Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 15, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'LANTRONIX INC | ' |
Entity Central Index Key | '0001114925 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 14,579,764 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,831 | $5,243 |
Accounts receivable, net | 2,778 | 2,599 |
Contract manufacturers' receivable | 329 | 607 |
Inventories, net | 8,527 | 8,741 |
Prepaid expenses and other current assets | 339 | 431 |
Total current assets | 17,804 | 17,621 |
Property and equipment, net | 1,628 | 1,687 |
Goodwill | 9,488 | 9,488 |
Deferred tax assets | 476 | 476 |
Other assets | 87 | 87 |
Total assets | 29,483 | 29,359 |
Current liabilities: | ' | ' |
Accounts payable | 3,162 | 2,870 |
Accrued payroll and related expenses | 1,696 | 1,516 |
Warranty reserve | 175 | 193 |
Short-term debt | 0 | 167 |
Deferred tax liabilities | 476 | 476 |
Other current liabilities | 3,779 | 3,877 |
Total current liabilities | 9,288 | 9,099 |
Non-current liabilities: | ' | ' |
Long-term capital lease obligations | 41 | 54 |
Other non-current liabilities | 233 | 249 |
Total non-current liabilities | 274 | 303 |
Total liabilities | 9,562 | 9,402 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 1 | 1 |
Additional paid-in capital | 204,102 | 203,871 |
Accumulated deficit | -184,553 | -184,286 |
Accumulated other comprehensive income | 371 | 371 |
Total stockholders' equity | 19,921 | 19,957 |
Total liabilities and stockholders' equity | $29,483 | $29,359 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' |
Net revenue | $10,883 | $11,202 |
Cost of revenue | 5,493 | 5,730 |
Gross profit | 5,390 | 5,472 |
Operating expenses: | ' | ' |
Selling, general and administrative | 3,948 | 4,268 |
Research and development | 1,681 | 1,609 |
Total operating expenses | 5,629 | 5,877 |
Loss from operations | -239 | -405 |
Interest expense, net | -9 | -15 |
Other income (expense), net | -6 | 5 |
Loss before income taxes | -254 | -415 |
Provision for income taxes | 13 | 15 |
Net loss and comprehensive loss | -267 | -430 |
Net loss per share (basic and diluted) | ($0.02) | ($0.03) |
Weighted-average shares (basic and diluted) | 14,580 | 14,558 |
Net revenue from related parties | $193 | $292 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net loss | ($267) | ($430) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Share-based compensation | 231 | 231 |
Depreciation | 229 | 218 |
Provision for excess and obsolete inventories | 74 | -3 |
Accounts receivable | -179 | 437 |
Contract manufacturers' receivable | 278 | -34 |
Inventories | 140 | -1,692 |
Prepaid expenses and other current assets | 92 | -169 |
Other assets | 0 | 1 |
Accounts payable | 240 | 1,246 |
Accrued payroll and related expenses | 180 | -692 |
Warranty reserve | -18 | -23 |
Other liabilities | -115 | 418 |
Net cash provided by (used in) operating activities | 885 | -492 |
Investing activities | ' | ' |
Purchases of property and equipment | -118 | -140 |
Net cash used in investing activities | -118 | -140 |
Financing activities | ' | ' |
Payment of term loan | -167 | -167 |
Minimum tax withholding paid on behalf of employees for restricted shares | 0 | -26 |
Payment of capital lease obligations | -12 | -23 |
Net cash used in financing activities | -179 | -216 |
Increase (decrease) in cash and cash equivalents | 588 | -848 |
Cash and cash equivalents at beginning of period | 5,243 | 11,374 |
Cash and cash equivalents at end of period | $5,831 | $10,526 |
1_Basis_of_Presentation
1. Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
1. Basis of Presentation | ' |
The accompanying unaudited condensed consolidated financial statements of Lantronix, Inc. (referred to in these unaudited condensed consolidated financial statements as “Lantronix,” “we,” “us,” or “our”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2013, included in our Annual Report on Form 10-K filed with the SEC on August 29, 2013. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that in the opinion of management, are necessary to present fairly the consolidated financial position of Lantronix at September 30, 2013, and the consolidated results of our operations for the three months ended September 30, 2013 and the consolidated cash flows for the three months ended September 30, 2013. All intercompany accounts and transactions have been eliminated. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year or any future interim periods. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board issued guidance requiring a liability related to an unrecognized tax benefit to be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. The presentation of unrecognized tax benefits as a reduction of a deferred tax asset is consistent with an entity’s analysis of the realizability of its deferred tax assets and, as a result, is not expected to change an entity’s assessment of realizability. For public companies, this guidance is effective on a prospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. We adopted this guidance for the fiscal year beginning July 1, 2013. Such adoption did not have a material impact on our financial statements. |
