Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Nov. 12, 2015 | Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMTECH SYSTEMS INC | ||
Entity Central Index Key | 720,500 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 13,150,469 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 107,379,680 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 25,852,000 | $ 27,367,000 |
Restricted cash | 638,000 | 2,380,000 |
Accounts receivable | ||
Trade (less allowance for doubtful accounts of $5,009 and $2,846 at September 30, 2015 and September 30, 2014, respectively) | 14,488,000 | 8,896,000 |
Unbilled and other | 8,494,000 | 6,880,000 |
Inventories | 23,329,000 | 16,760,000 |
Deferred income taxes | 2,050,000 | 1,060,000 |
Notes and other receivable | 7,079,000 | 0 |
Other | 3,772,000 | 2,082,000 |
Total current assets | 85,702,000 | 65,425,000 |
Property, Plant and Equipment - Net | 17,761,000 | 9,752,000 |
Deferred income taxes - Long Term | 430,000 | 1,300,000 |
Other Assets - Long Term | 3,356,000 | 2,426,000 |
Investments | 2,733,000 | 0 |
Intangible Assets - Net | 4,939,000 | 2,678,000 |
Goodwill | 10,535,000 | 8,323,000 |
Total Assets | 125,456,000 | 89,904,000 |
Current Liabilities | ||
Accounts payable | 15,646,000 | 6,003,000 |
Current maturities of long-term debt | 919,000 | 0 |
Accrued compensation and related taxes | 5,605,000 | 4,269,000 |
Accrued warranty expense | 793,000 | 628,000 |
Deferred profit | 4,873,000 | 6,908,000 |
Customer deposits | 7,154,000 | 4,992,000 |
Other accrued liabilities | 3,551,000 | 5,346,000 |
Income taxes payable | 830,000 | 4,990,000 |
Total current liabilities | 39,371,000 | 33,136,000 |
Long-term Debt | 8,448,000 | 0 |
Income Taxes Payable Long-term | 4,990,000 | 3,180,000 |
Total Liabilities | $ 52,809,000 | $ 36,316,000 |
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: 13,150,469 and 9,848,253 at September 30, 2015 and September 30, 2014, respectively | 131,000 | 98,000 |
Additional paid-in capital | 110,191,000 | 81,884,000 |
Accumulated other comprehensive loss | (8,666,000) | (5,790,000) |
Retained deficit | (28,822,000) | (21,051,000) |
Total Stockholders' Equity | 72,834,000 | 55,141,000 |
Noncontrolling interest | (187,000) | (1,553,000) |
Total Equity | 72,647,000 | 53,588,000 |
Total Liabilities and Stockholders' Equity | $ 125,456,000 | $ 89,904,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Current Assets | ||
Allowance for doubtful accounts | $ 5,009 | $ 2,846 |
Stockholders' Equity | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 13,150,469 | 9,848,253 |
Common stock, shares outstanding | 13,150,469 | 9,848,253 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | |||
Revenue, net of returns and allowances | $ 104,883 | $ 56,501 | $ 34,798 |
Cost of sales | 77,737 | 44,581 | 26,833 |
Write-down of inventory | 138 | 294 | 3,652 |
Gross profit | 27,008 | 11,626 | 4,313 |
Selling, general and administrative | 33,028 | 18,424 | 16,830 |
Research, development and engineering | 6,918 | 6,291 | 6,594 |
Restructuring charges | 583 | 0 | 883 |
Operating loss | (13,521) | (13,089) | (19,994) |
Gain on deconsolidation of Kingstone | 8,814 | 0 | 0 |
Interest and other (expense) income, net | (100) | 40 | 147 |
Loss before income taxes | (4,807) | (13,049) | (19,847) |
Income tax provision | 1,910 | 1,240 | 1,860 |
Net loss | (6,717) | (14,289) | (21,707) |
Add: net (income) loss attributable to noncontrolling interest | (1,054) | 1,242 | 1,638 |
Net loss attributable to Amtech Systems, Inc. | $ (7,771) | $ (13,047) | $ (20,069) |
Income (Loss) Per Share: | |||
Basic income (loss) per share attributable to Amtech shareholders (dollars per share) | $ (0.65) | $ (1.34) | $ (2.11) |
Weighted average shares outstanding (in shares) | 12,022 | 9,732 | 9,529 |
Diluted income (loss) per share attributable to Amtech shareholders (dollars per share) | $ (0.65) | $ (1.34) | $ (2.11) |
Weighted average shares outstanding (in shares) | 12,022 | 9,732 | 9,529 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (6,717) | $ (14,289) | $ (21,707) |
Foreign currency translation adjustment | (3,010) | (1,202) | 2,225 |
Comprehensive loss | (9,727) | (15,491) | (19,482) |
Comprehensive (income) loss attributable to noncontrolling interest | (920) | 1,210 | 1,674 |
Comprehensive loss attributable to Amtech Systems, Inc. | $ (10,647) | $ (14,281) | $ (17,808) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Stockholders' Equity | Non-controlling Interest |
Beginning balance, shares at Sep. 30, 2012 | 9,484,000 | ||||||
Beginning balance at Sep. 30, 2012 | $ 84,051 | $ 95 | $ 77,377 | $ (6,817) | $ 12,065 | $ 82,720 | $ 1,331 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (21,707) | (20,069) | (20,069) | (1,638) | |||
Translation adjustment | 2,225 | 2,261 | 2,261 | (36) | |||
Tax deficiency of stock options | (264) | (264) | (264) | ||||
Stock compensation expense | 2,472 | 2,472 | 2,472 | ||||
Restricted shares released, shares | 59,000 | ||||||
Restricted shares released | 2 | $ 1 | 1 | 2 | |||
Stock options exercised, shares | 8,000 | ||||||
Stock options exercised | 24 | $ 0 | 24 | 24 | |||
Ending balance, shares at Sep. 30, 2013 | 9,551,000 | ||||||
Ending balance at Sep. 30, 2013 | 66,803 | $ 96 | 79,610 | (4,556) | (8,004) | 67,146 | (343) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (14,289) | (13,047) | (13,047) | (1,242) | |||
Translation adjustment | (1,202) | (1,234) | (1,234) | 32 | |||
Tax benefit (deficiency) of stock compensation | 345 | 345 | 345 | ||||
Stock compensation expense | 795 | 795 | 795 | ||||
Restricted shares released, shares | 34,000 | ||||||
Restricted shares released | 0 | $ 0 | 0 | 0 | |||
Stock options exercised, shares | 263,000 | ||||||
Stock options exercised | $ 1,136 | $ 2 | 1,134 | 1,136 | |||
Ending balance, shares at Sep. 30, 2014 | 9,848,253 | 9,848,000 | |||||
Ending balance at Sep. 30, 2014 | $ 53,588 | $ 98 | 81,884 | (5,790) | (21,051) | 55,141 | (1,553) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (6,717) | (7,771) | (7,771) | 1,054 | |||
Translation adjustment | (3,010) | (2,876) | (2,876) | (134) | |||
Acquisition of interest in SoLayTec | 1,221 | 1,221 | |||||
Deconsolidation of Kingstone | (775) | (775) | |||||
Tax benefit (deficiency) of stock compensation | 30 | 30 | 30 | ||||
Stock compensation expense | 1,162 | 1,162 | 1,162 | ||||
Shares issued for BTU purchase (in shares) | 3,186,000 | ||||||
Shares issued for BTU purchase | 26,625 | $ 32 | 26,593 | 26,625 | |||
Restricted shares released, shares | 22,000 | ||||||
Restricted shares released | 0 | $ 0 | 0 | 0 | |||
Stock options exercised, shares | 94,000 | ||||||
Stock options exercised | $ 523 | $ 1 | 522 | 523 | |||
Ending balance, shares at Sep. 30, 2015 | 13,150,469 | 13,150,000 | |||||
Ending balance at Sep. 30, 2015 | $ 72,647 | $ 131 | $ 110,191 | $ (8,666) | $ (28,822) | $ 72,834 | $ (187) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Operating Activities | |||
Net loss | $ (6,717) | $ (14,289) | $ (21,707) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 3,357 | 2,410 | 2,667 |
Write-down of inventory | 138 | 294 | 3,652 |
(Reversal of) provision for allowance for doubtful accounts | (194) | 1,304 | 169 |
Deferred income taxes | 454 | 194 | 1,368 |
Gain on deconsolidation of Kingstone | (8,814) | 0 | 0 |
Non-cash share based compensation expense | 1,162 | 795 | 2,472 |
Changes in operating assets and liabilities: | |||
Restricted cash | (1,731) | 2,662 | (326) |
Accounts receivable | 1,700 | (11,786) | 10,629 |
Inventories | (1,308) | 3,636 | (221) |
Accrued income taxes | (4,329) | 6,849 | (7,818) |
Other assets | 2,119 | 782 | (360) |
Accounts payable | 939 | 766 | (495) |
Accrued liabilities and customer deposits | 4,647 | (10,805) | 7,489 |
Deferred profit | (1,490) | 6,107 | (7,472) |
Net cash used in operating activities | (10,067) | (11,081) | (9,953) |
Investing Activities | |||
Purchases of property, plant and equipment | (610) | (462) | (178) |
Investment in acquisitions, net of cash | 8,191 | 0 | 0 |
Proceeds from partial sale of subsidiary | 700 | 0 | 0 |
Net cash provided by (used in) investing activities | 8,281 | (462) | (178) |
Financing Activities | |||
Proceeds from issuance of common stock, net | 523 | 1,136 | 26 |
Payments on long-term obligations | (482) | 0 | 0 |
Borrowings on long term debt | 734 | 0 | 0 |
Excess tax benefit (deficiency) of stock compensation | 30 | 345 | (264) |
Net cash provided by (used in) financing activities | 805 | 1,481 | (238) |
Effect of Exchange Rate Changes on Cash | (534) | 232 | 840 |
Net Decrease in Cash and Cash Equivalents | (1,515) | (9,830) | (9,529) |
Cash and Cash Equivalents, Beginning of Year | 27,367 | 37,197 | 46,726 |
Cash and Cash Equivalents, End of Year | 25,852 | 27,367 | 37,197 |
Supplemental Cash Flow Information: | |||
Income tax refunds | 9 | 6,474 | 18 |
Income tax payments | 5,113 | 184 | 8,678 |
Issuance of common stock for acquisitions | 26,625 | 0 | 0 |
Cash paid for interest | 440 | 0 | 163 |
Supplemental Non-cash Financing Activities: | |||
Transfer inventory to capital equipment | $ 0 | $ 527 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation – Amtech Systems, Inc. (the “Company”) is a global manufacturer of capital equipment, including thermal processing, silicon wafer handling automation, and related consumables used in fabricating solar cells, LED and semiconductor devices. The Company sells these products to solar cell and semiconductor manufacturers 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. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and 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. The equity method of accounting is used for i nvestments over which the Company has a significant influence but not a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates - The preparation of consolidated 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Change in Accounting Estimate - The Company regularly reviews inventory quantities and inventory purchase commitments and writes down excess and obsolete inventory to its net realizable value, and records a loss for expected purchase order cancellation charges and for excess inventory purchase commitments that cannot be cancelled. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. Due to a downturn in the solar industry since 2012, product demand and production requirements have continued to decline significantly. As a result, the Company recorded a write-down of inventory of $3.7 million for fiscal year 2013. The write-down of inventory reduced net income attributable to Amtech shareholders by $3.7 million and increased basic and diluted loss per share by $0.39 cents per share. In fiscal years 2014 and 2015, the Company had inventory write-downs of $0.3 million and $0.1 million , respectively, which increased basic and diluted loss per share by $0.03 cents per share and $0.01 cent per share, respectively. Revenue Recognition - We review product and service sales contracts with multiple deliverables to determine if separate units of accounting are present. Where separate units of accounting exist, revenue allocated to delivered items is the lower of the relative selling price of the delivered items in the sales arrangement or the portion of the selling price that is not contingent upon performance of the service. We recognize revenue when persuasive evidence of an arrangement exists; the product has been delivered and title has transferred, or services have been rendered; and the seller’s price to the buyer is fixed or determinable and collectability is reasonably assured. For us, this policy generally results in revenue recognition at the following points: 1. For our equipment business, transactions where legal title passes to the customer upon shipment, we recognize revenue upon shipment for those products where the customer’s defined specifications have been met with at least two similarly configured systems and processes for a comparably situated customer. Our selling prices may include both equipment and services, i.e., installation and start-up services performed by our service technicians. The equipment and services are multiple deliverables. Certain equipment that has a positive track record of successful installation and customer acceptance are considered to be routine systems. Our recognition of revenue upon delivery of such equipment that has been routinely installed and accepted is equal to the total selling price minus the relative selling price of the undelivered services. Where the installation and acceptance of more than two similarly configured items of equipment have not become routine, recognition of revenue upon delivery of equipment is limited to the lesser of (i) the total selling price minus the relative selling price of the undelivered services or (ii) the non-contingent amount. Since we defer only those costs directly related to installation, or other unit of accounting not yet delivered, and the portion of the contract price is often considerably greater than the relative selling price of those items, our policy at times will result in deferral of profit that is disproportionate in relation to the deferred revenue. When this is the case, the gross margin recognized in one period will be lower and the gross margin reported in a subsequent period will improve. 2. For products where the customer’s defined specifications have not been met with at least two similarly configured systems and processes, the revenue and directly related costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criterion has been met. We have, on occasion, experienced longer than expected delays in receiving cash from certain customers pending final installation or system acceptance. If some of our customers refuse to pay the final payment, or otherwise delay final acceptance or installation, the deferred revenue would not be recognized, adversely affecting our future cash flows and operating results. 3. Sales of certain equipment, spare parts and consumables are recognized upon shipment, as there are no post shipment obligations other than standard warranties. 4. Service revenue is recognized upon performance of the services requested by the customer. Revenue related to service contracts is recognized ratably over the period of the contract or in accordance with the terms of the contract, which generally coincides with the performance of the services requested by the customer. Deferred Profit – Revenue deferred pursuant to our revenue 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: September 30, 2015 2014 2013 (dollars in thousands) Deferred revenue $ 7,280 $ 8,118 $ 3,371 Deferred costs 2,407 1,210 304 Deferred profit $ 4,873 $ 6,908 $ 3,067 Cash Equivalents – We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist of amounts invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts. Restricted Cash – Restricted cash of $0.6 million and $2.4 million as of September 30, 2015 and 2014, respectively, includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. Restricted cash as of September 30, 2015 includes $0.2 million relating the Company's proportional responsibility, assumed in connection with the BTU acquisition, for clean-up costs at a Superfund site. Restricted cash of September 30, 2014 includes cash received from research and development grants related to our ion implant technology to be used for research and development projects. Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the gross sales price of products sold to customers on trade credit terms. Accounts receivable are considered past due when payment has not been received from the customer within the normal credit terms extended to that customer. A valuation allowance is established for accounts when collection is no longer probable. Accounts are written off against the allowance when the probability of collection is remote. The following is a summary of the activity in the Company’s allowance for doubtful accounts: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Balance at beginning of year $ 2,846 $ 638 $ 517 (Reversal) / Provision (194 ) 1,304 199 Write offs (130 ) (13 ) (78 ) Acquired through business acquisitions 1,397 — — Adjustment 1,090 917 — Balance at end of year $ 5,009 $ 2,846 $ 638 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. Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company’s customers consist of solar cell and semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. 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 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 62% of total cash balances) are primarily invested in US Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of the Company’s cash is maintained with financial institutions with reputable credit in The Netherlands, France and China. As of September 30, 2015, no customer individually represented greater than 10% of accounts receivable. As of September 30, 2014, two customers individually represented 14% and 10% of accounts receivable, respectively. Refer to Note 9, Geographic Regions, for information regarding revenue and assets in other countries subject to fluctuation in foreign currency exchange rates. Inventories – We value our inventory at the lower of cost or net realizable value. Costs for approximately 60% of inventory are determined on an average cost basis with the remainder determined on a first-in, first-out (FIFO) basis. The components of inventories are as follows: September 30, 2015 September 30, 2014 (dollars in thousands) Purchased parts and raw materials $ 6,065 $ 8,797 Work-in-process 5,669 4,809 Finished goods 11,595 3,154 $ 23,329 $ 16,760 Notes and Other Receivables - Notes and other Receivable consists amounts due the Company for the sale of Kingstone shares and repayment of a loan (see Note 15 "Deconsolidation"). The carrying amount of the notes receivable approximates fair value due to the short-term nature of the notes. 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 and amortization are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation and amortization is computed using the straight-line method. Depreciation expense was $2.2 million , $1.7 million and $2.0 million in fiscal 2015, 2014 and 2013, respectively. 