Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Nov. 22, 2016 | Mar. 31, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 13,179,535 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 56,195,833 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 27,655 | $ 25,852 |
Restricted cash | 893 | 638 |
Accounts receivable | ||
Trade (less allowance for doubtful accounts of $3,730 and $5,009 at September 30, 2016 and September 30, 2015, respectively) | 17,642 | 14,488 |
Unbilled and other | 8,634 | 8,494 |
Inventories | 23,223 | 23,329 |
Deferred income taxes | 0 | 2,050 |
Refundable income taxes | 260 | 0 |
Notes and other receivable | 0 | 7,079 |
Other | 4,617 | 3,772 |
Total current assets | 82,924 | 85,702 |
Property, Plant and Equipment - Net | 15,960 | 17,761 |
Deferred income taxes - Long Term | 200 | 430 |
Other Assets - Long Term | 1,095 | 3,356 |
Investments | 3,032 | 2,733 |
Intangible Assets - Net | 4,100 | 4,939 |
Goodwill - Net | 11,119 | 10,535 |
Total Assets | 118,430 | 125,456 |
Current Liabilities | ||
Accounts payable | 15,397 | 15,646 |
Current maturities of long-term debt | 1,134 | 919 |
Accrued compensation and related taxes | 5,710 | 5,605 |
Accrued warranty expense | 795 | 793 |
Deferred profit | 4,709 | 4,873 |
Customer deposits | 7,055 | 7,154 |
Other accrued liabilities | 2,164 | 3,551 |
Income taxes payable | 1,100 | 830 |
Total current liabilities | 38,064 | 39,371 |
Long-term debt | 9,097 | 8,448 |
Income Taxes Payable Long-term | 5,930 | 4,990 |
Total Liabilities | 53,091 | 52,809 |
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: 13,179,355 and 13,150,469 at September 30, 2016 and September 30, 2015, respectively | 132 | 131 |
Additional paid-in capital | 111,631 | 110,191 |
Accumulated other comprehensive loss | (8,876) | (8,666) |
Retained deficit | (35,830) | (28,822) |
Total Stockholders' Equity | 67,057 | 72,834 |
Noncontrolling interest | (1,718) | (187) |
Total Equity | 65,339 | 72,647 |
Total Liabilities and Stockholders' Equity | $ 118,430 | $ 125,456 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Current Assets | ||
Allowance for doubtful accounts | $ 3,730 | $ 5,009 |
Stockholders' Equity | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
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 | 13,179,355 | 13,150,469 |
Common stock, shares outstanding | 13,179,355 | 13,150,469 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | |||
Revenue, net of returns and allowances | $ 120,308 | $ 104,883 | $ 56,501 |
Cost of sales | 86,245 | 77,875 | 44,875 |
Gross profit | 34,063 | 27,008 | 11,626 |
Selling, general and administrative | 33,967 | 33,028 | 18,424 |
Research, development and engineering | 8,004 | 6,918 | 6,291 |
Restructuring charges | 0 | 583 | 0 |
Operating loss | (7,908) | (13,521) | (13,089) |
Gain on deconsolidation of Kingstone | 0 | 8,814 | 0 |
Gain on sale of other assets | 2,576 | 0 | 0 |
Income from equity method investment | 299 | 0 | 0 |
Interest and other (expense) income, net | (417) | (100) | 40 |
Loss before income taxes | (5,450) | (4,807) | (13,049) |
Income tax provision | 3,100 | 1,910 | 1,240 |
Net loss | (8,550) | (6,717) | (14,289) |
Add: Net (income) loss attributable to noncontrolling interest | 1,542 | (1,054) | 1,242 |
Net loss attributable to Amtech Systems, Inc. | $ (7,008) | $ (7,771) | $ (13,047) |
Loss Per Share: | |||
Basic loss per share attributable to Amtech shareholders (dollars per share) | $ (0.53) | $ (0.65) | $ (1.34) |
Weighted average shares outstanding (in shares) | 13,168 | 12,022 | 9,732 |
Diluted loss per share attributable to Amtech shareholders (dollars per share) | $ (0.53) | $ (0.65) | $ (1.34) |
Weighted average shares outstanding (in shares) | 13,168 | 12,022 | 9,732 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (8,550) | $ (6,717) | $ (14,289) |
Foreign currency translation adjustment | (199) | (3,010) | (1,202) |
Comprehensive loss | (8,749) | (9,727) | (15,491) |
Comprehensive (income) loss attributable to noncontrolling interest | 1,531 | (920) | 1,210 |
Comprehensive loss attributable to Amtech Systems, Inc. | $ (7,218) | $ (10,647) | $ (14,281) |
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 (in shares) at Sep. 30, 2013 | 9,551,000 | ||||||
Beginning 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 of stock compensation | 345 | 345 | 345 | ||||
Stock compensation expense | 795 | 795 | 795 | ||||
Restricted shares released (in shares) | 34,000 | ||||||
Restricted shares released | 0 | $ 0 | 0 | 0 | |||
Stock options exercised (in shares) | 263,000 | ||||||
Stock options exercised | 1,136 | $ 2 | 1,134 | 1,136 | |||
Ending balance (in shares) at Sep. 30, 2014 | 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 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 (in shares) | 22,000 | ||||||
Restricted shares released | 0 | $ 0 | 0 | 0 | |||
Stock options exercised (in shares) | 94,000 | ||||||
Stock options exercised | $ 523 | $ 1 | 522 | 523 | |||
Ending balance (in 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (8,550) | (7,008) | (7,008) | (1,542) | |||
Translation adjustment | (199) | (210) | (210) | 11 | |||
Stock compensation expense | 1,390 | 1,390 | 1,390 | ||||
Restricted shares released (in shares) | 14,000 | ||||||
Restricted shares released | 0 | $ 0 | 0 | 0 | |||
Stock options exercised (in shares) | 15,000 | ||||||
Stock options exercised | $ 51 | $ 1 | 50 | 51 | |||
Ending balance (in shares) at Sep. 30, 2016 | 13,179,355 | 13,179,000 | |||||
Ending balance at Sep. 30, 2016 | $ 65,339 | $ 132 | $ 111,631 | $ (8,876) | $ (35,830) | $ 67,057 | $ (1,718) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | |||
Net loss | $ (8,550) | $ (6,717) | $ (14,289) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 2,974 | 3,357 | 2,410 |
Write-down of inventory | 84 | 138 | 294 |
Capitalized interest | 322 | 0 | 0 |
Provision for (reversal of) allowance for doubtful accounts | 1,698 | (194) | 1,304 |
Deferred income taxes | 2,280 | 454 | 194 |
Non-cash share based compensation expense | 1,390 | 1,162 | 795 |
Gain on deconsolidation of subsidiary | 0 | (8,814) | 0 |
Gain on sale of fixed assets | (60) | 0 | 0 |
Gain on sale of other assets | (2,576) | 0 | 0 |
Income from equity method investment | (299) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Restricted cash | (253) | (1,731) | 2,662 |
Accounts receivable | (4,998) | 1,700 | (11,786) |
Inventories | 491 | (1,308) | 3,636 |
Accrued income taxes | 351 | (4,329) | 6,849 |
Other assets | (814) | 2,119 | 782 |
Accounts payable | (224) | 939 | 766 |
Accrued liabilities and customer deposits | (1,355) | 4,647 | (10,805) |
Deferred profit | (150) | (1,490) | 6,107 |
Net cash used in operating activities | (9,689) | (10,067) | (11,081) |
Investing Activities | |||
Purchases of property, plant and equipment | (978) | (610) | (462) |
Investment in acquisitions, net of cash | 0 | 8,191 | 0 |
Proceeds from sale of property, plant and equipment | 255 | 0 | 0 |
Proceeds from partial sale of subsidiary | 7,012 | 700 | 0 |
Proceeds from the sale of other assets | 4,884 | 0 | 0 |
Net cash provided by (used in) investing activities | 11,173 | 8,281 | (462) |
Financing Activities | |||
Proceeds from issuance of common stock, net | 51 | 523 | 1,136 |
Payments on long-term obligations | (739) | (482) | 0 |
Borrowings on long term debt | 1,145 | 734 | 0 |
Excess tax benefit of stock compensation | 0 | 30 | 345 |
Net cash provided by financing activities | 457 | 805 | 1,481 |
Effect of Exchange Rate Changes on Cash | (138) | (534) | 232 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,803 | (1,515) | (9,830) |
Cash and Cash Equivalents, Beginning of Year | 25,852 | 27,367 | 37,197 |
Cash and Cash Equivalents, End of Year | 27,655 | 25,852 | 27,367 |
Supplemental Cash Flow Information: | |||
Income tax refunds (payments), net | (116) | (5,104) | 6,290 |
