expected to settled twelve months | $ 800 | ||
Period decrease in unrecognized tax benefits related to research credits | 12 months | ||
Unrecognized tax benefits, interest on income taxes expense | $ 0 | $ 0 | $ 22 |
Deferred tax assets, investment in subsidiaries | 2,800 | ||
Israel [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax expense (benefit) | 100 | ||
After Reclassification [Member] | |||
Income Tax Disclosure [Line Items] | |||
Current deferred tax assets reclassified to long-term deferred tax assets | 1,800 | ||
Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
State research credits with no expiration | 1,500 | ||
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax assets | $ 13,100 | 11,800 | |
Operating loss carry forwards expiration year | 2,032 | ||
Operating loss carry forwards expiration year | 2,034 | ||
Operating Loss Carry forwards | $ 7,900 | ||
Domestic Tax Authority [Member] | Amended and Restated Stock Plan [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carry forwards | $ 1,700 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carry forwards expiration year | 2,024 | ||
Operating loss carry forwards expiration year | 2,034 | ||
Operating Loss Carry forwards | $ 8,100 | ||
Foreign [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax assets | $ 100 | $ 200 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expense (Benefit) for Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% |
State income tax, net of federal benefit | 2.00% | 4.00% | 5.00% |
Tax effect of permanent differences | (2.00%) | 1.00% | 1.00% |
Tax on repatriation | (5.00%) | (0.00%) | (0.00%) |
Effective state rate change to deferred tax assets | 0.00% | 0.00% | 4.00% |
Foreign income taxed at different rates | 3.00% | (1.00%) | (0.00%) |
Research and development credits | 5.00% | (3.00%) | (4.00%) |
Return to provision adjustments | 0.00% | 0.00% | 1.00% |
Release of FIN 48 liability | 0.00% | (15.00%) | 0.00% |
Total | 37.00% | 20.00% | 41.00% |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||||||||
Domestic | $ (3,705) | $ 4,882 | $ 5,413 | ||||||||
Foreign | 1,236 | 888 | 261 | ||||||||
(LOSS) INCOME BEFORE INCOME TAXES | $ (1,270) | $ (1,687) | $ 540 | $ (52) | $ 2,812 | $ 2,304 | $ 879 | $ (225) | $ (2,469) | $ 5,770 | $ 5,674 |
Income Taxes - Summary of Expen
Income Taxes - Summary of Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 30 | $ (716) | $ 23 |
State | 91 | 60 | 56 |
Foreign | 262 | 148 | 88 |
Gross | 383 | (508) | 167 |
Deferred: | |||
Federal | (1,214) | 1,521 | 1,696 |
State | (113) | 164 | 481 |
Foreign | 43 | (19) | (12) |
Gross | (1,284) | 1,666 | 2,165 |
Total | $ (901) | $ 1,158 | $ 2,332 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets: | ||
Amortization | $ 7,799 | $ 8,692 |
Stock compensation | 1,571 | 1,798 |
Federal, foreign, and state credits | 1,247 | 1,117 |
Inventory reserves | 1,191 | 971 |
Deferred compensation | 0 | 755 |
Accrued vacation | 465 | 446 |
Net operating loss carryforwards | 2,514 | 213 |
Other | 330 | 261 |
Gross deferred tax assets | 15,117 | 14,253 |
Valuation allowance | (659) | (633) |
Net deferred tax asset | 14,458 | 13,620 |
Deferred Tax liabilities: | ||
Depreciation | (1,303) | (1,629) |
Net Deferred Tax Assets | $ 13,155 | $ 11,991 |
Income Taxes - Classification o
Income Taxes - Classification of Deferred Tax Amounts on Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current: | ||
Deferred tax assets | $ 0 | $ 2,281 |
Deferred tax liabilities | 0 | 0 |
Current deferred tax assets | 0 | 2,281 |
Non-current: | ||
Deferred tax assets | 14,458 | 11,339 |
Deferred tax liabilities | (1,303) | (1,629) |
Non-current deferred tax assets, net | 13,155 | 9,710 |
Net Deferred Tax Assets | $ 13,155 | $ 11,991 |
Income Taxes - Reconciliation69
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning of period | $ 807 | $ 1,539 |
Addition related to tax positions in current year | 43 | 47 |
Reversals | 0 | (779) |
End of period | $ 850 | $ 807 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 1,132 |
2,017 | 974 |
2,018 | 927 |
2,019 | 711 |
2,020 | 242 |
Thereafter | 21 |
Future minimum lease payments | $ 4,007 |
Commitments and Contingencies71
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Oct. 10, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 27, 2013 |
Commitments And Contingencies Disclosure [Line Items] | |||||||
Rent expense under leases | $ 1,100,000 | $ 900,000 | $ 1,000,000 | ||||
Allowance for sales returns | 200,000 | 100,000 | |||||
Warranty reserve | 348,000 | 304,000 | |||||
Contingent liability amount | 0 | ||||||
