Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'GSI TECHNOLOGY INC | ' |
Entity Central Index Key | '0001126741 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,725,535 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $48,821 | $41,120 |
Short-term investments | 26,142 | 26,139 |
Accounts receivable, net | 9,810 | 10,241 |
Inventories | 11,186 | 13,809 |
Prepaid expenses and other current assets | 4,766 | 4,945 |
Deferred income taxes | 1,122 | 1,224 |
Total current assets | 101,847 | 97,478 |
Property and equipment, net | 9,953 | 10,774 |
Long-term investments | 34,593 | 35,495 |
Other assets | 2,241 | 2,098 |
Total assets | 148,634 | 145,845 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Accounts payable | 3,741 | 3,804 |
Accrued expenses and other liabilities | 3,870 | 3,978 |
Deferred revenue | 2,628 | 3,077 |
Total current liabilities | 10,239 | 10,859 |
Income taxes payable | 2,754 | 2,803 |
Total liabilities | 12,993 | 13,662 |
Commitments and Contingencies (Note 6) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none | 0 | 0 |
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 27,741,293 and 27,065,209 shares, respectively | 28 | 27 |
Additional paid-in capital | 57,555 | 54,004 |
Accumulated other comprehensive income | 6 | 45 |
Retained earnings | 78,052 | 78,107 |
Total stockholders’ equity | 135,641 | 132,183 |
Total liabilities and stockholders’ equity | $148,634 | $145,845 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
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 | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 27,741,293 | 27,065,209 |
Common stock, shares outstanding | 27,741,293 | 27,065,209 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenues | $15,542 | $16,010 | $31,954 | $32,793 |
Cost of revenues | 8,140 | 8,806 | 17,086 | 18,824 |
Gross profit | 7,402 | 7,204 | 14,868 | 13,969 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2,951 | 2,872 | 5,948 | 5,710 |
Selling, general and administrative | 4,210 | 2,826 | 9,220 | 5,873 |
Total operating expenses | 7,161 | 5,698 | 15,168 | 11,583 |
Income (loss) from operations | 241 | 1,506 | -300 | 2,386 |
Interest income, net | 95 | 107 | 199 | 231 |
Other income (expense), net | -10 | 24 | -3 | 36 |
Income (loss) before income taxes | 326 | 1,637 | -104 | 2,653 |
Provision (benefit) for income taxes | -60 | 505 | -49 | 601 |
Net income (loss) | $386 | $1,132 | ($55) | $2,052 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | $0.01 | $0.04 | $0 | $0.08 |
Diluted | $0.01 | $0.04 | $0 | $0.07 |
Weighted average shares used in per share calculations: | ' | ' | ' | ' |
Basic | 27,631 | 27,133 | 27,407 | 27,246 |
Diluted | 28,975 | 27,929 | 27,407 | 27,946 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income | ' | ' | ' | ' |
Net income (loss) | $386 | $1,132 | ($55) | $2,052 |
Net unrealized gain (loss) on available-for-sale investments, net of tax | 46 | 25 | -39 | -8 |
Comprehensive net income (loss) | $432 | $1,157 | ($94) | $2,044 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($55) | $2,052 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Allowance for sales returns and doubtful accounts | -14 | 0 |
Provision for excess and obsolete inventories | 526 | 291 |
Depreciation and amortization | 998 | 1,271 |
Stock-based compensation | 1,128 | 1,122 |
Deferred income taxes | 102 | 74 |
Windfall tax benefits from stock options exercised | -403 | -7 |
Amortization of bond premium on investments | 439 | 533 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 445 | 1,942 |
Inventory | 2,097 | -907 |
Prepaid expenses and other assets | -36 | 581 |
Accounts payable | -63 | -1,620 |
Accrued expenses and other liabilities | 297 | -759 |
Deferred revenue | -449 | -104 |
Net cash provided by operating activities | 5,012 | 4,469 |
Cash flows from investing activities: | ' | ' |
Purchase of investments | -19,708 | -15,602 |
Sales and maturities of short-term investments | 20,111 | 17,280 |
Purchases of property and equipment | -138 | -147 |
Net cash provided by investing activities | 265 | 1,531 |
Cash flows from financing activities: | ' | ' |
Repurchase of common stock | 0 | -3,155 |
Windfall tax benefits from stock options exercised | 403 | 7 |
Proceeds from issuance of common stock under employee stock plans | 2,021 | 358 |
Net cash provided by (used in) financing activities | 2,424 | -2,790 |
Net increase in cash and cash equivalents | 7,701 | 3,210 |
Cash and cash equivalents at beginning of the period | 41,120 | 31,634 |
Cash and cash equivalents at end of the period | 48,821 | 34,844 |
Non-cash investing activities: | ' | ' |
Purchases of property and equipment through accounts payable and accruals | 0 | 203 |
Supplemental cash flow information: | ' | ' |
Net cash paid for income taxes | $10 | $348 |
1_THE_COMPANY_AND_SUMMARY_OF_S
1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |
The consolidated results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results to be expected for the entire fiscal year. | |
Significant accounting policies | |
The Company’s significant accounting policies are disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |
Litigation and settlement costs | |
From time to time, the Company is involved in legal actions. The Company currently is a party to pending legal proceedings which it is defending aggressively. See Note 6 for additional information regarding this pending litigation. There are many uncertainties associated with any litigation, and the Company may not prevail. The litigation, regardless of its eventual outcome, will be costly and time consuming and, should the outcome be adverse to the Company, could result in the Company being required to pay significant monetary damages. If that occurs, our business, financial condition and results of operations could be materially and adversely affected. If information becomes available that causes us to determine that a loss in any of our pending litigation, or the settlement of such litigation, is probable, and we can reasonably estimate the loss associated with such events, we will record the loss in accordance with GAAP. However, the actual liability in any such litigation may be materially different from our estimates, which could require us to record additional costs. |
2_NET_INCOME_PER_COMMON_SHARE
2. NET INCOME PER COMMON SHARE | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net income (loss) per share: | ' | ||||||||||||||||
NOTE 2 — NET INCOME PER COMMON SHARE | ' | ||||||||||||||||
The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net income per share. The following table sets forth the computation of basic and diluted net income per share: | |||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Net income (loss) | $ | 386 | $ | 1,132 | $ | (55 | ) | $ | 2,052 | ||||||||