Issuance of common stock for acquisitions | 0 | 26,625 | 0 |
Interest paid, net of capitalized interest | 305 | 440 | 0 |
Supplemental Non-cash Financing Activities: | |||
Transfer inventory to property, plant, and equipment | 0 | 0 | 527 |
Transfer of property, plant, and equipment to inventory | $ 526 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2016 | |
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. 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, 2016 2015 2014 (dollars in thousands) Deferred revenue $ 7,029 $ 7,280 $ 8,118 Deferred costs 2,320 2,407 1,210 Deferred profit $ 4,709 $ 4,873 $ 6,908 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 $0.9 million and $0.6 million as of September 30, 2016 and 2015, 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, 2016 and 2015 includes $0.2 million relating to the Company's proportional responsibility, assumed in connection with the BTU acquisition, for clean-up costs at a Superfund site. 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, 2016 2015 2014 (dollars in thousands) Balance at beginning of year $ 5,009 $ 2,846 $ 638 Provision / (Reversal) 1,698 (194 ) 1,304 Write offs (1,942 ) (130 ) (13 ) Acquired through business acquisitions — 1,397 — Adjustment (1) (2) (3) (1,035 ) 1,090 917 Balance at end of year $ 3,730 $ 5,009 $ 2,846 (1) 2014 relates to an unbilled accounts receivable that was legally owed to the Company but was deemed uncollectible when the customer entered into bankruptcy proceedings. To allow for submission of billings to the courts, amounts were invoiced and fully reserved. (2) 2015 amount primarily relates to cancellation fees that were legally owed to the Company but for which collectability was not assured. A portion of these fees were collected in 2016, and the remainder were written off. (3) Includes foreign currency translation adjustments. 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 70% and 62% of total cash balances as of September 30, 2016 and 2015, respectively) 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, 2016, one customer individually represented 11% of accounts receivable. As of September 30, 2015, no customer individually represented greater than 10% of accounts receivable. Refer to Note 8, 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 50% and 60% of inventory as of September 30, 2016 and 2015, respectively, 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, 2016 September 30, 2015 (dollars in thousands) Purchased parts and raw materials $ 12,435 $ 11,587 Work-in-process 7,044 5,089 Finished goods 3,744 6,653 $ 23,223 $ 23,329 Notes and Other Receivables – Notes and other Receivable consists of amounts due to the Company for the sale of Kingstone shares and repayment of a loan (see Note 14 "Deconsolidation"). The carrying amount of the notes receivable approximated fair value due to its short-term nature. 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 and capital lease amortization expense was $2.1 million , $2.2 million and $1.7 million in fiscal years 2016, 2015 and 2014, 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 to 30 years. The following is a summary of property, plant and equipment: September 30, 2016 September 30, 2015 (dollars in thousands) Land, building and leasehold improvements $ 18,255 $ 18,095 Equipment and machinery 9,056 9,709 Furniture and fixtures 5,426 5,465 32,737 33,269 Accumulated depreciation and amortization (16,777 ) (15,508 ) $ 15,960 $ 17,761 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 fiscal 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 14 "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, 2016 are as follows. Solar Semiconductor Polishing Total (dollars in thousands) Goodwill $ 6,617 $ 4,463 $ 728 $ 11,808 Accumulated impairment losses (1,273 ) — — (1,273 ) Carrying value at September 30, 2015 5,344 4,463 728 10,535 Reallocation of goodwill — 600 — 600 Net exchange differences (16 ) — — (16 ) Carrying value at September 30, 2016 $ 5,328 $ 5,063 $ 728 $ 11,119 Goodwill $ 6,597 $ 5,063 $ 728 $ 12,388 Accumulated impairment losses (1,269 ) — — (1,269 ) Carrying value at September 30, 2016 $ 5,328 $ 5,063 $ 728 $ 11,119 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 $0.8 million , $1.2 million and $0.7 million in fiscal years 2016, 2015 and 2014, respectively. The aggregate amortization expense for the intangible assets for each of the five succeeding fiscal years is estimated to be $0.7 million , $0.6 million , $0.6 million , $0.6 million and $0.4 million in 2017, 2018, 2019, 2020 and 2021. 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. 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. See Note 13, “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 fiscal 2015, the Company derecognized $3.2 million of intangible assets and $1.9 million of accumulated amortization. See Note 14 "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, 2016 2015 (dollars in thousands) Customer lists 6-10 years $ 2,432 $ (1,164 ) $ 1,268 $ 2,434 $ (808 ) $ 1,626 Technology 5-10 years 3,214 (1,678 ) 1,536 3,223 (1,368 ) 1,855 Trade names 10-15 Years 1,455 (219 ) 1,236 1,456 (72 ) 1,384 Other 2-10 years 277 (217 ) 60 278 (204 ) 74 $ 7,378 $ (3,278 ) $ 4,100 $ 7,391 $ (2,452 ) $ 4,939 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, 2016 2015 2014 (dollars in thousands) Beginning balance $ 793 $ 628 $ 1,454 Warranty – BTU merger — 806 — Additions for warranties issued during the period 1,074 677 479 Reductions in the liability for payments made under the warranty (832 ) (1,007 ) (390 ) Changes related to pre-existing warranties (250 ) (215 ) (750 ) Currency translation adjustment 10 (96 ) (165 ) Ending balance $ 795 $ 793 $ 628 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, 2016 2015 2014 (dollars in thousands) Research, development and engineering $ 9,535 $ 13,214 $ 10,863 Grants earned (1,531 ) (6,296 ) (4,572 ) Net research, development and engineering $ 8,004 $ 6,918 $ 6,291 Shipping Expense – Shipping expenses of $2.3 million , $2.5 million and $1.0 million for fiscal 2016 , 2015 and 2014 are included in selling, general and administrative expenses. Foreign Currency Transactions and Translation – Our operations in Europe, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Net income includes a pretax net loss from foreign currency transactions of less than $0.1 million in fiscal 2016 and pretax net gains of $0.3 million and less than $0.1 million in fiscal 2015 and 2014, respectively. 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 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. Stock-based compensation expense for the fiscal years ended September 30, 2016, 2015 and 2014 reduced the Company’s results of operations as follows: Years Ended September 30, 2016 2015 2014 (dollars in thousands) Effect on income before income taxes (1) $ (1,390 ) $ (1,162 ) $ (795 ) Effect on income taxes $ 186 $ 221 $ 326 Effect on net income $ (1,204 ) $ (941 ) $ (469 ) (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 6 months to four years. 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 2026. Options vest over 6 months 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, 2016 2015 2014 Risk free interest rate 2% 2% 2% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 63% 67% 69% 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 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 130 , 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 92.1% as of September 30, 2016. 