Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'AMTECH SYSTEMS INC | ' |
Entity Central Index Key | '0000720500 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 9,842,363 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $36,650 | $37,197 |
Restricted cash | 2,330 | 5,134 |
Accounts receivable | ' | ' |
Trade (less allowance for doubtful accounts of $3,154 and $638 at March 31, 2014, and September 30, 2013, respectively) | 7,381 | 4,829 |
Unbilled and other | 7,049 | 3,194 |
Inventories | 17,348 | 22,001 |
Deferred income taxes | 1,340 | 1,330 |
Refundable income taxes | 1,380 | 7,580 |
Other | 2,042 | 2,930 |
Total current assets | 75,520 | 84,195 |
Property, Plant and Equipment - Net | 10,538 | 11,066 |
Deferred Income Taxes - Long Term | 1,260 | 1,260 |
Intangible Assets - Net | 3,180 | 3,502 |
Goodwill | 8,525 | 8,481 |
Other Assets - Long Term | 2,646 | 2,443 |
Total Assets | 101,669 | 110,947 |
Current Liabilities | ' | ' |
Accounts payable | 5,992 | 5,472 |
Accrued compensation and related taxes | 4,377 | 3,778 |
Accrued warranty expense | 758 | 1,454 |
Deferred profit | 5,401 | 3,067 |
Customer deposits | 4,893 | 11,253 |
Other accrued liabilities | 8,112 | 10,140 |
Income taxes payable | 5,590 | 6,170 |
Total current liabilities | 35,123 | 41,334 |
Income Taxes Payable Long-Term | 2,900 | 2,810 |
Total liabilities | 38,023 | 44,144 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock; 100,000,000 shares authorized; none issued | 0 | 0 |
Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 9,842,363 and 9,550,809 at March 31, 2014, and September 30, 2013, respectively | 98 | 96 |
Additional paid-in capital | 81,196 | 79,610 |
Accumulated other comprehensive loss | -3,833 | -4,556 |
Retained deficit | -12,549 | -8,004 |
Total stockholders' equity | 64,912 | 67,146 |
Noncontrolling interest | -1,266 | -343 |
Total equity | 63,646 | 66,803 |
Total Liabilities and Stockholders' Equity | $101,669 | $110,947 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets | ' | ' |
Allowance for doubtful accounts | $3,154 | $638 |
Stockholders' Equity | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,842,363 | 9,550,809 |
Common stock, shares outstanding | 9,842,363 | 9,550,809 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues, net of returns and allowances | $12,717 | $8,118 | $27,488 | $17,475 |
Cost of sales | 9,819 | 5,665 | 20,055 | 13,644 |
Gross profit | 2,898 | 2,453 | 7,433 | 3,831 |
Selling, general and administrative | 5,277 | 3,968 | 9,402 | 8,238 |
Restructuring charges | 0 | 0 | 0 | 697 |
Research and development | 2,155 | 1,946 | 3,044 | 3,108 |
Operating loss | -4,534 | -3,461 | -5,013 | -8,212 |
Interest and other income (loss), net | -20 | 39 | 87 | 44 |
Loss before income taxes | -4,554 | -3,422 | -4,926 | -8,168 |
Income tax provision (benefit) | 0 | -800 | 560 | -1,280 |
Net loss | -4,554 | -2,622 | -5,486 | -6,888 |
Add: net loss attributable to noncontrolling interest | 803 | 530 | 941 | 603 |
Net loss attributable to Amtech Systems, Inc. | ($3,751) | ($2,092) | ($4,545) | ($6,285) |
Loss Per Share: | ' | ' | ' | ' |
Basic loss per share attributable to Amtech shareholders (dollars per share) | ($0.39) | ($0.22) | ($0.47) | ($0.66) |
Weighted average shares outstanding (in shares) | 9,679 | 9,539 | 9,619 | 9,516 |
Diluted loss per share attributable to Amtech shareholders (dollars per share) | ($0.39) | ($0.22) | ($0.47) | ($0.66) |
Weighted average shares outstanding (in shares) | 9,679 | 9,539 | 9,619 | 9,516 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($4,554) | ($2,622) | ($5,486) | ($6,888) |
Foreign currency translation adjustment | 36 | -1,468 | 741 | -77 |
Comprehensive loss | -4,518 | -4,090 | -4,745 | -6,965 |
Comprehensive loss attributable to noncontrolling interest | 762 | 535 | 923 | 620 |
Comprehensive loss attributable to Amtech Systems, Inc. | ($3,756) | ($3,555) | ($3,822) | ($6,345) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net loss | ($5,486) | ($6,888) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 1,206 | 1,382 |
Write-down of inventory | 93 | 392 |
Deferred income taxes | 0 | -12 |
Non-cash share based compensation expense | 373 | 758 |
Provision for allowance for doubtful accounts | 1,408 | 63 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 2,846 | 48 |
Accounts receivable | -9,646 | 5,901 |
Inventories | 4,860 | 60 |
Accrued income taxes | 5,849 | -1,262 |
Prepaid expenses and other assets | 716 | 493 |
Accounts payable | 456 | -2,762 |
Accrued liabilities and customer deposits | -8,799 | -689 |
Deferred profit | 4,234 | -5,255 |
Net cash used in operating activities | -1,890 | -7,771 |
Investing Activities | ' | ' |
Purchases of property, plant and equipment | -214 | -162 |
Net cash used in investing activities | -214 | -162 |
Financing Activities | ' | ' |
Proceeds from the issuance of common stock | 1,116 | 0 |
Excess tax benefit of stock options | 100 | 0 |
Net cash provided by financing activities | 1,216 | 0 |
Effect of Exchange Rate Changes on Cash | 341 | 14 |
Net Decrease in Cash and Cash Equivalents | -547 | -7,919 |
Cash and Cash Equivalents, Beginning of Period | 37,197 | 46,726 |
Cash and Cash Equivalents, End of Period | 36,650 | 38,807 |
Supplemental Cash Flow Information: | ' | ' |
Income tax refunds | $5,471 | $18 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||
Basis of Presentation | ' | |||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||
Nature of Operations and Basis of Presentation – Amtech Systems, Inc. (the “Company” or "Amtech") designs, assembles, sells and installs capital equipment and related consumables used in the manufacture of wafers, primarily for the solar and semiconductor industries. The Company is developing an ion implanter to provide its customers with a more complete solution for their next-generation high-efficiency solar cell production. The Company sells these products to manufacturers of solar cells, silicon wafers, and semiconductors worldwide, particularly in Asia, United States and Europe. | ||||||||||||||||||||||
The Company serves niche markets in industries that are experiencing rapid technological advances and which historically have been very cyclical. Therefore, future profitability and growth depend on the Company’s ability to develop or acquire and market profitable new products and on its ability to adapt to cyclical trends. | ||||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and consequently do not include all disclosures normally required by accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments necessary, all of which are of a normal and recurring nature, to present fairly our financial position, results of operations and cash flows. Certain information and note disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013. | ||||||||||||||||||||||
The consolidated results of operations for the three and six months ended March 31, 2014, are not necessarily indicative of the results to be expected for the full fiscal year. | ||||||||||||||||||||||
Principles of Consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company's equity. All material intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||||
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||
Revenue Recognition – Revenue is recognized upon shipment of the Company’s proven technology equal to the sales price less the greater of (i) the fair value of undelivered services or (ii) the contingent portion of the sales price, which is generally 10-20% of the total contract price. The entire cost of the equipment relating to proven technology is recorded upon shipment. The remaining contractual revenue, deferred costs and installation costs are recorded upon the completion of installation at the customers’ premises and acceptance of the product by the customer. | ||||||||||||||||||||||
For purposes of revenue recognition, proven technology means the Company has a history of at least two successful installations. New technology systems are those systems with respect to which the Company cannot demonstrate that it can meet the provisions of customer acceptance at the time of shipment. The full amount of revenue and costs of new technology shipments is recognized upon the completion of installation at the customers’ premises and acceptance of the product by the customer. | ||||||||||||||||||||||
Revenue from services is recognized as the services are performed. Revenue from prepaid service contracts is recognized ratably over the life of the contract. Revenue from spare parts is recorded upon shipment. | ||||||||||||||||||||||
Deferred Profit – Revenue deferred pursuant to the Company’s revenue recognition policy, net of the related deferred costs, if any, is recorded as deferred profit in current liabilities. The components of deferred profit are as follows: | ||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Deferred revenues | $ | 11,158 | $ | 3,371 | ||||||||||||||||||
Deferred costs | 5,757 | 304 | ||||||||||||||||||||
Deferred profit | $ | 5,401 | $ | 3,067 | ||||||||||||||||||
Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of trade accounts receivable and cash. The Company’s customers, located throughout the world, consist of manufacturers of solar cells, semiconductors, semiconductor wafers, light-emitting diodes (LEDs) and micro-electro-mechanical systems (MEMS). Credit risk is managed by performing ongoing credit evaluations of the customers’ financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and its country of domicile. Reserves for potentially uncollectible receivables are maintained based on an assessment of collectability. | ||||||||||||||||||||||
The Company maintains its cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States (approximately 50% of total cash balances) are primarily invested in U.S. Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of the Company’s cash is maintained in banks in The Netherlands, France and China that are uninsured. | ||||||||||||||||||||||
As of March 31, 2014, two customers, individually, accounted for 17% and 11% of accounts receivable. | ||||||||||||||||||||||
Restricted Cash – Restricted cash is $2.3 million and $5.1 million as of March 31, 2014, and September 30, 2013, respectively. The balance includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment and cash received from research and development grants related to our ion implant technology to be used for research and development projects. | ||||||||||||||||||||||
Accounts Receivable - Unbilled and Other – Unbilled and other accounts receivable consist mainly of the contingent portion of the sales price that is not collectible until successful installation of the product. These amounts are generally billed upon final customer acceptance. For the majority of these amounts, a liability has been accrued in deferred profit. | ||||||||||||||||||||||
Inventories – Inventories are stated at the lower of cost or net realizable value. Approximately 75% of inventory is valued on an average cost basis with the remainder determined on a first-in, first-out (FIFO) basis. The components of inventories are as follows: | ||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Purchased parts and raw materials | $ | 12,297 | $ | 11,757 | ||||||||||||||||||
Work-in-process | 2,970 | 7,104 | ||||||||||||||||||||
Finished goods | 2,081 | 3,140 | ||||||||||||||||||||
$ | 17,348 | $ | 22,001 | |||||||||||||||||||
Property, Plant and Equipment – Property, plant and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation is computed using the straight-line method. Useful lives for equipment, machinery and leasehold improvements range from three to seven years; for furniture and fixtures from five to ten years; and for buildings twenty years. | ||||||||||||||||||||||
The following is a summary of property, plant and equipment: | ||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Land, building and leasehold improvements | $ | 11,122 | $ | 10,960 | ||||||||||||||||||
Equipment and machinery | 7,895 | 7,630 | ||||||||||||||||||||
Furniture and fixtures | 5,781 | 5,685 | ||||||||||||||||||||
24,798 | 24,275 | |||||||||||||||||||||
Accumulated depreciation and amortization | (14,260 | ) | (13,209 | ) | ||||||||||||||||||
$ | 10,538 | $ | 11,066 | |||||||||||||||||||
Goodwill - Goodwill is not subject to amortization and is reviewed for impairment on an annual basis, typically at the end of the fiscal year, or more frequently if circumstances dictate. | ||||||||||||||||||||||
The following is a summary of activity in goodwill: | ||||||||||||||||||||||
Solar and Semiconductor Equipment | Polishing Supplies and Equipment | Total | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Balance at the beginning of year | ||||||||||||||||||||||
Goodwill | $ | 12,563 | $ | 728 | $ | 13,291 | ||||||||||||||||
Accumulated impairment losses | (4,810 | ) | — | (4,810 | ) | |||||||||||||||||
7,753 | 728 | 8,481 | ||||||||||||||||||||
Net exchange differences | 44 | — | 44 | |||||||||||||||||||
Balance at the end of quarter | ||||||||||||||||||||||
Goodwill | 12,607 | 728 | 13,335 | |||||||||||||||||||
Accumulated impairment losses | (4,810 | ) | — | (4,810 | ) | |||||||||||||||||
$ | 7,797 | $ | 728 | $ | 8,525 | |||||||||||||||||
Intangibles – Intangible assets are capitalized and amortized over their useful life if the life is determinable. If the life is not determinable, amortization is not recorded. | ||||||||||||||||||||||
The following is a summary of intangibles: | ||||||||||||||||||||||
Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Non-compete agreements | 4-8 years | $ | 1,068 | $ | (841 | ) | $ | 227 | $ | 1,065 | $ | (717 | ) | $ | 348 | |||||||
Customer lists | 10 years | 886 | (582 | ) | 304 | 871 | (532 | ) | 339 | |||||||||||||
Technology | 5-10 years | 2,455 | (1,593 | ) | 862 | 2,426 | (1,422 | ) | 1,004 | |||||||||||||
In-process research and development | -1 | 1,600 | — | 1,600 | 1,600 | — | 1,600 | |||||||||||||||
Other | 2-10 years | 347 | (160 | ) | 187 | 341 | (130 | ) | 211 | |||||||||||||
$ | 6,356 | $ | (3,176 | ) | $ | 3,180 | $ | 6,303 | $ | (2,801 | ) | $ | 3,502 | |||||||||
-1 | The in-process research and development will be amortized over its useful life when it has reached technological feasibility. | |||||||||||||||||||||
Long-lived assets - Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||||||||||||||||||||||
Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months, for all purchases of the Company’s new products and systems. Accruals are recorded for estimated warranty costs at the time the system is accepted by the customer. | ||||||||||||||||||||||
The following is a summary of activity in accrued warranty expense: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Beginning balance | $ | 1,454 | $ | 2,687 | ||||||||||||||||||
Warranty expenditures | (496 | ) | (791 | ) | ||||||||||||||||||
Warranty provisions/(adjustment) | (200 | ) | 169 | |||||||||||||||||||
Ending balance | $ | 758 | $ | 2,065 | ||||||||||||||||||
Stock-Based Compensation - The Company measures compensation costs relating to share-based payment transactions based upon the grant-date fair value of the award. Those costs are recognized as expense over the requisite service period, which is generally the vesting period. The benefits of tax deductions in excess of recognized compensation cost are credited to additional paid-in capital and reported as cash flow from financing activities rather than as cash flow from operating activities. | ||||||||||||||||||||||
Share-based compensation expense reduced the Company’s results of operations by the following amounts: | ||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Effect on income before income taxes (1) | $ | (197 | ) | $ | (327 | ) | $ | (373 | ) | $ | (758 | ) | ||||||||||
Effect on income taxes | 119 | 41 | 159 | 100 | ||||||||||||||||||
Effect on net income | $ | (78 | ) | $ | (286 | ) | $ | (214 | ) | $ | (658 | ) | ||||||||||
-1 | Stock-based compensation expense is included in selling, general and administrative expenses. | |||||||||||||||||||||
Stock options issued under the terms of the plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant, with the most recent grant expiring in 2023. Options issued by the Company vest over 2 to 4 years. | ||||||||||||||||||||||
Stock option transactions and the options outstanding are summarized as follows: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Exercise | Exercise | |||||||||||||||||||||
Price | Price | |||||||||||||||||||||
Outstanding at beginning of period | 1,059,417 | $ | 6.71 | 891,293 | $ | 9.37 | ||||||||||||||||
Granted | 220,406 | 7.01 | 312,850 | 2.95 | ||||||||||||||||||
Exercised | (260,726 | ) | 4.28 | — | — | |||||||||||||||||
Forfeited | (3,464 | ) | 6.92 | (2,255 | ) | 7.77 | ||||||||||||||||
Outstanding at end of period | 1,015,633 | $ | 7.4 | 1,201,888 | $ | 7.71 | ||||||||||||||||
Exercisable at end of period | 664,934 | $ | 8.11 | 597,245 | $ | 9.19 | ||||||||||||||||
Weighted average fair value of options | $ | 4.38 | $ | 1.82 | ||||||||||||||||||
granted during the period | ||||||||||||||||||||||
The fair value of options was estimated at the grant date using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Risk free interest rate | 2% | 1% | ||||||||||||||||||||
Expected life | 6 years | 6 years | ||||||||||||||||||||
Dividend rate | 0% | 0% | ||||||||||||||||||||
Volatility | 69% | 70% | ||||||||||||||||||||
To estimate expected lives for this valuation, it was assumed that options will be exercised at varying schedules after becoming fully vested. Forfeitures have been estimated at the time of grant and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based upon historical experience. Fair value computations are highly sensitive to the volatility factor assumed; the greater the volatility, the higher the computed fair value of the options granted. The Company uses historical stock prices to determine the volatility factor. | ||||||||||||||||||||||
The Company awards restricted shares under the existing share-based compensation plans. Our restricted share awards vest in equal annual installments over a two to four-year period. The total value of these awards is expensed on a ratable basis over the service period of the employees receiving the grants. The “service period” is the time during which the employees receiving grants must remain employees for the shares granted to fully vest. | ||||||||||||||||||||||