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 | ||||||
Lease expiration period | 5 years | ||||||
Rental payments | $ 200,000 | ||||||
Other Party [Member] | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Acquisition related legal settlements | $ 800,000 | ||||||
Acquisition Related Costs [Member] | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Acquisition related legal settlements | $ 100,000 | ||||||
Warranty Reserves [Member] | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Warranty reserve | $ 348,000 | $ 304,000 | $ 305,000 | ||||
Antenna [Member] | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Repair and replacement warranty | 5 years |
Commitments and Contingencies72
Commitments and Contingencies - Summary of Capital Leases for Office and Manufacturing Equipment (Detail) - Office and Manufacturing Equipment [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Cost | $ 190 | $ 189 |
Accumulated Depreciation | (48) | (16) |
Net Book Value | $ 142 | $ 173 |
Commitments and Contingencies73
Commitments and Contingencies - Present Value of Net Minimum Lease Payments, Capital Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 41 |
2,017 | 40 |
2,018 | 40 |
2,019 | 29 |
2,020 | 4 |
Total minimum payments required: | 154 |
Less amount representing interest: | 12 |
Present value of net minimum lease payments: | $ 142 |
Commitments and Contingencies74
Commitments and Contingencies - Changes in Warranty Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in warranty reserves | ||
Beginning balance | $ 304 | |
Ending balance | 348 | $ 304 |
Warranty Reserves [Member] | ||
Changes in warranty reserves | ||
Beginning balance | 304 | 305 |
Provisions for warranties | 60 | 124 |
Consumption of reserves | (16) | (125) |
Ending balance | $ 348 | $ 304 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activity Related to Common Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Common stock shares outstanding, Beginning balance | 18,571,419 | 18,566,000 | 18,515,000 |
Issuance of common stock on exercise of stock options net of stock swaps | 35,000 | 58,000 | 91,000 |
Issuance of restricted common stock and performance shares, net of cancellations | 916,000 | 183,000 | 49,000 |
Issuance of common stock from purchase of Employee Stock Purchase Plan shares | 134,000 | 101,000 | 113,000 |
Cancellation of stock for withholding tax for vested shares | (59,000) | (121,000) | (142,000) |
Common stock buyback | (1,943,000) | (216,000) | (60,000) |
Common stock shares outstanding, End of Year | 17,654,236 | 18,571,419 | 18,566,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Plans - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2013shares | Dec. 31, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares reserved | 5,400,264 | 3,674,726 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding | 1,220,442 | 1,357,928 | 1,461,559 | 1,099,106 |
Period of termination of employment | 90 days | |||
1997 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares reserved | 4,712,576 | 2,835,151 | ||
1997 Stock Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ratio of restricted award to available for grant shares stock | 1.78 | |||
Ratio of stock option to available for grant shares | 1 | |||
Options outstanding | 1,169,912 | |||
Shares available for future grants | 3,542,664 | |||
2001 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares reserved | 50,530 | 68,810 | ||
Options outstanding | 50,530 | |||
Plan exercisable period | 10 years | |||
Period of termination of employment | 90 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Reserved Shares of Common Stock for Future Issuance (Detail) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 5,400,264 | 3,674,726 |
1997 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 4,712,576 | 2,835,151 |
2001 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 50,530 | 68,810 |
Employee Stock Purchase Plan ("ESPP") [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 637,158 | 770,765 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 1,865 | $ 3,276 | $ 3,441 | |
Employee Stock Purchase Plan ("ESPP") [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of fair market value to determine purchase price | 85.00% | |||
Number of shares authorized for issuance, increase | 750,000 | |||
Shares remaining that can be issued under the Purchase Plan | 637,158 | |||
Rate of discount on fair market value of common stock under ESPP | 15.00% | |||
Stock compensation expense | $ 200 | $ 200 | $ 300 | |
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 1,865 | $ 3,276 | $ 3,441 |
