Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 19, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | RUDOLPH TECHNOLOGIES INC | |
Entity Central Index Key | 1,094,392 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 31,439,510 |
Statements of Financial Positio
Statements of Financial Position Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents, at Carrying Value | $ 52,245 | $ 37,859 |
Marketable Securities, Current | 85,143 | 87,872 |
Accounts Receivable, Net, Current | 61,002 | 64,912 |
Inventory, Net | 66,226 | 65,485 |
Income Taxes Receivable | 266 | 2,389 |
Prepaid Expense and Other Assets | 4,971 | 4,113 |
Assets, Current | 269,853 | 262,630 |
Property, Plant and Equipment, Net | 12,329 | 11,858 |
Goodwill | 22,495 | 22,495 |
Intangible Assets, Net (Excluding Goodwill) | 9,768 | 10,273 |
Other Assets, Noncurrent | 31,417 | 31,443 |
Assets | 345,862 | 338,699 |
Liabilities, Current [Abstract] | ||
Accounts Payable and Accrued Liabilities | 19,808 | 21,494 |
Deferred Revenue, Current | 7,708 | 7,329 |
Other Liabilities, Current | 5,809 | 7,139 |
Liabilities, Current | 33,325 | 35,962 |
Other Liabilities, Noncurrent | 10,035 | 9,002 |
Liabilities | 43,360 | 44,964 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | 31 | 31 |
Additional Paid in Capital, Common Stock | 381,713 | 381,189 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,615) | (2,779) |
Retained Earnings (Accumulated Deficit) | (77,627) | (84,706) |
Stockholders' Equity Attributable to Parent | 302,502 | 293,735 |
Liabilities and Equity | $ 345,862 | $ 338,699 |
Statements of Financial Positi3
Statements of Financial Position B/S Parenthetical - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 402 | $ 680 |
Statements of Income Statement
Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | $ 60,679 | $ 54,362 |
Cost of Revenue | 28,811 | 25,317 |
Gross Profit | 31,868 | 29,045 |
Operating Expenses [Abstract] | ||
Research and Development Expense | 12,010 | 12,446 |
Selling, General and Administrative Expense | 9,668 | 9,499 |
Amortization of Intangible Assets | 505 | 595 |
Gain (Loss) Related to Litigation Settlement | 0 | (14,632) |
Operating Expenses | 22,183 | 7,908 |
Operating Income (Loss) | 9,685 | 21,137 |
Interest Income (Expense), Net | (191) | 1,469 |
Total other expenses (income) | 269 | 107 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 9,607 | 19,561 |
Income Tax Expense (Benefit) | 2,456 | 5,622 |
Net Income (Loss) Attributable to Parent | $ 7,151 | $ 13,939 |
Earnings (Loss) Per Share, Basic | $ 0.23 | $ 0.45 |
Earnings (Loss) Per Share, Diluted | $ 0.22 | $ 0.44 |
Weighted Average Number of Shares Outstanding, Basic | 31,290 | 30,957 |
Weighted Average Number of Shares Outstanding, Diluted | 32,058 | 31,654 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Income (Loss) Attributable to Parent | $ 7,151 | $ 13,939 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 44 | (6) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,120 | 638 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 8,315 | $ 14,571 |
Statements of Cash Flows Statem
Statements of Cash Flows Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Income (Loss) Attributable to Parent | $ 7,151 | $ 13,939 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Amortization of Financing Costs and Discounts | 0 | 1,017 |
Amortization | 505 | 595 |
Depreciation | 924 | 944 |
Foreign Currency Transaction Gain (Loss), before Tax | 269 | 107 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 132 | 117 |
Share-based Compensation | 1,148 | 1,161 |
Provision for doubtful accounts and inventory valuation | 951 | 800 |
Litigation Settlement, Amount | 0 | (14,632) |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 3,144 | (10,067) |
Net Cash Provided by (Used in) Operating Activities | 14,224 | (6,019) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Payments to Acquire Marketable Securities | (22,449) | (44,311) |
Proceeds from Sale and Maturity of Marketable Securities | 25,355 | 51,120 |
Payments to Acquire Property, Plant, and Equipment | (1,724) | (1,514) |
Net Cash Provided by (Used in) Investing Activities | 1,182 | 5,295 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Payments for Repurchase of Warrants | (1,025) | 0 |
Payments for Repurchase of Common Stock | 0 | (4,700) |
Payments Related to Tax Withholding for Share-based Compensation | (803) | (1,509) |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 107 | 6 |
Net Cash Provided by (Used in) Financing Activities | (1,721) | (6,203) |
Effect of Exchange Rate on Cash and Cash Equivalents | 701 | 559 |
Cash and Cash Equivalents, Period Increase (Decrease) | 14,386 | (6,368) |
Cash and Cash Equivalents, at Carrying Value | 52,245 | 38,186 |
Supplemental Cash Flow Information [Abstract] | ||
Income Taxes Paid | 208 | 1,068 |
Interest Paid | $ 0 | $ 1,125 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Organization and Nature of Operations: [Abstract] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared by Rudolph Technologies, Inc. (the “Company” or “Rudolph”) and in the opinion of management reflect all adjustments, consisting of normal recurring accruals, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ materially from reported amounts. The interim results for the three month period ended March 31, 2017 are not necessarily indicative of results to be expected for the entire year or any future periods. This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (“2016 10-K”) filed with the Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements included in the 2016 10-K. Reclassifications Certain immaterial prior period amounts have been reclassified to conform to the current financial statement presentation. Recent Accounting Pronouncements Recently Adopted Effective January 1, 2017, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2016-09, “ Improvements to Employee Share-Based Payment Accounting.” The standard update simplifies several aspects of the accounting for employee share-based payment transactions, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the Condensed Consolidated Statements of Cash Flows. As a result of the adoption, on a prospective basis, the Company recognized $672 of excess tax benefits from stock-based compensation as a benefit in our income tax provision for the three months ended March 31, 2017. Historically, these amounts were recorded as additional paid-in capital. Upon adoption, the Company elected to present excess tax benefits to operating cash flows retrospectively to its Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2016, which resulted in a reclassification of excess tax benefits from stock-based compensation of $304 from cash flows from financing activities to cash flows from operating activities. The Company elected to change its policy on accounting for forfeitures and account for forfeitures as they occur. As a result of the forfeiture rate policy change, the Company recorded a reduction to retained earnings of $72 under the modified retrospective approach. Additional amendments to the accounting for income taxes and minimum statutory withholding requirements had no impact on its results of operations. Effective January 1, 2017, the Company adopted ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This simplifies subsequent measurement of inventory by having an entity measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The adoption of ASU 2015-11 did not have any impact on the Company's consolidated financial position, results of operations, and cash flows. Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates Step 2 from the goodwill impairment test. Accordingly, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. The ASU is effective for the fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the effect the adoption of ASU No. 2017-04 will have on its consolidated financial position, results of operations, and cash flows. In October 2016, the FASB issued ASU No. 2016-16, “Income Tax (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” This ASU which is part of the Board’s simplification initiative, is intended to reduce the complexity of U.S. GAAP and diversity in practice related to the tax consequences of certain types of intra-entity asset transfers, particularly those involving intellectual property. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the effect the adoption of ASU No. 2016-16 will have on its consolidated financial position, results of operations, and cash flows. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU provides guidance on statement of cash flows presentation for eight specific cash flow issues where diversity in practice exists. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the effect the adoption of ASU No. 2016-15 will have on its consolidated financial position, results of operations, and cash flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which introduces new guidance for the accounting for credit losses on instruments within its scope. Given the breadth of that scope, the new ASU will impact both financial services and non-financial services entities. The standard is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect the adoption of ASU No. 2016-13 will have on its consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The standard requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU No. 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 with earlier adoption permitted. The Company is in the process of evaluating the effects the adoption of ASU No. 2016-02 will have on its consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU No. 2014-09, as amended, outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance as amended. In July 2015, the FASB deferred for one year the effective date of the new revenue standard. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with earlier adoption permitted. ASU No. 2014-09 allows for two methods of adoption: (a) “full retrospective” adoption, meaning the standard is applied to all periods presented, or (b) “modified retrospective” adoption, meaning the cumulative effect of applying ASU No. 2014-09 is recognized as an adjustment to the 2018 opening retained earnings balance. The Company is in the process of determining the adoption method as well as the effects the adoption of ASU No. 2014-09 will have on its consolidated financial position, results of operations, and cash flows. | |
Retained Earnings Reclassification | $ 72 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements The Company applies a three-level valuation hierarchy for fair value measurements. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at March 31, 2017 and December 31, 2016 : Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant March 31, 2017 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 84,305 $ — $ 84,305 $ — Corporate bonds 838 — 838 — Foreign currency forward contracts 62 — 62 — Total Assets $ 85,205 $ — $ 85,205 $ — Liabilities: Contingent consideration - acquisitions 3,383 — — 3,383 Total Liabilities $ 3,383 $ — $ — $ 3,383 December 31, 2016 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 87,029 $ — $ 87,029 $ — Corporate bonds 843 — 843 — Foreign currency forward contracts 312 — 312 — Total Assets $ 88,184 $ — $ 88,184 $ — Liabilities: Contingent consideration - acquisitions 3,251 — — 3,251 Total Liabilities $ 3,251 $ — $ — $ 3,251 The Company’s investments classified as Level 1 are based on quoted market prices that are available in active markets. The Company’s investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Investment prices are obtained from third party pricing providers, which models prices utilizing the above observable inputs, for each asset class. Level 3 liabilities consisted of contingent consideration related to an acquisition for which the Company uses a discounted cash flow model to value these liabilities. The Level 3 assumptions used in the discounted cash flow model for the contingent consideration included projected revenues, timing of cash flows and estimates of discount rates of 8.6% and 9.1% for the three months ended March 31, 2017 and 2016 , respectively. A significant decrease in the projected revenues or increase in discount rates could result in a significantly lower fair value measurement for the contingent consideration. This table presents a reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 : Fair Value Measurements Using Balance at December 31, 2016 $ 3,251 Additions — Total loss included in selling, general and administrative expense 132 Payments — Transfers into (out of) Level 3 — Balance at March 31, 2017 $ 3,383 See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities. Fair Value of Other Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value because of the short-term maturity of these instruments. The estimated fair value of these obligations is based, primarily, on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value, using available market information and appropriate valuation methods. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities [Text Block] | Marketable Securities The Company has evaluated its investment policies and determined that all of its investment securities are to be classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses on available-for-sale securities are included in “Other expense” in the Condensed Consolidated Statements of Operations. The Company records other-than-temporary impairment charges for its available-for-sale investments when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at March 31, 2017 and December 31, 2016 are temporary in nature. The Company reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At March 31, 2017 and December 31, 2016 , marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value March 31, 2017 Municipal notes and bonds $ 84,294 $ 26 $ (15 ) $ 84,305 Corporate bonds 838 — — 838 Total marketable securities $ 85,132 $ 26 $ (15 ) $ 85,143 December 31, 2016 Municipal notes and bonds $ 87,088 $ 6 $ (65 ) $ 87,029 Corporate bonds 842 1 — 843 Total marketable securities $ 87,930 $ 7 $ (65 ) $ 87,872 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 74,933 $ 74,935 $ 82,498 $ 82,445 Due after one through five years 10,199 10,208 5,432 5,427 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 85,132 $ 85,143 $ 87,930 $ 87,872 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at March 31, 2017 and December 31, 2016 : Unrealized Loss Position For Less Than 12 Months Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2017 Municipal notes and bonds $ 30,596 $ (15 ) $ — $ — Corporate bonds — — — — Total $ 30,596 $ (15 ) $ — $ — December 31, 2016 Municipal notes and bonds $ 64,918 $ (65 ) $ — $ — Corporate bonds — — — — Total $ 64,918 $ (65 ) $ — $ — See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments and Hedging Activities The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At March 31, 2017 and December 31, 2016 , these contracts included the future sale of Japanese Yen to purchase U.S. dollars. Derivative instruments are recognized as either “prepaid expenses and other current assets” or “other current liabilities” in the Condensed Consolidated Balance Sheets and are measured at fair value. The foreign currency forward contracts were entered into by the Company’s Japanese subsidiary to economically hedge a portion of certain intercompany obligations. The forward contracts are not designated as hedges for accounting purposes and decreases in the fair value of $250 and $204 for the three month periods ended March 31, 2017 and 2016, respectively, are recorded within the caption “Other expense” in the Condensed Consolidated Statements of Operations. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 Notional amount $ 4,933 $ 3,827 Fair value of asset $ 62 $ 312 |
