Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 13, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCTI | ||
Entity Registrant Name | PC TEL INC | ||
Entity Central Index Key | 0001057083 | ||
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 Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 18,429,313 | ||
Entity Public Float | $ 114,305,200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 4,329 | $ 5,559 |
Short-term investment securities | 30,870 | 32,499 |
Accounts receivable, net of allowances of $63 and $319 at December 31, 2018 and December 31, 2017, respectively | 15,864 | 18,624 |
Inventories, net | 12,848 | 12,756 |
Prepaid expenses and other assets | 1,416 | 1,605 |
Total current assets | 65,327 | 71,043 |
Property and equipment, net | 12,138 | 12,369 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 1,029 | 2,113 |
Deferred tax assets, net | 0 | 7,734 |
Other noncurrent assets | 45 | 72 |
TOTAL ASSETS | 81,871 | 96,663 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 6,083 | 5,471 |
Accrued liabilities | 5,801 | 7,481 |
Total current liabilities | 11,884 | 12,952 |
Long-term liabilities | 381 | 392 |
Total liabilities | 12,265 | 13,344 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,271,249 and 17,806,792 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 18 | 18 |
Additional paid-in capital | 133,859 | 134,505 |
Accumulated deficit | (64,055) | (51,258) |
Accumulated other comprehensive (loss) income | (216) | 54 |
Total stockholders’ equity | 69,606 | 83,319 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 81,871 | $ 96,663 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 63 | $ 319 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,271,249 | 17,806,792 |
Common stock, shares outstanding | 18,271,249 | 17,806,792 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
REVENUES | $ 82,979 | $ 91,437 |
COST OF REVENUES | 51,898 | 52,626 |
GROSS PROFIT | 31,081 | 38,811 |
OPERATING EXPENSES: | ||
Research and development | 11,851 | 11,142 |
Sales and marketing | 12,083 | 12,630 |
General and administrative | 12,355 | 13,110 |
Amortization of intangible assets | 418 | 496 |
Total operating expenses | 36,707 | 37,378 |
OPERATING (LOSS) INCOME | (5,626) | 1,433 |
Other income, net | 564 | 105 |
(LOSS) INCOME BEFORE INCOME TAXES | (5,062) | 1,538 |
Expense (benefit) for income taxes | 7,827 | (2,471) |
NET (LOSS) INCOME FROM CONTINUING OPERATIONS | (12,889) | 4,009 |
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX BENEFIT | 0 | (187) |
NET (LOSS) INCOME | $ (12,889) | $ 3,822 |
Net (Loss) Income per Share from Continuing Operations: | ||
Basic | $ (0.75) | $ 0.24 |
Diluted | (0.75) | 0.24 |
Net Loss per Share from Discontinued Operations: | ||
Basic | 0 | (0.01) |
Diluted | 0 | (0.01) |
Net (Loss) Income per Share: | ||
Basic | (0.75) | 0.23 |
Diluted | $ (0.75) | $ 0.23 |
Weighted Average Shares: | ||
Basic | 17,186 | 16,626 |
Diluted | 17,186 | 16,913 |
Cash dividend per share | $ 0.22 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
NET (LOSS) INCOME | $ (12,889) | $ 3,822 |
OTHER COMPREHENSIVE(LOSS) INCOME | ||
Foreign currency translation adjustments | (270) | 436 |
COMPREHENSIVE (LOSS) INCOME | $ (13,159) | $ 4,258 |
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 beginning of year at Dec. 31, 2016 | $ 78,525 | $ 17 | $ 134,480 | $ (55,590) | $ (382) |
Cumulative-effect adjustment resulting from adoption of ASU 2016-09 at Dec. 31, 2016 | 510 | 510 | |||
BALANCE at beginning of year, as adjusted at Dec. 31, 2016 | 79,035 | 17 | 134,480 | (55,080) | (382) |
Stock-based compensation expense | 3,054 | 1 | 3,053 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,975 | 0 | 1,975 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (1,298) | 0 | (1,298) | 0 | 0 |
Dividends paid | (3,705) | 0 | (3,705) | 0 | 0 |
Net income (loss) | 3,822 | 0 | 0 | 3,822 | 0 |
Change in cumulative translation adjustment, net | 436 | 0 | 0 | 0 | 436 |
BALANCE at end of year at Dec. 31, 2017 | 83,319 | 18 | 134,505 | (51,258) | 54 |
Cumulative-effect adjustment resulting from adoption of ASU 2016-09 at Dec. 31, 2017 | 92 | 92 | |||
BALANCE at beginning of year, as adjusted at Dec. 31, 2017 | 83,411 | 18 | 134,505 | (51,166) | 54 |
Stock-based compensation expense | 3,261 | 0 | 3,261 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 686 | 0 | 686 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (578) | 0 | (578) | 0 | 0 |
Dividends paid | (4,015) | 0 | (4,015) | 0 | 0 |
Net income (loss) | (12,889) | 0 | 0 | (12,889) | 0 |
Change in cumulative translation adjustment, net | (270) | 0 | 0 | 0 | (270) |
BALANCE at end of year at Dec. 31, 2018 | $ 69,606 | $ 18 | $ 133,859 | $ (64,055) | $ (216) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | ||
Net (loss) income from continuing operations | $ (12,889) | $ 4,009 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 2,806 | 2,567 |
Intangible asset amortization | 1,084 | 1,162 |
Stock-based compensation | 3,261 | 3,005 |
Loss on disposal/sale of property and equipment | 19 | 18 |
Restructuring costs | (39) | (78) |
Bad debt provision | 265 | 55 |
Deferred tax provision | 7,817 | (2,647) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 2,362 | 798 |
Inventories | (336) | 1,970 |
Prepaid expenses and other assets | 198 | (121) |
Accounts payable | 1,095 | (1,037) |
Income taxes payable | (3) | (199) |
Other accrued liabilities | (1,657) | 182 |
Deferred revenue | (40) | 85 |
Net cash provided by operating activities | 3,943 | 9,769 |
Investing Activities: | ||
Capital expenditures | (2,754) | (2,666) |
Proceeds from disposal of property and equipment | 15 | 1 |
Purchase of investments | (44,591) | (49,009) |
Redemptions/maturities of short-term investments | 46,220 | 34,966 |
Net cash used in finance activities | (1,110) | (16,708) |
Financing Activities: | ||
Proceeds from issuance of common stock | 686 | 1,975 |
Payment of withholding tax on stock-based compensation | (578) | (1,298) |
Principle payments on capital leases | (125) | (98) |
Cash dividends | (4,015) | (3,705) |
Net cash used in financing activities | (4,032) | (3,126) |
Cash flows from discontinued operations: | ||
Net cash used in operating activities | 0 | (795) |
Net cash provided by investing activities | 0 | 1,434 |
Net cash flows provided by discontinued operations: | 0 | 639 |
Net decrease in cash and cash equivalents | (1,199) | (9,426) |
Effect of exchange rate changes on cash | (31) | 130 |
Cash and cash equivalents, beginning of year | 5,559 | 14,855 |
Cash and Cash Equivalents, End of Year | 4,329 | 5,559 |
Other information: | ||
Cash paid for income taxes | 41 | 172 |
Cash paid for interest | 11 | 12 |
Non-cash investing and financing information: | ||
Decreases to additional paid-in capital related to restricted stock | (189) | (1,339) |
Issuance of restricted common stock, net of cancellations | 2,276 | 196 |
Purchase of assets under capital leases | $ 47 | $ 149 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 erformance C ritical TEL ecom technology solutions to the wireless industry. PCTEL is a leading global supplier of wireless network antenna and testing solutions. PCTEL designs and manufactures precision antennas and provides test and measurement products that improve the performance of wireless networks globally. PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in network equipment and devices for the Industrial Internet of Things (“IIoT”). PCTEL test tools improve the performance of wireless networks globally. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL to analyze, design, and optimize next generation wireless networks. Antenna Products PCTEL designs and manufactures precision antennas and offers in-house wireless product development for our customers, including design, testing, radio integration, and manufacturing capabilities. PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the IIoT. Revenue growth in these markets is driven by the increased use and complexity of wireless communications. Consistent with the Company’s mission to solve complex network engineering problems and in order to compete effectively in the antenna market, PCTEL maintains expertise in the following areas: radio frequency engineering, wireless network engineering, mechanical engineering, mobile antenna design, manufacturing, and product quality and testing. The Company seeks out product applications that command a premium for product design and performance and customer service, and it avoids commodity markets. Our antennas are primarily sold to original equipment manufacturer (“OEM”) providers where they are designed into the customer’s solution. Competition in the antenna markets is fragmented. Competitors include Airgain, Amphenol, Laird, Pulse, and Taoglas. Test and Measurement Products PCTEL provides RF test and measurement tools that improve the performance of wireless networks globally, with a focus on LTE, public safety, and emerging 5G technologies. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL to analyze, design, and optimize next generation wireless networks. Revenue growth in this market is driven by the implementation and roll out of new wireless technology standards (i.e. 3G to 4G, 4G to 5G). Consistent with our mission to solve complex network engineering problems and in order to compete effectively in the RF test and measurement market, PCTEL maintains expertise in the following areas: radio frequency engineering, digital signal process (“DSP”) engineering, wireless network engineering, mechanical engineering, manufacturing, and product quality and testing. The Company’s test equipment is sold directly to wireless carriers or to OEMs who integrate its products into their solutions which are then sold to wireless carriers. Competitors for the Company’s test tool products include OEMs such as Anritsu, Berkley Varitronics, Digital Receiver Technology, and Rohde and Schwarz. Segment Reporting Effective August 2018, the Company consolidated its organizational structure to drive growth and address the convergence in the IIoT, public safety, and 4G infrastructure markets and the emergence of new technologies such as 5G (the “Reorganization”). The Company’s operations, engineering, business development, sales and marketing, and operational general and administrative functions were consolidated into a single enterprise-wide organization. As a result of the Reorganization that occurred in the third quarter 2018, the Company’s Chief Executive Officer, as the chief operating decision maker (“CODM”) began assessing operating profits and identified assets at the enterprise level for resource allocations. In connection with the Reorganization, the Board of Directors appointed a Chief Operating Officer who maintains regular contact with the CODM to discuss operating activities, financial results, forecasts, and plans for the Company’s businesses. All operating profit and cash flows are measured and managed at the enterprise level. Until the Reorganization, PCTEL operated in two segments for reporting purposes, Connected Solutions and RF Solutions. The CODM assessed operating profits and identified assets for the Connected Solutions and RF Solutions segments for resource allocations. Each segment had its own general manager as well as its own engineering, business development, sales and marketing, and operational general and administrative functions. Because the Reorganization occurred during the third quarter 2018, this Form 10-K does not include segment reporting information; however, we have included revenues and gross profit for the two major product lines (antenna products and test and measurement products) because each product line has a significantly different gross profit margin profile. In order to understand our financial results, it is necessary to understand the impact on gross profit margin of the revenue mix between them. D u n t h q u n d Ju n 30 20 1 7 pp o v p s t w o E ng i n i n v bu s i n s “ n g i n n v s a n sh i f f o u o w s n d v p m n d v p od u s J u l 31 2017 s o su b s a n ll o h a ss t o h o m p n y E ng i n i n v e b us i n s b ’ o n s u o o n b ’s T h ng i n i n v b us i n s p r o v d d s gn s n g o mm s s o n in g p i m o n n o nsu in s v f o u l W - n p u b s a f t n e t w o r k and w po n un i w t h i t h l ss i f s s o t h E n g n e n v e po n u n a h f o s a n p o h su l o p o n d s o n in u p o n f o t h n d 20 1 7 Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. 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 was $77, and $139 in the years ended December 31, 2018, and 2017, 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, 2018 2017 Cash $ 1,485 $ 3,785 Cash equivalents 2,844 1,774 Short-term investments 30,870 32,499 $ 35,199 $ 38,058 Cash and Cash Equivalents At December 31, 2018 and 2017, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At December 31, 2018 and 2017, 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. The Company had $0.8 million and $1.2 million of cash and cash equivalents in foreign bank accounts at December 31, 2018 and at December 31, 2017, respectively. The Company’s cash in its foreign bank accounts is not insured. Within the cash in foreign bank accounts, the Company had cash of $0.6 million and $1.0 million in China bank accounts at December 31, 2018 and December 31, 2017, respectively. Investments At December 31, 2018, the Company’s short-term investments consisted of U.S. government agency bonds, A or higher rated corporate bonds, and certificates of deposit. At December 31, 2017, 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 of the investments at December 31, 2018 and 2017 were classified as held-to-maturity. The Company had investments of pre-refunded municipal bonds at December 31, 2017 but none at December 31, 2018. The income and principal from the pre-refunded municipal bonds were secured by an irrevocable trust of U.S. Treasury securities. The bonds that had original maturities greater than 90 days were recorded at the purchase price and carried at amortized cost. Approximately 8% of the Company’s municipal bonds were protected by bond default insurance. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Corporate bonds $ 0 $ 1,156 $ 0 $ 1,156 $ 0 $ 1,350 $ 0 $ 1,350 US government agency bonds 0 0 0 0 0 249 0 249 Money market funds 1,688 0 0 1,688 175 0 0 175 Total Cash Equivalents $ 1,688 $ 1,156 $ 0 $ 2,844 $ 175 $ 1,599 $ 0 $ 1,774 Investments: Corporate bonds 0 21,583 0 21,583 0 18,463 0 18,463 Pre-refunded municipal bonds 0 0 0 0 0 2,133 0 2,133 US government agency bonds 0 5,671 0 5,671 0 4,457 0 4,457 Certificates of deposit 3,616 0 0 3,616 7,446 0 0 7,446 Total Investments $ 3,616 $ 27,254 $ 0 $ 30,870 $ 7,446 $ 25,053 $ 0 $ 32,499 Cash equivalents and Investments - book value $ 5,304 $ 28,410 $ 0 $ 33,714 $ 7,621 $ 26,652 $ 0 $ 34,273 Cash equivalents and Investments - fair value $ 5,304 $ 28,389 $ 0 $ 33,693 $ 7,622 $ 26,617 $ 0 $ 34,239 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. The fair values in the table above reflect net unrealized losses of $21 and $34 at December 31, 2018 and December 31, 2017, respectively. 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 90 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 $0.1 million and $0.3 million at December 31, 2018 and 2017, 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 net realizable value and include material, labor and overhead costs using the first-in, first-out method of costing. Inventories as of December 31, 2018 and 2017 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory of $0.9 million and $0.5 million at December 31, 2018 and 2017, 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 the Company’s estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on the Company’s identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $3.3 million and $3.0 million as of December 31, 2018 and 2017, respectively. Inventories consisted of the following: December 31, 2018 December 31, 2017 Raw materials $ 7,023 $ 6,849 Work in process 1,388 962 Finished goods 4,437 4,945 Inventories, net $ 12,848 $ 12,756 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, 2018 December 31, 2017 Building $ 6,351 $ 6,351 Computers and office equipment 10,963 10,873 Manufacturing and test equipment 13,573 13,012 Furniture and fixtures 1,318 1,288 Leasehold improvements 1,529 1,444 Motor vehicles 20 20 Total property and equipment 33,754 32,988 Less: Accumulated depreciation and amortization (23,386 ) (22,389 ) Land 1,770 1,770 Property and equipment, net $ 12,138 $ 12,369 Depreciation and amortization expense were approximately $2.8 million and $2.6 million for the years ended December 31, 2018 and 2017, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 7 for information related to capital leases. Liabilities Accrued liabilities consisted of the following: December 31, 2018 December 31, 2017 Payroll, bonuses, and other employee benefits $ 1,409 $ 2,780 Inventory receipts 1,396 1,730 Paid time off 936 1,011 Professional fees and contractors 346 155 Employee stock purchase plan 343 314 Warranties 339 382 Income and sales taxes 186 243 Customer refunds for estimated returns 154 197 Deferred revenues 149 189 Real estate taxes 148 148 Short-term obligations under capital leases 91 97 Other 304 235 Total $ 5,801 $ 7,481 Long-term liabilities consisted of the following: December 31, 2018 December 31, 2017 Capital leases $ 132 $ 180 Deferred rent 87 89 Other 162 123 Total $ 381 $ 392 Revenue Recognition The Company sells antenna product and test and measurement products. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time”. For the sale of antenna products and test and measurement products, the Company satisfies its performance obligations generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon customer delivery from the consignment location. For its test and measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company recognizes revenue for sales of its products when control 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. See Note 14 for additional information related to revenue policies. 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 $0.1 million during the years ended December 31, 2018, and 2017. 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 deferred tax assets are recognized for net operating losses 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. 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. On December 22, 2017, the United States federal government enacted the Tax Cuts and Jobs Act (“Tax Act”), marking a change from a worldwide tax system to a modified territorial tax system in the United States. As part of this change, the Tax Act, among other changes, provided for a transition tax on the accumulated unremitted foreign earnings and profits of the Company’s foreign subsidiaries (“Transition Tax”), a reduction of the U.S. federal corporate income tax rate from 34% to 21%, and an indefinite carryforward of net operating losses (“NOLs”) incurred in 2018 and future periods subject to an 80% annual limitation against future income. In accordance with the Tax Act, the Company recorded provisional income tax expense of $0.6 million related to the deemed repatriation of the accumulated unremitted earnings and profits of foreign subsidiaries, and provisional income tax expense of $5.0 million associated with the remeasurement of its net deferred tax assets due to the reduction in the U.S. corporate income tax rate, and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The Company completed the accounting in the fourth quarter 2018 upon filing the Company’s U.S. Federal tax returns and increased the Transition Tax by $0.1 million. 