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 20 - 30 years. The following is a summary of property, plant and equipment: September 30, 2015 September 30, 2014 (dollars in thousands) Land, building and leasehold improvements $ 18,095 $ 10,414 Equipment and machinery 9,709 8,189 Furniture and fixtures 5,465 5,453 33,269 24,056 Accumulated depreciation and amortization (15,508 ) (14,304 ) $ 17,761 $ 9,752 Goodwill - Goodwill and intangible assets with indefinite lives are not subject to amortization, but are tested for impairment when it is determined that it is more likely than not that the fair value of a reporting unit or the indefinite-lived intangible asset is less than its carrying amount, typically at the end of the fiscal year, or more frequently if circumstances dictate. During the fourth quarter of 2015, the Company obtained additional information relating to the fair value of tangible and intangible assets acquired from SoLayTec and BTU, resulting in an increase to goodwill of $0.9 million and a decrease of $0.2 million , respectively . As detailed in Note 15 "Deconsolidation", the Company deconsolidated Kingstone as of September 16, 2015. The adjustment to goodwill as a result of the deconsolidation of Kingstone is shown in the table below. The changes in the carrying amount of goodwill for the year ended September 30, 2015 are as follows. Solar Semiconductor Polishing Total (dollars in thousands) Goodwill $ 12,315 $ — $ 728 $ 13,043 Accumulated impairment losses (4,720 ) — (4,720 ) Carrying value at September 30, 2014 7,595 — 728 8,323 Goodwill recognized due to acquisitions 3,218 4,463 — 7,681 Goodwill derecognized due to deconsolidation (5,198 ) — — (5,198 ) Net exchange differences (271 ) — — (271 ) Carrying value at September 30, 2015 $ 5,344 $ 4,463 $ 728 $ 10,535 Goodwill 9,899 4,463 728 15,090 Accumulated impairment losses (4,555 ) — — (4,555 ) Carrying value at September 30, 2015 $ 5,344 $ 4,463 $ 728 $ 10,535 Intangibles - Intangible assets are capitalized and amortized on a straight-line basis over their useful life if the life is determinable. If the life is not determinable, amortization is not recorded. Amortization expense related to intangible assets was $1.2 million , $0.7 million and $0.6 million in fiscal 2015, 2014 and 2013, respectively. The aggregate amortization expense for the intangible assets for each of the five succeeding fiscal years is estimated to be $0.8 million , $0.7 million , $0.6 million , $0.6 million and $0.6 million in 2016, 2017, 2018, 2019 and 2020. On December 24, 2014, the Company acquired a 51% controlling interest in SoLayTec. The intangible assets of SoLayTec total $2.0 million , of which $1.8 million is included in "Technology" and $0.2 million is included in "Trade names" in the table below. During the fourth quarter of 2015, the Company obtained additional information relating to the fair value of intangible assets acquired from SoLayTec and made an adjustment of $0.2 million . On January 30, 2015, the Company completed the merger with BTU. The intangible assets of BTU total $2.9 million , of which $1.2 million is included in "Trade names" and $1.7 million is included in "Customer lists" in the table below. During the fourth quarter of 2015, the Company obtained additional information relating to the fair value of tangible and intangible assets acquired from BTU. Using this new information, $1.7 million was recorded for the fair value of acquired "Customer lists". See Note 14, “Acquisitions,” for more information regarding the acquisition of SoLayTec and the merger with BTU. As a result of the sale of the Company's partial ownership in Kingstone in the fourth quarter of fiscal 2015, the Company derecognized $3.2 million of intangible assets and $1.9 million of accumulated amortization. See Note 15 "Deconsolidation" for additional details relating to the deconsolidation of Kingstone. 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 Years Ended September 30, 2015 2014 (dollars in thousands) Non-compete agreements 4-8 years $ 137 $ (137 ) $ — $ 1,055 $ (955 ) $ 100 Customer lists 6-10 years 2,434 (808 ) 1,626 817 (592 ) 225 Technology 5-10 years 3,223 (1,368 ) 1,855 2,319 (1,682 ) 637 In-process research and development 5 years — — — 1,600 (27 ) 1,573 Trade names 10-15 Years 1,456 (72 ) 1,384 — — — Other 2-10 years 278 (204 ) 74 321 (178 ) 143 7,528 (2,589 ) 4,939 6,112 (3,434 ) 2,678 Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months to all purchasers of the Company’s new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized. The following is a summary of activity in accrued warranty expense: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Beginning balance $ 628 $ 1,454 $ 2,687 Warranty expenditures (706 ) (819 ) (1,360 ) Reserve provision/(adjustment) 871 (7 ) 127 Ending balance $ 793 $ 628 $ 1,454 Research, Development and Engineering Expenses - Research, development and engineering expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes as well as materials, supplies and facilities used in producing prototypes. Payments received for research and development grants prior to the meeting of milestones are recorded as unearned research and development grant liabilities and included in other accrued liabilities on the balance sheet. When certain contract requirements are met, governmental research and development grants are netted against research and development expenses. Years Ended September 30, 2015 2014 2013 (dollars in thousands) Research, development and engineering $ 13,214 $ 10,863 $ 8,459 Grants earned (6,296 ) (4,572 ) (1,865 ) Net research, development and engineering $ 6,918 $ 6,291 $ 6,594 Shipping Expense – Shipping expenses of $2.5 million , $1.0 million and $0.8 million for fiscal 2015 , 2014 and 2013 are included in selling, general and administrative expenses. Foreign Currency Transactions and Translation – The functional currency of the Company’s European operations is the Euro. Net income includes pretax net gains from foreign currency transactions of $0.3 million in fiscal 2015, and pretax net gains and losses of less than $0.1 million in fiscal 2014 and 2013. The gains or losses resulting from the translation of foreign financial statements have been included in other comprehensive income (loss). Income Taxes - The Company files consolidated federal income tax returns in the United States for all subsidiaries except those in the Netherlands, France, Hong Kong and China, where separate returns are filed. The Netherlands operations file separate returns in that country. The Company computes deferred income tax assets and liabilities based upon cumulative temporary differences between financial reporting and taxable income, carryforwards available and enacted tax laws. The Company also accrues a liability for uncertain tax positions when it is more likely than not that such tax will be incurred. Deferred tax assets 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. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management and based on the weight of available evidence, it is more likely than not that a portion or all of the deferred tax asset will not be realized. Each quarter the valuation allowance is re-evaluated. 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 or deficiencies of tax deductions in excess of or less than recognized compensation cost are reported as cash flow from financing activities rather than as cash flow from operating activities. In the third quarter of fiscal 2013, the Company's Board of Directors approved the acceleration of the vesting of one half of the unvested stock options with an exercise price of $2.95 and all of the remaining unvested stock options with exercise prices of $6.15 and $7.98 per share for approximately 110 employees holding options to purchase approximately 0.4 million shares of common stock. The Company concluded that the modification to the stated vesting provisions was substantive after the Company considered the volatility of its share price and the exercise price of the amended options in relation to recent share values. Because the modification was considered substantive, the remaining unearned compensation expense of $0.9 million was recorded as an expense in the third quarter of fiscal 2013. The weighted-average exercise price of the options that were accelerated was $5.77 . Effective June 30, 2013, current and former executive officers of the Company voluntarily cancelled approximately 0.1 million stock options, vested and unvested, that were issued with exercise prices of $14.79 and $17.12 per share. At the time of the cancellation, all of the options with an exercise price of $ 14.79 were fully vested. The Company recognized the remaining unearned compensation expense of $0.3 million for the unvested portion of the stock options with an exercise price of $17.12 per share in the third quarter of fiscal 2013. Stock-based compensation expense for the fiscal years ended September 30, 2015, 2014 and 2013 reduced the Company’s results of operations as follows: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Effect on income before income taxes (1) $ (1,162 ) $ (795 ) $ (2,472 ) Effect on income taxes $ 221 $ 326 $ 512 Effect on net income $ (941 ) $ (469 ) $ (1,960 ) (1) Stock-based compensation expense is included in selling, general and administrative expense The Company awards restricted shares under the existing share-based compensation plans. Our restricted share-awards vest in equal annual installments over a two or 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 employed for the shares granted to fully vest. Qualified 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 ten years from the date of grant, with the most recent grant expiring in 2025. Options vest over 2 to 4 years. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions: Years Ended September 30, 2015 2014 2013 Risk free interest rate 2% 2% 1% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 67% 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. 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, Cash Equivalents and Restricted Cash - Included in Cash and Cash Equivalents in the Condensed Consolidated Balance Sheets are money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury and foreign bank operating and time deposit accounts. 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 multiemployer plan for hourly union employees in Pennsylvania and the Company's defined contribution plan that covers substantially all of the employees in the United States. The multiemployer plans in the United States and France are insignificant. The Company’s employees in The Netherlands, approximately 120 , participate in a multi-employer pension plan Pensioenfonds Metaal en Techniek (PMT), determined in accordance with the collective bargaining agreements effective for the industry in the Netherlands. This collective bargaining agreement has no expiration date. This multiemployer pension plan covers approximately 33,000 companies and 1.2 million participants. Amtech's contribution to the multiemployer pension plan is less than 5.0% of the total contributions to the plan. The plan monitors its risks on a global basis, not by company or employee, and is subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a multiemployer pension plan must be monitored against specific criteria, including the coverage ratio of the plan assets to its obligations. This coverage ratio must exceed 105% for the total plan. Every company participating in a Dutch multiemployer union plan contributes a premium calculated as a percentage of its total pensionable salaries, with each company subject to the same percentage contribution rate. The premium can fluctuate yearly based on the coverage ratio of the multiemployer union plan. The pension rights of each employee are based upon the employee’s average salary during employment, the years of service, and the participant's age at the time of retirement. The Company's net periodic pension cost for this multiemployer pension plan for any period is the amount of the required contribution for that period. A contingent liability may arise from, for example, possible actuarial losses relating to other participating entities because each entity that participates in a multiemployer union plan shares in the actuarial risks of every other participating entity or any responsibility under the terms of a plan to finance any shortfall in the plan if other entities cease to participate The coverage ratio of the Dutch multiemployer union plan is 95.3% as of September 30, 2015. In 2013, PMT prepared and executed a “Recovery Plan” which was approved by De Nederlandsche Bank, the Dutch central bank, which is the supervisor of all pension companies in the Netherlands. As a result of the Recovery Plan, the pension rights decreased 6.3% in April 2013 and the employer's premium percentage increased to 16.6% of pensionable wages. The coverage ratio is calculated by dividing the plan assets by the total sum of pension liabilities and is based on actual market interest. The coverage ratio of PMT fluctuates during a year due to the changes in the value of the assets and the present value of the liabilities, at the end of Q3 of Fiscal 2015 it reached a high of 103% but decreased in the fourth quarter of fiscal 2015 due to the reduction in the ultimate forward rate (which increases the present value of the liabilities) and a decrease in the value of global equities. As of September 30, 2015 PMT's total plan assets were $66.3 billion and the actuarial present value of accumulated plan benefits was $69.6 billion. Below is a table of contributions made by the Company to multiemployer pension plans. Contributions Years Ended September 30, 2015 2014 2013 (dollars in thousands) Pensioenfonds Metaal en Techniek (PMT) $ 805 $ 929 $ 879 Other plans 158 158 163 Total $ 963 $ 1,087 $ 1,042 The Company matches employee funds to the Company's defined contribution plans on a discretionary basis. The match was insignificant in fiscal years 2015, 2014 and 2013. Impact of Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. ASU No. 2015-03 must be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU No. 2015-15 states that for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of the new guidance is not expected to materially impact the Company’s consolidated financial position or results of operations In August 2015, the FASB issued ASC Update No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965). Update No. 2015-12 has three parts. Part I designates contract value as the only required measure for fully benefit-responsive investment contracts. Part II simplifies the investment disclosure requirements under Topics 820, 960, 962, and 965 for employee benefits plans and Part III provides an alternative measurement date for fiscal periods that do not coincide with a month-end date. Update No. 2015-12 is effective for fiscal years beginning after Decembe |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-Based Plans –The 2007 Employee Stock Incentive Plan (the “2007 Plan), under which 500,000 shares could be granted, was adopted by the Board of Directors in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014, and 2015 to add 2,500,000 shares. The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of Common Stock to directors. shares. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009, and 2014 to add 400,000 shares. 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 2025. Options issued by the Company vest over 2 to 4 years. The Company may also grant restricted stock awards under the 2007 Plan. As of September 30, 2015 and 2014, the unamortized expense related to restricted shares was less than $0.1 million and $0.1 million , respectively, and it is expected to be recognized over one year. Restricted stock transactions and outstanding awards are summarized as follows: Years Ended September 30, 2015 2014 2013 Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Beginning Outstanding 35,203 $ 10.13 69,154 $ 10.13 127,975 $ 9.06 Awarded — — — — — — Released (21,663 ) 11.47 (33,951 ) 10.13 (58,771 ) 7.81 Forfeited — — — — (50 ) 7.98 Ending Outstanding 13,540 $ 7.98 35,203 $ 10.13 69,154 $ 10.13 Stock-based compensation plans are summarized in the table below: Name of Plan Shares Authorized Shares Available Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 916,038 1,425,297 Mar. 2020 1998 Employee Stock Option Plan 500,000 — 23,710 Jan. 2008 Non-Employee Directors Stock Option Plan 500,000 167,600 178,470 Mar. 2020 1,083,638 1,627,477 Stock options were valued using the Black-Scholes option pricing model. See Note 1 for further discussion. Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,063,324 $ 7.37 1,059,567 $ 6.71 891,293 $ 9.37 Granted 327,500 9.74 272,906 7.01 312,850 2.95 Assumed - merger 367,229 14.19 — — Exercised (94,701 ) 5.52 (263,643 ) 4.31 (8,450 ) 3.08 Forfeited/canceled (35,875 ) 24.71 (5,506 ) 9.63 (136,126 ) 15.75 Outstanding at end of period 1,627,477 $ 9.11 1,063,324 $ 7.37 1,059,567 $ 6.71 Exercisable at end of period 1,002,421 $ 9.74 674,237 $ 8.18 874,591 $ 7.13 Weighted average grant-date fair value of options granted during the period $ 5.91 $ 4.38 $ 1.82 The following tables summarize information for stock options outstanding and exercisable as of September 30, 2015: Options Outstanding Range of Exercise Prices Number Outstanding Remaining Contractual Life Average Exercise Price Aggregate Intrinsic Value (in years) (in thousands) 2.95-3.30 165,310 7.1 $ 2.96 3.80-7.00 143,402 3.4 5.69 7.01-7.14 269,106 8.2 7.01 7.15-7.87 60,223 5.5 7.60 7.88-8.00 246,806 6.2 7.98 8.01-9.94 99,338 6.4 8.93 9.95-10.49 282,500 9.1 9.98 10.50-15.23 184,041 2.7 11.80 15.24-22.26 161,489 3.1 18.00 27.47-25.00 15,262 2.5 27.47 1,627,477 6.1 $ 9.11 $ 238 Vested and expected to vest as of September 30, 2015 1,624,545 6.1 $ 9.11 $ 238 Options Exercisable Range of Exercise Prices Number Exercisable Weighted Exercise Price Aggregate Intrinsic Value (in thousands) 2.95-3.30 99,968 $ 2.97 3.80-7.00 143,402 5.69 7.01-7.14 81,327 7.01 7.15-7.87 23,144 7.15 7.88-8.00 246,806 7.98 8.01-9.94 43,566 9.42 9.95-10.49 6,000 9.98 10.50-15.23 181,457 11.81 15.24-22.26 161,489 18.00 27.47-25.00 15,262 27.47 1,002,421 9.74 $ 150 The aggregate intrinsic value in the tables above represents the total pretax intrinsic value, based on the Company’s closing stock price of $4.30 per share as of September 30, 2015, which would have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value of stock options exercised during the fiscal years ended September 30, 2015, 2014 and 2013 was $1.1 million , $1.3 million and less than $ 0.1 million , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed similarly to basic earnings per share 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, and the numerator is based on net income (loss). In the case of a net loss, diluted earnings per share is calculated in the same manner as basic earnings per share. Options and restricted stock of approximately 1,640,000 , 1,099,000 and 1,130,000 shares are excluded from the fiscal 2015 , 2014 and 2013 earnings per share calculations as they are anti-dilutive. Years ended September 30, 2015 2014 2013 (dollars in thousands, except per share amounts) Basic Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,771 ) $ (13,047 ) $ (20,069 ) Weighted Average Shares Outstanding: Common stock 12,022 9,732 9,529 Basic loss per share attributable to Amtech shareholders $ (0.65 ) $ (1.34 ) $ (2.11 ) Diluted Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,771 ) $ (13,047 ) $ (20,069 ) Weighted Average Shares Outstanding: Common stock 12,022 9,732 9,529 Common stock equivalents (1) — — — Diluted shares 12,022 9,732 9,529 Diluted loss per share attributable to Amtech shareholders $ (0.65 ) $ (1.34 ) $ (2.11 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shareholder Rights Plan – On December 15, 2008, the Company and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”), entered into an Amended and Restated Rights Agreement (the “Restated Rights Agreement”) which amended and restated the terms governing the previously authorized shareholder rights (each a “Right”) to purchase fractional shares of the Company’s Series A Participating Preferred Stock (“Series A Preferred”) currently attached to each of the Company’s outstanding Common Shares, par value $0.01 per share (“Common Shares”). As amended, each Right entitles the registered holder to purchase from the Company one one thousandth of a share of Series A Preferred at an exercise price of $51.60 (the “Exercise Price”), subject to adjustment. The rights will expire 10 years after issuance and will be exercisable if (a) a person or group becomes the beneficial owner of 15% or more of the Company’s common stock or (b) a person or group commences a tender or exchange offer that would result in the offeror beneficially owning 15% or more of the Company’s common stock. The Final Expiration Date (as defined in the Restated Rights Agreement) is December 14, 2018. On October 1, 2015, the Company entered into a Second Amended and Restated Rights Agreement (the “Second Restated Rights Agreement”) with Computershare Trust Company, N.A., which expands the definition of Exempted Person to include any person that the Board, in its sole and absolute discretion, exempts from becoming an Acquiring Person under the Second Restated Rights Agreement. A Person deemed an Exempted Person under the Second Restated Rights Agreement cannot trigger any of the Rights provided therein so long as such Exempted Person complies with the terms and conditions by which the Board approved such exemption from the Restated Rights Agreement. As previously disclosed, on October 8, 2015, the Company entered into a Letter Agreement (the “Agreement”) by and between the Company and certain shareholders of the Company who jointly file (the “Joint Filers”) under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Agreement permits the Joint Filers, pursuant to the Restated Rights Agreement, to individually acquire shares of common stock of the Company that would, in the aggregate, bring the Joint Filers’ collective ownership to no more than 19.9% of the Company’s issued and outstanding common stock at any time. In the event the Joint Filers’ collective ownership at any time exceeds 19.9% of the Company’s issued and outstanding shares of common stock, the Company is entitled to specific performance and all other remedies entitled to the Company at law or equity, among others. The Company’s board of directors approved the Agreement and transactions contemplated thereunder, and has the sole authority to terminate the Agreement at any time. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Other Liabilities Disclosure | Other Accrued Liabilities Other accrued liabilities consist of the following: September 30, 2015 September 30, 2014 (dollars in thousands) Unearned research and development grants $ 103 $ 3,989 Other 3,448 1,357 $ 3,551 $ 5,346 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations – As of September 30, 2015, the Company had unrecorded purchase obligations in the amount of $9.8 million . 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 in the event that 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 sold an ion implanter ("Equipment") to ECN for $1.4 million . Both Tempress and ECN are performing research and development 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. Over the four -year period of the agreement, Tempress is required to contribute $1.4 million to the 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. Legal Proceedings – The Company and its subsidiaries are defendants from time to time in actions for matters arising out of their business operations. As previously disclosed in the Company’s filings with the SEC, shortly after the Company entered into the merger agreement with BTU, two separate putative stockholder class action complaints (together, the "Stockholder Actions") were filed in the Court of Chancery of the State of Delaware (the "Delaware Court"). The first was filed on November 4, 2014 and the second on November 17, 2014, on behalf of BTU’s public stockholders, against BTU, members of the BTU board, Amtech and the special purpose merger subsidiary. The Stockholder Actions were consolidated on December 4, 2014. The complaints generally alleged that, in connection with entering into the merger agreement, the BTU board of directors breached certain fiduciary duties owed to BTU's stockholders. The complaints sought various forms of declaratory and injunctive relief, as well as compensatory damages. On January 16, 2015, the Company and BTU, along with the other defendants named therein, entered into a memorandum of understanding (the “MOU”) to settle the Stockholder Actions. Pursuant to the MOU, the parties to the Stockholder Actions agreed to resolve the claims alleged and the Company and BTU agreed to make certain additional disclosures regarding the merger. On June 22, 2015, the Company and BTU, along with the other defendants named therein, filed a Stipulation and Agreement of Compromise and Settlement with the Delaware Court to memorialize the MOU. On November 6, 2015, the Company and BTU, along with the other defendants named therein, filed an Amended Stipulation and Agreement of Compromise and Settlement (the "Amended Stipulation of Settlement") with the Delaware Court. The Amended Stipulation of Settlement provides for a release of all claims against the Company and BTU, along with the other defendants named therein, subject to an exception for certain securities law claims. In addition, the Amended Stipulation of Settlement provides that BTU, its insurer(s), or its successor(s) in interest will be responsible for the payment of certain amounts in plaintiffs’ attorney fees and expenses in connection with the settlement, and that the defendants in the Stockholder Actions agree not to oppose an application to the Delaware Court for fees and expenses not to exceed $325,000 . The Amended Stipulation of Settlement is subject to court approval. The Company and BTU entered into the Amended Stipulation of Settlement solely to avoid the costs, risks, and uncertainties inherent in litigation and without admitting any liability or wrongdoing. There can be no assurance that the court will approve the Amended Stipulation of Settlement. In such event, the proposed settlement as contemplated by the Amended Stipulation of Settlement may be terminated. These Stockholder Actions may cause the company to incur substantial costs and divert management’s attention from operational matters. Additionally, no outcome is certain, so additional harm could potentially result to the Company from this litigation. Operating Leases – The Company leases buildings, vehicles and equipment under operating leases. Rental expense under such operating leases was $1.2 million , $1.0 million , and $1.0 million in fiscal 2015, 2014 and 2013, respectively. As of September 30, 2015, future minimum rental commitments under non-cancelable operating leases with initial or remaining terms of one year or more totaled $ 2.2 million , of which $0.9 million , $0.6 million , $0.4 million , $0.2 million and $0.1 million is payable in fiscal 2016, 2017, 2018, 2019 and 2020, respectively, and none thereafter. |
Major Customers and Foreign Sal
Major Customers and Foreign Sales | 12 Months Ended |
Sep. 30, 2015 | |
Major Customers and Foreign Sales [Abstract] | |
Major Customers And Foreign Sales | Major Customers and Foreign Sales In fiscal 2015, two customers accounted for 15% and 11% of net revenue. In fiscal 2014, two customers individually accounted for 18% and 11% of net revenue. In fiscal 2013, one customer accounted for 20% of net revenue . Our net revenues for fiscal 2015, 2014 and 2013 were to customers in the following geographic regions: Years Ended September 30, 2015 2014 2013 United States 24 % 21 % 20 % Other 2 % — % — % Total Americas 26 % 21 % 20 % Taiwan 13 % 16 % 14 % Malaysia 13 % 3 % 3 % China 26 % 14 % 39 % Other 8 % 12 % 8 % Total Asia 60 % 45 % 64 % Germany 5 % 16 % 5 % Other 9 % 18 % 11 % Total Europe 14 % 34 % 16 % 100 % 100 % 100 % |
Business Segments
Business Segments | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Following the Company's acquisition of BTU, an evaluation was conducted of the Company's organizational structure. Beginning with the second quarter of fiscal 2015, the Company made changes to its reportable segments. Prior period amounts have been revised to conform to the current period segment reporting structure. The Company’s three reportable segments are as follows: Solar - In the Company’s Solar segment, we are a leading supplier of thermal processing systems, including related automation, parts and services, to the solar/photovoltaic industry and also offer PECVD (plasma-enhanced chemical vapor deposition) equipment to the global solar market. Semiconductor - In the Company’s Semiconductor segment, we design, manufacture, sell and service thermal processing equipment and related controls for use by leading semiconductor manufacturers, and in electronics, automotive and other industries. Polishing - In the Company's Polishing 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. On December 24, 2014, the Company acquired a 51% controlling interest in SoLayTec, and on January 30, 2015, the Company completed its acquisition of BTU. Beginning in the second quarter of 2015, SoLayTec’s business is included in the results for the solar segment, and BTU’s business is included in the results for the semiconductor segment. See Note 14, “Acquisitions”, for additional information with respect to the Company’s recent acquisitions. Information concerning our business segments is as follows: Years ended September 30, 2015 2014 2013 (dollars in thousands) Net revenue: Solar* $ 56,689 $ 36,069 $ 22,943 Semiconductor 37,250 9,779 3,425 Polishing 10,944 10,653 8,430 $ 104,883 $ 56,501 $ 34,798 Operating income (loss): Solar* $ (4,741 ) $ (11,010 ) $ (13,720 ) Semiconductor (1,268 ) 851 (657 ) Polishing 1,935 2,805 1,282 Non-segment related (9,447 ) (5,735 ) (6,899 ) $ (13,521 ) $ (13,089 ) $ (19,994 ) * The financial statement of business units included in the Solar segment include some sales of equipment and parts to the semiconductor, silicon wafer and MEMS industries, comprising less than 25% of the Solar segment revenue Years ended September 30, 2015 2014 2013 (dollars in thousands) Capital expenditures: Solar $ 411 $ 282 $ 90 Semiconductor 136 110 8 Polishing 63 70 80 $ 610 $ 462 $ 178 Depreciation and amortization expense: Solar $ 2,940 $ 2,236 $ 2,451 Semiconductor 318 40 50 Polishing 99 134 166 $ 3,357 $ 2,410 $ 2,667 September 30, September 30, (dollars in thousands) Identifiable assets: Solar* $ 45,717 $ 50,197 Semiconductor 46,912 5,281 Polishing 5,793 6,377 Non-segment related 27,034 28,049 $ 125,456 $ 89,904 Goodwill: Solar* $ 5,344 $ 7,595 Semiconductor 4,463 — Polishing 728 728 $ 10,535 $ 8,323 Geographic Regions The Company has operations in The Netherlands, United States, France and China. Revenues, operating income (loss) and identifiable assets by geographic region are as follows: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Net revenue: The Netherlands $ 46,982 $ 31,779 $ 17,615 United States 37,483 20,433 11,855 France 8,387 4,218 5,328 China 9,725 71 — Other 2,306 — — $ 104,883 $ 56,501 $ 34,798 Operating income (loss): The Netherlands $ (9,069 ) $ (9,403 ) $ (11,139 ) United States (5,541 ) (207 ) (4,346 ) France (330 ) (611 ) (815 ) China 986 (2,868 ) (3,694 ) Other 433 — — $ (13,521 ) $ (13,089 ) $ (19,994 ) As of September 30, 2015 2014 Net long-lived assets (excluding intangibles and goodwill) The Netherlands $ 6,677 $ 7,617 United States 10,162 1,016 France 346 475 China 576 644 $ 17,761 $ 9,752 |
Geographic Regions
Geographic Regions | 12 Months Ended |
Sep. 30, 2015 | |
Segments, Geographical Areas [Abstract] | |
Geographic Regions | Business Segments Following the Company's acquisition of BTU, an evaluation was conducted of the Company's organizational structure. Beginning with the second quarter of fiscal 2015, the Company made changes to its reportable segments. Prior period amounts have been revised to conform to the current period segment reporting structure. The Company’s three reportable segments are as follows: Solar - In the Company’s Solar segment, we are a leading supplier of thermal processing systems, including related automation, parts and services, to the solar/photovoltaic industry and also offer PECVD (plasma-enhanced chemical vapor deposition) equipment to the global solar market. Semiconductor - In the Company’s Semiconductor segment, we design, manufacture, sell and service thermal processing equipment and related controls for use by leading semiconductor manufacturers, and in electronics, automotive and other industries. Polishing - In the Company's Polishing 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. On December 24, 2014, the Company acquired a 51% controlling interest in SoLayTec, and on January 30, 2015, the Company completed its acquisition of BTU. Beginning in the second quarter of 2015, SoLayTec’s business is included in the results for the solar segment, and BTU’s business is included in the results for the semiconductor segment. See Note 14, “Acquisitions”, for additional information with respect to the Company’s recent acquisitions. Information concerning our business segments is as follows: Years ended September 30, 2015 2014 2013 (dollars in thousands) Net revenue: Solar* $ 56,689 $ 36,069 $ 22,943 Semiconductor 37,250 9,779 3,425 Polishing 10,944 10,653 8,430 $ 104,883 $ 56,501 $ 34,798 Operating income (loss): Solar* $ (4,741 ) $ (11,010 ) $ (13,720 ) Semiconductor (1,268 ) 851 (657 ) Polishing 1,935 2,805 1,282 Non-segment related (9,447 ) (5,735 ) (6,899 ) $ (13,521 ) $ (13,089 ) $ (19,994 ) * The financial statement of business units included in the Solar segment include some sales of equipment and parts to the semiconductor, silicon wafer and MEMS industries, comprising less than 25% of the Solar segment revenue Years ended September 30, 2015 2014 2013 (dollars in thousands) Capital expenditures: Solar $ 411 $ 282 $ 90 Semiconductor 136 110 8 Polishing 63 70 80 $ 610 $ 462 $ 178 Depreciation and amortization expense: Solar $ 2,940 $ 2,236 $ 2,451 Semiconductor 318 40 50 Polishing 99 134 166 $ 3,357 $ 2,410 $ 2,667 September 30, September 30, (dollars in thousands) Identifiable assets: Solar* $ 45,717 $ 50,197 Semiconductor 46,912 5,281 Polishing 5,793 6,377 Non-segment related 27,034 28,049 $ 125,456 $ 89,904 Goodwill: Solar* $ 5,344 $ 7,595 Semiconductor 4,463 — Polishing 728 728 $ 10,535 $ 8,323 Geographic Regions The Company has operations in The Netherlands, United States, France and China. Revenues, operating income (loss) and identifiable assets by geographic region are as follows: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Net revenue: The Netherlands $ 46,982 $ 31,779 $ 17,615 United States 37,483 20,433 11,855 France 8,387 4,218 5,328 China 9,725 71 — Other 2,306 — — $ 104,883 $ 56,501 $ 34,798 Operating income (loss): The Netherlands $ (9,069 ) $ (9,403 ) $ (11,139 ) United States (5,541 ) (207 ) (4,346 ) France (330 ) (611 ) (815 ) China 986 (2,868 ) (3,694 ) Other 433 — — $ (13,521 ) $ (13,089 ) $ (19,994 ) As of September 30, 2015 2014 Net long-lived assets (excluding intangibles and goodwill) The Netherlands $ 6,677 $ 7,617 United States 10,162 1,016 France 346 475 China 576 644 $ 17,761 $ 9,752 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision (benefit) for income taxes are as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Current: Domestic Federal $ (320 ) $ 370 $ (150 ) Foreign 500 530 800 Foreign withholding taxes 1,240 — — Domestic state — 80 (110 ) Total current 1,420 980 540 Deferred: Domestic Federal 720 (490 ) (290 ) Foreign (210 ) 750 1,610 Domestic state (20 ) — — Total deferred 490 260 1,320 Total provision $ 1,910 $ 1,240 $ 1,860 A reconciliation of actual income taxes to income taxes at the expected United States federal corporate income tax rate of thirty-four percent is as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Tax benefit at the U.S. rate $ (1,630 ) $ (4,440 ) $ (6,750 ) Effect of permanent book-tax differences (1,570 ) 30 970 State tax provision (40 ) 80 (110 ) Valuation allowance for net deferred tax assets 2,490 3,900 5,850 Uncertain tax items 330 370 450 Foreign tax rate differential 1,890 1,000 1,440 Other items 440 300 10 $ 1,910 $ 1,240 $ 1,860 Deferred income taxes 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 tax effects of temporary book-tax differences that give rise to significant portions of the deferred tax assets and deferred tax liability are as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Deferred tax assets - current: Capitalized inventory costs $ 340 $ 230 $ 130 Inventory write-downs 4,840 950 620 Accrued warranty 280 180 200 Deferred profits 1,180 1,460 800 Accruals and reserves not currently deductible 1,920 520 490 Deferred tax assets - current $ 8,560 $ 3,340 $ 2,240 Valuation allowance (6,510 ) (2,280 ) (910 ) Deferred tax assets - current, net of valuation allowance $ 2,050 $ 1,060 $ 1,330 Deferred tax assets (liabilities)- non-current: Stock option expense $ 680 $ 670 $ 700 Book vs. tax basis of acquired assets (1,350 ) (1,210 ) (1,130 ) Federal net operating loss caryforwards 5,570 900 — Foreign and state net operating losses 10,550 8,070 9,000 Book vs. tax depreciation and amortization (2,030 ) (10 ) 60 Foreign tax credits 3,950 — 520 Other deferred tax assets 360 2,950 (350 ) Total deferred tax assets - non-current 17,730 11,370 8,800 Valuation allowance (17,300 ) (10,070 ) (7,540 ) Deferred tax assets (liabilities) - non-current, net of valuation allowance $ 430 $ 1,300 $ 1,260 Changes in the deferred tax valuation allowance are as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Balance at the beginning of the year $ 12,350 $ 8,450 $ 2,600 Additions to valuation allowance 11,460 3,900 5,850 Balance at the end of the year $ 23,810 $ 12,350 $ 8,450 The deferred tax valuation allowance increased by $11.5 million and by $3.9 million for the years ended September 30, 2015 and 2014, respectively. A significant portion of this increase is related to the acquisition of BTU. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. We have recorded a full valuation allowance against the net deferred tax assets of the China, Dutch and French subsidiaries and of certain states since we believe that, after considering all of the available objective evidence, both positive and negative, historical and prospective, with greater weight given to historical evidence, it is not more likely than not that these assets will be realized. The Company has federal net operating loss carryforwards of approximately $16.9 million that expire at various times between 2024 and 2035. The company also has foreign net operating loss carryforwards of approximately $37.8 million which expire at various times through 2024. The Company also has state net operating loss carryforwards of $11.4 million . In addition, the Company has approximately $3.6 million of foreign tax credits that expire at various times through 2025. The Company’s historical and continuing policy is that its undistributed foreign earnings are indefinitely reinvested and, accordingly, no related provision for U.S. federal and state income taxes has been provided on the $0.9 million of undistributed foreign earnings at September 30, 2015. The amount of taxes attributable to these undistributed earnings is immaterial. The Company applies the provisions of FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes”, (now codified as FASB ASC 740, “Income Tax”). In this regard, an uncertain tax position represents the Company's expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. Approximately $1.8 million of this total represents the amount that, if recognized, would favorably affect our effective income tax rate in future periods. A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Balance at beginning of the year $ 3,180 $ 2,810 $ 2,360 Additions related to tax positions taken in prior years 330 370 530 Reductions due to lapse of statute of limitations — — (80 ) Balance at the end of the year $ 3,510 $ 3,180 $ 2,810 We have classified all of our liabilities for uncertain tax positions as income taxes payable long-term. Income taxes long-term also includes other items, primarily withholding taxes that are not due until the related intercompany service fees are paid. We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized a net expense for interest and penalties of $0.3 million , $0.4 million , and $0.5 million for fiscal years 2015, 2014 and 2013 respectively. Income taxes payable long-term on the consolidated balance sheets includes a cumulative accrual for potential interest and penalties of $1.8 million and $1.6 million as of September 30, 2015 and 2014, respectively. The Company does not expect that the amount of our tax reserves for uncertain tax positions will materially change in the next 12 months other than the continued accrual of interest and penalties. The Company and one or more of its subsidiaries file income tax returns in The Netherlands, Germany, France, China and other foreign jurisdictions, as well as the U.S. and various states in the U.S. We have not signed any agreements with the Internal Revenue Service, any state or foreign jurisdiction to extend the statute of limitations for any fiscal year. As such, the number of open years is the number of years dictated by statute in each of the respective taxing jurisdictions, but generally is from 3 to 5 years. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, timing, or inclusion of revenues and expenses, or the sustainability of income tax positions of the Company and its subsidiaries. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During fiscal 2015, the company recorded a net charge of $0.6 million , which is reported in restructuring and other charges in the consolidated statement of operations, for employee related costs, including costs for severance related to the BTU acquisition. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2015: (in thousands, except per share amounts) Revenue $ 12,396 $ 24,273 $ 40,016 $ 28,198 Gross margin $ 3,428 $ 6,889 $ 10,128 $ 6,563 Provision for income taxes $ 180 $ 170 $ 290 $ 1,270 Net income (loss) attributable to Amtech Systems, Inc. $ (5,195 ) $ (2,321 ) $ (1,604 ) $ 1,349 Comprehensive income (loss) attributable to Amtech Systems, Inc. $ (6,247 ) $ (4,470 ) $ (1,344 ) $ 1,414 Net income (loss) per share attributable to Amtech Systems, Inc.: Basic earnings per share $ (0.53 ) $ (0.19 ) $ (0.12 ) $ 0.10 Shares used in calculation 9,854 11,997 13,103 13,150 Diluted earnings per share $ (0.53 ) $ (0.19 ) $ (0.12 ) $ 0.10 Shares used in calculation 9,854 11,997 13,103 13,259 Fiscal Year 2014: Revenue $ 14,772 $ 12,717 $ 9,190 $ 19,822 Gross margin $ 4,535 $ 2,898 $ 1,631 $ 2,562 Provision for (benefit of) for income taxes $ 560 $ — $ 1,325 $ (645 ) Net loss attributable to Amtech Systems, Inc. $ (794 ) $ (3,751 ) $ (5,257 ) $ (3,245 ) Comprehensive loss attributable to Amtech Systems, Inc. $ (66 ) $ (3,756 ) $ (5,568 ) $ (4,892 ) Net loss per share attributable to Amtech Systems, Inc.: Basic earnings per share $ (0.08 ) $ (0.39 ) $ (0.53 ) $ (0.33 ) Shares used in calculation 9,560 9,679 9,843 9,846 Diluted earnings per share $ (0.08 ) $ (0.39 ) $ (0.53 ) $ (0.33 ) Shares used in calculation 9,560 9,679 9,843 9,846 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt In January 2015, the Company acquired $7.2 million of long-term debt as part of the BTU acquisition. The debt acquired is a mortgage note secured by its real property in Billerica, Massachusetts, and has a remaining balance of $ 6.9 million as of September 30, 2015. The debt acquired has an interest rate of 4.4% through September 26, 2018, at which time the interest rate will be adjusted to a per annum fixed rate equal to the aggregate of the Federal Home Loan Board Five Year Classic Advance Rate plus two hundred forty basis points. The loan agreement requires compliance with certain covenants. One covenant requires that the outstanding principal plus accrued interest and fees thereon is not greater than 80% of the appraised value of the mortgaged premises. The company was not in compliance with this covenant as of September 30, 2015. As of the date hereof, we have not received any notice of acceleration from the lender, nor have we received a waiver. Due to non-compliance, we have reclassified $0.2 million to current liabilities. The maturity date of the debt acquired is September 26, 2023. In December 2014, the Company acquired long term debt as part of the SoLayTec acquisition. Subsequent to the acquisition, there were additional borrowings of $0.7 million . As of September 30, 2015 the debt has a remaining balance of $2.4 million. The debt acquired has interest rates ranging from 5.95% to 10% and maturity dates ranging from fiscal 2017 to fiscal 2021. Annual maturities relating to the Company's long-term debt as of September 30, 2015 are as follows: Annual Maturities (in thousands) 2016 919 2017 1,122 2018 576 2019 453 2020 473 Thereafter 5,824 Total $ 9,367 |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Merger with BTU International On January 30, 2015 , the Company completed its acquisition of BTU (the "Merger"). In connection with the Merger, each share of BTU common stock outstanding immediately prior to the effective time of the Merger, including BTU restricted stock units that vested immediately prior to the effective time of the Merger, was converted to 0.3291 shares of common stock of the Company. The Company issued 3,185,852 shares of Company common stock on the Merger date. Pursuant to the terms of the Merger Agreement, options to purchase BTU common stock held by BTU employees were assumed by the Company and converted into options to purchase shares of Company common stock on substantially the same terms and conditions as were applicable to such BTU stock options, with appropriate adjustments based upon the exchange ratio of 0.3291 to the exercise price and the number of shares of Company common stock subject to such stock option. As a result of the Merger, the company owns 100% of the outstanding stock of BTU. The following unaudited pro forma data has been prepared by adjusting the Company’s historical data to give effect to the Merger as if it had occurred on October 1, 2013 and includes adjustments for depreciation expense, amortization of intangibles, and the effect of other purchase accounting adjustments: Years Ended (unaudited) September 30, 2015 September 30, 2014 September 30, 2013 (dollars in thousands, except per share data) Revenue, net $ 121,186 $ 111,531 $ 84,641 Net loss $ (9,223 ) $ (15,586 ) $ (40,108 ) Earnings per share available to Amtech stockholders: Basic $ (0.70 ) $ (1.21 ) $ (3.03 ) Diluted $ (0.70 ) $ (1.21 ) $ (3.03 ) The unaudited pro forma financial data was prepared in accordance with the acquisition method of accounting under existing standards and is not necessarily indicative of the results of operations that would have occurred if the Merger had been completed on the date indicated, nor is it indicative of the future operating results of the Company. The unaudited pro forma results do not reflect certain future events that either have occurred or may occur after the Merger, including, but not limited to, the anticipated realization of ongoing cost reductions from other operating synergies in subsequent periods. They also do not give effect to certain charges that the Company expects to incur in connection with the Merger, including, but not limited to, additional professional fees and other restructuring costs. The Merger was an all-stock transaction. The following table summarizes the consideration transferred: (In thousands, except per share amounts) BTU common shares and restricted stock units exchanged 9,681 Exchange ratio 0.3291 Amtech common stock issued for consideration 3,186 Amtech common stock per share price on January 30, 2015 $ 8.20 Consideration for BTU common shares and restricted stock units $ 26,125 Vested BTU stock options exchanged for Amtech stock options $ 500 Total fair value of consideration transferred $ 26,625 The following table summarizes the allocation of the consideration for the assets acquired and liabilities assumed on January 30, 2015 : (In thousands) Fair value of net tangible assets acquired $ 19,232 Goodwill 4,463 Identifiable intangible assets 2,930 Total consideration allocated $ 26,625 The acquired intangible assets are the trade name "BTU", which has a fair value of $1.2 million and 15 year useful life, and customer lists of $1.7 million and a useful life of 6 years . Goodwill of $4.5 million was assigned to the semiconductor segment. Goodwill will not be amortized but instead tested for impairment at least annually (more frequently if certain indicators are present). Goodwill as of September 30, 2015, is not expected to be deductible for tax purposes. During the fourth quarter of 2015, the Company obtained additional information relating to the fair value of net tangible and intangible assets acquired. Refer to Note 1 "Summary of Significant Accounting Policies" for details on the adjustments that were made. As of September 30, 2015, the accounting for the BTU acquisition has not been finalized due to pending items on the valuation of acquired assets and liabilities. Under the guidance on accounting for business combinations, merger and integration costs are not included as components of consideration transferred but are accounted for as expenses in the period in which the costs are incurred. Transaction-related expenses of $4.0 million and $1.3 million for fiscal 2015 and 2014, respectively, are included in the Selling, General and Administrative line in the Condensed Consolidated Statements of Operations. Acquisition of SoLayTec B.V. On December 24, 2014, the Company expanded our participation in the solar market by acquiring a 51% controlling interest in SoLayTec, which provides ALD systems used in high efficiency solar cells, for a total purchase price consideration of $1.9 million . The Company consolidated the results of operations for SoLayTec beginning on December 24, 2014, the effective date of the acquisition, which were not material to our consolidated statement of operations for fiscal 2015. Additionally, the Company's historical results would not have been materially affected by the acquisition of SoLayTec and, accordingly, has not presented pro forma information as if the acquisition had been completed at the beginning of each period presented in our consolidated statements of operations. As of September 30, 2015, the accounting for the SoLayTec acquisition has not been finalized due to pending items on the valuation of acquired assets and liabilities. |
Deconsolidation
Deconsolidation | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Deconsolidation | Deconsolidation In September 2015, the Company entered into transactions pursuant to which the Company has received $0.7 million as of September 30th, and will receive approximately $7.1 million, $3.6 million in return for shares of Kingstone and $3.5 million for the repayment of a loan, including interest, reducing its ownership to 15% of the Hong Kong holding company (effectively a 10% beneficial ownership in the Shanghai operating entity). The loan carries interest at 1% per annum and the balance and interest were paid in full in October 2015. The cash for the sale of shares was received in November 2015. According to the terms of the transaction agreements, the Company will receive $5.6 million , approximately $3.1 million net of tax, by March 31, 2016, for its exclusive sales and service rights in the solar ion implant equipment. Following closing, the Company no longer held a controlling interest in Kingstone and as a result, Kingstone was deconsolidated on September 16, 2015, eliminating the assets, liabilities and non-controlling interests recorded for Kingstone from the Company's Consolidated Balance Sheet. The Company's investment in Kingstone will be accounted for using the equity method for periods subsequent to the deconsolidation due to the Company's ability to exert significant influence over the financial and operating policies of Kingstone, primarily through our representation on the board of directors. See Note 16 - Investment for additional details. The Company recorded a gain of $8.8 million as a result of the deconsolidation. The gain was computed as follows: the fair value of consideration received, plus the fair values of the retained non-controlling interest and the sales and service rights, less the carrying value of Kingstone's net assets. |
Investments
Investments | 12 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments As discussed in Note 15 "Deconsolidation", on September 16, 2015, the Company deconsolidated Kingstone, reducing its ownership to 15% of the Hong Kong holding company (effectively a 10% beneficial ownership in the Shanghai operating entity). The Company's investment in Kingstone will be accounted for using the equity method for periods subsequent to the deconsolidation due to the Company's ability to exert significant influence over the financial and operating policies of Kingstone, primarily through our representation on the board of directors. The resulting equity method investment was initially recorded at fair value at $2.7 million using the value the third party purchaser placed on their investment in Kingstone Shanghai, a Level 2 input in the fair value hierarchy. The recognition of the Company's retained interest in Kingstone at fair value upon deconsolidation resulted in a basis difference between the carrying value of the Company’s investment in Kingstone and its proportionate share in net assets of Kingstone. The difference (the “basis difference”) between the initial fair value of the Company's investment and the proportional interest in the underlying net assets of Kingstone will be allocated to the Company's proportionate share of Kingstone’s identifiable assets and liabilities. The portion of the basis difference attributable to tangible and definite lived intangible assets will be amortized over their respective estimated useful lives and reflected as a component of “Income (loss) from equity method investment”. The Company is currently determining the fair value of certain assets of Kingstone. The valuation is expected to be finalized in fiscal 2016. The Company has estimated that the amortization of the basis difference allocable to the period from September 16, 2015 to September 30, 2015 (“the short period”) was not material. However, once a final allocation of fair value is made, the related depreciation and amortization for the short period may be significantly different from its initial estimate. The Company’s loss from equity method investment in Kingstone during the short period was immaterial and it is not expected that the loss will be materially different as a result of the fair value determination. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of the Company and 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. The equity method of accounting is used for i nvestments over which the Company has a significant influence but not a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates - The preparation of consolidated 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Change in Accounting Estimate | Change in Accounting Estimate - The Company regularly reviews inventory quantities and inventory purchase commitments and writes down excess and obsolete inventory to its net realizable value, and records a loss for expected purchase order cancellation charges and for excess inventory purchase commitments that cannot be cancelled. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. |
Revenue Recognition | Revenue Recognition - We review product and service sales contracts with multiple deliverables to determine if separate units of accounting are present. Where separate units of accounting exist, revenue allocated to delivered items is the lower of the relative selling price of the delivered items in the sales arrangement or the portion of the selling price that is not contingent upon performance of the service. We recognize revenue when persuasive evidence of an arrangement exists; the product has been delivered and title has transferred, or services have been rendered; and the seller’s price to the buyer is fixed or determinable and collectability is reasonably assured. For us, this policy generally results in revenue recognition at the following points: 1. For our equipment business, transactions where legal title passes to the customer upon shipment, we recognize revenue upon shipment for those products where the customer’s defined specifications have been met with at least two similarly configured systems and processes for a comparably situated customer. Our selling prices may include both equipment and services, i.e., installation and start-up services performed by our service technicians. The equipment and services are multiple deliverables. Certain equipment that has a positive track record of successful installation and customer acceptance are considered to be routine systems. Our recognition of revenue upon delivery of such equipment that has been routinely installed and accepted is equal to the total selling price minus the relative selling price of the undelivered services. Where the installation and acceptance of more than two similarly configured items of equipment have not become routine, recognition of revenue upon delivery of equipment is limited to the lesser of (i) the total selling price minus the relative selling price of the undelivered services or (ii) the non-contingent amount. Since we defer only those costs directly related to installation, or other unit of accounting not yet delivered, and the portion of the contract price is often considerably greater than the relative selling price of those items, our policy at times will result in deferral of profit that is disproportionate in relation to the deferred revenue. When this is the case, the gross margin recognized in one period will be lower and the gross margin reported in a subsequent period will improve. 2. For products where the customer’s defined specifications have not been met with at least two similarly configured systems and processes, the revenue and directly related costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criterion has been met. We have, on occasion, experienced longer than expected delays in receiving cash from certain customers pending final installation or system acceptance. If some of our customers refuse to pay the final payment, or otherwise delay final acceptance or installation, the deferred revenue would not be recognized, adversely affecting our future cash flows and operating results. 3. Sales of certain equipment, spare parts and consumables are recognized upon shipment, as there are no post shipment obligations other than standard warranties. 4. Service revenue is recognized upon performance of the services requested by the customer. Revenue related to service contracts is recognized ratably over the period of the contract or in accordance with the terms of the contract, which generally coincides with the performance of the services requested by the customer. |