Restricted Stock and Restricted Stock Unit Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 1,800 | 1,500 | 2,300 |
Stock Option and Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 600 | 1,200 | 900 |
Performance-based Stock Option Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 500 | $ 600 | $ 200 |
Stock-Based Compensation - Su81
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Based Compensation [Line Items] | |||
Total | $ 1,865 | $ 3,276 | $ 3,441 |
Service-based awards [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | 1,813 | 1,468 | 2,332 |
Performance Units [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | (510) | 616 | 226 |
Employee purchase plans [Member] | Stock Options [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | $ 562 | $ 1,192 | $ 883 |
Stock-Based Compensation - St82
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 1,865 | $ 3,276 | $ 3,441 |
Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 370 | 426 | 390 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 419 | 659 | 689 |
Sales and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 238 | 661 | 575 |
General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 838 | 1,530 | 1,786 |
Continuing Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 1,865 | 3,276 | 3,440 |
Discontinued Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 0 | $ 0 | $ 1 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock - Service-Based - Additional Information (Detail) - Service Based Restricted Stock [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 4 years | ||
Restricted shares vested grant date intrinsic value | $ 1.5 | $ 3.2 | $ 3 |
Unrecognized compensation expense | $ 4.3 | ||
Weighted average period | 1 year 9 months 18 days |
Stock-Based Compensation - Su84
Stock-Based Compensation - Summary of Service-based Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 343,836 | 543,021 | 940,685 |
Units awarded, Shares | 1,033,776 | 182,407 | 23,982 |
Units vested, Shares | (193,751) | (378,417) | (401,713) |
Units cancelled, Shares | (133,689) | (3,175) | (19,933) |
Ending balance, Shares | 1,050,172 | 343,836 | 543,021 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 7.41 | $ 6.59 | $ 6.24 |
Units awarded, Weighted Average Grant Date Fair Value | 6.12 | 8.19 | 8.26 |
Units vested, Weighted Average Grant Date Fair Value | 7.20 | 6.60 | 5.87 |
Units cancelled, Weighted Average Grant Date Fair Value | 7.90 | 8.28 | 6.68 |
Ending balance, Weighted Average Grant Date Fair Value | $ 6.11 | $ 7.41 | $ 6.59 |
Stock-Based Compensation - Su85
Stock-Based Compensation - Summary of Service-based Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | |||
Beginning balance, Shares | 4,600 | 6,325 | 11,925 |
Units awarded, Units | 22,350 | 1,500 | 0 |
Units vested, Units | (2,475) | (3,225) | (4,475) |
Units cancelled, Units | (1,750) | 0 | (1,125) |
Ending balance, Shares | 22,725 | 4,600 | 6,325 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 7.47 | $ 6.70 | $ 6.61 |
Units awarded, Weighted Average Grant Date Fair Value | 5.62 | 8.77 | 0 |
Units vested, Weighted Average Grant Date Fair Value | 7 | 6.56 | 6.46 |
Units cancelled, Weighted Average Grant Date Fair Value | 7.91 | 0 | 6.77 |
Ending balance, Weighted Average Grant Date Fair Value | $ 5.65 | $ 7.47 | $ 6.70 |
Stock-Based Compensation - Re86
Stock-Based Compensation - Restricted Stock Units - Service Based - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 1,865 | $ 3,276 | $ 3,441 |
Service Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares vested intrinsic value | 20 | 27 | 34 |
Stock compensation expense | 22 | $ 21 | $ 25 |
Unrecognized compensation expense | $ 92 | ||
Weighted average period | 1 year 6 months |
Stock-Based Compensation - St87
Stock-Based Compensation - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercised | 35,000 | 58,000 | 91,000 |
Lower range of exercise prices | $ 5.50 | ||
Upper range of exercise prices | 11 | ||
Intrinsic value based on share price | $ 4.55 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock options vesting provisions, description | Employee options are subject to installment vesting typically over a period of four years. | ||
Options vested in remaining period | 4 years | ||
Period of termination of employment | 90 days | ||
Stock options granted period | 7 years | 10 years | |
Proceeds from options exercised | $ 300 | $ 600 | $ 1,300 |
Options exercised | 35,134 | 74,463 | 164,079 |
Intrinsic value | $ 34 | $ 72 | $ 252 |
Lower range of exercise prices | $ 5.50 | ||
Upper range of exercise prices | $ 11 | ||