Denominators: | |||||||||||||||||
Weighted average shares—Basic | 27,631 | 27,133 | 27,407 | 27,246 | |||||||||||||
Dilutive effect of employee stock options | 1,331 | 782 | - | 686 | |||||||||||||
Dilutive effect of employee stock purchase plan options | 13 | 14 | - | 14 | |||||||||||||
Weighted average shares—Dilutive | 28,975 | 27,929 | 27,407 | 27,946 | |||||||||||||
Net income per common share—Basic | $ | 0.01 | $ | 0.04 | $ | - | $ | 0.08 | |||||||||
Net income per common share—Diluted | $ | 0.01 | $ | 0.04 | $ | - | $ | 0.07 | |||||||||
The following shares of common stock underlying outstanding stock options, determined on a weighted average basis, were excluded from the computation of diluted net income per share as they had an anti-dilutive effect: | |||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Shares underlying options | 1,558 | 3,135 | 2,964 | 3,095 |
3_BALANCE_SHEET_DETAIL
3. BALANCE SHEET DETAIL | 6 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||||||
NOTE 3 — BALANCE SHEET DETAIL | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Inventories: | |||||||||||||
Work-in-progress | $ | 3,176 | $ | 4,236 | |||||||||
Finished goods | 7,369 | 8,772 | |||||||||||
Inventory at distributors | 641 | 801 | |||||||||||
$ | 11,186 | $ | 13,809 | ||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Accounts receivable, net: | |||||||||||||
Accounts receivable | $ | 9,912 | $ | 10,357 | |||||||||
Less: Allowances for sales returns, doubtful accounts and other | (102 | ) | (116 | ) | |||||||||
$ | 9,810 | $ | 10,241 | ||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Prepaid expenses and other current assets: | |||||||||||||
Prepaid tooling and masks | $ | 816 | $ | 1,230 | |||||||||
Prepaid income taxes | 2,408 | 2,037 | |||||||||||
Other receivables | 492 | 557 | |||||||||||
Other prepaid expenses | 1,050 | 1,121 | |||||||||||
$ | 4,766 | $ | 4,945 | ||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Property and equipment, net: | |||||||||||||
Computer and other equipment | $ | 16,372 | $ | 16,344 | |||||||||
Software | 4,779 | 4,690 | |||||||||||
Land | 3,900 | 3,900 | |||||||||||
Building and building improvements | 2,256 | 2,256 | |||||||||||
Furniture and fixtures | 110 | 110 | |||||||||||
Leasehold improvements | 789 | 767 | |||||||||||
Construction in progress | - | 51 | |||||||||||
28,206 | 28,118 | ||||||||||||
Less: Accumulated depreciation and amortization | (18,253 | ) | (17,344 | ) | |||||||||
$ | 9,953 | $ | 10,774 | ||||||||||
Depreciation and amortization expense was $459,000 and $588,000, respectively, for the three months ended September 30, 2013 and 2012 and $908,000 and $1,181,000, respectively, for the six months ended September 30, 2013 and 2012. | |||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Other Assets: | |||||||||||||
Non-current deferred income taxes | $ | 1,500 | $ | 1,272 | |||||||||
Intangibles, net | 654 | 744 | |||||||||||
Deposits | 87 | 82 | |||||||||||
$ | 2,241 | $ | 2,098 | ||||||||||
The following table summarizes the components of intangible assets and related accumulated amortization balances at September 30, 2013 (in thousands): | |||||||||||||
Gross | |||||||||||||
Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Intangible assets: | |||||||||||||
Product designs | $ | 590 | $ | (344 | ) | $ | 246 | ||||||
Patents | 720 | (327 | ) | 393 | |||||||||
Software | 80 | (65 | ) | 15 | |||||||||
Total | $ | 1,390 | $ | (736 | ) | $ | 654 | ||||||
Amortization of intangible assets included in cost of revenues was $45,000 and $45,000, respectively, for the three months ended September 30, 2013 and 2012 and $90,000 and $90,000, respectively, for the six months ended September 30, 2013 and 2012. | |||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Accrued expenses and other liabilities: | |||||||||||||
Accrued compensation | $ | 2,050 | $ | 2,181 | |||||||||
Accrued professional fees | 583 | 560 | |||||||||||
Accrued commissions | 403 | 353 | |||||||||||
Accrued royalties | 39 | 28 | |||||||||||
Accrued equipment and software costs | - | 51 | |||||||||||
Other accrued expenses | 795 | 805 | |||||||||||
$ | 3,870 | $ | 3,978 | ||||||||||
4_INCOME_TAXES
4. INCOME TAXES | 6 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
NOTE 4—INCOME TAXES | ' |
The current portion of the Company’s unrecognized tax benefits was $0 at September 30, 2013 and March 31, 2013 The long-term portion at September 30, 2013 and March 31, 2013 was $2,754,000 and $2,803,000, respectively, of which the timing of the resolution is uncertain. As of September 30, 2013, $323,000 of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. The unrecognized tax benefit balance of $2,895,000 as of September 30, 2013 would affect the Company’s effective tax rate if recognized. It is possible, however, that some months or years may elapse before an uncertain position for which the Company has established a reserve is resolved. | |
Management believes that it is reasonably possible that within the next twelve months the Company could have a reduction in uncertain tax benefits of up to $637,000, including interest and penalties, related to positions taken with respect to credits and loss carryforwards on previously filed tax returns. | |
The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Condensed Consolidated Statements of Operations. | |
The Company is subject to taxation in the United States and various state and foreign jurisdictions. Fiscal years 2010 through 2013 remain open to examination by federal tax authorities, and fiscal years 2009 through 2013 remain open to examination by California tax authorities. In the three months ended June 30, 2012, the Company settled an examination by the California Franchise Tax Board. The tax provision for the six month period ended September 30, 2012 includes a discrete benefit of $168,000 associated with the net result of the settlement and the associated tax reserves, including interest to date. | |
The Company’s estimated annual effective income tax rate was approximately (3.6%) and 29.3% as of September 30, 2013 and 2012, respectively. The differences between the effective income tax rate and the applicable statutory U.S. income tax rate in each period were primarily due to the effects of tax credits, foreign tax rate differentials and tax free interest income, offset by stock-based compensation expense. | |
5_FINANCIAL_INSTRUMENTS
5. FINANCIAL INSTRUMENTS | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
NOTE 5—FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
Fair value measurements | |||||||||||||||||
Authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosure. The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories: | |||||||||||||||||
Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. As of September 30, 2013, the Level 1 category included money market funds of $10.5 million, which were included in cash and cash equivalents in the Condensed Consolidated Balance Sheet. | |||||||||||||||||
Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well established independent pricing vendors and broker-dealers. As of September 30, 2013, the Level 2 category included short-term investments of $26.1 million and long-term investments of $34.6 million, which were comprised of certificates of deposit, corporate debt securities and government and agency securities. | |||||||||||||||||
Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. As of September 30, 2013, the Company had no Level 3 financial assets measured at fair value in the Condensed Consolidated Balance Sheet. | |||||||||||||||||
The fair value of financial assets and liabilities measured on a recurring basis is as follows (in thousands): | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical Assets | Observable | Unobservable | |||||||||||||||
and Liabilties | Inputs | Inputs | |||||||||||||||
Sept. 30, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 10,480 | $ | 10,480 | $ | - | $ | - | |||||||||
Marketable securities | 60,735 | - | 60,735 | - | |||||||||||||
Total | $ | 71,215 | $ | 10,480 | $ | 60,735 | $ | - | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical Assets | Observable | Unobservable | |||||||||||||||
and Liabilties | Inputs | Inputs | |||||||||||||||
31-Mar-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 10,445 | $ | 10,445 | $ | - | $ | - | |||||||||
Marketable securities | 61,634 | - | 61,634 | - | |||||||||||||
Total | $ | 72,079 | $ | 10,445 | $ | 61,634 | $ | - | |||||||||
Short-term and long-term investments | |||||||||||||||||
All of the Company’s short-term and long-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of accumulated other comprehensive income in the Condensed Consolidated Balance Sheets. The Company had money market funds of $10.5 million and $10.4 million at September 30, 2013 and March 31, 2013, respectively, included in cash and cash equivalents in the Condensed Consolidated Balance Sheet. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary. | |||||||||||||||||
The following table summarizes the Company’s available-for-sale investments: | |||||||||||||||||
Sept. 30, 2013 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-term investments: | |||||||||||||||||
State and municipal obligations | $ | 11,567 | $ | 12 | $ | - | $ | 11,579 | |||||||||
Corporate notes | 1,007 | 2 | - | 1,009 | |||||||||||||
Certificates of deposit | 12,001 | 12 | - | 12,013 | |||||||||||||
Other | 1,538 | 3 | - | 1,541 | |||||||||||||
Total short-term investments | $ | 26,113 | $ | 29 | $ | - | $ | 26,142 | |||||||||
Long-term investments: | |||||||||||||||||
State and municipal obligations | $ | 11,943 | $ | - | $ | - | $ | 11,943 | |||||||||
Corporate notes | 9,435 | 14 | - | 9,449 | |||||||||||||
Certificates of deposit | 8,751 | - | (26 | ) | 8,725 | ||||||||||||
Other | 4,489 | - | (13 | ) | 4,476 | ||||||||||||
Total long-term investments | $ | 34,618 | $ | 14 | $ | (39 | ) | $ | 34,593 | ||||||||
31-Mar-13 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-term investments: | |||||||||||||||||
State and municipal obligations | $ | 10,564 | $ | 17 | $ | - | $ | 10,581 | |||||||||
Corporate notes | 6,052 | 14 | - | 6,066 | |||||||||||||
Certificates of deposit | 9,480 | 12 | - | 9,492 | |||||||||||||
Total short-term investments | $ | 26,096 | $ | 43 | $ | - | $ | 26,139 | |||||||||
Long-term investments: | |||||||||||||||||
State and municipal obligations | $ | 11,992 | $ | 3 | $ | - | $ | 11,995 | |||||||||
Corporate notes | 8,436 | 14 | - | 8,450 | |||||||||||||
Certificates of deposit | 9,008 | 18 | - | 9,026 | |||||||||||||
Other | 6,042 | - | (18 | ) | 6,024 | ||||||||||||
Total long-term investments | $ | 35,478 | $ | 35 | $ | (18 | ) | $ | 35,495 | ||||||||
The Company’s investment portfolio consists of both corporate and governmental securities that have a maximum maturity of three years. All unrealized gains are due to changes in interest rates and bond yields. Subject to normal credit risks, the Company has the ability to realize the full value of all these investments upon maturity. | |||||||||||||||||
As of September 30, 2013, the deferred tax asset related to unrecognized gains and losses on short-term and long-term investments was $3,000. As of March 31, 2013, the deferred tax liability related to unrecognized gains and losses on short-term and long-term investments was $14,000. | |||||||||||||||||
As of September 30, 2013, contractual maturities of the Company’s available-for-sale non-equity investments were as follows: | |||||||||||||||||
Fair | |||||||||||||||||
Cost | Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Maturing within one year | $ | 26,113 | $ | 26,142 | |||||||||||||
Maturing in one to three years | 34,618 | 34,593 | |||||||||||||||
Maturing in more than three years | - | - | |||||||||||||||
$ | 60,731 | $ | 60,735 | ||||||||||||||
The Company classifies its short-term investments as “available-for-sale” as they are intended to be available for use in current operations. |
6_COMMITMENTS_AND_CONTINGENCIE
6. COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
NOTE 6—COMMITMENTS AND CONTINGENCIES | ' |
Indemnification obligations | |
The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold and certain intellectual property rights. In each of these circumstances, the Company's indemnification obligations are conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party’s claims. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements. | |
It is not possible to predict the maximum potential amount of future payments that may be required under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material effect on its business, financial condition, cash flows or results of operations. | |
Product warranties | |
The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs were not significant for the three months or six months ended September 30, 2013 or 2012. | |
Legal proceedings | |
In March 2011, Cypress Semiconductor Corporation, a semiconductor manufacturer, filed a lawsuit against the Company in the United States District Court for the District of Minnesota alleging that the Company's products, including its SigmaDDR and SigmaQuad families of Very Fast SRAMs, infringe five patents held by Cypress. The complaint seeks unspecified damages for past infringement and a permanent injunction against future infringement. | |