Deferred Profit | Deferred Profit – Revenue deferred pursuant to our revenue policy, net of the related deferred costs, if any, is recorded as deferred profit in current liabilities. |
Cash Equivalents | Cash Equivalents – We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist of amounts invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts. |
Restricted Cash | Restricted Cash – Restricted cash of $0.6 million and $2.4 million as of September 30, 2015 and 2014, respectively, includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. Restricted cash as of September 30, 2015 includes $0.2 million relating the Company's proportional responsibility, assumed in connection with the BTU acquisition, for clean-up costs at a Superfund site. Restricted cash of September 30, 2014 includes cash received from research and development grants related to our ion implant technology to be used for research and development projects. |
Accounts receivable and allowance for doubtful accounts | Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the gross sales price of products sold to customers on trade credit terms. Accounts receivable are considered past due when payment has not been received from the customer within the normal credit terms extended to that customer. A valuation allowance is established for accounts when collection is no longer probable. Accounts are written off against the allowance when the probability of collection is remote. |
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. |
Concentrations of Credit Risk | Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company’s customers consist of solar cell and semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. 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 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 62% of total cash balances) are primarily invested in US Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of the Company’s cash is maintained with financial institutions with reputable credit in The Netherlands, France and China. |
Inventories | Inventories – We value our inventory at the lower of cost or net realizable value. Costs for approximately 60% of inventory are determined on an average cost basis with the remainder determined on a first-in, first-out (FIFO) basis. |
Notes and Other Receivables | Notes and Other Receivables - Notes and other Receivable consists amounts due the Company for the sale of Kingstone shares and repayment of a loan (see Note 15 "Deconsolidation"). The carrying amount of the notes receivable approximates fair value due to the short-term nature of the notes. |
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 and amortization are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation and amortization is computed using the straight-line method. |
Goodwill | Goodwill - Goodwill and intangible assets with indefinite lives are not subject to amortization, but are tested for impairment when it is determined that it is more likely than not that the fair value of a reporting unit or the indefinite-lived intangible asset is less than its carrying amount, typically at the end of the fiscal year, or more frequently if circumstances dictate. |
Intangibles | Intangibles - Intangible assets are capitalized and amortized on a straight-line basis over their useful life if the life is determinable. If the life is not determinable, amortization is not recorded. |
Warranty | Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months to all purchasers of the Company’s new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized. |
Research and development expense | Research, Development and Engineering Expenses - Research, development and engineering expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes as well as materials, supplies and facilities used in producing prototypes. Payments received for research and development grants prior to the meeting of milestones are recorded as unearned research and development grant liabilities and included in other accrued liabilities on the balance sheet. When certain contract requirements are met, governmental research and development grants are netted against research and development expenses. |
Shipping expenses | Shipping Expense – Shipping expenses of $2.5 million , $1.0 million and $0.8 million for fiscal 2015 , 2014 and 2013 are included in selling, general and administrative expenses. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation – The functional currency of the Company’s European operations is the Euro. |
Income Taxes | Income Taxes - The Company files consolidated federal income tax returns in the United States for all subsidiaries except those in the Netherlands, France, Hong Kong and China, where separate returns are filed. The Netherlands operations file separate returns in that country. The Company computes deferred income tax assets and liabilities based upon cumulative temporary differences between financial reporting and taxable income, carryforwards available and enacted tax laws. The Company also accrues a liability for uncertain tax positions when it is more likely than not that such tax will be incurred. Deferred tax assets 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. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management and based on the weight of available evidence, it is more likely than not that a portion or all of the deferred tax asset will not be realized. Each quarter the valuation allowance is re-evaluated. |
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 or deficiencies of tax deductions in excess of or less than recognized compensation cost are reported as cash flow from financing activities rather than as cash flow from operating activities. |
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, Cash Equivalents and Restricted Cash - Included in Cash and Cash Equivalents in the Condensed Consolidated Balance Sheets are money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury and foreign bank operating and time deposit accounts. 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 | 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 multiemployer plan for hourly union employees in Pennsylvania and the Company's defined contribution plan that covers substantially all of the employees in the United States. The multiemployer plans in the United States and France are insignificant. |
New Accounting Pronouncements | Impact of Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. ASU No. 2015-03 must be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU No. 2015-15 states that for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of the new guidance is not expected to materially impact the Company’s consolidated financial position or results of operations In August 2015, the FASB issued ASC Update No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965). Update No. 2015-12 has three parts. Part I designates contract value as the only required measure for fully benefit-responsive investment contracts. Part II simplifies the investment disclosure requirements under Topics 820, 960, 962, and 965 for employee benefits plans and Part III provides an alternative measurement date for fiscal periods that do not coincide with a month-end date. Update No. 2015-12 is effective for fiscal years beginning after December 15, 2015. The adoption of Update No. 2015-12 is not expected to have a material impact on our financial position or results of operations. In July 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-11, Simplifying the Measurement of Inventory. This ASU simplifies the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016 and for interim periods therein. We do not expect adoption of this ASU to have a material impact on our consolidated financial position and results of operations. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements , which clarifies various topics in the FASB Accounting Standards Codification. ASU 2015-10 is effective for the interim and annual periods ending after December 15, 2015. Early adoption is permitted. We are currently assessing the impact of this ASU, but do not expect it to have a material impact on our consolidated financial position and results of operations. In May 2015, the FASB issued ASU 2015-08, Business Combinations (Topic 805): Pushdown Accounting - Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115, or ASU 2015-08. The amendments in ASU 2015-08 amend various SEC paragraphs included in the FASB’s Accounting Standards Codification to reflect the issuance of Staff Accounting Bulletin No. 115, or SAB 115. SAB 115 rescinds portions of the interpretive guidance included in the SEC’s Staff Accounting Bulletins series and brings existing guidance into conformity with ASU No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting, which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. We have adopted the amendments in ASU 2015-08, effective May 8, 2015, as the amendments in the update are effective upon issuance. The adoption did not have a material impact on our consolidated financial position and results of operation. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). This ASU provides guidance that will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement, including whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then this ASU requires the customer to account for the software license consistent with the acquisition of other software licenses; otherwise, the customer should account for the arrangement as a service contract. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities can elect to adopt the amendments either prospectively to all arrangements entered into after the effective date or retrospectively to all prior periods. We are currently assessing the impact of this ASU. In April 2015, the FASB issued ASU No. 2015-3, Interest-Imputation of Interest (Subtopic 835-30). This ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The ASU requires retrospective application and represents a change in accounting principle. The ASU is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. We are currently assessing the impact of this ASU. In January 2015, the FASB issued ASU No. 2015-1, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20). The FASB is issuing this ASU as part of its initiative to reduce costs and complexity in accounting standards, known as its Simplification Initiative. This ASU eliminates from generally accepted accounting principles in the United States (" GAAP") the concept of extraordinary items in an effort to save time and reduce costs, while alleviating uncertainty and maintaining accurate and fulsome disclosure. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We are currently assessing the impact of this ASU but do not expect it to have a material impact on our consolidated financial position and results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes most of the current revenue recognition requirements. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. This guidance is effective for the Company in the first quarter of fiscal year 2018 and early application is not permitted. Entities must adopt the new guidance using one of two retrospective application methods. The Company is currently evaluating the the standard and the impact on our financial position and results of operations. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Deferred Profit | The components of deferred profit are as follows: September 30, 2015 2014 2013 (dollars in thousands) Deferred revenue $ 7,280 $ 8,118 $ 3,371 Deferred costs 2,407 1,210 304 Deferred profit $ 4,873 $ 6,908 $ 3,067 |
Allowance For Doubtful Accounts | The following is a summary of the activity in the Company’s allowance for doubtful accounts: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Balance at beginning of year $ 2,846 $ 638 $ 517 (Reversal) / Provision (194 ) 1,304 199 Write offs (130 ) (13 ) (78 ) Acquired through business acquisitions 1,397 — — Adjustment 1,090 917 — Balance at end of year $ 5,009 $ 2,846 $ 638 |
Schedule of Inventory, Current | The components of inventories are as follows: September 30, 2015 September 30, 2014 (dollars in thousands) Purchased parts and raw materials $ 6,065 $ 8,797 Work-in-process 5,669 4,809 Finished goods 11,595 3,154 $ 23,329 $ 16,760 |
Property, Plant and Equipment | The following is a summary of property, plant and equipment: September 30, 2015 September 30, 2014 (dollars in thousands) Land, building and leasehold improvements $ 18,095 $ 10,414 Equipment and machinery 9,709 8,189 Furniture and fixtures 5,465 5,453 33,269 24,056 Accumulated depreciation and amortization (15,508 ) (14,304 ) $ 17,761 $ 9,752 |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the year ended September 30, 2015 are as follows. Solar Semiconductor Polishing Total (dollars in thousands) Goodwill $ 12,315 $ — $ 728 $ 13,043 Accumulated impairment losses (4,720 ) — (4,720 ) Carrying value at September 30, 2014 7,595 — 728 8,323 Goodwill recognized due to acquisitions 3,218 4,463 — 7,681 Goodwill derecognized due to deconsolidation (5,198 ) — — (5,198 ) Net exchange differences (271 ) — — (271 ) Carrying value at September 30, 2015 $ 5,344 $ 4,463 $ 728 $ 10,535 Goodwill 9,899 4,463 728 15,090 Accumulated impairment losses (4,555 ) — — (4,555 ) Carrying value at September 30, 2015 $ 5,344 $ 4,463 $ 728 $ 10,535 |
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 Years Ended September 30, 2015 2014 (dollars in thousands) Non-compete agreements 4-8 years $ 137 $ (137 ) $ — $ 1,055 $ (955 ) $ 100 Customer lists 6-10 years 2,434 (808 ) 1,626 817 (592 ) 225 Technology 5-10 years 3,223 (1,368 ) 1,855 2,319 (1,682 ) 637 In-process research and development 5 years — — — 1,600 (27 ) 1,573 Trade names 10-15 Years 1,456 (72 ) 1,384 — — — Other 2-10 years 278 (204 ) 74 321 (178 ) 143 7,528 (2,589 ) 4,939 6,112 (3,434 ) 2,678 |
Schedule of Product Warranty Liability | The following is a summary of activity in accrued warranty expense: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Beginning balance $ 628 $ 1,454 $ 2,687 Warranty expenditures (706 ) (819 ) (1,360 ) Reserve provision/(adjustment) 871 (7 ) 127 Ending balance $ 793 $ 628 $ 1,454 |
Research and Development Expense | Years Ended September 30, 2015 2014 2013 (dollars in thousands) Research, development and engineering $ 13,214 $ 10,863 $ 8,459 Grants earned (6,296 ) (4,572 ) (1,865 ) Net research, development and engineering $ 6,918 $ 6,291 $ 6,594 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | Stock-based compensation expense for the fiscal years ended September 30, 2015, 2014 and 2013 reduced the Company’s results of operations as follows: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Effect on income before income taxes (1) $ (1,162 ) $ (795 ) $ (2,472 ) Effect on income taxes $ 221 $ 326 $ 512 Effect on net income $ (941 ) $ (469 ) $ (1,960 ) (1) Stock-based compensation expense is included in selling, general and administrative expense Stock-based compensation plans are summarized in the table below: Name of Plan Shares Authorized Shares Available Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 916,038 1,425,297 Mar. 2020 1998 Employee Stock Option Plan 500,000 — 23,710 Jan. 2008 Non-Employee Directors Stock Option Plan 500,000 167,600 178,470 Mar. 2020 1,083,638 1,627,477 |
Schedule of the fair value of stock option awards | The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions: Years Ended September 30, 2015 2014 2013 Risk free interest rate 2% 2% 1% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 67% 69% 70% |
Schedule of Multiemployer Plans | Below is a table of contributions made by the Company to multiemployer pension plans. Contributions Years Ended September 30, 2015 2014 2013 (dollars in thousands) Pensioenfonds Metaal en Techniek (PMT) $ 805 $ 929 $ 879 Other plans 158 158 163 Total $ 963 $ 1,087 $ 1,042 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted stock transactions and outstanding | Restricted stock transactions and outstanding awards are summarized as follows: Years Ended September 30, 2015 2014 2013 Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Beginning Outstanding 35,203 $ 10.13 69,154 $ 10.13 127,975 $ 9.06 Awarded — — — — — — Released (21,663 ) 11.47 (33,951 ) 10.13 (58,771 ) 7.81 Forfeited — — — — (50 ) 7.98 Ending Outstanding 13,540 $ 7.98 35,203 $ 10.13 69,154 $ 10.13 |
Stock-based compensation plans | Stock-based compensation expense for the fiscal years ended September 30, 2015, 2014 and 2013 reduced the Company’s results of operations as follows: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Effect on income before income taxes (1) $ (1,162 ) $ (795 ) $ (2,472 ) Effect on income taxes $ 221 $ 326 $ 512 Effect on net income $ (941 ) $ (469 ) $ (1,960 ) (1) Stock-based compensation expense is included in selling, general and administrative expense Stock-based compensation plans are summarized in the table below: Name of Plan Shares Authorized Shares Available Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 916,038 1,425,297 Mar. 2020 1998 Employee Stock Option Plan 500,000 — 23,710 Jan. 2008 Non-Employee Directors Stock Option Plan 500,000 167,600 178,470 Mar. 2020 1,083,638 1,627,477 |
Stock option transactions and the options outstanding | Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,063,324 $ 7.37 1,059,567 $ 6.71 891,293 $ 9.37 Granted 327,500 9.74 272,906 7.01 312,850 2.95 Assumed - merger 367,229 14.19 — — Exercised (94,701 ) 5.52 (263,643 ) 4.31 (8,450 ) 3.08 Forfeited/canceled (35,875 ) 24.71 (5,506 ) 9.63 (136,126 ) 15.75 Outstanding at end of period 1,627,477 $ 9.11 1,063,324 $ 7.37 1,059,567 $ 6.71 Exercisable at end of period 1,002,421 $ 9.74 674,237 $ 8.18 874,591 $ 7.13 Weighted average grant-date fair value of options granted during the period $ 5.91 $ 4.38 $ 1.82 |
Stock options outstanding and exercisable | The following tables summarize information for stock options outstanding and exercisable as of September 30, 2015: Options Outstanding Range of Exercise Prices Number Outstanding Remaining Contractual Life Average Exercise Price Aggregate Intrinsic Value (in years) (in thousands) 2.95-3.30 165,310 7.1 $ 2.96 3.80-7.00 143,402 3.4 5.69 7.01-7.14 269,106 8.2 7.01 7.15-7.87 60,223 5.5 7.60 7.88-8.00 246,806 6.2 7.98 8.01-9.94 99,338 6.4 8.93 9.95-10.49 282,500 9.1 9.98 10.50-15.23 184,041 2.7 11.80 15.24-22.26 161,489 3.1 18.00 27.47-25.00 15,262 2.5 27.47 1,627,477 6.1 $ 9.11 $ 238 Vested and expected to vest as of September 30, 2015 1,624,545 6.1 $ 9.11 $ 238 Options Exercisable Range of Exercise Prices Number Exercisable Weighted Exercise Price Aggregate Intrinsic Value (in thousands) 2.95-3.30 99,968 $ 2.97 3.80-7.00 143,402 5.69 7.01-7.14 81,327 7.01 7.15-7.87 23,144 7.15 7.88-8.00 246,806 7.98 8.01-9.94 43,566 9.42 9.95-10.49 6,000 9.98 10.50-15.23 181,457 11.81 15.24-22.26 161,489 18.00 27.47-25.00 15,262 27.47 1,002,421 9.74 $ 150 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Years ended September 30, 2015 2014 2013 (dollars in thousands, except per share amounts) Basic Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,771 ) $ (13,047 ) $ (20,069 ) Weighted Average Shares Outstanding: Common stock 12,022 9,732 9,529 Basic loss per share attributable to Amtech shareholders $ (0.65 ) $ (1.34 ) $ (2.11 ) Diluted Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,771 ) $ (13,047 ) $ (20,069 ) Weighted Average Shares Outstanding: Common stock 12,022 9,732 9,529 Common stock equivalents (1) — — — Diluted shares 12,022 9,732 9,529 Diluted loss per share attributable to Amtech shareholders $ (0.65 ) $ (1.34 ) $ (2.11 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of the following: September 30, 2015 September 30, 2014 (dollars in thousands) Unearned research and development grants $ 103 $ 3,989 Other 3,448 1,357 $ 3,551 $ 5,346 |