Restricted stock transactions and awards outstanding are summarized as follows: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Awards | Weighted | Awards | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||
Beginning Outstanding | 69,154 | $ | 10.13 | 127,975 | $ | 9.06 | ||||||||||||||||
Released | (30,828 | ) | 10.08 | (55,646 | ) | 7.65 | ||||||||||||||||
Forfeited | — | — | (50 | ) | 7.98 | |||||||||||||||||
Ending Outstanding | 38,326 | $ | 10.17 | 72,279 | $ | 10.15 | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||
In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC), the Company groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||||||||
Level 1 - Valuation is based upon quoted market price for identical instruments traded in active markets. | ||||||||||||||||||||||
Level 2 - Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||||
Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques. | ||||||||||||||||||||||
In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the FASB ASC, it is the Company's policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. | ||||||||||||||||||||||
Cash Equivalents - Included in Cash and Cash Equivalents in the Condensed Consolidated Balance Sheet is $18.0 million and $18.5 million as of March 31, 2014 and September 30, 2013, respectively, of money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury. The fair value of this cash equivalent is based on Level 1 inputs in the fair value hierarchy. | ||||||||||||||||||||||
Receivables and Payables - The recorded amounts of these financial instruments, including accounts receivable and accounts payable, approximate their fair value because of the short maturities of these instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. | ||||||||||||||||||||||
Pensions - The Company has retirement plans covering substantially all employees. The principal plans are the multiemployer defined benefit pension plans of the Company’s operations in The Netherlands and France and the plan for hourly union employees in Pennsylvania. The multiemployer plans in the United States and France are insignificant. The Company's defined contribution plans cover substantially all of the employees in the United States. The Company matches employee funds on a discretionary basis. | ||||||||||||||||||||||
Shipping expense – Shipping expenses of $0.2 million and $0.1 million for the three months ended March 31, 2014 and 2013, respectively, are included in selling, general and administrative expenses. Shipping expenses of $0.5 million and $0.4 million for the six months ended March 31, 2014 and 2013, respectively, are included in selling, general and administrative expenses. | ||||||||||||||||||||||
Research and development expense – Research and development expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes; materials and supplies used in those activities; and product prototyping. The Company receives reimbursements through governmental research and development grants which are netted against these expenses when certain conditions have been met. The table below shows gross research and development expenses and grants earned: | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
Research and development | $ | 2,494 | $ | 2,184 | $ | 5,388 | $ | 4,643 | ||||||||||||||
Grants earned | (339 | ) | (238 | ) | (2,344 | ) | (1,535 | ) | ||||||||||||||
Net research and development | $ | 2,155 | $ | 1,946 | $ | 3,044 | $ | 3,108 | ||||||||||||||
Impact of Recently Issued Accounting Pronouncements | ||||||||||||||||||||||
In April 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. | ||||||||||||||||||||||
A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: | ||||||||||||||||||||||
1. The component of an entity or group of components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. | ||||||||||||||||||||||
2. The component of an entity or group of components of an entity is disposed of by sale. | ||||||||||||||||||||||
3. The component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). | ||||||||||||||||||||||
The amendments in this Update improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. Under current U.S. GAAP, many disposals, some of which may be routine in nature and not a change in an entity's strategy, are reported in discontinued operations. | ||||||||||||||||||||||
The amendments in this Update require expanded disclosures for discontinued operations. The FASB concluded that those disclosures should provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations. | ||||||||||||||||||||||
The amendments in this Update also require an entity to disclose the pretax profit or loss (or change in net assets for a not-for-profit entity) of an individually significant component of an entity that does not qualify for discontinued operations reporting. The Board concluded that this disclosure should provide users with information about the financial effects of significant disposals that do not qualify for discontinued operations reporting. | ||||||||||||||||||||||
The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company will evaluate the impact of the Update as future transactions occur. | ||||||||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11 "Income Taxes (Topic 740)." 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. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. | ||||||||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05 "Foreign Currency Matters (Topic 830)." The objective of the amendments in this Update is to resolve the diversity in practice about which codification subtopic applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. | ||||||||||||||||||||||
The amendments in this Update are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company will evaluate the impact of the Update as future transactions occur. | ||||||||||||||||||||||
In February 2013, The FASB issued ASU No. 2013-04 "Liabilities (Topic 405)," The guidance in this Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: | ||||||||||||||||||||||
a. The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors. | ||||||||||||||||||||||
b. Any additional amount the reporting entity expects to pay on behalf of its co-obligors. | ||||||||||||||||||||||
The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect this Update to have a material impact on the Company's consolidated financial statements. |
Income_Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The quarterly income tax provision is calculated using an estimated annual effective tax rate, based upon expected annual income, permanent items, statutory rates and planned tax strategies in the various jurisdictions in which the Company operates. However, losses in certain jurisdictions and discrete items are treated separately. | |
Deferred tax assets and liabilities reflect the tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company records a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Our expectations regarding realization of our deferred tax assets is based upon the weight of all available evidence, including such factors as our recent earnings history, expected future taxable income and available tax planning strategies. The Company maintains a valuation allowance with respect to certain state and foreign deferred tax assets that may not be recovered. Each quarter, the valuation allowance is re-evaluated. During the six months ended March 31, 2014, the valuation allowance increased by $1.2 million due to net operating losses in China and The Netherlands. | |
The Company classifies all of our uncertain tax positions as non-current income taxes payable. At March 31, 2014 and September 30, 2013, the total amount of unrecognized tax benefits was approximately $1.6 million. If recognized, these amounts would favorably impact the effective tax rate. | |
The Company classifies interest and penalties related to unrecognized tax benefits as income tax expense. As of March 31, 2014, and September 30, 2013, the Company has an accrual for potential interest and penalties of approximately $1.4 million and $1.2 million, respectively. | |
The Company and one or more of its subsidiaries file income tax returns in The Netherlands, Germany, France, China and Hong Kong, as well as the U.S. and various states in the U.S. The Company and its subsidiaries have a number of open tax years dictated by statute in each of the respective taxing jurisdictions, which are generally from 3 to 5 years. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per share (EPS) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. In the case of a net loss, diluted earnings per share is calculated in the same manner as basic EPS. | ||||||||||||||||
For the three and six months ended March 31, 2014, options for 1,016,000 shares and 38,000 restricted stock awards are excluded from the diluted EPS calculations because they are anti-dilutive. For the three and six months ended March 31, 2013, options for 1,202,000 shares and 72,000 restricted stock awards were excluded from the diluted EPS calculations because they were anti-dilutive. | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||
