Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document And Entity [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Entity Registrant Name | CAMTEK LTD |
Entity Central Index Key | 1,109,138 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,015 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 35,348,176 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 30,833 | $ 18,220 |
Short-term deposits | $ 8,607 | |
Short-term restricted deposits | $ 7,875 | |
Trade accounts receivable, net | 27,003 | $ 22,341 |
Inventories | 27,599 | 24,650 |
Due from affiliated companies | 559 | 501 |
Other current assets | 1,712 | 2,382 |
Deferred tax asset | 177 | 858 |
Total current assets | 95,758 | 77,559 |
Property, plant and equipment, net | 13,531 | 13,025 |
Long-term inventory | $ 1,979 | 1,476 |
Long-term restricted deposit | 729 | |
Deferred tax asset | $ 3,955 | 891 |
Other assets | 248 | 348 |
Intangible assets, net | $ 795 | 928 |
Goodwill | 1,555 | |
Total noncurrent assets | $ 6,977 | 5,927 |
Total assets | 116,266 | 96,511 |
Current liabilities | ||
Trade accounts payable | 11,812 | 9,490 |
Other current liabilities | 30,712 | 16,279 |
Total current liabilities | 42,524 | 25,769 |
Long-term liabilities | ||
Liability for employee severance benefits | 772 | 860 |
Other long-term liabilities | 4,768 | 4,150 |
Total noncurrent liabilities | 5,540 | 5,010 |
Total liabilities | 48,064 | $ 30,779 |
Commitments and contingencies | ||
Shareholders' equity | ||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2015 and 2014; 37,440,552 and 32,586,898 issued shares at December 31, 2015 and 2014, respectively; 35,348,176 and 30,494,522 shares outstanding at December 31, 2015 and 2014, respectively | 148 | $ 134 |
Additional paid-in capital | 76,034 | 63,465 |
Retained earnings | (6,082) | 4,031 |
Total shareholders' equity before treasury stock | 70,100 | 67,630 |
Treasury stock, at cost (2,092,376 as of December 31, 2015 and 2014) | (1,898) | (1,898) |
Total shareholders' equity | 68,202 | 65,732 |
Total liabilities and shareholders' equity | $ 116,266 | $ 96,511 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value per share | ₪ 0.01 | ₪ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 37,440,552 | 32,586,898 |
Common Stock, shares outstanding | 35,348,176 | 30,494,522 |
Treasury Stock, shares | 2,092,376 | 2,092,376 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Sales of products | $ 84,059,000 | $ 71,371,000 | $ 67,864,000 |
Service fees | 15,216,000 | 16,942,000 | 17,541,000 |
Total revenues | 99,275,000 | 88,313,000 | 85,405,000 |
Cost of revenues: | |||
Cost of products sold | 44,851,000 | 35,870,000 | 38,692,000 |
Cost of services | 11,298,000 | 11,424,000 | 12,311,000 |
Total cost of revenues | 56,149,000 | 47,294,000 | 51,003,000 |
Gross profit | 43,126,000 | 41,019,000 | 34,402,000 |
Research and development costs | 14,860,000 | 14,406,000 | 14,370,000 |
Selling, general and administrative expenses | 23,587,000 | 21,417,000 | 22,362,000 |
Reorganization and impairment | 138,000 | $ 60,000 | $ (3,466,000) |
Loss from litigation | 14,600,000 | ||
Total operating expenses | 53,185,000 | $ 35,883,000 | $ 33,266,000 |
Operating income (loss) | (10,059,000) | 5,136,000 | 1,136,000 |
Financial income (expenses), net | (1,877,000) | (1,220,000) | (1,738,000) |
Income (loss) before income taxes | (11,936,000) | 3,916,000 | (602,000) |
Income tax (expense) benefit | 1,823,000 | (579,000) | 609,000 |
Net income (loss) | $ (10,113,000) | $ 3,337,000 | $ 7,000 |
Earnings (loss) per ordinary share: | |||
Basic | $ (.30) | $ 0.11 | $ 0 |
Diluted | $ (.30) | $ 0.11 | $ 0 |
Weighted average number of ordinary shares outstanding (in thousands): | |||
Basic | 33,352 | 30,464 | 30,040 |
Diluted | 33,352 | 30,545 | 30,094 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Ordinary Shares NIS 0.01 par value [Member] | Treasury stock [Member] | Additional paid-in capital [Member] | Retained earnings (accumulated losses) [Member] | Total | |
Balance, value at Dec. 31, 2012 | $ 133,000 | $ (1,898,000) | $ 61,415,000 | $ 687,000 | $ 60,337,000 | |
Balance, shares at Dec. 31, 2012 | 31,989,309 | (2,092,376) | ||||
Exercise of share options and RSUs, value | $ 1,000 | 1,171,000 | 1,172,000 | |||
Exercise of share options and RSUs, shares | 508,593 | |||||
Share-based compensation expense | $ 380,000 | 380,000 | ||||
Net income (loss) | $ 7,000 | 7,000 | ||||
Balance, value at Dec. 31, 2013 | $ 134,000 | $ (1,898,000) | $ 62,966,000 | $ 694,000 | $ 61,896,000 | |
Balance, shares at Dec. 31, 2013 | 32,497,902 | (2,092,376) | 30,494,522 | |||
Exercise of share options and RSUs, value | [1] | 191,000 | $ 191,000 | |||
Exercise of share options and RSUs, shares | 88,996 | |||||
Share-based compensation expense | $ 308,000 | 308,000 | ||||
Net income (loss) | $ 3,337,000 | 3,337,000 | ||||
Balance, value at Dec. 31, 2014 | $ 134,000 | $ (1,898,000) | $ 63,465,000 | $ 4,031,000 | $ 65,732,000 | |
Balance, shares at Dec. 31, 2014 | 32,586,898 | (2,092,376) | 30,494,522 | |||
Public offering | $ 13,000 | 11,891,000 | $ 11,904,000 | |||
Public offering, shares | 4,655,982 | |||||
Repayment of contingent liability | $ 1,000 | 374,000 | 375,000 | |||
Repayment of contingent liability, shares | 173,611 | |||||
Share-based compensation expense | $ 270,000 | 270,000 | ||||
Net income (loss) | $ (10,113,000) | (10,113,000) | ||||
Balance, value at Dec. 31, 2015 | $ 148,000 | $ (1,898,000) | $ 76,034,000 | $ (6,082,000) | $ 68,202,000 | |
Balance, shares at Dec. 31, 2015 | 37,440,552 | (2,092,376) | 35,348,176 | |||
[1] | Less than $ 1 thousand |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (10,113,000) | $ 3,337,000 | $ 7,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | $ 2,060,000 | $ 2,171,000 | 2,587,000 |
Loss on disposal of fixed assets | 867,000 | ||
Impairment losses | $ 1,595,000 | 1,708,000 | |
Deferred tax expense (benefit) | (2,383,000) | $ 164,000 | (1,439,000) |
Share based compensation expense | 270,000 | 308,000 | 380,000 |
Provision for doubtful debts, net | 74,000 | 180,000 | 54,000 |
Revaluation of liabilities and interest expense on liabilities to the OCS | (919,000) | 522,000 | (3,701,000) |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | (4,531,000) | 5,173,000 | (3,827,000) |
Inventories | (4,021,000) | (5,908,000) | 5,454,000 |
Due from affiliated companies | (58,000) | (268,000) | 158,000 |
Other assets | 770,000 | (478,000) | 262,000 |
Trade accounts payable | 2,322,000 | 1,737,000 | 143,000 |
Other current liabilities | 1,951,000 | $ (987,000) | $ 1,852,000 |
Liability in respect of litigation | 14,600,000 | ||
Liability for employee severance benefits, net | (88,000) | $ 2,000 | $ 148,000 |
Net cash provided by operating activities | 1,529,000 | 5,953,000 | 4,653,000 |
Cash flows from investing activities: | |||
Repayment of (investment in) short-term deposits | 1,461,000 | (2,607,000) | 1,160,000 |
Purchase of fixed assets | (1,786,000) | (563,000) | (1,857,000) |
Purchase of intangible assets | (118,000) | (154,000) | (142,000) |
Net cash used in investing activities | (443,000) | (3,324,000) | (839,000) |
Cash flows from financing activities: | |||
Repayment of contingent liability (see Note 1B) | (169,000) | (268,000) | (640,000) |
Payment to OCS | $ (37,000) | $ (181,000) | (267,000) |
Repayment of loans | $ (6,252,000) | ||
Share issuance, net | $ 11,904,000 | ||
Proceeds from exercise of share options and RSUs | 34,000 | $ 191,000 | $ 1,172,000 |
Net cash provided by (used in) financing activities | 11,732,000 | (258,000) | (5,987,000) |
Effect of exchange rate changes on cash | (205,000) | (646,000) | (199,000) |
Net (decrease) increase in cash and cash equivalents | 12,613,000 | 1,725,000 | (2,372,000) |
Cash and cash equivalents at beginning of the year | 18,220,000 | 16,495,000 | 18,867,000 |
Cash and cash equivalents at end of the year | $ 30,833,000 | $ 18,220,000 | 16,495,000 |
Supplementary cash flows information: | |||
Interest paid | 131,000 | ||
Income taxes | $ 523,000 | $ 575,000 | $ 250,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Operations [Abstract] | |
Nature of Operations | Note 1 - Nature of Operations A. Camtek Ltd. (“Camtek” or “Company”), an Israeli corporation, is controlled by (47.87%) Priortech Ltd. (“Parent”), an Israeli corporation listed on the Tel-Aviv Stock Exchange. Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing products yield and reliability, enabling and supporting customers’ latest technologies in the semiconductor fabrication and Printed Circuit Boards (PCB) industries. B As of December 31, 2015, based on Management's estimates regarding future sales of one-color Gryphon systems, an obsolescence provision was recorded against inventory. During 2015, delays in marketing the Gryphon system resulted in an impairment of the Company’s goodwill and IPR&D recorded in the Printar acquisition. In 2015, the Company signed an agreement with Printar, whereby its obligation to payment of $2,000 – conditional on certain terms relating to the sale of machinery based on the solder mask technology, if and when there products were commercialized – was replaced and paid off with a one-time final payment of $425, which the Company paid $50 in cash and issued shares with the value of $375. In December 2013, the Company decided not to continue with the development of future models of its Xact product line which had been acquired as part of the acquisition of SELA – Semiconductor Engineering Laboratories Ltd. in 2009 (“SELA acquisition”). In December 2014, the Company entered into a buy-out arrangement to sell the remaining activities of the Sela division. The sale was completed in January 2015 and, as part of this arrangement, in 2015 Camtek sold the Sela systems remaining in inventory, but no longer continues to support the Sela customer base. Accordingly, during 2014 and 2013 the Company wrote off excess inventories, fixed assets, goodwill and adjusted its liabilities in respect to the SELA acquisition. The impact of these decisions on the consolidated statement of income in the years ended December 31, 2015, 2014 and 2013 was as follows: Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 U.S. Dollars U.S. Dollars U.S. Dollars Account Nature of impact (in thousands) (in thousands) (in thousands) Cost of Revenues Inventory write-off 1,041 205 3,052 Reorganization and Impairment charge with impairment respect of technology, customer relationships and goodwill 1,595 - 1,656 Reorganization and Revaluation of liabilities impairment in respect of Printar and SELA acquisition (1,457 ) (106 ) (5,122 ) Reorganization and impairment Other - 166 854 1,179 265 440 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 - Significant Accounting Policies A. Basis of preparation of the financial statements The consolidated financial statements of Camtek and its subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in United States of America (“US GAAP”). All amounts in the notes to the financial statements are in thousands unless otherwise stated. B. Principles of consolidation The accompanying consolidated financial statements include the accounts of Camtek and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. C. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. As applicable to these financial statements, the most significant estimates and assumptions relate to revenue recognition, valuation of accounts receivable, inventories, goodwill, deferred tax assets, legal contingencies, contingent consideration and share based compensation among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. It is often difficult to accurately estimate the ultimate outcome of a contingent liability. Different variables can affect the timing and amount that management provides for certain contingent liabilities. The Company's assessments are therefore subject to estimates made by management and its legal counsel. Adverse revision in management estimates of the potential liability could materially impact the Company's financial condition, results of operations or liquidity. The Company adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. D. Foreign currency transactions The functional currency of the Company and its subsidiaries is the U.S. Dollar. Revenue generated by the Company and its subsidiaries is primarily generated outside of Israel and a majority thereof is received in U.S. Dollars. A significant portion of materials and components purchased and operating expenses incurred are either paid for in U.S. Dollars or in New Israeli Shekels (“NIS”). Transactions not denominated in U.S. Dollars are recorded upon their initial recognition according to the exchange rate in effect on the date of the transaction. Exchange rate differences arising upon the settlement of monetary items or upon reporting the Company’s monetary items at exchange rates different from that by which they were initially recorded during the period, or reported in previous financial statements, are charged to financial income (expenses), net. E. Cash and cash equivalents All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. F. Trade accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the outstanding recognized amount and do not bear interest. The allowance for doubtful accounts represents Management’s best estimate of the probable loss inherent in existing accounts receivable balances as a result of possible non-collection. In determining the appropriate allowance, Management bases its estimate on information available about specific debtors, including aging of the balance, assessment of the underlying security received, the history of write-offs, relationships with the customers and the overall creditworthiness of the customers. G. Inventories Inventories consist of completed systems, partially completed systems and components and other raw materials, and are recorded at the lower of cost or market. Cost is determined by the moving – average cost method basis. Inventory write-downs are recorded at the end of each fiscal period for damaged, obsolete, excess and slow-moving inventory. These write-downs, to the lower of cost or market value, create a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. Management periodically evaluates its inventory composition, giving consideration to factors such as the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technological obsolete or damaged inventory. These estimates could vary significantly from actual use based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-downs were established. Inventory that is not expected to be converted or consumed within the next year is classified as non-current, based on Management’s estimates taking into account market conditions. H. Property, plant and equipment These assets are stated at cost less accumulated depreciation, and are depreciated over their estimated useful lives on a straight-line basis. Annual rates of depreciation are as follows: Land 1% Building 2% Machinery and equipment 10% - 33% Computer equipment and software 20%-33% Office furniture and equipment 6% - 20% Automobiles 15% Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful economic life of such improvements. Certain of the Company’s finished goods are systems used as demonstration systems, training systems, and for product development in the Company’s laboratories (“internal use”). These systems are identical to the systems that Camtek sells in its ordinary course of business. In circumstances where the Company intends to utilize such systems for its internal use, the Company transfers them from inventory to fixed assets. The rationale for the transfer is that the Company does not have the intention to sell these systems in the ordinary course of business but rather expects to use them for its internal use over their expected useful lives. These systems are recorded as fixed assets at cost and depreciated over their useful lives. I. Intangible assets Patent registration costs are recorded at cost and amortized, beginning with the first year of utilization, over its expected useful life. Intangible assets purchased as part of the business combinations were recorded at their fair value and were amortized based on their remaining estimated useful lives. Acquired in-process research and development (IPR&D) began to be amortized upon the completion of the development of the associated technology. J. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually in accordance with the provisions of FASB ASC Topic 350, Intangibles - Goodwill and Other The Company has set its annual impairment testing date at December 31. As of December 31, 2015, based on the Company’s annual impairment test, impairment charges were recognized. (See Note 10). As of December 31, 2014, based on the Company’s annual impairment test, no impairment charge was recognized. K. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized to the extent that the asset’s carrying amount exceeds L. Fair values of financial instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short-term deposits, short-term restricted deposits, trade accounts receivable, trade accounts payable and amounts from affiliates approximate fair value because of their short-term nature. The fair value of the long-term restricted deposit approximates the carrying amount, since it bears floating rate interest at the market rate. The contingent consideration liabilities relating to the Company's business combinations are measured at fair value at each balance sheet date. M. Revenue recognition The Company recognizes revenue from sales of its products when the products are installed at the customer’s premises and are operating in accordance with its specifications, signed documentation of the arrangement, such as a signed contract or purchase order, has been received, the price is fixed or determinable and collectibility is reasonably assured. In the limited circumstances when the products are installed by a trained distributor acting as an end user, revenue is recognized upon delivery to the distributor assuming all other criteria for revenue recognition are met. Service revenues consist mainly of revenues from maintenance contracts and are recognized ratably over the contract period. For multiple-element arrangements the overall arrangement fee is allocated to each element (both delivered and undelivered elements) based on management’s best estimate of their selling price where other sources of evidence are unavailable. The revenue relating to the undelivered elements is deferred using the relative selling price method utilizing vendor-specific-objective evidence (“VSOE”) until delivery of the deferred elements. The Company’s multiple deliverable arrangements consist of product sales and non-standard warranties. A non-standard warranty is one that is for a period longer than 12 months. Accordingly, income from a non-standard warranty is deferred as unearned revenue and is recognized ratably as revenue commencing with and over the applicable warranty term. The Company routinely evaluates its products for inclusion of any embedded software that is more than incidental. Based on such evaluation, the Company has concluded that none of its products have such embedded software. N. Warranty The Company records a liability for standard product warranty obligations at the time of sale based upon historical warranty experience. The term of the warranty is generally twelve months. For the Company’s treatment of non-standard warranties, see Note 2(M) – Revenue recognition. O. Income taxes The Company accounts for income taxes in accordance with the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates and laws expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. 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 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change occurs. Deferred tax liabilities and assets are classified as current or non-current based on the classification of the related asset or liability for financial reporting or, if not related to an asset or liability for financial reporting, according to the expected reversal dates of the specific temporary differences. P. Research and development Research and development costs are expensed as incurred. Q. Earnings / loss per ordinary share Basic earnings/loss per ordinary share is calculated using only weighted average ordinary shares outstanding. Diluted earnings per share, if relevant, gives effect to dilutive potential ordinary shares outstanding during the year. Such dilutive shares consist of incremental shares, using the treasury stock method, from the assumed exercise of share options, warrants and convertible loan. For the year ended December 31, 2015, the effect of the exercise of all outstanding share options is anti-dilutive and has not been included in computing dilutive loss per ordinary share. For the years ended December 31, 2014 and 2013, the effect of the exercise of outstanding dilutive potential share options and Restricted Share Units ("RSUs") has been included in computing dilutive earnings per ordinary share (see Note 17). R. Share-based compensation The Company accounts for its employee share-based compensation as an expense in the financial statements. All awards are equity classified and therefore such cost is measured at the grant date fair value of the award. The Company estimates share option grant date fair value using the Black-Scholes-Merton option-pricing model. (For details see Note 16). S. Fair value measurements Fair Value Measurements and Disclosures Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. (For details see Note 22). T. Derivative instruments The Company enters into option contracts and forward exchange agreements in order to reduce its exposure with respect to various commitments in currencies other than the dollar and in connection with expenses in New The Company does not issue or hold derivative financial instruments for trading purposes, but rather to manage its foreign currency exposure. Nevertheless, these transactions do not meet all the conditions for hedge accounting and accordingly, the changes in fair value of such instruments are recorded directly to financial income (expenses), net. The Company’s foreign exchange derivative contracts are marked-to-market based on the determined fair value of open contracts at period end. (See Note 15). U. Contingent liabilities A contingency (provision) is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. V. Government-sponsored research and development The Company records grants received from the Office of the Chief Scientist of the Israeli Ministry of Industry and Trade (the “OCS”) as a liability, if it is probable that the Company will have to repay the grants received. If it is not probable that the grants will be repaid, the Company records the grants as a reduction to research and development expenses. Royalties paid to the OCS are recognized as a reduction of the above-mentioned liability. W. Recently issued and adopted accounting standards · In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the requirements for reporting discontinued operations. This ASU limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have a major effect on an entity’s operations and financial results. The Company elected to early adopt this ASU as of January 1, 2014. Accordingly, further to that mentioned in Note 1B, Sela division is not presented as a discontinued operation. X. New standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” In February 2016, the FASB issued ASU No. 2016-02 “Leases” |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 3 - Cash and Cash Equivalents December 31, 2015 2014 U.S. Dollars Bank 30,743 18,130 Restricted cash 90 90 30,833 18,220 As of December 31, 2015 and 2014, $90 were restricted against credit lines to banking institutions in Hong Kong (denominated in Hong Kong The Company’s cash and cash equivalent balance at December 31, 2015 and 2014 is denominated in the following currencies: December 31, 2015 2014 U.S. Dollars US Dollars 26,703 9,576 New Israeli 2,002 2,569 Euro 770 2,033 Chinese RMB 640 1,541 Japanese YEN 142 1,825 Other 576 676 30,833 18,220 |
Short-term restricted deposits
Short-term restricted deposits | 12 Months Ended |
Dec. 31, 2015 | |
Short-term restricted deposits [Abstract] | |
Short-term restricted deposits | Note 4 - Short-term restricted deposits The Company’s obligations to Bank Mizrahi in connection with the issuance of the appeal bond in March 2015, are secured by restricted deposits in the amount of approximately $7,875 as well as by a lien on its facility in Israel and a floating charge on its assets. The appeal bond will expire in September 2016, but will be cancelled, and the restrictions upon the deposits will be removed, upon payment of the liability in respect of the litigation loss. The liability is expected to be paid in March 2016. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | Note 5 - Inventories December 31, 2015 2014 U.S. Dollars Components 12,739 10,929 Work in process 6,453 5,575 Finished products * 10,386 9,622 29,578 26,126 * includes systems at customer locations not yet sold, as of December 31, 2015 and 2014, in the amount of $4,612 and $4,532 respectively. Inventories are presented in: December 31, 2015 2014 U.S. Dollars Current assets 27,599 24,650 Long-term assets (A) 1,979 1,476 29,578 26,126 (A) Long-term Inventory: At December 31, 2015, $1,979 of the Company's inventory is classified in long-term assets based on Management’s estimate and the recent level of sales (at December 31, 2014- $1,476). Of this amount, $1,326 is comprised of spare parts (at December 31, 2014 - $1,401). The Company’s policy is to keep components to provide support and service to systems sold by it to its customers over the past years (usually the support is over a period of seven to ten years) until the Company announces it will not continue to support certain systems. Therefore, this inventory is usually consumed over longer periods than inventory held for sale, and as such the respective amount that is not expected to be consumed in the next year is classified as non-current. Management believes that this amount will be utilized according to its forecasted sales. Management believes no loss will be incurred on its disposition. The remaining portion of long-term inventory consists of Gryphon systems which in Management's estimation will not be sold during the next 12 months. Management believes that according to its forecasted sales this amount will mainly be utilized in 2017. Management believes no loss will be incurred on its disposition. As of December 31, 2015, based on Management's estimates regarding future sales, a provision of $133 was recorded in the costs of products sold line item in the consolidated statement of operations against damaged, obsolete, excess and slow-moving inventory (at December 31, 2014 - $283). As of December 31, 2015, based on Management's estimates regarding future sales of one-color Gryphon systems, an obsolescence provision was recorded in the amount of $1,041 against inventory. As of December 31, 2014, based on the Company's decision in December 2014 to sell the remaining activities of the Sela division, an obsolescence provision was recorded in the amount of $205 against SELA inventory. The provisions were recorded in the costs of products sold line item in the consolidated statement of operations. This provisions result in a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. As a result of the above mentioned, the total amount of the inventory write-down for the year ended December 31, 2015 is $1,174 (2014 - $488). |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Current assets | |
Other Current Assets | Note 6 - Other Current Assets December 31, December 31, 2015 2014 U.S. Dollars Prepaid expenses 600 584 Advances to suppliers 220 361 Deposits for operating leases 203 113 Due from Government institutions 182 1,013 Other 507 311 1,712 2,382 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | Note 7 - Property, Plant and Equipment, Net December 31, 2015 2014 U.S. Dollars Cost: Land 863 863 Building 10,764 10,286 Machinery and equipment 6,260 5,943 Office furniture and equipment 1,225 1,202 Computer equipment and software 4,996 4,602 Automobiles 87 65 Leasehold improvements 1,130 1,057 25,325 24,018 Less accumulated depreciation 11,794 10,993 13,531 13,025 Depreciation expenses for the years ended December 31, 2015, 2014 and 2013 amounted to $1,849, $1,937, and $2,166, respectively. In accordance with agreements signed in August 2010 and August 2011 with Bank Leumi L’Israel and in August 2011 and March 2015 with Bank Mizrahi, a lien has been placed on the Company’s facility in Israel. See Note 14(D) and Note 14(E). |
Long-Term Restricted Deposit
Long-Term Restricted Deposit | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Restricted Deposit [Abstract] | |
Long-Term Restricted Deposit | Note 8 - Long-Term Restricted Deposit In October 2012, the Company was required to post an appeal bond of $729 with the United States District Court for the District of Minnesota ("the Court"), in order to stay collection of the contempt judgment pending resolution of the appeal. The bond accrued interest at the US Treasury Bill daily rate. Following the successful conclusion to this contempt appeal on February 9, 2015, the bond was returned. See Note 14(C). |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Note 9 - Other Assets December 31, 2015 2014 U.S. Dollars Deposits for operating leases 248 348 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets, Net [Abstract] | |
Goodwill and Intangible Assets, Net | Note 10 - Goodwill and Intangible Assets, Net A. Goodwill December 31, 2015 2014 U.S. Dollars Goodwill 3,653 3,653 Accumulated impairment losses (3,653 ) (2,098 ) - 1,555 1. Printar During 2015, delays in marketing the Gryphon system resulted in an impairment of the Company’s goodwill and IPR&D recorded in the Printar acquisition. As of December 31, 2015, based on the Company’s annual impairment tests, an impairment charge of $1,555 was recognized for the remaining goodwill recorded in the Printar acquisition. The impairment charge was recorded in a separate line item within operating expenses in the consolidated statement of operations. See also Note 1(B). As of December 31, 2014, based on the Company’s annual impairment tests, no impairment charge was recognized for the goodwill recorded in the Printar acquisition. 2. SELA During the fourth quarter of 2013, the Company announced that it will not continue with development of future models of its Xact product line. This resulted in an impairment of the Company’s remaining goodwill with respect to SELA in the amount of $24. The impairment charge was recorded in a separate line item within operating expenses in the consolidated statement of operations. See also Note 1(B). B. Intangible assets, net December 31, 2015 2014 U.S. Dollars Patent registration costs 2,077 1,959 IPR&D 1,002 1,002 Intangible assets at cost 3,079 2,961 Accumulated amortization and impairment 2,284 2,033 Total intangible asset, net 795 928 Patent registration costs are amortized over their estimated useful life of 10 years. Amortization expense for the years ended December 31, 2015, 2014 and 2013 amounted to $211, $234 and $421, respectively. The amortization expense for 2015 includes the write-off of patents with a net value of $7 which were abandoned (in 2014 and 2013 - $37 and $33, respectively). In 2015, the Company recorded an impairment charge of $40 with respect to the IPR&D based on the annual impairment test as determined using the present value of future cash flows (see also Note 10A). The impairment charge was recorded in a separate line item within operating expenses in the consolidated statement of operations. As of December 31, 2015, the estimated amortization expenses of intangible assets for the years 2016 to 2020 is as follows: Year ending December 31, U.S. Dollars 2016 141 2017 133 2018 133 2019 133 2020 111 651 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | Note 11 - Other Current Liabilities December 31, 2015 2014 U.S. Dollars Liability in respect of litigation 14,600 - Accrued employee compensation and related benefits 6,634 6,306 Commissions 2,876 2,048 Accrued expenses 2,446 2,146 Advances from customers and deferred revenues 1,961 1,416 Accrued warranty costs (2) 1,448 1,151 Government institutions 737 1,084 Current maturities of OCS liability (1) 10 228 Current maturities of contingent consideration (1) - 1,900 30,712 16,279 (1) In accordance with ASC Topic 820 (Statement 157), the Company’s liabilities for contingent consideration in respect of the acquisition of Printar (see Note 22) were measured at fair value using Level 3 inputs. In 2015, the Company signed an agreement with Printar, whereby its obligation to pay $2,000 – conditional on certain terms relating to the sale of machinery based on the solder mask technology, if and when the products were commercialized – was replaced and paid off with a one time final payment of $425, which the Company paid $50 in cash and issued shares with the fair value of $375. As a result a gain from the decrease in the liability was recorded in a separate line item within operating expenses in the consolidated statement of operations. (2) Changes in the accrued warranty costs are as follows: Year Ended December 31, 2015 2014 2013 U.S. Dollars Beginning of year 1,151 1,304 1,150 New warranties 2,472 2,152 2,327 Reductions (2,175 ) (2,305 ) (2,173 ) Balance at end of year 1,448 1,151 1,304 |
Liability for Employee Severanc
Liability for Employee Severance Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Liability for Employee Severance Benefits [Abstract] | |
