Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 03, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ALLIANCE FIBER OPTIC PRODUCTS INC | ||
Entity Central Index Key | 1,122,342 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | true | ||
Amendment Description | Alliance Fiber Optic Products, Inc. is filing this Amendment No. 1, (the “Amended Report”), to our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission, or the SEC, on March 11, 2016, (the “Original Report”) in order to add certain information required by the following items of Form 10-K: Item Description ITEM 10. Directors, Executive Officers and Corporate Governance ITEM 11. Executive Compensation ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ITEM 13. Certain Relationships and Related Transactions, and Director Independence ITEM 14. Principal Accounting Fees and Services We hereby amend Items 10, 11, 12, 13 and 14 of Part III of our Original Report by deleting the text of such Items 10, 11, 12, 13 and 14 in their entirety and replacing them with the information provided below under the respective headings. The Amended Report does not affect any other items in our Original Report. As a result of this amendment, we are also filing as exhibits to this Amended Report the certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002. Because no financial statements are contained in this Amended Report, we are not including certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Except as otherwise expressly stated for the items amended in this Amended Report, this Amended Report continues to speak as of the date of the Original Report and we have not updated the disclosure contained herein to reflect events that have occurred since the filing of the Original Report. In addition, we have not updated the disclosure contained herein to reflect the impact of our proposed merger with a subsidiary of Corning Incorporate announced on April 7, 2016 on the compensation of our executive officers, including, without limitation, the vesting of equity awards. Accordingly, this Amended R | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 241,321,495 | ||
Entity Common Stock, Shares Outstanding | 15,788,585 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AFOP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 6,157 | $ 22,723 |
Short-term investments | 17,831 | 31,857 |
Accounts receivable, net | 12,547 | 10,806 |
Inventories, net | 10,919 | 9,305 |
Deferred tax asset, net | 3,848 | 3,690 |
Prepaid expenses and other current assets | 2,121 | 2,077 |
Total current assets | 53,423 | 80,458 |
Long-term investments | 10,821 | 10,635 |
Property and equipment, net | 16,183 | 13,868 |
Other assets | 206 | 212 |
Total assets | 80,633 | 105,173 |
Current liabilities: | ||
Accounts payable | 6,059 | 9,236 |
Accrued expenses and other current liabilities | 9,510 | 8,699 |
Total current liabilities | 15,569 | 17,935 |
Long-term liabilities: | 2,194 | 978 |
Total liabilities | $ 17,763 | $ 18,913 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.001: 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2015 and 2014, respectively | ||
Common stock, par value $0.001: 100,000,000 shares authorized; 15,786,785 and 17,942,595 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 16 | $ 18 |
Additional paid-in-capital | 76,462 | 111,622 |
Accumulated deficit | (13,779) | (26,817) |
Accumulated other comprehensive income | 171 | 1,437 |
Total stockholders' equity | 62,870 | 86,260 |
Total liabilities and stockholders' equity | $ 80,633 | $ 105,173 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 15,786,785 | 17,942,595 |
Common stock, shares outstanding | 15,786,785 | 17,942,595 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||
Revenues | $ 81,189 | $ 85,987 | $ 76,070 |
Cost of revenues | 48,154 | 51,770 | 46,952 |
Gross profit | 33,035 | 34,217 | 29,118 |
Operating expenses: | |||
Research and development | 4,411 | 4,340 | 3,702 |
Selling, marketing and administrative | 9,430 | 8,274 | 8,315 |
Total operating expenses | 13,841 | 12,614 | 12,017 |
Income from operations | 19,194 | 21,603 | 17,101 |
Interest and other income, net | 623 | 769 | 708 |
Income before benefit (provision) for income taxes | 19,817 | 22,372 | 17,809 |
Benefit (provision) for income taxes | (6,779) | (7,864) | 999 |
Net income | 13,038 | 14,508 | 18,808 |
Foreign currency translation adjustments | (1,275) | (961) | (392) |
Net unrealized gain (loss) on investments available for sale | 9 | (15) | 10 |
Comprehensive income | $ 11,772 | $ 13,532 | $ 18,426 |
Net income per share: | |||
Basic | $ 0.74 | $ 0.78 | $ 1.06 |
Diluted | $ 0.73 | $ 0.77 | $ 1.02 |
Shares used in computing net income per share: | |||
Basic | 17,648 | 18,488 | 17,785 |
Diluted | 17,945 | 18,935 | 18,481 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 13,038 | $ 14,508 | $ 18,808 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,731 | 2,799 | 2,175 |
Stock based compensation | 2,936 | 2,160 | 1,917 |
Loss on disposal of property and equipment | 8 | 3 | 107 |
Provision for (recovery of) inventory valuation | 38 | (30) | (84) |
Deferred tax assets | (158) | 2,346 | (2,334) |
Changes in assets and liabilities: | |||
Accounts receivable | (1,300) | 760 | (3,520) |
Inventories | (2,066) | 1,355 | (3,613) |
Prepaid expenses and other current assets | (609) | (332) | (579) |
Other assets | (1) | (14) | 51 |
Accounts payable | (2,830) | (2,421) | 5,066 |
Accrued expenses and other current liabilities | 725 | 1,565 | 3,019 |
Long-term liabilities | 1,554 | 378 | (16) |
Net cash provided by operating activities | 14,066 | 23,077 | 20,997 |
Cash flows from investing activities: | |||
Purchase of short-term investments | (57,752) | (35,438) | (21,492) |
Proceeds from sales and maturities of short-term investments | 71,055 | 31,643 | 21,908 |
Purchase of long-term investments | (186) | (182) | (179) |
Purchase of property and equipment | (5,587) | (3,980) | (7,830) |
Net cash provided by (used in) investing activities | 7,530 | (7,957) | (7,593) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock under ESPP | 673 | 661 | 521 |
Proceeds from the exercise of stock options | 669 | 607 | 5,239 |
Tax payments related to net share settlements of RSUs | 732 | 501 | (1,326) |
Repurchase of common stock | $ (40,172) | (9,676) | (873) |
Payment of dividends | (2,700) | (2,761) | |
Net cash (used in) provided by financing activities | $ (38,098) | (10,607) | 800 |
Effect of exchange rate changes on cash and cash equivalents | (64) | (393) | (394) |
Net (decrease) increase in cash and cash equivalents | (16,566) | 4,120 | 13,810 |
Cash and cash equivalents at beginning of year | 22,723 | 18,603 | 4,793 |
Cash and cash equivalents at end of year | 6,157 | 22,723 | 18,603 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | $ (3,385) | $ (1,092) | $ (433) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Deferred Stock-based Compensation [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] |
Balance at Dec. 31, 2012 | $ 60,031 | $ 18 | $ 109,485 | $ 2,406 | $ (54,672) | $ 2,794 |
Balance, shares at Dec. 31, 2012 | 17,265 | |||||
Deferred stock-based compensation | 1,917 | 1,917 | ||||
Issuance of stock on exercise of options and RSUs | 3,913 | $ 5,239 | $ (1,326) | |||
Issuance of stock on exercise of options and RSUs, shares | 1,210 | |||||
Issuance of stock purchased through ESPP | 521 | $ 521 | ||||
Issuance of stock purchased through ESPP, shares | 92 | |||||
Issuance of cash dividends | (2,761) | $ (2,761) | ||||
Repurchase of common stock | (873) | $ (873) | ||||
Repurchase of common stock, shares | (159) | |||||
Net income | 18,808 | $ 18,808 | ||||
Other comprehensive loss | (382) | $ (382) | ||||
Balance at Dec. 31, 2013 | 81,174 | $ 18 | $ 114,372 | $ 2,997 | $ (38,625) | $ 2,412 |
Balance, shares at Dec. 31, 2013 | 18,408 | |||||
Deferred stock-based compensation | 2,160 | 2,160 | ||||
Issuance of stock on exercise of options and RSUs | 1,108 | $ 2,491 | $ (1,383) | |||
Issuance of stock on exercise of options and RSUs, shares | 224 | |||||
Issuance of stock purchased through ESPP | 661 | $ 661 | ||||
Issuance of stock purchased through ESPP, shares | 51 | |||||
Issuance of cash dividends | (2,700) | $ (2,700) | ||||
Repurchase of common stock | (9,676) | $ (9,676) | ||||
Repurchase of common stock, shares | (740) | |||||
Net income | 14,508 | $ 14,508 | ||||
Other comprehensive loss | (975) | $ (975) | ||||
Balance at Dec. 31, 2014 | 86,260 | $ 18 | $ 107,848 | $ 3,774 | $ (26,817) | $ 1,437 |
Balance, shares at Dec. 31, 2014 | 17,943 | |||||
Deferred stock-based compensation | 2,936 | 2,936 | ||||
Issuance of stock on exercise of options and RSUs | 1,401 | $ 4,293 | $ (2,892) | |||
Issuance of stock on exercise of options and RSUs, shares | 295 | |||||
Issuance of stock purchased through ESPP | 673 | 673 | ||||
Issuance of stock purchased through ESPP, shares | 60 | |||||
Repurchase of common stock | (40,172) | $ (2) | $ (40,170) | |||
Repurchase of common stock, shares | (2,511) | |||||
Net income | 13,038 | $ 13,038 | ||||
Other comprehensive loss | (1,266) | $ (1,266) | ||||
Balance at Dec. 31, 2015 | $ 62,870 | $ 16 | $ 72,644 | $ 3,818 | $ (13,779) | $ 171 |
Balance, shares at Dec. 31, 2015 | 15,787 |
The Company and summary of sign
The Company and summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2015 | |
The Company and summary of significant accounting policies [Abstract] | |
