Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Entity Registrant Name | ALLIANCE FIBER OPTIC PRODUCTS INC | |
Entity Central Index Key | 1,122,342 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,384,733 | |
Trading Symbol | AFOP |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 14,115 | $ 22,723 |
Short-term investments | 34,369 | 31,857 |
Accounts receivable, net | 10,549 | 10,806 |
Inventories, net | 10,184 | 9,305 |
Deferred tax asset | 3,955 | 3,690 |
Prepaid expenses and other current assets | 2,265 | 2,077 |
Total current assets | 75,437 | 80,458 |
Long-term investments | 10,774 | 10,635 |
Property and equipment, net | 16,117 | 13,868 |
Other assets | 245 | 212 |
Total assets | 102,573 | 105,173 |
Current liabilities: | ||
Accounts payable | 7,014 | 9,236 |
Accrued expenses | 7,927 | 8,699 |
Total current liabilities | 14,941 | 17,935 |
Other long-term liabilities | 966 | 978 |
Total liabilities | $ 15,907 | $ 18,913 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.001: 5,000,000 shares authorized: no shares issued and outstanding at September 30, 2015 and December 31, 2014. | ||
Common stock, par value $0.001: 100,000,000 shares authorized; 17,424,477 and 17,942,595 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively. | $ 17 | $ 18 |
Additional paid-in-capital | 100,812 | 111,622 |
Accumulated deficit | (14,567) | (26,817) |
Accumulated other comprehensive income | 404 | 1,437 |
Stockholders' equity | 86,666 | 86,260 |
Total liabilities and stockholders' equity | $ 102,573 | $ 105,173 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,424,477 | 17,942,595 |
Common stock, shares outstanding | 17,424,477 | 17,942,595 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements of Income and Comprehensive Income [Abstract] | ||||
Revenues | $ 18,060 | $ 18,096 | $ 64,768 | $ 67,177 |
Cost of revenues | 10,963 | 10,957 | 38,384 | 40,429 |
Gross profit | 7,097 | 7,139 | 26,384 | 26,748 |
Operating expenses: | ||||
Research and development | 1,009 | 1,068 | 3,321 | 3,243 |
Selling, marketing and administrative | 2,373 | 1,924 | 7,171 | 6,321 |
Total operating expenses | 3,382 | 2,992 | 10,492 | 9,564 |
Income from operations | 3,715 | 4,147 | 15,892 | 17,184 |
Interest and other income, net | 148 | 226 | 536 | 559 |
Income before income taxes | 3,863 | 4,373 | 16,428 | 17,743 |
Provision for income taxes | (210) | (70) | (4,177) | (4,643) |
Net income | 3,653 | 4,303 | 12,251 | 13,100 |
Other comprehensive income: | ||||
Cumulative translation adjustments | (1,732) | (319) | (1,036) | (380) |
Unrealized gain (loss) on investments | 15 | (2) | 2 | (6) |
Comprehensive income | $ 1,936 | $ 3,982 | $ 11,217 | $ 12,714 |
Net income per share: | ||||
Basic | $ 0.20 | $ 0.23 | $ 0.69 | $ 0.71 |
Diluted | $ 0.20 | $ 0.23 | $ 0.67 | $ 0.69 |
Shares used in computing net income per share: | ||||
Basic | 17,850 | 18,629 | 17,848 | 18,529 |
Diluted | 18,227 | 19,103 | 18,199 | 19,036 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net Income | $ 12,251 | $ 13,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,987 | 2,140 |
Loss on disposal of property and equipment | 8 | 3 |
Stock-based compensation | 2,120 | 1,683 |
Provision for inventory | 60 | (115) |
Deferred tax assets | 1,013 | 2,625 |
Changes in assets and liabilities: | ||
Accounts receivable | 162 | 912 |
Inventories | (1,240) | 1,840 |
Prepaid expenses and other current assets | 94 | 141 |
Other assets | (39) | 32 |
Accounts payable | (1,912) | (2,312) |
Accrued expenses | (852) | 1,106 |
Other long-term liabilities | 13 | 20 |
Net cash provided by operating activities | 13,665 | 21,175 |
Cash flows from investing activities: | ||
Purchase of short-term investments | (55,380) | (25,620) |
Proceeds from sales and maturities of investments | 52,161 | 24,489 |
Purchase of long-term investments | (139) | (136) |
Purchase of property and equipment | (4,692) | (3,615) |
Net cash used in investing activities | (8,050) | (4,882) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock under ESPP | 343 | 340 |
Proceeds from the exercise of stock options | 664 | 580 |
Tax payments related to net share settlements of RSUs | (329) | $ (2,211) |
Repurchase of common stock | (14,887) | |
Net cash used in financing activities | (14,209) | $ (1,291) |
Effect of exchange rate changes on cash and cash equivalents | (14) | (180) |
Net (decrease) increase in cash and cash equivalents | (8,608) | 14,822 |
Cash and cash equivalents at beginning of period | 22,723 | 18,603 |