Basic Loss Per Share Computation | ||||||||||||||||
Net loss attributable to Amtech Systems, Inc. | $ | (3,751 | ) | $ | (2,092 | ) | $ | (4,545 | ) | $ | (6,285 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Common stock | 9,679 | 9,539 | 9,619 | 9,516 | ||||||||||||
Basic loss per share attributable to Amtech shareholders | $ | (0.39 | ) | $ | (0.22 | ) | $ | (0.47 | ) | $ | (0.66 | ) | ||||
Diluted Loss Per Share Computation | ||||||||||||||||
Net loss attributable to Amtech Systems, Inc. | $ | (3,751 | ) | $ | (2,092 | ) | $ | (4,545 | ) | $ | (6,285 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Common stock | 9,679 | 9,539 | 9,619 | 9,516 | ||||||||||||
Common stock equivalents (1) | — | — | — | — | ||||||||||||
Diluted shares | 9,679 | 9,539 | 9,619 | 9,516 | ||||||||||||
Diluted loss per share attributable to Amtech shareholders | $ | (0.39 | ) | $ | (0.22 | ) | $ | (0.47 | ) | $ | (0.66 | ) | ||||
-1 | The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
Business Segment Information | ||||||||||||||||
The Company’s products are classified into two business segments: the solar and semiconductor equipment segment and the polishing supplies segment. In the solar and semiconductor equipment segment, we are a leading supplier of thermal processing systems, including related automation, parts and services, to the solar/photovoltaic, semiconductor, silicon wafer and MEMS industries and also offer PECVD (plasma-enhanced chemical vapor deposition) equipment. In the polishing supplies segment, the Company produces consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates, optical components, silicon wafers, numerous types of crystal materials, ceramics and metal components. | ||||||||||||||||
Information concerning our business segments is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
31-Mar-14 | March 31, 2013 | 31-Mar-14 | 31-Mar-13 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Net Revenues: | ||||||||||||||||
Solar and semiconductor equipment | $ | 10,288 | $ | 6,187 | $ | 22,851 | $ | 13,222 | ||||||||
Polishing supplies and equipment | 2,429 | 1,931 | 4,637 | 4,253 | ||||||||||||
$ | 12,717 | $ | 8,118 | $ | 27,488 | $ | 17,475 | |||||||||
Operating income (loss): | ||||||||||||||||
Solar and semiconductor equipment | $ | (3,926 | ) | $ | (2,384 | ) | $ | (3,578 | ) | $ | (5,551 | ) | ||||
Polishing supplies and equipment | 550 | 378 | 968 | 532 | ||||||||||||
Non-segment related | $ | (1,158 | ) | $ | (1,455 | ) | (2,403 | ) | (3,193 | ) | ||||||
$ | (4,534 | ) | $ | (3,461 | ) | $ | (5,013 | ) | $ | (8,212 | ) | |||||
March 31, | September 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(dollars in thousands) | ||||||||||||||||
Identifiable Assets: | ||||||||||||||||
Solar and semiconductor equipment | $ | 96,398 | $ | 106,723 | ||||||||||||
Polishing supplies and equipment | 5,271 | 4,224 | ||||||||||||||
$ | 101,669 | $ | 110,947 | |||||||||||||
Major_Customers_and_Foreign_Sa
Major Customers and Foreign Sales | 6 Months Ended | |||||
Mar. 31, 2014 | ||||||
Major Customers and Foreign Sales [Abstract] | ' | |||||
Major Customers And Foreign Sales | ' | |||||
Major Customers and Foreign Sales | ||||||
During the three months ended March 31, 2014, one customer individually represented 11% of net revenues. During the three months ended March 31, 2013, two customer individually represented 13% and 10% of net revenues. During the six months ended March 31, 2014, two customers individually represented 18% and 16% of net revenues. During the six months ended March 31, 2013, no customers individually represented more than 10% of net revenues. | ||||||
Our net revenues were to customers in the following geographic regions: | ||||||
Six Months Ended March 31, | ||||||
2014 | 2013 | |||||
United States | 30 | % | 24 | % | ||
China | 15 | % | 29 | % | ||
Taiwan | 17 | % | 17 | % | ||
Other | 14 | % | 11 | % | ||
Total Asia | 46 | % | 57 | % | ||
Germany | 5 | % | 6 | % | ||
Other | 19 | % | 13 | % | ||
Total Europe | 24 | % | 19 | % | ||
100 | % | 100 | % |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Purchase Obligations – As of March 31, 2014 we had purchase obligations in the amount of $13.6 million compared to $12.3 million as of September 30, 2013. These purchase obligations consist of outstanding purchase orders for goods and services. While the amount represents purchase agreements, the actual amounts to be paid may be less if any agreements are renegotiated, canceled or terminated. | |
Development projects – In fiscal 2014, Tempress Systems, Inc. ("Tempress") entered into an agreement with the Energy Research Centre of the Netherlands ("ECN"), a Netherlands government sponsored research institute, for a joint research and development project. Under the terms of the agreement, Tempress will sell an ion implanter ("Equipment") to ECN for $1.4 million. Both Tempress and ECN will perform research and development ("R&D") projects utilizing the Equipment at the ECN facilities. Each party to the agreement will have 100% rights to the results of the projects developed separately by the individual parties. Any results co-developed will be jointly owned. The effective date of the agreement will be the date of the Equipment acceptance by ECN. We expect to receive the acceptance in the second half of fiscal 2014. The agreement lasts for a period of four years beginning with the effective date. Over the period of the agreement, Tempress is required to contribute $1.4 million to the R&D project in the form of installation of the equipment, acceptance testing, project meeting attendance, training, parts, and service, including keeping the equipment in good condition and repair for the first two years of the agreement. | |
In 2013, Shanghai Kingstone Semiconductor Company Ltd. ("Kingstone") entered into an agreement with certain government agencies in Shanghai, China for the purpose of developing ion implant technology for non-solar applications. Kingstone has begun the first phase of this development project and received $3.6 million of grant funds for the project. Under the arrangement, Kingstone has agreed that by July 2014 it will have in place $6.1 million of its commitment to the project. The agreement will terminate upon the occurrence of certain events or if the project does not pass the first phase project evaluation. Otherwise, the remainder of Kingstone's commitment is to be in place by December 2015. Amtech owns 55% of Kingstone Technology Hong Kong Limited, which owns 100% of Shanghai Kingstone Semiconductor Company Ltd. Amtech has no obligation or plan to fund Kingstone's commitments under this agreement. | |
Litigation – The Company is a party to various claims arising in the normal course of business. Management believes the resolution of these matters will not have a material impact on the Company’s results of operations or financial condition. |
Restructuring_Charges
Restructuring Charges | 6 Months Ended |
Mar. 31, 2014 | |
Restructuring Charges [Abstract] | ' |
Restructuring Charges | ' |
Restructuring Charges | |
Restructuring charges for the six months ended March 31, 2013 were $0.7 million. The restructuring charges in fiscal 2013 relate primarily to severance costs incurred as a result of the reductions-in-force at certain operations. There were no restructuring charges in fiscal 2014. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Nature of Operations and Basis of Presentation | ' | |||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and consequently do not include all disclosures normally required by accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments necessary, all of which are of a normal and recurring nature, to present fairly our financial position, results of operations and cash flows. Certain information and note disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013. | ||||||||||||||||
The consolidated results of operations for the three and six months ended March 31, 2014, are not necessarily indicative of the results to be expected for the full fiscal year. | ||||||||||||||||
Principles of Consolidation | ' | |||||||||||||||
Principles of Consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company's equity. All material intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||
Use of Estimates | ' | |||||||||||||||
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Revenue Recognition | ' | |||||||||||||||
Revenue Recognition – Revenue is recognized upon shipment of the Company’s proven technology equal to the sales price less the greater of (i) the fair value of undelivered services or (ii) the contingent portion of the sales price, which is generally 10-20% of the total contract price. The entire cost of the equipment relating to proven technology is recorded upon shipment. The remaining contractual revenue, deferred costs and installation costs are recorded upon the completion of installation at the customers’ premises and acceptance of the product by the customer. | ||||||||||||||||