On June 10, 2011, Cypress filed a complaint against the Company with the United States International Trade Commission (the “ITC”). The ITC complaint, as subsequently amended, alleged infringement by the Company of three of the five patents involved in the District Court case and one additional patent and also alleged infringement by three of our distributors and 11 of our customers who allegedly incorporate our SRAMs in their products. The ITC complaint sought a limited exclusion order excluding the allegedly infringing SRAMs, and products containing them, from entry into the United States and permanent orders directing the Company and the other respondents to cease and desist from selling or distributing such products in the United States. On July 21, 2011, the ITC formally instituted an investigation in response to Cypress's complaint. On June 7, 2013, the ITC announced that the full Commission had affirmed the determination of Chief Administrative Judge Charles E. Bullock that GSI’s SRAM devices, and products containing them, do not infringe the Cypress patents and that Cypress had failed to establish existence of a domestic industry that practices the patents. Moreover, the Commission reversed a portion of Judge Bullock’s determination with respect to the validity of the patents, finding the asserted claims of one of the patents to have been anticipated by prior art and, therefore, invalid. The Commission ordered the investigation terminated, and Cypress did not appeal the ruling. | |
The Minnesota District Court case had been stayed pending the conclusion of the ITC proceeding. Following the termination of the ITC investigation, the stay was lifted. On May 1, 2013, Cypress filed an additional lawsuit in the United States District Court for the Northern District of California alleging infringement by our products of five additional Cypress patents. Like the Minnesota case, the complaint in the California lawsuit seeks unspecified damages for past infringement and a permanent injunction against future infringement. The Company filed answers in both cases denying liability and asserting affirmative defenses. On August 7, 2013, the parties stipulated that the claims in the Minnesota case with respect to three of the asserted patents would be dismissed without prejudice and that the claims with respect to the remaining two patents would be transferred to, and consolidated with, the California case. On August 20, 2013, the Court in the California case ordered the cases consolidated. Discovery in the case is proceeding. | |
The Company believes that it has strong defenses against Cypress’ patent infringement claims and intends to continue to defend itself vigorously. However, the litigation process is inherently uncertain, and the Company may not prevail. Patent litigation is particularly complex and can extend for a protracted period of time, which can substantially increase the cost of such litigation. The Company has not recorded any loss contingency during fiscal 2011, fiscal 2012 or fiscal 2013 in connection with these legal proceedings as the Company cannot predict their outcome and cannot estimate the likelihood or potential dollar amount of any adverse results. However, an unfavorable outcome in these proceedings could have a material adverse impact on the Company's financial position, results of operations or cash flows for the period in which the outcome occurs and in future periods. |
7_STOCK_BASED_COMPENSATION
7. STOCK- BASED COMPENSATION | 6 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
NOTE 7—STOCK- BASED COMPENSATION | ' | ||||||||||||||||||||||
As of September 30, 2013, 5,774,260 shares of common stock were available for grant under the Company’s 2007 Equity Incentive Plan. | |||||||||||||||||||||||
The following table summarizes the Company’s stock option activities for the six months ended September 30, 2013: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Number of Shares | Average | Weighted | |||||||||||||||||||||
Underlying | Remaining | Average | |||||||||||||||||||||
Options | Contractual | Exercise | Intrinsic | ||||||||||||||||||||
Outstanding | Life (Years) | Price | Value | ||||||||||||||||||||
Balance at March 31, 2013 | 6,336,319 | $ | 4.73 | ||||||||||||||||||||
Granted | 563,483 | 6.38 | |||||||||||||||||||||
Exercised | (617,481 | ) | 2.83 | $ | 2,095,021 | ||||||||||||||||||
Forfeited | (128,425 | ) | 6 | ||||||||||||||||||||
Balance at September 30, 2013 | 6,153,896 | $ | 5.04 | ||||||||||||||||||||
Options vested and exercisable | 3,768,187 | 4.93 | $ | 4.51 | $ | 9,597,324 | |||||||||||||||||
Options vested and expected to vest | 6,089,461 | 6.26 | $ | 5.04 | $ | 12,390,661 | |||||||||||||||||
The weighted average fair value per underlying share of options granted during the three months ended September 30, 2013 and 2012 was $2.93 and $2.11, respectively, and for the six months ended September 30, 2013 and 2012 was $2.72 and $1.99, respectively. | |||||||||||||||||||||||
Options outstanding by exercise price at September 30, 2013 were as follows: | |||||||||||||||||||||||
Number of | Options Outstanding | Options Exercisable | |||||||||||||||||||||
Shares | Weighted | Weighted Average | Weighted | ||||||||||||||||||||
Underlying | Average | Remaining | Number | Average | |||||||||||||||||||
Options | Exercise | Contractual | Vested and | Exercise | |||||||||||||||||||
Exercise Price | Outstanding | Price | Life (Years) | Exercisable | Price | ||||||||||||||||||
$ | 2.43 - 3.38 | 652,607 | $ | 3.01 | 5.05 | 652,607 | $ | 3.01 | |||||||||||||||
$ | 3.43 - 3.94 | 570,204 | $ | 3.55 | 4.99 | 570,204 | $ | 3.55 | |||||||||||||||
$ | 4 | 701,713 | $ | 4 | 5.68 | 701,713 | $ | 4 | |||||||||||||||
$ | 4.17 - 4.50 | 669,312 | $ | 4.26 | 6.12 | 350,703 | $ | 4.31 | |||||||||||||||
$ | 4.81 - 4.92 | 519,313 | $ | 4.87 | 8.44 | 125,951 | $ | 4.88 | |||||||||||||||
$ | 5.5 | 817,833 | $ | 5.5 | 3.13 | 817,833 | $ | 5.5 | |||||||||||||||
$ | 5.59 - 5.76 | 624,410 | $ | 5.7 | 7.81 | 206,975 | $ | 5.71 | |||||||||||||||
$ | 6.00 - 6.54 | 822,208 | $ | 6.32 | 7.66 | 141,170 | $ | 6.33 | |||||||||||||||
$ | 6.82 - 7.00 | 662,676 | $ | 6.9 | 8.31 | 159,221 | $ | 6.93 | |||||||||||||||
$ | 9.2 | 113,620 | $ | 9.2 | 7.34 | 41,810 | $ | 9.2 | |||||||||||||||
6,153,896 | 3,768,187 | ||||||||||||||||||||||
The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans: | |||||||||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cost of revenues | $ | 102 | $ | 87 | $ | 196 | $ | 177 | |||||||||||||||
Research and development | 232 | 291 | 490 | 574 | |||||||||||||||||||
Selling, general and administrative | 229 | 182 | 442 | 371 | |||||||||||||||||||
Total | $ | 563 | $ | 560 | $ | 1,128 | $ | 1,122 | |||||||||||||||
As stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures in accordance with authoritative guidance. The Company estimates forfeitures at the time of grant and revises the original estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||||||||