Major Customers and Foreign S29
Major Customers and Foreign Sales (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Major Customers and Foreign Sales [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Our net revenues for fiscal 2015, 2014 and 2013 were to customers in the following geographic regions: Years Ended September 30, 2015 2014 2013 United States 24 % 21 % 20 % Other 2 % — % — % Total Americas 26 % 21 % 20 % Taiwan 13 % 16 % 14 % Malaysia 13 % 3 % 3 % China 26 % 14 % 39 % Other 8 % 12 % 8 % Total Asia 60 % 45 % 64 % Germany 5 % 16 % 5 % Other 9 % 18 % 11 % Total Europe 14 % 34 % 16 % 100 % 100 % 100 % |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information concerning our business segments is as follows: Years ended September 30, 2015 2014 2013 (dollars in thousands) Net revenue: Solar* $ 56,689 $ 36,069 $ 22,943 Semiconductor 37,250 9,779 3,425 Polishing 10,944 10,653 8,430 $ 104,883 $ 56,501 $ 34,798 Operating income (loss): Solar* $ (4,741 ) $ (11,010 ) $ (13,720 ) Semiconductor (1,268 ) 851 (657 ) Polishing 1,935 2,805 1,282 Non-segment related (9,447 ) (5,735 ) (6,899 ) $ (13,521 ) $ (13,089 ) $ (19,994 ) * The financial statement of business units included in the Solar segment include some sales of equipment and parts to the semiconductor, silicon wafer and MEMS industries, comprising less than 25% of the Solar segment revenue Years ended September 30, 2015 2014 2013 (dollars in thousands) Capital expenditures: Solar $ 411 $ 282 $ 90 Semiconductor 136 110 8 Polishing 63 70 80 $ 610 $ 462 $ 178 Depreciation and amortization expense: Solar $ 2,940 $ 2,236 $ 2,451 Semiconductor 318 40 50 Polishing 99 134 166 $ 3,357 $ 2,410 $ 2,667 September 30, September 30, (dollars in thousands) Identifiable assets: Solar* $ 45,717 $ 50,197 Semiconductor 46,912 5,281 Polishing 5,793 6,377 Non-segment related 27,034 28,049 $ 125,456 $ 89,904 Goodwill: Solar* $ 5,344 $ 7,595 Semiconductor 4,463 — Polishing 728 728 $ 10,535 $ 8,323 |
Geographic Regions (Tables)
Geographic Regions (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenues, Operating Income (Loss) and Identifiable Assets by Geographic Region | The Company has operations in The Netherlands, United States, France and China. Revenues, operating income (loss) and identifiable assets by geographic region are as follows: Years Ended September 30, 2015 2014 2013 (dollars in thousands) Net revenue: The Netherlands $ 46,982 $ 31,779 $ 17,615 United States 37,483 20,433 11,855 France 8,387 4,218 5,328 China 9,725 71 — Other 2,306 — — $ 104,883 $ 56,501 $ 34,798 Operating income (loss): The Netherlands $ (9,069 ) $ (9,403 ) $ (11,139 ) United States (5,541 ) (207 ) (4,346 ) France (330 ) (611 ) (815 ) China 986 (2,868 ) (3,694 ) Other 433 — — $ (13,521 ) $ (13,089 ) $ (19,994 ) As of September 30, 2015 2014 Net long-lived assets (excluding intangibles and goodwill) The Netherlands $ 6,677 $ 7,617 United States 10,162 1,016 France 346 475 China 576 644 $ 17,761 $ 9,752 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of the Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes are as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Current: Domestic Federal $ (320 ) $ 370 $ (150 ) Foreign 500 530 800 Foreign withholding taxes 1,240 — — Domestic state — 80 (110 ) Total current 1,420 980 540 Deferred: Domestic Federal 720 (490 ) (290 ) Foreign (210 ) 750 1,610 Domestic state (20 ) — — Total deferred 490 260 1,320 Total provision $ 1,910 $ 1,240 $ 1,860 |
Reconciliation of Actual Income Taxes to Expected Federal Corporate Income Taxes | Year Ended September 30, 2015 2014 2013 (dollars in thousands) Tax benefit at the U.S. rate $ (1,630 ) $ (4,440 ) $ (6,750 ) Effect of permanent book-tax differences (1,570 ) 30 970 State tax provision (40 ) 80 (110 ) Valuation allowance for net deferred tax assets 2,490 3,900 5,850 Uncertain tax items 330 370 450 Foreign tax rate differential 1,890 1,000 1,440 Other items 440 300 10 $ 1,910 $ 1,240 $ 1,860 |
Schedule of Deferred Tax Assets and Deferred Tax Liability | The tax effects of temporary book-tax differences that give rise to significant portions of the deferred tax assets and deferred tax liability are as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Deferred tax assets - current: Capitalized inventory costs $ 340 $ 230 $ 130 Inventory write-downs 4,840 950 620 Accrued warranty 280 180 200 Deferred profits 1,180 1,460 800 Accruals and reserves not currently deductible 1,920 520 490 Deferred tax assets - current $ 8,560 $ 3,340 $ 2,240 Valuation allowance (6,510 ) (2,280 ) (910 ) Deferred tax assets - current, net of valuation allowance $ 2,050 $ 1,060 $ 1,330 Deferred tax assets (liabilities)- non-current: Stock option expense $ 680 $ 670 $ 700 Book vs. tax basis of acquired assets (1,350 ) (1,210 ) (1,130 ) Federal net operating loss caryforwards 5,570 900 — Foreign and state net operating losses 10,550 8,070 9,000 Book vs. tax depreciation and amortization (2,030 ) (10 ) 60 Foreign tax credits 3,950 — 520 Other deferred tax assets 360 2,950 (350 ) Total deferred tax assets - non-current 17,730 11,370 8,800 Valuation allowance (17,300 ) (10,070 ) (7,540 ) Deferred tax assets (liabilities) - non-current, net of valuation allowance $ 430 $ 1,300 $ 1,260 |
Changes in Deferred Tax Valuation Allowance | Changes in the deferred tax valuation allowance are as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Balance at the beginning of the year $ 12,350 $ 8,450 $ 2,600 Additions to valuation allowance 11,460 3,900 5,850 Balance at the end of the year $ 23,810 $ 12,350 $ 8,450 |
Schedule of Unrecognized Tax Benefit Liabilities | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows: Year Ended September 30, 2015 2014 2013 (dollars in thousands) Balance at beginning of the year $ 3,180 $ 2,810 $ 2,360 Additions related to tax positions taken in prior years 330 370 530 Reductions due to lapse of statute of limitations — — (80 ) Balance at the end of the year $ 3,510 $ 3,180 $ 2,810 |
Selected Quarterly Data (Unau33
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Selected Quarterly Data (Unaudited) | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2015: (in thousands, except per share amounts) Revenue $ 12,396 $ 24,273 $ 40,016 $ 28,198 Gross margin $ 3,428 $ 6,889 $ 10,128 $ 6,563 Provision for income taxes $ 180 $ 170 $ 290 $ 1,270 Net income (loss) attributable to Amtech Systems, Inc. $ (5,195 ) $ (2,321 ) $ (1,604 ) $ 1,349 Comprehensive income (loss) attributable to Amtech Systems, Inc. $ (6,247 ) $ (4,470 ) $ (1,344 ) $ 1,414 Net income (loss) per share attributable to Amtech Systems, Inc.: Basic earnings per share $ (0.53 ) $ (0.19 ) $ (0.12 ) $ 0.10 Shares used in calculation 9,854 11,997 13,103 13,150 Diluted earnings per share $ (0.53 ) $ (0.19 ) $ (0.12 ) $ 0.10 Shares used in calculation 9,854 11,997 13,103 13,259 Fiscal Year 2014: Revenue $ 14,772 $ 12,717 $ 9,190 $ 19,822 Gross margin $ 4,535 $ 2,898 $ 1,631 $ 2,562 Provision for (benefit of) for income taxes $ 560 $ — $ 1,325 $ (645 ) Net loss attributable to Amtech Systems, Inc. $ (794 ) $ (3,751 ) $ (5,257 ) $ (3,245 ) Comprehensive loss attributable to Amtech Systems, Inc. $ (66 ) $ (3,756 ) $ (5,568 ) $ (4,892 ) Net loss per share attributable to Amtech Systems, Inc.: Basic earnings per share $ (0.08 ) $ (0.39 ) $ (0.53 ) $ (0.33 ) Shares used in calculation 9,560 9,679 9,843 9,846 Diluted earnings per share $ (0.08 ) $ (0.39 ) $ (0.53 ) $ (0.33 ) Shares used in calculation 9,560 9,679 9,843 9,846 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Annual maturities relating to the Company's long-term debt as of September 30, 2015 are as follows: Annual Maturities (in thousands) 2016 919 2017 1,122 2018 576 2019 453 2020 473 Thereafter 5,824 Total $ 9,367 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma data has been prepared by adjusting the Company’s historical data to give effect to the Merger as if it had occurred on October 1, 2013 and includes adjustments for depreciation expense, amortization of intangibles, and the effect of other purchase accounting adjustments: Years Ended (unaudited) September 30, 2015 September 30, 2014 September 30, 2013 (dollars in thousands, except per share data) Revenue, net $ 121,186 $ 111,531 $ 84,641 Net loss $ (9,223 ) $ (15,586 ) $ (40,108 ) Earnings per share available to Amtech stockholders: Basic $ (0.70 ) $ (1.21 ) $ (3.03 ) Diluted $ (0.70 ) $ (1.21 ) $ (3.03 ) |
Business Combination, Schedule Of Consideration Transferred | The Merger was an all-stock transaction. The following table summarizes the consideration transferred: (In thousands, except per share amounts) BTU common shares and restricted stock units exchanged 9,681 Exchange ratio 0.3291 Amtech common stock issued for consideration 3,186 Amtech common stock per share price on January 30, 2015 $ 8.20 Consideration for BTU common shares and restricted stock units $ 26,125 Vested BTU stock options exchanged for Amtech stock options $ 500 Total fair value of consideration transferred $ 26,625 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the consideration for the assets acquired and liabilities assumed on January 30, 2015 : (In thousands) Fair value of net tangible assets acquired $ 19,232 Goodwill 4,463 Identifiable intangible assets 2,930 Total consideration allocated $ 26,625 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies Change in Accounting Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Change in Accounting Estimate [Line Items] | |||
Write-down of inventory | $ 138 | $ 294 | $ 3,652 |
Inventory Valuation and Obsolescence | |||
Change in Accounting Estimate [Line Items] | |||
Write-down of inventory | $ 100 | $ 300 | 3,700 |
Decrease (Increase) In Operating Income (Loss) Attributable To Parent | $ 3,700 | ||
Earnings Per Share Basic And Diluted Increase (Decrease) | $ 0.01 | $ 0.03 | $ 0.39 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Deferred Profit) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Deferred revenue | $ 7,280 | $ 8,118 | $ 3,371 |
Deferred costs | 2,407 | 1,210 | 304 |
Deferred profit | $ 4,873 | $ 6,908 | $ 3,067 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Other Commitments [Line Items] | ||
Restricted cash | $ 638 | $ 2,380 |
Superfund Site | Environmental Clean Up Costs | ||
Other Commitments [Line Items] | ||
Restricted cash | $ 200 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 2,846 | $ 638 | $ 517 |
(Reversal) / Provision | (194) | 1,304 | 199 |
Write offs | (130) | (13) | (78) |
Acquired through business acquisitions | 1,397 | 0 | 0 |
Adjustment | 1,090 | 917 | 0 |
Balance at end of year | $ 5,009 | $ 2,846 | $ 638 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Concentrations of Credit Risk) (Details) - Customer | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Number of customers | 2 | ||
Accounts Receivable | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | 14.00% | |
Accounts Receivable | Customer Two | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | ||
UNITED STATES | Cash, cash equivalents and restricted cash | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 62.00% |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of weighted average cost inventory | 60.00% | |
Purchased parts and raw materials | $ 6,065 | $ 8,797 |
Work-in-process | 5,669 | 4,809 |
Finished goods | 11,595 | 3,154 |
Inventory | $ 23,329 | $ 16,760 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 2,200 | $ 1,700 | $ 2,000 |
Property, plant and equipment, gross | 33,269 | 24,056 | |
Accumulated depreciation and amortization | (15,508) | (14,304) | |
Property, plant and equipment - net | $ 17,761 | 9,752 | |
Equipment, Machinery And Leasehold Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Equipment, Machinery And Leasehold Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 7 years | ||
Land, building and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 18,095 | 10,414 | |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 20 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 9,709 | 8,189 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 5,465 | $ 5,453 | |
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 5 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 10 years |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning of year | $ 13,043 | |
Goodwill, accumulated impairment loss, beginning of year | (4,720) | |
Goodwill, net, beginning of year | 8,323 | |
Goodwill recognized due to acquisitions | 7,681 | |
Goodwill derecognized due to deconsolidation | (5,198) | |
Exchange differences, net | (271) | |
Goodwill, gross, end of year | $ 15,090 | 15,090 |
Goodwill, accumulated impairment loss, end of year | (4,555) | (4,555) |
Goodwill, net, end of year | 10,535 | 10,535 |
Solar | ||
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning of year | 12,315 | |
Goodwill, accumulated impairment loss, beginning of year | (4,720) | |
Goodwill, net, beginning of year | 7,595 | |
Goodwill recognized due to acquisitions | 3,218 | |
Exchange differences, net | (271) | |
Goodwill, gross, end of year | 9,899 | 9,899 |
Goodwill, accumulated impairment loss, end of year | (4,555) | (4,555) |
Goodwill, net, end of year | 5,344 | 5,344 |
Semiconductor | ||
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning of year | $ 0 | |
Goodwill, accumulated impairment loss, beginning of year | ||
Goodwill, net, beginning of year | $ 0 | |
Goodwill recognized due to acquisitions | 4,463 | |
Goodwill derecognized due to deconsolidation | 0 | |
Exchange differences, net | 0 | |
Goodwill, gross, end of year | 4,463 | 4,463 |
Goodwill, accumulated impairment loss, end of year | 0 | 0 |
Goodwill, net, end of year | 4,463 | 4,463 |
Polishing | ||
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning of year | 728 | |
Goodwill, accumulated impairment loss, beginning of year | 0 | |
Goodwill, net, beginning of year | 728 | |
Goodwill recognized due to acquisitions | 0 | |
Goodwill derecognized due to deconsolidation | 0 | |
Exchange differences, net | 0 | |
Goodwill, gross, end of year | 728 | 728 |
Goodwill, accumulated impairment loss, end of year | 0 | 0 |
Goodwill, net, end of year | 728 | $ 728 |
SoLayTec, B.V. | ||
Segment Reporting Information [Line Items] | ||
Goodwill, Increase (Decrease) | 900 | |
BTU International, Inc (BTU) | ||
Segment Reporting Information [Line Items] | ||
Goodwill, Increase (Decrease) | $ (200) |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Intangibles) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 30, 2015 | Dec. 24, 2014 | |
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Amortization of intangible assets | $ 1,200 | $ 700 | $ 600 | |||
Amortization in fiscal year 2016 | $ 800 | 800 | ||||
Amortization in fiscal year 2017 | 700 | 700 | ||||
Amortization in fiscal year 2018 | 600 | 600 | ||||
Amortization in fiscal year 2019 | 600 | 600 | ||||
Amortization in fiscal year 2019 | 600 | 600 | ||||
Gross Carrying Amount | 7,528 | 7,528 | 6,112 | |||
Accumulated Amortization | (2,589) | (2,589) | (3,434) | |||
Net Carrying Amount | 4,939 | 4,939 | 2,678 | |||
Non-compete agreements | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 137 | 137 | 1,055 | |||
Accumulated Amortization | (137) | (137) | (955) | |||
Net Carrying Amount | 0 | $ 0 | 100 | |||
Non-compete agreements | Minimum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 4 years | |||||
Non-compete agreements | Maximum | ||||||
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] | ||||||
Useful Life (in years) | 10 years | |||||
Gross Carrying Amount | 2,434 | $ 2,434 | 817 | |||
Accumulated Amortization | (808) | (808) | (592) | |||
Net Carrying Amount | 1,626 | $ 1,626 | 225 | |||
Customer lists | Minimum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 6 years | |||||
Technology | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 3,223 | $ 3,223 | 2,319 | |||
Accumulated Amortization | (1,368) | (1,368) | (1,682) | |||
Net Carrying Amount | 1,855 | $ 1,855 | 637 | |||
Technology | Minimum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 5 years | |||||
Technology | Maximum | ||||||
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] | ||||||
Useful Life (in years) | 5 years | |||||
Gross Carrying Amount | 0 | $ 0 | 1,600 | |||
Accumulated Amortization | 0 | 0 | (27) | |||
Net Carrying Amount | 0 | 0 | 1,573 | |||
Trade names | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 1,456 | 1,456 | 0 | |||
Accumulated Amortization | (72) | (72) | 0 | |||
Net Carrying Amount | 1,384 | $ 1,384 | 0 | |||
Trade names | Minimum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 10 years | |||||
Trade names | Maximum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 15 years | |||||
Other | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 278 | $ 278 | 321 | |||
Accumulated Amortization | (204) | (204) | (178) | |||
Net Carrying Amount | 74 | $ 74 | $ 143 | |||
Other | Minimum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 2 years | |||||
Other | Maximum | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Useful Life (in years) | 10 years | |||||
SoLayTec, B.V. | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Percentage of voting interests acquired | 51.00% | |||||
Finite-lived intangibles acquired | $ 2,000 | |||||
Finite-lived intangibles adjustment | 200 | |||||
SoLayTec, B.V. | Technology | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles acquired | 1,800 | |||||
SoLayTec, B.V. | Trade names | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles acquired | $ 200 | |||||
BTU International, Inc (BTU) | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles acquired | $ 2,900 | |||||
Finite-lived intangibles adjustment | 1,700 | |||||
BTU International, Inc (BTU) | Customer lists | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles acquired | 1,700 | |||||
BTU International, Inc (BTU) | Trade names | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles acquired | $ 1,200 | |||||
Kingstone | ||||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets derecognized | 3,200 | |||||
Accumulated amortization derecognized | $ 1,900 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Warranty) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $ 628 | $ 1,454 | $ 2,687 |
Warranty expenditures | (706) | (819) | (1,360) |
Reserve provision/(adjustment) | 871 | (7) | 127 |
Ending balance | $ 793 | $ 628 | $ 1,454 |