Identifiable Intangible Assets
Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets Disclosure [Text Block] | Purchased Intangible Assets Purchased intangible assets as of March 31, 2017 and December 31, 2016 are as follows: Gross Carrying Amount Accumulated Amortization Net March 31, 2017 Finite-lived intangibles: Developed technology $ 65,527 $ 57,388 $ 8,139 Customer and distributor relationships 9,560 8,592 968 Trade names 4,361 3,700 661 Total identifiable intangible assets $ 79,448 $ 69,680 $ 9,768 December 31, 2016 Finite-lived intangibles: Developed technology $ 65,527 $ 56,986 $ 8,541 Customer and distributor relationships 9,560 8,514 1,046 Trade names 4,361 3,675 686 Total identifiable intangible assets $ 79,448 $ 69,175 $ 10,273 Intangible asset amortization expense for the three month period ended March 31, 2017 and 2016 was $505 and $595 , respectively. Assuming no change in the gross carrying value of identifiable intangible assets and estimated lives, estimated amortization expense for the remainder of 2017 will be $1,428 , and for each of the next five years estimated amortization expense amounts to $1,496 for 2018 , $1,496 for 2019 , $1,294 for 2020 , $546 for 2021 , and $480 for 2022 . |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2017 | |
Balance Sheet Detail [Abstract] | |
Balance Sheet Details [Text Block] | Balance Sheet Details Inventories Inventories are comprised of the following: March 31, 2017 December 31, 2016 Materials $ 34,158 $ 32,993 Work-in-process 21,064 18,764 Finished goods 11,004 13,728 Total inventories $ 66,226 $ 65,485 The Company has established reserves of $11,460 and $10,545 as of March 31, 2017 and December 31, 2016 , respectively, for slow moving and obsolete inventory, which are included in the amounts above. Property, Plant and Equipment Property, plant and equipment, net is comprised of the following: March 31, 2017 December 31, 2016 Land and building $ 2,584 $ 2,584 Machinery and equipment 24,253 23,493 Furniture and fixtures 2,771 2,699 Computer equipment and software 5,422 5,204 Leasehold improvements 8,471 8,116 43,501 42,096 Accumulated depreciation (31,172 ) (30,238 ) Total property, plant and equipment, net $ 12,329 $ 11,858 Other assets Other assets is comprised of the following: March 31, 2017 December 31, 2016 Deferred income taxes $ 30,826 $ 30,850 Other 591 593 Total other assets $ 31,417 $ 31,443 Other current liabilities Other current liabilities is comprised of the following: March 31, 2017 December 31, 2016 Intangible asset acquisition - Stella Alliance $ 1,000 $ 1,000 Contingent consideration - acquisitions 634 855 Warrant settlement payable — 1,025 Customer deposits 915 996 Other 3,260 3,263 Total other current liabilities $ 5,809 $ 7,139 Other non-current liabilities Other non-current liabilities is comprised of the following: March 31, 2017 December 31, 2016 Unrecognized tax benefits (including interest) $ 3,410 $ 3,386 Contingent consideration - acquisitions 2,749 2,396 Deferred revenue 1,197 1,132 Other 2,679 2,088 Total other non-current liabilities $ 10,035 $ 9,002 |
Debt Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Debt Obligations [Abstract] | |
Debt Disclosure [Text Block] | Debt Obligations On July 25, 2011 , the Company issued $60,000 aggregate principal amount of 3.75% Convertible Senior Notes due 2016 (the “Notes”) at par. The Notes were issued pursuant to an indenture, dated as of July 25, 2011 , between the Company and Bank of New York Mellon Trust Company, N.A., as Trustee, which includes a form of Note. The Notes provided for the payment of interest semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2012 , at an annual rate of 3.75% . Concurrently with the issuance of the Notes, the Company purchased a convertible note hedge and sold a warrant. Each of the convertible note hedge and warrant transactions were entered into with an affiliate of the initial purchaser of the Notes. On July 15, 2016, the Company redeemed all of its outstanding 3.75% Convertible Senior Notes with an aggregate principle amount of $60,000 . Under the terms of the indenture, holders of the Notes were paid cash up to the aggregate principal amount of the Notes and were issued shares of common stock for the remainder of the conversion, with any fractional shares paid in cash. The conversion resulted in the issuance of 540 shares of common stock of the Company to the bondholders, but resulted in no dilution to Rudolph shareholders as these shares were covered by the convertible note hedge that was entered into by the Company in 2011 at the time of issuance of the Notes. The sale of the warrant gave the holder the right to purchase 4,634 shares of Company common stock at a strike price of $17.00 per share. The warrant had a series of daily expiration dates beginning in October 2016 and ending in January 2017. In 2016, the holder exercised 4,248 warrants, which settled for 80 shares of Company common stock and $10,525 payable in cash, of which $9,500 was paid as of December 31, 2016 and $1,025 was paid in January 2017, at a weighted average stock price of $19.82 per share. The remaining 386 warrants were exercised in January 2017 by the holder for 102 shares of Company common stock at a weighted average stock price of $23.13 per share. The following table presents the amount of interest cost recognized relating to the Notes during the three months ended March 31, 2017 and March 31, 2016 : Three Months Ended March 31, 2017 2016 Contractual interest coupon $ — $ 562 Amortization of interest discount — 894 Amortization of debt issuance costs — 123 Total interest cost recognized $ — $ 1,579 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Intellectual Property Indemnification Obligations The Company has entered into agreements with customers that include limited intellectual property indemnification obligations that are customary in the industry. These guarantees generally require the Company to compensate the other party for certain damages and costs incurred as a result of third party intellectual property claims arising from these transactions. The nature of the intellectual property indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to its customers. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. Warranty Reserves The Company generally provides a warranty on its products for a period of 12 to 15 months against defects in material and workmanship. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based primarily on historical experience. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 15 months prior to the quarter-end and warranty accruals are related to sales during the same year. Changes in the Company’s warranty reserves are as follows: Three Months Ended March 31, 2017 2016 Balance, beginning of the period $ 1,788 $ 1,894 Accruals 855 544 Usage (648 ) (665 ) Balance, end of the period $ 1,995 $ 1,773 Warranty reserves are reported in the Condensed Consolidated Balance Sheets within the caption “Accounts payable and accrued liabilities.” Legal Matters From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. The following reflects an overview of the material activities with regard to these matters through March 31, 2017. August Technology Corporation and Rudolph Technologies, Inc. v. Camtek, Ltd., No. 11-CV-03707 (MJD/TNL) : A lawsuit against Camtek, Ltd. (“Camtek”), of Migdal Hamek, Israel, was filed by the Company on June 1, 2011 alleging infringement of its U.S. Patent No. 7,729,528 related to its proprietary continuous scan wafer inspection technology. The relief sought in the lawsuit includes the payment of damages and a permanent injunction against any products found to be infringing. Camtek filed an inter partes reexamination petition with the U.S. Patent and Trademark Office (the “PTO”) on January 19, 2012 asserting that certain claims of the patent are unpatentable. In the course of this proceeding the PTO issued a final determination that 35 claims of the patent were valid and 18 claims were rejected. The Company appealed the PTO’s rejection of the 18 claims to the US Court of Appeals for the Federal Circuit. On December 22, 2016, the U.S. Court of Appeals for the Federal Circuit reversed the PTO’s rejection of three of the 18 patent claims, affirmed the PTO’s rejection of nine of the 18 patent claims, and dismissed the remaining six patent claims for procedural reasons. Thus, 38 claims are available to be asserted under the ‘528 patent in this lawsuit. During the pendency of the reexamination process, the parties have stipulated that the lawsuit be stayed. With resolution of Camtek’s petition, the stay in the lawsuit has been lifted and the parties are proceeding with litigation. Rudolph Technologies, Inc. v. Camtek, Ltd., No. 15-CV-1246 (ADM/BRT) : On March 12, 2015, the Company filed and served on Camtek a complaint asserting infringement of Rudolph’s U.S. Patent No. 6,826,298 by Camtek’s Eagle product with the U.S. District Court in Minnesota. The ‘6,298 patent is also related to our proprietary continuous scan wafer inspection technology and was the subject of Rudolph’s prior litigation against the Camtek Falcon system (the “Falcon Litigation”) in which Rudolph prevailed with a final judgment of infringement and damages of $14.6 million assessed against Camtek. The relief sought in the lawsuit includes the payment of damages and a permanent injunction against any products found to be infringing. On April 21, 2015, the Company filed a Motion for Preliminary Injunction to enjoin Camtek’s sale of the Eagle device in the United States. On or about April 20, 2015, Camtek filed a complaint in the U.S. District Court in New Jersey seeking a declaratory judgment challenging the jurisdiction and venue of the Minnesota District Court and seeking to have the New Jersey District Court find that the ‘6,298 patent is not infringed and, in the alternative, that the ‘6,298 patent is invalid. On August 26, 2015, the U.S. District Court in Minnesota ruled that Minnesota jurisdiction was appropriate for this matter while at the same time denying the Company’s Motion for Preliminary Injunction. Camtek’s complaint filed in the U.S. District Court in New Jersey was subsequently dismissed. On August 8, 2016 the Minnesota District Court issued an order regarding motions for partial summary judgment which we had filed in March 2016 granting (i) that the ‘6,298 patent is valid and Camtek is precluded from contesting its validity at trial, and (ii) that the claim constructions adopted in the Falcon Litigation for four terms are entitled to a preclusive effect and will apply in the course of the present litigation. The Minnesota District Court also ruled that three phrases not subject to claim construction in the Falcon Litigation may be defined in the present case. This matter is currently ongoing in the U.S. District Court in Minnesota with no trial date set. Line of Credit The Company has a credit agreement with a bank that provides for a line of credit which is secured by the marketable securities the Company has with the bank. The Company is permitted to borrow up to 70% of the value of eligible securities held at the time the line of credit is accessed. The available line of credit as of March 31, 2017 was approximately $72 million with an available interest rate of 2.5% . The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion. The Company has not utilized the line of credit to date. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s nonvested restricted stock unit activity with respect to the three months ended March 31, 2017 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 1,136 $ 12.30 Granted 99 $ 22.38 Vested (184 ) $ 10.97 Forfeited (27 ) $ 11.84 Nonvested at March 31, 2017 1,024 $ 13.53 Included in the number of shares granted in the table directly above are 38 market performance-based restricted stock units (MPRSUs) granted to executives. Vesting of these MPRSUs is contingent upon the Company meeting certain total shareholder return (TSR) levels as compared to a select peer group over the next three years. The MPRSUs cliff vest at the end of the three-year period and have a maximum potential to vest at 200% ( 76 shares) based on TSR performance. The related share-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized straight-line over the vesting term. The estimated fair value per share of the MPRSUs was $25.30 and was calculated using a Monte Carlo simulation model. As of March 31, 2017 and December 31, 2016 , there was $10,532 and $8,697 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 2.7 years for both of the respective periods. |
Other Expense (Income)
Other Expense (Income) | 3 Months Ended |
Mar. 31, 2017 | |
Other Income (Expense) [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other Expense Three Months Ended March 31, 2017 2016 Foreign currency exchange losses, net $ 269 $ 107 Total other expense $ 269 $ 107 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The following table provides details of income taxes: Three Months Ended March 31, 2017 2016 Income before income taxes $ 9,607 $ 19,561 Provision for income taxes $ 2,456 $ 5,622 Effective tax rate 25.6 % 28.7 % The income tax provision for the three months ended March 31, 2017 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The changes in the Company’s effective tax rate for the three months ended March 31, 2017 compared to the same period for the prior year are primarily due to changes in the mix of forecasted earnings by jurisdictions and the recording of excess tax benefits for stock compensation related to the adoption of FASB ASU No. 2016-09. The Company currently has a partial valuation allowance recorded against certain foreign and state net operating loss and credit carryforwards where the realizability of such deferred tax assets is substantially in doubt. Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, both positive and negative, including forecasted earnings in assessing the need for a valuation allowance. As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against certain deferred tax assets. The Company continues to monitor available evidence and may reverse some or all of the remaining valuation allowance in future periods, if appropriate. The Company has a recorded valuation allowance against certain of its deferred tax assets of $1,924 as of March 31, 2017 and December 31, 2016. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner and also gives effect to all dilutive common equivalent shares outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share. For the three months ended March 31, 2017 , the weighted average number of stock options and restricted stock units excluded from the computation of diluted earnings per share were 0 and 25 , respectively. For the three months ended March 31, 2016 , the weighted average number of stock options and restricted stock units totaling 151 and 0 , respectively, were excluded from the computation of diluted earnings per share. For the three months ended March 31, 2017 , diluted earnings per share-weighted average shares outstanding included the effect resulting from assumed conversion of the warrants. For the three months ended March 31, 2016 , diluted earnings per share-weighted average shares outstanding do not include any effect resulting from assumed conversion of the Notes and warrants, as their impact was anti-dilutive. The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended March 31, 2017 2016 Numerator: Net income $ 7,151 $ 13,939 Denominator: Basic earnings per share - weighted average shares outstanding 31,290 30,957 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 762 697 Warrant - dilutive shares 6 — Diluted earnings per share - weighted average shares outstanding 32,058 31,654 Earnings per share: Basic $ 0.23 $ 0.45 Diluted $ 0.22 $ 0.44 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss Comprehensive income includes net income, foreign currency translation adjustments, and net unrealized gains and losses on available-for-sale investments. See the Condensed Consolidated Statements of Comprehensive Income for the effect of the components of comprehensive income on the Company’s net income. The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized gains on available-for-sale investments Accumulated other comprehensive loss (income) Beginning Balance, December 31, 2016 $ 2,742 $ 37 $ 2,779 Net current period other comprehensive income (1,120 ) (44 ) (1,164 ) Reclassifications — — — Ending balance, March 31, 2017 $ 1,622 $ (7 ) $ 1,615 |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting and Geographic Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting and Geographic Information The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, advanced packaging lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection and metrology, advanced packaging lithography, and process control software systems used by microelectronics device manufacturers, and therefore the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the reporting segment level. The following table lists the different sources of revenue: Three Months Ended March 31, 2017 2016 Systems and software: Process Control $ 43,876 72 % $ 36,459 67 % Lithography 17 — % 170 — % Software 7,498 13 % 7,422 14 % Parts 6,330 10 % 7,160 13 % Services 2,958 5 % 3,151 6 % Total revenue $ 60,679 100 % $ 54,362 100 % For geographical revenue reporting, revenues are attributed to the geographic location in which the product is shipped. Revenue by geographic region is as follows: Three Months Ended March 31, 2017 2016 United States $ 9,009 $ 7,388 Taiwan 13,833 22,035 Japan 3,208 2,937 China 14,101 8,825 South Korea 9,530 1,623 Singapore 3,266 7,047 Other Asia 114 871 Germany 3,080 697 Other Europe 4,538 2,939 Total revenue $ 60,679 $ 54,362 The following customers each accounted for more than 10% of total revenues for the indicated periods. Three Months Ended March 31, 2017 2016 Customer A 17.2 % 0.6 % Customer B 5.6 % 26.9 % |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2017 | |
Share Repurchase Program [Abstract] | |
Share Repurchase [Text Block] | Share Repurchase Authorization In January 2015, the Board of Directors authorized the Company to repurchase up to 3,000 shares of the Company’s common stock with no established end date. The authorization allows for repurchases to be made in the open market or through negotiated transactions from time to time. During the three month period ended March 31, 2017 , the Company did not repurchase any shares of common stock pursuant to the share repurchase authorization. At March 31, 2017 , there were 711 shares available for future stock repurchases under this repurchase authorization. Shares of common stock purchased under the share repurchase authorization are retired. The following table summarizes the Company’s stock repurchases for the three month period ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, 2017 2016 Shares of common stock repurchased — 370 Cost of stock repurchased $— $4,700 Average price paid per share $— $12.70 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at March 31, 2017 and December 31, 2016 : Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant March 31, 2017 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 84,305 $ — $ 84,305 $ — Corporate bonds 838 — 838 — Foreign currency forward contracts 62 — 62 — Total Assets $ 85,205 $ — $ 85,205 $ — Liabilities: Contingent consideration - acquisitions 3,383 — — 3,383 Total Liabilities $ 3,383 $ — $ — $ 3,383 December 31, 2016 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 87,029 $ — $ 87,029 $ — Corporate bonds 843 — 843 — Foreign currency forward contracts 312 — 312 — Total Assets $ 88,184 $ — $ 88,184 $ — Liabilities: Contingent consideration - acquisitions 3,251 — — 3,251 Total Liabilities $ 3,251 $ — $ — $ 3,251 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | This table presents a reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 : Fair Value Measurements Using Balance at December 31, 2016 $ 3,251 Additions — Total loss included in selling, general and administrative expense 132 Payments — Transfers into (out of) Level 3 — Balance at March 31, 2017 $ 3,383 |
Marketable Securities - (Tables
Marketable Securities - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of marketable securities by category [Table Text Block] | At March 31, 2017 and December 31, 2016 , marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value March 31, 2017 Municipal notes and bonds $ 84,294 $ 26 $ (15 ) $ 84,305 Corporate bonds 838 — — 838 Total marketable securities $ 85,132 $ 26 $ (15 ) $ 85,143 December 31, 2016 Municipal notes and bonds $ 87,088 $ 6 $ (65 ) $ 87,029 Corporate bonds 842 1 — 843 Total marketable securities $ 87,930 $ 7 $ (65 ) $ 87,872 |
Schedule of marketable securities classified by contractual maturity date [Table Text Block] | The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 74,933 $ 74,935 $ 82,498 $ 82,445 Due after one through five years 10,199 10,208 5,432 5,427 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 85,132 $ 85,143 $ 87,930 $ 87,872 |
Schedule of marketable securities in unrealized loss positions [Table Text Block] | The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at March 31, 2017 and December 31, 2016 : Unrealized Loss Position For Less Than 12 Months Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2017 Municipal notes and bonds $ 30,596 $ (15 ) $ — $ — Corporate bonds — — — — Total $ 30,596 $ (15 ) $ — $ — December 31, 2016 Municipal notes and bonds $ 64,918 $ (65 ) $ — $ — Corporate bonds — — — — Total $ 64,918 $ (65 ) $ — $ — |
Derivative Instruments and He24
