Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RBCN | ' | ' |
Entity Registrant Name | 'RUBICON TECHNOLOGY, INC. | ' | ' |
Entity Central Index Key | '0001410172 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,765,795 | ' |
Entity Public Float | ' | ' | $141,077,145 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $21,071 | $19,573 |
Restricted cash | 165 | 171 |
Short-term investments | 13,567 | 24,361 |
Accounts receivable, net | 3,571 | 10,992 |
Accounts receivable-related parties | ' | 1,677 |
Inventories | 34,312 | 47,354 |
Other inventory supplies | 12,533 | 15,813 |
Prepaid expenses and other current assets | 1,186 | 2,353 |
Deferred tax assets | ' | 4,427 |
Total current assets | 86,405 | 126,721 |
Property and equipment, net | 115,220 | 119,850 |
Other assets | 1,070 | 1,525 |
Total assets | 202,695 | 248,096 |
Liabilities and stockholders' equity | ' | ' |
Accounts payable | 4,465 | 8,954 |
Accrued payroll | 369 | 1,006 |
Accrued and other current liabilities | 867 | 1,139 |
Corporate income and franchise taxes | 192 | 216 |
Accrued real estate taxes | 336 | 297 |
Advance payments | 408 | 772 |
Total current liabilities | 6,637 | 12,384 |
Deferred tax liability | 267 | 10,326 |
Total liabilities | 6,904 | 22,710 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $0.001 par value, 5,000,000 undesignated shares authorized, no shares issued or outstanding | ' | ' |
Common stock, $0.001 par value, 45,000,000 shares authorized; 24,433,523 and 24,327,140 shares issued; 22,658,679 and 22,552,296 shares outstanding | 25 | 25 |
Additional paid-in capital | 335,935 | 334,314 |
Treasury stock, at cost, 1,774,844 | -12,148 | -12,148 |
Accumulated other comprehensive (loss) income | -418 | 447 |
Accumulated deficit | -127,603 | -97,252 |
Total stockholders' equity | 195,791 | 225,386 |
Total liabilities and stockholders' equity | $202,695 | $248,096 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
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 | 45,000,000 | 45,000,000 |
Common stock, shares issued | 24,433,523 | 24,327,140 |
Common stock, shares outstanding | 22,658,679 | 22,552,296 |
Treasury stock, shares | 1,774,844 | 1,774,844 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $41,513 | $67,243 | $134,000 |
Cost of goods sold | 63,434 | 67,283 | 64,365 |
Gross (loss) profit | -21,921 | -40 | 69,635 |
Operating expenses: | ' | ' | ' |
General and administrative | 8,629 | 9,018 | 11,336 |
Sales and marketing | 1,521 | 1,685 | 1,658 |
Research and development | 2,263 | 2,274 | 1,806 |
Loss on disposal of assets | 550 | 19 | 84 |
Income (loss) from operations | -34,884 | -13,036 | 54,751 |
Other income (expense): | ' | ' | ' |
Interest income | 51 | 93 | 252 |
Interest expense | -95 | ' | ' |
Realized (loss) gain on foreign currency translation | -583 | 349 | -370 |
Realized gain on investments | ' | 8 | ' |
Total other (expense) income | -627 | 450 | -118 |
Income (loss) before income taxes | -35,511 | -12,586 | 54,633 |
Income tax benefit (expense) | 5,160 | 7,048 | -16,574 |
Net (loss) income | ($30,351) | ($5,538) | $38,059 |
Net (loss) income per common share | ' | ' | ' |
Basic | ($1.35) | ($0.25) | $1.67 |
Diluted | ($1.35) | ($0.25) | $1.61 |
Weighted average common shares outstanding used in computing net (loss) income per common share | ' | ' | ' |
Basic | 22,572,212 | 22,523,951 | 22,852,205 |
Diluted | 22,572,212 | 22,523,951 | 23,596,162 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net (loss) income | ($30,351) | ($5,538) | $38,059 |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized (loss) gain on investments, net of taxes | -863 | 505 | -42 |
Unrealized (loss) gain on currency translation | -2 | -8 | 2 |
Other comprehensive (loss) income | -865 | 497 | -40 |
Comprehensive (loss) income | ($31,216) | ($5,041) | $38,019 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock [Member] | Treasury Stock [Member] | Additional paid-in Capital [Member] | Accum Other Comp Inc. [Member] | Accum deficit [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | $192,094 | $23 | ($5,661) | $327,515 | ($10) | ($129,773) |
Beginning Balance, Treasury Shares at Dec. 31, 2010 | ' | ' | -1,249,975 | ' | ' | ' |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 24,210,644 | ' | ' | ' | ' |
Exercise of stock options | 742 | 1 | ' | 741 | ' | ' |
Exercise of stock options, Shares | 73,428 | 71,355 | ' | ' | ' | ' |
Stock-based compensation | 2,297 | ' | ' | 2,297 | ' | ' |
Excess tax benefit of stock based compensation | 1,404 | ' | ' | 1,404 | ' | ' |
Stock issued to Board of Directors | 162 | ' | ' | 162 | ' | ' |
Stock issued to Board of Directors, Shares | ' | 7,724 | ' | ' | ' | ' |
Purchase of treasury stock, at cost | -6,487 | ' | -6,487 | ' | ' | ' |
Purchase of treasury stock, at cost, Shares | ' | ' | -524,869 | ' | ' | ' |
Foreign currency translation adjustments | 2 | ' | ' | ' | 2 | ' |
Unrealized gain (loss) on investments, net of tax | -42 | ' | ' | ' | -42 | ' |
Net income (loss) | 38,059 | ' | ' | ' | ' | 38,059 |
Ending Balance at Dec. 31, 2011 | 228,231 | 24 | -12,148 | 332,119 | -50 | -91,714 |
Ending Balance, Treasury Shares at Dec. 31, 2011 | ' | ' | -1,774,844 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2011 | ' | 24,289,723 | ' | ' | ' | ' |
Exercise of stock options | 73 | 1 | ' | 72 | ' | ' |
Exercise of stock options, Shares | 17,885 | 17,884 | ' | ' | ' | ' |
Net exercise of stock warrants | ' | ' | ' | ' | ' | ' |
Net exercise of stock warrants, Shares | ' | 2,188 | ' | ' | ' | ' |
Stock-based compensation | 1,801 | ' | ' | 1,801 | ' | ' |
Excess tax benefit of stock based compensation | 160 | ' | ' | 160 | ' | ' |
Stock issued to Board of Directors | 162 | ' | ' | 162 | ' | ' |
Stock issued to Board of Directors, Shares | ' | 17,345 | ' | ' | ' | ' |
Foreign currency translation adjustments | -8 | ' | ' | ' | -8 | ' |
Unrealized gain (loss) on investments, net of tax | 505 | ' | ' | ' | 505 | ' |
Net income (loss) | -5,538 | ' | ' | ' | ' | -5,538 |
Ending Balance at Dec. 31, 2012 | 225,386 | 25 | -12,148 | 334,314 | 447 | -97,252 |
Ending Balance, Treasury Shares at Dec. 31, 2012 | -1,774,844 | ' | -1,774,844 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2012 | ' | 24,327,140 | ' | ' | ' | ' |
Exercise of stock options | 140 | ' | ' | 140 | ' | ' |
Exercise of stock options, Shares | 27,930 | 27,930 | ' | ' | ' | ' |
Stock-based compensation | 1,246 | ' | ' | 1,246 | ' | ' |
Excess tax benefit of stock based compensation | -114 | ' | ' | -114 | ' | ' |
Restricted stock issued | 292 | ' | ' | 292 | ' | ' |
Restricted stock issued, shares | ' | 73,709 | ' | ' | ' | ' |
Stock issued to Board of Directors | 57 | ' | ' | 57 | ' | ' |
Stock issued to Board of Directors, Shares | ' | 4,744 | ' | ' | ' | ' |
Foreign currency translation adjustments | -2 | ' | ' | ' | -2 | ' |
Unrealized gain (loss) on investments, net of tax | -863 | ' | ' | ' | -863 | ' |
Net income (loss) | -30,351 | ' | ' | ' | ' | -30,351 |
Ending Balance at Dec. 31, 2013 | $195,791 | $25 | ($12,148) | $335,935 | ($418) | ($127,603) |
Ending Balance, Treasury Shares at Dec. 31, 2013 | -1,774,844 | ' | -1,774,844 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2013 | ' | 24,433,523 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net (loss) income | ($30,351) | ($5,538) | $38,059 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities | ' | ' | ' |
Depreciation and amortization | 12,660 | 12,027 | 9,724 |
Net loss on disposal of assets | 550 | 19 | 84 |
Stock-based compensation | 1,375 | 1,801 | 2,297 |
Stock issued to Board of Directors | 220 | 162 | 162 |
Realized gain on investments | ' | -8 | ' |
Deferred taxes | -5,166 | -6,324 | 13,447 |
Excess tax benefits from stock-based compensation | 114 | -160 | -1,404 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 9,098 | 19,975 | -13,968 |
Inventories | 12,979 | -24,258 | -11,948 |
Other inventory supplies | 2,976 | 1,948 | -9,929 |
Prepaid expenses and other assets | 1,571 | 1,981 | -3,993 |
Accounts payable | -4,472 | -4,004 | 3,683 |
Accrued payroll | -510 | -581 | -951 |
Corporate income and franchise taxes | -25 | -391 | 212 |
Accrued real estate taxes | 39 | 22 | 49 |
Advance payments | -364 | 763 | -1,094 |
Accrued and other current liabilities | -282 | -172 | 182 |
Net cash provided by (used in) operating activities | 412 | -2,738 | 24,612 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property and equipment | -8,721 | -10,975 | -48,228 |
Proceeds from disposal of assets | 141 | 10 | ' |
Purchase of investments | -2,040 | -5,281 | -9,439 |
Proceeds from sale of investments | 11,390 | 34,300 | 25,000 |
Net cash provided by (used in) investing activities | 770 | 18,054 | -32,667 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from exercise of options | 140 | 72 | 742 |
Restricted cash | 6 | 18 | 344 |
Purchase of treasury stock | ' | ' | -6,487 |
Excess tax benefits from stock-based compensation | -114 | 160 | 1,404 |
Net cash provided by (used in) financing activities | 32 | 250 | -3,997 |
Net effect of currency translation | 284 | -283 | 269 |
Net increase (decrease) in cash and cash equivalents | 1,498 | 15,283 | -11,783 |
Cash and cash equivalents, beginning of year | 19,573 | 4,290 | 16,073 |
Cash and cash equivalents, end of year | 21,071 | 19,573 | 4,290 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for income taxes | ' | ' | 6,050 |
Cash paid for interest | $87 | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Description of business | |||||||||
Rubicon Technology, Inc., a Delaware corporation (the “Company”), is an electronic materials provider that develops, manufactures and sells monocrystalline sapphire and other innovative crystalline products for LEDs, RFICs, blue laser diodes, optoelectronics and other optical applications. The Company sells its products on a global basis to customers in Asia, Australia, North America and Europe. The Company maintains its operating facilities in the Chicago metropolitan area and in Penang, Malaysia. | |||||||||
Principles of consolidation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Rubicon Worldwide LLC and Rubicon Sapphire Technology (Malaysia) SDN BHD. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||
A summary of the Company’s significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. | |||||||||
Cash and cash equivalents | |||||||||
The Company considers all unrestricted highly liquid investments immediately available to be cash equivalents. Cash equivalents primarily consist of time deposits with banks, unsettled trades and brokerage money market accounts. | |||||||||
Restricted cash | |||||||||
At December 31, 2013 and 2012, in connection with certain credit agreements, the Company is required to maintain $5,000 of restricted certificates of deposit. At December 31, 2013 and 2012, the Company held $7,800 and $2,600, respectively, of employee funds as part of a flexible spending program. At December 31, 2013 and 2012, the Company held $152,300 and $163,500, respectively, as a fixed deposit pledged to a bank as a security for a bank guarantee facility granted to the Company. | |||||||||
Foreign currency translation and transactions | |||||||||
Rubicon Worldwide LLC’s assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates and capital accounts at historical exchange rates. The results of operations are translated into U.S. dollars at the average exchange rates during the respective period. Translation adjustments resulting from fluctuations in exchange rates for Rubicon Worldwide LLC are recorded as a separate component of accumulated other comprehensive income (loss) within stockholders’ equity. | |||||||||
The Company has determined that the functional currency of Rubicon Sapphire Technology (Malaysia) SDN BHD is the U.S. dollar. Rubicon Sapphire Technology (Malaysia) SDN BHD’s assets and liabilities are translated into U.S. dollars using the remeasurement method. Non-monetary assets are translated at historical exchange rates and monetary assets are translated at exchange rates existing at the respective balance sheet dates. Translation adjustments for Rubicon Sapphire Technology (Malaysia) SDN BHD are included in determining net income (loss) for the period. The results of operations are translated into U.S. dollars at the average exchange rates during the respective period. The Company records these gains and losses in other income (expense). | |||||||||
Foreign currency transaction gains and losses are generated from the effects of exchange rate changes on transactions denominated in a currency other than the functional currency of the Company, which is the U.S. dollar. Gains and losses on foreign currency transactions are generally required to be recognized in the determination of net income (loss) for the period. The Company records these gains and losses in other income (expense). | |||||||||
Investments | |||||||||
The Company invests available cash primarily in investment grade commercial paper, FDIC guaranteed certificates of deposit, common stock, corporate notes and government securities. Investments classified as available-for-sale securities are carried at fair market value with unrealized gains and losses recorded in accumulated other comprehensive income (loss). Investments in trading securities are reported at fair value, with both realized and unrealized gains and losses recorded in other income (expense), in the consolidated statements of operations. Investments in which the Company has the ability and intent, if necessary, to liquidate in order to support its current operations, are classified as short-term. | |||||||||
The Company reviews its available-for-sale securities investments at the end of each quarter for other-than-temporary declines in fair value based on the specific identification method. The Company considers various factors in determining whether an impairment is other-than-temporary, including the severity and duration of the impairment, changes in underlying credit ratings, forecasted recovery, its ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. When the Company concludes that an other-than-temporary impairment has resulted, the difference between the fair value and carrying value is written off and recorded as a charge on the consolidated statements of operations. As of December 31, 2013 and 2012, no impairment was recorded. | |||||||||
Treasury Stock | |||||||||
The Company records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | |||||||||
Accounts receivable | |||||||||
The majority of the Company’s accounts receivable is due from manufacturers serving the LED and Silicon-on-Sapphire (SoS) industries. Credit is extended based on an evaluation of the customer’s financial condition. Accounts receivable are due based on contract terms and at stated amounts due from customers, net of an allowance for doubtful accounts. | |||||||||
Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time past due, the customer’s current ability to pay and the condition of the general economy and industry as a whole. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are recorded as a reduction to bad debt expense. | |||||||||
The following table shows the activity of the allowance for doubtful accounts: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | 286 | $ | 378 | |||||
Charges to costs and expenses | 24 | (54 | ) | ||||||
Accounts charged off, less recoveries | (260 | ) | (38 | ) | |||||
Ending balance | $ | 50 | $ | 286 | |||||
Inventories | |||||||||
Inventories are valued at the lower of cost or market. Raw materials cost is determined using the first-in, first-out method, and work-in-process and finished goods costs are determined on a weighted-average cost basis which includes materials, labor and overhead. The Company reduces the carrying value of its inventories for differences between the cost and the estimated net realizable value, taking into account usage, expected demand, technological obsolescence and other information. Inventories are composed of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 18,651 | $ | 21,267 | |||||
Work in progress | 10,337 | 20,787 | |||||||
Finished goods | 5,324 | 5,300 | |||||||
$ | 34,312 | $ | 47,354 | ||||||
The Company establishes inventory reserves when conditions exist that suggest inventory may be in excess of anticipated demand or is obsolete based on customer required specifications. The Company evaluates the ability to realize the value of our inventory based on a combination of factors, including forecasted sales, estimated current and future market value and changes in customers’ product specifications. For the years ended December 31, 2013 and 2012, the Company determined it had inventory that was excess or obsolete and recorded an adjustment which reduced inventory and increased costs of goods sold by $604,000 and $719,000, respectively. The Company had accepted sales orders for smaller diameter core products at prices lower than cost during 2013 and 2012. Based on these sales prices, the Company recorded at December 31, 2013 and 2012, a lower of cost or market adjustment which reduced inventory and increased cost of goods sold by $421,000 and $1.5 million, respectively. During the year ended December 31, 2012, the Company recycled some boules from inventory. Historically, boules put through a second growth cycle typically result in a very high-grade crystal which may result in higher yield of large diameter wafers. The recycling of boules reduced inventory and increased cost of goods sold for the year ended December 31, 2012 by $927,000. The Company’s method of estimating excess and obsolete inventory has remained consistent for all periods presented. | |||||||||
Property and equipment | |||||||||
Property and equipment consisted of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Land and land improvements | $ | 4,133 | $ | 4,133 | |||||
Buildings | 32,269 | 30,364 | |||||||
Machinery, equipment and tooling | 121,313 | 103,477 | |||||||
Leasehold improvements | 7,696 | 7,696 | |||||||
Furniture and fixtures | 949 | 941 | |||||||