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. During the fiscal year 2016 the coverage ratio was as high as 99.2% in the first quarter and as low as 89.6% in the second quarter. The fluctuations are 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, 2016 PMT's total plan assets were $76.7 billion and the actuarial present value of accumulated plan benefits was $83.3 billion. Below is a table of contributions made by the Company to multiemployer pension plans: Contributions Years Ended September 30, 2016 2015 2014 (dollars in thousands) Pensioenfonds Metaal en Techniek (PMT) $ 796 $ 805 $ 929 Other plans 187 158 158 Total $ 983 $ 963 $ 1,087 The Company matches employee funds to the Company's defined contribution plans on a discretionary basis. The match was insignificant in fiscal years 2016, 2015 and 2014. Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year presentation relating to segment disclosure (see Note 7). Specifically, allowance for doubtful accounts, and warranty have been modified to provide a greater level of detail. These reclassifications had no effect on the previously reported Consolidated Financial Statements for any period. Impact of Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. These amendments provide cash flow statement classification guidance for: 1. Debt Prepayment or Debt Extinguishment Costs; 2. Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; 3. Contingent Consideration Payments Made after a Business Combination; 4. Proceeds from the Settlement of Insurance Claims; 5. Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; 6. Distributions Received from Equity Method Investees; 7. Beneficial Interests in Securitization Transactions; and 8. Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early application is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. The new standard applies to financial assets measured at amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. The new guidance will be effective for the Company starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 regarding ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2014-09 provides principles for recognizing 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 those goods or services. In August 2015, the FASB issued ASU 2015-14 to defer the effective date by one year with early adoption permitted as of the original effective date. ASU 2014-09 will be effective for Amtech’s fiscal year beginning October 1, 2018 unless we elect the earlier date of October 1, 2017. In addition, the FASB issued ASU 2016-08, ASU 2016-10, and ASU 2016-12 in March 2016, April 2016, and May 2016, respectively, to help provide interpretive clarifications on the new guidance in ASC Topic 606. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - “Stock Compensation (Topic 718)”. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The amendments in this ASU are effective for annual periods beginning after December 15, 2016 and for the interim periods therein. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, “Equity Method and Joint Ventures” affecting a |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2016 | |
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. 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 2026. Options issued by the Company vest over 6 months to 4 years. The Company may also grant restricted stock awards under the 2007 Plan. As of September 30, 2016 there was no unamortized expense related to restricted shares. As of September 30, 2015 the unamortized expense was less than $0.1 million . Restricted stock transactions and outstanding awards are summarized as follows: Years Ended September 30, 2016 2015 2014 Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Beginning Outstanding 13,540 $ 7.98 35,203 $ 10.13 69,154 $ 10.13 Released (13,540 ) 7.98 (21,663 ) 11.47 (33,951 ) 10.13 Ending Outstanding — $ — 13,540 $ 7.98 35,203 $ 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 3,000,000 722,102 1,603,887 Mar. 2020 1998 Employee Stock Option Plan 500,000 — 23,210 Jan. 2008 Non-Employee Directors Stock Option Plan 500,000 131,600 214,470 Mar. 2020 853,702 1,841,567 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, 2016 2015 2014 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,627,477 $ 9.11 1,063,324 $ 7.37 1,059,567 $ 6.71 Granted 360,075 5.25 327,500 9.74 272,906 7.01 Assumed - merger — — 367,229 14.19 — — Exercised (15,346 ) 3.28 (94,701 ) 5.52 (263,643 ) 4.31 Forfeited/canceled (130,639 ) 12.86 (35,875 ) 24.71 (5,506 ) 9.63 Outstanding at end of period 1,841,567 $ 8.15 1,627,477 $ 9.11 1,063,324 $ 7.37 Exercisable at end of period 1,127,611 $ 8.92 1,002,421 $ 9.74 674,237 $ 8.18 Weighted average grant-date fair value of options granted during the period $ 3.03 $ 5.91 $ 4.38 The following tables summarize information for stock options outstanding and exercisable as of September 30, 2016: Options Outstanding Range of Exercise Prices Number Outstanding Remaining Contractual Life Average Exercise Price Aggregate Intrinsic Value (in years) (in thousands) 2.95-4.85 192,954 5.69 $ 3.19 5.01-5.20 5,010 2.78 5.05 5.25-5.25 337,600 9.13 5.25 5.40-7.00 107,261 2.85 6.26 7.01-7.01 266,106 7.20 7.01 7.15-7.87 54,390 4.53 7.59 7.98-7.98 239,873 5.21 7.98 8.20-9.94 91,888 5.72 8.87 9.98-9.98 281,750 8.14 9.98 10.50-27.47 264,735 2.70 15.52 1,841,567 6.21 $ 8.15 $ 342 Vested and expected to vest as of September 30, 2016 1,838,990 6.21 $ 8.15 $ 342 Options Exercisable Range of Exercise Prices Number Exercisable Weighted Exercise Price Aggregate Intrinsic Value (in thousands) 2.95-4.85 152,595 $ 3.12 5.01-5.20 5,010 5.05 5.25-5.25 24,000 5.25 5.40-7.00 107,261 6.26 7.01-7.01 157,654 7.01 7.15-7.87 32,342 7.40 7.98-7.98 239,873 7.98 8.20-9.94 60,638 9.21 9.98-9.98 87,503 9.98 10.50-27.47 260,735 15.60 1,127,611 8.92 $ 280 The aggregate intrinsic value in the tables above represents the total pretax intrinsic value, based on the Company’s closing stock price of $4.96 per share as of September 30, 2016, 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, 2016, 2015 and 2014 was less than $0.1 million , $0.6 million and $ 1.8 million , respectively. |
Earnings Per Share & Diluted Ea
Earnings Per Share & Diluted Earnings Per Share | 12 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share & Diluted Earnings Per Share | Earnings Per Share & Diluted 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 1,840,000 , 1,640,000 and 1,099,000 shares are excluded from the fiscal 2016 , 2015 and 2014 earnings per share calculations as they are anti-dilutive. Years ended September 30, 2016 2015 2014 (dollars in thousands, except per share amounts) Basic Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,008 ) $ (7,771 ) $ (13,047 ) Weighted Average Shares Outstanding: Common stock 13,168 12,022 9,732 Basic loss per share attributable to Amtech shareholders $ (0.53 ) $ (0.65 ) $ (1.34 ) Diluted Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,008 ) $ (7,771 ) $ (13,047 ) Weighted Average Shares Outstanding: Common stock 13,168 12,022 9,732 Common stock equivalents (1) — — — Diluted shares 13,168 12,022 9,732 Diluted loss per share attributable to Amtech shareholders $ (0.53 ) $ (0.65 ) $ (1.34 ) (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, 2016 | |