Period of expected life, options granted | 5 years | ||
Weighted average period | 1 year 3 months 18 days | ||
Unrecognized compensation expense | $ 300 |
Stock-Based Compensation - Su88
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Stock Option Activities [Line Items] | ||||
Options Outstanding, Exercised | (35,000) | (58,000) | (91,000) | |
Stock Options [Member] | ||||
Summary Of Stock Option Activities [Line Items] | ||||
Options Outstanding, Beginning balance, Shares | 1,357,928 | 1,461,559 | 1,099,106 | |
Options Outstanding, Granted | 207,236 | 185,000 | 25,800 | 698,050 |
Options granted from stock option rights | 0 | 207,236 | 0 | |
Options Outstanding, Exercised | (35,134) | (74,463) | (164,079) | |
Options Outstanding, Expired or cancelled | (141,722) | (10,144) | (40,783) | |
Options Outstanding, Forfeited | (145,630) | (252,060) | (130,735) | |
Options Outstanding, Ending balance, Shares | 1,220,442 | 1,357,928 | 1,461,559 | |
Options Exercisable, Ending balance, Shares | 764,546 | 643,810 | 759,284 | |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 7.81 | $ 8.40 | $ 9.06 | |
Weighted Average Exercise Price, Granted | 7.61 | 8.19 | 7.23 | |
Weighted Average Exercise Price, Options granted from stock option rights | 0 | 7.16 | 0 | |
Weighted Average Exercise Price, Exercised | 7.25 | 7.46 | 7.84 | |
Weighted Average Exercise Price, Expired or Cancelled | 7.46 | 7.98 | 6.86 | |
Weighted Average Exercise Price, Forfeited | 8.75 | 10.86 | 8.85 | |
Options Outstanding, Ending balance, Weighted Average Exercise Price | 7.72 | 7.81 | 8.40 | |
Options Outstanding, Exercisable at End of Year, Weighted Average Exercise Price | $ 7.97 | $ 8.46 | $ 9.51 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
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 |
Options Outstanding, Number | shares | 1,220,442 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 4 months 28 days |
Options Outstanding, Weighted Average Exercise Price | $ 7.72 |
Options Exercisable, Number | shares | 764,546 |
Options Exercisable, Weighted Average Exercise Price | $ 7.97 |
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 |
Options Outstanding, Number | shares | 32,379 |
Options Outstanding, Weighted Average Contractual Life (Years) | 6 years 5 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $ 5.90 |
Options Exercisable, Number | shares | 3,180 |
Options Exercisable, Weighted Average Exercise Price | $ 5.64 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 6.01 |
Upper range of exercise prices | $ 6.50 |
Options Outstanding, Number | shares | 16,267 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 3 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.23 |
Options Exercisable, Number | shares | 13,786 |
Options Exercisable, Weighted Average Exercise Price | $ 6.23 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 6.51 |
Upper range of exercise prices | $ 7 |
Options Outstanding, Number | shares | 37,522 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.85 |
Options Exercisable, Number | shares | 34,908 |
Options Exercisable, Weighted Average Exercise Price | $ 6.86 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 7.01 |
Upper range of exercise prices | $ 7.50 |
Options Outstanding, Number | shares | 715,546 |
Options Outstanding, Weighted Average Contractual Life (Years) | 4 years 4 days |
Options Outstanding, Weighted Average Exercise Price | $ 7.18 |
Options Exercisable, Number | shares | 406,293 |
Options Exercisable, Weighted Average Exercise Price | $ 7.17 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 7.51 |
Upper range of exercise prices | $ 8 |
Options Outstanding, Number | shares | 24,250 |
Options Outstanding, Weighted Average Contractual Life (Years) | 4 years 7 months 28 days |
Options Outstanding, Weighted Average Exercise Price | $ 7.78 |
Options Exercisable, Number | shares | 11,009 |
Options Exercisable, Weighted Average Exercise Price | $ 7.81 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 8.01 |
Upper range of exercise prices | $ 8.50 |
Options Outstanding, Number | shares | 123,244 |
Options Outstanding, Weighted Average Contractual Life (Years) | 4 years 10 months 28 days |
Options Outstanding, Weighted Average Exercise Price | $ 8.17 |
Options Exercisable, Number | shares | 28,574 |
Options Exercisable, Weighted Average Exercise Price | $ 8.44 |
Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 8.51 |
Upper range of exercise prices | $ 9 |
Options Outstanding, Number | shares | 31,750 |
Options Outstanding, Weighted Average Contractual Life (Years) | 11 months 1 day |
Options Outstanding, Weighted Average Exercise Price | $ 8.76 |