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 carryforward 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. As a result of the Company’s cumulative three-year loss, the finite life for federal net operating losses generated through December 31, 2017, and the finite life of state net operating losses, the Company had a full valuation allowance of $14.5 million at December 31, 2018. See Note 6 for more information on the deferred tax valuation allowance. 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 fourth fiscal 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 the Company 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. The Company performed its annual goodwill test at October 31, 2018 related to its goodwill of $3.3 million. Due to the Company’s Reorganization in the third quarter 2018, its operations, engineering, business development, sales and marketing, and operational general and administrative functions were consolidated into a single enterprise-wide organization. Since there are no longer reportable segments, the Company has not disclosed segment information in this Form-10K for the year ended December 31, 2018. However, the Company has discrete financial information necessary to perform goodwill impairment testing for the reporting unit under the accounting guidance. The goodwill is not related to the whole Company. The Company evaluated the goodwill based on the cash flows for the test and measurement product line. The cash flows for test and measurement product line were only prepared for testing goodwill and were not be reviewed by the Company’s CODM. The revenues and gross margins were specifically identified, and the operating expenses were a combination of direct expenses and allocated expenses. The Company performed both a qualitative analysis of goodwill and the step one quantitative analysis. There were no triggering events from the qualitative analysis, and the fair value of the reporting unit was higher than its carrying value in the quantitative analysis. Based on the Company’s analysis, there was no impairment of goodwill as of the testing date because the fair value of the reporting unit exceeded its carrying value by a significant margin. The Company performed its annual goodwill test at October 31, 2017 for the goodwill of $3.3 million. The Company performed both a qualitative analysis of goodwill and the step one quantitative analysis. There was no triggering event from the qualitative analysis, and the fair value of the reporting unit was higher than its carrying value in the quantitative analysis. Based on the Company’s analysis, there was no impairment of goodwill as of the testing date because the fair value of the reporting unit exceeded its carrying value by a significant margin. 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. There have been no impairments related to long-lived assets for continuing operations during the years ended December 31, 2018, and 2017. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“ Accounting Standards Update In October 2016, the FASB issued ASU 2016-16, Income Taxes (“Topic 740”): Intra-Entity Transfer of Assets Other than Inventory. Topic 740 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted Topic 740 on January 1, 2018 using the modified retrospective approach, and as a result recorded a deferred tax asset with a corresponding adjustment to retained earnings of $0.1 million associated with an intra-entity transfer of goodwill in 2009. The goodwill was transferred to the U.S. entity from a Canadian entity that was dissolved in 2009. In August 2016, the FASB issued ASU 2016-15 , In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13) regarding ASC Topic 326, Financial Instruments - Credit Losses, which modifies the measurement of expected credit losses of certain financial instruments. The amendments will be effective for the Company on January 1, 2020. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“Topic 718”). Topic 718 affects all entities that issue share-based payment awards to their employees. Topic 718 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, including recognizing all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement rather than in additional paid-in capital. The Company adopted Topic 718 in the first quarter of 2017. Upon adoption, the Company recognized deferred tax assets of $0.6 million for all excess tax benefits that had not been previously recognized. The Company also elected to recognized forfeitures as incurred. The Company recorded an adjustment of $0.1 million to deferred tax assets for estimated forfeitures previously recorded. These adjustments were recorded through a cumulative-effect adjustment to retained earnings of approximately $0.5 million and an adjustment to the valuation allowance for $0.2 million. The Company also reclassified its payments for withholding tax on stock-based compensation from operating activities to financing activities in the consolidated statements of cash flows for the years ended December 31, 2017. In February 2016, the FASB issued ASU 2016-02, Leases (“Topic 842”), which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. Topic 842 also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. This guidance will be effective for the Company on January 1, 2019. The Company expects to record a right of use asset and corresponding lease liability in the range of $1.4 million to $1.8 million upon adoption of Topic 842. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. ASU 2015-11 applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. The Company adopted this guidance on January 1, 2017. The adoption of this ASU did not have an impact to the Company’s consolidated financial statemen |
(Loss) Earnings per Share
(Loss) Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings 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, 2018 2017 Basic (Loss) Income Per Share computation: Numerator: Net (loss) net income from continuing operations $ (12,889 ) $ 4,009 Net loss from discontinued operations $ 0 $ (187 ) Net (loss) income $ (12,889 ) $ 3,822 Denominator: Common shares outstanding 17,186 16,626 Net (Loss) Income per common share - basic Net (loss) income from continuing operations $ (0.75 ) $ 0.24 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net (loss) income $ (0.75 ) $ 0.23 Diluted (Loss) Income Per Share computation: Denominator: Common shares outstanding 17,186 16,626 Restricted shares subject to vesting * 285 Common stock option grants * 2 Total shares 17,186 16,913 (Loss) Income per common share - diluted Net (loss) income from continuing operations $ (0.75 ) $ 0.24 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net (loss) income $ (0.75 ) $ 0.23 * As denoted by “*” in the table above, weighted average common stock option grants and restricted shares of 361,000 was excluded from the calculations of diluted net loss per share for the year ended December 31, 2018, since the effect was anti-dilutive. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations During the quarter ended June 30, 2017, the Company approved a plan to sell its Engineering Services business and shift its focus towards research and development driven RF products. On July 31, 2017, the Company sold its Network Engineering Services business to Gabe’s. The Company filed a Form 8-K related to the disposition on August 4, 2017. The disposition of Engineering Services met the requirements for classification as held for sale during the quarter ended June 30, 2017 because the disposition met all the criteria outlined in the accounting guidance. Due to the significance of the results during the years ended December 31, 2016, 2015, and 2014, and because this disposition represented a strategic shift by the Company to focus on products, the disposition of Engineering Services also qualified as a discontinued operation for reporting purposes. As such, the Company reported the results of its Engineering Services business as discontinued operations beginning with the quarter ended June 30, 2017. In this annual report on Form 10-K, the results for Engineering Services are reported as discontinued operations for the year ended December 31, 2017. All the revenues and cost of revenues in discontinued operations related to services provided by the Company. The Company sold the fixed assets and backlog of the Network Engineering Services business to Gabe’s for $1.45 million. At closing, the Company received $1.4 million, consisting of $1.3 million for the sale of the business and $0.1 million related to future services. A pre-tax book gain of $0.5 million is included in discontinued operations in the year ended December 31, 2017. The net pre-tax book gain includes proceeds from the sale of assets minus the book value of the assets disposed as well as severance and related payroll benefits for terminated employees. The book value of the assets was $0.6 million at the date of closing. On August 1, 2017, the Company terminated 25 employees, and Gabe’s hired 11 of these employees. The severance and related benefits for the terminated employees who were not subsequently hired by Gabe’s was $0.2 million. The income tax gain was $0.3 million, which included the tax value of the fixed assets and the remaining tax value for intangible assets no longer being used by the Company as of the sale to Gabe’s. The Company retained working capital of approximately $0.5 million, including accounts receivable, accounts payable, and accrued liabilities. Subsequent to the sale, the Company provided transition services for billing and accounts receivable collection. The Company completed transition services as of June 30, 2018. There was no impairment loss recorded on the long-lived assets because the fair value of the assets less cost to sell was higher than the carrying value of the assets. The details of the discontinued operations within the Statement of Operations are as follows: Year Ended December 31, 2017 Revenues $ 3,725 Cost of revenues 3,974 Gross profit (249 ) Operating expenses: Sales and marketing 400 General and administrative 74 Amortization of intangible assets 0 Impairment of intangible assets 0 Restructuring expenses 19 Total operating expenses 493 Operating loss (742 ) Gain on sale 503 Net loss before income taxes (239 ) Benefit for income taxes (52 ) Net loss $ (187 ) The details of the cash flows for discontinued operations are as follows: Year Ended December 31, . 2017 Cash flows from discontinued operations: Operating Activities: Net loss $ (187 ) Gain on sale of assets (803 ) Depreciation 197 Intangible amortization 0 Impairment of intangible assets 0 Deferred tax provision (53 ) Stock compensation 49 Prepaid expenses and other assets 2 Net cash used in operating activities $ (795 ) Investing Activities: Capital expenditures $ (16 ) Proceeds from sale of assets 1,450 Net cash provided by investing activities $ 1,434 Net cash flows from discontinued operations: $ 639 The investing cash flows for the year ended December 31, 2017 includes the proceeds from the sale of assets to Gabe’s. The Company recognized revenue for engineering services under the completed performance method. Most engineering services were delivered in one week or less, and revenue was generally recognized when engineering reports were completed and issued to the customer. For specialized staffing, the Company recognized revenue as services are provided to the customer. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets Goodwill There were no changes to the goodwill of $3.3 million during 2018 or 2017. See the goodwill section of Note 1 for more information on the evaluation of goodwill. Intangible Assets The summary of other intangible assets, net is as follows: December 31, 2018 December 31, 2017 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 16,880 $ 16,880 $ 0 $ 16,880 $ 16,880 $ 0 Patents and technology 10,114 9,336 778 10,114 8,670 1,444 Trademarks and trade names 4,834 4,607 227 4,834 4,335 499 Other 2,506 2,482 24 2,506 2,336 170 $ 34,334 $ 33,305 $ 1,029 $ 34,334 $ 32,221 $ 2,113 The Company amortizes intangible assets with finite lives on a straight-line basis over the estimated useful lives, which range from one to six years. In continuing operations, amortization expense was approximately $1.1 million for the year ended December 31, 2018, and $1.2 million for the year ended December 31, 2017. Amortization for technology assets is included in cost of revenues and amortization for all other intangible assets is included in operating expenses. For the year ended December 31, 2018, $0.4 million of the intangible asset amortization was included in operating expenses and $0.7 million was included in cost of revenues. For the year ended December 31, 2017, $0.5 million of the intangible asset amortization was included in operating expenses and $0.7 million was included in cost of goods revenues. There was no amortization expense in discontinued operations for the year ended December 31, 2018 or December 31, 2017. The assigned lives and weighted average amortization periods by intangible asset category are summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 5 years 5.0 Patents and technology 5 to 6 years 5.1 Trademarks and trade names 5 to 6 years 5.6 Other 1 to 6 years 3.0 The Company’s amortization expense for intangible assets is scheduled through the first quarter 2020. The Company’s amortization expense over the next three years is as follows: Fiscal Year Amount 2019 $ 885 2020 $ 144 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 5. Restructuring The following table summarizes the Company’s restructuring accrual activity for the years ended December 31, 2018, and 2017: Lease Severance Terminations Total Balance at January 1, 2017 $ 6 $ 190 $ 196 Restructuring expense (1 ) 20 19 Payments/charges (5 ) (94 ) (99 ) Balance at December 31, 2017 0 116 116 Payments/charges 0 (39 ) (39 ) Balance at December 31, 2018 $ 0 $ 77 $ 77 There were no expenses reported as restructuring in 2018. The restructuring expense for the year ended December 31, 2017 is included in the net loss from discontinued operations. The restructuring liability is recorded on the balance sheet at December 31, 2018 and 2017 as follows: December 31, 2018 December 31, 2017 Accrued liabilities $ 33 $ 35 Long-term liabilities 44 81 $ 77 $ 116 Discontinued Operations During the first quarter 2016, the Company reduced headcount related to Engineering Services and exited from its Colorado office in order to consolidate facility space. In July 2017, the Engineering Services business was sold to Gabe’s Construction and the activity related to Engineering Services is reported as discontinued operations. The following table summarizes the minimum lease payments and sublease payments under the lease agreements for the Colorado office: Year Lease Payments Sublease Payments 2019 122 88 2020 93 59 Total $ 215 $ 147 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The domestic and foreign components of the continuing (loss) income before expense (benefit) for income taxes were as follows: Years Ended December 31, 2018 2017 Domestic $ (5,033 ) $ 917 Foreign (29 ) 621 $ (5,062 ) $ 1,538 The expense (benefit) for income taxes of continuing operations consisted of the following: Years Ended December 31, 2018 2017 Current: Federal $ 0 $ 0 State 32 34 Foreign (22 ) 142 10 176 Deferred: Federal 6,337 (1,720 ) State 1,333 (878 ) Foreign 147 (49 ) 7,817 (2,647 ) Total $ 7,827 $ (2,471 ) 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 2018 2017 Statutory federal income tax rate 21 % 34 % State income tax, net of federal benefit 4 % 3 % Tax effect of permanent differences -1 % -2 % Change in valuation allowance -182 % -535 % Foreign Income Inclusion 0 % 37 % Effective state rate change to deferred tax assets 1 % -11 % Effective Federal rate change to deferred tax assets 0 % 326 % Stock Compensation shortfalls -2 % 15 % Release of FIN 48 liability 0 % -8 % Foreign income taxed at different rates 0 % -6 % Tax on repatriation 0 % -7 % Research and development credits 4 % -6 % Return to provision adjustments 0 % -2 % Other 0 % 1 % -155 % -161 % The Company recorded net income tax expense of $7.8 million for the year ended December 31, 2018. The 2018 effective rate differed from the Federal rate of 21% primarily because the Company recorded a valuation allowance of approximately $9.2 million, consisting of $8.9 million for U.S. deferred tax assets and $0.3 million for China deferred tax assets. The Company increased the valuation allowance for deferred tax assets due to uncertainty regarding the utilization of the deferred tax assets. The Company recorded an income tax benefit of $2.5 million for the year ended December 31, 2017. The 2017 effective tax rate differed from the Federal rate of 34% because the Company decreased the valuation allowance for its U.S. deferred tax assets by $8.2 million, offsetting the net income tax expense of $5.0 million related to the remeasurement of net deferred tax assets, and the $0.6 million of income tax expense related to a transition tax on the accumulated unremitted foreign earnings and profits of foreign subsidiaries (“Transition Tax”). The adjustment to the valuation allowance included $1.4 million to reflect the new corporate tax rate of 21.0%. On December 22, 2017, the United States federal government enacted the Tax Act, marking a change from a worldwide tax system to a modified territorial tax system in the United States. As part of this change, the Tax Act, among other changes, provided for a Transition Tax on the accumulated unremitted foreign earnings and profits of foreign subsidiaries, a reduction of the U.S. federal corporate income tax rate from 34% to 21%, and an indefinite carryforward of net operating losses (“NOL’s”) incurred in 2018 and future periods subject to an 80% annual limitation against future income. In response to the enactment of the Tax Act in late 2017, the U.S. Securities and Exchange Commission issued SAB 118 to address situations where the accounting is incomplete for certain income tax effects of the Tax Act upon issuance of an entity’s financial statements for the reporting period in which the Tax Act was enacted. Under SAB 118, companies were allowed to record provisional amounts during a measurement period for specific income tax effects of the Tax Act for which the accounting is incomplete, but a reasonable estimate can be determined. To determine the amount of the Transition Tax at December 31, 2017, the Company determined, in addition to other factors, the amount of post-1986 earnings and profits of relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company recorded provisional income tax expense of $0.6 million related to the deemed repatriation of the accumulated unremitted earnings and profits of the Company’s foreign subsidiaries. The deemed inclusion for the Transition Tax was offset by the 2017 net operating loss included within deferred tax assets. This provisional amount was based on available information, including estimated tax earnings and profits from foreign subsidiaries. The Company increased the Transition Tax $0.1 million in the fourth quarter 2018 upon completion of its U.S. income tax returns. The Tax Act also included global intangible low-taxed income (“GILTI”) provisions. Under the provisions, a U.S. shareholder of controlled foreign corporations (“CFCs”) is required to include in gross income the amount of its GILTI. Generally, the GILTI inclusion is the U.S. shareholder’s allocable share of certain income earned through its CFCs (“net CFC tested income”) in excess of a deemed 10% return on the shareholder’s allocable share of certain of the CFC’s depreciable, tangible assets less certain interest expense items (“net deemed tangible income return”). Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the period cost method) or (2) factoring such amounts into the Company's measurement of its deferred taxes (the deferred method). For the year ended December 31, 2018, the Company included an estimate of the expected 2018 GILTI income tax expense under the period cost method. The amount included for GILTI did not have a significant impact on the Company’s tax provision for the year ended December 31, 2018. For the reduction in the corporate tax rate at December 31, 2017, the Company recorded provisional income tax expense of $5.0 million associated with the remeasurement of the Company’s gross deferred tax assets and an income tax benefit of $1.4 million associated with a remeasurement of the valuation allowance. These provisional impacts were finalized with the filing of the 2017 income tax returns with minimal impact. The Company recognizes all interest and penalties as income tax expense. There was no income tax expense related to interest and penalties for the years ended December 31, 2018 or 2017. Deferred Taxes 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, 2018 2017 Deferred Tax Assets: Net operating loss carryforwards $ 5,725 $ 3,658 Amortization 3,920 4,508 Federal, foreign, and state credits 1,812 1,627 Inventory reserves 982 949 Stock compensation 982 845 Deferred Gain 875 876 Accrued vacation 240 257 Other 235 635 Gross deferred tax assets 14,771 13,355 Valuation allowance (14,457 ) (5,234 ) Net deferred tax asset 314 8,121 Deferred Tax Liabilities: Depreciation (314 ) (387 ) Net Deferred Tax Assets $ 0 $ 7,734 At December 31, 2018, the Company had gross deferred tax assets of $14.8 million, deferred tax liabilities of $0.3 million, and a valuation allowance of $14.5 million. The deferred tax assets consisted of domestic deferred tax assets of $14.2 million for and foreign deferred tax assets of $0.3 million. At December 31, 2017, the Company had gross deferred tax assets of $13.4 million, deferred tax liabilities of $0.4 million, and a valuation allowance of $5.2 million. The net deferred tax assets at December 31, 2017 consisted of domestic net deferred tax assets of $7.6 million and foreign net deferred tax assets of $0.1 million. The net income tax expense related to the remeasurement of the deferred tax assets consisted of income tax expense of $5.0 million related to gross deferred tax assets and an income tax benefit of $1.4 million related to the valuation allowance. The most significant balance within the net deferred tax assets at December 31, 2018 and 2017 relates 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. On a regular basis, the Company evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Such evaluations involve the application of significant judgment. The Company considers multiple factors in its evaluation of the need for a valuation allowance. The Company’s net deferred tax assets consist of assets related to net operating losses and credits as well as assets related to timing differences. The Company’s net operating losses and credits have a finite life primarily based on the 20-year carryforward rule for federal NOL’s generated as of December 31, 2017. The timing differences have a ratable reversal pattern over 12 years. Under the new rules enacted with the Tax Act, tax losses incurred in 2018 and future periods will not expire, thereby extending the period by which the Company’s deferred tax assets can be realized. The Company has recorded pre-tax U.S. losses for the cumulative three-year period ending December 31, 2018 of $7.9 million. In accordance with ASC 740 “Accounting for Income Taxes” (“ASC 740”), the Company evaluates deferred income tax assets quarterly to determine if valuation allowances are required or should be adjusted. ASC 740 requires that companies assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. At December 31, 2017, the Company had a partial valuation allowance on its deferred tax assets. The Company’s positive results in 2017, the impact of selling its Engineering Services business, and the Company’s performance versus the 2017 projections supported a partial valuation allowance. However, the Company’s losses in 2018 and the cumulative loss position for the past three years, and the Company’s performance versus the 2018 projections are considered significant negative evidence that is difficult to overcome on a “more likely than not” standard through objectively verifiable data. While the Company believes its financial outlook remains positive, under the accounting standards objective verifiable evidence will have greater weight than subjective evidence such as the Company’s projections for future growth. Based on an evaluation in accordance with the accounting standards, as of December 31, 2018, a valuation allowance of $8.9 million was recorded against the net U.S. deferred tax assets and a valuation allowance of $0.3 million has been recorded against the net China deferred tax assets in order to measure the deferred tax assets that are more likely than not to be realized based on the weight of all the available evidence. Until an appropriate level of profitability is attained, the Company expects to maintain a full valuation allowance on its U.S. net deferred tax assets, and China net deferred tax assets. Any U.S. or China tax benefits or tax expense recorded on its Consolidated Statement of Operations will be offset with a corresponding valuation allowance until such time that the Company changes its determination related to the realization of deferred tax assets. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. The valuation allowance at December 31, 2017 reflected an allowance on deferred tax assets related to expiring net operating losses and credits and no valuation allowance on its deferred tax assets related to timing differences. The Company’s adjustment to the valuation allowance at December 31, 2017 included $1.4 million to reflect the new corporate tax rate of 21.0%. The analysis that the Company prepared to determine the valuation allowance required significant judgment and assumptions regarding future market conditions as well as forecasts for profits, taxable income, and taxable income by jurisdiction. Due to the sensitivity of the analysis, changes to the assumptions in subsequent periods could have a material effect on the valuation allowance. Accounting for Uncertainty for Income Taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2018 2017 Beginning of period $ 700 $ 870 Addition related to tax positions in current year 30 13 Reversals for uncertain tax positions 0 (183 ) End of period $ 730 $ 700 Because the Company has a full valuation allowance against its deferred tax assets, the reversal of these unrecognized tax benefits would have no impact on its effective tax rate. The Company does not anticipate that its unrecognized tax benefits will significantly increase or decrease within the next twelve months. 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 2015 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 2010 and subsequent periods. Summary of Carryforwards At December 31, 2018, the Company has a federal net operating loss carryforward of $12.6 million that expires between 2031 and 2037 and a Federal net operating loss carryforward of $8.1 million with no expiration. The Company has state net operating loss carryforwards of $19.7 million that expire between 2021 and 2038. Additionally, the Company has $1.1 million of federal research credits that expire between 2030 and 2038 and $1.5 million of state research credits with no expiration. Investment in Foreign Operations In 2015, the Company provided U.S. income taxes of $0.1 million related to the expected repatriation of earnings from its subsidiary in Israel. The Company adjusted this amount to reflect the provisional amount calculated from the Transition Tax in 2017. The Company closed this entity in 2018 and expects to repatriate the earnings in 2019. With respect to its subsidiary in China, while the Company recorded income tax related to the deemed dividend of earnings of its China subsidiary, the Company considers such earnings permanently reinvested. Upon repatriation of these earnings, the Company would be subject to local withholding taxes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Leases The Company has operating leases for facilities through 2025 and office equipment through 2023. The future minimum rental payments under these leases at December 31, 2018, are as follows: Year Amount 2019 $ 1,176 2020 518 2021 145 2022 146 2023 131 Thereafter 137 Future minimum lease payments $ 2,253 The rent expense under leases was approximately $1.0 million and $0.9 million for the years ended December 31, 2018, and 2017, respectively. Capital Leases The Company has capital leases for office and manufacturing equipment. As of December 31, 2018, and 2017, the equipment had cost, accumulated depreciation, and a net book value as follows: December 31, 2018 December 31, 2017 Cost $ 502 $ 453 Accumulated Depreciation (287 ) (195 ) Net Book Value $ 215 $ 258 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 2019 $ 98 2020 61 2021 48 2022 23 2023 7 Total minimum payments required 237 Less: amount representing interest 14 Present value of net minimum lease payments $ 223 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 refund liability was $0.2 million at December 31, 2018 and 2017 and is included in other accrued liabilities in the accompanying consolidated balance sheets. 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, 2018 and $0.4 million at December 31, 2017 and is included in other accrued liabilities in the accompanying consolidated balance sheets. Year Ended December 31, 2018 2017 Beginning balance $ 382 $ 394 Provisions for warranties 65 102 Consumption of reserves (108 ) (114 ) Ending balance $ 339 $ 382 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Common Stock The activity related to common shares outstanding for the years ended December 31 is as follows: (share data in thousands) 2018 2017 Beginning of year 17,807 17,335 Issuance of common stock on exercise of stock options net of stock swaps 0 189 Issuance of restricted common stock and performance shares, net of cancellations 415 245 Issuance of common stock from executive bonuses 0 113 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 157 140 Cancellation of stock for withholding tax for vested shares (108 ) (215 ) End of Year 18,271 17,807 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, 2018, and 2017, no shares of preferred stock were issued or outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Plans Common Stock Reserved for Future Issuance At December 31, 2018, the Company had 2,778,502 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, 2018 2017 PCTEL Stock Plan 2,583,688 3,298,876 2001 Stock Plan 0 19,600 Employee Stock Purchase Plan 194,814 351,609 Total shares reserved 2,778,502 3,670,085 These amounts include the shares available for grant and the options outstanding. PCTEL 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 PCTEL, Inc. Stock Plan (“Stock Plan”) which expires in 2025. Under the Stock Plan, restricted share awards are deducted from the shares available in the Stock Plan at a ratio of 1.78 stock option awards are deducted from the shares available in the Stock Plan at a ratio of 1.0. As of December 31, 2018, options to acquire 423,534 shares were outstanding and a total of 2,160,154 shares remain available for future grants. 2001 Non-Statutory Stock Option Plan In June 2010, the stockholders approved certain changes to the PCTEL 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 PCTEL Stock Plan. The 2001 Plan terminated in August 2011, and there remain no options to acquire shares at December 31, 2018. Employee Stock Purchase Plan Under the Company’s 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. The expiration date of the ESPP is the date that all shares authorized have been granted. As of December 31, 2018, the Company had 194,814 shares remaining that can be issued under the Purchase Plan. Stock-Based Compensation Expense The consolidated statements of operations include $3.3 million, and $3.0 million of stock compensation expense in continuing operations for the years ended December 31, 2018 and 2017, respectively. The Company did not capitalize any stock compensation expense during the years ended December 31, 2018, and 2017. The stock-based compensation expense by type is as follows: Years Ended December 31, 2018 2017 Service-based awards $ 2,618 $ 2,415 Annual director awards 422 370 Stock option and employee purchase plans 221 220 Total continuing operations 3,261 3,005 Discontinued operations 0 49 Total $ 3,261 $ 3,054 The stock-based compensation is reflected in the consolidated statements of operations as follows: Years Ended December 31, 2018 2017 Cost of revenues $ 224 $ 268 Research and development 620 517 Sales and marketing 576 474 General and administrative 1,841 1,746 Total continuing operations 3,261 3,005 Discontinued operations 0 49 Total $ 3,261 $ 3,054 Restricted Stock - Serviced Based The Company grants service-based restricted shares as employee incentives under the Stock Plan. 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. During the first quarter 2018, the Company issued to employees 420,977 service-based restricted stock awards to employees that vest in three substantially equal annual increments commencing in 2019. During the years ended December 31, 2018, and 2017, the Company awarded annual service-based restricted stock to eligible employees as long-term incentives. The following table summarizes service-based restricted stock activity for the years ended December 31 st 2018 2017 Unvested Restricted Stock Awards Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 828,576 $ 5.66 1,120,960 $ 5.83 Shares awarded 486,975 6.92 337,786 6.13 Shares vested (392,975 ) 5.93 (527,657 ) 6.27 Shares cancelled (83,609 ) 6.14 (102,513 ) 5.92 End of year 838,967 $ 6.21 828,576 $ 5.66 The intrinsic values of service-based restricted shares that vested were $2.2 million and $3.3 million during the years ended December 31, 2018, and 2017, respectively. As of December 31, 2018, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock was approximately $2.6 million, to be recognized through 2021 over a weighted average period of 1.5 years. Restricted Stock Units – Service Based The Company grants service-based restricted stock units as employee incentives under the Stock Plan. 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 2018 2017 Unvested Restricted Stock Units Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 31,800 $ 5.47 36,388 $ 5.57 Units awarded 5,500 7.05 5,000 5.97 Units vested/Shares awarded (11,587 ) 5.35 (9,588 ) 6.13 Units cancelled (7,075 ) 6.90 0 0.00 End of year 18,638 $ 5.66 31,800 $ 5.47 The intrinsic values of service-based restricted stock units that vested were $61 and $60, during the years ended December 31, 2018, and 2017, respectively. The Company recorded stock compensation expense of $2 and $65 for restricted stock units in the years ended December 31, 2018, and 2017, respectively. As of December 31, 2018, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units was $0.1 million to be recognized through 2021 over a weighted average period of 1.2 years. Stock Options The Company may grant stock options to purchase common stock to new employees under the Stock Plan. 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. The Company grants stock options with a seven-year life. The Company granted 2000 stock options during 2018 and no stock options were granted during 2017. A summary of the Company’s stock option activity for the years ended December 31 st 2018 2017 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Beginning of Year 470,484 $ 7.24 825,561 $ 7.30 Options granted 2,000 6.98 0 0.00 Options exercised 0 0.00 (211,044 ) 7.09 Options forfeited (2,793 ) 5.13 (103,381 ) 8.24 Options cancelled/expired (46,157 ) 8.21 (40,652 ) 6.70 End of Year 423,534 $ 7.15 470,484 $ 7.24 Exercisable 417,385 $ 7.17 458,698 $ 7.28 During the year ended December 31, 2017, the Company received proceeds of $1.5 million from the exercise of 211,044 options. The intrinsic value of these options exercised was $128. There were no exercises during the year ended December 31, 2018. The range of exercise prices for options outstanding and exercisable at December 31, 2018, was $5.00 to $8.32. The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 5.00 — $ 7.15 19,189 3.19 $ 6.03 13,407 $ 6.17 7.16 — 7.19 291,140 0.88 7.16 291,140 7.16 7.20 — 7.22 97,705 1.21 7.22 97,705 7.22 7.23 — 8.32 15,500 2.38 7.83 15,133 7.83 $ 5.00 — $ 8.32 423,534 1.12 $ 7.15 417,385 $ 7.17 The weighted average contractual life and intrinsic value at December 31, 2018, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 1.12 $ 0.00 Options Exercisable 1.06 $ 0.00 The intrinsic value is based on the share price of $4.29 at December 31, 2018. The Company calculated the fair value of stock options granted on the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: 2018 Dividend yield 3.2% Risk-free interest rate 2.4% Expected volatility 33% Expected life (in years) 3.7 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 a remaining term that approximates the expected life of the options granted. The Company calculated the volatility based on a five-year historical period of the Company’s stock price. The expected life used for options granted was based on historical data of employee exercise performance. The Company records expense based on the grading vesting method. As of December 31, 2018, the unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $3, to be recognized through 2021 over a weighted average period of 1.4 years. Short-Term Incentive Plan In March 2017, the Company awarded 112,986 shares to certain executives and key managers for the Company’s 2016 Short-Term Inventive (“STIP”). 