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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations – As of September 30, 2016, the Company had unrecorded purchase obligations in the amount of $11.3 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. As of September 30, 2016, Tempress has contributed all of the required $1.4 million to the project. EPA Accrual - As a result of the BTU acquisition, the Company assumed BTU’s proportional responsibility for clean-up costs at a Superfund site. As an equipment manufacturer, BTU generated and disposed of small quantities of solid waste that were considered hazardous under Environment Protection Agency (“EPA”) regulations. Because BTU historically used a waste disposal firm that disposed of the solid waste at a site that the EPA designated as a Superfund site, BTU was named by the EPA as one of the entities responsible for a portion of the expected clean-up costs. Based on the Company's proportional responsibility, as negotiated with and agreed to by the EPA, the Company's liability related to this matter is less than $0.1 million, which is included in Other Accrued Liabilities on the Consolidated Balance Sheet as of September 30, 2016. In accordance with the agreement, the Company established a letter of credit for $0.2 million to the benefit of the EPA for potential cash payments as settlements for the Company’s proportional liability. Legal Proceedings – The Company and its subsidiaries are defendants from time to time in actions for matters arising out of their business operations.The Company does not believe that any matters or proceedings presently pending will have a material adverse effect on its consolidated financial position, results of operations or liquidity. 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 February 18, 2016, the Delaware Court entered the Order approving the Amended Stipulation of Settlement. As a result, the Released Claims were dismissed with prejudice and without any admission of wrongdoing by any of the parties to the Stockholder Actions. Pursuant to the Amended Stipulation of Settlement, BTU, its insurer(s), or its successor(s) in interest are responsible for payment of fees and expenses in the amount of $325,000 which were paid in full on April 1, 2016. As described above, the Released Claims are limited solely to claims related to any disclosures (or lack thereof) to BTU’s stockholders concerning the merger and any fiduciary claims concerning the decision to enter into the merger. While we are currently unaware of any other pending or threatened litigation related to additional claims arising from the Stockholder Actions, any future claims are uncertain, so additional harm could potentially result to the Company from this litigation, which may cause the Company to incur substantial costs and divert management’s attention from operational matters. Operating Leases – The Company leases buildings, vehicles and equipment under operating leases. Rental expense under such operating leases was $1.4 million , $1.2 million , and $1.0 million in fiscal 2016, 2015 and 2014, respectively. As of September 30, 2016, future minimum rental commitments under non-cancelable operating leases with initial or remaining terms of one year or more totaled $ 2.6 million , of which $1.2 million , $0.7 million , $0.4 million , $0.2 million and $0.1 million is payable in fiscal 2017, 2018, 2019, 2020 and 2021, respectively, and none thereafter. |
Major Customers and Foreign Sal
Major Customers and Foreign Sales | 12 Months Ended |
Sep. 30, 2016 | |
Major Customers and Foreign Sales [Abstract] | |
Major Customers And Foreign Sales | Major Customers and Foreign Sales In fiscal 2016, one customer accounted for 11% of net revenues. In fiscal 2015, two customers individually accounted for 15% and 11% of net revenues. In fiscal 2014, two customers individually accounted for 18% and 11% of net revenues. Our net revenues for fiscal 2016, 2015 and 2014 were to customers in the following geographic regions: Years Ended September 30, 2016 2015 2014 United States 17 % 24 % 21 % Other 3 % 2 % — % Total Americas 20 % 26 % 21 % Taiwan 15 % 13 % 16 % Malaysia 18 % 13 % 3 % China 28 % 26 % 14 % Other 7 % 8 % 12 % Total Asia 68 % 60 % 45 % Germany 3 % 5 % 16 % Other 9 % 9 % 18 % Total Europe 12 % 14 % 34 % 100 % 100 % 100 % |
Business Segments
Business Segments | 12 Months Ended |
Sep. 30, 2016 | |
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 13, “Acquisitions”, for additional information with respect to the Company’s recent acquisitions. Information concerning our business segments is as follows: Years ended September 30, 2016 2015 2014 (dollars in thousands) Net revenue: Solar* $ 60,946 $ 56,689 $ 36,069 Semiconductor 50,637 37,250 9,779 Polishing 8,725 10,944 10,653 $ 120,308 $ 104,883 $ 56,501 Operating income (loss): Solar* $ (6,696 ) $ (5,056 ) $ (11,010 ) Semiconductor 3,904 (1,268 ) 851 Polishing 1,588 2,250 2,805 Non-segment related (6,704 ) (9,447 ) (5,735 ) $ (7,908 ) $ (13,521 ) $ (13,089 ) * 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, 2016 2015 2014 (dollars in thousands) Capital expenditures: Solar $ 235 $ 411 $ 282 Semiconductor 692 136 110 Polishing 51 63 70 $ 978 $ 610 $ 462 Depreciation and amortization expense: Solar $ 2,014 $ 2,940 $ 2,236 Semiconductor 870 318 40 Polishing 90 99 134 $ 2,974 $ 3,357 $ 2,410 September 30, September 30, (dollars in thousands) Identifiable assets: Solar $ 42,962 $ 45,717 Semiconductor 51,985 46,912 Polishing 4,819 5,793 Non-segment related 18,664 27,034 $ 118,430 $ 125,456 Goodwill: Solar $ 5,328 $ 5,344 Semiconductor 5,063 4,463 Polishing 728 728 $ 11,119 $ 10,535 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, 2016 2015 2014 (dollars in thousands) Net revenue: The Netherlands $ 52,189 $ 46,982 $ 31,779 United States 44,299 37,483 20,433 France 8,758 8,387 4,218 China 11,799 9,725 71 Other 3,263 2,306 — $ 120,308 $ 104,883 $ 56,501 Operating income (loss): The Netherlands $ (7,773 ) $ (9,069 ) $ (9,403 ) United States (1,396 ) (5,541 ) (207 ) France (783 ) (330 ) (611 ) China 1,530 986 (2,868 ) Other 514 433 — $ (7,908 ) $ (13,521 ) $ (13,089 ) As of September 30, 2016 2015 Net long-lived assets (excluding intangibles and goodwill) The Netherlands $ 4,996 $ 6,677 United States 10,171 10,162 France 241 346 China 552 576 $ 15,960 $ 17,761 |
Geographic Regions
Geographic Regions | 12 Months Ended |
Sep. 30, 2016 | |
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 13, “Acquisitions”, for additional information with respect to the Company’s recent acquisitions. Information concerning our business segments is as follows: Years ended September 30, 2016 2015 2014 (dollars in thousands) Net revenue: Solar* $ 60,946 $ 56,689 $ 36,069 Semiconductor 50,637 37,250 9,779 Polishing 8,725 10,944 10,653 $ 120,308 $ 104,883 $ 56,501 Operating income (loss): Solar* $ (6,696 ) $ (5,056 ) $ (11,010 ) Semiconductor 3,904 (1,268 ) 851 Polishing 1,588 2,250 2,805 Non-segment related (6,704 ) (9,447 ) (5,735 ) $ (7,908 ) $ (13,521 ) $ (13,089 ) * 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, 2016 2015 2014 (dollars in thousands) Capital expenditures: Solar $ 235 $ 411 $ 282 Semiconductor 692 136 110 Polishing 51 63 70 $ 978 $ 610 $ 462 Depreciation and amortization expense: Solar $ 2,014 $ 2,940 $ 2,236 Semiconductor 870 318 40 Polishing 90 99 134 $ 2,974 $ 3,357 $ 2,410 September 30, September 30, (dollars in thousands) Identifiable assets: Solar $ 42,962 $ 45,717 Semiconductor 51,985 46,912 Polishing 4,819 5,793 Non-segment related 18,664 27,034 $ 118,430 $ 125,456 Goodwill: Solar $ 5,328 $ 5,344 Semiconductor 5,063 4,463 Polishing 728 728 $ 11,119 $ 10,535 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, 2016 2015 2014 (dollars in thousands) Net revenue: The Netherlands $ 52,189 $ 46,982 $ 31,779 United States 44,299 37,483 20,433 France 8,758 8,387 4,218 China 11,799 9,725 71 Other 3,263 2,306 — $ 120,308 $ 104,883 $ 56,501 Operating income (loss): The Netherlands $ (7,773 ) $ (9,069 ) $ (9,403 ) United States (1,396 ) (5,541 ) (207 ) France (783 ) (330 ) (611 ) China 1,530 986 (2,868 ) Other 514 433 — $ (7,908 ) $ (13,521 ) $ (13,089 ) As of September 30, 2016 2015 Net long-lived assets (excluding intangibles and goodwill) The Netherlands $ 4,996 $ 6,677 United States 10,171 10,162 France 241 346 China 552 576 $ 15,960 $ 17,761 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income (loss) before provision for income taxes are as follows: Year Ended September 30, 2016 2015 2014 (dollars in thousands) Domestic $ 2,100 $ 94 $ 278 Foreign (7,550 ) (4,901 ) (13,327 ) $ (5,450 ) $ (4,807 ) $ (13,049 ) The components of the provision (benefit) for income taxes are as follows: Year Ended September 30, 2016 2015 2014 (dollars