The Company recognized related income tax benefits of $29,000 and $26,000, respectively, for the three months ended September 30, 2013 and 2012, and of $46,000 and $116,000, respectively, for the six months ended September 30, 2013 and 2012. Windfall tax benefits realized from exercised stock options were $226,000 and $1,000, respectively, for the three months ended September 30, 2013 and 2012 and $403,000 and $7,000, respectively, for the six months ended September 30, 2013 and 2012. Compensation cost capitalized within inventory at September 30, 2013 was insignificant. As of September 30, 2013, the Company’s total unrecognized compensation cost was $4.2 million, which will be recognized over a weighted average period of 2.19 years. The Company calculated the fair value of stock-based awards in the periods presented using the Black-Scholes option pricing model and the following weighted average assumptions: | |||||||||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Stock Option Plans: | |||||||||||||||||||||||
Risk-free interest rate | 1.51 | % | 0.67 | % | 0.91 - 1.51 | % | 0.67 - 0.79 | % | |||||||||||||||
Expected life (in years) | 5 | 5 | 5 | 5 | |||||||||||||||||||
Volatility | 47.6 | % | 50.7 | % | 47.6 - 48.4 | % | 50.7 - 52.9 | % | |||||||||||||||
Dividend yield | - | % | - | % | - | % | - | % | |||||||||||||||
Employee Stock Purchase Plan: | |||||||||||||||||||||||
Risk-free interest rate | - | % | - | % | 0.09 | % | 0.15 | % | |||||||||||||||
Expected life (in years) | - | - | 0.5 | 0.5 | |||||||||||||||||||
Volatility | - | % | - | % | 30.4 | % | 23.4 | % | |||||||||||||||
Dividend yield | - | % | - | % | - | % | - | % |
8_SEGMENT_AND_GEOGRAPHIC_INFOR
8. SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
NOTE 8—SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||||||||
Based on its operating management and financial reporting structure, the Company has determined that it has one reportable business segment: the design, development and sale of integrated circuits. | |||||||||||||||||
The following is a summary of net revenues by geographic area based on the location to which product is shipped: | |||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
United States | $ | 4,414 | $ | 4,425 | $ | 10,385 | $ | 9,201 | |||||||||
China | 2,794 | 3,380 | 6,271 | 8,308 | |||||||||||||
Malaysia | 3,208 | 4,590 | 5,555 | 7,734 | |||||||||||||
Singapore | 1,613 | 1,531 | 3,065 | 3,508 | |||||||||||||
Netherlands | 1,879 | 495 | 3,412 | 1,005 | |||||||||||||
Rest of the world | 1,634 | 1,589 | 3,266 | 3,037 | |||||||||||||
$ | 15,542 | $ | 16,010 | $ | 31,954 | $ | 32,793 | ||||||||||
All sales are denominated in United States dollars. | |||||||||||||||||
1_THE_COMPANY_AND_SUMMARY_OF_S1
1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of presenation | ' |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |
The consolidated results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results to be expected for the entire fiscal year. | |
Significant accounting policies | ' |
Significant accounting policies | |
The Company’s significant accounting policies are disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |
Litigation and settlement costs | ' |
Litigation and settlement costs | |
From time to time, the Company is involved in legal actions. The Company currently is a party to pending legal proceedings which it is defending aggressively. See Note 6 for additional information regarding this pending litigation. There are many uncertainties associated with any litigation, and the Company may not prevail. The litigation, regardless of its eventual outcome, will be costly and time consuming and, should the outcome be adverse to the Company, could result in the Company being required to pay significant monetary damages. If that occurs, our business, financial condition and results of operations could be materially and adversely affected. If information becomes available that causes us to determine that a loss in any of our pending litigation, or the settlement of such litigation, is probable, and we can reasonably estimate the loss associated with such events, we will record the loss in accordance with GAAP. However, the actual liability in any such litigation may be materially different from our estimates, which could require us to record additional costs. |
2_NET_INCOME_PER_COMMON_SHARE_
2. NET INCOME PER COMMON SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net income (loss) per share: | ' | ||||||||||||||||
Basic and diluted net income per share | ' | ||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Net income (loss) | $ | 386 | $ | 1,132 | $ | (55 | ) | $ | 2,052 | ||||||||
Denominators: | |||||||||||||||||
Weighted average shares—Basic | 27,631 | 27,133 | 27,407 | 27,246 | |||||||||||||
Dilutive effect of employee stock options | 1,331 | 782 | - | 686 | |||||||||||||
Dilutive effect of employee stock purchase plan options | 13 | 14 | - | 14 | |||||||||||||
Weighted average shares—Dilutive | 28,975 | 27,929 | 27,407 | 27,946 | |||||||||||||
Net income per common share—Basic | $ | 0.01 | $ | 0.04 | $ | - | $ | 0.08 | |||||||||
Net income per common share—Diluted | $ | 0.01 | $ | 0.04 | $ | - | $ | 0.07 | |||||||||
Anti-dilutive shares | ' | ||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Shares underlying options | 1,558 | 3,135 | 2,964 | 3,095 |
3_BALANCE_SHEET_DETAIL_Tables
3. BALANCE SHEET DETAIL (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Balance Sheet Detail Tables | ' | ||||||||||||
Schedule of Inventories | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Inventories: | |||||||||||||
Work-in-progress | $ | 3,176 | $ | 4,236 | |||||||||
Finished goods | 7,369 | 8,772 | |||||||||||
Inventory at distributors | 641 | 801 | |||||||||||
$ | 11,186 | $ | 13,809 | ||||||||||
Schedule of Accounts Receivable, Net | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Accounts receivable, net: | |||||||||||||
Accounts receivable | $ | 9,912 | $ | 10,357 | |||||||||
Less: Allowances for sales returns, doubtful accounts and other | (102 | ) | (116 | ) | |||||||||
$ | 9,810 | $ | 10,241 | ||||||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Prepaid expenses and other current assets: | |||||||||||||
Prepaid tooling and masks | $ | 816 | $ | 1,230 | |||||||||
Prepaid income taxes | 2,408 | 2,037 | |||||||||||
Other receivables | 492 | 557 | |||||||||||
Other prepaid expenses | 1,050 | 1,121 | |||||||||||
$ | 4,766 | $ | 4,945 | ||||||||||
Schedule of Property and Equipment, Net | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Property and equipment, net: | |||||||||||||
Computer and other equipment | $ | 16,372 | $ | 16,344 | |||||||||
Software | 4,779 | 4,690 | |||||||||||
Land | 3,900 | 3,900 | |||||||||||