The Company and summary of significant accounting policies | 1. The Company and 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. Use of estimates The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates involve those required in the assessment of the allowances for sales returns, doubtful accounts, potential excess or obsolete inventory, the valuation of stock-based compensation and the valuation of deferred tax assets. Actual results could differ from those estimates. Basis of presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Foreign currency translation The Company's operations through foreign subsidiaries use the local currency as their functional currency. All assets and liabilities of the subsidiaries are translated at rates of exchange as of the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. Gains and losses resulting from foreign currency translation are recorded as a separate component of other comprehensive income in stockholders' equity. Foreign currency transaction gains and losses are recorded in interest and other income and have not been material. Cash, cash equivalents, short-term and long-term investments The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash deposited in money market, certificate of deposit, and checking accounts. The Company accounts for its investments under the provisions of Accounting Standards Codification (ASC) 320 Investments - Debt and Equity Securities. Investments in highly liquid financial instruments with remaining maturities greater than three months and maturities of less than one year are classified as short-term investments. Financial instruments with remaining maturities greater than one year are classified as long-term investments. All investments are classified as available-for-sale and are reported at fair value using the specific identification method with net unrealized gain/(loss) reported, net of tax as other comprehensive gain/(loss) in stockholders' equity. The fair value of the Company's available-for-sale securities are based on quoted market prices or other methodologies for those investments with no quoted market prices at the balance sheet dates. The Company's financial instruments also include accounts receivable, accounts payable and are carried at cost, which approximates the fair value of these instruments. Fair value of financial instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company 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, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. The Company's valuation techniques used to measure the fair value of money market funds and certain marketable equity securities were derived from quoted prices in active markets for identical assets or liabilities. In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments. Allowance for doubtful accounts The Company performs periodic credit evaluations of its customers' financial condition. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of customers to make required payments. When the Company becomes aware that a specific customer is unable to meet its financial obligations, for example, as a result of bankruptcy or deterioration in the customer's operating results or financial position, the Company records a specific allowance to reflect the level of credit risk in the customer's outstanding receivable balance. The Company is not able to predict changes in the financial condition of customers, and if circumstances related to customers deteriorate, estimates of the recoverability of trade receivables could be materially affected and the Company may be required to record additional allowances. Alternatively, if the Company provides more allowances than the Company needs, the Company may reverse a portion of such provisions in future periods based on actual collection experience. In addition, the Company records additional allowances based on historical sales returns as explained under the revenue recognition section. Inventories, net Inventories are stated at the lower of cost or market, with cost being determined using standard cost, which approximates actual cost on a first-in, first-out basis. Market value is determined as the lower of replacement cost or net realizable value. We regularly review our inventories for obsolescence and reserves are established when necessary. Provisions are made for excess and obsolete inventory based on historical usage and management's estimates of future demand. Inventory reserves, once established, are only reversed upon sale or disposition of related inventory. Inventory reserves were $ 1.4 2.4 2.4 Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment charges. Depreciation is computed using the straight-line method based on estimated useful lives of 25 two 10 five two four 2.7 2.8 2.2 Impairment of Long-lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value based on fair market values. Revenue recognition The Company recognizes revenue upon shipment of its products to its customers, provided that the Company 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 its products, the Company has no obligation to provide any modification or customization upgrades, enhancements or post contract customer support. Allowances are provided for estimated returns. A provision for estimated sales return allowances is 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. Such adjustments, which are recorded against revenue in the period, have generally not been material. The Company accrued $ 0.07 0.08 0.06 Shipping and handling expenses Shipping and handling expenses are included in cost of revenue. Research and development expenses Research and development costs are charged to expense as incurred. Advertising expenses Advertising costs are charged to expense as incurred and have not been material in 2015, 2014 and 2013. Sales taxes The Company accounts for taxes charged to its customers and collected on behalf of taxing authorities on a net basis. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. The Company applies ASC 740 which utilizes a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit that is greater than 50% likely to be realized. The Company has elected to include interest and penalties related to its tax contingencies in income tax expense. The Company files a U.S. federal tax return and returns with the State of California and the State of Georgia. The Company has determined that its major tax jurisdictions are the United States, California, Georgia, Taiwan and China. The Company follows the provisions of ASC 740-10-25, Income Taxes: Recognition ("ASC 740-10-25"). The total amount of unrecognized tax benefits as of December 31, 2015, 2014 and 2013 were $1.1 million, $1.1 million and $0.7 million respectively. The Company does not anticipate any significant change to its unrecognized tax positions over the next 12 months. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate were $ 0.7 0.7 0.3 A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits for the years ended December 31, 2015 and 2014 are as follows: Balance at December 31, 2013 $ 683 Additions for tax positions of the prior year 280 Additions for tax positions of the current year 117 Balance at December 31, 2014 $ 1,080 Additions for tax positions of the current year 10 Reductions for tax positions of the prior year (18 ) Balance at December 31, 2015 $ 1,072 The Company recognizes interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes. During the years ended December 31, 2015, 2014 and 2013, the Company recognized approximately $ 0.2 0.1 0.1 Deferred tax assets pertaining to windfall tax benefits on the exercise of share awards and the corresponding credit to additional paid-in capital are recorded if the related tax deduction reduces tax payable. The Company has elected the with-and-without approach excluding indirect tax effects regarding ordering of windfall tax benefits to determine whether the windfall tax benefit reduced taxes payable in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only if an incremental tax benefit is realized after considering all other tax benefits presently available to the Company without considering available income tax credits. The Company's deferred tax assets as of December 31, 2015, 2014 and 2013 do not include $ 0.7 0.6 1.8 The Company files income tax returns in the United States (federal), Taiwan, China and in various state and local jurisdictions. The Company is no longer subject to federal income tax examinations by tax authorities for years prior to 2012, California State and China income tax examination by tax authorities for years prior to 2011, and Taiwan income tax examinations by tax authorities for years prior to 2009. The Company is not currently under examination by any federal, state or local jurisdiction. It is not anticipated that unrecognized tax benefits will significantly change in the next twelve months. Stock-based compensation The Company estimates the fair value of the share-based payment awards on the date of grant using an option pricing model. The value of awards that are ultimately expected to vest is recognized as an expense over the requisite employee service period. Comprehensive income Comprehensive income is defined as the change in equity of a company from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income consists of cumulative translation adjustments and unrealized gains on short-term investments and is disclosed in the consolidated statements of stockholders' equity. Recent accounting pr onouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee's right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee's obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The Company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on its consolidated financial statements. In July 2015, 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 consolidated financial statements. 