Liability for Employee Severance Benefits | Note 12 - Liability for Employee Severance Benefits Under Israeli law and labor agreements the Company is required to pay severance payments to each employee who was employed by the Company for over one year and has been terminated by the Company or resigned under certain specified circumstances. The liability related to these severance payments is calculated on the basis of the latest salary of the employee multiplied by the number of years of employment as of the balance sheet date. The Company also has defined contribution plans for which it makes contributions to severance pay funds and appropriate insurance policies. Withdrawal of the reserve monies is contingent upon the fulfillment of detailed provision in the Severance Law. Under local law in various territories in which the Company operates, employees with one year or more of service are entitled to receive a lump-sum payment upon termination of their employment based on their length of service and rate of pay at the time of termination. 1. The liability in respect of most of its employees is discharged by participating in a defined contribution pension plan and making regular deposits with a pension fund or by individual insurance policies. The liability deposited with the pension fund is based on salary components as prescribed in the existing labor agreement. The custody and management of the amounts so deposited are independent of the companies and accordingly such amounts funded (included in expenses on an accrual basis) and related liabilities are not reflected in the balance sheet. 2. The liability for severance pay which is not covered by the contribution plan amounted to $772 and $860 as of December 31, 2015 and 2014, respectively. 3. Severance pay expenses were $1,104, $1,145, and $1,081 in 2015, 2014 and 2013, respectively. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Long-Term Liabilities [Abstract] | |
Other Long-Term Liabilities | Note 13 - Other Long-Term Liabilities December 31, 2015 2014 U.S. Dollars Liability to OCS, mainly in respect of business combinations (1) 4,768 4,150 (1) Liability to OCS as of December 31, 2015 is in respect of the acquisition of Printar and new grants received in 2010 and 2009. Liability to OCS as of December 31, 2014 is in respect of the acquisitions of Printar, SELA and new grants received in 2010 and 2009. The effective interest rate used to discount the cash flow for the liabilities to the OCS in respect of the acquisition of Printar as of December 31, 2015 was 13%. (As of December 31, 2014, 11% and 21%, for Printar and SELA, respectively). See Note 11 for current maturities of liability to OCS. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 14 - Commitments and Contingencies A. Operating leases The Company’s subsidiaries have entered into various non-cancelable operating lease agreements, principally for office space. In addition, in 2013 and 2015, the Company entered into new framework agreements for non-cancelable operating leases for vehicles for periods of 36 months. As of December 31, 2015, minimum future rental payments under such non-cancelable operating leases are as follows: Year Ending December 31, U.S. Dollars 2016 1,374 2017 619 2018 120 Thereafter 90 2,203 Aggregate office rent expenses amounted to $966, $845, and $1,002 in 2015, 2014 and 2013, respectively. B. Allowance for doubtful debts The following is a summary of the allowance for doubtful accounts related to accounts receivable for the years ended December 31: Balance at Balance at beginning Reversal of Write-off of end of of period Provision provision provision period U.S. Dollars 2013 1,323 272 (218 ) (16 ) 1,361 2014 1,361 344 (164 ) (15 ) 1,526 2015 1,526 215 (141 ) (8 ) 1,592 C. Litigation 1. On July 14, 2005, a lawsuit was filed against the Company in the United States District Court for the District of Minnesota (the “Court”) by one of the Company's competitors in the field of semiconductor wafer inspection equipment, August Technology Corporation (today Rudolph Technologies Inc., hereinafter “Rudolph", after August Technology’s acquisition by Rudolph). This suit alleged that the Company’s Falcon inspection system infringed Rudolph’s U.S. Patent No. 6,826,298 (the “’298 Patent”) and sought injunctive relief and damages. On March 6, 2009, a jury verdict in favor of Rudolph was rendered in this action, awarding Rudolph damages of approximately $6.8 million for the Company’s sales of its Falcon products in the United States. On August 28, 2009, the Court entered judgment ordering the Company to pay the jury award, and an additional $1.2 million in prejudgment interest. The Court also issued an injunction (the “Injunction”) prohibiting future sales and marketing of the Falcon product in the United States. On January 7, 2011, the Court found that Rudolph was entitled to an additional supplemental award of $646 in damages for Falcon sales which occurred after the time period considered by the jury. The Company appealed the Court’s judgment to the United States Court of Appeals for the Federal Circuit on August 10, 2010, and posted a bond with the Court to stay collection of the judgment pending resolution of the appeal. On August 22, 2011, the Court of Appeals for the Federal Circuit found that the Court had erred in its instructions to the jury regarding the construction/meaning of a material claim term in the asserted ‘298 Patent and vacated the finding of infringement, the damages award and the Injunction. The Court of Appeals remanded the case to the Court for a limited trial based on a corrected claim construction. On February 9, 2015 a jury verdict in favor of Rudolph was rendered in this action, awarding Rudolph the previously awarded damages of $7,400 plus interest, together amounting to approximately $14,500 and also reinstating the Injunction. The Company appealed the Court’s judgment to the United States Court of Appeals for the Federal Circuit. On March 11, 2015, the Company also posted a $15,000 bond with the Court to stay collection of the judgment pending resolution of the appeal. The bond was secured by a guarantee from Bank Mizrahi in respect of which the Company was required to place $7,875 in a restricted deposit. In addition, this guarantee is secured by a lien that was previously placed on the Company’s facility in Israel, in accordance with agreements signed in August 2010 and August 2011 with Bank Leumi L’Israel and in August 2011 with Bank Mizrahi. On February 3, 2016, a judgment in favor of Rudolph was entered in this action, awarding Rudolph the previously awarded damages (plus interest) of approximately $14,500, plus interest, together amounting to approximately $14,600, and also entering the Injunction. On March 9, 2011, in conjunction with the ‘298 Patent infringement case, Rudolph filed a motion for contempt seeking approximately $1.2 million and unspecified attorneys’ fees for alleged contempt of the Court’s Injunction due to certain post-verdict sales of Falcon systems. On March 26, 2012, the Court issued an Order adopting the Magistrate Judge's Report and Recommendation issued August 11, 2011, on contempt and sanctions in a sum of $1,292. The Magistrate Judge also awarded Rudolph with $71 in attorney fees. The Court held that some of the Company's communications made during 2009 related to the eventual sale of some of its Falcon systems in Asia, were prohibited by the Injunction that was then in place (as mentioned above, the Injunction was vacated by the U.S. Court of Appeals for the Federal Circuit in August 2011). On April 10, 2012 Chief Judge Davis excused himself stating that he could no longer be "fair and impartial". On April 17, 2012 the Company filed a Rule 60 motion requesting that the contempt judgment be set aside for lack of due process. The new District Judge reduced the amount of sanctions award by half. The new judge denied the Company's request for a jury trial on contempt and sanctions. The Company has taken steps to appeal the sanctions award and submitted its opening appeal brief on November 30, 2012. On November 18, 2013 the Court of Appeals issued an opinion finding that the underlying contempt and sanctions findings were not final, appealable orders until after the resolution of the retrial of infringement of the ‘298 Patent infringement case in the Minnesota District Court. The Company deposited $729 with the Court as a bond while the appeal is pending. The jury verdict rendered February 9, 2015 in the ‘298 Patent infringement case ruled in favor of the Company in this action, and overturned the contempt findings and accordingly vacated the sanctions in the amount of $646. The deposited funds were returned to the Company. 2. On December 27, 2011, Rudolph filed, but did not serve, a complaint in the Court charging the Company with infringement of Rudolph’s U.S. Patent 7 , 3. On March 12, 2015, Rudolph filed, but did not serve, a new lawsuit against the Company in the District Court alleging that the Eagle product infringes the ’298 Patent in the United States. The lawsuit does not demand a specific dollar amount but rather asks for an accounting for damages and for a preliminary and permanent injunction against infringing activity. In February 2016, corporate and personal depositions were made by three Camtek witnesses. The Company believes that the Eagle does not infringe the '298 patent and intends to continue defending itself from the allegations in this claim. D. Agreement with Bank Leumi L’Israel (“BLL”) In 2010, the Company was required to secure its obligations to BLL by a lien on its facility in Israel and a floating charge on its assets. Despite the completion of these obligations, these securities are still in place in order to facilitate the possibility of future credit. E. Agreement with Bank Mizrahi In July 2011 the Company signed an agreement with Bank Mizrahi for a credit facility. The Company’s obligations to the Bank were secured by a lien on its facility in Israel and a floating charge on its assets. As of December 31, 2015 the credit facility has not been utilized. In connection with the issuance of the appeal bond, in March 2015 the Company signed an agreement with Bank Mizrahi, according to which the bank provided a bank guarantee in the amount of $15,750 in order to support the appeal bond, which was issued by a surety company in the United States. The Company’s obligations to the bank are secured by a lien on its facility in Israel, restricted deposits in the amount of approximately $7,875 and a floating charge on its assets. In addition, the Company signed a covenant agreement with the bank which requires it to comply with certain financial covenants. As of December 31, 2015, the Company was in full compliance with the financial covenants. F. Chief Scientist Through its acquisition of Printar and SELA in 2009, the Company participates in programs sponsored by the Israeli government for the support of research and development activities. The Company is committed to pay amounts to the Chief Scientist (OCS) at rates of 3.5% of the sales of products resulting from this research and development, up to an amount equal to 100% of the grants received by the Company, bearing interest at the rate of LIBOR. The obligation to pay these royalties is contingent on actual sales of the products and in the absence of such sales, no payment is required. As of December 31, 2015 the amount of non-repaid grants received including interest accrued, in respect of Printar and SELA, amounted to $6,256 and $0, respectively (December 31, 2014 - $6,029 and $2,352, respectively). The liabilities to the OCS were initially recorded at fair value as part of the purchase price allocation related to the acquisition of Printar and SELA and as of December 31, 2015 amounted to $4,130 and $0, respectively (December 31, 2014 - $3,670 and $60, respectively). (See Note 13 – Other long-term liabilities). The liability to the OCS in respect of SELA was assumed by the transferee in the transfer of SELA activities completed in January 2015. In 2009 and 2010, the Company received further grants in the amount of $598 ($648 including accrued interest) from the OCS in connection with the research and development activities related to the Printar acquisition. G. Dispute with Chief Scientist A dispute has arisen between the Company and the OCS in Israel regarding the royalty rate to be paid in respect of certain of the Company’s products, the manufacturing and assembly of which has been moved to a foreign subsidiary. Management, based on an opinion of its legal advisors, believes that the probability of an unfavorable resolution to this dispute is less than 50%. Accordingly, no accrual has been recorded in the financial statements in respect of this matter. H. Outstanding Purchase Orders As of December 31, 2015, the Company has purchase orders of $8,959 (2014 - $9,972) which mainly represent outstanding purchase commitments for inventory components ordered by the Company in the normal course of business. |
Concentration of Risk and Finan
Concentration of Risk and Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Concentration of Risk and Financial Instruments [Abstract] | |
Concentration of Risk and Financial Instruments | Note 15 - Concentration of Risk and Financial Instruments Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash equivalents, short-term bank deposits and trade receivables. The carrying amounts of financial instruments approximate fair value. Cash and cash equivalents The Company's cash equivalents are maintained with multiple high-quality institutions and the composition and maturities of investments are regularly monitored by management. Trade receivable The trade receivables of the Company are derived from sales to a large number of customers, primarily large industrial corporations located mainly in Asia, the United States and Europe. The Company generally does not require collateral: however, in certain circumstances, the Company may require a letter of credit, other collateral or additional guarantees. An allowance for doubtful accounts is determined with respect to those amounts that the Company has determined to be doubtful of collection. The Company performs ongoing credit evaluations of its customers. Trade payable The Company relies on limited source of suppliers and in some cases a sole supplier and/or subcontractors for a number of essential components and subsystems of its products. The Company does not have agreements with all of these suppliers and subcontractors for the continued supply of the components or subsystems they provide. An interruption in supply from these sources would disrupt production and adversely affect the Company’s ability to deliver products to its customers, which could have an adverse effect on the Company’s business, revenues and results of operations. Liquidity: As mentioned in Note 14C1, in February 2016, the Court of Appeals reinstated the damages originally awarded in the patent infringement case which total, including interest, approximately $14,600. Although the payment of this sum will impact the Company’s liquidity, the Company anticipates that its existing resources and cash flows from operations will be adequate to satisfy its liquidity requirements through calendar year 2016. If available liquidity will not be sufficient to meet the Company’s operating needs, Management’s plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet the Company’s cash requirements. Derivative Instruments The Company enters into foreign exchange instruments to manage its U.S. Dollar to NIS currency exchange risks. The terms of all of these currency instruments are less than one year. The notional amounts and fair value of derivatives as of December 31, 2015 are: Notional amount Fair value U.S. Dollars Options Buy put options (Buy dollars and Sell NIS) 3,000 27 Sell call options (Sell dollars and Buy NIS) 3,000 (24 ) The fair value of the instruments generally reflects the estimated amounts that the Company would receive or pay upon termination of the contracts at the reporting date. The Company’s derivative instruments are measured at fair value on the measurement date using Level 2 inputs. Such instruments had a combined fair value gain of $92 and $(96) for the years ended December 31, 2015 and 2014, respectively, based on quotations from financial institutions. The Company does not apply hedge accounting. Gains /losses on these instruments are recognized in the consolidated statement of operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 16 - Shareholders’ Equity A. General The Company shares are traded on the NASDAQ National Market under the symbol of CAMT, and also listed and traded on the Tel-Aviv stock exchange. B. Share issues In May 2015, the Company completed a public offering of its shares on NASDAQ in which it issued 4,655,982 shares at a price of $2.85 per share, raising net proceeds of $11,904. C. Purchase of Ordinary Shares On September 17, 2001, the Company announced that the Board of Directors authorized a share repurchase program to acquire up to $3,000 of the Company's ordinary shares from time to time in open market transactions. During September 2001, the Company purchased 250,000 ordinary shares at a cost of $592 and during 2002 the Company purchased 761,619 ordinary shares at a total cost of $401 in connection with such program. In 2008, the Board of Directors authorized a further share repurchase program Repurchases will not exceed a total aggregate price of $2,000. In 2008 1,080,757 shares were repurchased for an aggregate price of $905. D. Stock Option Plan As of December 31, 2015, the Company has six stock option plans for employees and directors. Future options will be granted only pursuant to the 2014 Share Option Plans described below. In October 2003, the Company adopted a stock option plan (the Plan) pursuant to which the Company’s Board of Directors may grant stock options to officers and key employees. The total number of options which may be granted to directors, officers, employees and consultants under this plan, is limited to 1,598,800 options. Stock options can be granted with an exercise price equal to or less than the stock’s fair market value at the date of grant. All stock options have 10 year terms and vest and become fully exercisable after 4 years from the date of grant. On December 30, 2013, the Board of Directors elected to further extend the period of 2003 share option plan until June 30, 2014. In October 2014, the Company adopted a 2014 Share Plan and its corresponding Sub-Plan for Grantees Subject to United States Taxation and Sub-Plan for Grantees Subject to Israeli Taxation which replaced the 2003 Share Option Plan. The total number of options that may be granted under the 2014 Share Option Plan is 3,000,000 options. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model that used the weighted average assumptions in the following table. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 2015 Grant 2014 Grant Valuation assumptions: Dividend yield 0 0 Expected volatility 67%-68 % 64%-71 % Risk-free interest rate 1.6%-2.16 % 1.67%-2.3 % Expected life (years) 4.8 4.8-6.4 Vesting period (years) 4 4 In the years ending December 31, 2015, 2014 and 2013, 464,335, 296,000 and 75,000 options were granted, respectively. The total intrinsic value of outstanding as options as of December 31, 2015, 2014, and 2013 is $45, $205 and $813, respectively. The total intrinsic value of vested options as of December 31, 2015, 2014, and 2013 is $38, $87 and $275 respectively. The total intrinsic value of options exercised during 2015 is $18. The total stock option compensation expense amounted to $270, $308, and $361 in 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $873 of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 3.04 years. Share option activity during the past three years is as follows: Year Ended December 31, 2015 2014 2013 Weighted Weighted Weighted Number average Number average Number average of exercise of exercise of exercise options price US$ options price US$ options price US$ Outstanding at January 1 833,799 3.34 735,519 2.99 1,195,085 3.15 Granted 464,335 2.99 296,000 3.53 75,000 1.73 Forfeited and cancelled (122,952 ) 2.95 (108,724 ) 2.47 (174,915 ) 2.96 Exercised (24,061 ) 1.40 (88,996 ) 2.14 (359,651 ) 3.26 Outstanding at year end 1,151,121 3.28 833,799 3.34 735,519 2.99 Vested at year end 461,192 3.48 423,291 3.56 368,016 3.42 Weighted Aggregate Number Weighted Average intrinsic of average Remaining Value (in options exercise Contractual US$ outstanding price US$ term (years) thousands) Outstanding as of December 31, 2015 1,151,121 3.28 4.52 45.10 Vested and expected to vest at December 31, 2015 1,095,927 3.28 4.52 41.00 Exercisable at December 31, 2015 461,192 3.48 5.36 38.10 The following table summarizes information about share options at December 31, 2015: Weighted average Number of remaining outstanding Number contractual Exercise price US$ options exercisable life in years 0-2 122,187 94,893 6.8 3-5 1,018,934 356,299 5.6 6-7 10,000 10,000 0.6 1,151,121 461,192 The following table summarizes information about nonvested options at December 31, 2015: Weighted average grant- date Options fair value Balance at January 1, 2015 410,508 1.48 Granted 464,335 1.64 Vested (78,462 ) 1.51 Forfeited (106,452 ) 1.75 Balance at December 31, 2015 689,929 1.55 E. Restricted Share Unit Plan In August 2007, the Company adopted a Restricted Share Unit (“RSU”) Plan (the “Plan”) pursuant to which the Company’s Board of Directors may grant shares to officers and key employees . The exercise price for each grantee shall be as determined by the Board and specified in the applicable RSU notice of grant; provided, however, that unless otherwise determined by the Board (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law), the exercise price shall be no more than the underlying share’s nominal value. For the removal of any doubt, the Board is authorized (without the need for shareholder approval unless so required in order to comply with Mandatory Law) to determine that the exercise price of an RSU is to be $0.00. Unless otherwise determined by the Board with respect to any specific grantee or to any specific grant, (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law) and provided accordingly in the applicable RSU notice of grant, the RSUs shall vest (become automatically exercised) according to the vesting schedules as determined by the Board. Forfeited units are returned to the pool. Total share based awards expense amounted to $0, $0, and $19 in 2015, 2014 and 2013, respectively. The total unrecognized compensation cost amounted to $0. As of the balance sheet date the number of RSU’s available for grant was 670,129. There was no activity under the Restricted Share Unit Plan in 2015. |
Earnings Per Ordinary Share
Earnings Per Ordinary Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings (loss) per ordinary share: | |
Earnings Per Ordinary Share | Note 17 - Earnings Per Ordinary Share The following table summarizes information related to the computation of basic and diluted earnings per Ordinary Share for the years indicated: Year Ended December 31, 2015 2014 2013 U.S. Dollars (In thousands, except per share data) Net income (loss) attributable to Ordinary Shares (10,113 ) 3,337 7 Weighted average number of Ordinary Shares outstanding used in basic earnings per Ordinary Share calculation 33,352 30,464 30,040 Add assumed exercise of outstanding dilutive potential Ordinary Shares - 81 54 Weighted average number of Ordinary Shares Outstanding used in diluted earnings per Ordinary Share calculation 33,352 30,545 30,094 Basic income (loss) per Ordinary Share (0.30 ) 0.11 0.00 Diluted income (loss) per Ordinary Share (0.30 ) 0.11 0.00 Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect 1,151 391 526 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | Note 18 - Segment Information Description of segments: Until the fourth quarter of 2013, the Company operated under one reporting segment. During the first quarter of 2014, following a change in the role of the Company's chief operating decision-maker (“CODM”), the Company determined that it operates under two reportable segments. The Company's segment information has been prepared in accordance with ASC 280, "Segment Reporting." Operating segments are defined as components of an enterprise engaging in business activities about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company's CODM is its Active Chairman and Chief Executive Officer, who evaluates the Company's performance and allocates resources based on segment revenues and operating income. The Company's reportable segments are as follows: semiconductor fabrication industry (“microelectronics”) and printed circuit boards industry (“PCB”). Microelectronics - The semiconductor fabrication industry produces integrated circuits on silicon (or other semiconductor materials) wafers; each wafer contains numerous integrated circuits dices which are small block of semiconducting material on which a given functional circuit is fabricated. PCB - A printed circuit board is the basic platform that supports and interconnects a broad range of electronic components, such as integrated circuit devices, resistors, capacitors, coils and the like, and enables them to operate as an electronic system. Printed circuit boards consist of traces, or lines, of conductive material, such as copper, laminated on either a rigid or a flexible insulating base. Segment data: The Company derives the results of its business segments directly from its internal management reporting system and by using certain allocation methods. The accounting policies the Company uses to derive business segment results are substantially the same as those the Company uses for consolidation of its financial statements. The CODM measures the performance of each business segment based on several metrics, including earnings from operations. The CODM uses these results, in part, to evaluate the performance of, and to assign resources to, each of the business segments. The Company does not allocate to its reportable segments certain operating expenses, which it manages separately at the corporate level. The Company does not allocate any assets to segments and, therefore, no amount of assets is reported to management and disclosed in the financial information for segments. Selected operating results information for each business segment was as follows for the year ended December 31, 2015, 2014 and 2013: Year Ended December 31, Revenues Income (loss) from operations 2015 2014 2013 2015 2014 2013 U.S. Dollars U.S. Dollars PCB 30,138 30,480 31,803 (5,902 ) (2,422 ) (1,588 ) Microelectronics 69,137 57,833 53,602 (2,671 ) 9,922 5,605 Total 99,275 88,313 85,405 (8,573 ) 7,500 4,017 The reconciliation of segment operating results information to the Company’s consolidated financial information was as follows: Year Ended December 31, 2015 2014 2013 U.S. Dollars Income (loss) from operations (8,573 ) 7,500 4,017 Unallocated general and administrative expenses 1,216 2,056 2,501 Share-based compensation expenses 270 308 380 Financial expenses 1,877 1,220 1,738 Consolidated income (loss) before taxes (11,936 ) 3,916 (602 ) Substantially all fixed assets are located in Israel and substantially all revenues are derived from shipments to other countries. Revenues are attributable to geographic areas/countries based upon the destination of shipment of products and related services as follows: Year Ended December 31, 2015 2014 2013 U.S. Dollars China and Hong Kong 30,158 28,526 25,889 Taiwan 24,854 17,495 14,543 Korea 13,208 8,889 15,691 United States 10,219 12,518 11,705 Asia- Other 7,836 11,336 6,072 Japan 7,035 3,204 4,010 Western Europe 5,380 5,739 6,519 Rest of the world 585 606 976 99,275 88,313 84,405 |
Selected Income Statement Data
Selected Income Statement Data | 12 Months Ended |
Dec. 31, 2015 | |
Selected Income Statement Data [Abstract] | |
Selected Income Statement Data | Note 19 - Selected Income Statement Data A. Selling, general and administrative expenses Year Ended December 31, 2015 2014 2013 U.S. Dollars Selling (1) 16,208 14,337 13,906 General and administrative 7,379 7,080 8,456 23,587 21,417 22,362 (1) Including shipping and handling costs 1,014 879 652 B. Financial income (expenses), net Year Ended December 31, 2015 2014 2013 U.S. Dollars (461 ) (6 ) (181 ) Interest income 88 77 90 Re-evaluation of contingent consideration (101 ) (258 ) (858 ) Re-evaluation expense on liabilities to the OCS (437 ) (370 ) (504 ) Other, net (*) (966 ) (663 ) (285 ) (1,877 ) (1,220 ) (1,738 ) (*) Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $(786), $(546), and $(188) in 2015, 2014 and 2013, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 20 - Income Taxes A. Tax under various laws The Company and its subsidiaries are assessed for income tax purposes on a separate basis. Each of the subsidiaries is subject to the tax rules prevailing in the country of incorporation. B. Details regarding the tax environment of the Israeli companies (1) Corporate tax rate Presented hereunder are the tax rates relevant to the Company in Israel for the years 2013-2015: 2013 – 25% 2014 – 26.5% 2015 – 26.5% After the reporting date, on January 4, 2016 the Knesset plenum approved the Corporate Tax rate would be reduced by 1.5% from 26.5% to 25% as from January 1, 2016. Changes in tax rates enacted after the reporting period do not affect the measurement of tax balances in the financial statements. Current taxes for the reported periods are calculated according to the enacted tax rates presented above, subject to the benefit under the Law for the Encouragement of Capital Investment. B. Details regarding the tax environment of the Israeli companies (cont’d) (2) Benefits under the Law for the Encouragement of Capital Investments (hereinafter - “the Encouragement Law”) (cont’d) (a) Approved and Beneficiary enterprise An industrial enterprise of the Company and a certain subsidiary were granted Approved Enterprise and“Beneficiary Enterprise” status in accordance with the Encouragement Law. The Company has chosen 2005 and 2010 as the years of election. The income generated by the “Beneficiary Enterprise” is exempt from tax over a period of up to 10 years beginning with the year in which the Company first had taxable income and subject to the years of election (limited to the earlier of a maximum period of 12 years from the year of election). The tax benefit of the Approved Enterprise has expired. The tax benefit period of the beneficiary enterprise that commenced operations in 2005 and 2007 ended and will end in 2014 and 2016, respectively, whereas the benefit period of the Beneficiary Enterprise that commenced operations in 2010 will end in 2021. The benefits are contingent upon compliance with the terms of the Encouragement Law, such provisions generally require that at least 25% of the Beneficiary Enterprise’s income will derive from export. The Company is currently in compliance with these terms. (b) Amendment to the Law for the Encouragement of Capital Investments – 1959 On December 29, 2010 the Knesset approved the Economic Policy Law for 2011-2012, which includes an amendment to the Law for the Encouragement of Capital Investments – 1959 (hereinafter – “the Amendment”). Companies could choose not to be included in the scope of the Amendment to the Encouragement Law and to stay in the scope of the law before its amendment until the end of the benefits period of its approved/beneficiary enterprise. On August 5, 2013 the Knesset passed the Law for Changes in National Priorities (Legislative Amendments for Achieving Budget Objectives in the Years 2013 and 2014) – 2013, which determined that as of 2014 tax year the tax rate on preferred income will be 9% for Development Area A and 16% for the rest of the country. (c) A company having a beneficiary enterprise that distributes a dividend from exempt income, will be required in the tax year of the dividend distribution to pay income tax on the amount of the dividend distributed at the tax rate that would have been applicable to it in the year the income was produced if it had not been exempt from tax. The Company intends to indefinitely reinvest the amount of its tax-exempt income and not distribute any amounts of its undistributed tax exempt income as a dividend. Accordingly, no deferred tax liabilities have been provided on income attributable to the Company's Approved and Beneficiating Enterprise Programs. Out of Camtek's retained earnings as of December 31, 2015 approximately $18,335 are tax-exempt earnings attributable to its Approved Enterprise and approximately $9,708 are tax-exempt earnings attributable to its Beneficiating Enterprise. The tax-exempt income attributable to the Approved and Beneficiating Enterprises cannot be distributed to shareholders without subjecting the Company to taxes. If these retained tax-exempt profits are distributed, the Company would be taxed at the reduced corporate tax rate applicable to such profits (currently - up to 25% pursuant to the implementation of the Investment Law). According to the Amendment, tax-exempt income generated under the Beneficiating Enterprise will be taxed upon dividend distribution or complete liquidation, whereas tax exempt income generated under the Approved Enterprise will be taxed only upon dividend distribution (but not upon complete liquidation, as the tax liability will be incurred by the shareholders). As of December 31, 2015, if the income attributed to the Approved Enterprise was distributed as a dividend, the Company would incur a tax of approximately $4,584. If income attributed to the Beneficiary Enterprise was distributed as dividend, or upon liquidation, the Company would incur a tax in the amount of approximately $2,427. These amounts will be recorded as an income tax expense in the period in which the Company declares the dividend. C. Details regarding the tax environment of the Non Israeli companies Non Israeli subsidiaries are taxed according to the tax laws in their countries of residence as reported in their statutory financial statement prepared under local accounting regulations. The subsidiary in China was entitled to a 50% tax reduction from the standard tax rate of 25% for a period of time, ending in 2013. As of December 31, 2015, Camtek has not provided for income taxes on the undistributed earnings of approximately $11,322 of one of its major foreign subsidiaries since these earnings are intended to be indefinitely reinvested. The amount becomes taxable upon a distribution from the subsidiary or a sales of the subsidiary. A deferred tax liability will be recognized when the Company no longer demonstrates that it plans to indefinitely reinvest these undistributed earnings. It is not practicable to estimate the amount of additional taxes that might be payable on such undistributed earnings. However, liquidity deterioration in the future could require the Company to change its plans and repatriate all or a portion of these undistributed earnings, which may increase tax expenses and deferred tax liability. The Company’s management