Minimum | |||
Product Warranty [Line Items] | |||
Standard product warranty, period | 12 months | ||
Maximum | |||
Product Warranty [Line Items] | |||
Standard product warranty, period | 24 months |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Research and Development Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Research, development and engineering | $ 13,214 | $ 10,863 | $ 8,459 |
Grants earned | (6,296) | (4,572) | (1,865) |
Net research, development and engineering | $ 6,918 | $ 6,291 | $ 6,594 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Shipping Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping expenses | $ 2.5 | $ 1 | $ 0.8 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Foreign Currency Transactions and Translation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction gain, before tax | $ 0.3 | ||
Foreign currency transaction loss, before tax (less than 0.1 million) | $ 0.1 | $ 0.1 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Stock-Based Compensation) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013USD ($)Employees$ / sharesshares | Mar. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2013USD ($)$ / sharesshares | Jun. 30, 2014$ / shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of unvested stock options approved for acceleration | 50.00% | ||||||
Effect on income before income taxes | $ | $ (1,162) | $ (795) | $ (2,472) | [1] | |||
Effect on income taxes | $ | 221 | 326 | 512 | ||||
Effect on net income | $ | $ (941) | $ (469) | $ (1,960) | ||||
Restricted Stock | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option vesting period (in years) | 4 years | ||||||
Restricted Stock | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option vesting period (in years) | 2 years | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price | $ 17.12 | ||||||
Number of employees holding options | Employees | 110 | ||||||
Shares of common stock to be purchased as result of acceleration of the vesting | shares | 400,000 | ||||||
Nonvested awards, total compensation cost not yet recognized | $ | $ 900 | ||||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 9.74 | $ 7.13 | $ 8.18 | ||||
Options, forfeitures in period | shares | 35,875 | 5,506 | 136,126 | ||||
Expiration period | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||
Risk free interest rate | 2.00% | 2.00% | 1.00% | ||||
Expected life (in years) | 6 years | 6 years | 6 years | ||||
Dividend rate | 0.00% | 0.00% | 0.00% | ||||
Volatility | 67.00% | 69.00% | 70.00% | ||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Option vesting period (in years) | 4 years | ||||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option vesting period (in years) | 2 years | ||||||
One Half of Unvested Stock Options | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price | $ 2.95 | ||||||
Remaining Unvested Stock Options | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price range, lower range limit | 6.15 | ||||||
Exercise price range, upper range limit | $ 7.98 | ||||||
Accelerated | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 5.77 | ||||||
Vested and Unvested | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options, forfeitures in period | shares | 100,000 | ||||||
Vested | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price | $ 14.79 | ||||||
Unvested | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price | $ 17.12 | ||||||
Effect on income before income taxes | $ | $ (300) | ||||||
[1] | (1) Stock-based compensation expense is included in selling, general and administrative expense |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Pensions (Details) Companies in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Jun. 30, 2015 | Sep. 30, 2015USD ($)EmployeesCompanies | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Multiemployer Plan Percentage Decrease in Pension Rights | 6.30% | ||||
Multiemployer Plan, Period Contributions | $ 963 | $ 1,087 | $ 1,042 | ||
Pensioenfonds Metaal en Techniek | |||||
Multiemployer Plans Contribution Rate (less than 5%) | 5.00% | ||||
Multiemployer Plan, Coverage Ratio Of Plan Assets To Obligations | 103.00% | 95.30% | |||
Multiemployer Plan Premium Percentage | 16.60% | ||||
Multiemployer Plan Number Of Companies Covered | Companies | 33 | ||||
Multiemployer Plan Number Of Employees | Employees | 1,200,000 | ||||
Multiemployer Plan, Period Contributions | $ 805 | 929 | 879 | ||
Multiemployer Plans Plan Assets as of September 30, 2014 | 66,300,000 | ||||
Multiemployer Plans Present Value Of Accumulated Plan Benefits as of September 30, 2014 | 69,600,000 | ||||
Other Plans | |||||
Multiemployer Plan, Period Contributions | $ 158 | $ 158 | $ 163 | ||
Minimum | Pensioenfonds Metaal en Techniek | |||||
Multiemployer Plan, Coverage Ratio Of Plan Assets To Obligations | 105.00% | ||||
The Netherlands | Pensioenfonds Metaal en Techniek | |||||
Multiemployer Plan Number Of Employees | Employees | 120 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2009 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 1996 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Apr. 30, 2007 | |
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unamortized Expense Share Issuance | $ 0.1 | $ 0.1 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||||
Beginning Outstanding (in shares) | 35,203 | 69,154 | 127,975 | ||||||
Awarded (in shares) | 0 | 0 | 0 | ||||||
Released (in shares) | (21,663) | (33,951) | (58,771) | ||||||
Forfeited (in shares) | 0 | 0 | (50) | ||||||
Ending Outstanding (in shares) | 13,540 | 35,203 | 69,154 | ||||||
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) | $ 7.98 | $ 10.13 | $ 10.13 | $ 10.13 | $ 9.06 | ||||
Awarded, Weighted Average Grant Date Fair Value (usd per share) | 0 | 0 | 0 | ||||||
Released, Weighted Average Grant Date Fair Value (usd per share) | 11.47 | 10.13 | 7.81 | ||||||
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 0 | 0 | 7.98 | ||||||
Ending Outstanding, Weighted Average Grant Date Fair Value (usd per share) | $ 7.98 | $ 10.13 | $ 10.13 | $ 10.13 | $ 9.06 | ||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available to grant | 1,083,638 | ||||||||
Expiration period | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||||||
Shares Available | 1,083,638 | ||||||||
Options Outstanding | 1,627,477 | 1,063,324 | 1,059,567 | 891,293 | |||||
2007 Employee Stock Incentive Plan | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available to grant | 916,038 | 500,000 | |||||||
Number of additional shares authorized | 2,500,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||||||
Shares Authorized | 3,000,000 | ||||||||
Shares Available | 916,038 | 500,000 | |||||||
Options Outstanding | 1,425,297 | ||||||||
1998 Employee Stock Option Plan | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available to grant | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||||||
Shares Authorized | 500,000 | ||||||||
Shares Available | 0 | ||||||||
Options Outstanding | 23,710 | ||||||||
Non-Employee Directors Stock Option Plan | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available to grant | 167,600 | ||||||||
Number of additional shares authorized | 400,000 | ||||||||
Share-based compensation, shares issued | 100,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||||||
Shares Authorized | 500,000 | ||||||||
Shares Available | 167,600 | ||||||||
Options Outstanding | 178,470 | ||||||||
Maximum | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option vesting period (in years) | 4 years | ||||||||
Maximum | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expiration period | 10 years | ||||||||
Option vesting period (in years) | 4 years | ||||||||
Minimum | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option vesting period (in years) | 2 years | ||||||||
Minimum | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option vesting period (in years) | 2 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Valuation) (Details) - Stock Options - $ / shares | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding at beginning of period (in shares) | 1,063,324 | 1,059,567 | 891,293 | ||
Outstanding at beginning of period, Weighted Average Exercise Price (usd per share) | $ 9.11 | $ 7.37 | $ 6.71 | $ 7.37 | $ 9.37 |
Granted (in shares) | 327,500 | 272,906 | 312,850 | ||
Granted, Weighted Average Exercise Price (usd per share) | $ 9.74 | $ 7.01 | $ 2.95 | ||
Assumed - merger (shares) | 367,229 | 0 | 0 | ||
Assumed - merger, Weighted Average Exercise Price (usd per share) | $ 14.19 | ||||
Exercised (in shares) | (94,701) | (263,643) | (8,450) | ||
Exercised, Weighted Average Exercise Price (usd per share) | $ 5.52 | $ 4.31 | $ 3.08 | ||
Forfeited (in shares) | (35,875) | (5,506) | (136,126) | ||
Forfeited, Weighted Average Exercise Price (usd per share) | $ 24.71 | $ 9.63 | $ 15.75 | ||
Outstanding at end of period (in shares) | 1,627,477 | 1,063,324 | 1,059,567 | ||
Outstanding at end of period, Weighted Average Exercise Price (usd per share) | $ 9.11 | $ 7.37 | $ 6.71 | $ 7.37 | $ 9.37 |
Exercisable at end of period (in shares) | 1,002,421 | 874,591 | 674,237 | ||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 9.74 | $ 7.13 | $ 8.18 | ||
Weighted average fair value of options granted during the period (usd per share) | $ 5.91 | $ 4.38 | $ 1.82 |
Stock-Based Compensation (Sto53
Stock-Based Compensation (Stock Options Outstanding) (Details) - Stock Options - USD ($) | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 1,627,477 | 1,063,324 | 1,059,567 | 891,293 | |
Remaining Contractual Life (in years) | 6 years 25 days | ||||
Average Exercise Price | $ 9.11 | $ 7.37 | $ 7.37 | $ 6.71 | $ 9.37 |
Aggregate Intrinsic Value | $ 238,000 | ||||
Number Outstanding - Vested and expected to vest | 1,624,545 | ||||
Remaining Contractual Life - Vested and expected to vest | 6 years 25 days | ||||
Average Exercise Price - Vested and expected to vest | $ 9.11 | ||||
Aggregate Intrinsic Value - Vested and expected to vest | $ 238,000 | ||||
Exercisable at end of period (in shares) | 1,002,421 | 674,237 | 874,591 | ||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 9.74 | $ 8.18 | $ 7.13 | ||
Aggregate intrinsic value | $ 149,629 | ||||
2.95-3.30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 165,310 | ||||
Remaining Contractual Life (in years) | 7 years 1 month | ||||
Average Exercise Price | $ 2.96 | ||||
Exercisable at end of period (in shares) | 99,968 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 2.97 | ||||
2.95-3.30 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 3.30 | ||||
2.95-3.30 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 2.95 | ||||
3.80-7.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 143,402 | ||||
Remaining Contractual Life (in years) | 3 years 5 months 10 days | ||||
Average Exercise Price | $ 5.69 | ||||
Exercisable at end of period (in shares) | 143,402 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 5.69 | ||||
3.80-7.00 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7 | ||||
3.80-7.00 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 3.80 | ||||
7.01-7.14 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 269,106 | ||||
Remaining Contractual Life (in years) | 8 years 2 months 27 days | ||||
Average Exercise Price | $ 7.01 | ||||
Exercisable at end of period (in shares) | 81,327 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 7.01 | ||||
7.01-7.14 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.14 | ||||
7.01-7.14 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 7.01 | ||||
7.15-7.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 60,223 | ||||
Remaining Contractual Life (in years) | 5 years 6 months 10 days | ||||
Average Exercise Price | $ 7.60 | ||||
Exercisable at end of period (in shares) | 23,144 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 7.15 | ||||
7.15-7.87 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.87 | ||||
7.15-7.87 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 7.15 | ||||
7.88-8.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 246,806 | ||||
Remaining Contractual Life (in years) | 6 years 2 months 27 days | ||||
Average Exercise Price | $ 7.98 | ||||
Exercisable at end of period (in shares) | 246,806 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 7.98 | ||||
7.88-8.00 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 8 | ||||
7.88-8.00 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 7.88 | ||||
8.01-9.94 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 99,338 | ||||
Remaining Contractual Life (in years) | 6 years 5 months | ||||
Average Exercise Price | $ 8.93 | ||||
Exercisable at end of period (in shares) | 43,566 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 9.42 | ||||
8.01-9.94 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 9.94 | ||||
8.01-9.94 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 8.01 | ||||
9.95-10.49 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 282,500 | ||||
Remaining Contractual Life (in years) | 9 years 27 days | ||||
Average Exercise Price | $ 9.98 | ||||
Exercisable at end of period (in shares) | 6,000 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 9.98 | ||||
9.95-10.49 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 10.49 | ||||
9.95-10.49 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 9.95 | ||||
10.50-15.23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 184,041 | ||||
Remaining Contractual Life (in years) | 2 years 8 months | ||||
Average Exercise Price | $ 11.80 | ||||
Exercisable at end of period (in shares) | 181,457 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 11.81 | ||||
10.50-15.23 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 15,230 | ||||
10.50-15.23 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 10,500 | ||||
15.24-22.26 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 161,489 | ||||
Remaining Contractual Life (in years) | 3 years 25 days | ||||
Average Exercise Price | $ 18 | ||||
Exercisable at end of period (in shares) | 161,489 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 18 | ||||
15.24-22.26 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 22.26 | ||||
15.24-22.26 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 15.24 | ||||
27.47-25.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Outstanding | 15,262 | ||||
Remaining Contractual Life (in years) | 2 years 6 months | ||||
Average Exercise Price | $ 27.47 | ||||
Exercisable at end of period (in shares) | 15,262 | ||||
Exercisable at end of period, weighted average exercise price (usd per share) | $ 27.47 | ||||
27.47-25.00 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 25 | ||||
27.47-25.00 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 27.47 |
Stock-Based Compensation (Sto54
Stock-Based Compensation (Stock Options Exercisable) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 9.11 | $ 7.37 | $ 6.71 | $ 7.37 | $ 9.37 |
Amtech common stock per share price on January 30, 2015 | $ 4.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value (less than .1 million in 2013, less than .1 million in 2012, and 1.3 million in 2011) | $ 1.1 | $ 1.3 | $ 0.1 | ||
2.95-3.30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 2.96 | ||||
3.80-7.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 5.69 | ||||
7.01-7.14 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.01 | ||||
7.15-7.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.60 | ||||
7.88-8.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.98 | ||||
8.01-9.94 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 8.93 | ||||
9.95-10.49 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 9.98 | ||||
10.50-15.23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 11.80 | ||||
15.24-22.26 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 18 | ||||
27.47-25.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 27.47 | ||||
Minimum | 2.95-3.30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 2.95 | ||||
Minimum | 3.80-7.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 3.80 | ||||
Minimum | 7.01-7.14 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.01 | ||||
Minimum | 7.15-7.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.15 | ||||
Minimum | 7.88-8.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.88 | ||||
Minimum | 8.01-9.94 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 8.01 | ||||
Minimum | 9.95-10.49 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 9.95 | ||||
Minimum | 10.50-15.23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 10,500 | ||||
Minimum | 15.24-22.26 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 15.24 | ||||
Minimum | 27.47-25.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 27.47 | ||||
Maximum | 2.95-3.30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 3.30 | ||||
Maximum | 3.80-7.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7 | ||||
Maximum | 7.01-7.14 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.14 | ||||
Maximum | 7.15-7.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 7.87 | ||||
Maximum | 7.88-8.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 8 | ||||
Maximum | 8.01-9.94 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 9.94 | ||||
Maximum | 9.95-10.49 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 10.49 | ||||
Maximum | 10.50-15.23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 15,230 | ||||
Maximum | 15.24-22.26 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | 22.26 | ||||
Maximum | 27.47-25.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Exercise Price | $ 25 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Net income (loss) attributable to Amtech Systems, Inc. | $ 1,349 | $ (1,604) | $ (2,321) | $ (5,195) | $ (3,245) | $ (5,257) | $ (3,751) | $ (794) | $ (7,771) | $ (13,047) | $ (20,069) | |
Weighted average shares outstanding (in shares) | 13,150 | 13,103 | 11,997 | 9,854 | 9,846 | 9,843 | 9,679 | 9,560 | 12,022 | 9,732 | 9,529 | |
Basic income (loss) per share attributable to Amtech shareholders (dollars per share) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.33) | $ (0.53) | $ (0.39) | $ (0.08) | $ (0.65) | $ (1.34) | $ (2.11) | |
Common stock equivalents (in shares) | 0 | 0 | 0 | [1] | ||||||||
Diluted shares (in shares) | 13,259 | 13,103 | 11,997 | 9,854 | 9,846 | 9,843 | 9,679 | 9,560 | 12,022 | 9,732 | 9,529 | |
Diluted income (loss) per share attributable to Amtech shareholders (dollars per share) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.33) | $ (0.53) | $ (0.39) | $ (0.08) | $ (0.65) | $ (1.34) | $ (2.11) | |
Stock Options and Restricted Stock | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,640 | 1,099 | 1,130 | |||||||||
[1] | (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Series A Preferred Stock - $ / shares | Oct. 08, 2015 | Sep. 30, 2015 | Dec. 15, 2008 |
Equity, Class of Treasury Stock [Line Items] | |||
Preferred stock, par value per share | $ 0.01 | ||
Class of warrant or right, number of securities called by warrants or rights | 1 | ||
Class of warrant or right, exercise price | $ 51.60 | ||
Expiration period | 10 years | ||
Common stock ownership threshold, percent | 15.00% | ||
Subsequent Event | |||
Equity, Class of Treasury Stock [Line Items] | |||
Collective ownership threshold for joint filers | 19.90% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Payables and Accruals [Abstract] | ||