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 adoption of this guidance is not expected to have a material impact on the Company's 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, 2016. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 2. Stockholders' Equity Preferred Stock. Common Stock. 20,000,000 2 9,061,568 18,123,136 Stock Repurchase Programs. 25.0 35 nt of common stock in any period and the program may be modified or suspended at any time. The duration of the repurchase program is open-ended. For the year ended December 31, 2015, an aggregate of 2,196,632 On October 29, 2014, the Company announced a program to repurchase up to $ 15 313,478 740,190 On November 30, 2011, the Company announced a program to repurchase up to $ 6 1,081 158,798 Dividends. 0.15 0.15 Stockholder Rights Plan. one one five five one no 15 15 1 15 10 which would result in any person, entity or group of affiliated or associated persons and/or entities becoming an Acquiring Person (unless such tender offer or exchange offer is a Permitted Offer as defined in the Restated Rights Plan). As soon as practicable following the Distribution Date, separate certificates evidencing the Rights ("Rights Certificates") will be mailed to holders of record of the common stock as of the close of business on the Distribution Date, and the separate Rights Certificate s alone will evidence the Rights The Rights are not exercisable until the Distribution Date. The Rights will expire on the earliest of (i) May 29, 2021, (ii) consummation of a merger transaction with a person, entity or group who (x) acquired common stock pursuant to a Permitted Offer and (y) is offering in the merger the same price per share and form of consideration paid in the Permitted Offer or (iii) redemption or exchange of the Rights by the Company as described in the Amended Rights Plan. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | 3. Stock-based Compensation ASC 718 - Compensation - Stock Compensation, requires companies to record compensation expense for stock options measured at fair value on the date of grant, using an option pricing model. The Company adopted the Black Scholes valuation model for stock options granted and stock purchased pursuant to the ESPP after June 30, 2010. Fair value for stock options was estimated at the date of grant using the Black-Scholes option pricing model, with the following weighted average assumptions: Years Ended December 31, 2015 2014 2013 Risk-free interest rate 0.96 1.02 0.49 Time to maturity (in years) 3 4 4 Annualized volatility 57.59 69.67 30.30 Expected dividend rate 0.00 1.20 0.98 In November 2000, the Company adopted the 2000 Stock Incentive Plan (the Stock Incentive Plan) under which 300,000 900,000 680,000 5 The plan was amended and restated in 2010 to, among other things, extend the term under which awards may be granted under the plan until March 17, 2020, eliminate a 10 Under the Stock Incentive Plan, participants may be granted RSUs, representing an unfunded, unsecured right to receive common stock on the date specified in the recipient's award. The RSUs granted under the plan generally vest over a term of two five During the year ended December 31, 2011, the Company granted 546,000 2.5 0.4 0.4 0.1 one During the year ended December 31, 2013, the Company granted 342,000 2.3 0.5 0.8 0.1 one During the year ended December 31, 2015, the Company granted 302,000 5.3 1.1 4.2 0.7 3.5 Options granted under the Stock Incentive Plan generally vest over four ten four The following information relates to stock option activity for the year ended December 31, 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 58,000 14.74 Exercised (101,100 ) 6.62 Forfeited (78,400 ) 11.88 Outstanding at December 31, 2015 571,600 $ 9.71 7.75 $ 3,154,415 Vested and expected to vest at December 31, 2015 496,428 $ 9.60 7.69 $ 2,796,239 Exercisable at December 31, 2015 164,167 $ 6.95 6.27 $ 1,356,896 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the fourth 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 December 31, 2015. This amount changes based on the fair market value of the Company's common stock. The total intrinsic value of options exercised for the years ended December 31, 2015, 2014 and 2013 was $ 1.1 1.3 12.8 Options to purchase 58,000 1.6 four The dividend rate was 0 0.15 Information relating to stock options outstanding at December 31, 2015 is as follows: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Range of Number Remaining Average Number Average Exercise Outstanding Contractual Exercise Exercisable Exercise Price As of 12/31/15 Term Price As of 12/31/15 Price $3.88 $4.80 111,700 6.22 $ 4.28 85,000 $ 4.41 $5.05 $6.03 22,500 1.46 $ 5.32 22,500 $ 5.32 $6.87 $6.87 96,000 7.29 $ 6.87 13,800 $ 6.87 $8.17 $12.32 82,000 8.51 $ 11.22 600 $ 8.17 $12.50 $12.50 201,400 8.19 $ 12.50 37,600 $ 12.50 $13.61 $18.36 58,000 11.25 $ 14.74 4,667 $ 16.32 571,600 7.75 $ 9.71 164,167 $ 6.95 Options exercisable as of December 31, 2015 and 2014 were 164,167 118,161 6.95 4.75 There were 487,824 Employee Stock Purchase Plan In November 2000, the Company adopted its ESPP. The Company reserved 600,000 600,000 1 400,000 85 59,781 50,759 There were 208,360 The following information relates to the ESPP: 2015 2014 2013 Weighted average fair value per share of shares purchased $ 11.26 $ 13.01 $ 5.66 Total compensation expense for ESPP $ 324,250 $ 461,980 $ 409,079 Total amount of cash received from the purchase of stock through ESPP $ 672,899 $ 660,621 $ 521,308 Total intrinsic value of ESPP stock purchased at December 31 $ 233,381 $ 75,892 $ 863,120 The following table summarizes employee stock-based compensation expense resulting from stock options, RSUs, and the ESPP (in thousands): Years Ended December 31, 2015 2014 2013 Included in cost of revenue $ 513 $ 491 $ 373 Included in operating expenses: Research and development 196 234 232 Sales, marketing and administrative 2,227 1,435 1,312 Total 2,423 1,669 1,544 Total stock-based compensation expenses $ 2,936 $ 2,160 $ 1,917 |
Net Income per Share
Net Income per Share | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Share [Abstract] | |
Net Income Per Share | 4. 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 the 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 common shares outstanding during the period. The following table sets forth the computation of basic and diluted net income per share for the years indicated (in thousands, except per share amounts): Years Ended December 31, 2015 2014 2013 Numerator: Net income $ 13,038 $ 14,508 $ 18,808 Denominator: Shares used in computing net income per share: Weighted average of common shares outstanding Basic 17,648 18,488 17,785 Diluted 17,945 18,935 18,481 Net income per share: Basic $ 0.74 $ 0.78 $ 1.06 Diluted $ 0.73 $ 0.77 $ 1.02 As of December 31, 2015, options to purchase 12,000 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components (in thousands) December 31, 2015 2014 Cash and cash equivalents: Cash $ 5,876 $ 18,653 Money market instruments and funds 281 4,070 $ 6,157 $ 22,723 Accounts receivable, net: Accounts receivable $ 12,668 $ 10,927 Less: Allowance for doubtful accounts and sales returns (121 ) (121 ) $ 12,547 $ 10,806 Allowance for doubtful accounts and sales returns: Balance at beginning of year $ 121 $ 121 Utilized - - Balance at end of year $ 121 $ 121 Inventories: Finished goods $ 3,958 $ 3,191 Work-in-process 4,705 3,430 Raw materials 3,667 5,052 $ 12,330 $ 11,673 Inventory reserves: Finished goods $ 520 $ 647 Work-in-process 296 460 Raw materials $ 595 $ 1,261 $ 1,411 $ 2,368 Accrued expenses and other current liabilities: Compensation costs $ 4,325 $ 5,016 Professional fees 24 55 Outside commissions 146 143 Royalties 82 135 ESPP 147 138 Deferred rent 29 33 Warranty 70 82 Operating related (Taiwan and China) 483 417 Income tax 2,888 2,204 Stock buyback 851 - Other 465 476 $ 9,510 $ 8,699 Long-term liabilities: Income tax payable $ 1,581 $ 376 Accrued pension liability (Taiwan) 613 602 $ 2,194 $ 978 Accumulated other comprehensive Income: Cumulative translation adjustments $ 172 $ 1,447 Unrealized loss on short-term investments (1 ) (10 ) $ 171 $ 1,437 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 6 December 31, (in thousands) 2015 2014 Machinery and equipment $ 22,116 $ 20,315 Furniture and fixtures 883 686 Leasehold improvements 4,373 2,655 Building and equipment prepayments 4,283 3,804 $ 31,655 $ 27,460 Less: Accumulated depreciation and amortization (15,472 ) (13,592 ) Total property and equipment, net $ 16,183 $ 13,868 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes The components of income before income taxes are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Income subject to domestic income taxes only $ 1,569 $ 8,608 $ 17,645 Income subject to foreign income taxes only 18,248 13,764 164 $ 19,817 $ 22,372 $ 17,809 The income tax provision (benefit) is composed of the following (in thousands): Years Ended December 31, Current: 2015 2014 2013 Federal $ 1,323 $ 2,663 $ 382 State 171 75 1 Foreign 5,484 2,403 953 6,978 5,141 1,336 Deferred: Federal (36 ) 1,891 (1,450 ) State (25 ) 763 (232 ) Foreign (138 ) 69 (653 ) (199 ) 2,723 (2,335 ) Total provision (benefit) for income taxes $ 6,779 $ 7,864 $ (999 ) Deferred tax assets and liabilities consist of the following (in thousands): Years Ended December 31, 2015 2014 