2_Supplemental_Financial_Infor
2. Supplemental Financial Information | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Financial Information | ' | ||||||||
2. Supplemental Financial Information | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost (first-in, first-out) or market and consist of the following: | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Finished goods | $ | 4,886 | $ | 5,107 | |||||
Raw materials | 2,125 | 2,129 | |||||||
Finished goods held by distributors | 1,309 | 1,429 | |||||||
Large scale integration chips * | 207 | 76 | |||||||
Inventories, net | $ | 8,527 | $ | 8,741 | |||||
* This item is sold individually and is also embedded into our products. | |||||||||
Other Liabilities | |||||||||
The following table presents details of our other liabilities: | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Current | |||||||||
Customer deposits and refunds | $ | 672 | $ | 1,042 | |||||
Accrued raw materials purchases | 1,561 | 1,382 | |||||||
Deferred revenue | 128 | 138 | |||||||
Capital lease obligations | 48 | 47 | |||||||
Taxes payable | 241 | 229 | |||||||
Other accrued liabilities | 1,129 | 1,039 | |||||||
Total other current liabilities | $ | 3,779 | $ | 3,877 | |||||
Non-Current | |||||||||
Deferred rent | $ | 108 | $ | 128 | |||||
Deferred revenue | 125 | 121 | |||||||
Total other non-current liabilities | $ | 233 | $ | 249 | |||||
Computation of Net Loss per Share | |||||||||
Basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the applicable period. | |||||||||
The following table presents the computation of net loss per share: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands, except per share data) | |||||||||
Numerator: | |||||||||
Net loss | $ | (267 | ) | $ | (430 | ) | |||
Denominator: | |||||||||
Weighted-average shares | 14,580 | 14,561 | |||||||
Less: Unvested common shares | – | (3 | ) | ||||||
Weighted-average common shares outstanding (basic and diluted) | 14,580 | 14,558 | |||||||
Net loss per share (basic and diluted) | $ | (0.02 | ) | $ | (0.03 | ) | |||
The following table presents the common stock equivalents excluded from the diluted net loss per share calculation, because they were anti-dilutive for the periods presented. These excluded common stock equivalents could be dilutive in the future. | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Common stock equivalents | 2,357 | 1,404 | |||||||
Supplemental Cash Flow Information | |||||||||
The following table presents non-cash investing and financing transactions excluded from the unaudited condensed consolidated statements of cash flows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accrued property and equipment paid for in the subsequent period | $ | 52 | $ | – | |||||
3_Warranty_Reserve
3. Warranty Reserve | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Standard Product Warranty Disclosure [Abstract] | ' | ||||||||
3. Warranty Reserve | ' | ||||||||
The warranty periods for our products generally range from one to five years. We establish reserves for estimated product warranty costs at the time revenue is recognized based upon our historical warranty experience, and additionally, for any known product warranty issues. Although we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, use of materials or service delivery costs that differ from our estimates. As a result, increases or decreases to warranty reserves could be required, which could impact our gross margins. | |||||||||
The following table presents details of our warranty reserve: | |||||||||
Three Months Ended | Year Ended | ||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Beginning balance | $ | 193 | $ | 232 | |||||
Charged to cost of revenues | (7 | ) | 91 | ||||||
Usage | (11 | ) | (130 | ) | |||||
Ending balance | $ | 175 | $ | 193 | |||||
4_Bank_Line_of_Credit_and_Debt
4. Bank Line of Credit and Debt | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