For purposes of revenue recognition, proven technology means the Company has a history of at least two successful installations. New technology systems are those systems with respect to which the Company cannot demonstrate that it can meet the provisions of customer acceptance at the time of shipment. The full amount of revenue and costs of new technology shipments is recognized upon the completion of installation at the customers’ premises and acceptance of the product by the customer. | ||||||||||||||||
Revenue from services is recognized as the services are performed. Revenue from prepaid service contracts is recognized ratably over the life of the contract. Revenue from spare parts is recorded upon shipment. | ||||||||||||||||
Deferred Profit | ' | |||||||||||||||
Deferred Profit – Revenue deferred pursuant to the Company’s revenue recognition policy, net of the related deferred costs, if any, is recorded as deferred profit in current liabilities. | ||||||||||||||||
Concentrations of Credit Risk | ' | |||||||||||||||
Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of trade accounts receivable and cash. The Company’s customers, located throughout the world, consist of manufacturers of solar cells, semiconductors, semiconductor wafers, light-emitting diodes (LEDs) and micro-electro-mechanical systems (MEMS). Credit risk is managed by performing ongoing credit evaluations of the customers’ financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and its country of domicile. Reserves for potentially uncollectible receivables are maintained based on an assessment of collectability. | ||||||||||||||||
The Company maintains its cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States (approximately 50% of total cash balances) are primarily invested in U.S. Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of the Company’s cash is maintained in banks in The Netherlands, France and China that are uninsured. | ||||||||||||||||
Restricted Cash | ' | |||||||||||||||
Restricted Cash – Restricted cash is $2.3 million and $5.1 million as of March 31, 2014, and September 30, 2013, respectively. The balance includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment and cash received from research and development grants related to our ion implant technology to be used for research and development projects. | ||||||||||||||||
Accounts Receivable - Unbilled and Other | ' | |||||||||||||||
Accounts Receivable - Unbilled and Other – Unbilled and other accounts receivable consist mainly of the contingent portion of the sales price that is not collectible until successful installation of the product. These amounts are generally billed upon final customer acceptance. For the majority of these amounts, a liability has been accrued in deferred profit. | ||||||||||||||||
Inventories | ' | |||||||||||||||
Inventories – Inventories are stated at the lower of cost or net realizable value. Approximately 75% of inventory is valued on an average cost basis with the remainder determined on a first-in, first-out (FIFO) basis. | ||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||
Property, Plant and Equipment – Property, plant and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation is computed using the straight-line method. Useful lives for equipment, machinery and leasehold improvements range from three to seven years; for furniture and fixtures from five to ten years; and for buildings twenty years. | ||||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill - Goodwill is not subject to amortization and is reviewed for impairment on an annual basis, typically at the end of the fiscal year, or more frequently if circumstances dictate. | ||||||||||||||||
Intangibles | ' | |||||||||||||||
Intangibles – Intangible assets are capitalized and amortized over their useful life if the life is determinable. If the life is not determinable, amortization is not recorded. | ||||||||||||||||
Long-lived assets | ' | |||||||||||||||
Long-lived assets - Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||||||||||||||||
Warranty | ' | |||||||||||||||
Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months, for all purchases of the Company’s new products and systems. Accruals are recorded for estimated warranty costs at the time the system is accepted by the customer. | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation - The Company measures compensation costs relating to share-based payment transactions based upon the grant-date fair value of the award. Those costs are recognized as expense over the requisite service period, which is generally the vesting period. The benefits of tax deductions in excess of recognized compensation cost are credited to additional paid-in capital and reported as cash flow from financing activities rather than as cash flow from operating activities. | ||||||||||||||||
Share-based compensation expense reduced the Company’s results of operations by the following amounts: | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Effect on income before income taxes (1) | $ | (197 | ) | $ | (327 | ) | $ | (373 | ) | $ | (758 | ) | ||||
Effect on income taxes | 119 | 41 | 159 | 100 | ||||||||||||
Effect on net income | $ | (78 | ) | $ | (286 | ) | $ | (214 | ) | $ | (658 | ) | ||||
-1 | Stock-based compensation expense is included in selling, general and administrative expenses. | |||||||||||||||
Stock options issued under the terms of the plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant, with the most recent grant expiring in 2023. Options issued by the Company vest over 2 to 4 years. | ||||||||||||||||
Stock option transactions and the options outstanding are summarized as follows: | ||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Price | Price | |||||||||||||||
Outstanding at beginning of period | 1,059,417 | $ | 6.71 | 891,293 | $ | 9.37 | ||||||||||
Granted | 220,406 | 7.01 | 312,850 | 2.95 | ||||||||||||
Exercised | (260,726 | ) | 4.28 | — | — | |||||||||||
Forfeited | (3,464 | ) | 6.92 | (2,255 | ) | 7.77 | ||||||||||
Outstanding at end of period | 1,015,633 | $ | 7.4 | 1,201,888 | $ | 7.71 | ||||||||||
Exercisable at end of period | 664,934 | $ | 8.11 | 597,245 | $ | 9.19 | ||||||||||
Weighted average fair value of options | $ | 4.38 | $ | 1.82 | ||||||||||||
granted during the period | ||||||||||||||||
The fair value of options was estimated at the grant date using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Risk free interest rate | 2% | 1% | ||||||||||||||
Expected life | 6 years | 6 years | ||||||||||||||
Dividend rate | 0% | 0% | ||||||||||||||
Volatility | 69% | 70% | ||||||||||||||
To estimate expected lives for this valuation, it was assumed that options will be exercised at varying schedules after becoming fully vested. Forfeitures have been estimated at the time of grant and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based upon historical experience. Fair value computations are highly sensitive to the volatility factor assumed; the greater the volatility, the higher the computed fair value of the options granted. The Company uses historical stock prices to determine the volatility factor. | ||||||||||||||||
The Company awards restricted shares under the existing share-based compensation plans. Our restricted share awards vest in equal annual installments over a two to four-year period. The total value of these awards is expensed on a ratable basis over the service period of the employees receiving the grants. The “service period” is the time during which the employees receiving grants must remain employees for the shares granted to fully vest. | ||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC), the Company groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||
Level 1 - Valuation is based upon quoted market price for identical instruments traded in active markets. | ||||||||||||||||
Level 2 - Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques. | ||||||||||||||||
In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the FASB ASC, it is the Company's policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. | ||||||||||||||||
Cash Equivalents - Included in Cash and Cash Equivalents in the Condensed Consolidated Balance Sheet is $18.0 million and $18.5 million as of March 31, 2014 and September 30, 2013, respectively, of money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury. The fair value of this cash equivalent is based on Level 1 inputs in the fair value hierarchy. | ||||||||||||||||
Receivables and Payables - The recorded amounts of these financial instruments, including accounts receivable and accounts payable, approximate their fair value because of the short maturities of these instruments. | ||||||||||||||||
Pensions | ' | |||||||||||||||
Pensions - The Company has retirement plans covering substantially all employees. The principal plans are the multiemployer defined benefit pension plans of the Company’s operations in The Netherlands and France and the plan for hourly union employees in Pennsylvania. The multiemployer plans in the United States and France are insignificant. The Company's defined contribution plans cover substantially all of the employees in the United States. The Company matches employee funds on a discretionary basis. | ||||||||||||||||
Shipping expense | ' | |||||||||||||||