2013 Deferred tax assets - current: Net operating loss carryforwards $ 744 $ 620 $ 3,501 Windfall tax benefit carryforwards (744 ) (620 ) (580 ) Federal/State credit carryforwards 2,692 2,536 2,260 Depreciation and amortization 146 24 6 Stock compensation 650 326 - Accrued liabilities and allowances 1,098 1,508 1,532 Unrecognized tax benefits (738 ) (704 ) (683 ) Total deferred tax assets $ 3,848 $ 3,690 $ 6,036 The following is a reconciliation of the effective tax rates and the United States statutory federal income tax rate: Years Ended December 31, 2015 2014 2013 Tax at federal statutory rate 34.0 % 34.0 % 34.0 % State, net of federal benefit 4.5 5.8 5.8 Effect of permanent differences (1.8 ) 3.8 1.1 Stock and deferred compensation 1.1 0.9 (7.2 ) Net operating loss carryover 0.4 5.6 - Foreign tax differential (9.3 ) (13.1 ) 0.1 Minimum tax - 0.6 1.7 Income tax credits (1.3 ) (1.9 ) (0.9 ) Valuation allowance - - (47.4 ) Stock compensation windfall 7.0 2.1 2.3 Other (0.3 ) (2.6 ) 4.9 Provision (benefit) for taxes 34.3 % 35.2 % (5.6 )% The Company's effective tax rates in comparison to the U.S. statutory rates in 2015 and 2014 reflect differentials between the U.S. statutory rate and the foreign tax rates applied to the earnings of the Company's foreign subsidiaries. The foreign tax differential accounted for a 9.3% and 13.1% decrease in the Company's effective tax rates in 2015 and 2014, respectively. The Company's effective tax rate was below the U.S. statutory rate in 2013 mainly because of the tax benefit arising from a reduction in the valuation allowance. The valuation allowance accounted for a 47.4% decrease in the Company's effective tax rate in 2013. The net operating loss carryforward that resulted in 0.4% and 5.6% of increase in the Company's effective tax rate in 2015 and 2014, respectively, was related to true-ups and amended prior years' returns. 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. As of December 31, 2015, the Company has a net operating loss carryforward of approximately $ 1.0 6.9 As of December 31, 2015, the Company has research credit carryforwards of approximately $ 1.4 1.0 Internal Revenue Code Section 382 limits the use of net operating loss and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. In the event the Company has had a change in ownership, utilization of the carryforwards could be restricted. The Company has concluded no change in stock ownership has occurred during 2015. |
Concentrations of Certain Risks
Concentrations of Certain Risks | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations of Certain Risks [Abstract] | |
Concentrations of Certain Risks | 8. Concentrations of Certain Risks Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, short-term and long-term investments and accounts receivable. The Company limits the amount of deposits in any one financial institution and any one financial instrument. The Company invests its excess cash principally in certificates of deposit, debt instruments issued by high-credit quality financial institutions and corporations and money market accounts with financial institutions in the United States. The Company performs periodic credit evaluations of its customers' financial condition, and limits the amount of credit extended when deemed necessary, but generally does not require collateral. One customer accounted for 15.1 26.9 2014, respectively. One customer accounted for 31.0 39.6 and 35.3 , respectively Certain components used in manufacturing the Company's products have relatively few alternative sources of supply, and establishing additional or replacement suppliers for such components may not be accomplished quickly. |
Geographic Segment Information
Geographic Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Geographic Segment Information [Abstract] | |
Geographic Segment Information | 9. 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): Years Ended December 31, 2015 2014 2013 Revenues North America $ 45,033 $ 52,101 $ 42,815 Europe 17,513 18,102 15,604 Asia 18,643 15,784 17,651 $ 81,189 $ 85,987 $ 76,070 Years Ended December 31, 2015 2014 2013 Revenues Connectivity Products $ 61,282 $ 64,791 $ 57,660 Optical Passive Products 19,907 21,196 18,410 $ 81,189 $ 85,987 $ 76,070 Years Ended December 31, 2015 2014 Property and Equipment, net United States $ 191 $ 185 Taiwan 9,016 8,568 China 6,976 5,115 $ 16,183 $ 13,868 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. 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. Off-Balance Sheet Arrangements The Company had no off-balance sheet arrangements as of December 31, 2015 or 2014, respectively. 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 December 31, 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 non-conformance 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 0.06 Operating Leases The Company leases certain office space under long-term operating leases expiring at various dates through 2019. Total rent expense under these operating leases was approximately $ 0.9 0.7 Total future minimum lease payments under operating leases as of December 31, 2015 are summarized below (in thousands): Years ending December 31, 2016 $ 1,048 2017 655 2018 428 2019 376 Total $ 2,507 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions As of December 31, 2015, and based on information filed with the Securities and Exchange Commission in February 2016, Foxconn Holding Limited (Foxconn) and Hon Hai Precision Industry Co. Ltd. (Hon Hai) held 15 Sales of products to Hon Hai were $ 0.04 0.07 0.01 No 0.05 0.01 Purchases of raw materials from Hon Hai were $ 2.0 1.8 1.5 0.3 0.4 0.3 |
Fair Value of Financial instrum
Fair Value of Financial instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial instruments [Abstract] | |
Fair Value of Financial instruments | 12. 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. The following table represents the fair value hierarchy for the Company's financial assets (investments) measured at fair value on a recurring basis at December 31, 2015 and December 31, 2014 (in thousands): 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 2015 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 281 $ 281 $ - $ - Marketable Securities: Time deposits 12,825 12,825 - - Corporate bonds 5,006 - 5,006 - Long-term investments: Time deposits 10,821 10,821 - - Total $ 28,933 $ 23,927 $ 5,006 $ - 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 December 31, 2015 and 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 are comprised of certificates of deposit with original maturities of 365 days or more from the date of purchase. |
Selected Quarterly Data
Selected Quarterly Data | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Data [Abstract] | |
Selected Quarterly Data | 13. Selected Quarterly Data (Unaudited) The following table presents summary unaudited quarterly financial data (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Revenues, net $ 21,663 $ 25,045 $ 18,060 $ 16,421 Gross profit 8,792 10,495 7,097 6,651 Net income 3,558 5,040 3,653 787 Net income per share - basic 0.20 0.28 0.20 0.05 Net income per share - diluted 0.19 0.27 0.20 0.05 2014 Revenues, net $ 24,882 $ 24,199 $ 18,096 $ 18,810 Gross profit 9,914 9,695 7,139 7,469 Net income 5,015 3,782 4,303 1,408 Net income per share - basic 0.27 0.20 0.23 0.08 Net income per share - diluted 0.26 0.20 0.23 0.08 |
The Company and summary of si20
The Company and summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
The Company and summary of significant accounting policies [Abstract] | |
Use of estimates | Use of estimates The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates involve those required in the assessment of the allowances for sales returns, doubtful accounts, potential excess or obsolete inventory, the valuation of stock-based compensation and the valuation of deferred tax assets. Actual results could differ from those estimates. |
Basis of presentation | Basis of presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. |
Foreign currency translation | Foreign currency translation The Company's operations through foreign subsidiaries use the local currency as their functional currency. All assets and liabilities of the subsidiaries are translated at rates of exchange as of the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. Gains and losses resulting from foreign currency translation are recorded as a separate component of other comprehensive income in stockholders' equity. Foreign currency transaction gains and losses are recorded in interest and other income and have not been material. |
Cash, cash equivalents, short-term and long-term investments | Cash, cash equivalents, short-term and long-term investments The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash deposited in money market, certificate of deposit, and checking accounts. The Company accounts for its investments under the provisions of Accounting Standards Codification (ASC) 320 Investments - Debt and Equity Securities. Investments in highly liquid financial instruments with remaining maturities greater than three months and maturities of less than one year are classified as short-term investments. Financial instruments with remaining maturities greater than one year are classified as long-term investments. All investments are classified as available-for-sale and are reported at fair value using the specific identification method with net unrealized gain/(loss) reported, net of tax as other comprehensive gain/(loss) in stockholders' equity. The fair value of the Company's available-for-sale securities are based on quoted market prices or other methodologies for those investments with no quoted market prices at the balance sheet dates. The Company's financial instruments also include accounts receivable, accounts payable and are carried at cost, which approximates the fair value of these instruments. |