4. Line of Credit and Term Loan | ' | ||||||||
We have in effect loan agreements with Silicon Valley Bank (“SVB”), which we collectively refer to herein as the “SVB Loan Agreements.” The SVB Loan Agreements provide for (i) a revolving line of credit that in the aggregate may not exceed $4.0 million and (ii) a $2.0 million term loan (the “Term Loan”). The Term Loan was completely paid off in September 2013. | |||||||||
The available borrowing capacity under the revolving line of credit is limited to the lesser of (i) $4.0 million or (ii) the current portion of the trade receivable balance, less 50% of the balance of deferred revenue, less outstanding borrowings on the revolving line of credit. As of September 30, 2013, there were no borrowings outstanding on the revolving line of credit. | |||||||||
The SVB Loan Agreements provide for an interest rate at a rate per annum equal to the greater of the prime rate plus 0.75% or 4.0%, provided that we maintain a monthly quick ratio of 1.0 to 1.0 or greater. The quick ratio measures our ability to use our cash and cash equivalents maintained at SVB (or “quick assets”) to extinguish or retire our current liabilities immediately. If this ratio is not met, the interest rate will become the greater of the prime rate plus 1.25% or 4.0%. | |||||||||
The SVB Loan Agreements require a Minimum Tangible Net Worth (“Minimum TNW”) covenant, which is currently $6.0 million. This amount will adjust upward, as further defined in the agreements, to the extent we raise additional equity or debt financing or achieve net income in future quarters. Our Actual Tangible Net Worth (“Actual TNW”) is calculated as total shareholders’ equity, less goodwill. If we continue to incur net losses, we may have difficulty satisfying the Minimum TNW financial covenant in the future. | |||||||||
The following table sets forth the Minimum TNW compared to our Actual TNW: | |||||||||
30-Sep-13 | |||||||||
(In thousands) | |||||||||
Minimum TNW | $ | 6,000 | |||||||
Actual TNW | $ | 10,433 | |||||||
The following table presents the available borrowing capacity on the revolving line of credit and outstanding letters of credit, which were used as security deposits. To date, we have not used any of the borrowing capacity under the revolving line of credit. | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Available borrowing capacity under the revolving line | $ | 2,157 | $ | 2,187 | |||||
Outstanding letters of credit | $ | 113 | $ | 113 | |||||
5_Stockholders_Equity
5. Stockholders' Equity | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
5. Stockholders' Equity | ' | ||||||||
Share-Based Plans | |||||||||
Our share-based plans permit the granting of stock options (both incentive and nonqualified stock options), stock appreciation rights, non-vested stock, restricted stock units, and performance shares to certain employees, directors and consultants. As of September 30, 2013, no stock appreciation rights, non-vested stock, restricted stock units, or performance shares were outstanding. | |||||||||
Stock Option Awards | |||||||||
The following table presents a summary of activity under all of our stock option plans: | |||||||||
Weighted | |||||||||
Average | |||||||||
Number of | Exercise Price | ||||||||
Shares | per Share | ||||||||
(In thousands) | |||||||||
Balance of options outstanding at June 30, 2013 | 2,305 | $ | 2.63 | ||||||
Options granted | 563 | 1.56 | |||||||
Options forfeited | (8 | ) | 2.17 | ||||||
Options expired | (75 | ) | 2.98 | ||||||
Options exercised | – | – | |||||||
Balance of options outstanding at September 30, 2013 | 2,785 | $ | 2.41 | ||||||
Employee Stock Purchase Plan | |||||||||
Our 2013 Employee Stock Purchase Plan (the “ESPP”) is intended to provide employees with an opportunity to purchase our common stock through accumulated payroll deductions. Each of our employees (including officers) is eligible to participate in the ESPP, subject to certain limitations as defined in the ESPP plan document. We have reserved 1,300,000 shares of our common stock for future issuance under the ESPP. | |||||||||
The following table presents a summary of activity under our ESPP: | |||||||||
Three Months Ended | |||||||||
30-Sep-13 | |||||||||
(In thousands) | |||||||||
Shares available for issuance at July 1, 2013 | 1,300 | ||||||||
Shares reserved for issuance | – | ||||||||
Shares issued | – | ||||||||
Shares available for issuance at September 30, 2013 | 1,300 | ||||||||
The first purchase and issuance of shares under the ESPP is scheduled to occur in November 2013. | |||||||||