in thousands) Current: Domestic Federal $ 530 $ (320 ) $ 370 Foreign 500 500 530 Foreign withholding taxes 280 1,240 — Domestic state 110 — 80 Total current 1,420 1,420 980 Deferred: Domestic Federal 1,680 720 (490 ) Foreign — (210 ) 750 Domestic state — (20 ) — Total deferred 1,680 490 260 Total provision $ 3,100 $ 1,910 $ 1,240 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, 2016 2015 2014 (dollars in thousands) Tax benefit at the U.S. rate $ (1,890 ) $ (1,630 ) $ (4,440 ) Effect of permanent book-tax differences 1,120 (1,570 ) 30 State tax provision 110 (40 ) 80 Valuation allowance for net deferred tax assets 2,690 2,490 3,900 Uncertain tax items 350 330 370 Foreign tax rate differential 1,050 1,890 1,000 Other items (330 ) 440 300 $ 3,100 $ 1,910 $ 1,240 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, 2016 2015 2014 (dollars in thousands) Deferred tax assets - current: Capitalized inventory costs $ 270 $ 340 $ 230 Inventory write-downs 2,460 4,840 950 Accrued warranty 160 280 180 Deferred profits 1,180 1,180 1,460 Accruals and reserves not currently deductible 1,720 1,920 520 Deferred tax assets - current $ 5,790 $ 8,560 $ 3,340 Valuation allowance (5,790 ) (6,510 ) (2,280 ) Deferred tax assets - current, net of valuation allowance $ — $ 2,050 $ 1,060 Deferred tax assets (liabilities)- non-current: Stock option expense $ 890 $ 680 $ 670 Book vs. tax basis of acquired assets (1,340 ) (1,350 ) (1,210 ) Federal net operating loss carryforwards 3,370 5,570 900 Foreign and state net operating losses 13,200 10,550 8,070 Book vs. tax depreciation and amortization (2,200 ) (2,030 ) (10 ) Foreign tax credits 4,230 3,950 — Other deferred tax assets 570 360 2,950 Total deferred tax assets - non-current 18,720 17,730 11,370 Valuation allowance (18,520 ) (17,300 ) (10,070 ) Deferred tax assets (liabilities) - non-current, net of valuation allowance $ 200 $ 430 $ 1,300 Changes in the deferred tax valuation allowance are as follows: Year Ended September 30, 2016 2015 2014 (dollars in thousands) Balance at the beginning of the year $ 23,810 $ 12,350 $ 8,450 Additions to valuation allowance 500 11,460 3,900 Balance at the end of the year $ 24,310 $ 23,810 $ 12,350 The deferred tax valuation allowance increased by $0.5 million and $11.5 million for the years ended September 30, 2016 and 2015, respectively. A significant portion of the 2015 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 established valuation allowances on substantially all net deferred tax assets, after considering all of the available objective evidence, both positive and negative, historical and prospective, with greater weight given to historical evidence, and determined it is not more likely than not that these assets will be realized. The Company has federal net operating loss carryforwards of approximately $14.0 million that expire at various times between 2024 and 2036. In addition, the Company has approximately $3.6 million of foreign tax credits that expire at various times through 2025. The utilization of those federal net operating losses and foreign tax carryforwards are limited to approximately $0.8 million per year. The company also has foreign net operating loss carryforwards of approximately $47.3 million which expire at various times through 2025. The Company also has approximately $7.5 million of state net operating loss carryforwards. 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 undistributed foreign earnings at September 30, 2016. 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 $1.7 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, 2016 2015 2014 (dollars in thousands) Balance at beginning of the year $ 3,510 $ 3,180 $ 2,810 Additions related to tax positions taken in prior years 350 330 370 Reductions due to lapse of statute of limitations — — — Balance at the end of the year $ 3,860 $ 3,510 $ 3,180 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 $0.4 million , $0.3 million , and $0.4 million for fiscal years 2016, 2015 and 2014 respectively. Income taxes payable long-term on the Consolidated Balance Sheets includes a cumulative accrual for potential interest and penalties of $2.3 million and $1.8 million as of September 30, 2016 and 2015, 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, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges The company recorded a net charge of $0.6 million for the year ended September 30, 2015, 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, 2016 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2016: (in thousands, except per share amounts) Revenue $ 22,074 $ 22,483 $ 33,342 $ 42,409 Gross margin $ 5,955 $ 6,001 $ 9,631 $ 12,476 Provision for income taxes $ 300 $ 1,670 $ 70 $ 1,060 Net income (loss) attributable to Amtech Systems, Inc. $ (4,015 ) $ (1,499 ) $ (1,209 ) $ (285 ) Comprehensive income (loss) attributable to Amtech Systems, Inc. $ (4,550 ) $ (909 ) $ (1,483 ) $ (276 ) Net income (loss) per share attributable to Amtech Systems, Inc.: Basic earnings per share $ (0.31 ) $ (0.11 ) $ (0.09 ) $ (0.02 ) Shares used in calculation 13,152 13,169 13,173 13,177 Diluted earnings per share $ (0.31 ) $ (0.11 ) $ (0.09 ) $ (0.02 ) Shares used in calculation 13,152 13,169 13,173 13,177 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 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Sep. 30, 2016 | |
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 $ 6.5 million as of September 30, 2016. The debt was refinanced in September 2016 with an interest rate of 4.11% through September 26, 2021, 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 maturity date of the debt is September 26, 2023. In December 2014, the Company acquired long term debt as part of the SoLayTec acquisition. During the year ended September 30, 2016, SoLayTec borrowed an additional $1.1 million . As of September 30, 2016 the debt has a remaining balance of $3.7 million. The debt has interest rates ranging from 4.50% 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, 2016 are as follows: Annual Maturities (in thousands) 2017 $ 1,134 2018 932 2019 1,065 2020 365 2021 382 Thereafter 6,353 Total $ 10,231 |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of BTU International, Inc. 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 as if the acquisition of BTU occurred on October 1, 2013 and includes adjustments for depreciation expense, amortization of intangibles, and the effect of other purchase accounting adjustments. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the combined company nor do they reflect the expected realization of any cost savings associated with the acquisition. Years Ended (unaudited) September 30, 2015 September 30, 2014 (dollars in thousands, except per share data) Revenue, net $ 121,186 $ 111,531 Net loss $ (9,223 ) $ (15,586 ) Earnings per share available to Amtech stockholders: Basic $ (0.70 ) $ (1.21 ) Diluted $ (0.70 ) $ (1.21 ) 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 , including the effects of measurement period adjustments recorded in fiscal 2016: (In thousands) Initial Estimate Adjustments Final Allocation Fair value of net tangible assets acquired $ 19,232 $ (600 ) $ 18,632 Goodwill 4,463 600 5,063 Identifiable intangible assets 2,930 — 2,930 Total consideration allocated $ 26,625 $ — $ 26,625 Refer to Note 1 "Summary of Significant Accounting Policies" for additional information on Goodwill and Intangible Assets. 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 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. |
Deconsolidation