100% of the 2017 STIP was paid in cash. Incentive awards earned by certain executives and key managers under the Company’s 2018 STIP were to be settled 50% in cash and 50% in shares of the Company’s stock, but none of the performance thresholds were met. Performance-based Equity Awards The Company granted performance awards to executives in 2014 and 2015 as long-term incentives. These long-term incentive plans (“LTIPs”) had four-year revenue goals to encourage long-term growth with a penalty if certain profit levels were not maintained. Each four-year period was divided into two interim periods (each an “Interim Period”), the first ending in 2015 and 2016, respectively and the second ending in 2017 and 2018, respectively. The LTIPs were designed so that at the end of each Interim Period, the participants would receive an equity award if the Company’s actual revenue at the conclusion of the Interim Period exceeds the Interim Period threshold. The equity award increased in a linear progression as the Company’s revenue for the Interim Period increased. The fair value of these performance awards was calculated based on the stock price on the date of grant and stock compensation expense is amortized over the performance period for these awards based on estimated achievement of the goals. The following summarizes the performance unit activity during the years ended December 31 st 2018 2017 Unvested Performance Units - at Target Awards Weighted Average Fair Value Awards Weighted Average Fair Value Beginning of Year 110,500 $ 7.49 296,500 $ 7.95 Units cancelled (110,500 ) 7.49 (186,000 ) 8.22 End of Year 0 $ 0.00 110,500 $ 7.49 At the award date, the number of shares that could be earned collectively by all participants at target was 424,000. The Company did not meet the revenue threshold for either Interim Period and accordingly there was no award under the 2015 LTIP in the years ended December 31, 2016 or December 31, 2018. At the award date, the number of shares that could be earned collectively by all participants at target was 380,000. The Company did not meet the revenue thresholds for revenue threshold for either Interim Period and accordingly there was no award under the 2014 LTIP the years ended December 31, 2015 or 2017. The performance-based awards cancelled during 2018 consisted of 88,000 awards that were not earned under the second Interim Period of the 2015 LTIP related to the 2018 Interim Period and 22,500 awards related to terminated employees. The awards cancelled during 2017 consisted of 102,500 awards that were not earned the second Interim Period of the 2014 LTIP and 83,500 awards related to terminated employees. The number of awards presented in the table above is based on achievement at target. Employee Stock Purchase Plan The following summarizes the ESPP activity during the years ended December 31, 2018 and 2017: 2018 2017 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 Granted 156,795 1.49 139,601 1.41 Vested (156,795 ) 1.49 (139,601 ) 1.41 Outstanding, end of year 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 each of the years ended December 31, 2018, and 2017, respectively. The Company calculated the fair value of each employee stock purchase grant under the ESPP on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2018 2017 Dividend yield 3.2 % 3.5 % Risk-free interest rate 2.1 % 1.1 % Expected volatility 33 % 34 % Expected life (in years) 0.5 0.5 The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with remaining term that approximates the expected life of the options granted. The Company calculated the volatility based on a five-year historical period of the Company’s stock price. The expected life used was based on the offering period. Board of Director Equity Awards The Company grants equity awards under the Stock Plan to members of its Board of Directors for an annual retainer and for committee services in shares of the Company’s stock. These awards vest immediately. In addition, new directors receive a one-time grant of $55 paid in service-based restricted shares which vest in equal annual increments over three years. During the year ended December 31, 2018, one new director received 7,246 shares with a fair value of $50 vesting over three years. During the year ended December 31, 2018, the Company issued to directors 63,897 shares of the Company’s stock with a fair value of $0.4 million which vested immediately. During the year ended December 31, 2017, the Company issued to directors 52,786 shares of the Company’s stock with a fair value of $0.4 million which vested immediately. 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, if paid in the Company’s stock, for the value of the statutory withholding taxes. For each individual receiving a stock 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 $0.6 million during the year ended December 31, 2018 and $1.3 million during the year ended December 31, 2017. |
Product Line, Customer and Geog
Product Line, Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Product Line, Customer and Geographic Information | 10. Product Line, Customer and Geographic Information The following tables are the product line revenues and gross profits for the years ended December 31, 2018, and 2017: Year Ended December 31, 2018 Antenna Products Test & Measurement Corporate Total REVENUES $ 66,328 $ 16,733 $ (82 ) $ 82,979 GROSS PROFIT $ 20,157 $ 10,883 $ 41 $ 31,081 Year Ended December 31, 2017 Antenna Products Test & Measurement Corporate Total REVENUES $ 68,612 $ 23,019 $ (194 ) $ 91,437 GROSS PROFIT $ 22,439 $ 16,354 $ 18 $ 38,811 The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2018 2017 Asia Pacific 15 % 17 % Europe, Middle East, & Africa 12 % 9 % Other Americas 4 % 5 % Total Foreign sales 31 % 31 % Total Domestic sales 69 % 69 % 100 % 100 % There were no customers that accounted for 10% or more of revenues during the years ended December 31, 2018, and 2017. The following table represents the customers that accounted for 10% or more of total trade accounts receivable at December 31, 2018 and 2017. As of December 31, Trade Accounts Receivable 2018 2017 Customer A 13% 12% The long-lived assets by geographic region are as follows: December 31, 2018 2017 United States $ 15,153 $ 23,938 All Other 1,391 1,682 $ 16,544 $ 25,620 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 11. 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 matches 100% of the employee’s elective deferrals up to 4% of their compensation. The Company may make discretionary contributions to the 401(k) plan but there were no discretionary contributions during the years ended December 31, 2018 or 2017. The Company also contributes to various defined contribution retirement plans for foreign employees. The defined contribution for foreign employees is primarily related to contributions for employees of the Company’s China subsidiary. The Company’s contributions to retirement plans were as follows: December 31, 2018 2017 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 681 $ 627 Defined contribution plans - foreign employees 527 446 Total $ 1,208 $ 1,073 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 12. Quarterly Data (Unaudited) Quarters Ended, March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Revenues $ 21,731 $ 21,582 $ 18,426 $ 21,240 Gross profit 7,864 7,799 6,721 8,697 Operating loss (1,221 ) (1,602 ) (2,378 ) (425 ) Loss before income taxes (1,170 ) (1,393 ) (2,152 ) (347 ) Net loss $ (858 ) $ (1,226 ) $ (1,670 ) $ (9,135 ) Net loss per share: Basic $ (0.05 ) $ (0.07 ) $ (0.10 ) $ (0.53 ) Diluted $ (0.05 ) $ (0.07 ) $ (0.10 ) $ (0.53 ) Weighted Average Shares: Basic 17,056 17,142 17,234 17,361 Diluted 17,056 17,142 17,234 17,361 Quarters Ended, March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Revenues $ 22,970 $ 21,501 $ 23,665 $ 23,301 Gross profit 9,454 8,962 10,150 10,245 Operating income (loss) 24 (339 ) 893 855 Income (loss) before income taxes 50 (325 ) 927 886 Net income (loss) from continuing operations 184 (185 ) 721 3,289 Net income (loss) from discontinued operations (214 ) (168 ) 234 (39 ) Net income (loss) $ (30 ) $ (353 ) $ 955 $ 3,250 Net income (loss) per share from continuing operations: Basic $ 0.01 $ (0.01 ) $ 0.04 $ 0.19 Diluted $ 0.01 $ (0.01 ) $ 0.04 $ 0.19 Net income (loss) per share from discontinued operations: Basic $ (0.01 ) $ (0.01 ) $ 0.02 $ 0.00 Diluted $ (0.01 ) $ (0.01 ) $ 0.02 $ 0.00 Net income (loss) per share: Basic $ 0.00 $ (0.02 ) $ 0.06 $ 0.19 Diluted $ 0.00 $ (0.02 ) $ 0.06 $ 0.19 Weighted Average Shares: Basic 16,340 16,534 16,757 16,926 Diluted 16,340 16,534 17,065 17,299 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 13. Accumulated Other Comprehensive Income Accumulated other comprehensive (loss) income of $(216) and $54 at December 31, 2018 and December 31, 2017, respectively, consists of foreign currency translation adjustments. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contract with Customer | 14. Revenue from Contracts with Customers Under Topic 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance, and has identified payment terms, and for which collectability is probable. Once the Company has entered into a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as returns and volume rebates. A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. The Company's payment terms generally range between 30 to 90 days. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time”. For the sale of antenna products and test and measurement products, the Company satisfies its performance obligations generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. For its test and measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company considers shipping and handling performed by the Company as fulfillment activities. Amounts billed for shipping and handling are included in revenues, while costs incurred for shipping and handling are included in cost of revenues. The Company excludes taxes from the transaction price. Cost of contracts include sales commissions. The Company expenses the cost of contracts when incurred because the amortization period is one year or less. For the test and measurement product line, performance obligations for the sale of products and software licenses are satisfied at a point in time and the performance obligations for post contract support (“PCS”), extended warranties, and data storage are satisfied over time. If there is no standalone selling price for the performance obligations satisfied over time, the Company uses a market assessment approach for the standalone selling price. This standalone selling price is consistent for all customers. Antenna product line sales have either contract pricing or negotiated prices on individual purchase orders. There is variable consideration related to specific customers or orders that impacts the stand-alone selling price including right of return, rebate incentives, or quantity-based pricing. The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability was $0.2 million at December 31, 2018 and December 31, 2017 and is included within accrued liabilities on the accompanying condensed consolidated balance sheets. Additionally, the Company recorded an asset based on historical experience for the amount of product expected to be returned to inventory as a result of the return, which is recorded in inventories in the condensed consolidated balance sheets. The product return asset was $0.1 million at December 31, 2018 and December 31, 2017. There were no contract assets at December 31, 2018 or December 31, 2017. The Company records contract liabilities for deferred revenue and customer prepayments. Contract liabilities are recorded in accrued liabilities in the condensed consolidated balance sheets. The contract liability was $0.2 million and $0.3 million at December 31, 2018 and December 31, 2017, respectively. The Company recognized revenue of $0.2 million and $0.2 million during the years ended December 31, 2018, and December 31, 2017 respectively, related to contract liabilities at the beginning of the period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded 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. On January 18, 2019, the Company entered into a new lease for 21,030 square feet of office space in Clarksburg, Maryland commencing January 1, 2020. The lease term ends on February 28, 2031. Total lease payments are $5.0 million. The Company will relocate its operations from its Germantown, Maryland facility to the new facility in Clarksburg, Maryland in January 2020. There were no additional subsequent events or transactions that required recognition or disclosure in the consolidated financial statements |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | PCTEL, INC. (in thousands) Balance at Charged to Balance at Beginning Costs and Addition End of of Year Expenses (Deductions) Year Year Ended December 31, 2017: Allowance for doubtful accounts $ 273 55 (9 ) $ 319 Warranty reserves $ 394 102 (114 ) $ 382 Deferred tax asset valuation allowance $ 13,300 (8,236 ) 170 $ 5,234 Year Ended December 31, 2018: Allowance for doubtful accounts $ 319 265 (521 ) $ 63 Warranty reserves $ 382 65 (108 ) $ 339 Deferred tax asset valuation allowance $ 5,234 9,223 0 $ 14,457 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 erformance C ritical TEL ecom technology solutions to the wireless industry. PCTEL is a leading global supplier of wireless network antenna and testing solutions. PCTEL designs and manufactures precision antennas and provides test and measurement products that improve the performance of wireless networks globally. PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in network equipment and devices for the Industrial Internet of Things (“IIoT”). PCTEL test tools improve the performance of wireless networks globally. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL to analyze, design, and optimize next generation wireless networks. Antenna Products PCTEL designs and manufactures precision antennas and offers in-house wireless product development for our customers, including design, testing, radio integration, and manufacturing capabilities. PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the IIoT. Revenue growth in these markets is driven by the increased use and complexity of wireless communications. Consistent with the Company’s mission to solve complex network engineering problems and in order to compete effectively in the antenna market, PCTEL maintains expertise in the following areas: radio frequency engineering, wireless network engineering, mechanical engineering, mobile antenna design, manufacturing, and product quality and testing. The Company seeks out product applications that command a premium for product design and performance and customer service, and it avoids commodity markets. Our antennas are primarily sold to original equipment manufacturer (“OEM”) providers where they are designed into the customer’s solution. Competition in the antenna markets is fragmented. Competitors include Airgain, Amphenol, Laird, Pulse, and Taoglas. Test and Measurement Products PCTEL provides RF test and measurement tools that improve the performance of wireless networks globally, with a focus on LTE, public safety, and emerging 5G technologies. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL to analyze, design, and optimize next generation wireless networks. Revenue growth in this market is driven by the implementation and roll out of new wireless technology standards (i.e. 3G to 4G, 4G to 5G). Consistent with our mission to solve complex network engineering problems and in order to compete effectively in the RF test and measurement market, PCTEL maintains expertise in the following areas: radio frequency engineering, digital signal process (“DSP”) engineering, wireless network engineering, mechanical engineering, manufacturing, and product quality and testing. The Company’s test equipment is sold directly to wireless carriers or to OEMs who integrate its products into their solutions which are then sold to wireless carriers. Competitors for the Company’s test tool products include OEMs such as Anritsu, Berkley Varitronics, Digital Receiver Technology, and Rohde and Schwarz. |
Segment Reporting | Segment Reporting Effective August 2018, the Company consolidated its organizational structure to drive growth and address the convergence in the IIoT, public safety, and 4G infrastructure markets and the emergence of new technologies such as 5G (the “Reorganization”). The Company’s operations, engineering, business development, sales and marketing, and operational general and administrative functions were consolidated into a single enterprise-wide organization. As a result of the Reorganization that occurred in the third quarter 2018, the Company’s Chief Executive Officer, as the chief operating decision maker (“CODM”) began assessing operating profits and identified assets at the enterprise level for resource allocations. In connection with the Reorganization, the Board of Directors appointed a Chief Operating Officer who maintains regular contact with the CODM to discuss operating activities, financial results, forecasts, and plans for the Company’s businesses. All operating profit and cash flows are measured and managed at the enterprise level. Until the Reorganization, PCTEL operated in two segments for reporting purposes, Connected Solutions and RF Solutions. The CODM assessed operating profits and identified assets for the Connected Solutions and RF Solutions segments for resource allocations. Each segment had its own general manager as well as its own engineering, business development, sales and marketing, and operational general and administrative functions. Because the Reorganization occurred during the third quarter 2018, this Form 10-K does not include segment reporting information; however, we have included revenues and gross profit for the two major product lines (antenna products and test and measurement products) because each product line has a significantly different gross profit margin profile. In order to understand our financial results, it is necessary to understand the impact on gross profit margin of the revenue mix between them. D u n t h q u n d Ju n 30 20 1 7 pp o v p s t w o E ng i n i n v bu s i n s “ n g i n n v s a n sh i f f o u o w s n d v p m n d v p od u s J u l 31 2017 s o su b s a n ll o h a ss t o h o m p n y E ng i n i n v e b us i n s b ’ o n s u o o n b ’s T h ng i n i n v b us i n s p r o v d d s gn s n g o mm s s o n in g p i m o n n o nsu in s v f o u l W - n p u b s a f t n e t w o r k and w po n un i w t h i t h l ss i f s s o t h E n g n e n v e po n u n a h f o s a n p o h su l o p o n d s o n in u p o n f o t h n d 20 1 7 |
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. |
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 was $77, and $139 in the years ended December 31, 2018, and 2017, 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 and Investments | Cash and Cash Equivalents and Investments The Company’s cash and investments consist of the following: December 31, December 31, 2018 2017 Cash $ 1,485 $ 3,785 Cash equivalents 2,844 1,774 Short-term investments 30,870 32,499 $ 35,199 $ 38,058 |
Cash and Cash Equivalents | Cash and Cash Equivalents At December 31, 2018 and 2017, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At December 31, 2018 and 2017, 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. The Company had $0.8 million and $1.2 million of cash and cash equivalents in foreign bank accounts at December 31, 2018 and at December 31, 2017, respectively. The Company’s cash in its foreign bank accounts is not insured. Within the cash in foreign bank accounts, the Company had cash of $0.6 million and $1.0 million in China bank accounts at December 31, 2018 and December 31, 2017, respectively. |