Fair value of financial instruments | Fair value of financial instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company 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, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. The Company's valuation techniques used to measure the fair value of money market funds and certain marketable equity securities were derived from quoted prices in active markets for identical assets or liabilities. In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments. |
Allowance for doubtful accounts | Allowance for doubtful accounts The Company performs periodic credit evaluations of its customers' financial condition. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of customers to make required payments. When the Company becomes aware that a specific customer is unable to meet its financial obligations, for example, as a result of bankruptcy or deterioration in the customer's operating results or financial position, the Company records a specific allowance to reflect the level of credit risk in the customer's outstanding receivable balance. The Company is not able to predict changes in the financial condition of customers, and if circumstances related to customers deteriorate, estimates of the recoverability of trade receivables could be materially affected and the Company may be required to record additional allowances. Alternatively, if the Company provides more allowances than the Company needs, the Company may reverse a portion of such provisions in future periods based on actual collection experience. In addition, the Company records additional allowances based on historical sales returns as explained under the revenue recognition section. |
Inventories, net | Inventories, net Inventories are stated at the lower of cost or market, with cost being determined using standard cost, which approximates actual cost on a first-in, first-out basis. Market value is determined as the lower of replacement cost or net realizable value. We regularly review our inventories for obsolescence and reserves are established when necessary. Provisions are made for excess and obsolete inventory based on historical usage and management's estimates of future demand. Inventory reserves, once established, are only reversed upon sale or disposition of related inventory. Inventory reserves were $ 1.4 2.4 2.4 |
Property and equipment | Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment charges. Depreciation is computed using the straight-line method based on estimated useful lives of 25 two 10 five two four 2.7 2.8 2.2 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value based on fair market values. |
Revenue recognition | Revenue recognition The Company recognizes revenue upon shipment of its products to its customers, provided that the Company 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 its products, the Company has no obligation to provide any modification or customization upgrades, enhancements or post contract customer support. Allowances are provided for estimated returns. A provision for estimated sales return allowances is 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. Such adjustments, which are recorded against revenue in the period, have generally not been material. The Company accrued $ 0.07 0.08 0.06 |
Shipping and handling expenses | Shipping and handling expenses Shipping and handling expenses are included in cost of revenue. |
Research and development expenses | Research and development expenses Research and development costs are charged to expense as incurred. |
Advertising expenses | Advertising expenses Advertising costs are charged to expense as incurred and have not been material in 2015, 2014 and 2013. |
Sales taxes | Sales taxes The Company accounts for taxes charged to its customers and collected on behalf of taxing authorities on a net basis. |
Income taxes | Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. The Company applies ASC 740 which utilizes a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit that is greater than 50% likely to be realized. The Company has elected to include interest and penalties related to its tax contingencies in income tax expense. The Company files a U.S. federal tax return and returns with the State of California and the State of Georgia. The Company has determined that its major tax jurisdictions are the United States, California, Georgia, Taiwan and China. The Company follows the provisions of ASC 740-10-25, Income Taxes: Recognition ("ASC 740-10-25"). The total amount of unrecognized tax benefits as of December 31, 2015, 2014 and 2013 were $1.1 million, $1.1 million and $0.7 million respectively. The Company does not anticipate any significant change to its unrecognized tax positions over the next 12 months. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate were $ 0.7 0.7 0.3 A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits for the years ended December 31, 2015 and 2014 are as follows: Balance at December 31, 2013 $ 683 Additions for tax positions of the prior year 280 Additions for tax positions of the current year 117 Balance at December 31, 2014 $ 1,080 Additions for tax positions of the current year 10 Reductions for tax positions of the prior year (18 ) Balance at December 31, 2015 $ 1,072 The Company recognizes interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes. During the years ended December 31, 2015, 2014 and 2013, the Company recognized approximately $ 0.2 0.1 0.1 Deferred tax assets pertaining to windfall tax benefits on the exercise of share awards and the corresponding credit to additional paid-in capital are recorded if the related tax deduction reduces tax payable. The Company has elected the with-and-without approach excluding indirect tax effects regarding ordering of windfall tax benefits to determine whether the windfall tax benefit reduced taxes payable in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only if an incremental tax benefit is realized after considering all other tax benefits presently available to the Company without considering available income tax credits. The Company's deferred tax assets as of December 31, 2015, 2014 and 2013 do not include $ 0.7 0.6 1.8 The Company files income tax returns in the United States (federal), Taiwan, China and in various state and local jurisdictions. The Company is no longer subject to federal income tax examinations by tax authorities for years prior to 2012, California State and China income tax examination by tax authorities for years prior to 2011, and Taiwan income tax examinations by tax authorities for years prior to 2009. The Company is not currently under examination by any federal, state or local jurisdiction. It is not anticipated that unrecognized tax benefits will significantly change in the next twelve months. |
Stock-based compensation | Stock-based compensation The Company estimates the fair value of the share-based payment awards on the date of grant using an option pricing model. The value of awards that are ultimately expected to vest is recognized as an expense over the requisite employee service period. |
Comprehensive income | Comprehensive income Comprehensive income is defined as the change in equity of a company from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income consists of cumulative translation adjustments and unrealized gains on short-term investments and is disclosed in the consolidated statements of stockholders' equity. |
Recent accounting pronouncements | Recent accounting pr onouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee's right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee's obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The Company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on its consolidated financial statements. In July 2015, 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 consolidated financial statements. 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 adoption of this guidance is not expected to have a material impact on the Company's 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, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements. |
The Company and summary of si21
The Company and summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
The Company and summary of significant accounting policies [Abstract] | |
Reconciliation of Unrecognized Tax Benefits | Balance at December 31, 2013 $ 683 Additions for tax positions of the prior year 280 Additions for tax positions of the current year 117 Balance at December 31, 2014 $ 1,080 Additions for tax positions of the current year 10 Reductions for tax positions of the prior year (18 ) Balance at December 31, 2015 $ 1,072 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-based Compensation [Abstract] | |
Schedule of Weighted Average Assumptions | Years Ended December 31, 2015 2014 2013 Risk-free interest rate 0.96 1.02 0.49 Time to maturity (in years) 3 4 4 Annualized volatility 57.59 69.67 30.30 Expected dividend rate 0.00 1.20 0.98 |
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 58,000 14.74 Exercised (101,100 ) 6.62 Forfeited (78,400 ) 11.88 Outstanding at December 31, 2015 571,600 $ 9.71 7.75 $ 3,154,415 Vested and expected to vest at December 31, 2015 496,428 $ 9.60 7.69 $ 2,796,239 Exercisable at December 31, 2015 164,167 $ 6.95 6.27 $ 1,356,896 |