Deconsolidation | 12 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Deconsolidation | Deconsolidation In fiscal 2015, the Company deconsolidated Kingstone, eliminating the assets, liabilities and non-controlling interests recorded for Kingstone from the Company's Consolidated Balance Sheet, thereby reducing its ownership to 15% of the Hong Kong holding company. In fiscal 2015, 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. Based on the terms of the transaction agreements, in fiscal 2016, the Company received a payment of $4.9 million from Kingstone for its exclusive sale and service rights in the solar ion implant equipment. The Company recognized a gain on the sale of $2.6 million for the year ended September 30, 2016, which is included in our Consolidated Statement of Operations in Gain on sale of other assets. The Company's remaining investment in Kingstone is 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 15 - Investment for additional details. |
Investments
Investments | 12 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments As discussed in Note 14 "Deconsolidation", on September 16, 2015, the Company deconsolidated Kingstone, reducing its ownership to 15% of the Hong Kong holding company. The Company's investment in Kingstone is 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 Company recognizes its portion of net income or losses on a one-quarter lag. 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 carrying value of the equity method investment in Kingstone was $3.0 million and $2.7 million as of September 30, 2016 and 2015, respectively. As of September 30, 2016, the Company's carrying value of Kingstone exceeded its share of the underlying equity in the net assets by approximately $2.7 million . In accordance with ASC Topic 323, Investments - Equity Method, 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 was accounted for using the acquisition method of accounting, which requires that the basis difference be allocated to the identifiable assets and liabilities of Kingstone at fair value and based upon the Company’s proportionate ownership. Determining the fair value of assets and liabilities is judgmental in nature and involves the use of significant estimates and assumptions. During the fourth quarter of 2016, the Company completed its valuation of the identifiable assets to which the basis is attributable and recorded amortization based on this valuation for the year ended September 30, 2016. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, stockholder, or a related corporation. 15% of Kingstone Hong Kong , the Hong Kong holding company. Upon the deconsolidation, Kingstone became a related party of the Company. Based on the terms of the transaction agreements in the second quarter of 2016, the Company received a payment of $4.9 million from Kingstone for its exclusive sale and service rights in the solar ion implant equipment. The Company recognized a gain on the sale of $2.6 million for the year ended September 30, 2016, which is included in our Consolidated Statement of Operations in Gain on sale of other assets. At September 30, 2016, the Company's related accounts receivable due from Kingstone were $0.3 million , which are included in Accounts Receivable on the Consolidated Balance Sheet. As of September 30, 2016, SoLayTec has borrowed approximately $1.1 million from its shareholder, TNO Technostarters B.V.. The loans have varying interest rates from 9.5% to 12.5% and matures in 2021. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
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. |
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 $0.9 million and $0.6 million as of September 30, 2016 and 2015, 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, 2016 and 2015 includes $0.2 million relating to the Company's proportional responsibility, assumed in connection with the BTU acquisition, for clean-up costs at a Superfund site. |
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 70% and 62% of total cash balances as of September 30, 2016 and 2015, respectively) 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 50% and 60% of inventory as of September 30, 2016 and 2015, respectively, 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 of amounts due to the Company for the sale of Kingstone shares and repayment of a loan (see Note 14 "Deconsolidation"). The carrying amount of the notes receivable approximated fair value due to its short-term nature. |
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, Development and Engineering Expenses | 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 $2.3 million , $2.5 million and $1.0 million for fiscal 2016 , 2015 and 2014 are included in selling, general and administrative expenses. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation – Our operations in Europe, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. |
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 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 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. |
Impact of Recently Issued Accounting Pronouncements | Impact of Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. These amendments provide cash flow statement classification guidance for: 1. Debt Prepayment or Debt Extinguishment Costs; 2. Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; 3. Contingent Consideration Payments Made after a Business Combination; 4. Proceeds from the Settlement of Insurance Claims; 5. Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; 6. Distributions Received from Equity Method Investees; 7. Beneficial Interests in Securitization Transactions; and 8. Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early application is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. The new standard applies to financial assets measured at amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. The new guidance will be effective for the Company starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 regarding ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2014-09 provides principles for recognizing 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 those goods or services. In August 2015, the FASB issued ASU 2015-14 to defer the effective date by one year with early adoption permitted as of the original effective date. ASU 2014-09 will be effective for Amtech’s fiscal year beginning October 1, 2018 unless we elect the earlier date of October 1, 2017. In addition, the FASB issued ASU 2016-08, ASU 2016-10, and ASU 2016-12 in March 2016, April 2016, and May 2016, respectively, to help provide interpretive clarifications on the new guidance in ASC Topic 606. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - “Stock Compensation (Topic 718)”. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The amendments in this ASU are effective for annual periods beginning after December 15, 2016 and for the interim periods therein. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, “Equity Method and Joint Ventures” affecting all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership or degree of influence. ASU 2016-07 is effective for the Company beginning on January 1, 2017 , early adoption is permitted. The adoption of this guidance by the Company is not expected to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use-assets. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. This ASU is effective for fiscal years beginning after December 15, 2018 and early application is permitted. The Company is currently in the process of evaluating the impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities”, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017 and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes”. This ASU requires entities to classify deferred tax liabilities and assets as noncurrent in a classified statement of financial position. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The adoption of this guidance by the Company is not expected to have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which simplifies the accounting for measurement-period adjustments to provisional amounts recognized in a business combination. ASU 2015-16 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2016. The provisions of ASU 2015-16 are not expected to have a material effect on the Company's financial condition, results of operations, or cash flows. In July 2015, the FASB issued 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. The Company does not expect adoption of this ASU to have a material impact on the Company's consolidated financial position and results of operations. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Deferred Profit | The components of deferred profit are as follows: September 30, 2016 2015 2014 (dollars in thousands) Deferred revenue $ 7,029 $ 7,280 $ 8,118 Deferred costs 2,320 2,407 1,210 Deferred profit $ 4,709 $ 4,873 $ 6,908 |