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The dollar equivalent of the U.S. dollar forward contracts and related fair values as of March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 Notional amount $ 4,933 $ 3,827 Fair value of asset $ 62 $ 312 |
Identifiable Intangible Assets
Identifiable Intangible Assets - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Identifiable Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Purchased intangible assets as of March 31, 2017 and December 31, 2016 are as follows: Gross Carrying Amount Accumulated Amortization Net March 31, 2017 Finite-lived intangibles: Developed technology $ 65,527 $ 57,388 $ 8,139 Customer and distributor relationships 9,560 8,592 968 Trade names 4,361 3,700 661 Total identifiable intangible assets $ 79,448 $ 69,680 $ 9,768 December 31, 2016 Finite-lived intangibles: Developed technology $ 65,527 $ 56,986 $ 8,541 Customer and distributor relationships 9,560 8,514 1,046 Trade names 4,361 3,675 686 Total identifiable intangible assets $ 79,448 $ 69,175 $ 10,273 |
Balance Sheet Details - (Tables
Balance Sheet Details - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Balance Sheet Detail [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are comprised of the following: March 31, 2017 December 31, 2016 Materials $ 34,158 $ 32,993 Work-in-process 21,064 18,764 Finished goods 11,004 13,728 Total inventories $ 66,226 $ 65,485 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net is comprised of the following: March 31, 2017 December 31, 2016 Land and building $ 2,584 $ 2,584 Machinery and equipment 24,253 23,493 Furniture and fixtures 2,771 2,699 Computer equipment and software 5,422 5,204 Leasehold improvements 8,471 8,116 43,501 42,096 Accumulated depreciation (31,172 ) (30,238 ) Total property, plant and equipment, net $ 12,329 $ 11,858 |
Schedule of Other Assets [Table Text Block] | Other assets is comprised of the following: March 31, 2017 December 31, 2016 Deferred income taxes $ 30,826 $ 30,850 Other 591 593 Total other assets $ 31,417 $ 31,443 |
Other Current liabilities [Table Text Block] | Other current liabilities is comprised of the following: March 31, 2017 December 31, 2016 Intangible asset acquisition - Stella Alliance $ 1,000 $ 1,000 Contingent consideration - acquisitions 634 855 Warrant settlement payable — 1,025 Customer deposits 915 996 Other 3,260 3,263 Total other current liabilities $ 5,809 $ 7,139 |
Other Non-current liabilities [Table Text Block] | Other non-current liabilities is comprised of the following: March 31, 2017 December 31, 2016 Unrecognized tax benefits (including interest) $ 3,410 $ 3,386 Contingent consideration - acquisitions 2,749 2,396 Deferred revenue 1,197 1,132 Other 2,679 2,088 Total other non-current liabilities $ 10,035 $ 9,002 |
Debt Obligations - (Tables)
Debt Obligations - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Obligations [Abstract] | |
Schedule of interest cost recognized on convertible senior notes [Table Text Block] | The following table presents the amount of interest cost recognized relating to the Notes during the three months ended March 31, 2017 and March 31, 2016 : Three Months Ended March 31, 2017 2016 Contractual interest coupon $ — $ 562 Amortization of interest discount — 894 Amortization of debt issuance costs — 123 Total interest cost recognized $ — $ 1,579 |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Schedule of changes product warranty liability [Table Text Block] | Changes in the Company’s warranty reserves are as follows: Three Months Ended March 31, 2017 2016 Balance, beginning of the period $ 1,788 $ 1,894 Accruals 855 544 Usage (648 ) (665 ) Balance, end of the period $ 1,995 $ 1,773 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation [Abstract] | |
Summary of restricted stock unit activity [Table Text Block] | A summary of the Company’s nonvested restricted stock unit activity with respect to the three months ended March 31, 2017 is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 1,136 $ 12.30 Granted 99 $ 22.38 Vested (184 ) $ 10.97 Forfeited (27 ) $ 11.84 Nonvested at March 31, 2017 1,024 $ 13.53 |
Other Income - (Tables)
Other Income - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, 2017 2016 Foreign currency exchange losses, net $ 269 $ 107 Total other expense $ 269 $ 107 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of effective tax rate [Table Text Block] | The following table provides details of income taxes: Three Months Ended March 31, 2017 2016 Income before income taxes $ 9,607 $ 19,561 Provision for income taxes $ 2,456 $ 5,622 Effective tax rate 25.6 % 28.7 % |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The Company’s basic and diluted earnings per share amounts are as follows: Three Months Ended March 31, 2017 2016 Numerator: Net income $ 7,151 $ 13,939 Denominator: Basic earnings per share - weighted average shares outstanding 31,290 30,957 Effect of potential dilutive securities: Employee stock options and restricted stock units - dilutive shares 762 697 Warrant - dilutive shares 6 — Diluted earnings per share - weighted average shares outstanding 32,058 31,654 Earnings per share: Basic $ 0.23 $ 0.45 Diluted $ 0.22 $ 0.44 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized gains on available-for-sale investments Accumulated other comprehensive loss (income) Beginning Balance, December 31, 2016 $ 2,742 $ 37 $ 2,779 Net current period other comprehensive income (1,120 ) (44 ) (1,164 ) Reclassifications — — — Ending balance, March 31, 2017 $ 1,622 $ (7 ) $ 1,615 |
Segment Reporting and Geograp34
Segment Reporting and Geographic Information - (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting and Geographic Information [Abstract] | |
Schedule of revenue from external customers by Products and Services [Table Text Block] | The following table lists the different sources of revenue: Three Months Ended March 31, 2017 2016 Systems and software: Process Control $ 43,876 72 % $ 36,459 67 % Lithography 17 — % 170 — % Software 7,498 13 % 7,422 14 % Parts 6,330 10 % 7,160 13 % Services 2,958 5 % 3,151 6 % Total revenue $ 60,679 100 % $ 54,362 100 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For geographical revenue reporting, revenues are attributed to the geographic location in which the product is shipped. Revenue by geographic region is as follows: Three Months Ended March 31, 2017 2016 United States $ 9,009 $ 7,388 Taiwan 13,833 22,035 Japan 3,208 2,937 China 14,101 8,825 South Korea 9,530 1,623 Singapore 3,266 7,047 Other Asia 114 871 Germany 3,080 697 Other Europe 4,538 2,939 Total revenue $ 60,679 $ 54,362 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following customers each accounted for more than 10% of total revenues for the indicated periods. Three Months Ended March 31, 2017 2016 Customer A 17.2 % 0.6 % Customer B 5.6 % 26.9 % |
Basis of Presentation Pronounce
Basis of Presentation Pronouncement reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Excess tax benefit [Abstract] | ||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 672 | $ 304 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Jul. 15, 2016 | Jul. 25, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | $ 84,305 | $ 87,029 | |||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 838 | 843 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 62 | 312 | |||
Assets, Fair Value Disclosure | 85,205 | 88,184 | |||
Business Combination, Contingent Consideration, Liability | 3,383 | 3,251 | |||