Unearned research and development grants | $ 103 | $ 3,989 |
Other | 3,448 | 1,357 |
Other accrued liabilities | $ 3,551 | $ 5,346 |
Commitments and Contingencies (
Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations | $ 9.8 |
Commitments and Contingencies D
Commitments and Contingencies Development Project (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Purchases of property, plant and equipment | $ 610 | $ 462 | $ 178 | |
Tempress Systems and Energy Research Centre Agreement | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchases of property, plant and equipment | $ 1,400 | |||
Ownership rights, results of projects developed separately by individual parties | 100.00% | |||
Research and development agreement term | 4 years | |||
Research and development, required contribution, labor and assets | $ 1,400 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Proceedings (Details) - Stockholder Actions (Putative Stockholder Class Action Complaints) - Settled Litigation | Jan. 16, 2015claims | Sep. 30, 2015USD ($) |
Loss Contingencies [Line Items] | ||
Loss contingency, claims settled, number | claims | 2 | |
Settlement fees and expenses, threshold | $ 325,000 |
Commitments and Contingencies61
Commitments and Contingencies (Operating Leases) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rental expense | $ 1,200,000 | $ 1,000,000 | $ 1,000,000 |
Operating leases, term of contract | 1 year | ||
Future minimum rental commitments | $ 2,200,000 | ||
Future minimum rental commitments, due in fiscal 2015 | 900,000 | ||
Future minimum rental commitments, due in fiscal 2016 | 600,000 | ||
Future minimum rental commitments, due in fiscal 2017 | 400,000 | ||
Future minimum rental commitments, due in fiscal 2018 | 200,000 | ||
Future minimum rental commitments, due in fiscal 2019 | 100,000 | ||
Future minimum rental commitments, due thereafter | $ 0 |
Major Customers and Foreign S62
Major Customers and Foreign Sales (Details) - Customer | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue, Major Customer [Line Items] | |||
Revenue, number of major customers | 2 | 2 | 1 |
Revenues, percentage | 100.00% | 100.00% | 100.00% |
United States | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 24.00% | 21.00% | 20.00% |
Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 2.00% | 0.00% | 0.00% |
Total Americas | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 26.00% | 21.00% | 20.00% |
Taiwan | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 13.00% | 16.00% | 14.00% |
China | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 26.00% | 14.00% | 39.00% |
Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 8.00% | 12.00% | 8.00% |
Total Asia | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 60.00% | 45.00% | 64.00% |
Germany | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 5.00% | 16.00% | 5.00% |
Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 9.00% | 18.00% | 11.00% |
Total Europe | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 14.00% | 34.00% | 16.00% |
Customer Number One | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 15.00% | 18.00% | 20.00% |
Customer Number Two | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 11.00% | 11.00% |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2015 | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Dec. 24, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||||
Number of operating segments | segment | 3 | ||||||||||||
Net revenue | $ 28,198 | $ 40,016 | $ 24,273 | $ 12,396 | $ 19,822 | $ 9,190 | $ 12,717 | $ 14,772 | $ 104,883 | $ 56,501 | $ 34,798 | ||
Operating loss | (13,521) | (13,089) | (19,994) | ||||||||||
Capital expenditures | 610 | 462 | 178 | ||||||||||
Depreciation and amortization | 3,357 | 2,410 | 2,667 | ||||||||||
Identifiable assets | 125,456 | 89,904 | 125,456 | 89,904 | |||||||||
Goodwill | 10,535 | 8,323 | 10,535 | 8,323 | |||||||||
Solar | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | 56,689 | 36,069 | 22,943 | ||||||||||
Operating loss | (4,741) | (11,010) | (13,720) | ||||||||||
Capital expenditures | 411 | 282 | 90 | ||||||||||
Depreciation and amortization | 2,940 | 2,236 | 2,451 | ||||||||||
Identifiable assets | 45,717 | 50,197 | 45,717 | 50,197 | |||||||||
Goodwill | 5,344 | 7,595 | 5,344 | 7,595 | |||||||||
Semiconductor | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | 37,250 | 9,779 | 3,425 | ||||||||||
Operating loss | (1,268) | 851 | (657) | ||||||||||
Capital expenditures | 136 | 110 | 8 | ||||||||||
Depreciation and amortization | 318 | 40 | 50 | ||||||||||
Identifiable assets | 46,912 | 5,281 | 46,912 | 5,281 | |||||||||
Goodwill | 4,463 | 0 | 4,463 | 0 | |||||||||
Polishing | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | 10,944 | 10,653 | 8,430 | ||||||||||
Operating loss | 1,935 | 2,805 | 1,282 | ||||||||||
Capital expenditures | 63 | 70 | 80 | ||||||||||
Depreciation and amortization | 99 | 134 | 166 | ||||||||||
Identifiable assets | 5,793 | 6,377 | 5,793 | 6,377 | |||||||||
Goodwill | 728 | 728 | 728 | 728 | |||||||||
Non-segment related | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating loss | (9,447) | (5,735) | $ (6,899) | ||||||||||
Identifiable assets | $ 27,034 | $ 28,049 | $ 27,034 | $ 28,049 | |||||||||
SoLayTec, B.V. | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Percentage of voting interests acquired | 51.00% | ||||||||||||
Product Concentration Risk | Sales Revenue, Product Line | Semiconductor | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Concentration risk, percentage | 25.00% |
Geographic Regions (Details)
Geographic Regions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | $ 28,198 | $ 40,016 | $ 24,273 | $ 12,396 | $ 19,822 | $ 9,190 | $ 12,717 | $ 14,772 | $ 104,883 | $ 56,501 | $ 34,798 |
Operating income (loss) | (13,521) | (13,089) | (19,994) | ||||||||
Net long-lived assets | 17,761 | 9,752 | 17,761 | 9,752 | |||||||
The Netherlands | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 46,982 | 31,779 | 17,615 | ||||||||
Operating income (loss) | (9,069) | (9,403) | (11,139) | ||||||||
Net long-lived assets | 6,677 | 7,617 | 6,677 | 7,617 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 37,483 | 20,433 | 11,855 | ||||||||
Operating income (loss) | (5,541) | (207) | (4,346) | ||||||||
Net long-lived assets | 10,162 | 1,016 | 10,162 | 1,016 | |||||||
France | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 8,387 | 4,218 | 5,328 | ||||||||
Operating income (loss) | (330) | (611) | (815) | ||||||||
Net long-lived assets | 346 | 475 | 346 | 475 | |||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 9,725 | 71 | 0 | ||||||||
Operating income (loss) | 986 | (2,868) | (3,694) | ||||||||
Net long-lived assets | $ 576 | $ 644 | 576 | 644 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 2,306 | 0 | 0 | ||||||||
Operating income (loss) | $ 433 | $ 0 | $ 0 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision (Benefit)) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current: | |||||||||||
Domestic Federal | $ (320,000) | $ 370,000 | $ (150,000) | ||||||||
Foreign | 500,000 | 530,000 | 800,000 | ||||||||
Foreign withholding taxes | 1,240,000 | 0 | 0 | ||||||||
Domestic state | 0 | 80,000 | (110,000) | ||||||||
Total current | 1,420,000 | 980,000 | 540,000 | ||||||||
Deferred: | |||||||||||
Domestic Federal | 720,000 | (490,000) | (290,000) | ||||||||
Foreign | (210,000) | 750,000 | 1,610,000 | ||||||||
Domestic state | (20,000) | 0 | 0 | ||||||||
Total deferred | 490,000 | 260,000 | 1,320,000 | ||||||||
Total provision | $ 1,270,000 | $ 290,000 | $ 170,000 | $ 180,000 | $ (645,000) | $ 1,325,000 | $ 0 | $ 560,000 | $ 1,910,000 | $ 1,240,000 | $ 1,860,000 |
Income Taxes (Reconciliation Ac
Income Taxes (Reconciliation Actual Income Taxes to Expected Federal Corporate Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Expected U.S. federal corporate income tax rate, percent | 34.00% | ||||||||||
Tax benefit at the U.S. rate | $ (1,630) | $ (4,440) | $ (6,750) | ||||||||
Effect of permanent book-tax differences | (1,570) | 30 | 970 | ||||||||
State tax provision | (40) | 80 | (110) | ||||||||
Valuation allowance for net deferred tax assets | 2,490 | 3,900 | 5,850 | ||||||||
Uncertain tax items | 330 | 370 | 450 | ||||||||
Foreign tax rate differential | 1,890 | 1,000 | 1,440 | ||||||||
Other items | 440 | 300 | 10 | ||||||||
Total provision | $ 1,270 | $ 290 | $ 170 | $ 180 | $ (645) | $ 1,325 | $ 0 | $ 560 | $ 1,910 | $ 1,240 | $ 1,860 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred tax assets - current: | |||
Capitalized inventory costs | $ 340,000 | $ 230,000 | $ 130,000 |
Inventory write-downs | 4,840,000 | 950,000 | 620,000 |
Accrued warranty | 280,000 | 180,000 | 200,000 |
Deferred profits | 1,180,000 | 1,460,000 | 800,000 |
Accruals and reserves not currently deductible | 1,920,000 | 520,000 | 490,000 |
Deferred tax assets - current | 8,560,000 | 3,340,000 | 2,240,000 |
Valuation allowance | (6,510,000) | (2,280,000) | (910,000) |
Deferred tax assets - current | 2,050,000 | 1,060,000 | 1,330,000 |
Deferred tax assets (liabilities)- non-current: | |||
Stock option expense | 680,000 | 670,000 | 700,000 |
Book vs. tax basis of acquired assets | (1,350,000) | (1,210,000) | (1,130,000) |
Federal net operating loss caryforwards | 5,570,000 | 900,000 | 0 |
Foreign and state net operating losses | 10,550,000 | 8,070,000 | 9,000,000 |
Book vs. tax depreciation and amortization | (2,030,000) | (10,000) | 60,000 |
Foreign tax credits | 3,950,000 | 0 | 520,000 |
Other deferred tax assets | 360,000 | 2,950,000 | (350,000) |
Total deferred tax assets - non-current | 17,730,000 | 11,370,000 | 8,800,000 |
Valuation allowance | (17,300,000) | (10,070,000) | (7,540,000) |
Deferred tax assets (liabilities) - non-current, net of valuation allowance | $ 430,000 | $ 1,300,000 | $ 1,260,000 |
Income Taxes (Deferred Tax Valu
Income Taxes (Deferred Tax Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Deferred Tax Valuation Allowance [Roll Forward] | |||
Balance at the beginning of the year | $ 12,350 | $ 8,450 | $ 2,600 |
Additions to valuation allowance | 11,460 | 3,900 | 5,850 |
Balance at the end of the year | $ 23,810 | $ 12,350 | $ 8,450 |
Income Taxes (Unrecognized tax
Income Taxes (Unrecognized tax benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of the year | $ 3,180 | $ 2,810 | $ 2,360 |
Additions related to tax positions taken in prior years | 330 | 370 | 530 |
Reductions due to lapse of statute of limitations | 0 | 0 | (80) |
Balance at the end of the year | $ 3,510 | $ 3,180 | $ 2,810 |
Income Taxes (Textual) (Details
Income Taxes (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Additions to valuation allowance | $ 11,460 | $ 3,900 | $ 5,850 | |
Undistributed earnings of foreign subsidiaries | 900 | |||
Unrecognized tax benefits that would impact effective tax rate | 1,800 | |||
Unrecognized tax benefits, income tax penalties and interest expense | 300 | $ 400 | $ 500 | |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 1,800 | $ 1,600 | ||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Number of years open for tax examinations | 3 years | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Number of years open for tax examinations | 5 years | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 16,900 | |||
Foreign Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 37,800 | |||
Tax credits | 3,600 | |||
State Jurisdiction | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 11,400 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 583 | $ 0 | $ 883 |
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 600 |
Selected Quarterly Data (Unau72
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Selected Quarterly Data (Unaudited) [Abstract] | |||||||||||
Revenue | $ 28,198 | $ 40,016 | $ 24,273 | $ 12,396 | $ 19,822 | $ 9,190 | $ 12,717 | $ 14,772 | $ 104,883 | $ 56,501 | $ 34,798 |
Gross margin | 6,563 | 10,128 | 6,889 | 3,428 | 2,562 | 1,631 | 2,898 | 4,535 | 27,008 | 11,626 | 4,313 |
Provision for (benefit of) for income taxes | 1,270 | 290 | 170 | 180 | (645) | 1,325 | 0 | 560 | 1,910 | 1,240 | 1,860 |
Net income (loss) attributable to Amtech Systems, Inc. | 1,349 | (1,604) | (2,321) | (5,195) | (3,245) | (5,257) | (3,751) | (794) | (7,771) | (13,047) | (20,069) |
Comprehensive income (loss) attributable to Amtech Systems, Inc. | $ 1,414 | $ (1,344) | $ (4,470) | $ (6,247) | $ (4,892) | $ (5,568) | $ (3,756) | $ (66) | $ (9,727) | $ (15,491) | $ (19,482) |
Basic (dollars per share) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.33) | $ (0.53) | $ (0.39) | $ (0.08) | $ (0.65) | $ (1.34) | $ (2.11) |
Shares used in calculation | 13,150 | 13,103 | 11,997 | 9,854 | 9,846 | 9,843 | 9,679 | 9,560 | 12,022 | 9,732 | 9,529 |
Diluted (dollars per share) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.33) | $ (0.53) | $ (0.39) | $ (0.08) | $ (0.65) | $ (1.34) | $ (2.11) |
Shares used in calculation | 13,259 | 13,103 | 11,997 | 9,854 | 9,846 | 9,843 | 9,679 | 9,560 | 12,022 | 9,732 | 9,529 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Jan. 30, 2015 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Long-term debt, balance | $ 9,367 | $ 9,367 | ||
Current maturities of long-term debt | 919 | $ 919 | $ 0 | |
Mortgage Note | ||||
Debt Instrument [Line Items] | ||||
Outstanding principal plus accrued interest as percent of appraised value, maximum threshold | 80.00% | |||
Current maturities of long-term debt | 200 | $ 200 | ||
Mortgage Note | Federal Home Loan Board Five Year Classic Advance Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 240.00% | |||
BTU International, Inc (BTU) Merger | ||||
Debt Instrument [Line Items] | ||||
Long-term debt acquired | $ 7,200 | |||
BTU International, Inc (BTU) Merger | Mortgage Note | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, balance | 6,900 | $ 6,900 | ||
Interest rate | 4.40% | |||
SoLayTec, B.V. | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, balance | 2,400 | $ 2,400 | ||
Additional borrowings | $ 700 | |||
Minimum | SoLayTec, B.V. | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.95% | 5.95% | ||
Maximum | SoLayTec, B.V. | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.00% | 10.00% |
Long-term Debt - Maturities of
Long-term Debt - Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 919 |
2,017 | 1,122 |
2,018 | 576 |
2,019 | 453 |
2,020 | 473 |
Thereafter | 5,824 |
Total | $ 9,367 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Jan. 30, 2015shares | Dec. 24, 2014USD ($) |
SoLayTec, B.V. | ||
Business Acquisition [Line Items] | ||
Percentage of voting interests acquired | 51.00% | |
Purchase price | $ 1.9 | |
BTU International, Inc (BTU) Merger | ||
Business Acquisition [Line Items] | ||
Exchange ratio | 0.3291 | |
The Company | Merger Agreement | ||
Business Acquisition [Line Items] | ||
Exchange ratio | 0.3291 | |
BTU International, Inc (BTU) Merger | Merger Agreement | ||
Business Acquisition [Line Items] | ||
Conversion of stock, shares issued | shares | 3,185,852 |
Acquisitions - Pro Forma (Detai
Acquisitions - Pro Forma (Details) - BTU International, Inc (BTU) Merger - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Revenue, net | $ 121,186 | $ 111,531 | $ 84,641 |
Net loss | $ (9,223) | $ (15,586) | $ (40,108) |
Earnings per share available to Amtech stockholders: | |||
Basic (in dollars per share) | $ (0.70) | $ (1.21) | $ (3.03) |
Diluted (in dollars per share) | $ (0.70) | $ (1.21) | $ (3.03) |
Acquisitions - Consideration Tr
Acquisitions - Consideration Transferred (Details) - BTU International, Inc (BTU) Merger $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 30, 2015USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Exchange ratio | 0.3291 |
Amtech common stock issued for consideration | 3,186 |
Amtech common stock per share price on January 30, 2015 | $ / shares | $ 8.20 |
Consideration for BTU common shares and restricted stock units | $ | $ 26,125 |
Total fair value of consideration transferred | $ | $ 26,625 |
Common And Restricted Shares | |
Business Acquisition [Line Items] | |
BTU common shares and restricted stock units exchanged | 9,681 |
Vested BTU stock options exchanged for Amtech stock options | 9,681 |
Stock Options | |
Business Acquisition [Line Items] | |
BTU common shares and restricted stock units exchanged | 500 |
Vested BTU stock options exchanged for Amtech stock options | 500 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jan. 30, 2015 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 10,535 | $ 8,323 | |
Goodwill recognized due to acquisitions | 7,681 | ||
BTU International, Inc (BTU) Merger | |||
Business Acquisition [Line Items] | |||
Fair value of net tangible assets acquired | $ 19,232 | ||
Goodwill | 4,463 | ||
Identifiable intangible assets | 2,930 | ||
Total consideration allocated | $ 26,625 | ||
Transaction-related expenses | 4,000 | 1,300 | |
Trade names | BTU International, Inc (BTU) Merger | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 1,200 | ||
Useful Life (in years) | 15 years | ||
Customer lists | |||
Business Acquisition [Line Items] | |||
Useful Life (in years) | 10 years | ||
Customer lists | BTU International, Inc (BTU) Merger | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 1,700 | ||
Useful Life (in years) | 6 years | ||
Semiconductor | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 4,463 | $ 0 | |
Goodwill recognized due to acquisitions | 4,463 | ||
Semiconductor | BTU International, Inc (BTU) Merger | |||
Business Acquisition [Line Items] | |||
Goodwill recognized due to acquisitions | $ 4,500 |
Deconsolidation (Details)
Deconsolidation (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 16, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from partial sale of subsidiary | $ 700 | $ 0 | $ 0 | ||
Gain on deconsolidation of Kingstone | 8,814 | $ 0 | $ 0 | ||
Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from partial sale of subsidiary | $ 700 | ||||
Deconsolidation, amount to be received | 7,100 | 7,100 | |||
Gain on deconsolidation of Kingstone | 8,800 | ||||
Sale of Shares | Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Deconsolidation, amount to be received | 3,600 | 3,600 | |||
Repayment of Loan | Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Deconsolidation, amount to be received | 3,500 | 3,500 | |||
Exclusive Sales and Service Rights in Solar Ion Implant Equipment | Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Deconsolidation, amount to be received | 5,600 | 5,600 | |||
Deconsolidation, amount to be received, net of tax (by March 31, 2016) | $ 3,100 | $ 3,100 | |||
Kingstone Holding Company | Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 15.00% | ||||
Shanghai Operating Entity | Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 10.00% | ||||
Loan | Kingstone | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Interest rate | 1.00% | 1.00% |
Investments (Details)
Investments (Details) $ in Millions | Sep. 16, 2015USD ($) |
Fair Value, Inputs, Level 1 | Kingstone Shanghai | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, fair value | $ 2.7 |
Kingstone | Kingstone Holding Company | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 15.00% |
Kingstone | Shanghai Operating Entity | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 10.00% |