Allowance For Doubtful Accounts | The following is a summary of the activity in the Company’s allowance for doubtful accounts: Years Ended September 30, 2016 2015 2014 (dollars in thousands) Balance at beginning of year $ 5,009 $ 2,846 $ 638 Provision / (Reversal) 1,698 (194 ) 1,304 Write offs (1,942 ) (130 ) (13 ) Acquired through business acquisitions — 1,397 — Adjustment (1) (2) (3) (1,035 ) 1,090 917 Balance at end of year $ 3,730 $ 5,009 $ 2,846 (1) 2014 relates to an unbilled accounts receivable that was legally owed to the Company but was deemed uncollectible when the customer entered into bankruptcy proceedings. To allow for submission of billings to the courts, amounts were invoiced and fully reserved. (2) 2015 amount primarily relates to cancellation fees that were legally owed to the Company but for which collectability was not assured. A portion of these fees were collected in 2016, and the remainder were written off. (3) Includes foreign currency translation adjustments. |
Schedule of Inventory, Current | The components of inventories are as follows: September 30, 2016 September 30, 2015 (dollars in thousands) Purchased parts and raw materials $ 12,435 $ 11,587 Work-in-process 7,044 5,089 Finished goods 3,744 6,653 $ 23,223 $ 23,329 |
Property, Plant and Equipment | The following is a summary of property, plant and equipment: September 30, 2016 September 30, 2015 (dollars in thousands) Land, building and leasehold improvements $ 18,255 $ 18,095 Equipment and machinery 9,056 9,709 Furniture and fixtures 5,426 5,465 32,737 33,269 Accumulated depreciation and amortization (16,777 ) (15,508 ) $ 15,960 $ 17,761 |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the year ended September 30, 2016 are as follows. Solar Semiconductor Polishing Total (dollars in thousands) Goodwill $ 6,617 $ 4,463 $ 728 $ 11,808 Accumulated impairment losses (1,273 ) — — (1,273 ) Carrying value at September 30, 2015 5,344 4,463 728 10,535 Reallocation of goodwill — 600 — 600 Net exchange differences (16 ) — — (16 ) Carrying value at September 30, 2016 $ 5,328 $ 5,063 $ 728 $ 11,119 Goodwill $ 6,597 $ 5,063 $ 728 $ 12,388 Accumulated impairment losses (1,269 ) — — (1,269 ) Carrying value at September 30, 2016 $ 5,328 $ 5,063 $ 728 $ 11,119 |
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, 2016 2015 (dollars in thousands) Customer lists 6-10 years $ 2,432 $ (1,164 ) $ 1,268 $ 2,434 $ (808 ) $ 1,626 Technology 5-10 years 3,214 (1,678 ) 1,536 3,223 (1,368 ) 1,855 Trade names 10-15 Years 1,455 (219 ) 1,236 1,456 (72 ) 1,384 Other 2-10 years 277 (217 ) 60 278 (204 ) 74 $ 7,378 $ (3,278 ) $ 4,100 $ 7,391 $ (2,452 ) $ 4,939 |
Schedule of Product Warranty Liability | The following is a summary of activity in accrued warranty expense: Years Ended September 30, 2016 2015 2014 (dollars in thousands) Beginning balance $ 793 $ 628 $ 1,454 Warranty – BTU merger — 806 — Additions for warranties issued during the period 1,074 677 479 Reductions in the liability for payments made under the warranty (832 ) (1,007 ) (390 ) Changes related to pre-existing warranties (250 ) (215 ) (750 ) Currency translation adjustment 10 (96 ) (165 ) Ending balance $ 795 $ 793 $ 628 |
Research and Development Expense | Years Ended September 30, 2016 2015 2014 (dollars in thousands) Research, development and engineering $ 9,535 $ 13,214 $ 10,863 Grants earned (1,531 ) (6,296 ) (4,572 ) Net research, development and engineering $ 8,004 $ 6,918 $ 6,291 |
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, 2016, 2015 and 2014 reduced the Company’s results of operations as follows: Years Ended September 30, 2016 2015 2014 (dollars in thousands) Effect on income before income taxes (1) $ (1,390 ) $ (1,162 ) $ (795 ) Effect on income taxes $ 186 $ 221 $ 326 Effect on net income $ (1,204 ) $ (941 ) $ (469 ) (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 3,000,000 722,102 1,603,887 Mar. 2020 1998 Employee Stock Option Plan 500,000 — 23,210 Jan. 2008 Non-Employee Directors Stock Option Plan 500,000 131,600 214,470 Mar. 2020 853,702 1,841,567 |
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, 2016 2015 2014 Risk free interest rate 2% 2% 2% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 63% 67% 69% |
Schedule of Multiemployer Plans | Below is a table of contributions made by the Company to multiemployer pension plans: Contributions Years Ended September 30, 2016 2015 2014 (dollars in thousands) Pensioenfonds Metaal en Techniek (PMT) $ 796 $ 805 $ 929 Other plans 187 158 158 Total $ 983 $ 963 $ 1,087 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
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, 2016 2015 2014 Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Awards Weighted Average Grant Date Fair Value Beginning Outstanding 13,540 $ 7.98 35,203 $ 10.13 69,154 $ 10.13 Released (13,540 ) 7.98 (21,663 ) 11.47 (33,951 ) 10.13 Ending Outstanding — $ — 13,540 $ 7.98 35,203 $ 10.13 |
Stock-based compensation plans | Stock-based compensation expense for the fiscal years ended September 30, 2016, 2015 and 2014 reduced the Company’s results of operations as follows: Years Ended September 30, 2016 2015 2014 (dollars in thousands) Effect on income before income taxes (1) $ (1,390 ) $ (1,162 ) $ (795 ) Effect on income taxes $ 186 $ 221 $ 326 Effect on net income $ (1,204 ) $ (941 ) $ (469 ) (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 3,000,000 722,102 1,603,887 Mar. 2020 1998 Employee Stock Option Plan 500,000 — 23,210 Jan. 2008 Non-Employee Directors Stock Option Plan 500,000 131,600 214,470 Mar. 2020 853,702 1,841,567 |
Stock option transactions and the options outstanding | Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2016 2015 2014 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,627,477 $ 9.11 1,063,324 $ 7.37 1,059,567 $ 6.71 Granted 360,075 5.25 327,500 9.74 272,906 7.01 Assumed - merger — — 367,229 14.19 — — Exercised (15,346 ) 3.28 (94,701 ) 5.52 (263,643 ) 4.31 Forfeited/canceled (130,639 ) 12.86 (35,875 ) 24.71 (5,506 ) 9.63 Outstanding at end of period 1,841,567 $ 8.15 1,627,477 $ 9.11 1,063,324 $ 7.37 Exercisable at end of period 1,127,611 $ 8.92 1,002,421 $ 9.74 674,237 $ 8.18 Weighted average grant-date fair value of options granted during the period $ 3.03 $ 5.91 $ 4.38 |
Stock options outstanding and exercisable | The following tables summarize information for stock options outstanding and exercisable as of September 30, 2016: Options Outstanding Range of Exercise Prices Number Outstanding Remaining Contractual Life Average Exercise Price Aggregate Intrinsic Value (in years) (in thousands) 2.95-4.85 192,954 5.69 $ 3.19 5.01-5.20 5,010 2.78 5.05 5.25-5.25 337,600 9.13 5.25 5.40-7.00 107,261 2.85 6.26 7.01-7.01 266,106 7.20 7.01 7.15-7.87 54,390 4.53 7.59 7.98-7.98 239,873 5.21 7.98 8.20-9.94 91,888 5.72 8.87 9.98-9.98 281,750 8.14 9.98 10.50-27.47 264,735 2.70 15.52 1,841,567 6.21 $ 8.15 $ 342 Vested and expected to vest as of September 30, 2016 1,838,990 6.21 $ 8.15 $ 342 Options Exercisable Range of Exercise Prices Number Exercisable Weighted Exercise Price Aggregate Intrinsic Value (in thousands) 2.95-4.85 152,595 $ 3.12 5.01-5.20 5,010 5.05 5.25-5.25 24,000 5.25 5.40-7.00 107,261 6.26 7.01-7.01 157,654 7.01 7.15-7.87 32,342 7.40 7.98-7.98 239,873 7.98 8.20-9.94 60,638 9.21 9.98-9.98 87,503 9.98 10.50-27.47 260,735 15.60 1,127,611 8.92 $ 280 |