Information systems | 1,077 | 1,070 | |||||||
Construction in progress | 5,221 | 17,712 | |||||||
Total cost | 172,658 | 165,393 | |||||||
Accumulated depreciation and amortization | (57,438 | ) | (45,543 | ) | |||||
Property and equipment, net | $ | 115,220 | $ | 119,850 | |||||
Property and equipment are carried at cost and depreciated over their estimated useful lives using the straight-line method. The cost of maintenance and repairs is charged to expense as incurred. Significant renewals and improvements are capitalized. Depreciation and amortization expense associated with property and equipment was $12.7 million, $12.0 million and $9.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Construction in progress includes costs associated with the construction of furnaces and deposits made on equipment purchases. | |||||||||
The estimated useful lives are as follows: | |||||||||
Asset description | Life | ||||||||
Buildings | 39 years | ||||||||
Machinery, equipment and tooling | 3-10 years | ||||||||
Leasehold improvements | Lesser of life of lease or economic life | ||||||||
Furniture and fixtures | 7 years | ||||||||
Information systems | 3 years | ||||||||
Impairment of long-lived assets | |||||||||
When circumstances, such as adverse market conditions, indicate that the carrying value of a long-lived asset may be impaired, the Company performs an analysis to review the recoverability of the asset’s carrying value. The Company makes estimates of the undiscounted cash flows (excluding interest charges) from the expected future operations of the asset. These estimates consider factors such as expected future operating income, operating trends and prospects, as well as the effects of demand, competition and other factors. If the analysis indicates that the carrying value is not recoverable from future cash flows, an impairment loss is recognized to the extent that the carrying value exceeds the estimated fair value. Any impairment losses are recorded as operating expenses, which reduce net income. There were no impairment losses on long lived assets for the years ended December 31, 2013, 2012 and 2011. | |||||||||
Other assets | |||||||||
The Company’s other assets include overhaul costs that are accounted for using the deferral method. These overhaul costs are recorded at cost on the balance sheet as other assets and are amortized over terms in accordance with their respectful useful lives. | |||||||||
Warranty cost | |||||||||
The Company’s sales terms include a warranty that its products will meet certain specifications. The Company records a current liability for the expected cost of warranty-related claims at the time of sale. The warranty reserve is included in accrued and other current liabilities on the consolidated balance sheets. | |||||||||
The following table presents changes in the Company’s product warranty liability: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Balance, beginning of period | $ | 101 | $ | 253 | |||||
Charged to cost of sales | 102 | (37 | ) | ||||||
Actual product warranty expenditures | (62 | ) | (115 | ) | |||||
Balance, end of period | $ | 141 | $ | 101 | |||||
Fair value of financial instruments | |||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable. The carrying values of these assets and liabilities approximate their fair values due to the short-term nature of these instruments at December 31, 2013 and 2012. | |||||||||
Concentration of credit risks and other risks and uncertainties | |||||||||
Financial instruments that could potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. At December 31, 2013 and 2012, the Company had $4.8 million and $6.9 million, respectively, on deposit at a financial institution in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company performs periodic evaluation of this institution for relative credit standing. The Company has not experienced any losses in such accounts and management believes it is not exposed to any significant risk of loss on these balances. | |||||||||
The Company currently depends on a small number of suppliers for certain raw materials, components, services and equipment, including key materials such as aluminum oxide and certain furnace components. If the supply of these components were to be disrupted or terminated, or if these suppliers were unable to supply the quantities of raw materials required, the Company may have difficulty in finding, or may be unable to find, alternative sources for these items. As a result, the Company may be unable to meet the demand for its products, which could have a material adverse impact on the Company. | |||||||||
Concentration of credit risk related to revenue and accounts receivable is discussed in Note 5. | |||||||||
Revenue recognition | |||||||||
Revenues recognized include product sales and billings for costs and fees for government contracts. | |||||||||
Product Sales | |||||||||
The Company recognizes revenue from product sales when earned. Revenue is recognized when, and if, evidence of an arrangement is obtained and the other criteria to support revenue recognition are met, including: | |||||||||
• | Persuasive evidence of an arrangement exists. The Company requires evidence of a purchase order with the customer specifying the terms and specifications of the product to be delivered, typically in the form of a signed quotation or purchase order from the customer; | ||||||||
• | Title has passed and the product has been delivered. Title passage and product delivery generally occur when the product is delivered to a common carrier; | ||||||||
• | The price is fixed or determinable. All terms are fixed in the signed quotation or purchase order received from the customer. The purchase orders do not contain rights of cancellation, return, exchange or refund; and | ||||||||
• | Collection of the resulting receivable is reasonably assured. The Company’s standard arrangement with customers includes payment terms. Customers are subject to a credit review process that evaluates each customer’s financial position and its ability to pay. Collectability is determined by considering the length of time the customer has been in business and history of collections. If it is determined that collection is not probable, no product is shipped and no revenue is recognized unless cash is received in advance. | ||||||||
Government Contracts | |||||||||
The Company recognizes research and development revenue in the period during which the related costs are incurred over the contractually defined period. In July 2012, the Company signed a contract with the Air Force Research Laboratory to produce large-area sapphire windows on a cost plus fixed fee basis. The Company will record revenue on a gross basis as costs are incurred plus a portion of the fixed fee. For the years ended December 31, 2013 and 2012, $2.7 million and $1.2 million, respectively of revenue were recorded. The contract will continue for duration of three years and the total value of the contract is $4.7 million. | |||||||||
The Company does not provide maintenance or other services and it does not have sales that involve multiple elements or deliverables. | |||||||||
Shipping and handling costs | |||||||||
The Company records costs incurred in connection with shipping and handling of products as cost of goods sold. Amounts billed to customers in connection with these costs are included in revenue and are not material for any of the periods presented in the accompanying financial statements. | |||||||||
Sales tax | |||||||||
The Company collects and remits sales taxes on products sold to customers and reports such amounts under the net method in its consolidated statements of operations and records a liability until remitted to the respective tax authority. | |||||||||
Stock-based compensation | |||||||||
The Company requires all share-based payments to employees, including grants of employee stock options to be measured at fair value and expensed in the consolidated statements of operations over the service period (generally the vesting period) of the grant. Expense is recognized in the consolidated statements of operations for these share-based payments. | |||||||||
Research and development | |||||||||
Research and development costs are expensed as incurred. Research and development expense was $2.3 million, $2.3 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Accounting for uncertainty in income taxes | |||||||||
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. For the year ended December 31, 2011, the Company accrued $11,000 for potential penalties related to income taxes. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the years ended December 31, 2013 and 2012. | |||||||||
The Company is subject to taxation in the U.S., Japan and in a state jurisdiction. The Company is exempt from Malaysian income tax for a ten year period beginning in 2009. Due to the existence of net operating loss carryforwards, tax years ended December 31, 2002 thru 2006 and 2008 thru 2013 are open to examination by tax authorities. All tax years in Malaysia are open to examination by tax authorities. | |||||||||
Income taxes | |||||||||
Deferred tax assets and liabilities are provided for temporary differences between financial reporting and income tax bases of assets and liabilities, and are measured using the enacted tax rates and laws expected to be in effect when the differences will reverse. Deferred income taxes also arise from the future benefits of net operating loss carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Full valuation allowances on net deferred tax assets are maintained until an appropriate level of profitability that generates taxable income is deemed sustainable or until a tax strategy is developed that would enable the Company to conclude that it is more likely than not that a portion of the deferred tax assets will be realizable. Based on an evaluation in accordance with the accounting standards, as of December 31, 2013, a valuation allowance has been recorded against the net U.S. deferred tax assets in order to measure only the portion of the deferred tax assets that are more likely than not to be realized based on the weight of all the available evidence. | |||||||||
Use of estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Other comprehensive income (loss) | |||||||||
Comprehensive income (loss) is defined as the change in equity of a business enterprise from transactions and other events from non-owner sources. Comprehensive income (loss) includes net earnings (loss) and other non-owner changes in equity that bypass the statement of operations and are reported in a separate component of equity. For the years ended December 31, 2013 and 2012 other comprehensive income (loss) includes the unrealized gain (loss) on investments and foreign currency translation adjustments. A summary of the components of comprehensive income (loss) for the years ended December 31, 2013 and 2012 follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Unrealized (loss) gain on investments, net of tax | $ | (406 | ) | $ | 457 | ||||
Unrealized loss on currency translation | (12 | ) | (10 | ) | |||||
Ending Balance | $ | (418 | ) | $ | 447 | ||||
Net income (loss) per common share | |||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of diluted common shares outstanding during the period. Diluted shares outstanding are calculated by adding to the weighted shares outstanding any common stock equivalents, outstanding stock options and warrants based on the treasury stock method. | |||||||||
Diluted net loss per common share is the same as basic net loss per common share for the years ended December 31, 2013 and 2012, because the effects of potentially dilutive securities are anti-dilutive. | |||||||||
The number of anti-dilutive shares excluded from the calculation of diluted net loss per share is as follows as of December 31: | |||||||||
2013 | 2012 | ||||||||
Warrants | 179,252 | 143,291 | |||||||
Stock options | 56,892 | 266,020 | |||||||
236,144 | 409,311 | ||||||||
Recent accounting pronouncement | |||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 (“ASU 2013-11”), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
Reclassifications | |||||||||
Certain prior period amounts on the balance sheet have been reclassified to conform to the current period presentation. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||
2. SEGMENT INFORMATION | |||||||||||||
The Company has determined that it operates in only one segment as it only reports profit and loss information on an aggregate basis to its chief operating decision maker. | |||||||||||||
Revenue is attributed by geographic region based on ship-to location of the Company’s customers. The following table summarizes revenue by geographic region: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
China | $ | 14,844 | $ | 3,893 | $ | 3,877 | |||||||
Australia | 10,368 | 12,494 | 14 | ||||||||||
Taiwan | 7,361 | 5,663 | 50,006 | ||||||||||
United States | 4,444 | 11,104 | 12,253 | ||||||||||
Korea | 2,214 | 19,862 | 51,461 | ||||||||||
France | 122 | 8,482 | 359 | ||||||||||
Japan | 309 | 2,999 | 11,362 | ||||||||||
Other | 1,851 | 2,746 | 4,668 | ||||||||||
Revenue | $ | 41,513 | $ | 67,243 | $ | 134,000 | |||||||
The following table summarizes sales by product type: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Core | $ | 23,294 | $ | 9,755 | $ | 61,734 | |||||||
Polished | 12,201 | 50,474 | 65,468 | ||||||||||
Optical | 4,523 | 5,723 | 6,752 | ||||||||||
Research & Development | 1,457 | 1,223 | 15 | ||||||||||
Other | 38 | 68 | 31 | ||||||||||
Revenue | $ | 41,513 | $ | 67,243 | $ | 134,000 | |||||||
The following table summarizes assets by geographic region: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
United States | $ | 157,572 | $ | 210,781 | |||||||||
Malaysia | 45,086 | 37,280 | |||||||||||
Other | 37 | 35 | |||||||||||
Total Assets | $ | 202,695 | $ | 248,096 | |||||||||
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||
3. INVESTMENTS | |||||||||||||||||
The Company invests available cash primarily in investment grade commercial paper, FDIC guaranteed certificates of deposits, common stock, corporate notes and government securities. The Company’s short-term investments balance of $13.6 million as of December 31, 2013 is comprised corporate notes and bonds of $3.0 million, commercial paper of $3.0 million, FDIC guaranteed certificates of deposit of $6.2 million and common stock of $1.4 million. The Company’s investments are classified as available-for-sale securities and are carried at fair market value with unrealized gains and losses recorded in accumulated other comprehensive income (loss). | |||||||||||||||||
The following table presents the amortized cost, and gross unrealized gains and losses on all securities at December 31, 2013: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
Short-term Investments: | |||||||||||||||||
FDIC Guaranteed certificates of deposit | $ | 6,160 | $ | — | $ | 6 | $ | 6,154 | |||||||||
Common stock | 2,000 | — | 642 | 1,358 | |||||||||||||
Corporate Notes/Bonds | 3,058 | — | 1 | 3,057 | |||||||||||||
Commercial Paper | 2,998 | — | — | 2,998 | |||||||||||||
Total short-term investments | $ | 14,216 | $ | — | $ | 649 | $ | 13,567 | |||||||||
The following table presents the amortized cost, and gross unrealized gains and losses on all securities at December 31, 2012: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
Short-term Investments: | |||||||||||||||||
U.S. Treasury securities and agency | $ | 3,509 | $ | — | $ | — | $ | 3,509 | |||||||||
FDIC Guaranteed certificates of deposit | 6,453 | — | 6 | 6,447 | |||||||||||||
Common stock | 2,000 | 806 | — | 2,806 | |||||||||||||
Corporate Notes/Bonds | 4,606 | — | 4 | 4,602 | |||||||||||||
Commercial Paper | 6,999 | — | 2 | 6,997 | |||||||||||||
Total short-term investments | $ | 23,567 | $ | 806 | $ | 12 | $ | 24,361 | |||||||||
The Company values its investments at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; 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—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
The Company’s fixed income available-for-sale securities consist of high-quality, investment grade commercial paper, FDIC guaranteed certificates of deposits, common stock, corporate notes and government securities. The Company values these securities based on pricing from pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. The valuation techniques used to measure the fair value of the Company’s financial instruments having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models, such as discounted cash flow techniques. | |||||||||||||||||
The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market funds | $ | 15,541 | $ | — | $ | — | $ | 15,541 | |||||||||
Investments: | |||||||||||||||||
Available-for-sales securities—current: | |||||||||||||||||
FDIC Guaranteed certificates of deposit | — | 6,154 | — | 6,154 | |||||||||||||
Common stock | 1,358 | — | — | 1,358 | |||||||||||||
Corporate notes/bonds | — | 3,057 | — | 3,057 | |||||||||||||
Commercial paper | — | 2,998 | — | 2,998 | |||||||||||||
Total | $ | 16,899 | $ | 12,209 | $ | — | $ | 29,108 | |||||||||
The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market funds | $ | 11,644 | $ | — | $ | — | $ | 11,644 | |||||||||
Investments: | |||||||||||||||||
Available-for-sales securities—current: | |||||||||||||||||
U.S. Treasury securities and agency | — | 3,509 | — | 3,509 | |||||||||||||
FDIC Guaranteed certificates of deposit | — | 6,447 | — | 6,447 | |||||||||||||
Common stock | 2,806 | — | — | 2,806 | |||||||||||||
Corporate notes/bonds | — | 4,602 | — | 4,602 | |||||||||||||
Commercial paper | — | 6,997 | — | 6,997 | |||||||||||||
Total | $ | 14,450 | $ | 21,555 | $ | — | $ | 36,005 | |||||||||
There are no terms or conditions restricting the Company from redeeming any of its investments. | |||||||||||||||||
In addition to the debt securities noted above, the Company had approximately $5.5 million and $7.9 million of time deposits included in cash and cash equivalents as of December 31, 2013 and 2012, respectively. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