Share-Based Compensation Expense | |||||||||
The following table presents a summary of share-based compensation expense included in each functional line item on our unaudited condensed consolidated statements of operations: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Cost of revenues | $ | 13 | $ | 11 | |||||
Selling, general and administrative | 158 | 146 | |||||||
Research and development | 60 | 74 | |||||||
Total share-based compensation expense | $ | 231 | $ | 231 | |||||
As of September 30, 2013, there was approximately $1.5 million and $0.2 million of unrecognized share-based compensation expense related to stock options under our stock incentive plans and stock purchase rights under the ESPP, respectively. These expenses are currently expected to be recognized over a weighted average period of approximately 3.0 years and 1.6 years, respectively. If there are any modifications or cancellations of the underlying unvested share-based awards, we may be required to accelerate, increase or cancel remaining unearned share-based compensation expense. Future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional share-based awards. |
6_Income_Taxes
6. Income Taxes | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
6. Income Taxes | ' | ||||||||
We utilize the liability method of accounting for income taxes. The following table presents our effective tax rates based upon the income tax provision for the periods shown: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Effective tax rate | 5% | 4% | |||||||
The difference between our effective tax rates in the periods presented above and the federal statutory rate is primarily due to a tax benefit from our domestic losses being recorded with a full valuation allowance, as well as the effect of foreign earnings taxed at rates differing from the federal statutory rate. | |||||||||
We record net deferred tax assets to the extent that we believe these assets will more likely than not be realized. As a result of our cumulative losses and uncertainty of generating future taxable income, we have provided a full valuation allowance against our net deferred tax assets as of September 30, 2013 and June 30, 2013. |
7_Litigation_and_Contingencies
7. Litigation and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
7. Litigation | ' |
From time to time, we are subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such legal proceedings or claims that are expected to have, individually or in the aggregate, a material adverse effect on our business, prospects, financial position, operating results or cash flows. | |
1_Basis_of_Presentation_Polici
1. Basis of Presentation (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
The accompanying unaudited condensed consolidated financial statements of Lantronix, Inc. (referred to in these unaudited condensed consolidated financial statements as “Lantronix,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2013, included in our Annual Report on Form 10-K filed with the SEC on August 29, 2013. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that in the opinion of management, are necessary to present fairly the consolidated financial position of Lantronix at September 30, 2013, and the consolidated results of our operations for the three months ended September 30, 2013 and the consolidated cash flows for the three months ended September 30, 2013. All intercompany accounts and transactions have been eliminated. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year or any future interim periods. | |
Recent Accounting Pronouncements | ' |
In July 2013, the Financial Accounting Standards Board issued guidance requiring a liability related to an unrecognized tax benefit to be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. The presentation of unrecognized tax benefits as a reduction of a deferred tax asset is consistent with an entity’s analysis of the realizability of its deferred tax assets and, as a result, is not expected to change an entity’s assessment of realizability. For public companies, this guidance is effective on a prospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. We adopted this guidance for the fiscal year beginning July 1, 2013. Such adoption did not have a material impact on our financial statements. |
2_Supplemental_Financial_Infor1
2. Supplemental Financial Information (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Finished goods | $ | 4,886 | $ | 5,107 | |||||
Raw materials | 2,125 | 2,129 | |||||||