Cash and cash equivalents at end of period | 14,115 | 33,425 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $ 3,374 | $ 922 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company Alliance Fiber Optic Products, Inc. (the Company) was incorporated in California on December 12, 1995 and reincorporated in Delaware on October 19, 2000. The Company designs, manufactures and markets fiber optic components for communications equipment manufacturers. The Company's headquarters are located in Sunnyvale, California, and it has operations in Taiwan and China. Basis of Presentation The accompanying condensed consolidated balance sheet as of December 31, 2014, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of September 30, 2015 and for the three and nine months ended September 30, 2015 and 2014 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and include the accounts of Alliance Fiber Optic Products, Inc. and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The unaudited condensed consolidated financial statements as of September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014, reflect, in the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial information set forth herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent interim period or for an entire year. There have been no significant changes in the Company's critical accounting policies during the nine months ended September 30, 2015 as compared to what was previously disclosed in the Company's Form 10-K for the fiscal year ended December 31, 2014. Revenue Recognition The Company recognizes revenue upon shipment of its products to customers, provided that it has received a purchase order, the price is fixed, collection of the resulting receivable is reasonably assured and transfer of title and risk of loss has occurred. Subsequent to the sale of products, the Company has no obligation to provide any modification or customization upgrades, enhancements or post contract customer support. Allowance for Doubtful Accounts and Returns Allowances are provided for estimated returns and potential uncollectable trade receivables. Provisions for return allowances are recorded at the time revenue is recognized based on historical returns, current economic trends and changes in customer demand. Such allowances are adjusted periodically to reflect actual and anticipated experience. The Company also identifies specific accounts considered to have a high risk of uncollectability and records an allowance for the full amount. Material differences may result in the amount and timing of revenue for any period than if management had made different judgments or utilized different estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist primarily of money market, corporate bonds and certificates of deposit. Short-Term and Long-Term Investments The Company generally invests its excess cash in certificates of deposit and corporate bonds. Such investments are made in accordance with the Company's investment policy, which establishes guidelines relative to diversification and maturities designed to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. Concentrations of Risk Connectivity products contributed 69.3 77.1 30.7 22.9 Connectivity products contributed 76.5 74.6 23.5 25.4 In the three months ended September 30, 2015 and 2014, the Company's 10 largest customers comprised 70.7 71.2 13.9 10.7 2.1 35.5 In the nine months ended September 30, 2015 and 2014 , the Company's 10 largest customers comprised 75.4 76.2 33.4 40.5 10.0 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Accounting Changes | 9 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements and Accounting Changes [Abstract] | |
Recent Accounting Pronouncements and Accounting Changes | 2. Recent Accounting Pronouncements and Accounting Changes In July 2015, the Financial Accounting Standards Board (FASB) issued new accounting guidance on simplifying the measurement of inventory which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Prior to the issuance of the standard, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). The accounting guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial position or results of operations. In January 2015, the FASB issued guidance which eliminates the concept of extraordinary items in an entity's income statement. The changes in ASU 2015-01 are effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In August 2014, FASB issued a new accounting standard which requires management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern for each annual and interim reporting period and to provide related footnote disclosures in certain circumstances. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements. In May 2014, the FASB issued a new financial accounting standard which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 3. Stockholders' Equity Stock Repurchase Programs. 25 15 6 For the three months ended September, 30, 2015, an aggregate of 528,038 For the nine months ended September, 30, 2015, an aggregate of 313,477 1,082 As of September 30, 2015, both of the October 2014 and November 2011 repurchase programs were closed. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | 4. Stock-based Compensation The Accounting Standards Codification (ASC) 718 requires companies to record compensation expense for stock options measured at fair value, on the date of grant, using an option-pricing model. The fair value of stock options granted and stock purchased pursuant to the Employee Stock Purchase Plan (ESPP) was determined using the Black-Scholes Model. Pursuant to the Company's 2000 Stock Incentive Plan (the 2000 Plan), participants may be granted restricted stock units (RSUs), representing an unfunded, unsecured right to receive shares of the Company's common stock on the date specified in the recipient's award. The RSUs granted under the plan generally vest over two 50 three 33.3 four 25 five 20 award Options granted under the 2000 Plan generally vest over four ten The following information relates to stock option activity for the nine months ended September 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Life Value Outstanding at December 31, 2014 693,100 $ 9.08 Granted 22,000 16.60 Exercised (98,700 ) 6.73 Forfeited (62,400 ) 12.16 Outstanding at September 30, 2015 554,000 $ 9.45 7.72 $ 4,245,879 Vested and expected to vest at September 30, 2015 539,695 $ 9.43 7.70 $ 4,149,051 Exercisable at September 30, 2015 140,467 $ 5.83 5.99 $ 1,583,529 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the third quarter of fiscal 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2015. This amount changes based on the fair market value of the Company's stock. The total intrinsic value of options exercised was $ 0.5 1.1 0.3 1.3 No 22,000 6.7 four Cash received from option exercises during the nine months ended September 30, 2015 and 2014 was $ 0.7 0.6 During the nine months ended September 30, 2015, a total of 31,279 0.3 The following table summarizes employee stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Included in cost of revenue $ 137 $ 87 $ 395 $ 379 Included in operating expenses: Research and development 51 44 155 191 Selling, marketing and administrative 666 305 1,570 1,113 Total 717 349 1,725 1,304 Total stock-based compensation expense $ 854 $ 436 $ 2,120 $ 1,683 |
Inventories, net
Inventories, net | 9 Months Ended |
Sep. 30, 2015 | |
Inventories, net [Abstract] | |
Inventories, net | 5. Inventories, net (in thousands) September 30, December 31, 2015 2014 Inventories: Finished goods $ 2,808 $ 2,545 Work-in-process 4,216 2,970 Raw materials 3,160 3,790 $ 10,184 $ 9,305 The inventory balances shown above are presented net of an allowance for excess and obsolete inventories of $ 1.5 2.4 |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Net Income Per Share [Abstract] | |
Net Income Per Share | 6. Net Income Per Share Basic net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans, and the weighted-average number of shares of common stock outstanding during the period. The following table sets forth the computation of basic and diluted net income per share for the periods indicated (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income $ 3,653 $ 4,303 $ 12,251 $ 13,100 Denominator: Shares used in computing net income per share: Basic 17,850 18,629 17,848 18,529 Diluted 18,227 19,103 18,199 19,036 Net income per share: Basic $ 0.20 $ 0.23 $ 0.69 $ 0.71 Diluted $ 0.20 $ 0.23 $ 0.67 $ 0.69 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | 7. Comprehensive Income Comprehensive income is defined as the change in equity of a company during a period resulting from transactions and other events and circumstances, excluding transactions resulting from investments by owners and distributions to owners. The difference between net income and comprehensive income for the Company is due to foreign exchange translations adjustments and unrealized gain/loss on available-for-sale securities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company is subject to income tax in both the United States and various foreign jurisdictions. The effective tax rate is also affected by the taxable earnings in foreign jurisdictions with various different statutory tax rates. The Company reviews its expected annual effective income tax rates and makes changes on a quarterly basis as necessary based on certain factors such as forecasted annual operating income and valuation of deferred tax assets. The Company's effective tax rate was 25.4 26.2 The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Litigation From time to time, the Company may be involved in litigation in the normal course of business. As of the date of these financial statements, the Company is not aware of any material legal proceedings pending or threatened against the Company. Indemnification and Product Warranty The Company indemnifies certain customers, suppliers and subcontractors for attorney fees and damages and costs