Options Exercisable, Number | shares | 28,523 |
Options Exercisable, Weighted Average Exercise Price | $ 7.76 |
Range Eight [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 9.01 |
Upper range of exercise prices | $ 9.50 |
Options Outstanding, Number | shares | 182,584 |
Options Outstanding, Weighted Average Contractual Life (Years) | 8 months 27 days |
Options Outstanding, Weighted Average Exercise Price | $ 9.19 |
Options Exercisable, Number | shares | 182,323 |
Options Exercisable, Weighted Average Exercise Price | $ 9.19 |
Range Nine [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 9.51 |
Upper range of exercise prices | $ 10 |
Options Outstanding, Number | shares | 16,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 9 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 9.63 |
Options Exercisable, Number | shares | 15,050 |
Options Exercisable, Weighted Average Exercise Price | $ 9.63 |
Range Ten [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 10.01 |
Upper range of exercise prices | $ 11 |
Options Outstanding, Number | shares | 40,900 |
Options Outstanding, Weighted Average Contractual Life (Years) | 5 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $ 10.64 |
Options Exercisable, Number | shares | 40,900 |
Options Exercisable, Weighted Average Exercise Price | $ 10.64 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding Weighted Average Contractual Life (years) | 3 years 4 months 28 days |
Options Exercisable Weighted Average Contractual Life (years) | 2 years 6 months 15 days |
Options Outstanding Intrinsic Value | $ 0 |
Options Exercisable Intrinsic Value | $ 0 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Date of Grant Using Black-Scholes Option-Pricing Model (Detail) - Stock Options [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Dividend yield | 4.40% | 2.30% | 1.70% |
Risk-free interest rate | 0.70% | 0.80% | 0.50% |
Expected volatility | 34.00% | 33.00% | 45.00% |
Expected life (in years) | 5 years 2 months 12 days | 5 years 3 months 18 days | 5 years 9 months 18 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-based Equity Awards - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 1,865,000 | $ 3,276,000 | $ 3,441,000 |
2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 0 | ||
2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 0 | ||
Unvested awards cancelled | 162,000 | ||
Minimum [Member] | 2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 212,000 | ||
Minimum [Member] | 2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 190,000 | ||
Maximum [Member] | 2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 424,000 | ||
Maximum [Member] | 2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 380,000 |
Stock-Based Compensation - Su93
Stock-Based Compensation - Summary of Performance Share Activity (Detail) - Performance Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 380,000 | 0 | 147,250 |
Units awarded, Shares | 431,000 | 380,000 | 0 |
Units vested, Shares | (13,202) | 0 | 0 |
Units cancelled, Shares | (242,798) | 0 | (147,250) |
Ending balance, Shares | 555,000 | 380,000 | 0 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 8.47 | $ 0 | $ 7.04 |
Units awarded, Weighted Average Grant Date Fair Value | 7.49 | 8.47 | 0 |
Units vested, Weighted Average Grant Date Fair Value | 7.98 | 0 | 0 |
Units cancelled, Weighted Average Grant Date Fair Value | 8.34 | 0 | 7.04 |
Ending balance, Weighted Average Grant Date Fair Value | $ 7.78 | $ 8.47 | $ 0 |
Stock-Based Compensation - Pe94
Stock-Based Compensation - Performance Units - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted shares vested intrinsic value | $ 82 |
Stock-Based Compensation - Rete
Stock-Based Compensation - Retention Stock Options - Additional Information (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Apr. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 207,236 | 185,000 | 25,800 | 698,050 | |
Executive Officer [Member] | Retention Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 182,500 | 24,736 | |||
Weighted average grant date fair value | $ 2.83 | ||||
Minimum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants vesting period | 2 years | ||||
Maximum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants vesting period | 4 years |
Stock-Based Compensation - Su96
Stock-Based Compensation - Summary of Retention Stock Option Activity (Detail) - Retention Stock Options [Member] - Executive Officer [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Apr. 30, 2013 | Dec. 31, 2014 | |
Schedule Of Stock Options [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 182,500 | |