Liabilities, Fair Value Disclosure | $ 3,383 | 3,251 | |||
Fair Value Inputs Discount Rate 3 | 8.60% | 9.10% | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 3,383 | 3,251 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 132 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 0 | ||||
Fair Value, Level 3 Transfers out, Description | 0 | ||||
Convertible Debt | $ 60,000 | $ 60,000 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | $ 0 | 0 | |||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 0 | 0 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||
Liabilities, Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 84,305 | 87,029 | |||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 838 | 843 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 62 | 312 | |||
Assets, Fair Value Disclosure | 85,205 | 88,184 | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||
Liabilities, Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value | 0 | 0 | |||
Financial Instruments, Owned, Corporate Equities, at Fair Value | 0 | 0 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | |||
Business Combination, Contingent Consideration, Liability | 3,383 | 3,251 | |||
Liabilities, Fair Value Disclosure | $ 3,383 | $ 3,251 |
Marketable Securities - (Detail
Marketable Securities - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $ 85,132 | $ 87,930 | |
Available-for-sale Securities, Fair Value Disclosure | 85,143 | 87,872 | |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | 74,933 | 82,498 | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 74,935 | 82,445 | |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis | 10,199 | 5,432 | |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 10,208 | 5,427 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 0 | 0 | |
US Government and Government Agencies and Authorities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 84,294 | 87,088 | |
Available-for-sale Securities, Gross Unrealized Gains | 26 | $ 6 | |
Available-for-sale Securities, Gross Unrealized Losses | (15) | (65) | |
Available-for-sale Securities, Fair Value Disclosure | 84,305 | 87,029 | |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 30,596 | 64,918 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (15) | (65) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 | |
Corporate Bond Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 838 | 842 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 1 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 838 | 843 | |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 | |
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 85,132 | 87,930 | |
Available-for-sale Securities, Gross Unrealized Gains | 26 | 7 | |
Available-for-sale Securities, Gross Unrealized Losses | (15) | (65) | |
Available-for-sale Securities, Fair Value Disclosure | 85,143 | 87,872 | |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 30,596 | 64,918 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (15) | (65) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 0 | $ 0 |
Derivative Instruments and He38
Derivative Instruments and Hedging Activities - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 250 | $ 204 | |
Derivative, Notional Amount | 4,933 | $ 3,827 | |
Derivative Asset, Fair Value, Gross Liability | $ 62 | ||
Derivative Asset, Fair Value, Gross Asset | $ 312 |
Identifiable Intangible Asset39
Identifiable Intangible Assets - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 79,448 | $ 79,448 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 69,680 | 69,175 | |
Intangible Assets, Net (Excluding Goodwill) | 9,768 | 10,273 | |
Amortization of Intangible Assets | 505 | $ 595 | |
Future Amortization Expense, Remainder of Fiscal Year | 1,428 | ||
Future Amortization Expense, Year One | 1,496 | ||
Future Amortization Expense, Year Two | 1,496 | ||
Future Amortization Expense, Year Three | 1,294 | ||
Future Amortization Expense, Year Four | 546 | ||
Future Amortization Expense, Year Five | 480 | ||
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 65,527 | 65,527 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 57,388 | 56,986 | |
Intangible Assets, Net (Excluding Goodwill) | 8,139 | 8,541 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 9,560 | 9,560 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 8,592 | 8,514 | |
Intangible Assets, Net (Excluding Goodwill) | 968 | 1,046 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 4,361 | 4,361 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,700 | 3,675 | |
Intangible Assets, Net (Excluding Goodwill) | $ 661 | $ 686 |
Balance Sheet Details - Invento
Balance Sheet Details - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Details [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 34,158 | $ 32,993 |
Inventory, Work in Process, Net of Reserves | 21,064 | 18,764 |
Inventory, Finished Goods, Net of Reserves | 11,004 | 13,728 |
Inventory, Net | 66,226 | 65,485 |
Inventory Valuation Reserves | $ 11,460 | $ 10,545 |
Balance Sheet Details - Propert
Balance Sheet Details - Property Plant & Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Buildings and Land Gross | $ 2,584 | $ 2,584 |
Machinery and Equipment, Gross | 24,253 | 23,493 |
Furniture and Fixtures, Gross | 2,771 | 2,699 |
Computer Equipments And Software Gross | 5,422 | 5,204 |
Leasehold Improvements, Gross | 8,471 | 8,116 |
Property, Plant and Equipment, Gross | 43,501 | 42,096 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (31,172) | (30,238) |
Property, Plant and Equipment, Net | $ 12,329 | $ 11,858 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 30,826 | $ 30,850 |
Other | 591 | 593 |
Total Other Assets | $ 31,417 | $ 31,443 |
Balance Sheet Details - Other C
Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Current Liabilities [Abstract] | ||
Intangible assets current liabilities | $ 1,000 | $ 1,000 |
Contingent Consideration Current Liability | 634 | 855 |
Payable for repurchase of warrant | 0 | 1,025 |
Customer Deposits, Current | 915 | 996 |
Other Current Liabilities Subtotal | 3,260 | 3,263 |
Other Liabilities, Current | $ 5,809 | $ 7,139 |
Balance Sheet Details - Other N
Balance Sheet Details - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Non-current Liabilities [Abstract] | ||
Unrecognized Tax Benefits | $ 3,410 | $ 3,386 |
Contingent consideration - Acquisition non-current liability | 2,749 | 2,396 |
Deferred Revenue, Noncurrent | 1,197 | 1,132 |
Other Liabilities | 2,679 | 2,088 |
Other Liabilities, Noncurrent | $ 10,035 | $ 9,002 |
Debt Obligations - (Details)
Debt Obligations - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Jul. 15, 2016 | Jul. 25, 2011 | Jul. 30, 2008 | |
Convertible Debt | $ 60,000 | $ 60,000 | ||||
Conversion of Stock, Shares Issued | 540 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 17 | |||||
Contractual Interest Coupon | $ 0 | $ 562 | ||||
Amortization of Debt Discount (Premium) | 0 | 894 | ||||
Amortization of Financing Costs | 0 | 123 | ||||
Interest Expense, Debt | $ 0 | 1,579 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 386 | 4,634 | ||||
Redemption of stock warrants | 102 | 4,248 | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 10,525 | |||||
Payments for Repurchase of Warrants | $ 1,025 | $ 0 | $ 9,500 | |||
Investment Warrants, Exercise Price | $ 23.13 | $ 19.82 | ||||
Common Stock [Member] | ||||||
Redemption of stock warrants | 80 |
Commitments and Contingencies46
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | ||||