Schedule of Information Relating to Stock Options Outstanding | Options Outstanding Options Exercisable Weighted Average Weighted Weighted Range of Number Remaining Average Number Average Exercise Outstanding Contractual Exercise Exercisable Exercise Price As of 12/31/15 Term Price As of 12/31/15 Price $3.88 $4.80 111,700 6.22 $ 4.28 85,000 $ 4.41 $5.05 $6.03 22,500 1.46 $ 5.32 22,500 $ 5.32 $6.87 $6.87 96,000 7.29 $ 6.87 13,800 $ 6.87 $8.17 $12.32 82,000 8.51 $ 11.22 600 $ 8.17 $12.50 $12.50 201,400 8.19 $ 12.50 37,600 $ 12.50 $13.61 $18.36 58,000 11.25 $ 14.74 4,667 $ 16.32 571,600 7.75 $ 9.71 164,167 $ 6.95 |
Schedule of Information relating to the ESPP | 2015 2014 2013 Weighted average fair value per share of shares purchased $ 11.26 $ 13.01 $ 5.66 Total compensation expense for ESPP $ 324,250 $ 461,980 $ 409,079 Total amount of cash received from the purchase of stock through ESPP $ 672,899 $ 660,621 $ 521,308 Total intrinsic value of ESPP stock purchased at December 31 $ 233,381 $ 75,892 $ 863,120 |
Schedule of Employee Stock-Based Compensation Expense | Years Ended December 31, 2015 2014 2013 Included in cost of revenue $ 513 $ 491 $ 373 Included in operating expenses: Research and development 196 234 232 Sales, marketing and administrative 2,227 1,435 1,312 Total 2,423 1,669 1,544 Total stock-based compensation expenses $ 2,936 $ 2,160 $ 1,917 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Income Per Share | Years Ended December 31, 2015 2014 2013 Numerator: Net income $ 13,038 $ 14,508 $ 18,808 Denominator: Shares used in computing net income per share: Weighted average of common shares outstanding Basic 17,648 18,488 17,785 Diluted 17,945 18,935 18,481 Net income per share: Basic $ 0.74 $ 0.78 $ 1.06 Diluted $ 0.73 $ 0.77 $ 1.02 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Components [Abstract] | |
Schedule of Balance Sheet Components | December 31, 2015 2014 Cash and cash equivalents: Cash $ 5,876 $ 18,653 Money market instruments and funds 281 4,070 $ 6,157 $ 22,723 Accounts receivable, net: Accounts receivable $ 12,668 $ 10,927 Less: Allowance for doubtful accounts and sales returns (121 ) (121 ) $ 12,547 $ 10,806 Allowance for doubtful accounts and sales returns: Balance at beginning of year $ 121 $ 121 Utilized - - Balance at end of year $ 121 $ 121 Inventories: Finished goods $ 3,958 $ 3,191 Work-in-process 4,705 3,430 Raw materials 3,667 5,052 $ 12,330 $ 11,673 Inventory reserves: Finished goods $ 520 $ 647 Work-in-process 296 460 Raw materials $ 595 $ 1,261 $ 1,411 $ 2,368 Accrued expenses and other current liabilities: Compensation costs $ 4,325 $ 5,016 Professional fees 24 55 Outside commissions 146 143 Royalties 82 135 ESPP 147 138 Deferred rent 29 33 Warranty 70 82 Operating related (Taiwan and China) 483 417 Income tax 2,888 2,204 Stock buyback 851 - Other 465 476 $ 9,510 $ 8,699 Long-term liabilities: Income tax payable $ 1,581 $ 376 Accrued pension liability (Taiwan) 613 602 $ 2,194 $ 978 Accumulated other comprehensive Income: Cumulative translation adjustments $ 172 $ 1,447 Unrealized loss on short-term investments (1 ) (10 ) $ 171 $ 1,437 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment, Net [Abstract] | |
Schedule of Property and Equipment, Net | December 31, (in thousands) 2015 2014 Machinery and equipment $ 22,116 $ 20,315 Furniture and fixtures 883 686 Leasehold improvements 4,373 2,655 Building and equipment prepayments 4,283 3,804 $ 31,655 $ 27,460 Less: Accumulated depreciation and amortization (15,472 ) (13,592 ) Total property and equipment, net $ 16,183 $ 13,868 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income (Loss) before Income Taxes | Years Ended December 31, 2015 2014 2013 Income subject to domestic income taxes only $ 1,569 $ 8,608 $ 17,645 Income subject to foreign income taxes only 18,248 13,764 164 $ 19,817 $ 22,372 $ 17,809 |
Schedule of Income Tax Provision (Benefit) | Years Ended December 31, Current: 2015 2014 2013 Federal $ 1,323 $ 2,663 $ 382 State 171 75 1 Foreign 5,484 2,403 953 6,978 5,141 1,336 Deferred: Federal (36 ) 1,891 (1,450 ) State (25 ) 763 (232 ) Foreign (138 ) 69 (653 ) (199 ) 2,723 (2,335 ) Total provision (benefit) for income taxes $ 6,779 $ 7,864 $ (999 ) |
Schedule of Deferred Tax Assets | Years Ended December 31, 2015 2014 2013 Deferred tax assets - current: Net operating loss carryforwards $ 744 $ 620 $ 3,501 Windfall tax benefit carryforwards (744 ) (620 ) (580 ) Federal/State credit carryforwards 2,692 2,536 2,260 Depreciation and amortization 146 24 6 Stock compensation 650 326 - Accrued liabilities and allowances 1,098 1,508 1,532 Unrecognized tax benefits (738 ) (704 ) (683 ) Total deferred tax assets $ 3,848 $ 3,690 $ 6,036 |
Reconciliation of Effective Tax Rates and Statutory Federal Income Tax Rate | Years Ended December 31, 2015 2014 2013 Tax at federal statutory rate 34.0 % 34.0 % 34.0 % State, net of federal benefit 4.5 5.8 5.8 Effect of permanent differences (1.8 ) 3.8 1.1 Stock and deferred compensation 1.1 0.9 (7.2 ) Net operating loss carryover 0.4 5.6 - Foreign tax differential (9.3 ) (13.1 ) 0.1 Minimum tax - 0.6 1.7 Income tax credits (1.3 ) (1.9 ) (0.9 ) Valuation allowance - - (47.4 ) Stock compensation windfall 7.0 2.1 2.3 Other (0.3 ) (2.6 ) 4.9 Provision (benefit) for taxes 34.3 % 35.2 % (5.6 )% |
Geographic Segment Information
Geographic Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Geographic Segment Information [Abstract] | |
Schedule of Segment Reporting Information | Years Ended December 31, 2015 2014 2013 Revenues North America $ 45,033 $ 52,101 $ 42,815 Europe 17,513 18,102 15,604 Asia 18,643 15,784 17,651 $ 81,189 $ 85,987 $ 76,070 Years Ended December 31, 2015 2014 2013 Revenues Connectivity Products $ 61,282 $ 64,791 $ 57,660 Optical Passive Products 19,907 21,196 18,410 $ 81,189 $ 85,987 $ 76,070 Years Ended December 31, 2015 2014 Property and Equipment, net United States $ 191 $ 185 Taiwan 9,016 8,568 China 6,976 5,115 $ 16,183 $ 13,868 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule of Aggregate Future Minimum Facility Lease Payments | Total future minimum lease payments under operating leases as of December 31, 2015 are summarized below (in thousands): Years ending December 31, 2016 $ 1,048 2017 655 2018 428 2019 376 Total $ 2,507 |
Fair Value of Financial instr29
Fair Value of Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 281 $ 281 $ - $ - Marketable Securities: Time deposits 12,825 12,825 - - Corporate bonds 5,006 - 5,006 - Long-term investments: Time deposits 10,821 10,821 - - Total $ 28,933 $ 23,927 $ 5,006 $ - 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 $ - |
Selected Quarterly Data (Tables
Selected Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Data [Abstract] | |
Schedule of Selected Quarterly Data | First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Revenues, net $ 21,663 $ 25,045 $ 18,060 $ 16,421 Gross profit 8,792 10,495 7,097 6,651 Net income 3,558 5,040 3,653 787 Net income per share - basic 0.20 0.28 0.20 0.05 Net income per share - diluted 0.19 0.27 0.20 0.05 2014 Revenues, net $ 24,882 $ 24,199 $ 18,096 $ 18,810 Gross profit 9,914 9,695 7,139 7,469 Net income 5,015 3,782 4,303 1,408 Net income per share - basic 0.27 0.20 0.23 0.08 Net income per share - diluted 0.26 0.20 0.23 0.08 |
The Company and summary of si31
The Company and summary of significant accounting policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventories | |||
Inventory reserves | $ 1,411 | $ 2,368 | $ 2,400 |
Property and equipment | |||
Depreciation and amortization | 2,731 | 2,799 | 2,175 |
Revenue recognition | |||
Accrued warranty reserves | 70 | 80 | 60 |
Income taxes | |||
Unrecognized tax benefit that, if recognized, would affect the effective tax rate | 700 | 700 | 300 |
Reconciliation of Unrecognized Tax Benefits: | |||
Beginning balance | 1,080 | 683 | |
Additions for tax positions of the prior year | 280 | ||
Additions for tax positions of the current year | 10 | 117 | |
Reductions for tax positions of the prior year | (18) | ||
Ending balance | 1,072 | 1,080 | 683 |
Expense for interest and penalties | 200 | 100 | 100 |
Deferred tax asset not recognized, excess tax benefits from employee stock option exercises | $ 700 | $ 600 | $ 1,800 |
Buildings [Member] | |||
Property and equipment | |||
Estimated useful life | 25 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property and equipment | |||
Estimated useful life | 2 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property and equipment | |||
Estimated useful life | 10 years | ||
Furniture and Fixtures [Member] | |||
Property and equipment | |||
Estimated useful life | 5 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property and equipment | |||
Estimated useful life | 2 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property and equipment | |||
Estimated useful life | 4 years |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Millions | Nov. 14, 2014$ / shares | Nov. 07, 2013$ / shares | Aug. 30, 2013shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2013shares | Aug. 24, 2015USD ($) | Aug. 29, 2013shares |
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 20,000,000 | |||||
Stock split, conversion ratio | 2 | |||||||
Common stock, shares issued | 18,123,136 | 15,786,785 | 17,942,595 | |||||
Common stock, shares outstanding | 18,123,136 | 15,786,785 | 17,942,595 | |||||
Dividends declared, per share | $ / shares | $ 0.15 | $ 0.15 | ||||||