Finished goods held by distributors | 1,309 | 1,429 | |||||||
Large scale integration chips * | 207 | 76 | |||||||
Inventories, net | $ | 8,527 | $ | 8,741 | |||||
* This item is sold individually and is also embedded into our products. | |||||||||
Schedule of Other Liabilities | ' | ||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Current | |||||||||
Customer deposits and refunds | $ | 672 | $ | 1,042 | |||||
Accrued raw materials purchases | 1,561 | 1,382 | |||||||
Deferred revenue | 128 | 138 | |||||||
Capital lease obligations | 48 | 47 | |||||||
Taxes payable | 241 | 229 | |||||||
Other accrued liabilities | 1,129 | 1,039 | |||||||
Total other current liabilities | $ | 3,779 | $ | 3,877 | |||||
Non-Current | |||||||||
Deferred rent | $ | 108 | $ | 128 | |||||
Deferred revenue | 125 | 121 | |||||||
Total other non-current liabilities | $ | 233 | $ | 249 | |||||
Schedule of Computation of Net Loss per Share | ' | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands, except per share data) | |||||||||
Numerator: | |||||||||
Net loss | $ | (267 | ) | $ | (430 | ) | |||
Denominator: | |||||||||
Weighted-average shares | 14,580 | 14,561 | |||||||
Less: Unvested common shares | – | (3 | ) | ||||||
Weighted-average common shares outstanding (basic and diluted) | 14,580 | 14,558 | |||||||
Net loss per share (basic and diluted) | $ | (0.02 | ) | $ | (0.03 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Common stock equivalents | 2,357 | 1,404 | |||||||
Schedule of non-cash investing and financing transactions | ' | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accrued property and equipment paid for in the subsequent period | $ | 52 | $ | – | |||||
3_Warranty_Reserve_Tables
3. Warranty Reserve (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Standard Product Warranty Disclosure [Abstract] | ' | ||||||||
Warranty reserve | ' | ||||||||
Three Months Ended | Year Ended | ||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Beginning balance | $ | 193 | $ | 232 | |||||
Charged to cost of revenues | (7 | ) | 91 | ||||||
Usage | (11 | ) | (130 | ) | |||||
Ending balance | $ | 175 | $ | 193 | |||||
4_Bank_Line_of_Credit_and_Debt1
4. Bank Line of Credit and Debt (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Minimum Tangible Net Worth | ' | ||||||||
30-Sep-13 | |||||||||
(In thousands) | |||||||||
Minimum TNW | $ | 6,000 | |||||||
Actual TNW | $ | 10,433 | |||||||
Outstanding balances of loans | ' | ||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Available borrowing capacity under the revolving line | $ | 2,157 | $ | 2,187 | |||||
Outstanding letters of credit | $ | 113 | $ | 113 | |||||
5_Stockholders_Equity_Tables
5. Stockholders Equity (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of stock option activity | ' | ||||||||
Weighted | |||||||||
Average | |||||||||
Number of | Exercise Price | ||||||||
Shares | per Share | ||||||||
(In thousands) | |||||||||
Balance of options outstanding at June 30, 2013 | 2,305 | $ | 2.63 | ||||||
Options granted | 563 | 1.56 | |||||||
Options forfeited | (8 | ) | 2.17 | ||||||
Options expired | (75 | ) | 2.98 | ||||||
Options exercised | – | – | |||||||
Balance of options outstanding at September 30, 2013 | 2,785 | $ | 2.41 | ||||||
Employee stock purchase plan | ' | ||||||||
Three Months Ended | |||||||||
30-Sep-13 | |||||||||
(In thousands) | |||||||||
Shares available for issuance at July 1, 2013 | 1,300 | ||||||||
Shares reserved for issuance | – | ||||||||
Shares issued | – | ||||||||
Shares available for issuance at September 30, 2013 | 1,300 | ||||||||
Schedule of share-based compensation expense by functional line item | ' | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Cost of revenues | $ | 13 | $ | 11 | |||||
Selling, general and administrative | 158 | 146 | |||||||
Research and development | 60 | 74 | |||||||
Total share-based compensation expense | $ | 231 | $ | 231 | |||||
6_Income_Taxes_Tables
6. Income Taxes (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Taxes Tables | ' | ||||||||
Effective tax rate | ' | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Effective tax rate | 5% | 4% | |||||||
2_Inventories_Detail
2. Inventories (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net | $8,527 | $8,741 |
Finished Goods | ' | ' |
Inventories, net | 4,886 | 5,107 |
Raw Materials | ' | ' |
Inventories, net | 2,125 | 2,129 |
Finished Goods Held By Distributors | ' | ' |
Inventories, net | 1,309 | 1,429 |
Large Scale Integration Chips | ' | ' |
Inventories, net | $207 | $76 |