has determined not to distribute any amounts of its undistributed income from that specific subsidiary, as a dividend or otherwise, as such distribution would result in a tax liability. D. Composition of income (loss) before income taxes and income tax expense (benefit) Year Ended December 31, 2015 2014 2013 U.S. Dollars Income (loss) before income taxes: Israel (13,807 ) 2,975 (2,638 ) Non-Israeli 1,871 941 2,036 (11,936 ) 3,916 (602 ) Income tax expense: Current: Israel 146 191 121 Non-Israeli 414 224 709 560 415 830 Deferred tax expense (benefit): Israel (2,654 ) 38 (1,287 ) Non-Israeli 271 126 (152 ) (2,383 ) 164 (1,439 ) (1,823 ) 579 (609 ) E. Reconciliation of statutory tax expense to actual income tax The following is a reconciliation of the theoretical income tax expense, assuming all income is taxed at the statutory tax rate applicable to Israeli companies, and the actual income tax expense: Year Ended December 31, 2015 2014 2013 U.S. Dollars Income (loss) before income taxes (11,936 ) 3,916 (602 ) Statutory tax rate 26.5 % 26.5 % 25 % Theoretical income tax expense (benefit) (3,163 ) 1,038 (151 ) Increase (decrease) in income tax expense resulting from: Tax expense (benefits) arising from “Approved and Beneficiating Enterprises” and preferential tax rate in China (523 ) (1,215 ) 711 Change in valuation allowance(*) 308 (40 ) 586 Non-deductible expenses(**) 640 55 218 Differences between foreign currencies and dollar-adjusted financial statements-net 283 952 (1,133 ) Purchase price adjustment for contingent liabilities - - (580 ) Foreign tax rate differential (44 ) (13 ) (101 ) Undistributed earnings of subsidiary 490 - - Other 186 (198 ) (159 ) Actual income tax expense (benefit) (1,823 ) 579 (609 ) Per share effect of the tax benefits arising from “Approved and Beneficiating Enterprises” and preferential tax rate in China: Basic $ 0.00 $ (0.04 ) $ 0.00 Diluted $ 0.00 $ (0.04 ) $ 0.00 (*) Included within the change in valuation allowance are realized benefits of operating loss carryforwards of $134, $42 and $68, for the years ended December 31, 2015, 2014 and 2013, respectively. (**) Including non-deductible share based compensation. F. Deferred tax assets and liabilities December 31, 2015 2014 U.S. Dollars Deferred tax assets: Allowance for doubtful accounts 184 136 Accrued warranty 87 114 Unearned revenue 165 125 Accrued expenses 493 448 Net operating losses (NOL) and tax credit carryforwards 6,823 3,761 Other temporary differences* 197 *334 Total gross deferred tax assets 7,949 4,918 Valuation allowance (3,087 ) (2,953 ) Deferred tax asset, net of valuation allowance 4,862 1,965 Deferred tax liability: Property, plant and equipment (240 ) (216 ) Undistributed earnings (490 ) Net deferred tax assets 4,132 1,749 * Other temporary differences primarily relate to research and development expenses Deferred tax assets are to be recognized for the anticipated tax benefits associated with net operating loss carryforwards and deductible temporary differences, unless it is more likely than not that some or all of the deferred tax assets will not be realized. The adjustment is made by a valuation allowance. In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At December 31, 2015 and 2014 the Company had valuation allowance of $3,087 and $2,953 on certain of deferred tax assets. The net change in the total valuation allowance was an increase of $134 for the year ended December 31, 2015 and a decrease of $656 and $1,532, for the years ended 2014 and 2013, respectively. Included in the net change in the valuation allowance for the year ended December 31, 2015, is a reduction of $174 for a valuation allowance that was included in the net assets of a foreign subsidiary that was sold. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. As of December 31, 2015, the Company and its subsidiaries in Israel have regular NOL aggregating approximately $67,843 that will not expire. Included in this amount are NOLs of $18,255 that were generated from the Company filing separate tax returns from its domestic subsidiaries. Based on the earnings history of the Companys operations in recent years, other than the loss from litigation, and Managements expectation of continued profitability, Management believes that these losses will be utilized. As of December 31, 2015, the major foreign subsidiaries have NOL carryforwards aggregating approximately $1,509, of which approximately $424 can be utilized up to 20 years from the year it was established and approximately $1,085 can be carried forward indefinitely. G. Accounting for uncertainty in income taxes For the years ended December 31, 2015, 2014 and 2013, the Company did not have any significant unrecognized tax benefits. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. The Company accounts for interest and penalties related to an underpayment of income taxes as a component of income tax expense. For the years ended December 31, 2015, 2014 and 2013, no interest and penalties related to income taxes have been accrued. H. Tax assessments The Company and its subsidiaries in Israel file their income tax returns in Israel while its principle foreign subsidiaries file their income tax returns in Belgium, Hong Kong, United States of America and China. The Israeli tax returns of Camtek are open to examination by the Israeli Tax Authorities for the tax years beginning in 2010, in addition, the Israeli tax returns of SELA are open to examination by the Israeli Tax Authorities for the tax years beginning in 2010, while the tax returns of its principal foreign subsidiaries remain subject to examination for the tax years beginning in 1999 in Belgium, 2008 in Hong Kong and 2011 in the United States of America. |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Balances and Transactions with Related Parties [Abstract] | |
Balances and Transactions with Related Parties | Note 21 - Balances and Transactions with Related Parties A. Balances with related parties: December 31, December 31, 2015 2014 U.S. Dollars 79 101 Accounts payable - - Due from affiliated companies 559 501 B. Transactions with related parties: Year Ended December 31, 2015 2014 2013 U.S. Dollars Purchases from Parent and affiliates 43 93 57 Interest income (expense) from Parent (9 ) 24 4 Sales to Parent and affiliated companies 109 297 347 Unpaid balances between Parent and its subsidiaries in Israel and the Company bear interest of 5.5%. Registration Rights Agreement with Parent On March 1, 2004, the Company entered into a registration rights agreement providing for the Company to register with the SEC certain of its ordinary shares held by Parent. This registration rights agreement may be used in connection with future offerings of ordinary shares, and includes, among others, the following terms: (a) Parent is entitled to make up to three demands that the Company registers its ordinary shares held by Parent, subject to delay due to market conditions; (b) Parent will be entitled to participate and sell the Company’s ordinary shares in any future registration statements initiated by the Company, subject to delay due to market conditions; (c) the Company will indemnify Parent in connection with any liabilities incurred in connection with such registration statements due to any misstatements or omissions other than information provided by Parent, and Parent will indemnify the Company in connection with any liabilities incurred in connection with such registration statements due to any misstatements or omissions in written statements by Parent made for the purpose of their inclusion in such registration statements; and (d) the Company will pay all expenses related to registrations which the Company has initiated, except for certain underwriting discounts or commissions or legal fees, and Parent will pay all expenses related to a registration initiated at its demand in which the Company is not participating. On December 30, 2004, the Registration Rights Agreement with Parent was amended. The amendment concerns primarily the grant of unlimited shelf registration rights thereunder to Parent with respect to its holdings in the Company, and the assignability of those shelf registration rights to its Employment Agreements with the Active Chairman Pursuant to employment agreement with the Active Chairman of the Board of Directors and Chief Executive Officer ("Active Chairman") dedicates 10% of his time in providing consulting and management services for Parent through Amitec – Advanced Multilayer Interconnect Technologies Ltd. – a wholly owned subsidiary of the Parent ("Amitec"). The Active Chairman receives from the Company 90% of a full time salary and is compensated directly by Amitec for the remaining 10% of his time. The Active Chairman of the Board of Directors serves as the Chairman of Parent, and does not receive any additional compensation for his service as the Company’s Active Chairman. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 22 - Fair Value Measurements The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company measures its foreign currency derivative contracts and its long-term liabilities with respect to contingent consideration at fair value. The Company’s foreign currency derivative contracts are classified within Level 2, because they are valued utilizing market observable inputs. The long-term liabilities arising from contingent consideration are classified within Level 3 because they are valued using significant inputs that are unobservable in the market such as the Company’s weighted average cost of capital. The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014, aggregated by the level in the fair-value hierarchy within which those measurements fall: Quoted Prices in Significant Active Markets for Significant Other Unobservable December 31, Identical Assets Observable Inputs Inputs Description 2015 (Level 1) (Level 2) (Level 3) U.S. Dollars Assets Foreign currency derivative contracts 3 - 3 - Total Assets 3 - 3 - Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2014 Description U.S. Dollars Liabilities Foreign currency derivative contracts 89 - 89 - Contingent consideration 1,900 - - 1,900 Total Liabilities 1,989 - 89 1,900 The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of level 1, level 2, or level 3 for the years ended December 31, 2015 and 2014. The following tables present a roll-forward of the fair value of Level 3 (significant unobservable inputs) liabilities for the year ended December 31, 2015 and 2014: Level 3 U.S. Dollars Contingent consideration December 31, 2014 1,900 Settlement of liabilities (2,001 ) Revaluation of fair value included in statement of operations 101 December 31, 2015 - Level 3 U.S. Dollars Contingent consideration December 31, 2013 2,030 Settlement of liabilities (268 ) Revaluation of fair value included in statement of operations 138 December 31, 2014 1,900 The adjustments to fair value of the contingent consideration are recorded in the finance income (expense), net in the statement of operations. The fair value of the contingent payment for Printar as of December 31, 2014, was based on the $2,000 outstanding of the $2,500 transaction price, discounted from the estimated payment dates to the valuation date using the weighted average cost of capital of 28%. That measure is based on significant inputs that are not observable in the market, which ASC Section 820-10-35 refers to as Level 3 inputs. Key assumptions include management’s estimation about future sales. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 23 - Subsequent Events On February 3, 2016, the United States Court of Appeals for the Federal Circuit entered its judgment regarding the Company's appeal in the patent infringement case of Rudolph Technologies Inc. against the Company regarding the Falcon systems. The Court of Appeals reaffirmed the Minnesota Court's Ruling in Rudolph Technologies' favor, and reinstated the damages originally awarded which total, including interest, approximately $14,600, as well as the injunction in connection with sales of the Falcon systems in the United States until the expiration of plaintiff’s patent. The Company has recorded a reserve for the awarded amount in its financial statements for year 2015. |
Significant Accounting Polici30
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation of the financial statements | A. Basis of preparation of the financial statements The consolidated financial statements of Camtek and its subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in United States of America (“US GAAP”). All amounts in the notes to the financial statements are in thousands unless otherwise stated. |
Principles of consolidation | B. Principles of consolidation The accompanying consolidated financial statements include the accounts of Camtek and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | C. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. As applicable to these financial statements, the most significant estimates and assumptions relate to revenue recognition, valuation of accounts receivable, inventories, goodwill, deferred tax assets, legal contingencies, contingent consideration and share based compensation among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. It is often difficult to accurately estimate the ultimate outcome of a contingent liability. Different variables can affect the timing and amount that management provides for certain contingent liabilities. The Company's assessments are therefore subject to estimates made by management and its legal counsel. Adverse revision in management estimates of the potential liability could materially impact the Company's financial condition, results of operations or liquidity. The Company adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Foreign currency transactions | D. Foreign currency transactions The functional currency of the Company and its subsidiaries is the U.S. Dollar. Revenue generated by the Company and its subsidiaries is primarily generated outside of Israel and a majority thereof is received in U.S. Dollars. A significant portion of materials and components purchased and operating expenses incurred are either paid for in U.S. Dollars or in New Israeli Shekels (“NIS”). Transactions not denominated in U.S. Dollars are recorded upon their initial recognition according to the exchange rate in effect on the date of the transaction. Exchange rate differences arising upon the settlement of monetary items or upon reporting the Company’s monetary items at exchange rates different from that by which they were initially recorded during the period, or reported in previous financial statements, are charged to financial income (expenses), net. |
Cash and cash equivalents | E. Cash and cash equivalents All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. |
Trade accounts receivable and allowance for doubtful accounts | F. Trade accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the outstanding recognized amount and do not bear interest. The allowance for doubtful accounts represents Management’s best estimate of the probable loss inherent in existing accounts receivable balances as a result of possible non-collection. In determining the appropriate allowance, Management bases its estimate on information available about specific debtors, including aging of the balance, assessment of the underlying security received, the history of write-offs, relationships with the customers and the overall creditworthiness of the customers. |
Inventories | G. Inventories Inventories consist of completed systems, partially completed systems and components and other raw materials, and are recorded at the lower of cost or market. Cost is determined by the moving – average cost method basis. Inventory write-downs are recorded at the end of each fiscal period for damaged, obsolete, excess and slow-moving inventory. These write-downs, to the lower of cost or market value, create a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. Management periodically evaluates its inventory composition, giving consideration to factors such as the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technological obsolete or damaged inventory. These estimates could vary significantly from actual use based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-downs were established. Inventory that is not expected to be converted or consumed within the next year is classified as non-current, based on Management’s estimates taking into account market conditions. |
Property, plant and equipment | H. Property, plant and equipment These assets are stated at cost less accumulated depreciation, and are depreciated over their estimated useful lives on a straight-line basis. Annual rates of depreciation are as follows: Land 1% Building 2% Machinery and equipment 10% - 33% Computer equipment and software 20%-33% Office furniture and equipment 6% - 20% Automobiles 15% Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful economic life of such improvements. Certain of the Company’s finished goods are systems used as demonstration systems, training systems, and for product development in the Company’s laboratories (“internal use”). These systems are identical to the systems that Camtek sells in its ordinary course of business. In circumstances where the Company intends to utilize such systems for its internal use, the Company transfers them from inventory to fixed assets. The rationale for the transfer is that the Company does not have the intention to sell these systems in the ordinary course of business but rather expects to use them for its internal use over their expected useful lives. These systems are recorded as fixed assets at cost and depreciated over their useful lives. |