awarded against these parties in certain circumstances in which products are alleged to infringe third party intellectual property rights, including patents, trade secrets, trademarks or copyrights. In all cases, there are limits on and exceptions to the potential liability for indemnification relating to intellectual property infringement claims. The Company cannot estimate the amount of potential future payments, if any, that it might be required to make as a result of these agreements. As of September 30, 2015, the Company has not paid any claim or been required to defend any action related to indemnification obligations, and accordingly, the Company has not accrued any amounts for such indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company generally warrants products against defects in materials and workmanship and nonconformance to specifications for varying lengths of time. If there is a material increase in customer claims compared with historical experience, or if costs of servicing warranty claims are greater than expected, the Company may record a charge against cost of revenues. The Company accrued $ 0.07 0.08 Operating Leases The Company leases office space under long-term operating leases expiring at various dates through 2019. The Company's aggregate future minimum facility lease payments as of September 30, 2015 were as follows (in thousands): Years ending December 31: 2015 (remaining three months of the year) $ 243 2016 1,024 2017 657 2018 430 2019 377 Total $ 2,731 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions As of September 30, 2015, based on information filed with the Securities and Exchange Commission in September 2015, Foxconn Holding Limited (Foxconn) and Hon Hai Precision Industry Co. Ltd. (Hon Hai) held 15.6 Sales of products to Hon Hai were $ 0.01 0.02 0.5 1.7 0.01 0.5 Sales of products to Hon Hai were $ 0.01 0.03 0.4 1.4 0.01 0.4 |
Fair Value of Financial instrum
Fair Value of Financial instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial instruments [Abstract] | |
Fair Value of Financial instruments | 11. Fair Value of Financial instruments U.S. GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact a purchase or sale and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. The Company uses a fair value hierarchy established by U.S. GAAP that established a three-tiered fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable to prioritize inputs used to measure fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is available and significant to the fair value measurement. Those tiers are defined as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. Level 3 inputs are unobservable and shall be used to the extent that observable inputs are not available in the overall fair value measurement. In accordance with the U.S. GAAP Codification Topic 820, the following table represents the fair value hierarchy for the Company's financial assets (investments) measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable September 30, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 2,325 $ 2,325 $ - $ - Marketable Securities: Time deposits 19,273 19,273 - - Corporate bonds 15,096 - 15,096 - Long-term investments: Time deposits 10,774 10,774 - - Total $ 47,468 $ 32,372 $ 15,096 $ - Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2014 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 4,070 $ 4,070 $ - $ - Marketable Securities: Time deposits 21,782 21,782 - - Corporate bonds 10,075 - 10,075 - Long-term investments: Time deposits 10,635 10,635 - - Total $ 46,562 $ 36,487 $ 10,075 $ - As of September 30, 2015 and December 31, 2014, the Company held investments in corporate bonds, certificates of deposit, and money market securities. The Company's cash and cash equivalents consist of investments with original maturities of 90 days or less from the date of purchase. The Company's short-term investments consist of corporate bonds and certificates of deposit with original maturities of 91 days or more from the date of purchase. The Company's long-term investments consist certificates of deposit with original maturities of 365 days or more from the date of purchase. |
Geographic Segment Information
Geographic Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Geographic Segment Information [Abstract] | |