Investments | Investments At December 31, 2018, the Company’s short-term investments consisted of U.S. government agency bonds, A or higher rated corporate bonds, and certificates of deposit. At December 31, 2017, 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 of the investments at December 31, 2018 and 2017 were classified as held-to-maturity. The Company had investments of pre-refunded municipal bonds at December 31, 2017 but none at December 31, 2018. The income and principal from the pre-refunded municipal bonds were secured by an irrevocable trust of U.S. Treasury securities. The bonds that had original maturities greater than 90 days were recorded at the purchase price and carried at amortized cost. Approximately 8% of the Company’s municipal bonds were protected by bond default insurance. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Corporate bonds $ 0 $ 1,156 $ 0 $ 1,156 $ 0 $ 1,350 $ 0 $ 1,350 US government agency bonds 0 0 0 0 0 249 0 249 Money market funds 1,688 0 0 1,688 175 0 0 175 Total Cash Equivalents $ 1,688 $ 1,156 $ 0 $ 2,844 $ 175 $ 1,599 $ 0 $ 1,774 Investments: Corporate bonds 0 21,583 0 21,583 0 18,463 0 18,463 Pre-refunded municipal bonds 0 0 0 0 0 2,133 0 2,133 US government agency bonds 0 5,671 0 5,671 0 4,457 0 4,457 Certificates of deposit 3,616 0 0 3,616 7,446 0 0 7,446 Total Investments $ 3,616 $ 27,254 $ 0 $ 30,870 $ 7,446 $ 25,053 $ 0 $ 32,499 Cash equivalents and Investments - book value $ 5,304 $ 28,410 $ 0 $ 33,714 $ 7,621 $ 26,652 $ 0 $ 34,273 Cash equivalents and Investments - fair value $ 5,304 $ 28,389 $ 0 $ 33,693 $ 7,622 $ 26,617 $ 0 $ 34,239 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. The fair values in the table above reflect net unrealized losses of $21 and $34 at December 31, 2018 and December 31, 2017, respectively. |
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 90 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 $0.1 million and $0.3 million at December 31, 2018 and 2017, 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 net realizable value and include material, labor and overhead costs using the first-in, first-out method of costing. Inventories as of December 31, 2018 and 2017 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory of $0.9 million and $0.5 million at December 31, 2018 and 2017, 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 the Company’s estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on the Company’s identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $3.3 million and $3.0 million as of December 31, 2018 and 2017, respectively. Inventories consisted of the following: December 31, 2018 December 31, 2017 Raw materials $ 7,023 $ 6,849 Work in process 1,388 962 Finished goods 4,437 4,945 Inventories, net $ 12,848 $ 12,756 |
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, 2018 December 31, 2017 Building $ 6,351 $ 6,351 Computers and office equipment 10,963 10,873 Manufacturing and test equipment 13,573 13,012 Furniture and fixtures 1,318 1,288 Leasehold improvements 1,529 1,444 Motor vehicles 20 20 Total property and equipment 33,754 32,988 Less: Accumulated depreciation and amortization (23,386 ) (22,389 ) Land 1,770 1,770 Property and equipment, net $ 12,138 $ 12,369 Depreciation and amortization expense were approximately $2.8 million and $2.6 million for the years ended December 31, 2018 and 2017, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 7 for information related to capital leases. |
Liabilities | Liabilities Accrued liabilities consisted of the following: December 31, 2018 December 31, 2017 Payroll, bonuses, and other employee benefits $ 1,409 $ 2,780 Inventory receipts 1,396 1,730 Paid time off 936 1,011 Professional fees and contractors 346 155 Employee stock purchase plan 343 314 Warranties 339 382 Income and sales taxes 186 243 Customer refunds for estimated returns 154 197 Deferred revenues 149 189 Real estate taxes 148 148 Short-term obligations under capital leases 91 97 Other 304 235 Total $ 5,801 $ 7,481 Long-term liabilities consisted of the following: December 31, 2018 December 31, 2017 Capital leases $ 132 $ 180 Deferred rent 87 89 Other 162 123 Total $ 381 $ 392 |
Revenue Recognition | Revenue Recognition The Company sells antenna product and test and measurement products. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time”. For the sale of antenna products and test and measurement products, the Company satisfies its performance obligations generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon customer delivery from the consignment location. For its test and measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company recognizes revenue for sales of its products when control 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. See Note 14 for additional information related to revenue policies. |
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 $0.1 million during the years ended December 31, 2018, and 2017. |
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 deferred tax assets are recognized for net operating losses 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. 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. On December 22, 2017, the United States federal government enacted the Tax Cuts and Jobs Act (“Tax Act”), marking a change from a worldwide tax system to a modified territorial tax system in the United States. As part of this change, the Tax Act, among other changes, provided for a transition tax on the accumulated unremitted foreign earnings and profits of the Company’s foreign subsidiaries (“Transition Tax”), a reduction of the U.S. federal corporate income tax rate from 34% to 21%, and an indefinite carryforward of net operating losses (“NOLs”) incurred in 2018 and future periods subject to an 80% annual limitation against future income. In accordance with the Tax Act, the Company recorded provisional income tax expense of $0.6 million related to the deemed repatriation of the accumulated unremitted earnings and profits of foreign subsidiaries, and provisional income tax expense of $5.0 million associated with the remeasurement of its net deferred tax assets due to the reduction in the U.S. corporate income tax rate, and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The Company completed the accounting in the fourth quarter 2018 upon filing the Company’s U.S. Federal tax returns and increased the Transition Tax by $0.1 million. 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 carryforward 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. As a result of the Company’s cumulative three-year loss, the finite life for federal net operating losses generated through December 31, 2017, and the finite life of state net operating losses, the Company had a full valuation allowance of $14.5 million at December 31, 2018. See Note 6 for more information on the deferred tax valuation allowance. |
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 fourth fiscal 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 the Company 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. The Company performed its annual goodwill test at October 31, 2018 related to its goodwill of $3.3 million. Due to the Company’s Reorganization in the third quarter 2018, its operations, engineering, business development, sales and marketing, and operational general and administrative functions were consolidated into a single enterprise-wide organization. Since there are no longer reportable segments, the Company has not disclosed segment information in this Form-10K for the year ended December 31, 2018. However, the Company has discrete financial information necessary to perform goodwill impairment testing for the reporting unit under the accounting guidance. The goodwill is not related to the whole Company. The Company evaluated the goodwill based on the cash flows for the test and measurement product line. The cash flows for test and measurement product line were only prepared for testing goodwill and were not be reviewed by the Company’s CODM. The revenues and gross margins were specifically identified, and the operating expenses were a combination of direct expenses and allocated expenses. The Company performed both a qualitative analysis of goodwill and the step one quantitative analysis. There were no triggering events from the qualitative analysis, and the fair value of the reporting unit was higher than its carrying value in the quantitative analysis. Based on the Company’s analysis, there was no impairment of goodwill as of the testing date because the fair value of the reporting unit exceeded its carrying value by a significant margin. The Company performed its annual goodwill test at October 31, 2017 for the goodwill of $3.3 million. The Company performed both a qualitative analysis of goodwill and the step one quantitative analysis. There was no triggering event from the qualitative analysis, and the fair value of the reporting unit was higher than its carrying value in the quantitative analysis. Based on the Company’s analysis, there was no impairment of goodwill as of the testing date because the fair value of the reporting unit exceeded its carrying value by a significant margin. |
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. There have been no impairments related to long-lived assets for continuing operations during the years ended December 31, 2018, and 2017. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“ Accounting Standards Update In October 2016, the FASB issued ASU 2016-16, Income Taxes (“Topic 740”): Intra-Entity Transfer of Assets Other than Inventory. Topic 740 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted Topic 740 on January 1, 2018 using the modified retrospective approach, and as a result recorded a deferred tax asset with a corresponding adjustment to retained earnings of $0.1 million associated with an intra-entity transfer of goodwill in 2009. The goodwill was transferred to the U.S. entity from a Canadian entity that was dissolved in 2009. In August 2016, the FASB issued ASU 2016-15 , In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13) regarding ASC Topic 326, Financial Instruments - Credit Losses, which modifies the measurement of expected credit losses of certain financial instruments. The amendments will be effective for the Company on January 1, 2020. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“Topic 718”). Topic 718 affects all entities that issue share-based payment awards to their employees. Topic 718 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, including recognizing all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement rather than in additional paid-in capital. The Company adopted Topic 718 in the first quarter of 2017. Upon adoption, the Company recognized deferred tax assets of $0.6 million for all excess tax benefits that had not been previously recognized. The Company also elected to recognized forfeitures as incurred. The Company recorded an adjustment of $0.1 million to deferred tax assets for estimated forfeitures previously recorded. These adjustments were recorded through a cumulative-effect adjustment to retained earnings of approximately $0.5 million and an adjustment to the valuation allowance for $0.2 million. The Company also reclassified its payments for withholding tax on stock-based compensation from operating activities to financing activities in the consolidated statements of cash flows for the years ended December 31, 2017. In February 2016, the FASB issued ASU 2016-02, Leases (“Topic 842”), which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. Topic 842 also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. This guidance will be effective for the Company on January 1, 2019. The Company expects to record a right of use asset and corresponding lease liability in the range of $1.4 million to $1.8 million upon adoption of Topic 842. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. ASU 2015-11 applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. The Company adopted this guidance on January 1, 2017. The adoption of this ASU did not have an impact to the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“Topic 606”) 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. Topic 606 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required in connection with the revenue recognition process than were previously required under prior U.S. GAAP. Topic 606 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 also issued the following standards which clarify Topic 606 and have the same effective date as the original standard: ASU 2016-20, Technical Corrections and Improvements to Topic 606, ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients, ASU 2016-10, Identifying Performance Obligations and Licensing and ASU 2016-08, Principal versus Agent Considerations. The Company adopted Topic 606 on January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of the Company’s revenue is recognized “over time” under the new standard, which is consistent with the Company’s revenue recognition policy under the previous guidance. There were no changes to retained earnings from the adoption of Topic 606. There were no changes to retained earnings from the adoption of Topic 606. See Note 14 for information on Revenue from Contracts with Customers. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Cash $ 1,485 $ 3,785 Cash equivalents 2,844 1,774 Short-term investments 30,870 32,499 $ 35,199 $ 38,058 |
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, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Corporate bonds $ 0 $ 1,156 $ 0 $ 1,156 $ 0 $ 1,350 $ 0 $ 1,350 US government agency bonds 0 0 0 0 0 249 0 249 Money market funds 1,688 0 0 1,688 175 0 0 175 Total Cash Equivalents $ 1,688 $ 1,156 $ 0 $ 2,844 $ 175 $ 1,599 $ 0 $ 1,774 Investments: Corporate bonds 0 21,583 0 21,583 0 18,463 0 18,463 Pre-refunded municipal bonds 0 0 0 0 0 2,133 0 2,133 US government agency bonds 0 5,671 0 5,671 0 4,457 0 4,457 Certificates of deposit 3,616 0 0 3,616 7,446 0 0 7,446 Total Investments $ 3,616 $ 27,254 $ 0 $ 30,870 $ 7,446 $ 25,053 $ 0 $ 32,499 Cash equivalents and Investments - book value $ 5,304 $ 28,410 $ 0 $ 33,714 $ 7,621 $ 26,652 $ 0 $ 34,273 Cash equivalents and Investments - fair value $ 5,304 $ 28,389 $ 0 $ 33,693 $ 7,622 $ 26,617 $ 0 $ 34,239 |
Summary of Inventories | Inventories consisted of the following: December 31, 2018 December 31, 2017 Raw materials $ 7,023 $ 6,849 Work in process 1,388 962 Finished goods 4,437 4,945 Inventories, net $ 12,848 $ 12,756 |
Summary of Property and Equipment | Property and equipment consisted of the following: December 31, 2018 December 31, 2017 Building $ 6,351 $ 6,351 Computers and office equipment 10,963 10,873 Manufacturing and test equipment 13,573 13,012 Furniture and fixtures 1,318 1,288 Leasehold improvements 1,529 1,444 Motor vehicles 20 20 Total property and equipment 33,754 32,988 Less: Accumulated depreciation and amortization (23,386 ) (22,389 ) Land 1,770 1,770 Property and equipment, net $ 12,138 $ 12,369 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2018 December 31, 2017 Payroll, bonuses, and other employee benefits $ 1,409 $ 2,780 Inventory receipts 1,396 1,730 Paid time off 936 1,011 Professional fees and contractors 346 155 Employee stock purchase plan 343 314 Warranties 339 382 Income and sales taxes 186 243 Customer refunds for estimated returns 154 197 Deferred revenues 149 189 Real estate taxes 148 148 Short-term obligations under capital leases 91 97 Other 304 235 Total $ 5,801 $ 7,481 |
Summary of Long-term Liabilities | Long-term liabilities consisted of the following: December 31, 2018 December 31, 2017 Capital leases $ 132 $ 180 Deferred rent 87 89 Other 162 123 Total $ 381 $ 392 |
(Loss) Earnings per Share (Tabl
(Loss) Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Basic (Loss) Income Per Share computation: Numerator: Net (loss) net income from continuing operations $ (12,889 ) $ 4,009 Net loss from discontinued operations $ 0 $ (187 ) Net (loss) income $ (12,889 ) $ 3,822 Denominator: Common shares outstanding 17,186 16,626 Net (Loss) Income per common share - basic Net (loss) income from continuing operations $ (0.75 ) $ 0.24 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net (loss) income $ (0.75 ) $ 0.23 Diluted (Loss) Income Per Share computation: Denominator: Common shares outstanding 17,186 16,626 Restricted shares subject to vesting * 285 Common stock option grants * 2 Total shares 17,186 16,913 (Loss) Income per common share - diluted Net (loss) income from continuing operations $ (0.75 ) $ 0.24 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net (loss) income $ (0.75 ) $ 0.23 * As denoted by “*” in the table above, weighted average common stock option grants and restricted shares of 361,000 was excluded from the calculations of diluted net loss per share for the year ended December 31, 2018, since the effect was anti-dilutive. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Discontinued Operations within Statement of Operations | The details of the discontinued operations within the Statement of Operations are as follows: Year Ended December 31, 2017 Revenues $ 3,725 Cost of revenues 3,974 Gross profit (249 ) Operating expenses: Sales and marketing 400 General and administrative 74 Amortization of intangible assets 0 Impairment of intangible assets 0 Restructuring expenses 19 Total operating expenses 493 Operating loss (742 ) Gain on sale 503 Net loss before income taxes (239 ) Benefit for income taxes (52 ) Net loss $ (187 ) |
Schedule of Cash Flows for Discontinued Operations | The details of the cash flows for discontinued operations are as follows: Year Ended December 31, . 2017 Cash flows from discontinued operations: Operating Activities: Net loss $ (187 ) Gain on sale of assets (803 ) Depreciation 197 Intangible amortization 0 Impairment of intangible assets 0 Deferred tax provision (53 ) Stock compensation 49 Prepaid expenses and other assets 2 Net cash used in operating activities $ (795 ) Investing Activities: Capital expenditures $ (16 ) Proceeds from sale of assets 1,450 Net cash provided by investing activities $ 1,434 Net cash flows from discontinued operations: $ 639 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: December 31, 2018 December 31, 2017 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 16,880 $ 16,880 $ 0 $ 16,880 $ 16,880 $ 0 Patents and technology 10,114 9,336 778 10,114 8,670 1,444 Trademarks and trade names 4,834 4,607 227 4,834 4,335 499 Other 2,506 2,482 24 2,506 2,336 170 $ 34,334 $ 33,305 $ 1,029 $ 34,334 $ 32,221 $ 2,113 |
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 are summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 5 years 5.0 Patents and technology 5 to 6 years 5.1 Trademarks and trade names 5 to 6 years 5.6 Other 1 to 6 years 3.0 |