4. RELATED PARTY TRANSACTIONS | |
In November 2008, the Company purchased 1,345,444 shares of Peregrine Series D-1 Preferred shares for a total of $2.0 million, which represented less than 1% of shares outstanding. The terms and stock price of the purchase were the same as for the other investors who participated. Peregrine is a customer of the Company. On August 8, 2012, Peregrine completed its initial public offering, which resulted in a conversion of the preferred shares to common stock at a ratio of 7.34:1, or 183,303 shares of common stock. There was a lock out period until February, 2013 during which the Company could not sell these shares. For the years ended December 31, 2013 and 2012, the | |
Company recorded an unrealized loss on investments of $1.4 million and an unrealized gain on investments of $806,000, respectively. For years ended December 31, 2013, 2012 and 2011, revenue from Peregrine was $11.0 million, $25.2 million and $5.2 million, respectively. As of December 31, 2013 there was no accounts receivable from Peregrine and as of December 31, 2012, accounts receivable from Peregrine was $1.7 million. The pricing terms and conditions of the sales to Peregrine are similar to those available to the Company’s other non-related customers. |
SIGNIFICANT_CUSTOMERS
SIGNIFICANT CUSTOMERS | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
SIGNIFICANT CUSTOMERS | ' |
5. SIGNIFICANT CUSTOMERS | |
For the year ended December 31, 2013, the Company had two customers that accounted for approximately 27% and 17% of its revenue. For the year ended December 31, 2012, the Company had two customers that accounted for approximately 38% and 29% of its revenue. For the year ended December 31, 2011, the Company had three customers that accounted for approximately 38%, 19% and 12% of its revenue. | |
Customers individually representing more than 10% of trade receivables accounted for approximately 47% and 93% of accounts receivable as of December 31, 2013 and 2012, respectively. The Company grants credit to customers based on an evaluation of their financial condition. Losses from credit sales are provided for in the financial statements. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
6. STOCKHOLDERS’ EQUITY | |
Common Stock | |
As of December 31, 2013 the Company had reserved 1,972,011 shares of common stock for issuance upon the exercise of outstanding common stock options and vesting of restricted stock units. Also, 2,240,103 shares of the Company’s common stock were reserved for future grants of stock options (or other similar equity instruments) under the Company’s 2007 Stock Incentive Plan (the “2007 Plan”) as of December 31, 2013. In addition, 267,826 shares of the Company’s common stock were reserved for future exercise of outstanding warrants as of December 31, 2013. | |
Warrants | |
At December 31, 2013 and 2012, the Company had outstanding 267,826 warrants to purchase shares of common stock at an exercise price of $3.65 per share. The warrants were issued in conjunction with the issuance of convertible promissory notes issued by the Company to investors from August 2005 through October 2005. The warrants are immediately exercisable and expire 10 years from the date of issuance. | |
At December 31, 2011 the Company had outstanding 13,735 warrants to purchase shares of common stock at an exercise price of $7.28 per share. The warrants were issued in 2002 in conjunction with the procurement of loans. The warrants were immediately exercisable and expire 10 years from the date of issuance. During 2012, these warrants were exercised on a “net exercise” basis, resulting in the issuance of 2,188 shares of common stock to the warrant holders. | |
Treasury Stock | |
On August 4, 2011, the Company authorized a stock repurchase program to purchase up to $25.0 million of its common stock over a period of two years. The stock repurchase program authorizes the Company to repurchase its shares of common stock in the open market at times and prices considered appropriate by the Company depending upon prevailing market conditions and other corporate considerations. The treasury shares are accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. The Company did not repurchase any shares for the twelve months ended December 31, 2013 and 2012. The stock repurchase plan expired in 2013. |
STOCK_INCENTIVE_PLANS
STOCK INCENTIVE PLANS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
STOCK INCENTIVE PLANS | ' | ||||||||||||||||||||
7. STOCK INCENTIVE PLANS | |||||||||||||||||||||
The Company sponsored a stock option plan, the 2001 Equity Plan (the “2001 Plan”), which allowed for the granting of incentive and nonqualified stock options for the purchase of common stock. The maximum number of shares which could be awarded or sold under the 2001 Plan was 1,449,667 shares. Each option entitles the holder to purchase one share of common stock at the specified option exercise price. The exercise price of each incentive stock option granted must not be less than the fair market value on the grant date. At the discretion of management and with the approval of the Board of Directors, the Company granted options under the 2001 Plan. Management and the Board of Directors determined vesting periods and expiration dates at the time of the grant. On August 2, 2011, the plan expired. | |||||||||||||||||||||
In August 2007, the Company adopted the 2007 Plan, which allows for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and bonus shares. On June 22, 2011, the stockholders of the Company approved an amendment to the 2007 Plan to increase the maximum number of shares that may be awarded or sold under the 2007 Plan by 2,100,000 from 2,307,692 to 4,407,692 shares. The Board of Directors has appointed a committee to administer the plan. The plan committee determines the type of award to be granted, the fair market value, the number of shares covered by the award, and the time when the award vests and may be exercised. | |||||||||||||||||||||
The following table summarizes the activity of the stock incentive and equity plans: | |||||||||||||||||||||
Shares | Number of | Weighted- | Number of | Number of | |||||||||||||||||
available | options | average | restricted | restricted | |||||||||||||||||
for grant | outstanding | option | stock shares | stock units | |||||||||||||||||
exercise price | issued | outstanding | |||||||||||||||||||
Outstanding at January 1, 2011 | 643,850 | 1,830,397 | $ | 12.98 | 34,863 | — | |||||||||||||||
Authorized | 2,100,000 | — | — | — | — | ||||||||||||||||
Granted | (389,774 | ) | 382,050 | 16.02 | 7,724 | — | |||||||||||||||
Exercised | — | (73,428 | ) | 10.78 | — | — | |||||||||||||||
Expired | (139,988 | ) | — | — | — | — | |||||||||||||||
Canceled/forfeited | 45,911 | (45,911 | ) | 20.15 | — | — | |||||||||||||||
Outstanding at December 31, 2011 | 2,259,999 | 2,093,108 | 13.45 | 42,587 | — | ||||||||||||||||
Granted | (106,395 | ) | 89,050 | 9.72 | 17,345 | — | |||||||||||||||
Exercised | — | (17,885 | ) | 4.01 | — | — | |||||||||||||||
Canceled/forfeited | 47,000 | (47,163 | ) | 15.13 | — | — | |||||||||||||||
Outstanding at December 31, 2012 | 2,200,604 | 2,117,110 | 13.32 | 59,932 | — | ||||||||||||||||
Granted | (216,913 | ) | 97,265 | 8.43 | 73,707 | 45,941 | |||||||||||||||
Exercised | — | (27,930 | ) | 5.02 | — | — | |||||||||||||||
Canceled/forfeited | 256,412 | (260,375 | ) | 18.31 | — | — | |||||||||||||||
Outstanding at December 31, 2013 | 2,240,103 | 1,926,070 | $ | 12.46 | 133,639 | 45,941 | |||||||||||||||
The following table sets forth option grants made during 2013, 2012 and 2011 with intrinsic value calculated based on grant date fair value. | |||||||||||||||||||||
Date of Grant | Number of | Exercise | Intrinsic | ||||||||||||||||||
options | price | value | |||||||||||||||||||
granted | per share | ||||||||||||||||||||
Jan-11 | 26,000 | $ | 18.80 - $21.64 | — | |||||||||||||||||
March - April 2011 | 73,500 | $ | 25.61 - $27.63 | — | |||||||||||||||||
May-11 | 51,650 | $ | 22.92 | — | |||||||||||||||||
Jul-11 | 12,500 | $ | 16,86 | — | |||||||||||||||||
Oct-11 | 75,400 | $ | 10.81 - $10.93 | — | |||||||||||||||||
Dec-11 | 143,000 | $ | 10.19 | — | |||||||||||||||||
Jan-12 | 8,500 | $ | 9.39 | — | |||||||||||||||||
April-May 2012 | 36,750 | $ | 9.45 - $10.43 | — | |||||||||||||||||
Jul-12 | 7,000 | $ | 10.2 | — | |||||||||||||||||
September - October 2012 | 36,800 | $ | 9.41 - $9.58 | ||||||||||||||||||
January - July 2013 | 82,815 | $ | 6.60 - $7.97 | — | |||||||||||||||||
Oct-13 | 14,450 | $ | 12.11 | — | |||||||||||||||||
At December 31, 2013, the exercise prices of outstanding options units were as follows: | |||||||||||||||||||||
Exercise Price | Number of | Average | Number of | ||||||||||||||||||
options | remaining | options | |||||||||||||||||||
outstanding | contractual life | exercisable | |||||||||||||||||||
(years) | |||||||||||||||||||||
$0.78 - $4.94 | 533,365 | 4.05 | 533,365 | ||||||||||||||||||
$6.11 - $9.58 | 385,054 | 6.84 | 274,089 | ||||||||||||||||||
$10.02 - $14.00 | 374,867 | 7.93 | 250,417 | ||||||||||||||||||
$15.00 - $18.80 | 66,979 | 5.71 | 61,854 | ||||||||||||||||||
$19.21 - $22.92 | 375,150 | 6.76 | 353,625 | ||||||||||||||||||
$24.95 - $32.67 | 190,655 | 6.7 | 126,155 | ||||||||||||||||||
1,926,070 | 6.36 | 1,599,505 | |||||||||||||||||||
The weighted average fair value of the options that became vested in the years ended 2013, 2012 and 2011 was $4.8 million, $8.0 million and $3.9 million, respectively. | |||||||||||||||||||||
The following table summarizes the activity of non-vested options and restricted stock units as follows: | |||||||||||||||||||||
Non-vested | Weighted- | ||||||||||||||||||||
options | Average Option | ||||||||||||||||||||
Exercise | |||||||||||||||||||||
price | |||||||||||||||||||||
Non-vested at January 1, 2011 | 1,339,386 | $ | 14.12 | ||||||||||||||||||
Granted | 382,050 | 16.02 | |||||||||||||||||||
Vested | (366,484 | ) | 10.72 | ||||||||||||||||||
Cancelled | (41,775 | ) | 20.39 | ||||||||||||||||||
Non-vested at December 31, 2011 | 1,313,177 | 13.58 | |||||||||||||||||||
Granted | 89,050 | 9.72 | |||||||||||||||||||
Vested | (540,050 | ) | 14.77 | ||||||||||||||||||
Cancelled | (41,175 | ) | 15.38 | ||||||||||||||||||
Non-vested at December 31, 2012 | 821,002 | 15.24 | |||||||||||||||||||
Granted | 143,206 | 8.49 | |||||||||||||||||||
Vested | (380,413 | ) | 12.5 | ||||||||||||||||||
Cancelled | (211,288 | ) | 18.55 | ||||||||||||||||||
Non-vested at December 31, 2013 | 372,507 | $ | 13.57 | ||||||||||||||||||
The Company’s aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock. Based on the fair market value of the common stock at December 31, 2013 and 2012, there was no aggregate intrinsic value for options outstanding and exercisable. For the year ended December 31, 2013, the Company used historical stock prices over the past three years as the basis for its volatility assumptions. Prior to 2013, the Company used a review of peer group companies to determine the volatility rate used for its stock option grants. The assumed risk-free rates were based on U.S. Treasury rates in effect at the time of grant with a term consistent with the expected option lives. The expected term is based upon the vesting term of the Company’s options, a review of a peer group of companies, and expected exercise behavior. The forfeiture rate is based on past history of forfeited options. The expense is being allocated using the straight-line method. For the years ended December 31, 2013, 2012 and 2011, the Company recorded $1.2 million, $1.8 million and $2.3 million, respectively of stock option compensation expense. As of December 31, 2013, the Company has $3.1 million of total unrecognized compensation cost related to non-vested options granted under the Company’s stock-based plans that it expects to recognize over a weighted-average period of 1.98 years. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the assumptions used for the estimated fair value at the date of option grant using the Black-Scholes option-pricing model were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted average fair value per share of option | $8.49 | $9.72 | $16.02 | ||||||||||||||||||
Expected term | 5.3 years | 5.3 years | 5.0 years | ||||||||||||||||||
Risk free interest rate | 0.76% - 1.42% | 0.62% - 1.04% | 0.85% - 2.24% | ||||||||||||||||||
Volatility | 77% | 52% | 51% | ||||||||||||||||||
Dividend yield | None | None | None | ||||||||||||||||||
Forfeiture rate | 19.18% | 16.59% | 24.53% | ||||||||||||||||||
The Company continues to account for options issued prior to January 1, 2006 under the intrinsic value method. | |||||||||||||||||||||
In October 2013, the Company granted 45,941 restricted stock units (“RSUs”) to certain key employees at a market price of $8.60. The fair value of each RSU is the market price on the date of grant and is being recorded as compensation expense ratably over the vesting terms. The intrinsic value at date of grant was $395,000. During 2013, the Company recorded $25,000 of RSU expense. Each RSU granted will vest 25% at each anniversary of grant date and settle in common stock (on a one-for-one basis). The RSUs are forfeited by a participant upon termination for any reason and there is no proportionate or partial vesting in the periods between the vesting dates. As of December 31, 2013, there was $370,000 of unrecognized compensation cost related to the non-vested restricted stock units. This cost is expected to be recognized over a weighted-average period of 3.75 years. At December 31, 2013 the intrinsic value of these RSUs was $556,000. | |||||||||||||||||||||
An analysis of restricted stock issued is as follows: | |||||||||||||||||||||
Non-vested restricted stock as of January 1, 2012 | 1,931 | ||||||||||||||||||||
Granted | 17,345 | ||||||||||||||||||||
Vested | (14,940 | ) | |||||||||||||||||||
Non-vested restricted stock as of December 31, 2012 | 4,336 | ||||||||||||||||||||
Granted | 73,707 | ||||||||||||||||||||
Vested | (24,329 | ) | |||||||||||||||||||
Non-vested restricted stock as of December 31, 2013 | 53,714 | ||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recorded $292,000, $162,000 and $165,000, respectively, of stock compensation expense related to restricted stock. | |||||||||||||||||||||
In 2013, the Board of Directors awarded 47,050 shares of restricted stock and 70,365 stock options to key executives at a price of $7.97, the closing price of the shares on the date of the grant. Vesting of the shares is subject to achievement of specified targets by December 31, 2013 and March 31, 2014. The Company is recording stock compensation expense related to these shares based on the probability of achieving the targets. At December 31, 2013 two of these milestones were achieved and expense was recorded. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
8. INCOME TAXES | |||||||||||||
Components of income before income taxes and the income tax provision are as follows: | |||||||||||||
Income (loss) before income taxes | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
U.S. | $ | (38,114 | ) | $ | (17,849 | ) | $ | 51,618 | |||||
Foreign | 2,603 | 5,263 | 3,015 | ||||||||||
Total | $ | (35,511 | ) | $ | (12,586 | ) | $ | 54,633 | |||||
Income taxes | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current | |||||||||||||
U.S. | $ | — | $ | (204 | ) | $ | 177 | ||||||
State | — | (357 | ) | 2,777 | |||||||||
Foreign | 6 | (163 | ) | 173 | |||||||||
Total current income tax expense (benefit) | 6 | (724 | ) | 3,127 | |||||||||
Deferred | |||||||||||||
U.S. | (5,863 | ) | (5,536 | ) | 13,223 | ||||||||
State | 691 | (1,049 | ) | 224 | |||||||||
Foreign | 6 | 261 | — | ||||||||||
Total deferred income tax expense | (5,166 | ) | (6,324 | ) | 13,447 | ||||||||
Total income tax expense (benefit) | $ | (5,160 | ) | $ | (7,048 | ) | $ | 16,574 | |||||
The reconciliation of income tax computed at the federal statutory rate to income before taxes is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. Federal statutory rate | (34.0 | )% | (34.0 | )% | 35 | % | |||||||
State taxes net of federal benefit | (5.5 | ) | (8.9 | ) | 5.2 | ||||||||
Permanent differences | — | — | (0.6 | ) | |||||||||
Foreign rate differential and transactional tax | (0.7 | ) | (3.8 | ) | (1.4 | ) | |||||||
Impact of foreign tax holiday | (1.8 | ) | (10.4 | ) | — | ||||||||
Valuation allowance | 26.9 | — | (5.9 | ) | |||||||||
Other | 0.6 | 1.1 | (2.0 | ) | |||||||||
(14.5 | )% | (56.0 | )% | 30.3 | % | ||||||||
Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||
Significant components of the Company’s net deferred income taxes are as follows at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 20 | $ | 115 | |||||||||
Inventory reserves | 1,340 | 1,697 | |||||||||||
Accrued liabilities | 76 | 316 | |||||||||||
Warrant interest expense | 277 | 277 | |||||||||||
Stock compensation expense | 2,850 | 2,503 | |||||||||||
State net operating loss—net of tax | 3,500 | 1,524 | |||||||||||
Net operating loss carryforward | 16,206 | 4,537 | |||||||||||
Unrealized loss on securities held for sale | 240 | — | |||||||||||
Tax credits | 514 | 297 | |||||||||||
Valuation allowance | (9,547 | ) | — | ||||||||||
Total deferred tax assets | 15,476 | 11,266 | |||||||||||
Deferred tax liability: | |||||||||||||
Depreciation | (15,620 | ) | (16,685 | ) | |||||||||
Unrealized gain on securities held for sale | — | (340 | ) | ||||||||||
Prepaid expenses | (123 | ) | (140 | ) | |||||||||
Net deferred tax liability | $ | (267 | ) | $ | (5,899 | ) | |||||||
The Company’s deferred income tax assets and liabilities were reported on the consolidated balance sheets as follows. | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred income tax assets | $ | — | $ | 4,427 | |||||||||
Long term deferred income tax liabilities | (267 | ) | (10,326 | ) | |||||||||
Net deferred tax liability | $ | (267 | ) | $ | (5,899 | ) | |||||||