Shipping expense – Shipping expenses of $0.2 million and $0.1 million for the three months ended March 31, 2014 and 2013, respectively, are included in selling, general and administrative expenses. | ||||||||||||||||
Research and development expense | ' | |||||||||||||||
Research and development expense – Research and development expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes; materials and supplies used in those activities; and product prototyping. The Company receives reimbursements through governmental research and development grants which are netted against these expenses when certain conditions have been met. | ||||||||||||||||
Impact of Recently Issued Accounting Pronouncements | ' | |||||||||||||||
Impact of Recently Issued Accounting Pronouncements | ||||||||||||||||
In April 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. | ||||||||||||||||
A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: | ||||||||||||||||
1. The component of an entity or group of components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. | ||||||||||||||||
2. The component of an entity or group of components of an entity is disposed of by sale. | ||||||||||||||||
3. The component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). | ||||||||||||||||
The amendments in this Update improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. Under current U.S. GAAP, many disposals, some of which may be routine in nature and not a change in an entity's strategy, are reported in discontinued operations. | ||||||||||||||||
The amendments in this Update require expanded disclosures for discontinued operations. The FASB concluded that those disclosures should provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations. | ||||||||||||||||
The amendments in this Update also require an entity to disclose the pretax profit or loss (or change in net assets for a not-for-profit entity) of an individually significant component of an entity that does not qualify for discontinued operations reporting. The Board concluded that this disclosure should provide users with information about the financial effects of significant disposals that do not qualify for discontinued operations reporting. | ||||||||||||||||
The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company will evaluate the impact of the Update as future transactions occur. | ||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11 "Income Taxes (Topic 740)." 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. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. | ||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05 "Foreign Currency Matters (Topic 830)." The objective of the amendments in this Update is to resolve the diversity in practice about which codification subtopic applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. | ||||||||||||||||
The amendments in this Update are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company will evaluate the impact of the Update as future transactions occur. | ||||||||||||||||
In February 2013, The FASB issued ASU No. 2013-04 "Liabilities (Topic 405)," The guidance in this Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: | ||||||||||||||||
a. The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors. | ||||||||||||||||
b. Any additional amount the reporting entity expects to pay on behalf of its co-obligors. | ||||||||||||||||
The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect this Update to have a material impact on the Company's consolidated financial statements. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 6 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||
Deferred Revenue, by Arrangement, Disclosure | ' | |||||||||||||||||||||
The components of deferred profit are as follows: | ||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Deferred revenues | $ | 11,158 | $ | 3,371 | ||||||||||||||||||
Deferred costs | 5,757 | 304 | ||||||||||||||||||||
Deferred profit | $ | 5,401 | $ | 3,067 | ||||||||||||||||||
Schedule of Inventory, Current | ' | |||||||||||||||||||||
The components of inventories are as follows: | ||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Purchased parts and raw materials | $ | 12,297 | $ | 11,757 | ||||||||||||||||||
Work-in-process | 2,970 | 7,104 | ||||||||||||||||||||
Finished goods | 2,081 | 3,140 | ||||||||||||||||||||
$ | 17,348 | $ | 22,001 | |||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||||
The following is a summary of property, plant and equipment: | ||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Land, building and leasehold improvements | $ | 11,122 | $ | 10,960 | ||||||||||||||||||
Equipment and machinery | 7,895 | 7,630 | ||||||||||||||||||||
Furniture and fixtures | 5,781 | 5,685 | ||||||||||||||||||||
24,798 | 24,275 | |||||||||||||||||||||
Accumulated depreciation and amortization | (14,260 | ) | (13,209 | ) | ||||||||||||||||||
$ | 10,538 | $ | 11,066 | |||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||
The following is a summary of activity in goodwill: | ||||||||||||||||||||||
Solar and Semiconductor Equipment | Polishing Supplies and Equipment | Total | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Balance at the beginning of year | ||||||||||||||||||||||
Goodwill | $ | 12,563 | $ | 728 | $ | 13,291 | ||||||||||||||||
Accumulated impairment losses | (4,810 | ) | — | (4,810 | ) | |||||||||||||||||
7,753 | 728 | 8,481 | ||||||||||||||||||||
Net exchange differences | 44 | — | 44 | |||||||||||||||||||
Balance at the end of quarter | ||||||||||||||||||||||
Goodwill | 12,607 | 728 | 13,335 | |||||||||||||||||||
Accumulated impairment losses | (4,810 | ) | — | (4,810 | ) | |||||||||||||||||
$ | 7,797 | $ | 728 | $ | 8,525 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||||||||||||
The following is a summary of intangibles: | ||||||||||||||||||||||
Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Non-compete agreements | 4-8 years | $ | 1,068 | $ | (841 | ) | $ | 227 | $ | 1,065 | $ | (717 | ) | $ | 348 | |||||||
Customer lists | 10 years | 886 | (582 | ) | 304 | 871 | (532 | ) | 339 | |||||||||||||
Technology | 5-10 years | 2,455 | (1,593 | ) | 862 | 2,426 | (1,422 | ) | 1,004 | |||||||||||||
In-process research and development | -1 | 1,600 | — | 1,600 | 1,600 | — | 1,600 | |||||||||||||||
Other | 2-10 years | 347 | (160 | ) | 187 | 341 | (130 | ) | 211 | |||||||||||||
$ | 6,356 | $ | (3,176 | ) | $ | 3,180 | $ | 6,303 | $ | (2,801 | ) | $ | 3,502 | |||||||||
-1 | The in-process research and development will be amortized over its useful life when it has reached technological feasibility. | |||||||||||||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||||||||||||
The following is a summary of activity in accrued warranty expense: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Beginning balance | $ | 1,454 | $ | 2,687 | ||||||||||||||||||
Warranty expenditures | (496 | ) | (791 | ) | ||||||||||||||||||
Warranty provisions/(adjustment) | (200 | ) | 169 | |||||||||||||||||||
Ending balance | $ | 758 | $ | 2,065 | ||||||||||||||||||
Effects of share-based compensation expense | ' | |||||||||||||||||||||
Share-based compensation expense reduced the Company’s results of operations by the following amounts: | ||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Effect on income before income taxes (1) | $ | (197 | ) | $ | (327 | ) | $ | (373 | ) | $ | (758 | ) | ||||||||||
Effect on income taxes | 119 | 41 | 159 | 100 | ||||||||||||||||||
Effect on net income | $ | (78 | ) | $ | (286 | ) | $ | (214 | ) | $ | (658 | ) | ||||||||||
-1 | Stock-based compensation expense is included in selling, general and administrative expenses. | |||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||
Stock option transactions and the options outstanding are summarized as follows: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Exercise | Exercise | |||||||||||||||||||||
Price | Price | |||||||||||||||||||||
Outstanding at beginning of period | 1,059,417 | $ | 6.71 | 891,293 | $ | 9.37 | ||||||||||||||||
Granted | 220,406 | 7.01 | 312,850 | 2.95 | ||||||||||||||||||
Exercised | (260,726 | ) | 4.28 | — | — | |||||||||||||||||
Forfeited | (3,464 | ) | 6.92 | (2,255 | ) | 7.77 | ||||||||||||||||
Outstanding at end of period | 1,015,633 | $ | 7.4 | 1,201,888 | $ | 7.71 | ||||||||||||||||
Exercisable at end of period | 664,934 | $ | 8.11 | 597,245 | $ | 9.19 | ||||||||||||||||
Weighted average fair value of options | $ | 4.38 | $ | 1.82 | ||||||||||||||||||
granted during the period | ||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||
The fair value of options was estimated at the grant date using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Risk free interest rate | 2% | 1% | ||||||||||||||||||||
Expected life | 6 years | 6 years | ||||||||||||||||||||
Dividend rate | 0% | 0% | ||||||||||||||||||||
Volatility | 69% | 70% | ||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Activity | ' | |||||||||||||||||||||
Restricted stock transactions and awards outstanding are summarized as follows: | ||||||||||||||||||||||
Six Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Awards | Weighted | Awards | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||
Beginning Outstanding | 69,154 | $ | 10.13 | 127,975 | $ | 9.06 | ||||||||||||||||