Schedule of Expected Amortization Expense | The Company’s amortization expense for intangible assets is scheduled through the first quarter 2020. The Company’s amortization expense over the next three years is as follows: Fiscal Year Amount 2019 $ 885 2020 $ 144 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Charges | The following table summarizes the Company’s restructuring accrual activity for the years ended December 31, 2018, and 2017: Lease Severance Terminations Total Balance at January 1, 2017 $ 6 $ 190 $ 196 Restructuring expense (1 ) 20 19 Payments/charges (5 ) (94 ) (99 ) Balance at December 31, 2017 0 116 116 Payments/charges 0 (39 ) (39 ) Balance at December 31, 2018 $ 0 $ 77 $ 77 |
Schedule of Restructuring Liability Recorded | The restructuring liability is recorded on the balance sheet at December 31, 2018 and 2017 as follows: December 31, 2018 December 31, 2017 Accrued liabilities $ 33 $ 35 Long-term liabilities 44 81 $ 77 $ 116 |
Summary of Minimum Lease Payments and Sublease Payments Under Lease Agreements | The following table summarizes the minimum lease payments and sublease payments under the lease agreements for the Colorado office: Year Lease Payments Sublease Payments 2019 122 88 2020 93 59 Total $ 215 $ 147 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Continuing (Loss) Income Before Expense (Benefit) for Income Taxes | The domestic and foreign components of the continuing (loss) income before expense (benefit) for income taxes were as follows: Years Ended December 31, 2018 2017 Domestic $ (5,033 ) $ 917 Foreign (29 ) 621 $ (5,062 ) $ 1,538 |
Summary of Expense (Benefit) for Income Taxes | The expense (benefit) for income taxes of continuing operations consisted of the following: Years Ended December 31, 2018 2017 Current: Federal $ 0 $ 0 State 32 34 Foreign (22 ) 142 10 176 Deferred: Federal 6,337 (1,720 ) State 1,333 (878 ) Foreign 147 (49 ) 7,817 (2,647 ) Total $ 7,827 $ (2,471 ) |
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 2018 2017 Statutory federal income tax rate 21 % 34 % State income tax, net of federal benefit 4 % 3 % Tax effect of permanent differences -1 % -2 % Change in valuation allowance -182 % -535 % Foreign Income Inclusion 0 % 37 % Effective state rate change to deferred tax assets 1 % -11 % Effective Federal rate change to deferred tax assets 0 % 326 % Stock Compensation shortfalls -2 % 15 % Release of FIN 48 liability 0 % -8 % Foreign income taxed at different rates 0 % -6 % Tax on repatriation 0 % -7 % Research and development credits 4 % -6 % Return to provision adjustments 0 % -2 % Other 0 % 1 % -155 % -161 % |
Summary of Net Deferred Tax Accounts | The net deferred tax accounts consist of the following: December 31, 2018 2017 Deferred Tax Assets: Net operating loss carryforwards $ 5,725 $ 3,658 Amortization 3,920 4,508 Federal, foreign, and state credits 1,812 1,627 Inventory reserves 982 949 Stock compensation 982 845 Deferred Gain 875 876 Accrued vacation 240 257 Other 235 635 Gross deferred tax assets 14,771 13,355 Valuation allowance (14,457 ) (5,234 ) Net deferred tax asset 314 8,121 Deferred Tax Liabilities: Depreciation (314 ) (387 ) Net Deferred Tax Assets $ 0 $ 7,734 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2018 2017 Beginning of period $ 700 $ 870 Addition related to tax positions in current year 30 13 Reversals for uncertain tax positions 0 (183 ) End of period $ 730 $ 700 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments Under Operating Leases | The future minimum rental payments under these leases at December 31, 2018, are as follows: Year Amount 2019 $ 1,176 2020 518 2021 145 2022 146 2023 131 Thereafter 137 Future minimum lease payments $ 2,253 |
Summary of Capital Leases for Office and Manufacturing Equipment | The Company has capital leases for office and manufacturing equipment. As of December 31, 2018, and 2017, the equipment had cost, accumulated depreciation, and a net book value as follows: December 31, 2018 December 31, 2017 Cost $ 502 $ 453 Accumulated Depreciation (287 ) (195 ) Net Book Value $ 215 $ 258 |
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 2019 $ 98 2020 61 2021 48 2022 23 2023 7 Total minimum payments required 237 Less: amount representing interest 14 Present value of net minimum lease payments $ 223 |
Changes in Warranty Reserves | Year Ended December 31, 2018 2017 Beginning balance $ 382 $ 394 Provisions for warranties 65 102 Consumption of reserves (108 ) (114 ) Ending balance $ 339 $ 382 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Activity Related to Common Shares Outstanding | The activity related to common shares outstanding for the years ended December 31 is as follows: (share data in thousands) 2018 2017 Beginning of year 17,807 17,335 Issuance of common stock on exercise of stock options net of stock swaps 0 189 Issuance of restricted common stock and performance shares, net of cancellations 415 245 Issuance of common stock from executive bonuses 0 113 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 157 140 Cancellation of stock for withholding tax for vested shares (108 ) (215 ) End of Year 18,271 17,807 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 PCTEL Stock Plan 2,583,688 3,298,876 2001 Stock Plan 0 19,600 Employee Stock Purchase Plan 194,814 351,609 Total shares reserved 2,778,502 3,670,085 |
Summary of Stock-Based Compensation Expense by Type | The stock-based compensation expense by type is as follows: Years Ended December 31, 2018 2017 Service-based awards $ 2,618 $ 2,415 Annual director awards 422 370 Stock option and employee purchase plans 221 220 Total continuing operations 3,261 3,005 Discontinued operations 0 49 Total $ 3,261 $ 3,054 |
Stock-Based Compensation | The stock-based compensation is reflected in the consolidated statements of operations as follows: Years Ended December 31, 2018 2017 Cost of revenues $ 224 $ 268 Research and development 620 517 Sales and marketing 576 474 General and administrative 1,841 1,746 Total continuing operations 3,261 3,005 Discontinued operations 0 49 Total $ 3,261 $ 3,054 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the years ended December 31 st 2018 2017 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Beginning of Year 470,484 $ 7.24 825,561 $ 7.30 Options granted 2,000 6.98 0 0.00 Options exercised 0 0.00 (211,044 ) 7.09 Options forfeited (2,793 ) 5.13 (103,381 ) 8.24 Options cancelled/expired (46,157 ) 8.21 (40,652 ) 6.70 End of Year 423,534 $ 7.15 470,484 $ 7.24 Exercisable 417,385 $ 7.17 458,698 $ 7.28 |
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 Outstanding Weighted Average Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 5.00 — $ 7.15 19,189 3.19 $ 6.03 13,407 $ 6.17 7.16 — 7.19 291,140 0.88 7.16 291,140 7.16 7.20 — 7.22 97,705 1.21 7.22 97,705 7.22 7.23 — 8.32 15,500 2.38 7.83 15,133 7.83 $ 5.00 — $ 8.32 423,534 1.12 $ 7.15 417,385 $ 7.17 |
Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding | The weighted average contractual life and intrinsic value at December 31, 2018, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 1.12 $ 0.00 Options Exercisable 1.06 $ 0.00 |
Calculation of Fair Value of Stock Option Grant Using Black-Scholes Option-Pricing Model | The Company calculated the fair value of stock options granted on the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: 2018 Dividend yield 3.2% Risk-free interest rate 2.4% Expected volatility 33% Expected life (in years) 3.7 |
Summary of Performance Share Activity | The following summarizes the performance unit activity during the years ended December 31 st 2018 2017 Unvested Performance Units - at Target Awards Weighted Average Fair Value Awards Weighted Average Fair Value Beginning of Year 110,500 $ 7.49 296,500 $ 7.95 Units cancelled (110,500 ) 7.49 (186,000 ) 8.22 End of Year 0 $ 0.00 110,500 $ 7.49 |
Summary of ESSP Activity | The following summarizes the ESPP activity during the years ended December 31, 2018 and 2017: 2018 2017 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 Granted 156,795 1.49 139,601 1.41 Vested (156,795 ) 1.49 (139,601 ) 1.41 Outstanding, end of year 0 $ 0.00 0 $ 0.00 |
Calculation of Fair Value of Each Employee Stock Purchase Grant Under ESPP Using Black-Scholes Option-Pricing Model | The Company calculated the fair value of each employee stock purchase grant under the ESPP on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2018 2017 Dividend yield 3.2 % 3.5 % Risk-free interest rate 2.1 % 1.1 % Expected volatility 33 % 34 % Expected life (in years) 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 2018 2017 Unvested Restricted Stock Awards Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 828,576 $ 5.66 1,120,960 $ 5.83 Shares awarded 486,975 6.92 337,786 6.13 Shares vested (392,975 ) 5.93 (527,657 ) 6.27 Shares cancelled (83,609 ) 6.14 (102,513 ) 5.92 End of year 838,967 $ 6.21 828,576 $ 5.66 |
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 2018 2017 Unvested Restricted Stock Units Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 31,800 $ 5.47 36,388 $ 5.57 Units awarded 5,500 7.05 5,000 5.97 Units vested/Shares awarded (11,587 ) 5.35 (9,588 ) 6.13 Units cancelled (7,075 ) 6.90 0 0.00 End of year 18,638 $ 5.66 31,800 $ 5.47 |
Product Line, Customer and Ge_2
Product Line, Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Result of Product Line Revenues and Gross Profits | The following tables are the product line revenues and gross profits for the years ended December 31, 2018, and 2017: Year Ended December 31, 2018 Antenna Products Test & Measurement Corporate Total REVENUES $ 66,328 $ 16,733 $ (82 ) $ 82,979 GROSS PROFIT $ 20,157 $ 10,883 $ 41 $ 31,081 Year Ended December 31, 2017 Antenna Products Test & Measurement Corporate Total REVENUES $ 68,612 $ 23,019 $ (194 ) $ 91,437 GROSS PROFIT $ 22,439 $ 16,354 $ 18 $ 38,811 |
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 2018 2017 Asia Pacific 15 % 17 % Europe, Middle East, & Africa 12 % 9 % Other Americas 4 % 5 % Total Foreign sales 31 % 31 % Total Domestic sales 69 % 69 % 100 % 100 % |
Long-lived Assets by Geographic Region | The long-lived assets by geographic region are as follows: December 31, 2018 2017 United States $ 15,153 $ 23,938 All Other 1,391 1,682 $ 16,544 $ 25,620 |
Trade Accounts Receivable [Member] | |
Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage | The following table represents the customers that accounted for 10% or more of total trade accounts receivable at December 31, 2018 and 2017. As of December 31, Trade Accounts Receivable 2018 2017 Customer A 13% 12% |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans were as follows: December 31, 2018 2017 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 681 $ 627 Defined contribution plans - foreign employees 527 446 Total $ 1,208 $ 1,073 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters Ended, March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Revenues $ 21,731 $ 21,582 $ 18,426 $ 21,240 Gross profit 7,864 7,799 6,721 8,697 Operating loss (1,221 ) (1,602 ) (2,378 ) (425 ) Loss before income taxes (1,170 ) (1,393 ) (2,152 ) (347 ) Net loss $ (858 ) $ (1,226 ) $ (1,670 ) $ (9,135 ) Net loss per share: Basic $ (0.05 ) $ (0.07 ) $ (0.10 ) $ (0.53 ) Diluted $ (0.05 ) $ (0.07 ) $ (0.10 ) $ (0.53 ) Weighted Average Shares: Basic 17,056 17,142 17,234 17,361 Diluted 17,056 17,142 17,234 17,361 Quarters Ended, March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Revenues $ 22,970 $ 21,501 $ 23,665 $ 23,301 Gross profit 9,454 8,962 10,150 10,245 Operating income (loss) 24 (339 ) 893 855 Income (loss) before income taxes 50 (325 ) 927 886 Net income (loss) from continuing operations 184 (185 ) 721 3,289 Net income (loss) from discontinued operations (214 ) (168 ) 234 (39 ) Net income (loss) $ (30 ) $ (353 ) $ 955 $ 3,250 Net income (loss) per share from continuing operations: Basic $ 0.01 $ (0.01 ) $ 0.04 $ 0.19 Diluted $ 0.01 $ (0.01 ) $ 0.04 $ 0.19 Net income (loss) per share from discontinued operations: Basic $ (0.01 ) $ (0.01 ) $ 0.02 $ 0.00 Diluted $ (0.01 ) $ (0.01 ) $ 0.02 $ 0.00 Net income (loss) per share: Basic $ 0.00 $ (0.02 ) $ 0.06 $ 0.19 Diluted $ 0.00 $ (0.02 ) $ 0.06 $ 0.19 Weighted Average Shares: Basic 16,340 16,534 16,757 16,926 Diluted 16,340 16,534 17,065 17,299 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | Jul. 31, 2017USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)Segment$ / shares | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2016USD ($) |
Nature Of Operations [Line Items] | ||||||||||
Number of operating segments | Segment | 2 | |||||||||
Net foreign exchange losses resulting from foreign currency transactions included in other income | $ 77,000 | $ 139,000 | ||||||||
Cash and cash equivalents maturities | 90 days | 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 and cash equivalents in foreign bank | $ 800,000 | $ 800,000 | $ 1,200,000 | |||||||
Short-term investments, maturities | 90 days | |||||||||
Percentage of investment in bond protected by bond default insurance | 8.00% | |||||||||
Net unrealized losses | $ (21,000) | $ (34,000) | ||||||||
Allowance for doubtful accounts | 63,000 | 63,000 | 319,000 | |||||||
Consigned inventory with customers | 900,000 | 900,000 | 500,000 | |||||||
Allowance for inventory losses | 3,300,000 | 3,300,000 | 3,000,000 | |||||||
Depreciation and amortization | 2,800,000 | 2,600,000 | ||||||||
Advertising expense | $ 100,000 | $ 100,000 | ||||||||
Most likely than not benefit likelihood percentage being realized upon ultimate settlement with taxing authority resulting from sustainability of tax examination | 50.00% | |||||||||
Statutory federal income tax rate | 21.00% | 34.00% | ||||||||
Indefinite carryforward of net operating losses annual limitation against future income, percentage | 80.00% | |||||||||
Accrued one-time income tax charge related to deemed repatriation of accumulated unremitted earnings and profits of foreign subsidiaries | 600,000 | $ 600,000 | $ 600,000 | |||||||
Provisional income tax expense associated with remeasurement of net deferred tax assets | 5,000,000 | 5,000,000 | ||||||||
Deferred tax assets on transition tax | 100,000 | |||||||||
Deferred tax asset, valuation allowance | 14,457,000 | 14,457,000 | 5,234,000 | |||||||
Impairment of long-lived assets | 0 | 0 | ||||||||
Cumulative-effect adjustment to retained earnings | 92,000 | $ 510,000 | ||||||||
Deferred tax assets | 314,000 | 314,000 | 8,121,000 | |||||||
Adjustments of deferred tax valuation allowance | (9,200,000) | (8,200,000) | ||||||||
Retained Earnings [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Cumulative-effect adjustment to retained earnings | $ 92,000 | $ 510,000 | ||||||||
ASU No. 2016-16 [Member] | Retained Earnings [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Cumulative-effect adjustment to retained earnings | $ 100,000 | |||||||||
ASU No. 2016-09 [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Deferred tax asset, valuation allowance | 100,000 | 100,000 | ||||||||
Deferred tax assets | 600,000 | 600,000 | ||||||||
Adjustments of deferred tax valuation allowance | 200,000 | |||||||||
ASU No. 2016-09 [Member] | Retained Earnings [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Cumulative-effect adjustment to retained earnings | 500,000 | $ 500,000 | ||||||||
Test & Measurement Product Line [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Goodwill impairment test | October 31, 2017 | |||||||||
Goodwill acquired | $ 3,300,000 | |||||||||
Test & Measurement Product Line [Member] | Product [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Goodwill impairment test | October 31, 2018 | |||||||||
Goodwill acquired | $ 3,300,000 | |||||||||
Equipment [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 5 years | |||||||||
Furniture and Fixtures [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 7 years | |||||||||
Building [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 30 years | |||||||||
Israel [Member] | Scenario, Forecast [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Foreign earnings repatriated | $ 200,000 | |||||||||
China [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Cash in foreign bank | 600,000 | $ 600,000 | $ 1,000,000 | |||||||
Adjustments of deferred tax valuation allowance | (300,000) | |||||||||
Maximum [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Federal Deposit Insurance Corporation insured limit | $ 250,000 | $ 250,000 | ||||||||
Standard term of accounts receivable | 90 days | |||||||||
Useful lives of the assets | 1 year | |||||||||
Maximum [Member] | ASU 2016-02 [Member] | Subsequent Event [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Right of Use Asset | $ 1,800,000 | |||||||||
Lease Liability | 1,800,000 | |||||||||
Maximum [Member] | Computer Equipment [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 5 years | |||||||||
Minimum [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Standard term of accounts receivable | 30 days | |||||||||
Minimum [Member] | ASU 2016-02 [Member] | Subsequent Event [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Right of Use Asset | 1,400,000 | |||||||||
Lease Liability | $ 1,400,000 | |||||||||
Minimum [Member] | Computer Equipment [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 3 years | |||||||||
Engineering Services [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Proceeds from sale of business | $ 1,450,000 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 1,485 | $ 3,785 |
Cash equivalents | 2,844 | 1,774 |
Short-term investments | 30,870 | 32,499 |
Cash and investments | $ 35,199 | $ 38,058 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Cash Equivalents and Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 2,844 | $ 1,774 |
Investments | 30,870 | 32,499 |
Cash equivalents and Investments - book value | 33,714 | 34,273 |
Cash equivalents and Investments - fair value | 33,693 | 34,239 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,156 | 1,350 |
Investments | 21,583 | 18,463 |
U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 249 |
Investments | 5,671 | 4,457 |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,688 | 175 |
Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 2,133 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 3,616 | 7,446 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,688 | 175 |
Investments | 3,616 | 7,446 |
Cash equivalents and Investments - book value | 5,304 | 7,621 |
Cash equivalents and Investments - fair value | 5,304 | 7,622 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 1 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,688 | 175 |
Level 1 [Member] | Pre-refunded Municipal 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 | 3,616 | 7,446 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,156 | 1,599 |
Investments | 27,254 | 25,053 |
Cash equivalents and Investments - book value | 28,410 | 26,652 |
Cash equivalents and Investments - fair value | 28,389 | 26,617 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,156 | 1,350 |
Investments | 21,583 | 18,463 |
Level 2 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 249 |
Investments | 5,671 | 4,457 |
Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 2,133 |
Level 2 [Member] | Certificates of Deposit [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 |
Investments | 0 | 0 |
Cash equivalents and Investments - book value | 0 | 0 |
Cash equivalents and Investments - fair value | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 3 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 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] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 0 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Net [Abstract] | ||