In accordance with ASC740 “Accounting for Income Taxes” (“ASC740”), the Company evaluates its deferred income tax assets quarterly to determine if valuation allowances are required or should be adjusted. ASC740 requires that companies assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. Due to the losses in the fourth quarter of 2013, the Company is in a cumulative loss position for the past three years which is considered significant negative evidence that is difficult to overcome on a “more likely than not” standard through objectively verifiable data. While the Company believes its financial outlook remains positive, under the accounting standards objective verifiable evidence will have greater weight than subjective evidence such as the Company’s projections for future growth. Based on an evaluation in accordance with the accounting standards, as of December 31, 2013, a valuation allowance of $9.5 million has been recorded against the net U.S. deferred tax assets in order to measure only the portion of the deferred tax assets that are more likely than not to be realized based on the weight of all the available evidence. Until an appropriate level of profitability is attained, the Company expects to maintain a full valuation allowance on its U.S. net deferred tax assets. Any U.S. tax benefits or tax expense recorded on the Company’s Consolidated Statement of Operations will be offset with a corresponding valuation allowance until such time that the Company changes its determination related to the realization of deferred tax assets. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. | |||||||||||||
At December 31, 2013, the Company had separate federal and Illinois net operating loss carryforwards of $72.5 million and $97.3 million, respectively, which begin to expire in 2026 and 2019, respectively. The Illinois State Legislature has suspended the full use of net operating loss carryforwards for taxable years ending after December 31, 2010 and before December 31, 2011, and has limited the net operation loss deduction to $100,000 for the years ending December 31, 2012 through December 31, 2013. In addition, at December 31, 2013, the Company had Illinois investment tax credits and research and development credits of $155,000 and $54,000, respectively which begin to expire in 2017. Tax credits are accounted for using the flow through method and therefore are taken in the year earned. | |||||||||||||
The Company completed an analysis of the utilization of net operating losses subject to limits based upon certain ownership changes as of December 31, 2012. The results of this analysis indicated no ownership change limiting the utilization of net operating losses and tax credits. The Company believes that an updated analysis will not likely indicate an ownership change that would limit the utilization of net operating losses and tax credits at December 31, 2013. The Company will be updating its analysis in 2014 and the results of that analysis may because of the stock offering in January 2014 indicate an ownership change. If an ownership change is determined, the utilization of the net operating losses and the tax credits may be limited. Additionally, the Company has not recorded a deferred tax asset NOL attributable to stock option exercises in the amount of $21.8 million for federal purposes and $26.2 million for state purposes because the Company cannot record these excess tax benefit stock option deductions until the benefit has been realized by actually reducing taxes payable. | |||||||||||||
The Company prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The following is a reconciliation of the unrecognized tax benefits taken or expected to be taken in a tax return that have been recorded on the Company’s financial statements for the years ended December 31, 2013. | |||||||||||||
(in thousands) | |||||||||||||
Balance at January 1, 2012 | $ | 363 | |||||||||||
Decrease related to prior year | (363 | ) | |||||||||||
Tax positions related to current year | 1,140 | ||||||||||||
Balance at December 31, 2012 | 1,140 | ||||||||||||
Tax positions related to prior year | — | ||||||||||||
Tax positions related to current year | — | ||||||||||||
Balance at December 31, 2013 | $ | 1,140 | |||||||||||
The Company is evaluating the impact of the recent regulations concerning amounts paid to acquire, produce, or improve tangible property and recovery of basis upon disposition. Given that Revenue Procedures were issued in late January 2014, the Company is determining whether or not any changes in an accounting method are required. Presently, the Company does not anticipate a material impact to its financial statements. | |||||||||||||
For the year ended December 31, 2011 the Company accrued $11,000 for potential penalties related to income taxes. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the years ended December 31, 2013 and 2012. Included in the balance of total unrecognized tax benefits at December 31, 2013, are potential benefits of $1.0 million that if recognized, would affect the effective tax rate in the year recognized. | |||||||||||||
The Company files income tax returns in the United States federal jurisdiction and in a state jurisdiction. During 2009, the Company began foreign operations in Malaysia and Japan and is subject to local income taxes in both jurisdictions. The Company is exempt from Malaysian income tax for a ten-year period beginning in 2009. The impact of this tax holiday decreased foreign taxes for the years ended December 31, 2013, 2012 and 2011 by approximately $651,000, $1.3 million, and $535,000, respectively. The benefit of the tax holiday on net income per share (diluted) for the years ended December 31, 2013, 2012 and 2011 was $0.03, $0.06 and $0.02, respectively. All tax years in Malaysia are open to examination by tax authorities. | |||||||||||||
The Company’s federal tax return for the periods ended December 31, 2010, 2008 and 2007 have been audited by the Internal Revenue Service (IRS) with no changes made to the Company’s taxable losses for those years. The Company’s state tax returns for the periods ended December 31, 2010 and 2009 have been audited by the Illinois Department of Revenue with no changes made to the Company’s taxable losses for those years. Due to the existence of net operating loss carryforwards, tax years ended December 31, 2002 thru 2006 and 2008 thru 2013 are open to examination by tax authorities. | |||||||||||||
U.S. income and foreign withholding taxes have not been provided on approximately $11.1 million of cumulative undistributed earnings of foreign subsidiaries. We intend to reinvest these earnings for the foreseeable future. If these amounts were distributed to the U.S., in the form of a dividend, at December 31, 2013 there would have been no impact to the provision of income taxes. Due to the U.S. NOL’s and the full valuation allowance recorded any additional income from the dividends would have been offset by the NOL’s and a corresponding adjustment to the valuation allowance. At December 31, 2013 dividends per the Malaysia statute are not subject to withholding. Determination of the amount of unrecognized deferred income tax liabilities that may be due in the future on these earnings is not practicable because such liability, if any, is dependent on circumstances existing, if and when remittance occurs. |
CREDIT_FACILITY
CREDIT FACILITY | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
CREDIT FACILITY | ' |
9. CREDIT FACILITY | |
On January 2, 2013, the Company entered into a three-year term agreement with a bank to provide the Company with a senior secured credit facility of $25.0 million. The agreement provides for the Company to borrow up to 80% of eligible accounts receivable and up to 35% of domestically held raw material and finished goods inventory. Advances against inventory are limited to 40% of the aggregate outstanding on the revolving line of credit and $10.0 million in aggregate. The Company has the option to borrow at an interest rate of LIBOR plus 2.75% or the Wall Street Journal prime rate plus 0.50%. If the Company maintains liquidity of $20.0 million or greater with the lending institution, then the borrowing interest rate options are LIBOR plus 2.25% or the Wall Street Journal prime rate. There is an unused revolving line facility fee of 0.375% per annum. The facility is secured by a first priority interest in substantially all of the Company’s personal property, excluding intellectual property. The Company is required to maintain an adjusted quick ratio of 1.40 to 1.00, maintain operating and other deposit accounts with the bank or bank’s affiliates of 25% of the Company’s total worldwide cash, securities and investments, and the Company can pay dividends or repurchase capital stock only with the bank’s consent during the three year term. For year ended December 31, 2013, the Company did not draw on this facility and the Company recorded $95,000 of interest expense charged on the unused portion of the facility. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
10. COMMITMENTS AND CONTINGENCIES | |||||
Operating Leases | |||||
The Company leases buildings used for manufacturing and offices. The leases provide for payment of the Company’s proportionate share of operating expenses and real estate taxes. | |||||
Net rent expense under operating leases in 2013, 2012 and 2011 amounted to $1.1 million, $1.4 million and $1.1 million respectively. | |||||
Future minimum payments under all leases are as follows: | |||||
Year ending December 31, | Operating | ||||
leases (in | |||||
thousands) | |||||
2014 | $ | 1,104 | |||
2015 | 402 | ||||
2016 | 4 | ||||
Balance at December 31, 2013 | $ | 1,510 | |||
Purchase Commitments | |||||
The Company has entered into agreements for electricity and to purchase equipment and components to construct furnaces. These agreements will result in the Company purchasing electricity, equipment or components for a total cost of approximately $4.0 million with deliveries occurring through December 2015. | |||||
Litigation | |||||
From time to time, the Company experiences routine litigation in the normal course of its business. The management of the Company does not believe any pending litigation will have a material adverse effect on the financial condition or results of operations of the Company. |
BENEFIT_PLAN
BENEFIT PLAN | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
BENEFIT PLAN | ' |
11. BENEFIT PLAN | |
The Company sponsors a 401(k) savings plan (the “Plan”). Employees are eligible to participate in the Plan upon reaching 21 years of age. Employees make contributions to the Plan through payroll deferrals and employer matching contributions are discretionary. There were no employer matching contributions for the years ended December 31, 2013, 2012 and 2011. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
12. SUBSEQUENT EVENT | |
On January 13, 2014, the Company completed a public offering of common stock in which a total of 3,047,500 shares were sold including 397,500 shares pursuant to the full exercise of the underwriter’s over-allotment option, at a price of $10.65 per share. The Company raised a total of $32.5 million in gross proceeds from the offering, or approximately $30.3 million in net proceeds after deducting the underwriting discount and expenses of $1.9 million and estimated other offering costs of approximately $425,000. |
QUARTERLY_FINANCIAL_DATA_Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited) | ' | ||||||||||||||||||||
13. QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
Summary quarterly results for the two years ended December 31, 2013 are as follows (in thousands, other than share and per share data): | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2013 | March 31 | June 30 | September 30 | December 31 | Full Year | ||||||||||||||||
Revenue | $ | 8,307 | $ | 10,555 | $ | 11,115 | $ | 11,536 | $ | 41,513 | |||||||||||
Gross loss | $ | (3,375 | ) | $ | (6,417 | ) | $ | (6,318 | ) | $ | (5,811 | ) | $ | (21,921 | ) | ||||||
Loss from operations | $ | (6,296 | ) | $ | (9,968 | ) | $ | (9,595 | ) | $ | (9,025 | ) | $ | (34,884 | ) | ||||||
Loss before income taxes | $ | (6,418 | ) | $ | (10,173 | ) | $ | (9,814 | ) | $ | (9,106 | ) | $ | (35,511 | ) | ||||||
Net loss | $ | (3,376 | ) | $ | (5,894 | ) | $ | (5,840 | ) | $ | (15,241 | ) | $ | (30,351 | ) | ||||||
Basic loss per common share | $ | (0.15 | ) | $ | (0.26 | ) | $ | (0.26 | ) | $ | (0.67 | ) | $ | (1.35 | ) | ||||||
Diluted loss per common share | $ | (0.15 | ) | $ | (0.26 | ) | $ | (0.26 | ) | $ | (0.67 | ) | $ | (1.35 | ) | ||||||
Weighted average common shares outstanding used in computing net loss per common share, basic and diluted: | 22,550,378 | 22,560,603 | 22,578,608 | 22,599,258 | 22,572,212 | ||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2012 | March 31 | June 30 | September 30 | December 31 | Full Year | ||||||||||||||||
Revenue | $ | 10,207 | $ | 17,003 | $ | 19,942 | $ | 20,091 | $ | 67,243 | |||||||||||
Gross profit (loss) | $ | (3,408 | ) | $ | 11 | $ | 2,445 | $ | 912 | $ | (40 | ) | |||||||||
Income (loss) from operations | $ | (6,646 | ) | $ | (3,098 | ) | $ | (1,141 | ) | $ | (2,151 | ) | $ | (13,036 | ) | ||||||
Income (loss) before income taxes | $ | (6,271 | ) | $ | (3,386 | ) | $ | (844 | ) | $ | (2,085 | ) | $ | (12,586 | ) | ||||||
Net income (loss) | $ | (3,367 | ) | $ | (1,312 | ) | $ | 272 | $ | (1,131 | ) | $ | (5,538 | ) | |||||||
Basic income (loss) per common share | $ | (0.15 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.05 | ) | $ | (0.25 | ) | |||||||
Diluted income (loss) per common share | $ | (0.15 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.05 | ) | $ | (0.25 | ) | |||||||
Weighted average common shares outstanding used in computing net income (loss) per common share: | |||||||||||||||||||||
Basic | 22,514,539 | 22,518,364 | 22,524,611 | 22,538,292 | 22,523,951 | ||||||||||||||||
Diluted | 22,514,539 | 22,518,364 | 23,050,618 | 22,538,292 | 22,523,951 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Description of Business | ' | ||||||||
Description of business | |||||||||
Rubicon Technology, Inc., a Delaware corporation (the “Company”), is an electronic materials provider that develops, manufactures and sells monocrystalline sapphire and other innovative crystalline products for LEDs, RFICs, blue laser diodes, optoelectronics and other optical applications. The Company sells its products on a global basis to customers in Asia, Australia, North America and Europe. The Company maintains its operating facilities in the Chicago metropolitan area and in Penang, Malaysia. | |||||||||
Principles of Consolidation | ' | ||||||||
Principles of consolidation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Rubicon Worldwide LLC and Rubicon Sapphire Technology (Malaysia) SDN BHD. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||
A summary of the Company’s significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and cash equivalents | |||||||||
The Company considers all unrestricted highly liquid investments immediately available to be cash equivalents. Cash equivalents primarily consist of time deposits with banks, unsettled trades and brokerage money market accounts. | |||||||||
Restricted Cash | ' | ||||||||
Restricted cash | |||||||||
At December 31, 2013 and 2012, in connection with certain credit agreements, the Company is required to maintain $5,000 of restricted certificates of deposit. At December 31, 2013 and 2012, the Company held $7,800 and $2,600, respectively, of employee funds as part of a flexible spending program. At December 31, 2013 and 2012, the Company held $152,300 and $163,500, respectively, as a fixed deposit pledged to a bank as a security for a bank guarantee facility granted to the Company. | |||||||||
Foreign Currency Translation and Transactions | ' | ||||||||
Foreign currency translation and transactions | |||||||||
Rubicon Worldwide LLC’s assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates and capital accounts at historical exchange rates. The results of operations are translated into U.S. dollars at the average exchange rates during the respective period. Translation adjustments resulting from fluctuations in exchange rates for Rubicon Worldwide LLC are recorded as a separate component of accumulated other comprehensive income (loss) within stockholders’ equity. | |||||||||
The Company has determined that the functional currency of Rubicon Sapphire Technology (Malaysia) SDN BHD is the U.S. dollar. Rubicon Sapphire Technology (Malaysia) SDN BHD’s assets and liabilities are translated into U.S. dollars using the remeasurement method. Non-monetary assets are translated at historical exchange rates and monetary assets are translated at exchange rates existing at the respective balance sheet dates. Translation adjustments for Rubicon Sapphire Technology (Malaysia) SDN BHD are included in determining net income (loss) for the period. The results of operations are translated into U.S. dollars at the average exchange rates during the respective period. The Company records these gains and losses in other income (expense). | |||||||||
Foreign currency transaction gains and losses are generated from the effects of exchange rate changes on transactions denominated in a currency other than the functional currency of the Company, which is the U.S. dollar. Gains and losses on foreign currency transactions are generally required to be recognized in the determination of net income (loss) for the period. The Company records these gains and losses in other income (expense). | |||||||||
Investments | ' | ||||||||
Investments | |||||||||
The Company invests available cash primarily in investment grade commercial paper, FDIC guaranteed certificates of deposit, common stock, corporate notes and government securities. Investments classified as available-for-sale securities are carried at fair market value with unrealized gains and losses recorded in accumulated other comprehensive income (loss). Investments in trading securities are reported at fair value, with both realized and unrealized gains and losses recorded in other income (expense), in the consolidated statements of operations. Investments in which the Company has the ability and intent, if necessary, to liquidate in order to support its current operations, are classified as short-term. | |||||||||