Intangible assets | I. Intangible assets Patent registration costs are recorded at cost and amortized, beginning with the first year of utilization, over its expected useful life. Intangible assets purchased as part of the business combinations were recorded at their fair value and were amortized based on their remaining estimated useful lives. Acquired in-process research and development (IPR&D) began to be amortized upon the completion of the development of the associated technology. |
Goodwill | J. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually in accordance with the provisions of FASB ASC Topic 350, Intangibles - Goodwill and Other The Company has set its annual impairment testing date at December 31. As of December 31, 2015, based on the Company’s annual impairment test, impairment charges were recognized. (See Note 10). As of December 31, 2014, based on the Company’s annual impairment test, no impairment charge was recognized. |
Impairment of long-lived assets | K. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized to the extent that the asset’s carrying amount exceeds |
Fair values of financial instruments | L. Fair values of financial instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short-term deposits, short-term restricted deposits, trade accounts receivable, trade accounts payable and amounts from affiliates approximate fair value because of their short-term nature. The fair value of the long-term restricted deposit approximates the carrying amount, since it bears floating rate interest at the market rate. The contingent consideration liabilities relating to the Company's business combinations are measured at fair value at each balance sheet date. |
Revenue recognition | M. Revenue recognition The Company recognizes revenue from sales of its products when the products are installed at the customer’s premises and are operating in accordance with its specifications, signed documentation of the arrangement, such as a signed contract or purchase order, has been received, the price is fixed or determinable and collectibility is reasonably assured. In the limited circumstances when the products are installed by a trained distributor acting as an end user, revenue is recognized upon delivery to the distributor assuming all other criteria for revenue recognition are met. Service revenues consist mainly of revenues from maintenance contracts and are recognized ratably over the contract period. For multiple-element arrangements the overall arrangement fee is allocated to each element (both delivered and undelivered elements) based on management’s best estimate of their selling price where other sources of evidence are unavailable. The revenue relating to the undelivered elements is deferred using the relative selling price method utilizing vendor-specific-objective evidence (“VSOE”) until delivery of the deferred elements. The Company’s multiple deliverable arrangements consist of product sales and non-standard warranties. A non-standard warranty is one that is for a period longer than 12 months. Accordingly, income from a non-standard warranty is deferred as unearned revenue and is recognized ratably as revenue commencing with and over the applicable warranty term. The Company routinely evaluates its products for inclusion of any embedded software that is more than incidental. Based on such evaluation, the Company has concluded that none of its products have such embedded software. |
Warranty | N. Warranty The Company records a liability for standard product warranty obligations at the time of sale based upon historical warranty experience. The term of the warranty is generally twelve months. For the Company’s treatment of non-standard warranties, see Note 2(M) – Revenue recognition. |
Income taxes | O. Income taxes The Company accounts for income taxes in accordance with the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates and laws expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. 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 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change occurs. Deferred tax liabilities and assets are classified as current or non-current based on the classification of the related asset or liability for financial reporting or, if not related to an asset or liability for financial reporting, according to the expected reversal dates of the specific temporary differences. |
Research and development | P. Research and development Research and development costs are expensed as incurred. |
Earnings / loss per ordinary share | Q. Earnings / loss per ordinary share Basic earnings/loss per ordinary share is calculated using only weighted average ordinary shares outstanding. Diluted earnings per share, if relevant, gives effect to dilutive potential ordinary shares outstanding during the year. Such dilutive shares consist of incremental shares, using the treasury stock method, from the assumed exercise of share options, warrants and convertible loan. For the year ended December 31, 2015, the effect of the exercise of all outstanding share options is anti-dilutive and has not been included in computing dilutive loss per ordinary share. For the years ended December 31, 2014 and 2013, the effect of the exercise of outstanding dilutive potential share options and Restricted Share Units ("RSUs") has been included in computing dilutive earnings per ordinary share (see Note 17). |
Share-based compensation | R. Share-based compensation The Company accounts for its employee share-based compensation as an expense in the financial statements. All awards are equity classified and therefore such cost is measured at the grant date fair value of the award. The Company estimates share option grant date fair value using the Black-Scholes-Merton option-pricing model. (For details see Note 16). |
Fair value measurements | S. Fair value measurements Fair Value Measurements and Disclosures Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. (For details see Note 22). |
Derivative instruments | T. Derivative instruments The Company enters into option contracts and forward exchange agreements in order to reduce its exposure with respect to various commitments in currencies other than the dollar and in connection with expenses in New The Company does not issue or hold derivative financial instruments for trading purposes, but rather to manage its foreign currency exposure. Nevertheless, these transactions do not meet all the conditions for hedge accounting and accordingly, the changes in fair value of such instruments are recorded directly to financial income (expenses), net. The Company’s foreign exchange derivative contracts are marked-to-market based on the determined fair value of open contracts at period end. (See Note 15). |
Contingent liabilities | U. Contingent liabilities A contingency (provision) is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. |
Government-sponsored research and development | V. Government-sponsored research and development The Company records grants received from the Office of the Chief Scientist of the Israeli Ministry of Industry and Trade (the “OCS”) as a liability, if it is probable that the Company will have to repay the grants received. If it is not probable that the grants will be repaid, the Company records the grants as a reduction to research and development expenses. Royalties paid to the OCS are recognized as a reduction of the above-mentioned liability. |
Recently issued and adopted accounting standards | W. Recently issued and adopted accounting standards · In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the requirements for reporting discontinued operations. This ASU limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have a major effect on an entity’s operations and financial results. The Company elected to early adopt this ASU as of January 1, 2014. Accordingly, further to that mentioned in Note 1B, Sela division is not presented as a discontinued operation. |
New standards not yet adopted | X. New standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” In February 2016, the FASB issued ASU No. 2016-02 “Leases” |
Nature of Operations (Tables)
Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Operations [Abstract] | |
Schedule of Details of Impairment | Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 U.S. Dollars U.S. Dollars U.S. Dollars Account Nature of impact (in thousands) (in thousands) (in thousands) Cost of Revenues Inventory write-off 1,041 205 3,052 Reorganization and Impairment charge with impairment respect of technology, customer relationships and goodwill 1,595 - 1,656 Reorganization and Revaluation of liabilities impairment in respect of Printar and SELA acquisition (1,457 ) (106 ) (5,122 ) Reorganization and impairment Other - 166 854 1,179 265 440 |
Significant Accounting Polici32
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Annual Rates of Depreciation | Land 1% Building 2% Machinery and equipment 10% - 33% Computer equipment and software 20%-33% Office furniture and equipment 6% - 20% Automobiles 15% |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | December 31, 2015 2014 U.S. Dollars Bank 30,743 18,130 Restricted cash 90 90 30,833 18,220 |
Cash and Cash Equivalents, Currencies | December 31, 2015 2014 U.S. Dollars US Dollars 26,703 9,576 New Israeli 2,002 2,569 Euro 770 2,033 Chinese RMB 640 1,541 Japanese YEN 142 1,825 Other 576 676 30,833 18,220 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule of Inventories | December 31, 2015 2014 U.S. Dollars Components 12,739 10,929 Work in process 6,453 5,575 Finished products * 10,386 9,622 29,578 26,126 |
Balance Sheet Presentation of Inventories | December 31, 2015 2014 U.S. Dollars Current assets 27,599 24,650 Long-term assets (A) 1,979 1,476 29,578 26,126 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Current assets | |
Other Current Assets | December 31, December 31, 2015 2014 U.S. Dollars Prepaid expenses 600 584 Advances to suppliers 220 361 Deposits for operating leases 203 113 Due from Government institutions 182 1,013 Other 507 311 1,712 2,382 |
Property, Plant and Equipment36
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment, Net | December 31, 2015 2014 U.S. Dollars Cost: Land 863 863 Building 10,764 10,286 Machinery and equipment 6,260 5,943 Office furniture and equipment 1,225 1,202 Computer equipment and software 4,996 4,602 Automobiles 87 65 Leasehold improvements 1,130 1,057 25,325 24,018 Less accumulated depreciation 11,794 10,993 13,531 13,025 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | December 31, 2015 2014 U.S. Dollars Deposits for operating leases 248 348 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets, Net [Abstract] | |
Goodwill | December 31, 2015 2014 U.S. Dollars Goodwill 3,653 3,653 Accumulated impairment losses (3,653 ) (2,098 ) - 1,555 |
Intangible Assets, Net | December 31, 2015 2014 U.S. Dollars Patent registration costs 2,077 1,959 IPR&D 1,002 1,002 Intangible assets at cost 3,079 2,961 Accumulated amortization and impairment 2,284 2,033 Total intangible asset, net 795 928 |
Estimated Amortization Expense | Year ending December 31, U.S. Dollars 2016 141 2017 133 2018 133 2019 133 2020 111 651 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Liabilities [Abstract] | |
Schedule of Other Current Liabilities | December 31, 2015 2014 U.S. Dollars Liability in respect of litigation 14,600 - Accrued employee compensation and related benefits 6,634 6,306 Commissions 2,876 2,048 Accrued expenses 2,446 2,146 Advances from customers and deferred revenues 1,961 1,416 Accrued warranty costs (2) 1,448 1,151 Government institutions 737 1,084 Current maturities of OCS liability (1) 10 228 Current maturities of contingent consideration (1) - 1,900 30,712 16,279 |
Changes In Product Warranty Obligation | Year Ended December 31, 2015 2014 2013 U.S. Dollars Beginning of year 1,151 1,304 1,150 New warranties 2,472 2,152 2,327 Reductions (2,175 ) (2,305 ) (2,173 ) Balance at end of year 1,448 1,151 1,304 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Long-Term Liabilities [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31, 2015 2014 U.S. Dollars Liability to OCS, mainly in respect of business combinations (1) 4,768 4,150 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Minimum Future Rental Payments | Year Ending December 31, U.S. Dollars 2016 1,374 2017 619 2018 120 Thereafter 90 2,203 |
Allowance For Doubtful Accounts | Balance at Balance at beginning Reversal of Write-off of end of of period Provision provision provision period U.S. Dollars 2013 1,323 272 (218 ) (16 ) 1,361 2014 1,361 344 (164 ) (15 ) 1,526 2015 1,526 215 (141 ) (8 ) 1,592 |
Concentration of Risk and Fin42
Concentration of Risk and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Concentration of Risk and Financial Instruments [Abstract] | |
Schedule of Derivative Instruments | Notional amount Fair value U.S. Dollars Options Buy put options (Buy dollars and Sell NIS) 3,000 27 Sell call options (Sell dollars and Buy NIS) 3,000 (24 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Fair Value Assumptions | 2015 Grant 2014 Grant Valuation assumptions: Dividend yield 0 0 Expected volatility 67%-68 % 64%-71 % Risk-free interest rate 1.6%-2.16 % 1.67%-2.3 % Expected life (years) 4.8 4.8-6.4 Vesting period (years) 4 4 |
Stock Option Activity | Year Ended December 31, 2015 2014 2013 Weighted Weighted Weighted Number average Number average Number average of exercise of exercise of exercise options price US$ options price US$ options price US$ Outstanding at January 1 833,799 3.34 735,519 2.99 1,195,085 3.15 Granted 464,335 2.99 296,000 3.53 75,000 1.73 Forfeited and cancelled (122,952 ) 2.95 (108,724 ) 2.47 (174,915 ) 2.96 Exercised (24,061 ) 1.40 (88,996 ) 2.14 (359,651 ) 3.26 Outstanding at year end 1,151,121 3.28 833,799 3.34 735,519 2.99 Vested at year end 461,192 3.48 423,291 3.56 368,016 3.42 |
Schedule of Options Outstanding | Weighted Aggregate Number Weighted Average intrinsic of average Remaining Value (in options exercise Contractual US$ outstanding price US$ term (years) thousands) Outstanding as of December 31, 2015 1,151,121 3.28 4.52 45.10 Vested and expected to vest at December 31, 2015 1,095,927 3.28 4.52 41.00 Exercisable at December 31, 2015 461,192 3.48 5.36 38.10 |
Information about Share Options | Weighted average Number of remaining outstanding Number contractual Exercise price US$ options exercisable life in years 0-2 122,187 94,893 6.8 3-5 1,018,934 356,299 5.6 6-7 10,000 10,000 0.6 1,151,121 461,192 |
Information about Nonvested Options | Weighted average grant- date Options fair value Balance at January 1, 2015 410,508 1.48 Granted 464,335 1.64 Vested (78,462 ) 1.51 Forfeited (106,452 ) 1.75 Balance at December 31, 2015 689,929 1.55 |
Earnings Per Ordinary Share (Ta
Earnings Per Ordinary Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings (loss) per ordinary share: | |
Computation of Basic and Diluted Earnings (Loss) Per Ordinary Share | Year Ended December 31, 2015 2014 2013 U.S. Dollars (In thousands, except per share data) Net income (loss) attributable to Ordinary Shares (10,113 ) 3,337 7 Weighted average number of Ordinary Shares outstanding used in basic earnings per Ordinary Share calculation 33,352 30,464 30,040 Add assumed exercise of outstanding dilutive potential Ordinary Shares - 81 54 Weighted average number of Ordinary Shares Outstanding used in diluted earnings per Ordinary Share calculation 33,352 30,545 30,094 Basic income (loss) per Ordinary Share (0.30 ) 0.11 0.00 Diluted income (loss) per Ordinary Share (0.30 ) 0.11 0.00 Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect 1,151 391 526 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Summary of operating results information for each business segment | Year Ended December 31, Revenues Income (loss) from operations 2015 2014 2013 2015 2014 2013 U.S. Dollars U.S. Dollars PCB 30,138 30,480 31,803 (5,902 ) (2,422 ) (1,588 ) Microelectronics 69,137 57,833 53,602 (2,671 ) 9,922 5,605 Total 99,275 88,313 85,405 (8,573 ) 7,500 4,017 |
Summary of reconciliation of segment operating results | Year Ended December 31, 2015 2014 2013 U.S. Dollars Income (loss) from operations (8,573 ) 7,500 4,017 Unallocated general and administrative expenses 1,216 2,056 2,501 Share-based compensation expenses 270 308 380 Financial expenses 1,877 1,220 1,738 Consolidated income (loss) before taxes (11,936 ) 3,916 (602 ) |
Schedule of Revenues by Geographic Area | Year Ended December 31, 2015 2014 2013 U.S. Dollars China and Hong Kong 30,158 28,526 25,889 Taiwan 24,854 17,495 14,543 Korea 13,208 8,889 15,691 United States 10,219 12,518 11,705 Asia- Other 7,836 11,336 6,072 Japan 7,035 3,204 4,010 Western Europe 5,380 5,739 6,519 Rest of the world 585 606 976 99,275 88,313 84,405 |