2_Other_Liabilities_Detail
2. Other Liabilities (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Customer deposits and refunds | $672 | $1,042 |
Accrued raw materials purchases | 1,561 | 1,382 |
Deferred revenue | 128 | 138 |
Capital lease obligations | 48 | 47 |
Taxes payable | 241 | 229 |
Other accrued liabilities | 1,129 | 1,039 |
Total other current liabilities | 3,779 | 3,877 |
Non-current | ' | ' |
Deferred rent | 108 | 128 |
Deferred revenue | 125 | 121 |
Total other non-current liabilities | $233 | $249 |
2_Computation_of_Net_Loss_per_
2. Computation of Net Loss per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' |
Net loss | ($267) | ($430) |
Denominator: | ' | ' |
Weighted-average shares outstanding | 14,580 | 14,561 |
Less: Unvested common shares outstanding | 0 | -3 |
Weighted-average shares outstanding (basic and diluted) | 14,580 | 14,558 |
Net loss per share (basic and diluted) | ($0.02) | ($0.03) |
2_Common_Stock_Equivalents_Det
2. Common Stock Equivalents (Detail) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Other Liabilities Detail | ' | ' |
Common stock equivalents | 2,357 | 1,404 |
2_Supplemental_Cash_Flow_Infor
2. Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Other Liabilities Detail | ' | ' |
Accrued property and equipment paid for in the subsequent period | $52 | $0 |
3_Warranty_Reserve_Details
3. Warranty Reserve (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Standard Product Warranty Disclosure [Abstract] | ' | ' |
Beginning balance | $193 | $232 |
Charged to cost of revenues | -7 | 91 |
Usage | -11 | -130 |
Ending balance | $175 | $193 |
4_Bank_Line_of_Credit_and_Debt2
4. Bank Line of Credit and Debt (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Minimum TNW | $6,000 |
Actual TNW | $10,433 |
4_Available_Borrowing_Capacity
4. Available Borrowing Capacity (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Available borrowing capacity under the revolving line | $2,157 | $2,187 |
Outstanding letters of credit | $113 | $113 |
4_Bank_Line_of_Credit_and_Debt3
4. Bank Line of Credit and Debt (Narrative) | 3 Months Ended |
Sep. 30, 2013 | |
Bank Line Of Credit And Debt Narrative | ' |
Revolving Line | 'The available borrowing capacity under the revolving line of credit is limited to the lesser of (i) $4.0 million or (ii) the current portion of the trade receivable balance, less 50% of the balance of deferred revenue, less outstanding borrowings on the revolving line of credit. As of September 30, 2013, there were no borrowings outstanding on the revolving line of credit. |
Term Loan | 'The SVB Loan Agreements provide for a $2.0 million term loan (the BTerm LoanB). The Term Loan was completely paid off in September 2013. |
5_Stock_Option_Awards_Detail
5. Stock Option Awards (Detail) (Options, USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Options | ' |
Number of shares (in thousands) | ' |
Number of Shares Options Outstanding, Beginning | 2,305 |
Number of Shares Options Granted | 563 |
Number of Shares Options Forfeited | -8 |
Number of Shares Options Expired | -75 |
Number of Shares Options Exercised | 0 |
Number of Shares Options Outstanding, Ending | 2,785 |
Weighted Average Exercise Price per share | ' |
Exercise Price Outstanding, Beginning | $2.63 |
Exercise Price Granted | $1.56 |
Exercise Price Forfeited | $2.17 |
Exercise Price Expired | $2.98 |
Exercise Price Exercised | $0 |
Exercise Price Outstanding, Ending | $2.41 |
5_ESPP_Summary_Detail
5. ESPP Summary (Detail) (ESPP) | 3 Months Ended |
Sep. 30, 2013 | |
ESPP | ' |
Shares available for issuance at beginning of period | 1,300 |
Shares reserved for issuance | 0 |
Shares issued | 0 |
Shares available for issuance at end of period | 1,300 |
5_ShareBased_Compensation_Expe
5. Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Total share-based compensation | $231 | $231 |
Cost of revenues | ' | ' |
Total share-based compensation | 13 | 11 |
Selling, general and administrative | ' | ' |
Total share-based compensation | 158 | 146 |
Research and development | ' | ' |
Total share-based compensation | $60 | $74 |
5_Stockholders_Equity_Narrativ
5. Stockholders Equity (Narrative) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Stock options under stock incentive plans | ' |
Unrecognized share-based compensation expense | $1.50 |
ESPP | ' |
Unrecognized share-based compensation expense | $0.20 |
6_Income_Taxes_Details
6. Income Taxes (Details) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes Details | ' | ' |
Effective tax rate | 5.00% | 4.00% |