Building and building improvements | 2,256 | 2,256 | |||||||||||
Furniture and fixtures | 110 | 110 | |||||||||||
Leasehold improvements | 789 | 767 | |||||||||||
Construction in progress | - | 51 | |||||||||||
28,206 | 28,118 | ||||||||||||
Less: Accumulated depreciation and amortization | (18,253 | ) | (17,344 | ||||||||||
$ | 9,953 | $ | 10,774 | ||||||||||
Schedule of Other Assets | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Other Assets: | |||||||||||||
Non-current deferred income taxes | $ | 1,500 | $ | 1,272 | |||||||||
Intangibles, net | 654 | 744 | |||||||||||
Deposits | 87 | 82 | |||||||||||
$ | 2,241 | $ | 2,098 | ||||||||||
Schedule of Intangible Assets | ' | ||||||||||||
Gross | |||||||||||||
Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Intangible assets: | |||||||||||||
Product designs | $ | 590 | $ | (344 | ) | $ | 246 | ||||||
Patents | 720 | (327 | ) | 393 | |||||||||
Software | 80 | (65 | ) | 15 | |||||||||
Total | $ | 1,390 | $ | (736 | ) | $ | 654 | ||||||
Schedule of Accrued Expenses and Other Liabilities | ' | ||||||||||||
Sept. 30, 2013 | 31-Mar-13 | ||||||||||||
(In thousands) | |||||||||||||
Accrued expenses and other liabilities: | |||||||||||||
Accrued compensation | $ | 2,050 | $ | 2,181 | |||||||||
Accrued professional fees | 583 | 560 | |||||||||||
Accrued commissions | 403 | 353 | |||||||||||
Accrued royalties | 39 | 28 | |||||||||||
Accrued equipment and software costs | - | 51 | |||||||||||
Other accrued expenses | 795 | 805 | |||||||||||
$ | 3,870 | $ | 3,978 | ||||||||||
5_FINANCIAL_INSTRUMENTS_Tables
5. FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Instruments Tables | ' | ||||||||||||||||
Schedule of Fair value of financial assets and liabilities measured on a recurring basis | ' | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical Assets | Observable | Unobservable | |||||||||||||||
and Liabilties | Inputs | Inputs | |||||||||||||||
Sept. 30, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 10,480 | $ | 10,480 | $ | - | $ | - | |||||||||
Marketable securities | 60,735 | - | 60,735 | - | |||||||||||||
Total | $ | 71,215 | $ | 10,480 | $ | 60,735 | $ | - | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical Assets | Observable | Unobservable | |||||||||||||||
and Liabilties | Inputs | Inputs | |||||||||||||||
31-Mar-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 10,445 | $ | 10,445 | $ | - | $ | - | |||||||||
Marketable securities | 61,634 | - | 61,634 | - | |||||||||||||
Total | $ | 72,079 | $ | 10,445 | $ | 61,634 | $ | - | |||||||||
Schedule of Available-for-sale investments | ' | ||||||||||||||||
Sept. 30, 2013 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-term investments: | |||||||||||||||||
State and municipal obligations | $ | 11,567 | $ | 12 | $ | - | $ | 11,579 | |||||||||
Corporate notes | 1,007 | 2 | - | 1,009 | |||||||||||||
Certificates of deposit | 12,001 | 12 | - | 12,013 | |||||||||||||
Other | 1,538 | 3 | - | 1,541 | |||||||||||||
Total short-term investments | $ | 26,113 | $ | 29 | $ | - | $ | 26,142 | |||||||||
Long-term investments: | |||||||||||||||||
State and municipal obligations | $ | 11,943 | $ | - | $ | - | $ | 11,943 | |||||||||
Corporate notes | 9,435 | 14 | - | 9,449 | |||||||||||||
Certificates of deposit | 8,751 | - | (26 | ) | 8,725 | ||||||||||||
Other | 4,489 | - | (13 | ) | 4,476 | ||||||||||||
Total long-term investments | $ | 34,618 | $ | 14 | $ | (39 | ) | $ | 34,593 | ||||||||
31-Mar-13 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-term investments: | |||||||||||||||||
State and municipal obligations | $ | 10,564 | $ | 17 | $ | - | $ | 10,581 | |||||||||
Corporate notes | 6,052 | 14 | - | 6,066 | |||||||||||||
Certificates of deposit | 9,480 | 12 | - | 9,492 | |||||||||||||
Total short-term investments | $ | 26,096 | $ | 43 | $ | - | $ | 26,139 | |||||||||
Long-term investments: | |||||||||||||||||
State and municipal obligations | $ | 11,992 | $ | 3 | $ | - | $ | 11,995 | |||||||||
Corporate notes | 8,436 | 14 | - | 8,450 | |||||||||||||
Certificates of deposit | 9,008 | 18 | - | 9,026 | |||||||||||||
Other | 6,042 | - | (18 | ) | 6,024 | ||||||||||||
Total long-term investments | $ | 35,478 | $ | 35 | $ | (18 | ) | $ | 35,495 | ||||||||
Schedule of Contractual maturities of the available-for-sale non-equity investments | ' | ||||||||||||||||
Fair | |||||||||||||||||
Cost | Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Maturing within one year | $ | 26,113 | $ | 26,142 | |||||||||||||
Maturing in one to three years | 34,618 | 34,593 | |||||||||||||||
Maturing in more than three years | - | - | |||||||||||||||
$ | 60,731 | $ | 60,735 |
7_STOCK_BASED_COMPENSATION_Tab
7. STOCK- BASED COMPENSATION (Tables) | 6 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Stock- Based Compensation Tables | ' | ||||||||||||||||||||||
Summary of stock option activities | ' | ||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Number of Shares | Average | Weighted | |||||||||||||||||||||
Underlying | Remaining | Average | |||||||||||||||||||||
Options | Contractual | Exercise | Intrinsic | ||||||||||||||||||||
Outstanding | Life (Years) | Price | Value | ||||||||||||||||||||
Balance at March 31, 2013 | 6,336,319 | $ | 4.73 | ||||||||||||||||||||
Granted | 563,483 | 6.38 | |||||||||||||||||||||
Exercised | (617,481 | ) | 2.83 | $ | 2,095,021 | ||||||||||||||||||
Forfeited | (128,425 | ) | 6 | ||||||||||||||||||||
Balance at September 30, 2013 | 6,153,896 | $ | 5.04 | ||||||||||||||||||||
Options vested and exercisable | 3,768,187 | 4.93 | $ | 4.51 | $ | 9,597,324 | |||||||||||||||||
Options vested and expected to vest | 6,089,461 | 6.26 | $ | 5.04 | $ | 12,390,661 | |||||||||||||||||
Schedule of options outstanding by exercise price | ' | ||||||||||||||||||||||
Number of | Options Outstanding | Options Exercisable | |||||||||||||||||||||
Shares | Weighted | Weighted Average | Weighted | ||||||||||||||||||||
Underlying | Average | Remaining | Number | Average | |||||||||||||||||||
Options | Exercise | Contractual | Vested and | Exercise | |||||||||||||||||||
Exercise Price | Outstanding | Price | Life (Years) | Exercisable | Price | ||||||||||||||||||
$ | 2.43 - 3.38 | 652,607 | $ | 3.01 | 5.05 | 652,607 | $ | 3.01 | |||||||||||||||
$ | 3.43 - 3.94 | 570,204 | $ | 3.55 | 4.99 | 570,204 | $ | 3.55 | |||||||||||||||
$ | 4 | 701,713 | $ | 4 | 5.68 | 701,713 | $ | 4 | |||||||||||||||
$ | 4.17 - 4.50 | 669,312 | $ | 4.26 | 6.12 | 350,703 | $ | 4.31 | |||||||||||||||
$ | 4.81 - 4.92 | 519,313 | $ | 4.87 | 8.44 | 125,951 | $ | 4.88 | |||||||||||||||
$ | 5.5 | 817,833 | $ | 5.5 | 3.13 | 817,833 | $ | 5.5 | |||||||||||||||
$ | 5.59 - 5.76 | 624,410 | $ | 5.7 | 7.81 | 206,975 | $ | 5.71 | |||||||||||||||
$ | 6.00 - 6.54 | 822,208 | $ | 6.32 | 7.66 | 141,170 | $ | 6.33 | |||||||||||||||