The Company reviews its available-for-sale securities investments at the end of each quarter for other-than-temporary declines in fair value based on the specific identification method. The Company considers various factors in determining whether an impairment is other-than-temporary, including the severity and duration of the impairment, changes in underlying credit ratings, forecasted recovery, its ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. When the Company concludes that an other-than-temporary impairment has resulted, the difference between the fair value and carrying value is written off and recorded as a charge on the consolidated statements of operations. As of December 31, 2013 and 2012, no impairment was recorded. | |||||||||
Treasury Stock | ' | ||||||||
Treasury Stock | |||||||||
The Company records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | |||||||||
Accounts Receivable | ' | ||||||||
Accounts receivable | |||||||||
The majority of the Company’s accounts receivable is due from manufacturers serving the LED and Silicon-on-Sapphire (SoS) industries. Credit is extended based on an evaluation of the customer’s financial condition. Accounts receivable are due based on contract terms and at stated amounts due from customers, net of an allowance for doubtful accounts. | |||||||||
Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time past due, the customer’s current ability to pay and the condition of the general economy and industry as a whole. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are recorded as a reduction to bad debt expense. | |||||||||
The following table shows the activity of the allowance for doubtful accounts: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | 286 | $ | 378 | |||||
Charges to costs and expenses | 24 | (54 | ) | ||||||
Accounts charged off, less recoveries | (260 | ) | (38 | ) | |||||
Ending balance | $ | 50 | $ | 286 | |||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories are valued at the lower of cost or market. Raw materials cost is determined using the first-in, first-out method, and work-in-process and finished goods costs are determined on a weighted-average cost basis which includes materials, labor and overhead. The Company reduces the carrying value of its inventories for differences between the cost and the estimated net realizable value, taking into account usage, expected demand, technological obsolescence and other information. Inventories are composed of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 18,651 | $ | 21,267 | |||||
Work in progress | 10,337 | 20,787 | |||||||
Finished goods | 5,324 | 5,300 | |||||||
$ | 34,312 | $ | 47,354 | ||||||
The Company establishes inventory reserves when conditions exist that suggest inventory may be in excess of anticipated demand or is obsolete based on customer required specifications. The Company evaluates the ability to realize the value of our inventory based on a combination of factors, including forecasted sales, estimated current and future market value and changes in customers’ product specifications. For the years ended December 31, 2013 and 2012, the Company determined it had inventory that was excess or obsolete and recorded an adjustment which reduced inventory and increased costs of goods sold by $604,000 and $719,000, respectively. The Company had accepted sales orders for smaller diameter core products at prices lower than cost during 2013 and 2012. Based on these sales prices, the Company recorded at December 31, 2013 and 2012, a lower of cost or market adjustment which reduced inventory and increased cost of goods sold by $421,000 and $1.5 million, respectively. During the year ended December 31, 2012, the Company recycled some boules from inventory. Historically, boules put through a second growth cycle typically result in a very high-grade crystal which may result in higher yield of large diameter wafers. The recycling of boules reduced inventory and increased cost of goods sold for the year ended December 31, 2012 by $927,000. The Company’s method of estimating excess and obsolete inventory has remained consistent for all periods presented. | |||||||||
Property and Equipment | ' | ||||||||
Property and equipment | |||||||||
Property and equipment consisted of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Land and land improvements | $ | 4,133 | $ | 4,133 | |||||
Buildings | 32,269 | 30,364 | |||||||
Machinery, equipment and tooling | 121,313 | 103,477 | |||||||
Leasehold improvements | 7,696 | 7,696 | |||||||
Furniture and fixtures | 949 | 941 | |||||||
Information systems | 1,077 | 1,070 | |||||||
Construction in progress | 5,221 | 17,712 | |||||||
Total cost | 172,658 | 165,393 | |||||||
Accumulated depreciation and amortization | (57,438 | ) | (45,543 | ) | |||||
Property and equipment, net | $ | 115,220 | $ | 119,850 | |||||
Property and equipment are carried at cost and depreciated over their estimated useful lives using the straight-line method. The cost of maintenance and repairs is charged to expense as incurred. Significant renewals and improvements are capitalized. Depreciation and amortization expense associated with property and equipment was $12.7 million, $12.0 million and $9.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Construction in progress includes costs associated with the construction of furnaces and deposits made on equipment purchases. | |||||||||
The estimated useful lives are as follows: | |||||||||
Asset description | Life | ||||||||
Buildings | 39 years | ||||||||
Machinery, equipment and tooling | 3-10 years | ||||||||
Leasehold improvements | Lesser of life of lease or economic life | ||||||||
Furniture and fixtures | 7 years | ||||||||
Information systems | 3 years | ||||||||
Impairment of Long-lived Assets | ' | ||||||||
Impairment of long-lived assets | |||||||||
When circumstances, such as adverse market conditions, indicate that the carrying value of a long-lived asset may be impaired, the Company performs an analysis to review the recoverability of the asset’s carrying value. The Company makes estimates of the undiscounted cash flows (excluding interest charges) from the expected future operations of the asset. These estimates consider factors such as expected future operating income, operating trends and prospects, as well as the effects of demand, competition and other factors. If the analysis indicates that the carrying value is not recoverable from future cash flows, an impairment loss is recognized to the extent that the carrying value exceeds the estimated fair value. Any impairment losses are recorded as operating expenses, which reduce net income. There were no impairment losses on long lived assets for the years ended December 31, 2013, 2012 and 2011. | |||||||||
Other Assets | ' | ||||||||
Other assets | |||||||||
The Company’s other assets include overhaul costs that are accounted for using the deferral method. These overhaul costs are recorded at cost on the balance sheet as other assets and are amortized over terms in accordance with their respectful useful lives. | |||||||||
Warranty Cost | ' | ||||||||
Warranty cost | |||||||||
The Company’s sales terms include a warranty that its products will meet certain specifications. The Company records a current liability for the expected cost of warranty-related claims at the time of sale. The warranty reserve is included in accrued and other current liabilities on the consolidated balance sheets. | |||||||||
The following table presents changes in the Company’s product warranty liability: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Balance, beginning of period | $ | 101 | $ | 253 | |||||
Charged to cost of sales | 102 | (37 | ) | ||||||
Actual product warranty expenditures | (62 | ) | (115 | ) | |||||
Balance, end of period | $ | 141 | $ | 101 | |||||
Fair Value of Financial Instruments | ' | ||||||||
Fair value of financial instruments | |||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable. The carrying values of these assets and liabilities approximate their fair values due to the short-term nature of these instruments at December 31, 2013 and 2012. | |||||||||
Concentration of Credit Risks and Other Risks and Uncertainties | ' | ||||||||
Concentration of credit risks and other risks and uncertainties | |||||||||
Financial instruments that could potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. At December 31, 2013 and 2012, the Company had $4.8 million and $6.9 million, respectively, on deposit at a financial institution in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company performs periodic evaluation of this institution for relative credit standing. The Company has not experienced any losses in such accounts and management believes it is not exposed to any significant risk of loss on these balances. | |||||||||
The Company currently depends on a small number of suppliers for certain raw materials, components, services and equipment, including key materials such as aluminum oxide and certain furnace components. If the supply of these components were to be disrupted or terminated, or if these suppliers were unable to supply the quantities of raw materials required, the Company may have difficulty in finding, or may be unable to find, alternative sources for these items. As a result, the Company may be unable to meet the demand for its products, which could have a material adverse impact on the Company. | |||||||||
Concentration of credit risk related to revenue and accounts receivable is discussed in Note 5. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue recognition | |||||||||
Revenues recognized include product sales and billings for costs and fees for government contracts. | |||||||||
Product Sales | |||||||||
The Company recognizes revenue from product sales when earned. Revenue is recognized when, and if, evidence of an arrangement is obtained and the other criteria to support revenue recognition are met, including: | |||||||||
• | Persuasive evidence of an arrangement exists. The Company requires evidence of a purchase order with the customer specifying the terms and specifications of the product to be delivered, typically in the form of a signed quotation or purchase order from the customer; | ||||||||
• | Title has passed and the product has been delivered. Title passage and product delivery generally occur when the product is delivered to a common carrier; | ||||||||
• | The price is fixed or determinable. All terms are fixed in the signed quotation or purchase order received from the customer. The purchase orders do not contain rights of cancellation, return, exchange or refund; and | ||||||||
• | Collection of the resulting receivable is reasonably assured. The Company’s standard arrangement with customers includes payment terms. Customers are subject to a credit review process that evaluates each customer’s financial position and its ability to pay. Collectability is determined by considering the length of time the customer has been in business and history of collections. If it is determined that collection is not probable, no product is shipped and no revenue is recognized unless cash is received in advance. | ||||||||
Government Contracts | |||||||||
The Company recognizes research and development revenue in the period during which the related costs are incurred over the contractually defined period. In July 2012, the Company signed a contract with the Air Force Research Laboratory to produce large-area sapphire windows on a cost plus fixed fee basis. The Company will record revenue on a gross basis as costs are incurred plus a portion of the fixed fee. For the years ended December 31, 2013 and 2012, $2.7 million and $1.2 million, respectively of revenue were recorded. The contract will continue for duration of three years and the total value of the contract is $4.7 million. | |||||||||
The Company does not provide maintenance or other services and it does not have sales that involve multiple elements or deliverables. | |||||||||
Shipping and Handling Costs | ' | ||||||||
Shipping and handling costs | |||||||||
The Company records costs incurred in connection with shipping and handling of products as cost of goods sold. Amounts billed to customers in connection with these costs are included in revenue and are not material for any of the periods presented in the accompanying financial statements. | |||||||||
Sales Tax | ' | ||||||||
Sales tax | |||||||||
The Company collects and remits sales taxes on products sold to customers and reports such amounts under the net method in its consolidated statements of operations and records a liability until remitted to the respective tax authority. | |||||||||
Stock-based Compensation | ' | ||||||||
Stock-based compensation | |||||||||
The Company requires all share-based payments to employees, including grants of employee stock options to be measured at fair value and expensed in the consolidated statements of operations over the service period (generally the vesting period) of the grant. Expense is recognized in the consolidated statements of operations for these share-based payments. | |||||||||
Research and Development | ' | ||||||||
Research and development | |||||||||
Research and development costs are expensed as incurred. Research and development expense was $2.3 million, $2.3 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Accounting for Uncertainty in Income Taxes | ' | ||||||||
Accounting for uncertainty in income taxes | |||||||||
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. For the year ended December 31, 2011, the Company accrued $11,000 for potential penalties related to income taxes. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the years ended December 31, 2013 and 2012. | |||||||||
The Company is subject to taxation in the U.S., Japan and in a state jurisdiction. The Company is exempt from Malaysian income tax for a ten year period beginning in 2009. Due to the existence of net operating loss carryforwards, tax years ended December 31, 2002 thru 2006 and 2008 thru 2013 are open to examination by tax authorities. All tax years in Malaysia are open to examination by tax authorities. | |||||||||
Income Taxes | ' | ||||||||
Income taxes | |||||||||
Deferred tax assets and liabilities are provided for temporary differences between financial reporting and income tax bases of assets and liabilities, and are measured using the enacted tax rates and laws expected to be in effect when the differences will reverse. Deferred income taxes also arise from the future benefits of net operating loss carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Full valuation allowances on net deferred tax assets are maintained until an appropriate level of profitability that generates taxable income is deemed sustainable or until a tax strategy is developed that would enable the Company to conclude that it is more likely than not that a portion of the deferred tax assets will be realizable. Based on an evaluation in accordance with the accounting standards, as of December 31, 2013, a valuation allowance has been recorded against the net U.S. deferred tax assets in order to measure only the portion of the deferred tax assets that are more likely than not to be realized based on the weight of all the available evidence. | |||||||||
Use of Estimates | ' | ||||||||
Use of estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Other Comprehensive Income (Loss) | ' | ||||||||
Other comprehensive income (loss) | |||||||||
Comprehensive income (loss) is defined as the change in equity of a business enterprise from transactions and other events from non-owner sources. Comprehensive income (loss) includes net earnings (loss) and other non-owner changes in equity that bypass the statement of operations and are reported in a separate component of equity. For the years ended December 31, 2013 and 2012 other comprehensive income (loss) includes the unrealized gain (loss) on investments and foreign currency translation adjustments. A summary of the components of comprehensive income (loss) for the years ended December 31, 2013 and 2012 follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Unrealized (loss) gain on investments, net of tax | (406 | ) | 457 | ||||||
Unrealized (loss) on currency translation | (12 | ) | (10 | ) | |||||
Ending Balance | $ | (418 | ) | $ | 447 | ||||
Net Income (Loss) Per Common Share | ' | ||||||||
Net income (loss) per common share | |||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of diluted common shares outstanding during the period. Diluted shares outstanding are calculated by adding to the weighted shares outstanding any common stock equivalents, outstanding stock options and warrants based on the treasury stock method. | |||||||||
Diluted net loss per common share is the same as basic net loss per common share for the years ended December 31, 2013 and 2012, because the effects of potentially dilutive securities are anti-dilutive. | |||||||||
The number of anti-dilutive shares excluded from the calculation of diluted net loss per share is as follows as of December 31: | |||||||||
2013 | 2012 | ||||||||
Warrants | 179,252 | 143,291 | |||||||
Stock options | 56,892 | 266,020 | |||||||
236,144 | 409,311 | ||||||||
Recent Accounting Pronouncement | ' | ||||||||
Recent accounting pronouncement | |||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 (“ASU 2013-11”), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
Reclassifications | ' | ||||||||
Reclassifications | |||||||||
Certain prior period amounts on the balance sheet have been reclassified to conform to the current period presentation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Activity of Allowance for Doubtful Accounts | ' | ||||||||