Standard Product Warranty Accrual | $ 1,995 | $ 1,773 | $ 1,788 | $ 1,894 |
Product Warranty Accrual, Warranties Issued | 855 | 544 | ||
Product Warranty Accrual, Payments | (648) | $ (665) | ||
Loss Contingency, damages Awarded, Value 2 | 14,600 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 72,000 | |||
Line of Credit Facility, Interest Rate at Period End | 2.50% |
Share-Based Compensation Restri
Share-Based Compensation Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Restricted Stock Units Activity [Abstract] | |||
Market performance-based restricted stock units granted | 38 | ||
Maximum potential market performance-based restricted stock units to vest | 76 | ||
Estimated fair value per share of the market performance-based restricted stock units | $ 25.30 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,024 | 1,136 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.53 | $ 12.30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (184) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 10.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (27) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 11.84 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,532 | $ 8,697 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months 10 days | 2 years 8 months |
Other Income - (Details)
Other Income - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Income (Expense) [Abstract] | ||
Foreign currency exchange losses (gains), net | $ 269 | $ 107 |
Total other expenses (income) | $ 269 | $ 107 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 9,607 | $ 19,561 | |
Income Tax Expense (Benefit) | $ 2,456 | $ 5,622 | |
Effective Income Tax Rate | 25.60% | 28.70% | |
Valuation Allowance, Amount | $ 1,924 | $ 1,924 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Stock Options Antidilutive securities excluded from computation | 0 | |
Restricted Stock Unit Antidilutive excluded from computation | 25 | |
Stock Options Excluded from Computation of diluted loss per share | 151 | |
Restricted stock units excluded from Computation of diluted loss per share | 0 | |
Net Income (Loss) Attributable to Parent | $ 7,151 | $ 13,939 |
Weighted Average Number of Shares Outstanding, Basic | 31,290 | 30,957 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 762 | 697 |
Warrant Dilutive Shares | $ 6 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted | 32,058 | 31,654 |
Earnings (Loss) Per Share, Basic | $ 0.23 | $ 0.45 |
Earnings (Loss) Per Share, Diluted | $ 0.22 | $ 0.44 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Stockholders' Equity Attributable to Parent | $ 302,502 | $ 293,735 |
Accumulated Translation Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | 1,622 | 2,742 |
Net current period other comprehensive gain (loss) | (1,120) | |
Reclassification of accumulated other comprehensive income (loss) | 0 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Stockholders' Equity Attributable to Parent | (7) | 37 |
Net current period other comprehensive gain (loss) | (44) | |
Reclassification of accumulated other comprehensive income (loss) | 0 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Stockholders' Equity Attributable to Parent | 1,615 | $ 2,779 |
Net current period other comprehensive gain (loss) | (1,164) | |
Reclassification of accumulated other comprehensive income (loss) | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 60,679 | $ 54,362 |
Concentration Risk, Percentage | 17.20% | 0.60% |
Process Control Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 43,876 | $ 36,459 |
Lithography Revenue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17 | 170 |
Software [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 7,498 | 7,422 |
Sales Revenue, Goods, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 6,330 | 7,160 |
Sales Revenue, Services, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,958 | 3,151 |
Sales Revenue, Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 60,679 | $ 54,362 |
Sales [Member] | Percentage of Process Control Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 72.00% | 67.00% |
Sales [Member] | Percentage of Lithography Revenue [Member] [Domain] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Sales [Member] | Percentage of Software Revenue [Domain] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 13.00% | 14.00% |
Sales [Member] | Percentage of Parts [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 13.00% |
Sales [Member] | Percentage of Service [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 5.00% | 6.00% |
Sales [Member] | Percentage of Total Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 9,009 | $ 7,388 |
TAIWAN, PROVINCE OF CHINA | ||
Segment Reporting Information [Line Items] | ||
Revenues | 13,833 | 22,035 |
JAPAN | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,208 | 2,937 |
CHINA | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,101 | 8,825 |
South Korea [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,530 | 1,623 |
SINGAPORE | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,266 | 7,047 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 114 | 871 |
GERMANY | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,080 | 697 |
Other Europe [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,538 | 2,939 |
Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 60,679 | $ 54,362 |
Segment Reporting and Geograp53
Segment Reporting and Geographic Information Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 60,679 | $ 54,362 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,009 | 7,388 |
TAIWAN, PROVINCE OF CHINA | ||
Segment Reporting Information [Line Items] | ||
Revenues | 13,833 | 22,035 |
JAPAN | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,208 | 2,937 |
CHINA | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,101 | 8,825 |
South Korea [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,530 | 1,623 |
SINGAPORE | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,266 | 7,047 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 114 | 871 |
GERMANY | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,080 | 697 |
Other Europe [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,538 | 2,939 |
Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 60,679 | $ 54,362 |
Segment Reporting and Geograp54
Segment Reporting and Geographic Information Customer Reporting (Details) | 3 Months Ended | |
Mar. 31, 2017Rate | Mar. 31, 2016Rate | |
Segment Reporting Information [Line Items] | ||
Entity-Wide Revenue, Major Customer, Percentage | 17.20% | 0.60% |
Major Customer Two [Domain] | ||
Segment Reporting Information [Line Items] | ||
Entity-Wide Revenue, Major Customer, Percentage | 5.60% | 26.90% |
Share Repurchase Program - (Det
Share Repurchase Program - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Repurchase Program [Abstract] | ||
share repurchase program [Table Text Block] | The following table summarizes the Company’s stock repurchases for the three month period ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, 2017 2016 Shares of common stock repurchased — 370 Cost of stock repurchased $— $4,700 Average price paid per share $— $12.70 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000 | |
Stock Repurchased and Retired During Period, Shares | 0 | 370 |
Shares available for future repurchase | 711 | |
Stock Repurchased During Period, Value | $ 0 | $ 4,700 |
StockRepurchasedAndRetired-AveragePricePerShare | $ 0 | $ 12.70 |