Released | (30,828 | ) | 10.08 | (55,646 | ) | 7.65 | ||||||||||||||||
Forfeited | — | — | (50 | ) | 7.98 | |||||||||||||||||
Ending Outstanding | 38,326 | $ | 10.17 | 72,279 | $ | 10.15 | ||||||||||||||||
Research and Development Expense | ' | |||||||||||||||||||||
The table below shows gross research and development expenses and grants earned: | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
Research and development | $ | 2,494 | $ | 2,184 | $ | 5,388 | $ | 4,643 | ||||||||||||||
Grants earned | (339 | ) | (238 | ) | (2,344 | ) | (1,535 | ) | ||||||||||||||
Net research and development | $ | 2,155 | $ | 1,946 | $ | 3,044 | $ | 3,108 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||
Basic Loss Per Share Computation | ||||||||||||||||
Net loss attributable to Amtech Systems, Inc. | $ | (3,751 | ) | $ | (2,092 | ) | $ | (4,545 | ) | $ | (6,285 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Common stock | 9,679 | 9,539 | 9,619 | 9,516 | ||||||||||||
Basic loss per share attributable to Amtech shareholders | $ | (0.39 | ) | $ | (0.22 | ) | $ | (0.47 | ) | $ | (0.66 | ) | ||||
Diluted Loss Per Share Computation | ||||||||||||||||
Net loss attributable to Amtech Systems, Inc. | $ | (3,751 | ) | $ | (2,092 | ) | $ | (4,545 | ) | $ | (6,285 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Common stock | 9,679 | 9,539 | 9,619 | 9,516 | ||||||||||||
Common stock equivalents (1) | — | — | — | — | ||||||||||||
Diluted shares | 9,679 | 9,539 | 9,619 | 9,516 | ||||||||||||
Diluted loss per share attributable to Amtech shareholders | $ | (0.39 | ) | $ | (0.22 | ) | $ | (0.47 | ) | $ | (0.66 | ) | ||||
-1 | The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
Information concerning our business segments is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
31-Mar-14 | March 31, 2013 | 31-Mar-14 | 31-Mar-13 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Net Revenues: | ||||||||||||||||
Solar and semiconductor equipment | $ | 10,288 | $ | 6,187 | $ | 22,851 | $ | 13,222 | ||||||||
Polishing supplies and equipment | 2,429 | 1,931 | 4,637 | 4,253 | ||||||||||||
$ | 12,717 | $ | 8,118 | $ | 27,488 | $ | 17,475 | |||||||||
Operating income (loss): | ||||||||||||||||
Solar and semiconductor equipment | $ | (3,926 | ) | $ | (2,384 | ) | $ | (3,578 | ) | $ | (5,551 | ) | ||||
Polishing supplies and equipment | 550 | 378 | 968 | 532 | ||||||||||||
Non-segment related | $ | (1,158 | ) | $ | (1,455 | ) | (2,403 | ) | (3,193 | ) | ||||||
$ | (4,534 | ) | $ | (3,461 | ) | $ | (5,013 | ) | $ | (8,212 | ) | |||||
March 31, | September 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(dollars in thousands) | ||||||||||||||||
Identifiable Assets: | ||||||||||||||||
Solar and semiconductor equipment | $ | 96,398 | $ | 106,723 | ||||||||||||
Polishing supplies and equipment | 5,271 | 4,224 | ||||||||||||||
$ | 101,669 | $ | 110,947 | |||||||||||||
Major_Customers_and_Foreign_Sa1
Major Customers and Foreign Sales (Tables) | 6 Months Ended | |||||
Mar. 31, 2014 | ||||||
Major Customers and Foreign Sales [Abstract] | ' | |||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | ' | |||||
Our net revenues were to customers in the following geographic regions: | ||||||
Six Months Ended March 31, | ||||||
2014 | 2013 | |||||
United States | 30 | % | 24 | % | ||
China | 15 | % | 29 | % | ||
Taiwan | 17 | % | 17 | % | ||
Other | 14 | % | 11 | % | ||
Total Asia | 46 | % | 57 | % | ||
Germany | 5 | % | 6 | % | ||
Other | 19 | % | 13 | % | ||
Total Europe | 24 | % | 19 | % | ||
100 | % | 100 | % |
Basis_of_Presentation_Revenue_
Basis of Presentation - Revenue Recognition (Details) | 6 Months Ended |
Mar. 31, 2014 | |
Minimum [Member] | ' |
Gross Profit [Line Items] | ' |
Contingent portion sales price percent | 10.00% |
Maximum [Member] | ' |
Gross Profit [Line Items] | ' |
Contingent portion sales price percent | 20.00% |
Basis_of_Presentation_Deferred
Basis of Presentation - Deferred Profit (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Deferred revenues | $11,158 | $3,371 |
Deferred costs | 5,757 | 304 |
Deferred profit | $5,401 | $3,067 |
Basis_of_Presentation_Concentr
Basis of Presentation - Concentrations of Credit Risk (Details) | 6 Months Ended |
Mar. 31, 2014 | |
Customers | |
Accounts Receivable [Member] | ' |
Concentration Risk [Line Items] | ' |
Number of customers | 2 |
Accounts Receivable [Member] | Customer One [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk, percentage | 17.00% |
Accounts Receivable [Member] | Customer Two [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk, percentage | 11.00% |
UNITED STATES | Cash and Cash Equivalents and Restricted Cash [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk, percentage | 50.00% |
Basis_of_Presentation_Restrict
Basis of Presentation - Restricted Cash (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Restricted cash | $2,330 | $5,134 |
Basis_of_Presentation_Inventor
Basis of Presentation - Inventories (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Percentage of weighted average cost inventory | 75.00% | ' |
Inventory, Net [Abstract] | ' | ' |
Purchased parts and raw materials | $12,297 | $11,757 |
Work-in-process | 2,970 | 7,104 |
Finished goods | 2,081 | 3,140 |
Inventory | $17,348 | $22,001 |
Basis_of_Presentation_Property
Basis of Presentation - Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Building | Land, building and leasehold improvements | Land, building and leasehold improvements | Equipment and machinery | Equipment and machinery | Equipment and machinery | Equipment and machinery | Furniture and fixtures | Furniture and fixtures | Furniture and fixtures | Furniture and fixtures | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life (in years) | ' | ' | '20 years | ' | ' | ' | ' | '3 years | '7 years | ' | ' | '5 years | '10 years |
Property, plant and equipment, gross | $24,798 | $24,275 | ' | $11,122 | $10,960 | $7,895 | $7,630 | ' | ' | $5,781 | $5,685 | ' | ' |
Accumulated depreciation and amortization | -14,260 | -13,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment - net | $10,538 | $11,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_Goodwill
Basis of Presentation - Goodwill (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, gross, beginning of year | $13,291 |
Goodwill, impaired, accumulated impairment loss, beginning of year | -4,810 |
Goodwill, net, beginning of year | 8,481 |
Change in foreign exchange rates | 44 |
Goodwill, gross, end of quarter | 13,335 |
Goodwill, impaired, accumulated impairment loss, end of quarter | -4,810 |
Goodwill, net, end of quarter | 8,525 |
Solar and semiconductor equipment | ' |
Goodwill [Roll Forward] | ' |
Goodwill, gross, beginning of year | 12,563 |
Goodwill, impaired, accumulated impairment loss, beginning of year | -4,810 |
Goodwill, net, beginning of year | 7,753 |
Change in foreign exchange rates | 44 |
Goodwill, gross, end of quarter | 12,607 |
Goodwill, impaired, accumulated impairment loss, end of quarter | -4,810 |
Goodwill, net, end of quarter | 7,797 |
Polishing supplies and equipment | ' |
Goodwill [Roll Forward] | ' |
Goodwill, gross, beginning of year | 728 |
Goodwill, impaired, accumulated impairment loss, beginning of year | 0 |
Goodwill, net, beginning of year | 728 |
Change in foreign exchange rates | 0 |
Goodwill, gross, end of quarter | 728 |
Goodwill, impaired, accumulated impairment loss, end of quarter | 0 |
Goodwill, net, end of quarter | $728 |
Basis_of_Presentation_Intangib
Basis of Presentation - Intangibles (Details) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | $6,356 | $6,303 | ||
Accumulated Amortization | -3,176 | -2,801 | ||
Net Carrying Amount | 3,180 | 3,502 | ||
Non-compete agreements | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 1,068 | 1,065 | ||
Accumulated Amortization | -841 | -717 | ||
Net Carrying Amount | 227 | 348 | ||
Non-compete agreements | Minimum [Member] | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Useful Life (in years) | '4 years | ' | ||
Non-compete agreements | Maximum [Member] | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Useful Life (in years) | '8 years | ' | ||
Customer lists | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 886 | 871 | ||
Accumulated Amortization | -582 | -532 | ||
Net Carrying Amount | 304 | 339 | ||
Useful Life (in years) | '10 years | ' | ||
Technology | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 2,455 | 2,426 | ||
Accumulated Amortization | -1,593 | -1,422 | ||
Net Carrying Amount | 862 | 1,004 | ||
Technology | Minimum [Member] | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Useful Life (in years) | '5 years | ' | ||
Technology | Maximum [Member] | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Useful Life (in years) | '10 years | ' | ||
In-process research and development | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 1,600 | [1] | 1,600 | [1] |
Accumulated Amortization | 0 | [1] | 0 | [1] |
Net Carrying Amount | 1,600 | [1] | 1,600 | [1] |
Other | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 347 | 341 | ||
Accumulated Amortization | -160 | -130 | ||
Net Carrying Amount | $187 | $211 | ||
Other | Minimum [Member] | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Useful Life (in years) | '2 years | ' | ||