Geographic Segment Information | 12. Geographic Segment Information The Company operates in a single industry segment. This industry segment is characterized by rapid technological change and significant competition. The following is a summary of the Company's revenues generated by geographic segments, revenues generated by product lines and identifiable assets located in these segments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues North America $ 7,736 $ 11,594 $ 37,872 $ 40,202 Europe 4,058 2,596 13,691 14,754 Asia 6,266 3,906 13,205 12,221 $ 18,060 $ 18,096 $ 64,768 $ 67,177 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Connectivity Products $ 12,512 $ 13,943 $ 49,578 $ 50,143 Optical Passive Products 5,548 4,153 15,190 17,034 $ 18,060 $ 18,096 $ 64,768 $ 67,177 September 30, December 31, 2015 2014 Property and Equipment United States $ 192 $ 185 Taiwan 8,624 8,568 China 7,301 5,115 $ 16,117 $ 13,868 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet as of December 31, 2014, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of September 30, 2015 and for the three and nine months ended September 30, 2015 and 2014 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and include the accounts of Alliance Fiber Optic Products, Inc. and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The unaudited condensed consolidated financial statements as of September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014, reflect, in the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial information set forth herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent interim period or for an entire year. There have been no significant changes in the Company's critical accounting policies during the nine months ended September 30, 2015 as compared to what was previously disclosed in the Company's Form 10-K for the fiscal year ended December 31, 2014. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue upon shipment of its products to customers, provided that it has received a purchase order, the price is fixed, collection of the resulting receivable is reasonably assured and transfer of title and risk of loss has occurred. Subsequent to the sale of products, the Company has no obligation to provide any modification or customization upgrades, enhancements or post contract customer support. |
Allowance for Doubtful Accounts and Returns | Allowance for Doubtful Accounts and Returns Allowances are provided for estimated returns and potential uncollectable trade receivables. Provisions for return allowances are recorded at the time revenue is recognized based on historical returns, current economic trends and changes in customer demand. Such allowances are adjusted periodically to reflect actual and anticipated experience. The Company also identifies specific accounts considered to have a high risk of uncollectability and records an allowance for the full amount. Material differences may result in the amount and timing of revenue for any period than if management had made different judgments or utilized different estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist primarily of money market, corporate bonds and certificates of deposit. |
Short-Term and Long-Term Investments | Short-Term and Long-Term Investments The Company generally invests its excess cash in certificates of deposit and corporate bonds. Such investments are made in accordance with the Company's investment policy, which establishes guidelines relative to diversification and maturities designed to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. |
Concentrations of Risk | Concentrations of Risk Connectivity products contributed 69.3 77.1 30.7 22.9 Connectivity products contributed 76.5 74.6 23.5 25.4 In the three months ended September 30, 2015 and 2014, the Company's 10 largest customers comprised 70.7 71.2 13.9 10.7 2.1 35.5 In the nine months ended September 30, 2015 and 2014 , the Company's 10 largest customers comprised 75.4 76.2 33.4 40.5 10.0 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-based Compensation [Abstract] | |
Schedule of Stock Options Activity | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Life Value Outstanding at December 31, 2014 693,100 $ 9.08 Granted 22,000 16.60 Exercised (98,700 ) 6.73 Forfeited (62,400 ) 12.16 Outstanding at September 30, 2015 554,000 $ 9.45 7.72 $ 4,245,879 Vested and expected to vest at September 30, 2015 539,695 $ 9.43 7.70 $ 4,149,051 Exercisable at September 30, 2015 140,467 $ 5.83 5.99 $ 1,583,529 |
Schedule of Employee Stock-Based Compensation Expense | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Included in cost of revenue $ 137 $ 87 $ 395 $ 379 Included in operating expenses: Research and development 51 44 155 191 Selling, marketing and administrative 666 305 1,570 1,113 Total 717 349 1,725 1,304 Total stock-based compensation expense $ 854 $ 436 $ 2,120 $ 1,683 |
Inventories, net (Tables)
Inventories, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories, net [Abstract] | |