The following table shows the activity of the allowance for doubtful accounts: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | 286 | $ | 378 | |||||
Charges to costs and expenses | 24 | (54 | ) | ||||||
Accounts charged off, less recoveries | (260 | ) | (38 | ) | |||||
Ending balance | $ | 50 | $ | 286 | |||||
Inventories | ' | ||||||||
Inventories are composed of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 18,651 | $ | 21,267 | |||||
Work in progress | 10,337 | 20,787 | |||||||
Finished goods | 5,324 | 5,300 | |||||||
$ | 34,312 | $ | 47,354 | ||||||
Property and Equipment | ' | ||||||||
Property and equipment consisted of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Land and land improvements | $ | 4,133 | $ | 4,133 | |||||
Buildings | 32,269 | 30,364 | |||||||
Machinery, equipment and tooling | 121,313 | 103,477 | |||||||
Leasehold improvements | 7,696 | 7,696 | |||||||
Furniture and fixtures | 949 | 941 | |||||||
Information systems | 1,077 | 1,070 | |||||||
Construction in progress | 5,221 | 17,712 | |||||||
Total cost | 172,658 | 165,393 | |||||||
Accumulated depreciation and amortization | (57,438 | ) | (45,543 | ) | |||||
Property and equipment, net | $ | 115,220 | $ | 119,850 | |||||
Property and Equipment, Estimated Useful Lives | ' | ||||||||
The estimated useful lives are as follows: | |||||||||
Asset description | Life | ||||||||
Buildings | 39 years | ||||||||
Machinery, equipment and tooling | 3-10 years | ||||||||
Leasehold improvements | Lesser of life of lease or economic life | ||||||||
Furniture and fixtures | 7 years | ||||||||
Information systems | 3 years | ||||||||
Product Warranty Liability | ' | ||||||||
The following table presents changes in the Company’s product warranty liability: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Balance, beginning of period | $ | 101 | $ | 253 | |||||
Charged to cost of sales | 102 | (37 | ) | ||||||
Actual product warranty expenditures | (62 | ) | (115 | ) | |||||
Balance, end of period | $ | 141 | $ | 101 | |||||
Components of Comprehensive Income (Loss) | ' | ||||||||
A summary of the components of comprehensive income (loss) for the years ended December 31, 2013 and 2012 follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Unrealized (loss) gain on investments, net of tax | $ | (406 | ) | $ | 457 | ||||
Unrealized loss on currency translation | (12 | ) | (10 | ) | |||||
Ending Balance | $ | (418 | ) | $ | 447 | ||||
Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | ' | ||||||||
The number of anti-dilutive shares excluded from the calculation of diluted net loss per share is as follows as of December 31: | |||||||||
2013 | 2012 | ||||||||
Warrants | 179,252 | 143,291 | |||||||
Stock options | 56,892 | 266,020 | |||||||
236,144 | 409,311 | ||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of Assets by Geographic Region | ' | ||||||||||||
The following table summarizes revenue by geographic region: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
China | $ | 14,844 | $ | 3,893 | $ | 3,877 | |||||||
Australia | 10,368 | 12,494 | 14 | ||||||||||
Taiwan | 7,361 | 5,663 | 50,006 | ||||||||||
United States | 4,444 | 11,104 | 12,253 | ||||||||||
Korea | 2,214 | 19,862 | 51,461 | ||||||||||
France | 122 | 8,482 | 359 | ||||||||||
Japan | 309 | 2,999 | 11,362 | ||||||||||
Other | 1,851 | 2,746 | 4,668 | ||||||||||
Revenue | $ | 41,513 | $ | 67,243 | $ | 134,000 | |||||||
Summary of Revenue by Product Type | ' | ||||||||||||
The following table summarizes sales by product type: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Core | $ | 23,294 | $ | 9,755 | $ | 61,734 | |||||||
Polished | 12,201 | 50,474 | 65,468 | ||||||||||
Optical | 4,523 | 5,723 | 6,752 | ||||||||||
Research & Development | 1,457 | 1,223 | 15 | ||||||||||
Other | 38 | 68 | 31 | ||||||||||
Revenue | $ | 41,513 | $ | 67,243 | $ | 134,000 | |||||||
Summary of Revenue by Geographic Region | ' | ||||||||||||
The following table summarizes assets by geographic region: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
United States | $ | 157,572 | $ | 210,781 | |||||||||
Malaysia | 45,086 | 37,280 | |||||||||||
Other | 37 | 35 | |||||||||||
Total Assets | $ | 202,695 | $ | 248,096 | |||||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Amortized Cost and Gross Unrealized Gains and Losses on All Securities | ' | ||||||||||||||||
The following table presents the amortized cost, and gross unrealized gains and losses on all securities at December 31, 2013: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
Short-term Investments: | |||||||||||||||||
FDIC Guaranteed certificates of deposit | $ | 6,160 | $ | — | $ | 6 | $ | 6,154 | |||||||||
Common stock | 2,000 | — | 642 | 1,358 | |||||||||||||
Corporate Notes/Bonds | 3,058 | — | 1 | 3,057 | |||||||||||||
Commercial Paper | 2,998 | — | — | 2,998 | |||||||||||||
Total short-term investments | $ | 14,216 | $ | — | $ | 649 | $ | 13,567 | |||||||||
The following table presents the amortized cost, and gross unrealized gains and losses on all securities at December 31, 2012: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
Short-term Investments: | |||||||||||||||||
U.S. Treasury securities and agency | $ | 3,509 | $ | — | $ | — | $ | 3,509 | |||||||||
FDIC Guaranteed certificates of deposit | 6,453 | — | 6 | 6,447 | |||||||||||||
Common stock | 2,000 | 806 | — | 2,806 | |||||||||||||
Corporate Notes/Bonds | 4,606 | — | 4 | 4,602 | |||||||||||||
Commercial Paper | 6,999 | — | 2 | 6,997 | |||||||||||||
Total short-term investments | $ | 23,567 | $ | 806 | $ | 12 | $ | 24,361 | |||||||||
Summarized Financial Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market funds | $ | 15,541 | $ | — | $ | — | $ | 15,541 | |||||||||
Investments: | |||||||||||||||||
Available-for-sales securities—current: | |||||||||||||||||
FDIC Guaranteed certificates of deposit | — | 6,154 | — | 6,154 | |||||||||||||
Common stock | 1,358 | — | — | 1,358 | |||||||||||||
Corporate notes/bonds | — | 3,057 | — | 3,057 | |||||||||||||
Commercial paper | — | 2,998 | — | 2,998 | |||||||||||||
Total | $ | 16,899 | $ | 12,209 | $ | — | $ | 29,108 | |||||||||
The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market funds | $ | 11,644 | $ | — | $ | — | $ | 11,644 | |||||||||
Investments: | |||||||||||||||||
Available-for-sales securities—current: | |||||||||||||||||
U.S. Treasury securities and agency | — | 3,509 | — | 3,509 | |||||||||||||
FDIC Guaranteed certificates of deposit | — | 6,447 | — | 6,447 | |||||||||||||
Common stock | 2,806 | — | — | 2,806 | |||||||||||||
Corporate notes/bonds | — | 4,602 | — | 4,602 | |||||||||||||
Commercial paper | — | 6,997 | — | 6,997 | |||||||||||||
Total | $ | 14,450 | $ | 21,555 | $ | — | $ | 36,005 | |||||||||
STOCK_INCENTIVE_PLANS_Tables
STOCK INCENTIVE PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Activity of Stock Incentive and Equity Plans | ' | ||||||||||||||||||||
The following table summarizes the activity of the stock incentive and equity plans: | |||||||||||||||||||||
Shares | Number of | Weighted- | Number of | Number of | |||||||||||||||||
available | options | average | restricted | restricted | |||||||||||||||||
for grant | outstanding | option | stock shares | stock units | |||||||||||||||||
exercise price | issued | outstanding | |||||||||||||||||||
Outstanding at January 1, 2011 | 643,850 | 1,830,397 | $ | 12.98 | 34,863 | — | |||||||||||||||
Authorized | 2,100,000 | — | — | — | — | ||||||||||||||||
Granted | (389,774 | ) | 382,050 | 16.02 | 7,724 | — | |||||||||||||||
Exercised | — | (73,428 | ) | 10.78 | — | — | |||||||||||||||
Expired | (139,988 | ) | — | — | — | — | |||||||||||||||
Canceled/forfeited | 45,911 | (45,911 | ) | 20.15 | — | — | |||||||||||||||
Outstanding at December 31, 2011 | 2,259,999 | 2,093,108 | 13.45 | 42,587 | — | ||||||||||||||||
Granted | (106,395 | ) | 89,050 | 9.72 | 17,345 | — | |||||||||||||||
Exercised | — | (17,885 | ) | 4.01 | — | — | |||||||||||||||
Canceled/forfeited | 47,000 | (47,163 | ) | 15.13 | — | — | |||||||||||||||
Outstanding at December 31, 2012 | 2,200,604 | 2,117,110 | 13.32 | 59,932 | — | ||||||||||||||||
Granted | (216,913 | ) | 97,265 | 8.43 | 73,707 | 45,941 | |||||||||||||||
Exercised | — | (27,930 | ) | 5.02 | — | — | |||||||||||||||
Canceled/forfeited | 256,412 | (260,375 | ) | 18.31 | — | — | |||||||||||||||
Outstanding at December 31, 2013 | 2,240,103 | 1,926,070 | $ | 12.46 | 133,639 | 45,941 | |||||||||||||||
Intrinsic Value Calculated Based on Grant Date Fair Value | ' | ||||||||||||||||||||
The following table sets forth option grants made during 2013, 2012 and 2011 with intrinsic value calculated based on grant date fair value. | |||||||||||||||||||||
Date of Grant | Number of | Exercise | Intrinsic | ||||||||||||||||||
options | price | value | |||||||||||||||||||
granted | per share | ||||||||||||||||||||
Jan-11 | 26,000 | $ | 18.80 - $21.64 | — | |||||||||||||||||
March - April 2011 | 73,500 | $ | 25.61 - $27.63 | — | |||||||||||||||||
May-11 | 51,650 | $ | 22.92 | — | |||||||||||||||||
Jul-11 | 12,500 | $ | 16,86 | — | |||||||||||||||||
Oct-11 | 75,400 | $ | 10.81 - $10.93 | — | |||||||||||||||||
Dec-11 | 143,000 | $ | 10.19 | — | |||||||||||||||||
Jan-12 | 8,500 | $ | 9.39 | — | |||||||||||||||||
April-May 2012 | 36,750 | $ | 9.45 - $10.43 | — | |||||||||||||||||
Jul-12 | 7,000 | $ | 10.2 | — | |||||||||||||||||
September - October 2012 | 36,800 | $ | 9.41 - $9.58 | ||||||||||||||||||
January - July 2013 | 82,815 | $ | 6.60 - $7.97 | — | |||||||||||||||||
Oct-13 | 14,450 | $ | 12.11 | — | |||||||||||||||||
Exercise Prices of Outstanding Options | ' | ||||||||||||||||||||
At December 31, 2013, the exercise prices of outstanding options units were as follows: | |||||||||||||||||||||
Exercise Price | Number of | Average | Number of | ||||||||||||||||||
options | remaining | options | |||||||||||||||||||
outstanding | contractual life | exercisable | |||||||||||||||||||
(years) | |||||||||||||||||||||
$0.78 - $4.94 | 533,365 | 4.05 | 533,365 | ||||||||||||||||||
$6.11 - $9.58 | 385,054 | 6.84 | 274,089 | ||||||||||||||||||
$10.02 - $14.00 | 374,867 | 7.93 | 250,417 | ||||||||||||||||||
$15.00 - $18.80 | 66,979 | 5.71 | 61,854 | ||||||||||||||||||
$19.21 - $22.92 | 375,150 | 6.76 | 353,625 | ||||||||||||||||||
$24.95 - $32.67 | 190,655 | 6.7 | 126,155 | ||||||||||||||||||
1,926,070 | 6.36 | 1,599,505 | |||||||||||||||||||
Summary of Non-vested Options | ' | ||||||||||||||||||||
The following table summarizes the activity of non-vested options and restricted stock units as follows: | |||||||||||||||||||||
Non-vested | Weighted- | ||||||||||||||||||||
options | Average Option | ||||||||||||||||||||
Exercise | |||||||||||||||||||||
price | |||||||||||||||||||||
Non-vested at January 1, 2011 | 1,339,386 | $ | 14.12 | ||||||||||||||||||
Granted | 382,050 | 16.02 | |||||||||||||||||||
Vested | (366,484 | ) | 10.72 | ||||||||||||||||||
Cancelled | (41,775 | ) | 20.39 | ||||||||||||||||||
Non-vested at December 31, 2011 | 1,313,177 | 13.58 | |||||||||||||||||||
Granted | 89,050 | 9.72 | |||||||||||||||||||
Vested | (540,050 | ) | 14.77 | ||||||||||||||||||
Cancelled | (41,175 | ) | 15.38 | ||||||||||||||||||
Non-vested at December 31, 2012 | 821,002 | 15.24 | |||||||||||||||||||
Granted | 143,206 | 8.49 | |||||||||||||||||||
Vested | (380,413 | ) | 12.5 | ||||||||||||||||||
Cancelled | (211,288 | ) | 18.55 | ||||||||||||||||||
Non-vested at December 31, 2013 | 372,507 | $ | 13.57 | ||||||||||||||||||
Schedule for Estimated Fair Value at Date of Option Grant Using Black Scholes Option Pricing Model | ' | ||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the assumptions used for the estimated fair value at the date of option grant using the Black-Scholes option-pricing model were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted average fair value per share of option | $8.49 | $9.72 | $16.02 | ||||||||||||||||||
Expected term | 5.3 years | 5.3 years | 5.0 years | ||||||||||||||||||
Risk free interest rate | 0.76% - 1.42% | 0.62% - 1.04% | 0.85% - 2.24% | ||||||||||||||||||
Volatility | 77% | 52% | 51% | ||||||||||||||||||
Dividend yield | None | None | None | ||||||||||||||||||
Forfeiture rate | 19.18% | 16.59% | 24.53% | ||||||||||||||||||
Analysis of Restricted Stock Issued | ' | ||||||||||||||||||||
An analysis of restricted stock issued is as follows: | |||||||||||||||||||||
Non-vested restricted stock as of January 1, 2012 | 1,931 | ||||||||||||||||||||
Granted | 17,345 | ||||||||||||||||||||
Vested | (14,940 | ) | |||||||||||||||||||
Non-vested restricted stock as of December 31, 2012 | 4,336 | ||||||||||||||||||||
Granted | 73,707 | ||||||||||||||||||||
Vested | (24,329 | ) | |||||||||||||||||||
Non-vested restricted stock as of December 31, 2013 | 53,714 | ||||||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income (Loss) Before Income Taxes | ' | ||||||||||||
Income (loss) before income taxes | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
U.S. | $ | (38,114 | ) | $ | (17,849 | ) | $ | 51,618 | |||||
Foreign | 2,603 | 5,263 | 3,015 | ||||||||||
Total | $ | (35,511 | ) | $ | (12,586 | ) | $ | 54,633 | |||||
Income Tax Expense (Benefit) | ' | ||||||||||||
Income taxes | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current | |||||||||||||
U.S. | $ | — | $ | (204 | ) | $ | 177 | ||||||
State | — | (357 | ) | 2,777 | |||||||||
Foreign | 6 | (163 | ) | 173 | |||||||||
Total current income tax expense (benefit) | 6 | (724 | ) | 3,127 | |||||||||
Deferred | |||||||||||||
U.S. | (5,863 | ) | (5,536 | ) | 13,223 | ||||||||
State | 691 | (1,049 | ) | 224 | |||||||||
Foreign | 6 | 261 | — | ||||||||||
Total deferred income tax expense | (5,166 | ) | (6,324 | ) | 13,447 | ||||||||
Total income tax expense (benefit) | $ | (5,160 | ) | $ | (7,048 | ) | $ | 16,574 | |||||
Reconciliation of Income Tax Computed at Federal Statutory Rate to Income Before Taxes | ' | ||||||||||||
The reconciliation of income tax computed at the federal statutory rate to income before taxes is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. Federal statutory rate | (34.0 | )% | (34.0 | )% | 35 | % | |||||||
State taxes net of federal benefit | (5.5 | ) | (8.9 | ) | 5.2 | ||||||||
Permanent differences | — | — | (0.6 | ) | |||||||||
Foreign rate differential and transactional tax | (0.7 | ) | (3.8 | ) | (1.4 | ) | |||||||
Impact of foreign tax holiday | (1.8 | ) | (10.4 | ) | — | ||||||||
Valuation allowance | 26.9 | — | (5.9 | ) | |||||||||
Other | 0.6 | 1.1 | (2.0 | ) | |||||||||
(14.5 | )% | (56.0 | )% | 30.3 | % | ||||||||
Significant Components of Net Deferred Income Taxes | ' | ||||||||||||
Significant components of the Company’s net deferred income taxes are as follows at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 20 | $ | 115 | |||||||||
Inventory reserves | 1,340 | 1,697 | |||||||||||
Accrued liabilities | 76 | 316 | |||||||||||
Warrant interest expense | 277 | 277 | |||||||||||
Stock compensation expense | 2,850 | 2,503 | |||||||||||
State net operating loss—net of tax | 3,500 | 1,524 | |||||||||||
Net operating loss carryforward | 16,206 | 4,537 | |||||||||||
Unrealized loss on securities held for sale | 240 | — | |||||||||||
Tax credits | 514 | 297 | |||||||||||
Valuation allowance | (9,547 | ) | — | ||||||||||
Total deferred tax assets | 15,476 | 11,266 | |||||||||||
Deferred tax liability: | |||||||||||||
Depreciation | (15,620 | ) | (16,685 | ) | |||||||||
Unrealized gain on securities held for sale | — | (340 | ) | ||||||||||
Prepaid expenses | (123 | ) | (140 | ) | |||||||||
Net deferred tax liability | $ | (267 | ) | $ | (5,899 | ) | |||||||
Deferred Income Tax Assets and Liabilities on Consolidated Balance Sheets | ' | ||||||||||||
The Company’s deferred income tax assets and liabilities were reported on the consolidated balance sheets as follows. | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred income tax assets | $ | — | $ | 4,427 | |||||||||
Long term deferred income tax liabilities | (267 | ) | (10,326 | ) | |||||||||
Net deferred tax liability | $ | (267 | ) | $ | (5,899 | ) | |||||||
Reconciliation of Unrecognized Tax Benefits Taken or Expected to be Taken in a Tax Return That Have Been Recorded on Company's Financial Statements | ' | ||||||||||||
The following is a reconciliation of the unrecognized tax benefits taken or expected to be taken in a tax return that have been recorded on the Company’s financial statements for the years ended December 31, 2013. | |||||||||||||
(in thousands) | |||||||||||||
Balance at January 1, 2012 | $ | 363 | |||||||||||
Decrease related to prior year | (363 | ) | |||||||||||
Tax positions related to current year | 1,140 | ||||||||||||
Balance at December 31, 2012 | 1,140 | ||||||||||||
Tax positions related to prior year | — | ||||||||||||
Tax positions related to current year | — | ||||||||||||
Balance at December 31, 2013 | $ | 1,140 | |||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Payments Under All Leases | ' | ||||
Future minimum payments under all leases are as follows: | |||||
Year ending December 31, | Operating | ||||
leases (in | |||||
thousands) | |||||
2014 | $ | 1,104 | |||
2015 | 402 | ||||
2016 | 4 | ||||
Balance at December 31, 2013 | $ | 1,510 | |||
QUARTERLY_FINANCIAL_DATA_Unaud1
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Quarterly Results | ' | ||||||||||||||||||||
Summary quarterly results for the two years ended December 31, 2013 are as follows (in thousands, other than share and per share data): | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2013 | March 31 | June 30 | September 30 | December 31 | Full Year | ||||||||||||||||
Revenue | $ | 8,307 | $ | 10,555 | $ | 11,115 | $ | 11,536 | $ | 41,513 | |||||||||||
Gross loss | $ | (3,375 | ) | $ | (6,417 | ) | $ | (6,318 | ) | $ | (5,811 | ) | $ | (21,921 | ) | ||||||
Loss from operations | $ | (6,296 | ) | $ | (9,968 | ) | $ | (9,595 | ) | $ | (9,025 | ) | $ | (34,884 | ) | ||||||
Loss before income taxes | $ | (6,418 | ) | $ | (10,173 | ) | $ | (9,814 | ) | $ | (9,106 | ) | $ | (35,511 | ) | ||||||
Net loss | $ | (3,376 | ) | $ | (5,894 | ) | $ | (5,840 | ) | $ | (15,241 | ) | $ | (30,351 | ) | ||||||