$ | 6.82 - 7.00 | 662,676 | $ | 6.9 | 8.31 | 159,221 | $ | 6.93 | |||||||||||||||
$ | 9.2 | 113,620 | $ | 9.2 | 7.34 | 41,810 | $ | 9.2 | |||||||||||||||
6,153,896 | 3,768,187 | ||||||||||||||||||||||
Summary of stock-based compensation expense by line item | ' | ||||||||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cost of revenues | $ | 102 | $ | 87 | $ | 196 | $ | 177 | |||||||||||||||
Research and development | 232 | 291 | 490 | 574 | |||||||||||||||||||
Selling, general and administrative | 229 | 182 | 442 | 371 | |||||||||||||||||||
Total | $ | 563 | $ | 560 | $ | 1,128 | $ | 1,122 | |||||||||||||||
Summary of valuation assumptions | ' | ||||||||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Stock Option Plans: | |||||||||||||||||||||||
Risk-free interest rate | 1.51 | % | 0.67 | % | 0.91 - 1.51 | % | 0.67 - 0.79 | % | |||||||||||||||
Expected life (in years) | 5 | 5 | 5 | 5 | |||||||||||||||||||
Volatility | 47.6 | % | 50.7 | % | 47.6 - 48.4 | % | 50.7 - 52.9 | % | |||||||||||||||
Dividend yield | - | % | - | % | - | % | - | % | |||||||||||||||
Employee Stock Purchase Plan: | |||||||||||||||||||||||
Risk-free interest rate | - | % | - | % | 0.09 | % | 0.15 | % | |||||||||||||||
Expected life (in years) | - | - | 0.5 | 0.5 | |||||||||||||||||||
Volatility | - | % | - | % | 30.4 | % | 23.4 | % | |||||||||||||||
Dividend yield | - | % | - | % | - | % | - | % |
8_SEGMENT_AND_GEOGRAPHIC_INFOR1
8. SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Net revenues by geographic area | ' | ||||||||||||||||
Three Months Ended Sept. 30, | Six Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
United States | $ | 4,414 | $ | 4,425 | $ | 10,385 | $ | 9,201 | |||||||||
China | 2,794 | 3,380 | 6,271 | 8,308 | |||||||||||||
Malaysia | 3,208 | 4,590 | 5,555 | 7,734 | |||||||||||||
Singapore | 1,613 | 1,531 | 3,065 | 3,508 | |||||||||||||
Netherlands | 1,879 | 495 | 3,412 | 1,005 | |||||||||||||
Rest of the world | 1,634 | 1,589 | 3,266 | 3,037 | |||||||||||||
$ | 15,542 | $ | 16,010 | $ | 31,954 | $ | 32,793 |
1_THE_COMPANY_AND_SUMMARY_OF_S2
1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Company And Summary Of Significant Accounting Policies Details Narrative | ' | ' | ' | ' |
Comprehensive net income (loss) | $432 | $1,157 | ($94) | $2,044 |
2_NET_INCOME_LOSS_PER_COMMON_S
2. NET INCOME (LOSS) PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income Loss Per Common Share Details | ' | ' | ' | ' |
Net income (loss) | $386 | $1,132 | ($55) | $2,052 |
Weighted average shares—Basic | 27,631 | 27,133 | 27,407 | 27,246 |
Dilutive effect of employee stock options | 1,331 | 782 | 0 | 686 |
Dilutive effect of employee stock purchase plan options | 13 | 14 | 0 | 14 |
Weighted average shares—Dilutive | 28,975 | 27,929 | 27,407 | 27,946 |
Net income per common share - Basic | $0.01 | $0.04 | $0 | $0.08 |
Net income per common share - Diluted | $0.01 | $0.04 | $0 | $0.07 |
2_NET_INCOME_LOSS_PER_COMMON_S1
2. NET INCOME (LOSS) PER COMMON SHARE (Details 1) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Income Loss Per Common Share Details 1 | ' | ' | ' | ' |
Shares underlying options | 1,558 | 3,135 | 2,964 | 3,095 |
3_BALANCE_SHEET_DETAIL_Details
3. BALANCE SHEET DETAIL (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories: | ' | ' |
Work-in-progress | $3,176 | $4,236 |
Finished goods | 7,369 | 8,772 |
Inventory at distributors | 641 | 801 |
Total Inventory | $11,186 | $13,809 |
3_BALANCE_SHEET_DETAIL_Details1
3. BALANCE SHEET DETAIL (Details 1) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net: | ' | ' |
Accounts receivable | $9,912 | $10,357 |
Less: Allowances for sales returns, doubtful accounts and other | -102 | -116 |
Total accounts receivable, net | $9,810 | $10,241 |
3_BALANCE_SHEET_DETAIL_Details2
3. BALANCE SHEET DETAIL (Details 2) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid expenses and other current assets: | ' | ' |
Prepaid tooling and masks | $816 | $1,230 |
Prepaid income taxes | 2,408 | 2,037 |
Other receivables | 492 | 557 |
Other prepaid expenses | 1,050 | 1,121 |
Total prepaid expenses and other current assets | $4,766 | $4,945 |
3_BALANCE_SHEET_DETAIL_Details3
3. BALANCE SHEET DETAIL (Details 3) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment, net: | ' | ' |
Computer and other equipment | $16,372 | $16,344 |
Software | 4,779 | 4,690 |
Land | 3,900 | 3,900 |
Building and building improvements | 2,256 | 2,256 |
Furniture and fixtures | 110 | 110 |
Leasehold improvements | 789 | 767 |
Construction in progress | 0 | 51 |
Property, Plant, and Equipment, Gross | 28,206 | 28,118 |
Less: Accumulated depreciation and amortization | -18,253 | -17,344 |
Property, Plant, and Equipment, Net | $9,953 | $10,774 |
3_BALANCE_SHEET_DETAIL_Details4
3. BALANCE SHEET DETAIL (Details 4) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other assets: | ' | ' |
Non-current deferred income taxes | $1,500 | $1,272 |
Intangibles, net | 654 | 744 |
Deposits | 87 | 82 |
Total Other Assets | $2,241 | $2,098 |
3_BALANCE_SHEET_DETAIL_Details5
3. BALANCE SHEET DETAIL (Details 5) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gross Carrying Amount | $1,390 | ' |
Accumulated Amortization | -736 | ' |
Net Carrying Amount | 654 | 744 |
Product Designs | ' | ' |
Gross Carrying Amount | 590 | ' |
Accumulated Amortization | -344 | ' |
Net Carrying Amount | 246 | ' |
Patents | ' | ' |
Gross Carrying Amount | 720 | ' |
Accumulated Amortization | -327 | ' |
Net Carrying Amount | 393 | ' |
Software | ' | ' |
Gross Carrying Amount | 80 | ' |
Accumulated Amortization | -65 | ' |
Net Carrying Amount | $15 | ' |
3_BALANCE_SHEET_DETAIL_Details6
3. BALANCE SHEET DETAIL (Details 6) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses and other liabilities: | ' | ' |
Accrued compensation | $2,050 | $2,181 |
Accrued professional fees | 583 | 560 |
Accrued commissions | 403 | 353 |
Accrued royalties | 39 | 28 |
Accrued equipment and software costs | 0 | 51 |
Other accrued expenses | 795 | 805 |
Total Accrued Expenses and Other Liabilities | $3,870 | $3,978 |
4_INCOME_TAXES_Details_Narrati
4. INCOME TAXES (Details Narrative) (USD $) | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | |
Income Taxes Details Narrative | ' | ' | ' |
Unrecognized tax benefits, Current | $0 | ' | $0 |
Unrecognized tax benefits, Long Term | 2,754,000 | ' | 2,803,000 |
Unrecognized tax benefits had been recorded as a reduction to net deferred tax assets | 323,000 | ' | ' |
Unrecognized tax benefits | $2,895,000 | ' | ' |
Effective annual income tax rate | -3.60% | 29.30% | ' |
5_FINANCIAL_INSTRUMENTS_Detail
5. FINANCIAL INSTRUMENTS (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Money market funds | $10,480 | $10,445 |
Marketable securities | 60,735 | 61,634 |
Total | 71,215 | 72,079 |