Beneficial Ownership Of Outstanding Shares | 15.00% | |||||||
2014 October Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount (in dollars) | $ | $ 15 | |||||||
Shares repurchased during period | 313,478 | 740,190 | ||||||
November 2011 Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount (in dollars) | $ | $ 6 | |||||||
Shares repurchased during period | 1,081 | 158,798 | ||||||
August 2015 Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount (in dollars) | $ | $ 35 | $ 25 | ||||||
Shares repurchased during period | 2,196,632 | |||||||
Scenario, Previously Reported [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares issued | 9,061,568 | |||||||
Common stock, shares outstanding | 9,061,568 | |||||||
Foxconn Holding Limited [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Beneficial Ownership Of Outstanding Shares | 15.00% | |||||||
Affiliate or Associates and Entities [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Beneficial Ownership Of Outstanding Shares | 1.00% |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Weighted Average Assumptions) (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.96% | 1.02% | 0.49% |
Time to maturity (in years) | 3 years | 4 years | 4 years |
Annualized volatility | 57.59% | 69.67% | 30.30% |
Expected dividend rate | 0.00% | 1.20% | 0.98% |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) | Oct. 21, 2013 | Apr. 29, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Nov. 30, 2000 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 10,000,000 | 300,000 | |||||
Stock incentive plan, additional shares authorized | 900,000 | ||||||
Compensation expense | $ 2,936,000 | $ 2,160,000 | $ 1,917,000 | ||||
Scenario, Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock incentive plan, additional shares authorized | 680,000 | ||||||
Increase to number of shares reserved for issuance as a percentage of outstanding shares | 5.00% | ||||||
Restricted Stock Units (RSUs) [Member] | 2011 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units granted | 546,000 | ||||||
Grant-date fair value of units granted | $ 2,500,000 | ||||||
Compensation expense | 400,000 | $ 400,000 | |||||
Unrecognized compensation cost | $ 100,000 | ||||||
Unrecognized compensation cost, recognition period | 1 year | ||||||
Restricted Stock Units (RSUs) [Member] | 2013 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units granted | 342,000 | ||||||
Grant-date fair value of units granted | $ 2,300,000 | ||||||
Compensation expense | $ 500,000 | 800,000 | |||||
Unrecognized compensation cost | $ 100,000 | ||||||
Unrecognized compensation cost, recognition period | 1 year | ||||||
Restricted Stock Units (RSUs) [Member] | 2015 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units granted | 302,000 | ||||||
Grant-date fair value of units granted | $ 5,300,000 | ||||||
Compensation expense | 1,100,000 | ||||||
Unrecognized compensation cost | 4,200,000 | ||||||
Unrecognized compensation cost, realized over two years | 700,000 | ||||||
Unrecognized compensation cost, realized over four years | $ 3,500,000 | ||||||
Restricted Stock Units (RSUs) [Member] | Vesting Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units (RSUs) [Member] | Vesting Tranche Three [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
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 | $ 1,100,000 | $ 1,300,000 | 12,800,000 | ||||
Dividend rate | 0.00% | 0.15% | |||||
Options exercisable | 164,167 | 118,161 | |||||
Options exercisable, average exercise price | $ 6.95 | $ 4.75 | |||||
Shares available for future issuance | 487,824 | ||||||
Options granted in period | 58,000 | ||||||
Unrecognized compensation cost | $ 1,600,000 | ||||||
Unrecognized compensation cost, recognition period | 4 years | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 600,000 | ||||||
Stock incentive plan, additional shares authorized | 600,000 | ||||||
Shares available for future issuance | 208,360 | ||||||
Common stock purchase price, percentage of fair market value | 85.00% | ||||||
Shares issued under ESPP | 59,781 | 50,759 | |||||
Compensation expense | $ 324,250 | $ 461,980 | $ 409,079 | ||||
Employee Stock Purchase Plan [Member] | Scenario, Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock incentive plan, additional shares authorized | 400,000 | ||||||
Increase to number of shares reserved for issuance as a percentage of outstanding shares | 1.00% |
Stock-based Compensation (Sch35
Stock-based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | ||
Outstanding, beginning balance | 693,100 | |
Granted | 58,000 | |
Exercised | (101,100) | |
Forfeited | (78,400) | |
Outstanding, ending balance | 571,600 | |
Vested and expected to vest, end of period | 496,428 | |
Exercisable, end of period | 164,167 | 118,161 |
Weighted Average Exercise Price | ||
Outstanding, beginning balance | $ 9.08 | |
Granted | 14.74 | |
Exercised | 6.62 | |
Forfeited | 11.88 | |
Outstanding, ending balance | 9.71 | |
Vested and expected to vest, end of period | 9.60 | |
Exercisable, end of period | $ 6.95 | $ 4.75 |
Weighted Average Remaining Contractual Life | ||
Outstanding, ending balance | 7 years 9 months | |
Vested and expected to vest, end of period | 7 years 8 months 8 days | |
Exercisable, end of period | 6 years 3 months 7 days | |
Aggregate Intrinsic Value | ||
Outstanding, ending balance | $ 3,154,415 | |
Vested and expected to vest, end of period | 2,796,239 | |
Exercisable, end of period | $ 1,356,896 |
Stock-based Compensation (Sch36
Stock-based Compensation (Schedule of Information Relating to Stock Options Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 571,600 |
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 9 months |
Options Outstanding, Weighted Average Exercise Price | $ 9.71 |
Options Exercisable, Number Exercisable | shares | 164,167 |
Options Exercisable, Weighted Average Exercise Price | $ 6.95 |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price Minimum | 3.88 |
Range of Exercise Price Maximum | $ 4.80 |
Options Outstanding, Number Outstanding | shares | 111,700 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $ 4.28 |
Options Exercisable, Number Exercisable | shares | 85,000 |
Options Exercisable, Weighted Average Exercise Price | $ 4.41 |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price Minimum | 5.05 |
Range of Exercise Price Maximum | $ 6.03 |
Options Outstanding, Number Outstanding | shares | 22,500 |
Options Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $ 5.32 |
Options Exercisable, Number Exercisable | shares | 22,500 |
Options Exercisable, Weighted Average Exercise Price | $ 5.32 |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price Minimum | 6.87 |
Range of Exercise Price Maximum | $ 6.87 |
Options Outstanding, Number Outstanding | shares | 96,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 14 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.87 |
Options Exercisable, Number Exercisable | shares | 13,800 |
Options Exercisable, Weighted Average Exercise Price | $ 6.87 |
Exercise Price Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price Minimum | 8.17 |
Range of Exercise Price Maximum | $ 12.32 |
Options Outstanding, Number Outstanding | shares | 82,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 8 years 6 months 4 days |
Options Outstanding, Weighted Average Exercise Price | $ 11.22 |
Options Exercisable, Number Exercisable | shares | 600 |
Options Exercisable, Weighted Average Exercise Price | $ 8.17 |
Exercise Price Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price Minimum | 12.50 |
Range of Exercise Price Maximum | $ 12.50 |
Options Outstanding, Number Outstanding | shares | 201,400 |
Options Outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 8 days |
Options Outstanding, Weighted Average Exercise Price | $ 12.50 |
Options Exercisable, Number Exercisable | shares | 37,600 |
Options Exercisable, Weighted Average Exercise Price | $ 12.50 |
Exercise Price Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price Minimum | 13.61 |
Range of Exercise Price Maximum | $ 18.36 |
Options Outstanding, Number Outstanding | shares | 58,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 11 years 3 months |
Options Outstanding, Weighted Average Exercise Price | $ 14.74 |
Options Exercisable, Number Exercisable | shares | 4,667 |
Options Exercisable, Weighted Average Exercise Price | $ 16.32 |
Stock-based Compensation (Sch37
Stock-based Compensation (Schedule of Information Relating to ESPP) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense for ESPP | $ 2,936,000 | $ 2,160,000 | $ 1,917,000 |
Total amount of cash received from the purchase of stock through ESPP | $ 673,000 | $ 661,000 | $ 521,000 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value per share of shares purchased | $ 11.26 | $ 13.01 | $ 5.66 |
Total compensation expense for ESPP | $ 324,250 | $ 461,980 | $ 409,079 |
Total amount of cash received from the purchase of stock through ESPP | 672,899 | 660,621 | 521,308 |
Total intrinsic value of ESPP stock purchased at December 31st | $ 233,381 | $ 75,892 | $ 863,120 |
Stock-based Compensation (Sch38
Stock-based Compensation (Schedule of Employee Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 2,936 | $ 2,160 | $ 1,917 |
Cost of Revenue [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 513 | 491 | 373 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 196 | 234 | 232 |
Sales, Marketing and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,227 | 1,435 | 1,312 |