Basic loss per common share | $ | (0.15 | ) | $ | (0.26 | ) | $ | (0.26 | ) | $ | (0.67 | ) | $ | (1.35 | ) | ||||||
Diluted loss per common share | $ | (0.15 | ) | $ | (0.26 | ) | $ | (0.26 | ) | $ | (0.67 | ) | $ | (1.35 | ) | ||||||
Weighted average common shares outstanding used in computing net loss per common share, basic and diluted: | 22,550,378 | 22,560,603 | 22,578,608 | 22,599,258 | 22,572,212 | ||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2012 | March 31 | June 30 | September 30 | December 31 | Full Year | ||||||||||||||||
Revenue | $ | 10,207 | $ | 17,003 | $ | 19,942 | $ | 20,091 | $ | 67,243 | |||||||||||
Gross profit (loss) | $ | (3,408 | ) | $ | 11 | $ | 2,445 | $ | 912 | $ | (40 | ) | |||||||||
Income (loss) from operations | $ | (6,646 | ) | $ | (3,098 | ) | $ | (1,141 | ) | $ | (2,151 | ) | $ | (13,036 | ) | ||||||
Income (loss) before income taxes | $ | (6,271 | ) | $ | (3,386 | ) | $ | (844 | ) | $ | (2,085 | ) | $ | (12,586 | ) | ||||||
Net income (loss) | $ | (3,367 | ) | $ | (1,312 | ) | $ | 272 | $ | (1,131 | ) | $ | (5,538 | ) | |||||||
Basic income (loss) per common share | $ | (0.15 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.05 | ) | $ | (0.25 | ) | |||||||
Diluted income (loss) per common share | $ | (0.15 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.05 | ) | $ | (0.25 | ) | |||||||
Weighted average common shares outstanding used in computing net income (loss) per common share: | |||||||||||||||||||||
Basic | 22,514,539 | 22,518,364 | 22,524,611 | 22,538,292 | 22,523,951 | ||||||||||||||||
Diluted | 22,514,539 | 22,518,364 | 23,050,618 | 22,538,292 | 22,523,951 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Impairment of investments | $0 | $0 | ' |
Reduced inventory and increased costs of goods sold | 604,000 | 719,000 | ' |
Based on these sales prices reduced inventory and increased cost of goods sold | 421,000 | 1,500,000 | ' |
The recycling of boules reduced inventory and increased cost of goods sold | ' | 927,000 | ' |
Depreciation and amortization expense associated with property and equipment | 12,660,000 | 12,027,000 | 9,724,000 |
Impairment losses on long lived assets | 0 | 0 | 0 |
Deposit at a financial institution | 4,800,000 | 6,900,000 | ' |
Revenue was recorded from Government contract | 2,700,000 | 1,200,000 | ' |
Total value of the contract | 4,700,000 | ' | ' |
Period of contract | '3 years | ' | ' |
Research and development costs | 2,263,000 | 2,274,000 | 1,806,000 |
Income tax benefit recognition criteria percentage threshold | 50.00% | ' | ' |
Potential penalties related to income taxes | 0 | 0 | 11,000 |
Interest or penalties related to income taxes accrued or recognized | 0 | 0 | ' |
Period of exemption from Malaysian income tax | '10 years | ' | ' |
Certificates of Deposit [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Restricted certificates of deposit | 5,000 | 5,000 | ' |
Employee Fund [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Restricted certificates of deposit | 7,800 | 2,600 | ' |
Interest-bearing Deposits [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Restricted certificates of deposit | $152,300 | $163,500 | ' |
Recovered_Sheet2
Summary of Significant Accounting Policies - Activity of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Beginning balance | $286 | $378 |
Charges to costs and expenses | 24 | -54 |
Accounts charged off, less recoveries | -260 | -38 |
Ending balance | $50 | $286 |
Recovered_Sheet3
Summary of Significant Accounting Policies - Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials | $18,651 | $21,267 |
Work in progress | 10,337 | 20,787 |
Finished goods | 5,324 | 5,300 |
Inventories | $34,312 | $47,354 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | $172,658 | $165,393 |
Accumulated depreciation and amortization | -57,438 | -45,543 |
Property and equipment, net | 115,220 | 119,850 |
Land and land improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 4,133 | 4,133 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 32,269 | 30,364 |
Machinery, equipment and tooling [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 121,313 | 103,477 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 7,696 | 7,696 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 949 | 941 |
Information systems [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 1,077 | 1,070 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | $5,221 | $17,712 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '39 years |
Leasehold improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | 'Lesser of life of lease or economic life |
Furniture and fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Information systems [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Machinery, equipment and tooling [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | Machinery, equipment and tooling [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Product Warranty Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Balance, beginning of period | $101 | $253 |
Charged to cost of sales | 102 | -37 |
Actual product warranty expenditures | -62 | -115 |
Balance, end of period | $141 | $101 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Components of Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Unrealized (loss) gain on investments, net of tax | ($406) | $457 |
Unrealized loss on currency translation | -12 | -10 |
Ending Balance | ($418) | $447 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Anti-dilutive Securities Excluded From Calculation of Diluted Net Loss Per Share (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from calculation of diluted net loss per share | 236,144 | 409,311 |
Stock options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from calculation of diluted net loss per share | 56,892 | 266,020 |
Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from calculation of diluted net loss per share | 179,252 | 143,291 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segment | 1 |
Segment_Information_Summary_of
Segment Information - Summary of Revenue by Geographic Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $11,536 | $11,115 | $10,555 | $8,307 | $20,091 | $19,942 | $17,003 | $10,207 | $41,513 | $67,243 | $134,000 |
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 14,844 | 3,893 | 3,877 |
Australia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,368 | 12,494 | 14 |
Taiwan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 7,361 | 5,663 | 50,006 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,444 | 11,104 | 12,253 |
Korea [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,214 | 19,862 | 51,461 |
France [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 8,482 | 359 |
Japan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 309 | 2,999 | 11,362 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $1,851 | $2,746 | $4,668 |
Segment_Information_Summary_of1
Segment Information - Summary of Revenue by Product Type (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $11,536 | $11,115 | $10,555 | $8,307 | $20,091 | $19,942 | $17,003 | $10,207 | $41,513 | $67,243 | $134,000 |
Core [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 23,294 | 9,755 | 61,734 |
Polished [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,201 | 50,474 | 65,468 |
Optical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,523 | 5,723 | 6,752 |
Research & Development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,457 | 1,223 | 15 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $38 | $68 | $31 |
Segment_Information_Summary_of2
Segment Information - Summary of Assets by Geographic Region (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | $202,695 | $248,096 |
United States [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | 157,572 | 210,781 |
Malaysia [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | 45,086 | 37,280 |
Other [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | $37 | $35 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Short-term investments | $13,567,000 | $24,361,000 |
Time deposits of cash and cash equivalents | 5,500,000 | 7,900,000 |
Commercial Paper [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Short-term investments | 3,000,000 | ' |
Corporate Notes/Bonds [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Short-term investments | 3,000,000 | ' |
FDIC Guaranteed certificates of deposit [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Short-term investments | 6,200,000 | ' |
Common stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Short-term investments | $1,400,000 | ' |
Investments_Amortized_Cost_and
Investments - Amortized Cost and Gross Unrealized Gains and Losses on All Securities (Detail) (Short-term Investments [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $14,216 | $23,567 |
Gross Unrealized Gains | ' | 806 |
Gross Unrealized Losses | 649 | 12 |
Fair Value | 13,567 | 24,361 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,998 | 6,999 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | 2 |
Fair Value | 2,998 | 6,997 |
US Treasury securities and agency [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 3,509 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Fair Value | ' | 3,509 |
FDIC Guaranteed certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6,160 | 6,453 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | 6 | 6 |
Fair Value | 6,154 | 6,447 |
Common stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,000 | 2,000 |
Gross Unrealized Gains | ' | 806 |
Gross Unrealized Losses | 642 | ' |
Fair Value | 1,358 | 2,806 |
Corporate Notes/Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,058 | 4,606 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | 1 | 4 |
Fair Value | $3,057 | $4,602 |
Investments_Summarized_Financi
Investments - Summarized Financial Assets Measured at Fair Value on Recurring Basis (Detail) (Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | $29,108 | $36,005 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 16,899 | 14,450 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 12,209 | 21,555 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Commercial Paper [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 2,998 | 6,997 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 2,998 | 6,997 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Money market funds [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Cash Equivalents | 15,541 | 11,644 |
Money market funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Cash Equivalents | 15,541 | 11,644 |
Money market funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Cash Equivalents | ' | ' |
Money market funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Cash Equivalents | ' | ' |
US Treasury securities and agency [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | 3,509 |
US Treasury securities and agency [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
US Treasury securities and agency [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | 3,509 |
US Treasury securities and agency [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
FDIC Guaranteed certificates of deposit [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 6,154 | 6,447 |
FDIC Guaranteed certificates of deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
FDIC Guaranteed certificates of deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 6,154 | 6,447 |
FDIC Guaranteed certificates of deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Common stock [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 1,358 | 2,806 |
Common stock [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 1,358 | 2,806 |
Common stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Common stock [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Corporate Notes/Bonds [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 3,057 | 4,602 |
Corporate Notes/Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Corporate Notes/Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | 3,057 | 4,602 |
Corporate Notes/Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available-for-sales securities-current | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||
Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 08, 2012 | Dec. 31, 2013 | Nov. 30, 2008 | |
Peregrine [Member] | Peregrine [Member] | Peregrine [Member] | Peregrine [Member] | Peregrine [Member] | Series D1 Preferred Shares [Member] | Series D1 Preferred Shares [Member] | |
Common stock [Member] | Peregrine [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Purchase of preferred shares | ' | ' | ' | ' | ' | ' | 1,345,444 |
Value of preferred shares | ' | ' | ' | ' | ' | ' | $2,000,000 |
Outstanding shares, description | ' | ' | ' | ' | ' | 'Less than 1% | ' |
Outstanding shares, percentage | ' | 1.00% | ' | ' | ' | ' | ' |
Description of conversion of preferred shares to common | 'Conversion of the preferred shares to common stock at a ratio of 7.34:1, or 183,303 shares of common stock | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock ratio | 7.34 | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock shares | ' | ' | ' | ' | 183,303 | ' | ' |
Lock out period until which Company could not sell shares | ' | '2013-02 | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investments | ' | -1,400,000 | 806,000 | ' | ' | ' | ' |
Revenue from related party | ' | 11,000,000 | 25,200,000 | 5,200,000 | ' | ' | ' |
Accounts receivable from related party | ' | $0 | $1,700,000 | ' | ' | ' | ' |
Significant_Customers_Addition
Significant Customers - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer | Customer | Customer | |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Number of significant customer | 2 | 2 | 3 |
Trade receivables | 10.00% | ' | ' |
Accounts receivable | 47.00% | 93.00% | ' |
Customer One [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 27.00% | 38.00% | 38.00% |
Customer Two [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 17.00% | 29.00% | 19.00% |
Customer Three [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | ' | ' | 12.00% |
Stockholders_Equity_Additional
Stockholders Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders Equity Note [Abstract] | ' | ' | ' | ' |
Common stock reserved for future grants of stock options | ' | 2,240,103 | ' | ' |
Common stock reserved for issuance upon exercise of outstanding common stock options | ' | 1,972,011 | ' | ' |
Common stock reserved for future exercise of outstanding warrants | ' | 267,826 | ' | ' |
Outstanding warrants to purchase common stock | ' | 267,826 | 267,826 | ' |
Outstanding warrants to purchase common stock at exercise price per share | ' | $3.65 | $3.65 | ' |
Warrants exercisable date of issuance | ' | '10 years | ' | ' |
Outstanding warrants to purchase common stock | ' | ' | ' | 13,735 |
Outstanding warrants to purchase common stock at exercise price per unit | ' | ' | ' | 7.28 |
Issuance of shares of common stock to warrant holder | ' | ' | 2,188 | ' |
Stock repurchase program, authorized amount | $25 | ' | ' | ' |
Stock repurchase program, period | '2 years | ' | ' | ' |
Repurchase of company shares | ' | 0 | 0 | ' |
Stock_Incentive_Plans_Addition
Stock Incentive Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||
Aug. 02, 2011 | Oct. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Jul. 31, 2011 | 31-May-11 | Jan. 31, 2011 | Oct. 31, 2012 | 31-May-12 | Apr. 30, 2011 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 02, 2011 | Jun. 30, 2013 | Jul. 22, 2013 | Jul. 22, 2013 | |
Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock units [Member] | Board of Directors [Member] | Board of Directors [Member] | 2001 Plan [Member] | 2007 Plan [Member] | 2007 Plan [Member] | 2007 Plan [Member] | |||||||||||||||||
Restricted stock [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares awarded or sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,449,667 | ' | 2,307,692 | 4,407,692 |
Number of share of common stock purchased | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Aug-11 | ' | ' | ' |
Increase in maximum number of shares awarded or sold under 2007 plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' |
Weighted average fair value of the options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,800,000 | $8,000,000 | $3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value for options exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,800,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non vested awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' |
Stock based plan expect to recognize weighted average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 11 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,707 | 17,345 | 7,724 | ' | ' | ' | 45,941 | ' | ' | ' | ' | ' | ' |
Intrinsic Value at date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $395,000 | ' | ' | ' | ' | ' | ' |
RSU Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' |
RSU granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Restricted stock units granted, market price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.60 | ' | ' | ' | ' | ' | ' |
RSUs intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 556,000 | ' | ' | ' | ' | ' | ' |
Weighted average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 9 months | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $292,000 | $162,000 | $165,000 | ' | ' | ' | ' | ' | ' | ' |
Stock options to purchase shares of common stock granted | ' | 14,450 | 7,000 | 8,500 | 143,000 | 75,400 | 12,500 | 51,650 | 26,000 | 36,800 | 36,750 | 73,500 | 82,815 | 97,265 | 89,050 | 382,050 | ' | ' | ' | ' | 365 | 47,050 | ' | ' | ' | ' |
Exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.43 | $9.72 | $16.02 | ' | ' | ' | ' | $7.97 | ' | ' | ' | ' | ' |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans - Summary of Activity of Stock Incentive and Equity Plans (Detail) (USD $) | 1 Months Ended | 2 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Jul. 31, 2011 | 31-May-11 | Jan. 31, 2011 | Oct. 31, 2012 | 31-May-12 | Apr. 30, 2011 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant, Beginning balance | ' | ' | 2,259,999 | ' | ' | ' | ' | 643,850 | ' | ' | ' | 2,200,604 | 2,200,604 | 2,259,999 | 643,850 |