Quoted Prices in Active Markets for Identical Assets and Liabilties (Level 1) | ' | ' |
Assets: | ' | ' |
Money market funds | 10,480 | 10,445 |
Marketable securities | 0 | 0 |
Total | 10,480 | 10,445 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Money market funds | 0 | 0 |
Marketable securities | 60,735 | 61,634 |
Total | 60,735 | 61,634 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Money market funds | 0 | 0 |
Marketable securities | 0 | 0 |
Total | $0 | $0 |
5_FINANCIAL_INSTRUMENTS_Detail1
5. FINANCIAL INSTRUMENTS (Details 1) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value | $60,735 | ' |
Short Term Investments | ' | ' |
Available-for-sale securities, Cost | 26,113 | 26,096 |
Available-for-sale securities, Gross Unrealized Gains | 29 | 43 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Fair Value | 26,142 | 26,139 |
Short Term Investments | State and municipal bonds | ' | ' |
Available-for-sale securities, Cost | 11,567 | 10,564 |
Available-for-sale securities, Gross Unrealized Gains | 12 | 17 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Fair Value | 11,579 | 10,581 |
Short Term Investments | Corporate Notes | ' | ' |
Available-for-sale securities, Cost | 1,007 | 6,052 |
Available-for-sale securities, Gross Unrealized Gains | 2 | 14 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,009 | 6,066 |
Short Term Investments | Certificate of deposits | ' | ' |
Available-for-sale securities, Cost | 12,001 | 9,480 |
Available-for-sale securities, Gross Unrealized Gains | 12 | 12 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Fair Value | 12,013 | 9,492 |
Short Term Investments | Other | ' | ' |
Available-for-sale securities, Cost | 1,538 | ' |
Available-for-sale securities, Gross Unrealized Gains | 3 | ' |
Available-for-sale securities, Gross Unrealized Losses | 0 | ' |
Fair Value | 1,541 | ' |
Long Term Investments | ' | ' |
Available-for-sale securities, Cost | 34,618 | 35,478 |
Available-for-sale securities, Gross Unrealized Gains | 14 | 35 |
Available-for-sale securities, Gross Unrealized Losses | -39 | -18 |
Fair Value | 34,593 | 35,495 |
Long Term Investments | State and municipal bonds | ' | ' |
Available-for-sale securities, Cost | 11,943 | 11,992 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 3 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Fair Value | 11,943 | 11,995 |
Long Term Investments | Corporate Notes | ' | ' |
Available-for-sale securities, Cost | 9,435 | 8,436 |
Available-for-sale securities, Gross Unrealized Gains | 14 | 14 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Fair Value | 9,449 | 8,450 |
Long Term Investments | Certificate of deposits | ' | ' |
Available-for-sale securities, Cost | 8,751 | 9,008 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 18 |
Available-for-sale securities, Gross Unrealized Losses | -26 | 0 |
Fair Value | 8,725 | 9,026 |
Long Term Investments | Other | ' | ' |
Available-for-sale securities, Cost | 4,489 | 6,042 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale securities, Gross Unrealized Losses | -13 | -18 |
Fair Value | $4,476 | $6,024 |
5_FINANCIAL_INSTRUMENTS_Detail2
5. FINANCIAL INSTRUMENTS (Details 2) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Financial Instruments Details 2 | ' |
Maturing within one year, Cost | $26,113 |
Maturing in one to three years, Cost | 34,618 |
Total, Cost | 60,731 |
Maturing within one year, Fair Value | 26,142 |
Maturing in one to three years, Fair Value | 34,593 |
Fair Value | $60,735 |
7_STOCK_BASED_COMPENSATION_Det
7. STOCK- BASED COMPENSATION (Details) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Number of Options | ' |
Number of Underlying Options Outstanding, Beginning | 6,336,319 |
Number of Underlying Options Granted | 563,483 |
Number of Underlying Options Exercised | -617,481 |
Number of Underlying Options Forfeited | -128,425 |
Number of Options Underlying Outstanding, Ending | 6,153,896 |
Options Vested and Exercisable | 3,768,187 |
Options Vested and expected to vest | 6,089,461 |
Weighted Average Exercise Price | ' |
Weighted Average Exercise Price Outstanding, Beginning | $4.73 |
Weighted Average Exercise Price Granted | $6.38 |
Weighted Average Exercise Price Exercised | $2.83 |
Weighted Average Exercise Price Forfeited | $6 |
Weighted Average Exercise Price Outstanding, Ending | $5.04 |
Weighted Average Exercise Price Vested and Exercisable | $4.51 |
Weighted Average Exercise Price vested and exprected to vest | $5.04 |
Weighted Average Remaining Contractual Life (in years) | ' |
Weighted Average Remaining Contractual Life (in years) Exercisable | '4 years 11 months 5 days |
Weighted Average Remaining Contractual Life (in years) Vested and expected to vest | '6 years 3 months 4 days |
Aggregate Intrinsic Value | ' |
Intrinsic Value | $2,095,021 |
Aggregate Intrinsic Value Exercisable | 9,597,324 |
Aggregate Intrinsic Value vested and expected to vest | $12,390,661 |
7_STOCK_BASED_COMPENSATION_Det1
7. STOCK- BASED COMPENSATION (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-based compensation | $563 | $560 | $1,128 | $1,122 |
Cost of revenues | ' | ' | ' | ' |
Stock-based compensation | 102 | 87 | 196 | 177 |
Research and Development | ' | ' | ' | ' |
Stock-based compensation | 232 | 291 | 490 | 574 |
Selling, general and administrative | ' | ' | ' | ' |
Stock-based compensation | $229 | $182 | $442 | $371 |
7_STOCK_BASED_COMPENSATION_Det2
7. STOCK- BASED COMPENSATION (Details 2) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options Plans | ' | ' | ' | ' |
Risk-free interest rate | 1.51% | 0.67% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | ' | ' | 0.91% | 0.67% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | ' | ' | 1.51% | 0.79% |
Expected life (in years) | '5 years | '5 years | '5 years | '5 years |
Volatility | 47.60% | 50.70% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | ' | ' | 47.60% | 50.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | ' | ' | 48.40% | 52.90% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 0.09% | 0.15% |
Expected life (in years) | ' | ' | '6 months | '6 months |
Volatility | ' | ' | 30.40% | 23.40% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
8_SEGMENT_AND_GEOGRAPHIC_INFOR2
8. SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenues | $15,542 | $16,010 | $31,954 | $32,793 |
United States | ' | ' | ' | ' |
Net revenues | 4,414 | 4,425 | 10,385 | 9,201 |
China | ' | ' | ' | ' |
Net revenues | 2,794 | 3,380 | 6,271 | 8,308 |
Malaysia | ' | ' | ' | ' |
Net revenues | 3,208 | 4,590 | 5,555 | 7,734 |
Singapore | ' | ' | ' | ' |
Net revenues | 1,613 | 1,531 | 3,065 | 3,508 |
Netherlands | ' | ' | ' | ' |
Net revenues | 1,879 | 495 | 3,412 | 1,005 |
Rest of the World | ' | ' | ' | ' |
Net revenues | $1,634 | $1,589 | $3,266 | $3,037 |