Retention Stock Options Granted, shares | 182,500 | 24,736 |
Options Outstanding, Retention stock options converted to regular stock options, shares | (207,236) | |
Options Outstanding, Ending balance, Shares | 0 | |
Retention Stock Options outstanding, Exercisable, Ending balance, shares | 0 | |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 7.16 | |
Retention Stock Options Granted, Weighted Average Exercise Price | 7.16 | |
Retention stock rights converted to stock options, Weighted Average Exercise Price | 7.16 | |
Options Outstanding, Ending balance, Weighted Average Exercise Price | 0 | |
Retention Stock Options outstanding, Exercisable, Ending balance, Weighted Average Exercise Price | $ 0 |
Stock-Based Compensation - Su97
Stock-Based Compensation - Summary of Purchase Plan Activity (Detail) - Employee Stock Purchase Plan ("ESPP") [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Options Outstanding, Beginning balance, Shares | 0 | 0 | 0 |
Units awarded, Shares | 133,607 | 100,608 | 112,965 |
Units vested, Shares | (133,607) | (100,608) | (112,965) |
Options Outstanding, Ending balance, Shares | 0 | 0 | 0 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 |
Shares granted, Weighted Average Grant Date Fair Value | 1.35 | 1.88 | 2.24 |
Units vested, Weighted Average Grant Date Fair Value | 1.35 | 1.88 | 2.24 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Calc
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] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | |||
Dividend yield | 3.40% | 2.20% | 1.70% |
Risk-free interest rate | 0.60% | 0.30% | 0.30% |
Expected volatility | 34.00% | 38.00% | 51.00% |
Expected life (in years) | 6 months | 6 months | 6 months |
Stock-Based Compensation - Boar
Stock-Based Compensation - Board of Director Equity Awards - Additional Information (Detail) - Board of Directors [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued | 37,379 | 35,555 | 38,812 |
Company's stock at fair value | $ 277 | $ 277 | $ 307 |
Time-based Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 3 years |
Stock-Based Compensation - E100
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Withholding Taxes on Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payment of withholding taxes related to stock awards | $ 0.4 | $ 1 | $ 1 |
Stock Repurchases - Additional
Stock Repurchases - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 20, 2015 | Apr. 20, 2015 | Mar. 10, 2015 | Nov. 13, 2014 | Mar. 18, 2013 | |
Share Repurchases [Abstract] | ||||||||
Share repurchase program, approved amount | $ 5,000,000 | |||||||
Share repurchase program, number of shares authorized to be repurchased | 2,726,000 | 926,000 | ||||||
Share repurchase program, number of additional shares authorized to be repurchased | 1,300,000 | 500,000 | ||||||
Stock repurchased during period, shares | 1,942,788 | 215,650 | 59,510 | |||||
Stock repurchased during period, average price per share | $ 6.22 | |||||||
Number of shares to be repurchased under stock repurchase program | 783,212 | 0 |
Stock Repurchases - Summary of
Stock Repurchases - Summary of Shares Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Repurchases [Abstract] | |||
Shares | 1,942,788 | 215,650 | 59,510 |
Amount | $ 12,079 | $ 1,651 | $ 435 |
Avg price per Share | $ 6.22 | $ 7.66 | $ 7.31 |
Segment, Customer and Geogra103
Segment, Customer and Geographic Information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015CustomerSegment | Dec. 31, 2014Customer | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of reporting segments | Segment | 2 | |
Number of customers accounted for more than ten percentage of revenue | 0 | 0 |
Number of customer account receivable | 0 | 0 |
Sales [Member] | Customer Concentration Risk [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Entity wide revenue major customer, benchmark percentage | 10.00% | 10.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Entity wide revenue major customer, benchmark percentage | 10.00% | 10.00% |
Segment, Customer and Geogra104
Segment, Customer and Geographic Information - Result of Operations by Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of operations by segments | |||||||||||
REVENUES | $ 26,138 | $ 26,526 | $ 27,625 | $ 26,326 | $ 29,395 | $ 27,932 | $ 26,181 | $ 23,656 | $ 106,615 | $ 107,164 | $ 104,253 |
GROSS PROFIT | 9,279 | 8,463 | 9,350 | 10,169 | 11,761 | 11,394 | 10,850 | 9,582 | 37,261 | 43,587 | 41,760 |
OPERATING INCOME (LOSS) | $ (1,774) | $ (2,221) | $ (1,665) | $ (96) | $ 1,885 | $ 2,096 | $ 545 | $ (422) | (5,756) | 4,104 | 296 |