Raw materials | $ 7,023 | $ 6,849 |
Work in process | 1,388 | 962 |
Finished goods | 4,437 | 4,945 |
Inventories, net | $ 12,848 | $ 12,756 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 33,754 | $ 32,988 |
Less: Accumulated depreciation and amortization | (23,386) | (22,389) |
Land | 1,770 | 1,770 |
Property and equipment, net | 12,138 | 12,369 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,351 | 6,351 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,963 | 10,873 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,573 | 13,012 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,318 | 1,288 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,529 | 1,444 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 20 | $ 20 |
Organization and Summary of S_9
Organization and Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Payroll, bonuses, and other employee benefits | $ 1,409 | $ 2,780 |
Inventory receipts | 1,396 | 1,730 |
Paid time off | 936 | 1,011 |
Professional fees and contractors | 346 | 155 |
Employee stock purchase plan | 343 | 314 |
Warranties | 339 | 382 |
Income and sales taxes | 186 | 243 |
Customer refunds for estimated returns | 154 | 197 |
Deferred revenues | 149 | 189 |
Real estate taxes | 148 | 148 |
Short-term obligations under capital leases | 91 | 97 |
Other | 304 | 235 |
Total | $ 5,801 | $ 7,481 |
Organization and Summary of _10
Organization and Summary of Significant Accounting Policies - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities Noncurrent [Abstract] | ||
Capital leases | $ 132 | $ 180 |
Deferred rent | 87 | 89 |
Other | 162 | 123 |
Total | $ 381 | $ 392 |
(Loss) Earnings per Share - Com
(Loss) Earnings 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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | ||||||||||
Net (loss) income from continuing operations | $ 3,289 | $ 721 | $ (185) | $ 184 | $ (12,889) | $ 4,009 | ||||
Net loss from discontinued operations | (39) | 234 | (168) | (214) | 0 | (187) | ||||
NET (LOSS) INCOME | $ (9,135) | $ (1,670) | $ (1,226) | $ (858) | $ 3,250 | $ 955 | $ (353) | $ (30) | $ (12,889) | $ 3,822 |
Denominator: | ||||||||||
Common shares outstanding | 17,361 | 17,234 | 17,142 | 17,056 | 16,926 | 16,757 | 16,534 | 16,340 | 17,186 | 16,626 |
Net (Loss) Income per common share - basic | ||||||||||
Net (loss) income from continuing operations | $ 0.19 | $ 0.04 | $ (0.01) | $ 0.01 | $ (0.75) | $ 0.24 | ||||
Net loss from discontinued operations | 0 | 0.02 | (0.01) | (0.01) | 0 | (0.01) | ||||
Net (loss) income | $ (0.53) | $ (0.10) | $ (0.07) | $ (0.05) | $ 0.19 | $ 0.06 | $ (0.02) | $ 0 | $ (0.75) | $ 0.23 |
Denominator: | ||||||||||
Common shares outstanding | 17,361 | 17,234 | 17,142 | 17,056 | 16,926 | 16,757 | 16,534 | 16,340 | 17,186 | 16,626 |
Common stock option grants | 2 | |||||||||
Total shares | 17,361 | 17,234 | 17,142 | 17,056 | 17,299 | 17,065 | 16,534 | 16,340 | 17,186 | 16,913 |
(Loss) Income per common share - diluted | ||||||||||
Net (loss) income from continuing operations | $ 0.19 | $ 0.04 | $ (0.01) | $ 0.01 | $ (0.75) | $ 0.24 | ||||
Net loss from discontinued operations | 0 | 0.02 | (0.01) | (0.01) | 0 | (0.01) | ||||
Net (loss) income | $ (0.53) | $ (0.10) | $ (0.07) | $ (0.05) | $ 0.19 | $ 0.06 | $ (0.02) | $ 0 | $ (0.75) | $ 0.23 |
Restricted Stock [Member] | ||||||||||
Denominator: | ||||||||||
Shares subject to vesting | 285 |
(Loss) Earnings per Share - C_2
(Loss) Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Antidilutive shares excluded | 361,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | Aug. 01, 2017USD ($)Employee | Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Pre-tax book gain included in discontinued operations | $ (239,000) | |||
Book value of the assets sold | $ 81,871,000 | 96,663,000 | ||
Income tax gain related to tax value of fixed assets and remaining tax value for intangible assets | 52,000 | |||
Network Engineering Services [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | $ 1,450,000 | |||
Amount received from sale of business at closing | 1,400,000 | |||
Amount recieved from sale of business | 1,300,000 | |||
Proceeds from sale of business related to future services | 100,000 | |||
Pre-tax book gain included in discontinued operations | $ 500,000 | |||
Book value of the assets sold | 600,000 | |||
Number of employees terminated | Employee | 25 | |||
Estimated severance and related benefits, related to employees not subsequently hired by gabe's | $ 200,000 | |||
Income tax gain related to tax value of fixed assets and remaining tax value for intangible assets | 300,000 | |||
Working capital retained including accounts receivable, accounts payable and accrued liabilities | $ 500,000 | |||
Impairment loss recorded on long-lived assets | $ 0 | |||
Network Engineering Services [Member] | Gabe's Construction Company Inc [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Number of employees hired | Employee | 11 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations within Statement of Operations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Revenues | $ 3,725 |
Cost of revenues | 3,974 |
Gross profit | (249) |
Operating expenses: | |
Sales and marketing | 400 |
General and administrative | 74 |
Amortization of intangible assets | 0 |
Impairment of intangible assets | 0 |
Restructuring expenses | 19 |
Total operating expenses | 493 |
Operating loss | (742) |
Gain on sale | 503 |
Net loss before income taxes | (239) |
Benefit for income taxes | (52) |
Net loss | $ (187) |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Cash Flows for Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | ||
Net loss | $ (187) | |
Gain on sale of assets | (803) | |
Depreciation | 197 | |
Intangible amortization | 0 | |
Impairment of intangible assets | 0 | |
Deferred tax provision | (53) | |
Stock compensation | 49 | |
Prepaid expenses and other assets | 2 | |
Net cash used in operating activities | $ 0 | (795) |
Investing Activities: | ||
Capital expenditures | (16) | |
Proceeds from sale of assets | 1,450 | |
Net cash provided by investing activities | 0 | 1,434 |
Net cash flows provided by discontinued operations: | $ 0 | $ 639 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Change in goodwill | $ 0 | $ 0 |
Goodwill | 3,332,000 | 3,332,000 |
Amortization of intangible assets | 1,084,000 | 1,162,000 |
Continuing Operations [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 1,100,000 | 1,200,000 |
Discontinued Operations [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 0 | 0 |
Operating Expense [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 400,000 | 500,000 |
Cost of Revenues [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 700,000 | $ 700,000 |
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 | 6 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Cost | $ 34,334 | $ 34,334 |
Accumulated Amortization | 33,305 | 32,221 |
Net Book Value | 1,029 | 2,113 |
Customer Contracts and Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 16,880 | 16,880 |
Accumulated Amortization | 16,880 | 16,880 |
Net Book Value | 0 | 0 |
Patents and Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 10,114 | 10,114 |
Accumulated Amortization | 9,336 | 8,670 |
Net Book Value | 778 | 1,444 |
Trademarks and Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 4,834 | 4,834 |
Accumulated Amortization | 4,607 | 4,335 |
Net Book Value | 227 | 499 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 2,506 | 2,506 |
Accumulated Amortization | 2,482 | 2,336 |
Net Book Value | $ 24 | $ 170 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 1 year |
Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Customer Contracts and Relationships [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 5 years |
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 | 5 years 1 month 6 days |
Patents and Technology [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 5 years |
Patents and Technology [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Trademarks and Trade Names [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 5 years 7 months 6 days |
Trademarks and Trade Names [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 5 years |
Trademarks and Trade Names [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Other [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 3 years |
Other [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 1 year |
Other [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | $ 885 |
2020 | $ 144 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 116 | $ 196 |
Restructuring expense | 19 | |
Payments/charges | (39) | (99) |
Ending balance | 77 | 116 |
Severance [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 0 | 6 |
Restructuring expense | (1) | |
Payments/charges | 0 | (5) |
Ending balance | 0 | 0 |
Lease Terminations [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 116 | 190 |
Restructuring expense | 20 | |
Payments/charges | (39) | (94) |
Ending balance | $ 77 | $ 116 |
Restructuring - Summary of Re_2
Restructuring - Summary of Restructuring Liability Recorded (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring liability | $ 77 | $ 116 | $ 196 |
Discontinued Operations [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring liability | 77 | 116 | |
Discontinued Operations [Member] | Accrued Liabilities [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring liability | 33 | 35 | |
Discontinued Operations [Member] | Long-term Liabilities [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring liability | $ 44 | $ 81 |
Restructuring - Summary of Mini
Restructuring - Summary of Minimum Lease Payments and Sublease Payments Under Lease Agreements (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Lease Payments | |
2019 | $ 1,176 |
2020 | 518 |
Total | 2,253 |
Colorado Office [Member] | |
Lease Payments | |
2019 | 122 |
2020 | 93 |
Total | 215 |
Sublease Payments | |
2019 | 88 |
2020 | 59 |
Total | $ 147 |
Income Taxes - Components of Co
Income Taxes - Components of Continuing (Loss) Income Before Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract] | ||||||||||
Domestic | $ (5,033) | $ 917 | ||||||||
Foreign | (29) | 621 | ||||||||
(LOSS) INCOME BEFORE INCOME TAXES | $ (347) | $ (2,152) | $ (1,393) | $ (1,170) | $ 886 | $ 927 | $ (325) | $ 50 | $ (5,062) | $ 1,538 |
Income Taxes - Summary of Expen
Income Taxes - Summary of Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 32 | 34 |
Foreign | (22) | 142 |
Gross | 10 | 176 |
Deferred: | ||
Federal | 6,337 | (1,720) |
State | 1,333 | (878) |
Foreign | 147 | (49) |
Gross | 7,817 | (2,647) |
Total | $ 7,827 | $ (2,471) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expense (Benefit) for Income Taxes (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ||
Statutory federal income tax rate | 21.00% | 34.00% |
State income tax, net of federal benefit | 4.00% | 3.00% |
Tax effect of permanent differences | (1.00%) | (2.00%) |
Change in valuation allowance | (182.00%) | (535.00%) |
Foreign Income Inclusion | 0.00% | 37.00% |
Effective state rate change to deferred tax assets | 1.00% | (11.00%) |
Effective Federal rate change to deferred tax assets | 0.00% | 326.00% |
Stock Compensation shortfalls | (2.00%) | 15.00% |
Release of FIN 48 liability | 0.00% | (8.00%) |
Foreign income taxed at different rates | (0.00%) | (6.00%) |
Tax on repatriation | (0.00%) | (7.00%) |
Research and development credits | 4.00% | (6.00%) |
Return to provision adjustments | 0.00% | (2.00%) |
Other | 0.00% | 1.00% |
Total | (155.00%) | (161.00%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||||
Income tax expense (benefit) | $ 7,827,000 | $ (2,471,000) | |||
Adjustments of deferred tax valuation allowance | $ (9,200,000) | (8,200,000) | |||
Offsetting net income tax expense related to remeasurement of net deferred tax assets | 5,000,000 | ||||
Income tax expense related to the transition tax | 600,000 | ||||
Adjustment to valuation allowance due to new tax rate | $ 1,400,000 | ||||
Statutory rate | 21.00% | 34.00% | |||
Indefinite carryforward of net operating losses annual limitation against future income, percentage | 80.00% | ||||
Accrued one-time income tax charge related to deemed repatriation of accumulated unremitted earnings and profits of foreign subsidiaries | $ 600,000 | $ 600,000 | $ 600,000 | $ 600,000 | |
Increase in deferred tax assets on transition tax | 100,000 | ||||
Designed to tax global intangible low taxed income, minimum percentage return on depreciable tangible assets. | 10.00% | ||||
Provisional income tax expense associated with remeasurement of net deferred tax assets | $ 5,000,000 | 5,000,000 | |||
Income tax benefit related to valuation allowance | (1,400,000) | (1,400,000) | |||
Unrecognized tax benefits, interest on income taxes expense | 0 | 0 | |||
Gross deferred tax assets | 14,771,000 | 14,771,000 | 13,355,000 | 14,771,000 | |
Deferred tax asset, valuation allowance | 14,457,000 | 14,457,000 | 5,234,000 | 14,457,000 | |
Deferred tax liabilities | 300,000 | 300,000 | 400,000 | 300,000 | |
Net deferred tax assets | 0 | $ 0 | $ 7,734,000 | 0 | |
Acquired intangible asset amortization period for tax purpose | 15 years | 15 years | |||
Domestic deferred tax assets ratable reversal pattern period | 12 years | ||||
Operating loss and credit carry forward, expiration period | The Company’s net operating losses and credits have a finite life primarily based on the 20-year carryforward rule for federal NOL’s generated as of December 31, 2017. | ||||
Net operating loss carry forward period | 20 years | ||||
Pre-tax losses | (7,900,000) | ||||
Cumulative terms of US book income turned to loss | 3 years | ||||
Period of increase or decrease in unrecognized tax benefits | 12 months | ||||
Domestic Tax Authority [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax asset, valuation allowance | 8,900,000 | $ 8,900,000 | 8,900,000 | ||
Net deferred tax assets | 14,200,000 | 14,200,000 | $ 7,600,000 | 14,200,000 | |
Operating Loss Carry forwards | 8,100,000 | $ 8,100,000 | 8,100,000 | ||
Operating loss carry forwards expiration year | 2031 | ||||
Operating loss carry forwards expiration year | 2037 | ||||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax credit carry forwards | 1,100,000 | $ 1,100,000 | 1,100,000 | ||
Tax credit carry forwards expiration year | 2030 | ||||
Tax credit carry forwards expiration year | 2038 | ||||
Domestic Tax Authority [Member] | 2031 and 2037 [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry forwards | 12,600,000 | $ 12,600,000 | 12,600,000 | ||
Foreign [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax asset, valuation allowance | 300,000 | 300,000 | 300,000 | ||
Net deferred tax assets | 300,000 | 300,000 | $ 100,000 | 300,000 | |
State and Local Jurisdiction [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry forwards | 19,700,000 | $ 19,700,000 | 19,700,000 | ||
Operating loss carry forwards expiration year | 2021 | ||||
Operating loss carry forwards expiration year | 2038 | ||||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax credit carry forwards | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||
United States [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Adjustments of deferred tax valuation allowance | (8,900,000) | ||||
China [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Adjustments of deferred tax valuation allowance | $ (300,000) | ||||
Israel [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax expense (benefit) | $ 100,000 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets: | ||
Net operating loss carryforwards | $ 5,725 | $ 3,658 |
Amortization | 3,920 | 4,508 |
Federal, foreign, and state credits | 1,812 | 1,627 |
Inventory reserves | 982 | 949 |
Stock compensation | 982 | 845 |
Deferred Gain | 875 | 876 |
Accrued vacation | 240 | 257 |
Other | 235 | 635 |
Gross deferred tax assets | 14,771 | 13,355 |
Valuation allowance | (14,457) | (5,234) |
Net deferred tax asset | 314 | 8,121 |
Deferred Tax Liabilities: | ||
Depreciation | (314) | (387) |
Net Deferred Tax Assets | $ 0 | $ 7,734 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | ||
Beginning of period | $ 700 | $ 870 |
Addition related to tax positions in current year | 30 | 13 |
Reversals for uncertain tax positions | 0 | (183) |
End of period | $ 730 | $ 700 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 1,176 |
2020 | 518 |
2021 | 145 |
2022 | 146 |
2023 | 131 |
Thereafter | 137 |
Total | $ 2,253 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Rent expense under leases | $ 1,000 | $ 900 | |
Refund liability | 154 | 197 | |
Warranty reserve | $ 339 | 382 | |
Antenna [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Repair and replacement warranty | 5 years | ||
Warranty Reserves [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Warranty reserve | $ 339 | $ 382 | $ 394 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Capital Leases for Office and Manufacturing Equipment (Detail) - Office and Manufacturing Equipment [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leased Assets [Line Items] | ||
Cost | $ 502 | $ 453 |
Accumulated Depreciation | (287) | (195) |
Net Book Value | $ 215 | $ 258 |
Commitments and Contingencies_4
Commitments and Contingencies - Present Value of Net Minimum Lease Payments, Capital Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 98 |
2020 | 61 |
2021 | 48 |
2022 | 23 |
2023 | 7 |
Total minimum payments required | 237 |
Less: amount representing interest | 14 |
Present value of net minimum lease payments | $ 223 |
Commitments and Contingencies_5
Commitments and Contingencies - Changes in Warranty Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in warranty reserves | ||
Beginning balance | $ 382 | |
Ending balance | 339 | $ 382 |
Warranty Reserves [Member] | ||
Changes in warranty reserves | ||
Beginning balance | 382 | 394 |
Provisions for warranties | 65 | 102 |
Consumption of reserves | (108) | (114) |
Ending balance | $ 339 | $ 382 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activity Related to Common Shares Outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||
Common stock shares outstanding, Beginning balance | 17,806,792 | 17,335,000 |
Issuance of common stock on exercise of stock options net of stock swaps | 0 | 189,000 |
Issuance of restricted common stock and performance shares, net of cancellations | 415,000 | 245,000 |
Issuance of common stock from executive bonuses | 0 | 113,000 |
Issuance of common stock from purchase of Employee Stock Purchase Plan shares | 157,000 | 140,000 |
Cancellation of stock for withholding tax for vested shares | (108,000) | (215,000) |
Common stock shares outstanding, End of Year | 18,271,249 | 17,806,792 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares reserved | 2,778,502 | 3,670,085 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 423,534 | 470,484 | 825,561 |
PCTEL Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares reserved | 2,583,688 | 3,298,876 | |
Ratio of restricted award to available for grant shares stock | 1.78 | ||
Ratio of stock option to available for grant shares | 1 | ||
Options outstanding | 423,534 | ||