Other | Maximum [Member] | ' | ' | ||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Useful Life (in years) | '10 years | ' | ||
[1] | The in-process research and development will be amortized over its useful life when it has reached technological feasibility. |
Basis_of_Presentation_Warranty
Basis of Presentation - Warranty (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Beginning balance | $1,454 | $2,687 |
Warranty expenditures | -496 | -791 |
Warranty expense | -200 | 169 |
Ending balance | $758 | $2,065 |
Minimum [Member] | ' | ' |
Product Warranty [Line Items] | ' | ' |
Standard product warranty, period (in months) | '12 months | ' |
Maximum [Member] | ' | ' |
Product Warranty [Line Items] | ' | ' |
Standard product warranty, period (in months) | '24 months | ' |
Basis_of_Presentation_StockBas
Basis of Presentation - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Effect on income before income taxes | ($197) | [1] | ($327) | [1] | ($373) | [1] | ($758) | [1] |
Effect on income taxes | 119 | 41 | 159 | 100 | ||||
Effect on net income | ($78) | ($286) | ($214) | ($658) | ||||
Restricted Stock [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Outstanding (in shares) | ' | ' | 69,154 | 127,975 | ||||
Released (in shares) | ' | ' | -30,828 | -55,646 | ||||
Forfeited (in shares) | ' | ' | 0 | -50 | ||||
Ending Outstanding (in shares) | 38,326 | 72,279 | 38,326 | 72,279 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Outstanding, Weighted Average Grant Date Fair Value (usd per share) | ' | ' | $10.13 | $9.06 | ||||
Released, Weighted Average Grant Date Fair Value (usd per share) | ' | ' | $10.07 | $7.65 | ||||
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | ' | ' | $0 | $7.98 | ||||
Ending Outstanding, Weighted Average Grant Date Fair Value (usd per share) | $10.17 | $10.15 | $10.17 | $10.15 | ||||
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Option vesting period (in years) | ' | ' | '4 years | ' | ||||
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Option vesting period (in years) | ' | ' | '2 years | ' | ||||
Stock Options [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ||||
Outstanding at beginning of period (in shares) | ' | ' | 1,059,417 | 891,293 | ||||
Granted (in shares) | ' | ' | 220,406 | 312,850 | ||||
Exercised (in shares) | ' | ' | -260,726 | 0 | ||||
Forfeited (in shares) | ' | ' | -3,464 | -2,255 | ||||
Outstanding at end of period (in shares) | 1,015,633 | 1,201,888 | 1,015,633 | 1,201,888 | ||||
Exercisable at end of period (in shares) | 664,934 | 597,245 | 664,934 | 597,245 | ||||
Weighted average fair value of options granted during the period (usd per share) | ' | ' | $4.38 | $1.82 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ||||
Outstanding at beginning of period, Weighted Average Exercise Price (usd per share) | ' | ' | $6.71 | $9.37 | ||||
Granted, Weighted Average Exercise Price (usd per share) | ' | ' | $7.01 | $2.95 | ||||
Exercised, Weighted Average Exercise Price (usd per share) | ' | ' | $4.28 | $0 | ||||
Forfeited, Weighted Average Exercise Price (usd per share) | ' | ' | $6.92 | $7.77 | ||||
Outstanding at end of period, Weighted Average Exercise Price (usd per share) | $7.40 | $7.71 | $7.40 | $7.71 | ||||
Exercisable at end of period, Weighted Average Exercise Price (usd per share) | $8.11 | $9.19 | $8.11 | $9.19 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | ||||
Risk free interest rate | ' | ' | 2.00% | 1.00% | ||||
Expected life | ' | ' | '6 years | '6 years | ||||
Dividend rate | ' | ' | 0.00% | 0.00% | ||||
Volatility | ' | ' | 69.00% | 70.00% | ||||
Stock Options [Member] | Maximum [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Option expiration period (in years) | ' | ' | '10 years | ' | ||||
Option vesting period (in years) | ' | ' | '4 years | ' | ||||
Stock Options [Member] | Minimum [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Option vesting period (in years) | ' | ' | '2 years | ' | ||||
[1] | Stock-based compensation expense is included in selling, general and administrative expenses. |
Basis_of_Presentation_Cash_Equ
Basis of Presentation - Cash Equivalents (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Money market funds | $18 | $18.50 |
Basis_of_Presentation_Shipping
Basis of Presentation - Shipping Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Shipping expenses | $0.20 | $0.10 | $0.50 | $0.40 |
Basis_of_Presentation_Research
Basis of Presentation - Research and Development Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Research and development | $2,494 | $2,184 | $5,388 | $4,643 |
Grants earned | -339 | -238 | -2,344 | -1,535 |
Net research and development | $2,155 | $1,946 | $3,044 | $3,108 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Deferred tax assets, valuation allowance | $1.20 | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 1.6 | 1.6 | ' | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | $1.40 | $1.20 | ' | ' |
Number of years open for tax examinations | ' | ' | '3 years | '5 years |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) attributable to Amtech Systems, Inc. | ($3,751) | ($2,092) | ($4,545) | ($6,285) | ||||
Weighted average shares outstanding (in shares) | 9,679,000 | 9,539,000 | 9,619,000 | 9,516,000 | ||||
Basic income (loss) per share attributable to Amtech shareholders (dollars per share) | ($0.39) | ($0.22) | ($0.47) | ($0.66) | ||||
Common stock equivalents (in shares) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Diluted shares (in shares) | 9,679,000 | 9,539,000 | 9,619,000 | 9,516,000 | ||||
Diluted income (loss) per share attributable to Amtech shareholders (dollars per share) | ($0.39) | ($0.22) | ($0.47) | ($0.66) | ||||
Stock Options [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,016,000 | 1,202,000 | 1,016,000 | 1,202,000 | ||||
Restricted Stock [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 38,000 | 72,000 | 38,000 | 72,000 | ||||
[1] | The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | 2 | ' | ' |
Net Revenues | $12,717 | $8,118 | $27,488 | $17,475 | ' |
Operating Income (Loss) | -4,534 | -3,461 | -5,013 | -8,212 | ' |
Identifiable Assets | 101,669 | ' | 101,669 | ' | 110,947 |
Solar and semiconductor equipment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 10,288 | 6,187 | 22,851 | 13,222 | ' |
Operating Income (Loss) | -3,926 | -2,384 | -3,578 | -5,551 | ' |
Identifiable Assets | 96,398 | ' | 96,398 | ' | 106,723 |
Polishing supplies and equipment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenues | 2,429 | 1,931 | 4,637 | 4,253 | ' |
Operating Income (Loss) | 550 | 378 | 968 | 532 | ' |
Identifiable Assets | 5,271 | ' | 5,271 | ' | 4,224 |
Non-segment related | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Income (Loss) | ($1,158) | ($1,455) | ($2,403) | ($3,193) | ' |
Major_Customers_and_Foreign_Sa2
Major Customers and Foreign Sales (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Customer | Customer | Customer | Customer | |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, number of major customers | 1 | 2 | 2 | 0 |
Revenues, percentage | ' | ' | 100.00% | 100.00% |
United States | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 30.00% | 24.00% |
China | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 15.00% | 29.00% |
Taiwan | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 17.00% | 17.00% |
Other | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 14.00% | 11.00% |
Total Asia | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 46.00% | 57.00% |
Germany | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 5.00% | 6.00% |
Other | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 19.00% | 13.00% |
Total Europe | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues, percentage | ' | ' | 24.00% | 19.00% |
Customer Number One [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, major customer, percentage | 11.00% | 13.00% | 18.00% | ' |
Customer Number Two [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, major customer, percentage | ' | 10.00% | 16.00% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase obligation | $13,600,000 | ' | $12,300,000 |
Price of an ion implanter | 214,000 | 162,000 | ' |
Revenue from Grants | 3,600,000 | ' | ' |
Grant revenue commitment to the project, by July 2014 | 6,100,000 | ' | ' |
Kingstone Holding Company [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 55.00% | ' | ' |
Kingstone Semiconductor Company Ltd [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of voting interest of acquiree owned subsidiary | 100.00% | ' | ' |
Tempress Systems and Energy Research Centre Agreement [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Price of an ion implanter | 1,400,000 | ' | ' |
Ownership rights to results of projects developed separately by individual parties | 100.00% | ' | ' |
R&D Agreement term | '4 years | ' | ' |
Required contribution in form of labor and assets | $1,400,000 | ' | ' |
Number of years from agreement start for contribution for project support | '2 years | ' | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Charges [Abstract] | ' | ' | ' | ' |
Restructuring charges | $0 | $0 | $0 | $697 |