Shares available for grant, Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 |
Shares available for grant, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,913 | -106,395 | -389,774 |
Shares available for grant, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant, Expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -139,988 |
Shares available for grant, Canceled/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,412 | 47,000 | 45,911 |
Shares available for grant, Ending balance | ' | ' | ' | 2,259,999 | ' | ' | ' | ' | ' | ' | ' | ' | 2,240,103 | 2,200,604 | 2,259,999 |
Number of options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding, Beginning balance | ' | ' | 2,093,108 | ' | ' | ' | ' | 1,830,397 | ' | ' | ' | 2,117,110 | 2,117,110 | 2,093,108 | 1,830,397 |
Number of options outstanding, Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding, Granted | 14,450 | 7,000 | 8,500 | 143,000 | 75,400 | 12,500 | 51,650 | 26,000 | 36,800 | 36,750 | 73,500 | 82,815 | 97,265 | 89,050 | 382,050 |
Number of options outstanding, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,930 | -17,885 | -73,428 |
Number of options outstanding, Expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding, Canceled/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -260,375 | -47,163 | -45,911 |
Number of options outstanding, Ending balance | ' | ' | ' | 2,093,108 | ' | ' | ' | ' | ' | ' | ' | ' | 1,926,070 | 2,117,110 | 2,093,108 |
Weighted - average option exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted - average option exercise price, Beginning balance | ' | ' | $13.45 | ' | ' | ' | ' | $12.98 | ' | ' | ' | $13.32 | $13.32 | $13.45 | $12.98 |
Weighted - average option exercise price, Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted - average option exercise price, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.43 | $9.72 | $16.02 |
Weighted - average option exercise price, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.02 | $4.01 | $10.78 |
Weighted - average option exercise price, Expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted - average option exercise price, Canceled/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.31 | $15.13 | $20.15 |
Weighted - average option exercise price, Ending balance | ' | ' | ' | $13.45 | ' | ' | ' | ' | ' | ' | ' | ' | $12.46 | $13.32 | $13.45 |
Number of restricted stock shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Beginning balance | ' | ' | 42,587 | ' | ' | ' | ' | 34,863 | ' | ' | ' | 59,932 | 59,932 | 42,587 | 34,863 |
Number of restricted stock shares issued, Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,707 | 17,345 | 7,724 |
Number of restricted stock shares issued, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Canceled/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Ending balance | ' | ' | ' | 42,587 | ' | ' | ' | ' | ' | ' | ' | ' | 133,639 | 59,932 | 42,587 |
Number of restricted stock shares issued, Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,932 | 59,932 | ' | ' |
Number of restricted stock shares issued, Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,941 | ' | ' |
Number of restricted stock shares issued, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Canceled/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock shares issued, Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,941 | 59,932 | ' |
Stock_Incentive_Plans_Intrinsi
Stock Incentive Plans - Intrinsic Value Calculated Based on Grant Date Fair Value (Detail) (USD $) | 1 Months Ended | 2 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Jul. 31, 2011 | 31-May-11 | Jan. 31, 2011 | Oct. 31, 2012 | 31-May-12 | Apr. 30, 2011 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted | 14,450 | 7,000 | 8,500 | 143,000 | 75,400 | 12,500 | 51,650 | 26,000 | 36,800 | 36,750 | 73,500 | 82,815 | 97,265 | 89,050 | 382,050 |
Intrinsic value calculated based on grant date fair value, Exercise price | ' | ' | ' | ' | $10.81 | ' | ' | $18.80 | $9.41 | $9.45 | $25.61 | $6.60 | ' | ' | ' |
Intrinsic value calculated based on grant date fair value, Exercise price | $12.11 | $10.20 | $9.39 | $10.19 | $10.93 | $16.86 | $22.92 | $21.64 | $9.58 | $10.43 | $27.63 | $7.97 | ' | ' | ' |
Intrinsic value calculated based on grant date fair value, Intrinsic value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Incentive_Plans_Exercise
Stock Incentive Plans - Exercise Prices of Outstanding Options (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 1,926,070 | 2,117,110 | 2,093,108 | 1,830,397 |
Exercise prices of outstanding options, Average remaining contractual life | '6 years 4 months 10 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 1,599,505 | ' | ' | ' |
Range 1 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Lower range | 0.78 | ' | ' | ' |
Exercise prices of outstanding options, Upper range | 4.94 | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 533,365 | ' | ' | ' |
Exercise prices of outstanding options, Average remaining contractual life | '4 years 18 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 533,365 | ' | ' | ' |
Range 2 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Lower range | 6.11 | ' | ' | ' |
Exercise prices of outstanding options, Upper range | 9.58 | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 385,054 | ' | ' | ' |
Exercise prices of outstanding options, Average remaining contractual life | '6 years 10 months 2 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 274,089 | ' | ' | ' |
Range 3 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Lower range | 10.02 | ' | ' | ' |
Exercise prices of outstanding options, Upper range | 14 | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 374,867 | ' | ' | ' |
Exercise prices of outstanding options, Average remaining contractual life | '7 years 11 months 5 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 250,417 | ' | ' | ' |
Range 4 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Lower range | 15 | ' | ' | ' |
Exercise prices of outstanding options, Upper range | 18.8 | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 66,979 | ' | ' | ' |
Exercise prices of outstanding options, Average remaining contractual life | '5 years 8 months 16 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 61,854 | ' | ' | ' |
Range 5 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Lower range | 19.21 | ' | ' | ' |
Exercise prices of outstanding options, Upper range | 22.92 | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 375,150 | ' | ' | ' |
Exercise prices of outstanding options, Average remaining contractual life | '6 years 9 months 4 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 353,625 | ' | ' | ' |
Range 6 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise prices of outstanding options, Lower range | 24.95 | ' | ' | ' |
Exercise prices of outstanding options, Upper range | 32.67 | ' | ' | ' |
Exercise prices of outstanding options, Number of options outstanding | 190,655 | ' | ' | ' |
Exercise prices of outstanding options, Average remaining contractual life | '6 years 8 months 12 days | ' | ' | ' |
Exercise prices of outstanding options, Number of options exercisable | 126,155 | ' | ' | ' |
Stock_Incentive_Plans_Summary_1
Stock Incentive Plans - Summary of Non-vested Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Options | ' | ' | ' |
Options, Non-vested, Granted | 45,941 | ' | ' |
Options, Non-vested, Cancelled | ' | ' | ' |
Non-vested options [Member] | ' | ' | ' |
Options | ' | ' | ' |
Non-vested restricted stock, Beginning balance | 821,002 | 1,313,177 | 1,339,386 |
Options, Non-vested, Granted | 143,206 | 89,050 | 382,050 |
Options, Non-vested, Vested | -380,413 | -540,050 | -366,484 |
Options, Non-vested, Cancelled | -211,288 | -41,175 | -41,775 |
Non-vested restricted stock, Ending balance | 372,507 | 821,002 | 1,313,177 |
Weighted-average exercise price | ' | ' | ' |
Weighted-average exercise price, Beginning balance | 15.24 | 13.58 | 14.12 |
Weighted-average exercise price, Granted | 8.49 | 9.72 | 16.02 |
Weighted-average exercise price, Vested | 12.5 | 14.77 | 10.72 |
Weighted-average exercise price, Cancelled | 18.55 | 15.38 | 20.39 |
Weighted-average exercise price, Ending balance | 13.57 | 15.24 | 13.58 |
Stock_Incentive_Plans_Schedule
Stock Incentive Plans - Schedule For The Estimated Fair Value At Date of Option Grand Using Black Scholes Option Pricing Model (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Weighted average fair value per share of option | $8.49 | $9.72 | $16.02 |
Expected term | '5 years 3 months 18 days | '5 years 3 months 18 days | '5 years |
Risk free interest rate | 0.76% | 0.62% | 0.85% |
Risk free interest rate | 1.42% | 1.04% | 2.24% |
Volatility | 77.00% | 52.00% | 51.00% |
Dividend yield | ' | ' | ' |
Forfeiture rate | 19.18% | 16.59% | 24.53% |
Stock_Incentive_Plans_Analysis
Stock Incentive Plans - Analysis of Restricted Stock Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested restricted stock, Granted | 45,941 | ' | ' |
Restricted stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested restricted stock, Beginning balance | 4,336 | 1,931 | ' |
Non-vested restricted stock, Granted | 73,707 | 17,345 | ' |
Options, Non-vested, Vested | -24,329 | -14,940 | ' |
Non-vested restricted stock, Ending balance | 53,714 | 4,336 | ' |
Income_Taxes_Income_Loss_Befor
Income Taxes - Income (Loss) Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ($38,114) | ($17,849) | $51,618 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 2,603 | 5,263 | 3,015 |
Income (loss) before income taxes | ($9,106) | ($9,814) | ($10,173) | ($6,418) | ($2,085) | ($844) | ($3,386) | ($6,271) | ($35,511) | ($12,586) | $54,633 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense Benefit Continuing Operations [Abstract] | ' | ' | ' |
U.S. | ' | ($204) | $177 |
State | ' | -357 | 2,777 |
Foreign | 6 | -163 | 173 |
Total current income tax expense (benefit) | 6 | -724 | 3,127 |
Deferred | ' | ' | ' |
U.S. | -5,863 | -5,536 | 13,223 |
State | 691 | -1,049 | 224 |
Foreign | 6 | 261 | ' |
Total deferred income tax expense | -5,166 | -6,324 | 13,447 |
Total income tax expense (benefit) | ($5,160) | ($7,048) | $16,574 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Computed at Federal Statutory Rate to Income Before Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ' | ' | ' |
U.S. Federal statutory rate | -34.00% | -34.00% | 35.00% |
State taxes net of federal benefit | -5.50% | -8.90% | 5.20% |
Permanent differences | ' | ' | -0.60% |
Foreign rate differential and transactional tax | -0.70% | -3.80% | -1.40% |
Impact of foreign tax holiday | -1.80% | -10.40% | ' |
Valuation allowance | 26.90% | ' | -5.90% |
Other | 0.60% | 1.10% | -2.00% |
Effective income tax rate | -14.50% | -56.00% | 30.30% |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Net Deferred Income Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Abstract] | ' | ' |
Allowance for doubtful accounts | $20 | $115 |
Inventory reserves | 1,340 | 1,697 |
Accrued liabilities | 76 | 316 |
Warrant interest expense | 277 | 277 |
Stock compensation expense | 2,850 | 2,503 |
State net operating loss-net of tax | 3,500 | 1,524 |
Net operating loss carryforward | 16,206 | 4,537 |
Unrealized loss on securities held for sale | 240 | ' |
Tax credits | 514 | 297 |
Valuation allowance | -9,547 | ' |
Total deferred tax assets | 15,476 | 11,266 |
Deferred tax liability: | ' | ' |
Depreciation | -15,620 | -16,685 |
Unrealized gain on securities held for sale | ' | -340 |
Prepaid expenses | -123 | -140 |
Net deferred tax liability | ($267) | ($5,899) |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities on Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets Liabilities Net [Abstract] | ' | ' |
Current deferred income tax assets | ' | $4,427 |
Long term deferred income tax liabilities | -267 | -10,326 |
Net deferred tax liability | ($267) | ($5,899) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Valuation allowance | $9,547,000 | ' | ' |
Net operation loss deduction | 100,000 | ' | ' |
Investment tax credits and research and development credits scheduled to expire | '2017 | ' | ' |
State net operating loss-net of tax | 16,206,000 | 4,537,000 | ' |
Penalties related to income taxes | 0 | 0 | 11,000 |
Unrecognized potential tax benefits | 1,000,000 | ' | ' |
Number of period for which income tax is exempted | '10 years | ' | ' |
Decreased foreign taxes | 651,000 | 1,300,000 | 535,000 |
Benefit of tax holiday on net income per share (diluted) | $0.03 | $0.06 | $0.02 |
Cumulative undistributed earnings of foreign subsidiaries | 11,100,000 | ' | ' |
Malaysia [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Number of period for which income tax is exempted | '10 years | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Net operation loss deduction | 72,500,000 | ' | ' |
Operating loss carry forwards expiration year | '2026 | ' | ' |
Stock option exercises for federal purposes | 21,800,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Net operation loss deduction | 97,300,000 | ' | ' |
Operating loss carry forwards expiration year | '2019 | ' | ' |
State net operating loss-net of tax | 26,200,000 | ' | ' |
Investment Credit [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Net operation loss deduction | 155,000 | ' | ' |
Research [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Net operation loss deduction | $54,000 | ' | ' |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Unrecognized Tax Benefits Taken or Expected to be Taken in a Tax Return That Have Been Recorded on Company's Financial Statements (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets Liabilities Net [Abstract] | ' | ' |
Beginning Balance | $1,140 | $363 |
Tax positions related to prior year | ' | ' |
Decrease related to prior year | ' | -363 |
Tax positions related to current year | ' | 1,140 |
Ending Balance | $1,140 | $1,140 |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
Jan. 02, 2013 | Dec. 31, 2013 | |
Equity Method Investments And Cost Method Investments [Abstract] | ' | ' |
Term agreement of senior secured credit facility | '3 years | ' |
Amount of senior secured credit facility | $25,000,000 | ' |
Percentage of eligible account receivable | 80.00% | ' |
Percentage of domestically held raw material and finished goods inventory | 35.00% | ' |
Percentage of advances against inventory | 40.00% | ' |
Amount of aggregate outstanding on the revolving line of credit | 10,000,000 | ' |
Option to borrow at an interest rate of LIBOR plus | 2.75% | ' |
Option to borrow at an interest rate of Wall Street Journal prime rate plus | 0.50% | ' |
Liquidity rate | 20,000,000 | ' |
Borrowing interest rate options | 2.25% | ' |
Percentage of unused revolving line facility fee | 0.38% | ' |
Adjusted quick ratio | 1.4 | ' |
Percentage of maintain operating and other deposit accounts | 25.00% | ' |
Interest expense charged on the unused portion of the facility | $95,000 | $95,000 |
Recovered_Sheet4
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Net rent expense under operating leases | $1.10 | $1.40 | $1.10 |
Cost of purchasing equipment or components | $4 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Payments Under All Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $1,104 |
2015 | 402 |
2016 | 4 |
Balance at December 31, 2013 | $1,510 |
Benefit_Plan_Additional_Inform
Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Postemployment Benefits [Abstract] | ' | ' | ' |
Employee's age limit to participate in the benefit Plan | '21 years | ' | ' |
Employer matching contributions | $0 | $0 | $0 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 13, 2014 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Common stock issued in public offer, shares | 24,433,523 | 24,327,140 | 3,047,500 |
Common stock issued in public offer, Underwrites over-allotment option, Shares | ' | ' | 397,500 |
Common stock issued in public offer, Issue price per share | ' | ' | $10.65 |
Gross proceeds from public offering | ' | ' | $32,500,000 |
Net proceeds from public offering | ' | ' | 30,300,000 |
Underwriting discount and expenses | ' | ' | 1,900,000 |
Estimated other offering costs | ' | ' | $425,000 |
Recovered_Sheet5
Quarterly Financial Data (Unaudited) - Summary of Quarterly Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $11,536 | $11,115 | $10,555 | $8,307 | $20,091 | $19,942 | $17,003 | $10,207 | $41,513 | $67,243 | $134,000 |
Gross profit (loss) | -5,811 | -6,318 | -6,417 | -3,375 | 912 | 2,445 | 11 | -3,408 | -21,921 | -40 | 69,635 |
Income (loss) from operations | -9,025 | -9,595 | -9,968 | -6,296 | -2,151 | -1,141 | -3,098 | -6,646 | -34,884 | -13,036 | 54,751 |
Income (loss) before income taxes | -9,106 | -9,814 | -10,173 | -6,418 | -2,085 | -844 | -3,386 | -6,271 | -35,511 | -12,586 | 54,633 |
Net income (loss) | ($15,241) | ($5,840) | ($5,894) | ($3,376) | ($1,131) | $272 | ($1,312) | ($3,367) | ($30,351) | ($5,538) | $38,059 |
Basic income (loss) per common share | ($0.67) | ($0.26) | ($0.26) | ($0.15) | ($0.05) | $0.01 | ($0.06) | ($0.15) | ($1.35) | ($0.25) | $1.67 |
Diluted income (loss) per common share | ($0.67) | ($0.26) | ($0.26) | ($0.15) | ($0.05) | $0.01 | ($0.06) | ($0.15) | ($1.35) | ($0.25) | $1.61 |
Weighted average common shares outstanding used in computing net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | 22,538,292 | 22,524,611 | 22,518,364 | 22,514,539 | 22,572,212 | 22,523,951 | 22,852,205 |
Diluted | ' | ' | ' | ' | 22,538,292 | 23,050,618 | 22,518,364 | 22,514,539 | 22,572,212 | 22,523,951 | 23,596,162 |
Weighted average common shares outstanding used in computing net loss per common share, basic and diluted: | 22,599,258 | 22,578,608 | 22,560,603 | 22,550,378 | ' | ' | ' | ' | 22,572,212 | ' | ' |