Depreciation | 3,085 | 2,839 | 2,670 | ||||||||
Intangible amortization | 3,426 | 1,967 | 2,400 | ||||||||
Capital expenditures | 2,102 | 2,542 | 2,959 | ||||||||
Operating Segments [Member] | Connected Solutions [Member] | |||||||||||
Results of operations by segments | |||||||||||
REVENUES | 69,579 | 72,333 | 74,223 | ||||||||
GROSS PROFIT | 20,426 | 22,818 | 22,720 | ||||||||
OPERATING INCOME (LOSS) | 5,040 | 7,357 | 6,012 | ||||||||
Depreciation | 1,706 | 1,700 | 1,785 | ||||||||
Intangible amortization | 811 | 1,151 | 1,573 | ||||||||
Capital expenditures | 954 | 1,173 | 1,505 | ||||||||
Operating Segments [Member] | RF Solutions [Member] | |||||||||||
Results of operations by segments | |||||||||||
REVENUES | 37,255 | 35,113 | 30,310 | ||||||||
GROSS PROFIT | 16,803 | 20,743 | 19,018 | ||||||||
OPERATING INCOME (LOSS) | (298) | 7,333 | 7,248 | ||||||||
Depreciation | 1,108 | 795 | 570 | ||||||||
Intangible amortization | 2,615 | 816 | 827 | ||||||||
Capital expenditures | 997 | 1,328 | 1,251 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Results of operations by segments | |||||||||||
REVENUES | (219) | (282) | (280) | ||||||||
GROSS PROFIT | 32 | 26 | 22 | ||||||||
OPERATING INCOME (LOSS) | (10,498) | (10,586) | (12,964) | ||||||||
Depreciation | 271 | 344 | 315 | ||||||||
Intangible amortization | 0 | 0 | 0 | ||||||||
Capital expenditures | $ 151 | $ 41 | $ 203 |
Segment, Customer and Geogra105
Segment, Customer and Geographic Information - Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Results of operations by segments | ||||
Accounts receivable | $ 21,001 | $ 23,874 | ||
Inventories | 17,596 | 16,358 | ||
Property and equipment, net | 13,839 | 14,842 | ||
Goodwill | 3,332 | 161 | $ 161 | |
Intangible assets, net | 11,378 | 2,637 | ||
Deferred tax assets, net | 13,155 | 9,710 | ||
Other noncurrent assets | 40 | 40 | ||
RF Solutions [Member] | ||||
Results of operations by segments | ||||
Goodwill | 100,500 | $ 102,500 | ||
Operating Segments [Member] | Connected Solutions [Member] | ||||
Results of operations by segments | ||||
Accounts receivable | 12,875 | 15,947 | ||
Inventories | 15,507 | 14,172 | ||
Property and equipment, net | 10,250 | 11,124 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 425 | 1,681 | ||
Deferred tax assets, net | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Operating Segments [Member] | RF Solutions [Member] | ||||
Results of operations by segments | ||||
Accounts receivable | 8,126 | 7,927 | ||
Inventories | 2,089 | 2,186 | ||
Property and equipment, net | 2,985 | 2,987 | ||
Goodwill | 3,332 | 161 | ||
Intangible assets, net | 10,953 | 956 | ||
Deferred tax assets, net | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Corporate, Non-Segment [Member] | ||||
Results of operations by segments | ||||
Accounts receivable | 0 | 0 | ||
Inventories | 0 | 0 | ||
Property and equipment, net | 604 | 731 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net | 13,155 | 9,710 | ||
Other noncurrent assets | $ 40 | $ 40 |
Segment, Customer and Geogra106
Segment, Customer and Geographic Information - Revenues Attributable to Products and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Products | $ 90,337 | $ 96,346 | $ 97,722 | ||||||||
Services | 16,278 | 10,818 | 6,531 | ||||||||
Total revenues | $ 26,138 | $ 26,526 | $ 27,625 | $ 26,326 | $ 29,395 | $ 27,932 | $ 26,181 | $ 23,656 | 106,615 | 107,164 | 104,253 |
Cost of revenues: | |||||||||||
Products | 54,561 | 55,813 | 57,387 | ||||||||
Services | 14,793 | 7,764 | 5,106 | ||||||||
Total cost of revenues | $ 69,354 | $ 63,577 | $ 62,493 |
Segment, Customer and Geogra107
Segment, Customer and Geographic Information - Customer Accounted Revenues by Geographic Location (Detail) - Sales [Member] - Geographic Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 100.00% | 100.00% | 100.00% |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 10.00% | 11.00% | 13.00% |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 9.00% | 11.00% | 10.00% |
Other Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 6.00% | 5.00% | 6.00% |
Total Foreign Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 25.00% | 27.00% | 29.00% |
Total Domestic Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 75.00% | 73.00% | 71.00% |
Segment, Customer and Geogra108
Segment, Customer and Geographic Information - Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Geographic And Business Segment Information [Line Items] | |||
Long-Lived Assets | $ 24,735 | $ 27,390 | $ 31,604 |
United States [Member] | |||
Geographic And Business Segment Information [Line Items] | |||