Schedule of Inventories | September 30, December 31, 2015 2014 Inventories: Finished goods $ 2,808 $ 2,545 Work-in-process 4,216 2,970 Raw materials 3,160 3,790 $ 10,184 $ 9,305 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Net Income Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Income Per Share | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income $ 3,653 $ 4,303 $ 12,251 $ 13,100 Denominator: Shares used in computing net income per share: Basic 17,850 18,629 17,848 18,529 Diluted 18,227 19,103 18,199 19,036 Net income per share: Basic $ 0.20 $ 0.23 $ 0.69 $ 0.71 Diluted $ 0.20 $ 0.23 $ 0.67 $ 0.69 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule of Aggregate Future Minimum Facility Lease Payments | Years ending December 31: 2015 (remaining three months of the year) $ 243 2016 1,024 2017 657 2018 430 2019 377 Total $ 2,731 |
Fair Value of Financial instr23
Fair Value of Financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial instruments [Abstract] | |
Schedule of Financial Assets at Fair Value | Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable September 30, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 2,325 $ 2,325 $ - $ - Marketable Securities: Time deposits 19,273 19,273 - - Corporate bonds 15,096 - 15,096 - Long-term investments: Time deposits 10,774 10,774 - - Total $ 47,468 $ 32,372 $ 15,096 $ - Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2014 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 4,070 $ 4,070 $ - $ - Marketable Securities: Time deposits 21,782 21,782 - - Corporate bonds 10,075 - 10,075 - Long-term investments: Time deposits 10,635 10,635 - - Total $ 46,562 $ 36,487 $ 10,075 $ - |
Geographic Segment Information
Geographic Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Geographic Segment Information [Abstract] | |
Schedule of Segment Reporting Information | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues North America $ 7,736 $ 11,594 $ 37,872 $ 40,202 Europe 4,058 2,596 13,691 14,754 Asia 6,266 3,906 13,205 12,221 $ 18,060 $ 18,096 $ 64,768 $ 67,177 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Connectivity Products $ 12,512 $ 13,943 $ 49,578 $ 50,143 Optical Passive Products 5,548 4,153 15,190 17,034 $ 18,060 $ 18,096 $ 64,768 $ 67,177 September 30, December 31, 2015 2014 Property and Equipment United States $ 192 $ 185 Taiwan 8,624 8,568 China 7,301 5,115 $ 16,117 $ 13,868 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||||
Accounts receivable, net | $ 10,549 | $ 10,549 | $ 10,806 | ||
Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable, net | $ 2,100 | $ 2,100 | |||
Sales [Member] | Product Concentration Risk [Member] | Connectivity Products [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 69.30% | 77.10% | 76.50% | 74.60% | |
Sales [Member] | Product Concentration Risk [Member] | Optical Passive Products [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 30.70% | 22.90% | 23.50% | 25.40% | |
Sales [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 70.70% | 71.20% | 75.40% | 76.20% | |
Sales [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 13.90% | 35.50% | 33.40% | 40.50% | |
Sales [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 10.70% | 10.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($)shares | Sep. 30, 2015USD ($)shares | |
August 2015 Program [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ | $ 25 | $ 25 |
Shares repurchased during period | 528,038 | |
2014 October Program [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ | $ 15 | $ 15 |
Shares repurchased during period | 313,477 | |
November 2011 Program [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ | $ 6 | $ 6 |
Shares repurchased during period | 1,082 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance | shares | 693,100 |
Granted | shares | 22,000 |
Exercised | shares | (98,700) |
Forfeited | shares | (62,400) |
Outstanding, ending balance | shares | 554,000 |
Vested and expected to vest, end of period | shares | 539,695 |
Exercisable, end of period | shares | 140,467 |
Weighted Average Exercise Price | |
Outstanding, beginning balance | $ 9.08 |
Granted | 16.60 |
Exercised | 6.73 |
Forfeited | 12.16 |
Outstanding, ending balance | 9.45 |
Vested and expected to vest, end of period | 9.43 |
Exercisable, end of period | $ 5.83 |
Weighted Average Remaining Contractual Life | |
Outstanding, ending balance | 7 years 8 months 19 days |
Vested and expected to vest, end of period | 7 years 8 months 12 days |
Exercisable, end of period | 5 years 11 months 26 days |
Aggregate Intrinsic Value | |
Outstanding, ending balance | $ | $ 4,245,879 |
Vested and expected to vest, end of period | $ | 4,149,051 |
Exercisable, end of period | $ | $ 1,583,529 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from the exercise of stock options | $ 664 | $ 580 | ||
Proceeds from issuance of common stock under ESPP | 343 | 340 | ||
Compensation costs | $ 854 | $ 436 | 2,120 | 1,683 |
Unrecognized compensation cost | 6,700 | $ 6,700 | ||