Operating Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 2,423 | $ 1,669 | $ 1,544 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income | $ 13,038 | $ 14,508 | $ 18,808 | ||||||||
Weighted average of common shares outstanding | |||||||||||
Basic | 17,648,000 | 18,488,000 | 17,785,000 | ||||||||
Diluted | 17,945,000 | 18,935,000 | 18,481,000 | ||||||||
Net income per share: | |||||||||||
Basic | $ 0.05 | $ 0.20 | $ 0.28 | $ 0.20 | $ 0.08 | $ 0.23 | $ 0.20 | $ 0.27 | $ 0.74 | $ 0.78 | $ 1.06 |
Diluted | $ 0.05 | $ 0.20 | $ 0.27 | $ 0.19 | $ 0.08 | $ 0.23 | $ 0.20 | $ 0.26 | $ 0.73 | $ 0.77 | $ 1.02 |
Securities excluded from computation of diluted net income per share as the effect would have been anti-dilutive: | |||||||||||
Options to purchase common stock | 12,000 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and cash equivalents: | ||||||
Cash | $ 5,876 | $ 18,653 | ||||
Money market instruments and funds | 281 | 4,070 | ||||
Cash and Cash Equivalents, At Carrying Value | 6,157 | 22,723 | $ 18,603 | $ 4,793 | ||
Accounts receivable, net: | ||||||
Accounts receivable | 12,668 | 10,927 | ||||
Less: Allowance for doubtful accounts and sales returns | $ (121) | $ (121) | (121) | (121) | (121) | |
Accounts Receivable, Net, Current | 12,547 | 10,806 | ||||
Allowance for doubtful accounts and sales returns: | ||||||
Balance at beginning of year | $ 121 | $ 121 | ||||
Utilized | ||||||
Balance at end of year | $ 121 | $ 121 | ||||
Inventories: | ||||||
Finished goods | 3,958 | 3,191 | ||||
Work-in-process | 4,705 | 3,430 | ||||
Raw materials | 3,667 | 5,052 | ||||
Inventories | 12,330 | 11,673 | ||||
Inventory reserves: | ||||||
Inventory reserves | 1,411 | 2,368 | $ 2,400 | |||
Accrued expenses and other current liabilities: | ||||||
Compensation costs | 4,325 | 5,016 | ||||
Professional fees | 24 | 55 | ||||
Outside commissions | 146 | 143 | ||||
Royalties | 82 | 135 | ||||
ESPP | 147 | 138 | ||||
Deferred rent | 29 | 33 | ||||
Warranty | 70 | 82 | ||||
Operating related (Taiwan and China) | 483 | 417 | ||||
Income tax | 2,888 | $ 2,204 | ||||
Stock buyback | 851 | |||||
Other | 465 | $ 476 | ||||
Accrued Liabilities, Current, Total | 9,510 | 8,699 | ||||
Long-term liabilities: | ||||||
Income tax payable | 1,581 | 376 | ||||
Accrued pension liability (Taiwan) | 613 | 602 | ||||
Liabilities, Noncurrent, Total | 2,194 | 978 | ||||
Accumulated other comprehensive Income: | ||||||
Cumulative translation adjustments | 172 | 1,447 | ||||
Unrealized loss on short-term investments | (1) | (10) | ||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax | 171 | 1,437 | ||||
Finished Goods [Member] | ||||||
Inventory reserves: | ||||||
Inventory reserves | 520 | 647 | ||||
Work-In-Process [Member] | ||||||
Inventory reserves: | ||||||
Inventory reserves | 296 | 460 | ||||
Raw Materials [Member] | ||||||
Inventory reserves: | ||||||
Inventory reserves | $ 595 | $ 1,261 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | $ 31,655 | $ 27,460 |
Less: Accumulated depreciation and amortization | (15,472) | (13,592) |
Total property and equipment, net | 16,183 | 13,868 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 22,116 | 20,315 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 883 | 686 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 4,373 | 2,655 |
Building and Equipment Prepayments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | $ 4,283 | $ 3,804 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income (Loss) before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Income subject to domestic income taxes only | $ 1,569 | $ 8,608 | $ 17,645 |
Income subject to foreign income taxes only | 18,248 | 13,764 | 164 |
Income before benefit (provision) for income taxes | $ 19,817 | $ 22,372 | $ 17,809 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 1,323 | $ 2,663 | $ 382 |
State | 171 | 75 | 1 |
Foreign | 5,484 | 2,403 | 953 |
Current Income Tax Expense (Benefit) | 6,978 | 5,141 | 1,336 |
Deferred: | |||
Federal | (36) | 1,891 | (1,450) |
State | (25) | 763 | (232) |
Foreign | (138) | 69 | (653) |
Deferred Income Tax Expense (Benefit) | (199) | 2,723 | (2,335) |
Total benefit (provision) for income taxes | $ 6,779 | $ 7,864 | $ (999) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets - current: | |||
Net operating loss carryforwards | $ 744 | $ 620 | $ 3,501 |
Windfall tax benefit carryforwards | (744) | (620) | (580) |
Federal/State credit carryforwards | 2,692 | 2,536 | 2,260 |
Depreciation and amortization | 146 | 24 | $ 6 |
Stock compensation | 650 | 326 | |
Accrued liabilities and allowances | 1,098 | 1,508 | $ 1,532 |
Unrecognized tax benefits | (738) | (704) | (683) |
Net deferred tax assets | $ 3,848 | $ 3,690 | $ 6,036 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Rates and Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Tax at federal statutory rate | 34.00% | 34.00% | 34.00% |
State, net of federal benefit | 4.50% | 5.80% | 5.80% |
Effect of permanent differences | (1.80%) | 3.80% | 1.10% |
Stock and deferred compensation | 1.10% | 0.90% | (7.20%) |
Net operating loss carryover | 0.40% | 5.60% | |
Foreign tax differential | (9.30%) | (13.10%) | 0.10% |
Minimum tax | 0.60% | 1.70% | |
Income tax credits | (1.30%) | (1.90%) | (0.90%) |
Valuation allowance | (47.40%) | ||
Stock compensation windfall | 7.00% | 2.10% | 2.30% |
Other | (0.30%) | (2.60%) | 4.90% |
Provision (benefit) for taxes | 34.30% | 35.20% | (5.60%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 1 |
Net operating loss carryforwards, expiration date | Dec. 31, 2025 |
Tax Credit Carryforward, Amount | $ 1.4 |
Research credit carryforwards , expiration date | Jan. 1, 2019 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 6.9 |
Net operating loss carryforwards, expiration date | Dec. 31, 2018 |
Tax Credit Carryforward, Amount | $ 1 |
Concentrations of Certain Ris47
Concentrations of Certain Risks (Details) - Customer A [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.10% | 26.90% | |
Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 31.00% | 39.60% | 35.30% |
Geographic Segment Informatio48
Geographic Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Revenues | $ 16,421 | $ 18,060 | $ 25,045 | $ 21,663 | $ 18,810 | $ 18,096 | $ 24,199 | $ 24,882 | $ 81,189 | $ 85,987 | $ 76,070 |
Property and Equipment, net | |||||||||||
Property and Equipment, net | 16,183 | 13,868 | 16,183 | 13,868 | |||||||
North America [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 45,033 | 52,101 | 42,815 | ||||||||
Europe [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 17,513 | 18,102 | 15,604 | ||||||||
Asia [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 18,643 | 15,784 | 17,651 | ||||||||
United States [Member] | |||||||||||
Property and Equipment, net | |||||||||||
Property and Equipment, net | 191 | 185 | 191 | 185 | |||||||
Taiwan [Member] | |||||||||||
Property and Equipment, net | |||||||||||
Property and Equipment, net | 9,016 | 8,568 | 9,016 | 8,568 | |||||||
China [Member] | |||||||||||
Property and Equipment, net | |||||||||||
Property and Equipment, net | $ 6,976 | $ 5,115 | 6,976 | 5,115 | |||||||
Connectivity Products [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 61,282 | 64,791 | 57,660 | ||||||||
Optical Passive Products [Member] | |||||||||||
Revenues | |||||||||||
Revenues | $ 19,907 | $ 21,196 | $ 18,410 |
Commitments and Contingencies49
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Indemnification and Product Warranty: | |||
Accrued warranty reserves | $ 70 | $ 80 | $ 60 |
Operating Leases: | |||
Total rent expense | 900 | $ 700 | $ 700 |
2,016 | 1,048 | ||
2,017 | 655 | ||
2,018 | 428 | ||
2,019 | 376 | ||
Total | $ 2,507 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Ownership percentage | 15.00% | ||
Hon Hai Precision Industry Co. Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Net sales to related party | $ 40 | $ 70 | $ 10 |
Purchases of raw materials from related party | $ 2,000 | 1,800 | 1,500 |
Amounts due from related party | 50 | 10 | |
Amounts due to related party | $ 300 | $ 400 | $ 300 |
Fair Value of Financial instr51
Fair Value of Financial instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 281 | $ 4,070 |
Total | 28,933 | 46,562 |
Short-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 12,825 | 21,782 |
Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 5,006 | 10,075 |
Long-Term Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 10,821 | 10,635 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 281 | 4,070 |
Total | 23,927 | 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 | $ 12,825 | $ 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 | $ 10,821 | $ 10,635 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | ||
Total | $ 5,006 | $ 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 | $ 5,006 | $ 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 |
Selected Quarterly Data (Detail
Selected Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Data [Abstract] | |||||||||||
Revenues, net | $ 16,421 | $ 18,060 | $ 25,045 | $ 21,663 | $ 18,810 | $ 18,096 | $ 24,199 | $ 24,882 | $ 81,189 | $ 85,987 | $ 76,070 |
Gross profit | 6,651 | 7,097 | 10,495 | 8,792 | 7,469 | 7,139 | 9,695 | 9,914 | 33,035 | 34,217 | 29,118 |
Net income | $ 787 | $ 3,653 | $ 5,040 | $ 3,558 | $ 1,408 | $ 4,303 | $ 3,782 | $ 5,015 | $ 13,038 | $ 14,508 | $ 18,808 |
Net income per share - basic | $ 0.05 | $ 0.20 | $ 0.28 | $ 0.20 | $ 0.08 | $ 0.23 | $ 0.20 | $ 0.27 | $ 0.74 | $ 0.78 | $ 1.06 |
Net income per share - diluted | $ 0.05 | $ 0.20 | $ 0.27 | $ 0.19 | $ 0.08 | $ 0.23 | $ 0.20 | $ 0.26 | $ 0.73 | $ 0.77 | $ 1.02 |