Long-Lived Assets | 23,741 | 26,436 | 30,682 |
All Other [Member] | |||
Geographic And Business Segment Information [Line Items] | |||
Long-Lived Assets | $ 994 | $ 954 | $ 922 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contributions to employees from acquisition | $ 1,102 | $ 998 | $ 843 |
Nexgen Wireless, Inc. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contributions to employees from acquisition | $ 55 | ||
Prepaid Assets and Other Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fund received for insurance company | $ 1,900 | ||
Executive Deferred Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
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% | ||
Value of investment account to fund obligation | 2,100 | ||
Deferred compensation obligation | $ 2,000 | ||
Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage of current compensation of employee to contribute in plan | 15.00% |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
PCTEL, Inc. 401(k) Profit sharing Plan - US employees | $ 757 | $ 666 | $ 584 |
Defined contribution plans - foreign employees | 345 | 332 | 259 |
Total | $ 1,102 | $ 998 | $ 843 |
Quarterly Data - Schedule of Qu
Quarterly Data - Schedule of Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
REVENUES | $ 26,138 | $ 26,526 | $ 27,625 | $ 26,326 | $ 29,395 | $ 27,932 | $ 26,181 | $ 23,656 | $ 106,615 | $ 107,164 | $ 104,253 |
GROSS PROFIT | 9,279 | 8,463 | 9,350 | 10,169 | 11,761 | 11,394 | 10,850 | 9,582 | 37,261 | 43,587 | 41,760 |
Operating (loss) income | (1,774) | (2,221) | (1,665) | (96) | 1,885 | 2,096 | 545 | (422) | (5,756) | 4,104 | 296 |
(Loss) Income before income taxes | (1,270) | (1,687) | 540 | (52) | 2,812 | 2,304 | 879 | (225) | (2,469) | 5,770 | 5,674 |
Net (loss) income | $ (820) | $ (1,062) | $ 347 | $ (33) | $ 1,995 | $ 2,218 | $ 545 | $ (146) | $ (1,568) | $ 4,612 | $ 3,251 |
(Loss) Earnings per Share: | |||||||||||
Basic | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ 0.11 | $ 0.12 | $ 0.03 | $ (0.01) | $ (0.09) | $ 0.25 | $ 0.18 |
Diluted | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ 0.11 | $ 0.12 | $ 0.03 | $ (0.01) | $ (0.09) | $ 0.25 | $ 0.18 |
Weighted Average Shares: | |||||||||||
Basic | 16,820 | 17,626 | 18,257 | 18,312 | 18,154 | 18,112 | 18,165 | 18,176 | 17,737 | 18,159 | 17,797 |
Diluted | 16,820 | 17,626 | 18,408 | 18,312 | 18,412 | 18,271 | 18,291 | 18,176 | 17,737 | 18,389 | 18,184 |
Quarterly Data - Additional Inf
Quarterly Data - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Reclassification from operating expense to cost of revenues | $ 400 | $ 200 | $ 200 | $ 20 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Effective date of early termination of lease | 2013-10 | |
Effective date of new lease agreement | Aug. 1, 2013 | |
New lease period | 5 years | |
Pryor, Oklahoma Facility [Member] | ||
Related Party Transaction [Line Items] | ||
Lease termination date | 2015-10 |
Accumulated Other Comprehens114
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Accumulated other comprehensive income (loss) | $ (15) | $ 135 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 10, 2015USD ($)shares | Mar. 31, 2016$ / sharesshares | Dec. 31, 2015USD ($)Positions$ / sharesshares | Dec. 31, 2014shares | Dec. 31, 2013shares |
Subsequent Event [Line Items] | |||||
Stock repurchased during period, shares | 1,942,788 | 215,650 | 59,510 | ||
Stock repurchased during period, average price per share | $ / shares | $ 6.22 | ||||
Number of shares to be repurchased under stock repurchase program | 0 | 783,212 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock repurchased during period, shares | 783,212 | ||||
Stock repurchased during period, average price per share | $ / shares | $ 5.23 | ||||
RF Solutions [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of employees eliminated | Positions | 16 | ||||
Early contract termination fee | $ | $ 57 | ||||
Decrease in lease obligation upon termination | $ | $ 300 |
Schedule II - Valuation and 116
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 121 | $ 130 | $ 222 |
Charges to Cost and Expenses | 205 | 48 | 130 |
Addition (Deduction) | (12) | (57) | (222) |
Balance at End of Year | 314 | 121 | 130 |
Warranty Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 304 | 305 | 270 |
Charges to Cost and Expenses | 60 | 124 | 192 |
Addition (Deduction) | (16) | (125) | (157) |
Balance at End of Year | 348 | 304 | 305 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 633 | 640 | 662 |
Charges to Cost and Expenses | 26 | (7) | (22) |
Addition (Deduction) | 0 | 0 | 0 |
Balance at End of Year | $ 659 | $ 633 | $ 640 |