Selected Income Statement Data
Selected Income Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Income Statement Data [Abstract] | |
Selected Selling, General and Administrative Expenses Data | Year Ended December 31, 2015 2014 2013 U.S. Dollars Selling (1) 16,208 14,337 13,906 General and administrative 7,379 7,080 8,456 23,587 21,417 22,362 (1) Including shipping and handling costs 1,014 879 652 |
Selected Financial Income (Expenses) Data | Year Ended December 31, 2015 2014 2013 U.S. Dollars (461 ) (6 ) (181 ) Interest income 88 77 90 Re-evaluation of contingent consideration (101 ) (258 ) (858 ) Re-evaluation expense on liabilities to the OCS (437 ) (370 ) (504 ) Other, net (*) (966 ) (663 ) (285 ) (1,877 ) (1,220 ) (1,738 ) (*) Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $(786), $(546), and $(188) in 2015, 2014 and 2013, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Composition of Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) | Year Ended December 31, 2015 2014 2013 U.S. Dollars Income (loss) before income taxes: Israel (13,807 ) 2,975 (2,638 ) Non-Israeli 1,871 941 2,036 (11,936 ) 3,916 (602 ) Income tax expense: Current: Israel 146 191 121 Non-Israeli 414 224 709 560 415 830 Deferred tax expense (benefit): Israel (2,654 ) 38 (1,287 ) Non-Israeli 271 126 (152 ) (2,383 ) 164 (1,439 ) (1,823 ) 579 (609 ) |
Reconciliation of The Theoretical Income Tax Expense (Benefit) | Year Ended December 31, 2015 2014 2013 U.S. Dollars Income (loss) before income taxes (11,936 ) 3,916 (602 ) Statutory tax rate 26.5 % 26.5 % 25 % Theoretical income tax expense (benefit) (3,163 ) 1,038 (151 ) Increase (decrease) in income tax expense resulting from: Tax expense (benefits) arising from “Approved and Beneficiating Enterprises” and preferential tax rate in China (523 ) (1,215 ) 711 Change in valuation allowance(*) 308 (40 ) 586 Non-deductible expenses(**) 640 55 218 Differences between foreign currencies and dollar-adjusted financial statements-net 283 952 (1,133 ) Purchase price adjustment for contingent liabilities - - (580 ) Foreign tax rate differential (44 ) (13 ) (101 ) Undistributed earnings of subsidiary 490 - - Other 186 (198 ) (159 ) Actual income tax expense (benefit) (1,823 ) 579 (609 ) Per share effect of the tax benefits arising from “Approved and Beneficiating Enterprises” and preferential tax rate in China: Basic $ 0.00 $ (0.04 ) $ 0.00 Diluted $ 0.00 $ (0.04 ) $ 0.00 |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2015 2014 U.S. Dollars Deferred tax assets: Allowance for doubtful accounts 184 136 Accrued warranty 87 114 Unearned revenue 165 125 Accrued expenses 493 448 Net operating losses (NOL) and tax credit carryforwards 6,823 3,761 Other temporary differences* 197 *334 Total gross deferred tax assets 7,949 4,918 Valuation allowance (3,087 ) (2,953 ) Deferred tax asset, net of valuation allowance 4,862 1,965 Deferred tax liability: Property, plant and equipment (240 ) (216 ) Undistributed earnings (490 ) Net deferred tax assets 4,132 1,749 |
Balances and Transactions wit48
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balances and Transactions with Related Parties [Abstract] | |
Schedule of Related Party Balances and Transactions | December 31, December 31, 2015 2014 U.S. Dollars 79 101 Accounts payable - - Due from affiliated companies 559 501 Year Ended December 31, 2015 2014 2013 U.S. Dollars Purchases from Parent and affiliates 43 93 57 Interest income (expense) from Parent (9 ) 24 4 Sales to Parent and affiliated companies 109 297 347 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule of Recurring Fair Value Measurements | Quoted Prices in Significant Active Markets for Significant Other Unobservable December 31, Identical Assets Observable Inputs Inputs Description 2015 (Level 1) (Level 2) (Level 3) U.S. Dollars Assets Foreign currency derivative contracts 3 - 3 - Total Assets 3 - 3 - Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2014 Description U.S. Dollars Liabilities Foreign currency derivative contracts 89 - 89 - Contingent consideration 1,900 - - 1,900 Total Liabilities 1,989 - 89 1,900 |
Roll-Forward of The Fair Value of Level 3 Liabilities | Level 3 U.S. Dollars Contingent consideration December 31, 2014 1,900 Settlement of liabilities (2,001 ) Revaluation of fair value included in statement of operations 101 December 31, 2015 - Level 3 U.S. Dollars Contingent consideration December 31, 2013 2,030 Settlement of liabilities (268 ) Revaluation of fair value included in statement of operations 138 December 31, 2014 1,900 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 47.87% |
Cash paid to settle obligation | $ 50 |
Shares issued to repay obligation | 375 |
Printar [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Conditional obligation | 2,000 |
Total repayment | 425 |
Cash paid to settle obligation | 50 |
Shares issued to repay obligation | $ 375 |
Nature of Operations (Schedule
Nature of Operations (Schedule of Details of Impairment) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impairment [Line Items] | |||
Total | $ 1,179,000 | $ 265,000 | $ 440,000 |
Reorganization and impairment | 138,000 | 60,000 | (3,466,000) |
Cost of Revenues | 56,149,000 | 47,294,000 | 51,003,000 |
Inventory Write-off [Member] | |||
Impairment [Line Items] | |||
Cost of Revenues | 1,041,000 | $ 205,000 | 3,052,000 |
Impairment charge [Member] | |||
Impairment [Line Items] | |||
Reorganization and impairment | 1,595,000 | 1,656,000 | |
Revaluation of Liabilities [Member] | |||
Impairment [Line Items] | |||
Reorganization and impairment | $ (1,457,000) | $ (106,000) | (5,122,000) |
Other Impairment [Member] | |||
Impairment [Line Items] | |||
Reorganization and impairment | $ 166,000 | $ 854,000 |
Significant Accounting Polici52
Significant Accounting Policies (Annual Rates of Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 1.00% |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 2.00% |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 10.00% |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33.00% |
Computer equipment and software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 20.00% |
Computer equipment and software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33.00% |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 6.00% |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 20.00% |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 15.00% |
Cash and Cash Equivalents (Cash
Cash and Cash Equivalents (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Line Items] | ||
Cash | $ 30,833 | $ 18,220 |
Bank balances [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash | 30,743 | 18,130 |
Restricted [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash | $ 90 | $ 90 |
Cash and Cash Equivalents (Curr
Cash and Cash Equivalents (Currencies) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 30,833 | $ 18,220 | $ 16,495 | $ 18,867 |
U.S. Dollars [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 26,703 | 9,576 | ||
New Israeli Shekels [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 2,002 | 2,569 | ||
Euro [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 770 | 2,033 | ||
Chinese RMB [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 640 | 1,541 | ||
Japanese YEN [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 142 | 1,825 | ||
Other Currencies [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 576 | $ 676 |
Short-term restricted deposits
Short-term restricted deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term restricted deposits [Abstract] | ||
Restricted deposits | $ 7,875 |
Inventories (Inventories) (Deta
Inventories (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventories [Abstract] | |||
Components | $ 12,739 | $ 10,929 | |
Work in process | 6,453 | 5,575 | |
Finished products | [1] | 10,386 | 9,622 |
Total inventories | 29,578 | 26,126 | |
Current assets | 27,599 | 24,650 | |
Long term assets | $ 1,979 | $ 1,476 | |
[1] | includes systems at customer locations not yet sold, as of December 31, 2015 and 2014, in the amount of $4,612 and $4,532 respectively. |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long Term Inventory [Line Items] | ||
Finished products, Systems at customer locations | $ 4,612 | $ 4,532 |
Long-term inventory | 1,979 | 1,476 |
Spare parts included in noncurrent inventory | 1,326 | 1,401 |
Obsolescence provision | 1,041 | 205 |
Provision for damages, obsolete, excess and slow-moving inventory | 133 | 283 |
Amount of inventory write-down | $ 1,174 | $ 488 |
Minimum [Member] | ||
Long Term Inventory [Line Items] | ||
Customer support, term | 7 years | |
Maximum [Member] | ||
Long Term Inventory [Line Items] | ||
Customer support, term | 10 years |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Prepaid expenses | $ 600 | $ 584 |
Advances to suppliers | 220 | 361 |
Deposits for operating leases | 203 | 113 |
Due from Government institutions | 182 | 1,013 |
Other | 507 | 311 |
Other current assets | $ 1,712 | $ 2,382 |
Property, Plant and Equipment59
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 25,325 | $ 24,018 | |
Less accumulated depreciation | 11,794 | 10,993 | |
Fixed assets, net | 13,531 | 13,025 | |
Depreciation expenses | 1,849 | 1,937 | $ 2,166 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 863 | 863 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 10,764 | 10,286 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 6,260 | 5,943 | |
Office Furniture and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,225 | 1,202 | |
Computer equipment and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 4,996 | 4,602 | |
Automobiles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 87 | 65 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,130 | $ 1,057 |
Long-Term Restricted Deposit (D
Long-Term Restricted Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2012 |
Long-Term Restricted Deposit [Abstract] | ||||
Appeal bond, amount | $ 729 | $ 729 | $ 729 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Deposits for operating leases | $ 248 | $ 348 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets, Net (Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill | $ 3,653 | $ 3,653 | |
Accumulated impairment losses | $ (3,653) | (2,098) | |
Net goodwill | $ 1,555 | ||
Printar [Member] | |||
Goodwill [Line Items] | |||
Impairment loss on goodwill | $ 1,555 | ||
SELA [Member] | |||
Goodwill [Line Items] | |||
Impairment loss on goodwill | $ 24 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets, Net (Intangible Assets, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets, Net [Abstract] | ||
Patent registration costs | $ 2,077 | $ 1,959 |
IPR&D | 1,002 | 1,002 |
Intangible assets at cost | 3,079 | 2,961 |
Accumulated amortization and impairment | 2,284 | 2,033 |
Total intangible assets, net | $ 795 | $ 928 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets, Net (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | $ 211 | $ 234 | $ 421 |
Write-off of patents, net value | 7 | $ 37 | $ 33 |
2,016 | 141 | ||
2,017 | 133 | ||
2,018 | 133 | ||
2,019 | 133 | ||
2,020 | 111 | ||
Total amortization expense | 651 | ||
Impairment of intangible assets | $ 40 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful life | 10 years |
Other Current Liabilities (Othe
Other Current Liabilities (Other Current Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Liability in respect of litigation | $ 14,600 | ||
Accrued employee compensation and related benefits | 6,634 | $ 6,306 | |
Commissions | 2,876 | 2,048 | |
Accrued expenses | 2,446 | 2,146 | |
Advances from customers and deferred revenues | 1,961 | 1,416 | |
Accrued warranty costs | 1,448 | 1,151 | |
Government institutions | 737 | 1,084 | |
Current maturities of OCS liability | [1] | $ 10 | 228 |
Current maturities of contingent consideration | [1] | 1,900 | |
Total other current liabilities | $ 30,712 | $ 16,279 | |
Cash paid to settle obligation | 50 | ||
Shares issued to repay obligation | 375 | ||
Printar [Member] | |||
Conditional obligation | 2,000 | ||
Cash paid to settle obligation | 50 | ||
Shares issued to repay obligation | 375 | ||
Total repayment | $ 425 | ||
[1] | In accordance with ASC Topic 820 (Statement 157), the Companys liabilities for contingent consideration in respect of the acquisition of Printar (see Note 22) were measured at fair value using Level 3 inputs. |
Other Current Liabilities (Chan
Other Current Liabilities (Changes In Product Warranty Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Current Liabilities [Abstract] | |||
Beginning of year | $ 1,151 | $ 1,304 | $ 1,150 |
New warranties | 2,472 | 2,152 | 2,327 |
Reductions | (2,175) | (2,305) | (2,173) |
Balance at end of year | $ 1,448 | $ 1,151 | $ 1,304 |
Liability for Employee Severa67
Liability for Employee Severance Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liability for Employee Severance Benefits [Abstract] | |||
Severance liability | $ 772 | $ 860 | |
Severance expenses | $ 1,104 | $ 1,145 | $ 1,081 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Long Term Liabilities [Line Items] | |||
Total other long-term liabilities | $ 4,768 | $ 4,150 | |
OCS [Member] | |||
Other Long Term Liabilities [Line Items] | |||
Liability for contingent consideration in respect of business combinations | [1] | $ 4,768 | $ 4,150 |
OCS [Member] | Printar [Member] | |||
Other Long Term Liabilities [Line Items] | |||
Effective interest rate used in the capitalization of the liabilities to the OCS | 13.00% | 11.00% | |
OCS [Member] | SELA [Member] | |||
Other Long Term Liabilities [Line Items] | |||
Effective interest rate used in the capitalization of the liabilities to the OCS | 21.00% | ||
[1] | Liability to OCS is in respect of the acquisitions of Printar, SELA and new grants received in 2010 and 2009. See Note 1B for the effect of the Company's decision regarding SELA's future operations. The effective interest rate used in the capitalization of the liabilities to the OCS in respect of the acquisitions of Printar and SELA as of December 31, 2014 were 11% and 21%, respectively. (As of December 31, 2013, 10% and 21%, for Printar and SELA, respectively). |
Commitments and Contingencies69
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Feb. 03, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 |
Commitments And Contingencies [Line Items] | ||||||||
Appeal bond, amount | $ 729 | $ 729 | $ 729 | |||||
Liabilities recorded at fair value | 1,989 | |||||||
Outstanding purchase commitments for inventory components | $ 8,959 | 9,972 | ||||||
Rudolph [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Litigation awarded value | $ 15,750 | |||||||
Appeal bond, amount | $ 7,875 | |||||||
Rudolph [Member] | Subsequent Event [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Litigation awarded value | $ 14,600 | |||||||
Litigation previously awarded value | $ 14,500 | |||||||
OCS [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percent of sales derived from research and development, committed amount payable | 3.50% | |||||||
Accrued interest | $ 648 | $ 648 | ||||||
OCS [Member] | Printar [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Grants received including interest accrued | $ 6,256 | 6,029 | $ 598 | $ 598 | ||||
Liabilities recorded at fair value | 4,130 | 3,670 | ||||||
OCS [Member] | SELA [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Grants received including interest accrued | 0 | 2,352 | ||||||
Liabilities recorded at fair value | $ 0 | $ 60 |
Commitments and Contingencies70
Commitments and Contingencies (Minimum Future Rental Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
2,016 | $ 1,374 | ||
2,017 | 619 | ||
2,018 | 120 | ||
Thereafter | 90 | ||
Total | 2,203 | ||
Aggregate office rent expenses | $ 966 | $ 845 | $ 1,002 |
Commitments and Contingencies71
Commitments and Contingencies (Allowance For Doubtful Debts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
Balance at beginning of period | $ 1,526 | $ 1,361 | $ 1,323 |
Provision | 215 | 344 | 272 |
Reversal of provision | (141) | (164) | (218) |
Write-off of provision | (8) | (15) | (16) |
Balance at end of period | $ 1,592 | $ 1,526 | $ 1,361 |
Concentration of Risk and Fin72
Concentration of Risk and Financial Instruments (Options) (Details) - USD ($) $ in Thousands | Feb. 03, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||||
Gain from derivatives not designated as hedging instruments | $ 92 | |||
Loss from derivatives not designated as hedging instruments | $ (96) | |||
Foreign Exchange Sell Call Options [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 3,000 | |||
Derivative, Fair Value, Net | (24) | |||
Foreign Exchange Buy Put Option [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 3,000 | |||
Derivative, Fair Value, Net | $ 27 | |||
Rudolph [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Litigation awarded value | $ 15,750 | |||
Rudolph [Member] | Subsequent Event [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Litigation awarded value | $ 14,600 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
May. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2002USD ($)shares | Sep. 30, 2001USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)₪ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2009shares | Dec. 31, 2008USD ($)shares | Aug. 31, 2007shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Public offering | $ 11,904,000 | $ 11,904,000 | ||||||||
Public offering, price per share | $ / shares | $ 2.85 | |||||||||
Public offering, shares | shares | 4,655,982 | |||||||||
Shares available for grant | shares | 1,598,800 | 1,598,800 | ||||||||
Vesting period (years) | 4 years | |||||||||
Stock option terms, years | 10 years | |||||||||
Number of shares authorized for grant | shares | 3,000,000 | 3,000,000 | ||||||||
Granted | shares | 464,335 | 296,000 | 75,000 | |||||||
Unrecognized share-based compensation expense | $ 873,000 | $ 873,000 | ||||||||
Share based compensation expense | $ 270,000 | $ 308,000 | $ 380,000 | |||||||
Unrecognized compensation cost, recognition period | 3 years 15 days | |||||||||
The intrinsic value of options exercised | $ 18,000 | |||||||||
Aggregate intrinsic Value, Outstanding | 45,100 | 45,100 | 205,660 | 813,000 | ||||||
Aggregate intrinsic Value, Outstanding, Vested and expected to vest | $ 38,100 | $ 38,100 | 87,680 | 275,000 | ||||||
Treasury stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 3,000,000 | $ 2,000,000 | ||||||||
Treasury Stock, Shares, Retired | shares | 761,619 | 250,000 | 1,080,757 | |||||||
Treasury Stock, Retired, Cost Method, Amount | $ 401,000 | $ 592,000 | $ 905,000 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available for grant | shares | 670,129 | 670,129 | 1,500,000 | 300,000 | ||||||
Additional options available for grant | shares | 1,200,000 | |||||||||
Share based compensation expense | $ 0 | 0 | 19,000 | |||||||
Weighted average grant- date fair value, Vested | ₪ / shares | $ 0 | |||||||||
Stock Compensation Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based compensation expense | $ 270,000 | $ 308,000 | $ 361,000 |
Shareholders' Equity (Fair Valu
Shareholders' Equity (Fair Value Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 67.00% | 64.00% |
Expected volatility, maximum | 68.00% | 71.00% |
Risk-free interest rate, minimum | 1.60% | 1.67% |
Risk-free interest rate, maximum | 2.16% | 2.30% |
Expected life (years) | 4 years 9 months 18 days | |
Vesting period (years) | 4 years | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 4 years 9 months 18 days | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 6 years 4 months 24 days |
Shareholders' Equity (Share Opt
Shareholders' Equity (Share Option Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shareholders' Equity [Abstract] | |||
Outstanding, beginning balance | 833,799 | 735,519 | 1,195,085 |
Granted | 464,335 | 296,000 | 75,000 |
Forfeited and cancelled | (122,952) | (108,724) | (174,915) |
Exercised | (24,061) | (88,996) | (359,651) |
Outstanding, ending balance | 1,151,121 | 833,799 | 735,519 |
Vested at year end | 461,192 | 423,291 | 368,016 |
Vested and expected to vest at December 31, 2015 | 1,095,927 | ||
Exercisable at December 31, 2015 | 461,192 | ||
Weighted average exercise price, Outstanding, beginning balance | $ 3.34 | $ 2.99 | $ 3.15 |
Weighted average exercise price, Granted | 2.99 | 3.53 | 1.73 |
Weighted average exercise price, Forfeited and cancelled | 2.95 | 2.47 | 2.96 |
Weighted average exercise price, Exercised | 1.4 | 2.14 | 3.26 |
Weighted average exercise price, Outstanding, ending balance | 3.28 | 3.34 | 2.99 |
Weighted exercise price, Vested at year end | 3.48 | $ 3.56 | $ 3.42 |
Weighted average exercise price, Vested and expected to vest at December 31, 2014 | 3.28 | ||
Weighted average exercise price, Exercisable at December 31, 2014 | $ 3.48 | ||
Weighted average Remaining Contractual term (years), Outstanding | 8 months 23 days | ||
Weighted average Remaining Contractual term (years), Vested and expected to vest | 8 months 23 days | ||
Weighted average Remaining Contractual term (years), Exercisable | 3 years | ||
Aggregate intrinsic Value, Outstanding | $ 45,100 | $ 205,660 | $ 813,000 |
Aggregate Intrinsic Value, Vested and Expected to Vest | 41,000 | ||
Aggregate intrinsic Value, Exercisable | $ 38,100 | $ 87,680 | $ 275,000 |
Shareholders' Equity (Informati
Shareholders' Equity (Information About Share Options) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Exercise price 0-2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, minimum | $ / shares | $ 0 |
Exercise price, maximum | $ / shares | $ 2 |
Number of outstanding options | shares | 122,187 |
Number exercisable | shares | 94,893 |
Weighted average remaining contractual life in years | 6 years 9 months 18 days |
Exercise price 3-5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, minimum | $ / shares | $ 3 |
Exercise price, maximum | $ / shares | $ 5 |
Number of outstanding options | shares | 1,018,934 |
Number exercisable | shares | 356,299 |
Weighted average remaining contractual life in years | 5 years 7 months 6 days |
Exercise price 6-7 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, minimum | $ / shares | $ 6 |
Exercise price, maximum | $ / shares | $ 7 |
Number of outstanding options | shares | 10,000 |
Number exercisable | shares | 10,000 |
Weighted average remaining contractual life in years | 7 months 6 days |
Shareholders' Equity (Informa77
Shareholders' Equity (Information About Nonvested Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options | |||
Beginning balance | 410,508 | ||
Granted | 464,335 | 296,000 | 75,000 |
Vested | (78,462) | ||
Forfeited | (106,452) | ||
Ending balance | 689,929 | 410,508 | |
Weighted average grant- date fair value | |||
Beginning balance | $ 1.48 | ||
Granted | 1.64 | ||
Vested | 1.51 | ||
Forfeited | 1.75 | ||
Ending balance | $ 1.55 | $ 1.48 |
Earnings Per Ordinary Share (De
Earnings Per Ordinary Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings (loss) per ordinary share: | |||
Net income (loss) attributable to Ordinary Shares | $ (10,113,000) | $ 3,337,000 | $ 7,000 |
Weighted average number of Ordinary Shares outstanding used in basic earnings per Ordinary Share calculation | 33,352,000 | 30,464,000 | 30,040,000 |
Add assumed exercise of outstanding dilutive potential Ordinary Shares | 81,000 | 54,000 | |
Weighted average number of Ordinary Shares outstanding used in diluted earnings per Ordinary Share calculation | 33,352,000 | 30,545,000 | 30,094,000 |
Basic income (loss) per Ordinary Share | $ (.30) | $ 0.11 | $ 0 |
Diluted income (loss) per Ordinary Share | $ (.30) | $ 0.11 | $ 0 |
Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect | 1,151,000 | 391,000 | 526,000 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - item | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Segment Information [Abstract] | ||
Number of reporting segments | 2 | 1 |
Segment Information (Summary of
Segment Information (Summary of operating results of business segment) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 99,275,000 | $ 88,313,000 | $ 85,405,000 |
Income (loss) from operations | (10,059,000) | 5,136,000 | 1,136,000 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 99,275,000 | 88,313,000 | 85,405,000 |
Income (loss) from operations | (8,573,000) | 7,500,000 | 4,017,000 |
Operating Segments [Member] | Printed Circuit Boards [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 30,138,000 | 30,480,000 | 31,803,000 |
Income (loss) from operations | (5,902,000) | (2,422,000) | (1,588,000) |
Operating Segments [Member] | Microelectronics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 69,137,000 | 57,833,000 | 53,602,000 |
Income (loss) from operations | $ (2,671,000) | $ 9,922,000 | $ 5,605,000 |
Segment Information (Summary 81
Segment Information (Summary of reconciliation of segment operating results) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (loss) from operations | $ (10,059,000) | $ 5,136,000 | $ 1,136,000 |
Share-based compensation expenses | 270,000 | 308,000 | 380,000 |
Consolidated income (loss) before taxes | (11,936,000) | 3,916,000 | (602,000) |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (loss) from operations | (8,573,000) | 7,500,000 | 4,017,000 |
Unallocated general and administrative expenses | 1,216,000 | 2,056,000 | 2,501,000 |
Share-based compensation expenses | 270,000 | 308,000 | 380,000 |
Financial expenses | 1,877,000 | 1,220,000 | 1,738,000 |
Consolidated income (loss) before taxes | $ (11,936,000) | $ 3,916,000 | $ (602,000) |
Segment Information (Schedule o
Segment Information (Schedule of Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 99,275 | $ 88,313 | $ 85,405 |
China and Hong Kong [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 30,158 | 28,526 | 25,889 |
Taiwan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 24,854 | 17,495 | 14,543 |
Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 13,208 | 8,889 | 15,691 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 10,219 | 12,518 | 11,705 |
Asia Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7,836 | 11,336 | 6,072 |
Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7,035 | 3,204 | 4,010 |
Western Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 5,380 | 5,739 | 6,519 |
Rest of the world [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 585 | $ 606 | $ 976 |
Selected Income Statement Dat83
Selected Income Statement Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Selected Income Statement Data [Line Items] | ||||
Selling | [1] | $ 16,208 | $ 14,337 | $ 13,906 |
General and administrative | 7,379 | 7,080 | 8,456 | |
Total selling, general and administrative expenses | 23,587 | 21,417 | 22,362 | |
Shipping and handling costs | 1,014 | 879 | 652 | |
Interest and commission expense | (461) | (6) | (181) | |
Interest income | 88 | 77 | 90 | |
Re-evaluation of contingent consideration | (101) | (258) | (858) | |
Re-evaluation expense on liabilities to the OCS | (437) | (370) | (504) | |
Other, net | [2] | (966) | (663) | (285) |
Financial income (expenses), net | (1,877) | (1,220) | (1,738) | |
Foreign currency income (expense), transactions not denominated in U.S. Dollars | $ (786) | $ (546) | $ (188) | |
[1] | Including shipping and handling costs | |||
[2] | Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $(786), $(546), and $(188) in 2015, 2014 and 2013, respectively. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets valuation allowance | $ 3,087 | $ 2,953 | |
Net change in total valuation allowance | 134 | $ (656) | $ (1,532) |
Major foreign subsidiaries NOL | 1,509 | ||
The Company and its subsidiaries in Israel NOL carryforwards, aggregate amount | 67,843 | ||
Deferred tax assets relating to net operating losses and other carryforwards, not subject to expiration | 1,085 | ||
Deferred tax assets relating to net operating losses and other carryforwards, subject to expiration | $ 424 | ||
Maximum period for which NOL carryforwards can be utilized | 20 years | ||
Effective income tax rate | 26.50% | 26.50% | 25.00% |
Undistributed earnings of foreign subsidiaries | $ 11,322 | ||
Beneficiating Enterprise [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax-exempt earnings | 9,708 | ||
Contingent income tax liabilities, Dividend distribution | 2,427 | ||
Approved Enterprise [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax-exempt earnings | 18,335 | ||
Contingent income tax liabilities, Dividend distribution | 4,584 | ||
Subsidiary [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net change in total valuation allowance | (174) | ||
The Company and its subsidiaries in Israel NOL carryforwards, aggregate amount | $ 18,255 |
Income Taxes (Composition of In
Income Taxes (Composition of Income (Loss) Before Income Taxes and Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Income (loss) before income taxes: Israel | $ (13,807) | $ 2,975 | $ (2,638) |
Income (loss) before income taxes: Non-Israeli | 1,871 | 941 | 2,036 |
Income (loss) before income taxes | (11,936) | 3,916 | (602) |
Income tax expense, Current: Israel | 146 | 191 | 121 |
Income tax expense, Current: Non-Israeli | 414 | 224 | 709 |
Current Income Tax Expense, Total | 560 | 415 | 830 |
Deferred tax expense (benefit): Israel | (2,654) | 38 | (1,287) |
Deferred tax expense (benefit): Non-Israeli | 271 | 126 | (152) |
Deferred Income Tax Expense (Benefit), Total | (2,383) | 164 | (1,439) |
Actual income tax expense (benefit) | $ (1,823) | $ 579 | $ (609) |
Income Taxes (Income Taxes Incl
Income Taxes (Income Taxes Included in The Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes [Abstract] | ||||
Income (loss) before income taxes | $ (11,936) | $ 3,916 | $ (602) | |
Statutory tax rate | 26.50% | 26.50% | 25.00% | |
Theoretical income tax expense (benefit) | $ (3,163) | $ 1,038 | $ (151) | |
Tax expense (benefits) arising from ''Approved and Beneficiating Enterprises'' and preferential tax rate in China | (523) | (1,215) | 711 | |
Change in valuation allowance | [1] | 308 | (40) | 586 |
Non-deductible expenses | [2] | 640 | 55 | 218 |
Differences between foreign currencies and dollar-adjusted financial statements-net | $ 283 | $ 952 | (1,133) | |
Purchase price adjustment for contingent liabilities | (580) | |||
Foreign tax rate differential | $ (44) | $ (13) | $ (101) | |
Undistributed earnings of subsidiary | 490 | |||
Other | 186 | $ (198) | $ (159) | |
Actual income tax expense (benefit) | $ (1,823) | $ 579 | $ (609) | |
Per share effect of the tax benefits arising from ''Approved and Beneficiating Enterprises'' and preferential tax rate in China: Basic | $ 0 | $ (0.04) | $ 0 | |
Per share effect of the tax benefits arising from ''Approved and Beneficiating Enterprises'' and preferential tax rate in China: Diluted | $ 0 | $ (0.04) | $ 0 | |
Decrease in tax expense in respect to a change in the effective tax rate from Beneficiary enterprise | $ 616 | |||
Net operating loss carry forwards | $ 134 | $ 42 | $ 68 | |
[1] | Included within the change in valuation allowance are realized benefits of operating loss carryforwards of $23, $42 and $68, for the years ended December 31, 2015, 2014 and 2013, respectively. | |||
[2] | Including non-deductible share based compensation. |
Income Taxes (Income Taxes In87
Income Taxes (Income Taxes Included in The Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred tax assets: | |||
Allowance for doubtful accounts | $ 184 | $ 136 | |
Accrued warranty | 87 | 114 | |
Unearned revenue | 165 | 125 | |
Accrued expenses | 493 | 448 | |
Net operating losses (NOL) and tax credit carryforwards | 6,823 | 3,761 | |
Other temporary differences | [1] | 197 | 334 |
Total gross deferred tax assets | 7,949 | 4,918 | |
Valuation allowance | (3,087) | (2,953) | |
Deferred tax asset, net of valuation allowance | 4,862 | 1,965 | |
Deferred tax liability: | |||
Property, plant and equipment | (240) | $ (216) | |
Undistributed earnings | (490) | ||
Net deferred tax assets | $ 4,132 | $ 1,749 | |
[1] | Other temporary differences primarily relate to research and development expenses |
Balances and Transactions wit88
Balances and Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Accounts receivable | $ 79 | ||
Accounts payable | |||
Due from affiliated companies | $ 559 | ||
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable | $ 79 | $ 101 | |
Accounts payable | |||
Due from affiliated companies | $ 559 | $ 501 | |
Purchases from Parent and affiliates | 43 | 93 | $ 57 |
Interest income from Parent | 24 | 4 | |
Interest (expense) from Parent | (9) | ||
Sales to Parent and affiliated companies | $ 109 | $ 297 | $ 347 |
Interest rate, related party | 5.50% | 5.50% | 5.50% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivative contracts | $ 3,000 | |
Total Assets | $ 3,000 | |
Foreign currency derivative contracts | $ 89,000 | |
Contingent consideration | 1,900,000 | |
Total Liabilities | $ 1,989,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivative contracts | ||
Total Assets | ||
Foreign currency derivative contracts | ||
Contingent consideration | ||
Total Liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivative contracts | $ 3,000 | |
Total Assets | $ 3,000 | |
Foreign currency derivative contracts | $ 89,000 | |
Contingent consideration | ||
Total Liabilities | $ 89,000 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivative contracts | ||
Total Assets | ||
Foreign currency derivative contracts | ||
Contingent consideration | $ 1,900,000 | |
Total Liabilities | $ 1,900,000 |
Fair Value Measurements (Roll-F
Fair Value Measurements (Roll-Forward of The Fair Value of Level 3 Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Level 3 Liabilities, Beginning Balance | $ 1,900 | $ 2,030 |
Settlement of liabilities | (2,001) | (268) |
Revaluation of fair value included in statement of operations | $ 101 | 138 |
Level 3 Liabilities, Ending Balance | $ 1,900 | |
Printar [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Weighted average cost of capital, percent | 28.00% | |
Contingent consideration | $ 2,000 | |
Total purchase consideration | $ 2,500 |
Subsequent Events (Details)
Subsequent Events (Details) - Rudolph [Member] - USD ($) $ in Thousands | Feb. 03, 2016 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||
Litigation awarded value | $ 15,750 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Litigation awarded value | $ 14,600 |