Unrecognized compensation cost, recognition period | 4 years | |||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Vesting rate | 50.00% | |||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Vesting rate | 33.30% | |||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Vesting rate | 20.00% | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Plan duration | 10 years | |||
Intrinsic value of options exercised | $ 500 | $ 300 | $ 1,100 | $ 1,300 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares were issued under ESPP | 31,279 | |||
Proceeds from issuance of common stock under ESPP | $ 300 |
Stock-based Compensation (Sch29
Stock-based Compensation (Schedule of Employee Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 854 | $ 436 | $ 2,120 | $ 1,683 |
Cost of Revenue [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 137 | 87 | 395 | 379 |
Research and Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 51 | 44 | 155 | 191 |
Sales, Marketing and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 666 | 305 | 1,570 | 1,113 |
Operating Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 717 | $ 349 | $ 1,725 | $ 1,304 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories, net [Abstract] | ||
Finished goods | $ 2,808 | $ 2,545 |
Work-in-process | 4,216 | 2,970 |
Raw materials | 3,160 | 3,790 |
Inventory, Net | 10,184 | 9,305 |
Allowance for excess and obsolete inventories | $ 1,500 | $ 2,400 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income | $ 3,653 | $ 4,303 | $ 12,251 | $ 13,100 |
Weighted average of common shares outstanding | ||||
Basic | 17,850 | 18,629 | 17,848 | 18,529 |
Diluted | 18,227 | 19,103 | 18,199 | 19,036 |
Net income per share: | ||||
Basic | $ 0.20 | $ 0.23 | $ 0.69 | $ 0.71 |
Diluted | $ 0.20 | $ 0.23 | $ 0.67 | $ 0.69 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | ||
Effective tax rate | 25.40% | 26.20% |
Commitments and Contingencies33
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Indemnification and Product Warranty: | ||
Accrued warranty reserves | $ 70 | $ 80 |
Operating Leases: | ||
2015 (remaining three months of the year) | 243 | |
2,016 | 1,024 | |
2,017 | 657 | |
2,018 | 430 | |
2,019 | 377 | |
Total | $ 2,731 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Foxconn Holding Limited ('Foxconn') and Hon Hai Precision Industry Co. Ltd. ('Hon Hai') [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 15.60% | 15.60% | ||
Hon Hai Precision Industry Co. Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net sales to related party | $ 10 | $ 10 | $ 20 | $ 30 |
Purchases of raw materials from related party | 500 | 400 | 1,700 | 1,400 |
Amounts due from related party | 10 | 10 | 10 | 10 |
Amounts due to related party | $ 500 | $ 400 | $ 500 | $ 400 |
Fair Value of Financial instr35
Fair Value of Financial instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 2,325 | $ 4,070 |
Total | 47,468 | 46,562 |
Short-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 19,273 | 21,782 |
Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 15,096 | 10,075 |
Long-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 10,774 | 10,635 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,325 | 4,070 |
Total | 32,372 | 36,487 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 19,273 | $ 21,782 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | ||
Fair Value, Inputs, Level 1 [Member] | Long-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 10,774 | $ 10,635 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | ||
Total | $ 15,096 | $ 10,075 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 15,096 | $ 10,075 |
Fair Value, Inputs, Level 2 [Member] | Long-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | Short-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | ||
Fair Value, Inputs, Level 3 [Member] | Long-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments |
Geographic Segment Informatio36
Geographic Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Revenues | |||||
Revenues | $ 18,060 | $ 18,096 | $ 64,768 | $ 67,177 | |
Property and Equipment | |||||
Property and Equipment, net | 16,117 | 16,117 | $ 13,868 | ||
North America [Member] | |||||
Revenues | |||||
Revenues | 7,736 | 11,594 | 37,872 | 40,202 | |
Europe [Member] | |||||
Revenues | |||||
Revenues | 4,058 | 2,596 | 13,691 | 14,754 | |
Asia [Member] | |||||
Revenues | |||||
Revenues | 6,266 | 3,906 | 13,205 | 12,221 | |
United States [Member] | |||||
Property and Equipment | |||||
Property and Equipment, net | 192 | 192 | 185 | ||
Taiwan [Member] | |||||
Property and Equipment | |||||
Property and Equipment, net | 8,624 | 8,624 | 8,568 | ||
China [Member] | |||||
Property and Equipment | |||||
Property and Equipment, net | 7,301 | 7,301 | $ 5,115 | ||
Connectivity Products [Member] | |||||
Revenues | |||||
Revenues | 12,512 | 13,943 | 49,578 | 50,143 | |
Optical Passive Products [Member] | |||||
Revenues | |||||
Revenues | $ 5,548 | $ 4,153 | $ 15,190 | $ 17,034 |