PCTEL Stock Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 2,160,154 | ||
2001 Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares reserved | 0 | 19,600 | |
Options outstanding | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Reserved Shares of Common Stock for Future Issuance (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 2,778,502 | 3,670,085 |
PCTEL Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 2,583,688 | 3,298,876 |
2001 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 0 | 19,600 |
Employee Stock Purchase Plan ("ESPP") [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 194,814 | 351,609 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 3.3 | $ 3 |
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% | |
Shares remaining that can be issued under the Purchase Plan | 194,814 | |
Rate of discount on fair market value of common stock under ESPP | 15.00% | |
Stock compensation expense | $ 0.2 | $ 0.2 |
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock compensation expense | $ 3,300,000 | $ 3,000,000 |
Capitalize stock compensation expense | $ 0 | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Based Compensation [Line Items] | ||
Total | $ 3,261 | $ 3,054 |
Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 3,261 | 3,005 |
Discontinued Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 0 | 49 |
Service-based awards [Member] | Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 2,618 | 2,415 |
Annual Directors' Awards [Member] | Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 422 | 370 |
Stock Option and Employee Purchase Plans [Member] | Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | $ 221 | $ 220 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 3,261 | $ 3,054 |
Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 3,261 | 3,005 |
Discontinued Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 0 | 49 |
Cost of Revenues [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 224 | 268 |
Research and Development [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 620 | 517 |
Sales and Marketing [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 576 | 474 |
General and Administrative [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 1,841 | $ 1,746 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock - Service-Based - Additional Information (Detail) - Service Based Restricted Stock [Member] - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards issued during the period | 420,977 | ||
Stock award vesting term | Company issued to employees 420,977 service-based restricted stock awards to employees that vest in three substantially equal annual increments commencing in 2019. | ||
Restricted shares vested grant date intrinsic value | $ 2.2 | $ 3.3 | |
Unrecognized compensation expense | $ 2.6 | $ 2.6 | |
Weighted average period | 1 year 6 months |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Service-based Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Shares | 828,576 | 1,120,960 |
Shares awarded, Shares | 486,975 | 337,786 |
Shares vested, Shares | (392,975) | (527,657) |
Shares cancelled, Shares | (83,609) | (102,513) |
Ending balance, Shares | 838,967 | 828,576 |
Beginning balance, Weighted Average Fair Value | $ 5.66 | $ 5.83 |
Shares awarded, Weighted Average Fair Value | 6.92 | 6.13 |
Shares vested, Weighted Average Fair Value | 5.93 | 6.27 |
Shares cancelled, Weighted Average Fair Value | 6.14 | 5.92 |
Ending balance, Weighted Average Fair Value | $ 6.21 | $ 5.66 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Service-based Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | ||
Beginning balance, Shares | 31,800 | 36,388 |
Units awarded, Shares | 5,500 | 5,000 |
Units vested/Shares awarded, Shares | (11,587) | (9,588) |
Units cancelled, Shares | (7,075) | 0 |
Ending balance, Shares | 18,638 | 31,800 |
Beginning balance, Weighted Average Fair Value | $ 5.47 | $ 5.57 |
Units awarded, Weighted Average Fair Value | 7.05 | 5.97 |
Units vested/Shares awarded, Weighted Average Fair Value | 5.35 | 6.13 |
Units cancelled, Weighted Average Fair Value | 6.90 | 0 |
Ending balance, Weighted Average Fair Value | $ 5.66 | $ 5.47 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Units - Service-Based - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 3,300 | $ 3,000 |
Service Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares vested intrinsic value | 61 | 60 |
Stock compensation expense | 2 | $ 65 |
Unrecognized compensation expense | $ 100 | |
Weighted average period | 1 year 2 months 12 days |
Stock-Based Compensation - St_3
Stock-Based Compensation - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised | 0 | 189,000 |
Intrinsic value based on share price | $ 4.29 | |
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 | |
Options granted | 2,000 | 0 |
Proceeds from options exercised | $ 1,500 | |
Options exercised | 0 | 211,044 |
Intrinsic value | $ 128 | |
Lower range of exercise prices | $ 5 | |
Upper range of exercise prices | $ 8.32 | |
Period of expected life, options granted | 5 years | |
Unrecognized compensation expense | $ 3,000 | |
Weighted average period | 1 year 4 months 24 days |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Stock Option Activities [Line Items] | ||
Options Outstanding, Exercised | 0 | (189,000) |
Stock Options [Member] | ||
Summary Of Stock Option Activities [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 470,484 | 825,561 |
Options Outstanding, Granted | 2,000 | 0 |
Options Outstanding, Exercised | 0 | (211,044) |
Options Outstanding, Forfeited | (2,793) | (103,381) |
Options Outstanding, Cancelled/expired | (46,157) | (40,652) |
Options Outstanding, Ending balance, Shares | 423,534 | 470,484 |
Options Exercisable, Ending balance, Shares | 417,385 | 458,698 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 7.24 | $ 7.30 |
Weighted Average Exercise Price, Granted | 6.98 | 0 |
Weighted Average Exercise Price, Exercised | 0 | 7.09 |
Weighted Average Exercise Price, Forfeited | 5.13 | 8.24 |
Weighted Average Exercise Price, Expired or Cancelled | 8.21 | 6.70 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | 7.15 | 7.24 |
Options Outstanding, Exercisable at End of Year, Weighted Average Exercise Price | $ 7.17 | $ 7.28 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Range One [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower range of exercise prices | $ 5 | |
Upper range of exercise prices | 7.15 | |
Options Outstanding, Number | 19,189 | |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 2 months 8 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 6.03 | |
Options Exercisable, Number | 13,407 | |
Options Exercisable, Weighted Average Exercise Price | $ 6.17 | |
Range Two [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower range of exercise prices | 7.16 | |
Upper range of exercise prices | 7.19 | |
Options Outstanding, Number | 291,140 | |
Options Outstanding, Weighted Average Contractual Life (Years) | 10 months 17 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 7.16 | |
Options Exercisable, Number | 291,140 | |
Options Exercisable, Weighted Average Exercise Price | $ 7.16 | |
Range Three [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower range of exercise prices | 7.20 | |
Upper range of exercise prices | 7.22 | |
Options Outstanding, Number | 97,705 | |
Options Outstanding, Weighted Average Contractual Life (Years) | 1 year 2 months 15 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 7.22 | |
Options Exercisable, Number | 97,705 | |
Options Exercisable, Weighted Average Exercise Price | $ 7.22 | |
Range Four [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower range of exercise prices | 7.23 | |
Upper range of exercise prices | 8.32 | |
Options Outstanding, Number | 15,500 | |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 4 months 17 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 7.83 | |
Options Exercisable, Number | 15,133 | |
Options Exercisable, Weighted Average Exercise Price | $ 7.83 | |
Range Five [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower range of exercise prices | 5 | |
Upper range of exercise prices | $ 8.32 | |
Options Outstanding, Number | 423,534 | |
Options Outstanding, Weighted Average Contractual Life (Years) | 1 year 1 month 13 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 7.15 | |
Options Exercisable, Number | 417,385 | |
Options Exercisable, Weighted Average Exercise Price | $ 7.17 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Options Outstanding Weighted Average Contractual Life (years) | 1 year 1 month 13 days |
Options Exercisable Weighted Average Contractual Life (years) | 1 year 21 days |
Options Outstanding Intrinsic Value | $ 0 |
Options Exercisable Intrinsic Value | $ 0 |
Stock-Based Compensation - Calc
Stock-Based Compensation - Calculation of Fair Value of Each Option Grant Using Black-Scholes Option-Pricing Model (Detail) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Calculation of fair value of each option grant using the Black-Scholes option-pricing model | |
Dividend yield | 3.20% |
Risk-free interest rate | 2.40% |
Expected volatility | 33.00% |
Expected life (in years) | 3 years 8 months 12 days |
Stock-Based Compensation - Shor
Stock-Based Compensation - Short-Term Incentive Plan - Additional Information (Detail) - Short-Term Incentive Plan (STIP) [Member] - shares | 1 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock issued under short-term incentive plan, shares | 112,986 | |
Percentage of incentive awards in cash | 100.00% | |
Certain Executives [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of incentive awards in cash | 50.00% | |
Percentage of incentive awards in shares | 50.00% |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Performance Share Activity (Detail) - Performance Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Shares | 110,500 | 296,500 |
Units cancelled, Shares | (110,500) | (186,000) |
Ending balance, Shares | 0 | 110,500 |
Beginning balance, Weighted Average Fair Value | $ 7.49 | $ 7.95 |
Units cancelled, Weighted Average Fair Value | 7.49 | 8.22 |
Ending balance, Weighted Average Fair Value | $ 0 | $ 7.49 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-based Equity Awards - Additional Information (Detail) - Performance Based Equity Awards - shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested awards cancelled | 88,000 | 102,500 | ||
Terminated Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested awards cancelled | 22,500 | 83,500 | ||
2015 LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares earned | 424,000 | |||
Number of awards | 0 | 0 | ||
2014 LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares earned | 380,000 | |||
Number of awards | 0 | 0 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of ESSP Activity (Detail) - Employee Stock Purchase Plan ("ESPP") [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 0 | 0 |
Units awarded, Shares | 156,795 | 139,601 |
Units vested/Shares awarded, Shares | (156,795) | (139,601) |
Options Outstanding, Ending balance, Shares | 0 | 0 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 0 | $ 0 |
Shares granted, Weighted Average Grant Date Fair Value | 1.49 | 1.41 |
Units vested/Shares awarded, Weighted Average Fair Value | 1.49 | 1.41 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | $ 0 | $ 0 |
Stock-Based Compensation - Ca_2
Stock-Based Compensation - Calculation of Fair Value of Stock Option Grant Under ESPP Using Black-Scholes Option-Pricing Model (Detail) - Employee Stock Purchase Plan ("ESPP") [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | ||
Dividend yield | 3.20% | 3.50% |
Risk-free interest rate | 2.10% | 1.10% |
Expected volatility | 33.00% | 34.00% |
Expected life (in years) | 6 months | 6 months |
Stock-Based Compensation - Boar
Stock-Based Compensation - Board of Director Equity Awards - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Board of Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued | 63,897 | 52,786 |
Company's stock at fair value | $ 400 | $ 400 |
One New Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued | 7,246 | |
Company's stock at fair value | $ 50 | |
Service Based Restricted Stock [Member] | One New Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants vesting period | 3 years | |
Service Based Restricted Stock [Member] | New Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants vesting period | 3 years | |
Equity awards granted | $ 55 |
Stock-Based Compensation - Em_2
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 578 | $ 1,298 |
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 | $ 600 | $ 1,300 |
Product Line, Customer and Ge_3
Product Line, Customer and Geographic Information - Result of Product Line Revenues and Gross Profits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Results of operations by segments | ||||||||||
REVENUES | $ 21,240 | $ 18,426 | $ 21,582 | $ 21,731 | $ 23,301 | $ 23,665 | $ 21,501 | $ 22,970 | $ 82,979 | $ 91,437 |
GROSS PROFIT | $ 8,697 | $ 6,721 | $ 7,799 | $ 7,864 | $ 10,245 | $ 10,150 | $ 8,962 | $ 9,454 | 31,081 | 38,811 |
Operating Segments [Member] | Antenna Products [Member] | ||||||||||
Results of operations by segments | ||||||||||
REVENUES | 66,328 | 68,612 | ||||||||
GROSS PROFIT | 20,157 | 22,439 | ||||||||
Operating Segments [Member] | Test & Measurement [Member] | ||||||||||
Results of operations by segments | ||||||||||
REVENUES | 16,733 | 23,019 | ||||||||
GROSS PROFIT | 10,883 | 16,354 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
Results of operations by segments | ||||||||||
REVENUES | (82) | (194) | ||||||||
GROSS PROFIT | $ 41 | $ 18 |
Product Line, Customer and Ge_4
Product Line, Customer and Geographic Information - Customer Accounted Revenues by Geographic Location (Detail) - Sales [Member] - Geographic Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 100.00% | 100.00% |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 15.00% | 17.00% |
Europe, Middle East, & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 12.00% | 9.00% |
Other Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 4.00% | 5.00% |
Total Foreign Sales [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 31.00% | 31.00% |
Total Domestic Sales [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 69.00% | 69.00% |
Product Line, Customer and Ge_5
Product Line, Customer and Geographic Information - Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Trade Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk percentage | 13.00% | 12.00% |
Product Line, Customer and Ge_6
Product Line, Customer and Geographic Information - Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Geographic And Business Segment Information [Line Items] | ||
Long-Lived Assets | $ 16,544 | $ 25,620 |
United States [Member] | ||
Geographic And Business Segment Information [Line Items] | ||
Long-Lived Assets | 15,153 | 23,938 |
All Other [Member] | ||
Geographic And Business Segment Information [Line Items] | ||
Long-Lived Assets | $ 1,391 | $ 1,682 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - Employee Benefit Plans [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum percentage of current compensation of employee to contribute in plan | 15.00% | |
Percentage of matching contributions by the Company to employee's contributions to 401(k) plan | 100.00% | |
Discretionary contributions to the 401(k) plan | $ 0 | $ 0 |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer matches employee contribution percentage | 4.00% |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | $ 1,208 | $ 1,073 |
US Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | 681 | 627 |
Foreign Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | $ 527 | $ 446 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenues | $ 21,240 | $ 18,426 | $ 21,582 | $ 21,731 | $ 23,301 | $ 23,665 | $ 21,501 | $ 22,970 | $ 82,979 | $ 91,437 |
Gross profit | 8,697 | 6,721 | 7,799 | 7,864 | 10,245 | 10,150 | 8,962 | 9,454 | 31,081 | 38,811 |
Operating income (loss) | (425) | (2,378) | (1,602) | (1,221) | 855 | 893 | (339) | 24 | (5,626) | 1,433 |
Income (loss) before income taxes | (347) | (2,152) | (1,393) | (1,170) | 886 | 927 | (325) | 50 | (5,062) | 1,538 |
Net (loss) income from continuing operations | 3,289 | 721 | (185) | 184 | (12,889) | 4,009 | ||||
Net loss from discontinued operations | (39) | 234 | (168) | (214) | 0 | (187) | ||||
NET (LOSS) INCOME | $ (9,135) | $ (1,670) | $ (1,226) | $ (858) | $ 3,250 | $ 955 | $ (353) | $ (30) | $ (12,889) | $ 3,822 |
Net income (loss) per share from continuing operations: | ||||||||||
Basic | $ 0.19 | $ 0.04 | $ (0.01) | $ 0.01 | $ (0.75) | $ 0.24 | ||||
Diluted | 0.19 | 0.04 | (0.01) | 0.01 | (0.75) | 0.24 | ||||
Net income (loss) per share from discontinued operations: | ||||||||||
Basic | 0 | 0.02 | (0.01) | (0.01) | 0 | (0.01) | ||||
Diluted | 0 | 0.02 | (0.01) | (0.01) | 0 | (0.01) | ||||
Net (Loss) Income per Share: | ||||||||||
Basic | $ (0.53) | $ (0.10) | $ (0.07) | $ (0.05) | 0.19 | 0.06 | (0.02) | 0 | (0.75) | 0.23 |
Diluted | $ (0.53) | $ (0.10) | $ (0.07) | $ (0.05) | $ 0.19 | $ 0.06 | $ (0.02) | $ 0 | $ (0.75) | $ 0.23 |
Weighted Average Shares: | ||||||||||
Basic | 17,361 | 17,234 | 17,142 | 17,056 | 16,926 | 16,757 | 16,534 | 16,340 | 17,186 | 16,626 |
Diluted | 17,361 | 17,234 | 17,142 | 17,056 | 17,299 | 17,065 | 16,534 | 16,340 | 17,186 | 16,913 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Accumulated other comprehensive (loss) income | $ (216) | $ 54 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Order shipments, description | A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. | |
Payment terms, description | The Company's payment terms generally range between 30 to 90 days | |
Refund liability | $ 154,000 | $ 197,000 |
Contract assets | 0 | 0 |
Contract with customer liability, revenue recognized | 200,000 | 200,000 |
Accrued Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Refund liability | 200,000 | 200,000 |
Contract liability | 200,000 | 300,000 |
Inventories [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Product return asset | $ 100,000 | $ 100,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information1 (Detail) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Period for performance obligation to provide software maintenance and support | 1 year |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Clarksburg, Maryland [Member] $ in Millions | Jan. 18, 2019USD ($)ft² |
Subsequent Event [Line Items] | |
Area of office space | ft² | 21,030 |
Lease commencement date | Jan. 1, 2020 |
Lease expiration date | Feb. 28, 2031 |
Total lease payments | $ | $ 5 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 319 | $ 273 |
Charged to Costs and Expenses | 265 | 55 |
Addition (Deductions) | (521) | (9) |
Balance at End of Year | 63 | 319 |
Warranty Reserves [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 382 | 394 |
Charged to Costs and Expenses | 65 | 102 |
Addition (Deductions) | (108) | (114) |
Balance at End of Year | 339 | 382 |
Valuation Allowance of Deferred Tax Assets [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 5,234 | 13,300 |
Charged to Costs and Expenses | 9,223 | (8,236) |
Addition (Deductions) | 0 | 170 |
Balance at End of Year | $ 14,457 | $ 5,234 |