Earnings Per Share & Diluted 27
Earnings Per Share & Diluted Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Years ended September 30, 2016 2015 2014 (dollars in thousands, except per share amounts) Basic Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,008 ) $ (7,771 ) $ (13,047 ) Weighted Average Shares Outstanding: Common stock 13,168 12,022 9,732 Basic loss per share attributable to Amtech shareholders $ (0.53 ) $ (0.65 ) $ (1.34 ) Diluted Earnings Per Share Computation Net loss attributable to Amtech Systems, Inc. $ (7,008 ) $ (7,771 ) $ (13,047 ) Weighted Average Shares Outstanding: Common stock 13,168 12,022 9,732 Common stock equivalents (1) — — — Diluted shares 13,168 12,022 9,732 Diluted loss per share attributable to Amtech shareholders $ (0.53 ) $ (0.65 ) $ (1.34 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Major Customers and Foreign S28
Major Customers and Foreign Sales (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Major Customers and Foreign Sales [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Our net revenues for fiscal 2016, 2015 and 2014 were to customers in the following geographic regions: Years Ended September 30, 2016 2015 2014 United States 17 % 24 % 21 % Other 3 % 2 % — % Total Americas 20 % 26 % 21 % Taiwan 15 % 13 % 16 % Malaysia 18 % 13 % 3 % China 28 % 26 % 14 % Other 7 % 8 % 12 % Total Asia 68 % 60 % 45 % Germany 3 % 5 % 16 % Other 9 % 9 % 18 % Total Europe 12 % 14 % 34 % 100 % 100 % 100 % |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information concerning our business segments is as follows: Years ended September 30, 2016 2015 2014 (dollars in thousands) Net revenue: Solar* $ 60,946 $ 56,689 $ 36,069 Semiconductor 50,637 37,250 9,779 Polishing 8,725 10,944 10,653 $ 120,308 $ 104,883 $ 56,501 Operating income (loss): Solar* $ (6,696 ) $ (5,056 ) $ (11,010 ) Semiconductor 3,904 (1,268 ) 851 Polishing 1,588 2,250 2,805 Non-segment related (6,704 ) (9,447 ) (5,735 ) $ (7,908 ) $ (13,521 ) $ (13,089 ) * 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, 2016 2015 2014 (dollars in thousands) Capital expenditures: Solar $ 235 $ 411 $ 282 Semiconductor 692 136 110 Polishing 51 63 70 $ 978 $ 610 $ 462 Depreciation and amortization expense: Solar $ 2,014 $ 2,940 $ 2,236 Semiconductor 870 318 40 Polishing 90 99 134 $ 2,974 $ 3,357 $ 2,410 September 30, September 30, (dollars in thousands) Identifiable assets: Solar $ 42,962 $ 45,717 Semiconductor 51,985 46,912 Polishing 4,819 5,793 Non-segment related 18,664 27,034 $ 118,430 $ 125,456 Goodwill: Solar $ 5,328 $ 5,344 Semiconductor 5,063 4,463 Polishing 728 728 $ 11,119 $ 10,535 |
Geographic Regions (Tables)
Geographic Regions (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
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, 2016 2015 2014 (dollars in thousands) Net revenue: The Netherlands $ 52,189 $ 46,982 $ 31,779 United States 44,299 37,483 20,433 France 8,758 8,387 4,218 China 11,799 9,725 71 Other 3,263 2,306 — $ 120,308 $ 104,883 $ 56,501 Operating income (loss): The Netherlands $ (7,773 ) $ (9,069 ) $ (9,403 ) United States (1,396 ) (5,541 ) (207 ) France (783 ) (330 ) (611 ) China 1,530 986 (2,868 ) Other 514 433 — $ (7,908 ) $ (13,521 ) $ (13,089 ) As of September 30, 2016 2015 Net long-lived assets (excluding intangibles and goodwill) The Netherlands $ 4,996 $ 6,677 United States 10,171 10,162 France 241 346 China 552 576 $ 15,960 $ 17,761 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of the Provision (Benefit) for Income Taxes | Year Ended September 30, 2016 2015 2014 (dollars in thousands) Domestic $ 2,100 $ 94 $ 278 Foreign (7,550 ) (4,901 ) (13,327 ) $ (5,450 ) $ (4,807 ) $ (13,049 ) The components of the provision (benefit) for income taxes are as follows: Year Ended September 30, 2016 2015 2014 (dollars in thousands) Current: Domestic Federal $ 530 $ (320 ) $ 370 Foreign 500 500 530 Foreign withholding taxes 280 1,240 — Domestic state 110 — 80 Total current 1,420 1,420 980 Deferred: Domestic Federal 1,680 720 (490 ) Foreign — (210 ) 750 Domestic state — (20 ) — Total deferred 1,680 490 260 Total provision $ 3,100 $ 1,910 $ 1,240 |
Reconciliation of Actual Income Taxes to Expected Federal Corporate Income Taxes | 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, 2016 2015 2014 (dollars in thousands) Tax benefit at the U.S. rate $ (1,890 ) $ (1,630 ) $ (4,440 ) Effect of permanent book-tax differences 1,120 (1,570 ) 30 State tax provision 110 (40 ) 80 Valuation allowance for net deferred tax assets 2,690 2,490 3,900 Uncertain tax items 350 330 370 Foreign tax rate differential 1,050 1,890 1,000 Other items (330 ) 440 300 $ 3,100 $ 1,910 $ 1,240 |
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, 2016 2015 2014 (dollars in thousands) Deferred tax assets - current: Capitalized inventory costs $ 270 $ 340 $ 230 Inventory write-downs 2,460 4,840 950 Accrued warranty 160 280 180 Deferred profits 1,180 1,180 1,460 Accruals and reserves not currently deductible 1,720 1,920 520 Deferred tax assets - current $ 5,790 $ 8,560 $ 3,340 Valuation allowance (5,790 ) (6,510 ) (2,280 ) Deferred tax assets - current, net of valuation allowance $ — $ 2,050 $ 1,060 Deferred tax assets (liabilities)- non-current: Stock option expense $ 890 $ 680 $ 670 Book vs. tax basis of acquired assets (1,340 ) (1,350 ) (1,210 ) Federal net operating loss carryforwards 3,370 5,570 900 Foreign and state net operating losses 13,200 10,550 8,070 Book vs. tax depreciation and amortization (2,200 ) (2,030 ) (10 ) Foreign tax credits 4,230 3,950 — Other deferred tax assets 570 360 2,950 Total deferred tax assets - non-current 18,720 17,730 11,370 Valuation allowance (18,520 ) (17,300 ) (10,070 ) Deferred tax assets (liabilities) - non-current, net of valuation allowance $ 200 $ 430 $ 1,300 |
Changes in Deferred Tax Valuation Allowance | Changes in the deferred tax valuation allowance are as follows: Year Ended September 30, 2016 2015 2014 (dollars in thousands) Balance at the beginning of the year $ 23,810 $ 12,350 $ 8,450 Additions to valuation allowance 500 11,460 3,900 Balance at the end of the year $ 24,310 $ 23,810 $ 12,350 |
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, 2016 2015 2014 (dollars in thousands) Balance at beginning of the year $ 3,510 $ 3,180 $ 2,810 Additions related to tax positions taken in prior years 350 330 370 Reductions due to lapse of statute of limitations — — — Balance at the end of the year $ 3,860 $ 3,510 $ 3,180 |
Selected Quarterly Data (Unau32
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Selected Quarterly Data (Unaudited) | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2016: (in thousands, except per share amounts) Revenue $ 22,074 $ 22,483 $ 33,342 $ 42,409 Gross margin $ 5,955 $ 6,001 $ 9,631 $ 12,476 Provision for income taxes $ 300 $ 1,670 $ 70 $ 1,060 Net income (loss) attributable to Amtech Systems, Inc. $ (4,015 ) $ (1,499 ) $ (1,209 ) $ (285 ) Comprehensive income (loss) attributable to Amtech Systems, Inc. $ (4,550 ) $ (909 ) $ (1,483 ) $ (276 ) Net income (loss) per share attributable to Amtech Systems, Inc.: Basic earnings per share $ (0.31 ) $ (0.11 ) $ (0.09 ) $ (0.02 ) Shares used in calculation 13,152 13,169 13,173 13,177 Diluted earnings per share $ (0.31 ) $ (0.11 ) $ (0.09 ) $ (0.02 ) Shares used in calculation 13,152 13,169 13,173 13,177 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 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Annual maturities relating to the Company's long-term debt as of September 30, 2016 are as follows: Annual Maturities (in thousands) 2017 $ 1,134 2018 932 2019 1,065 2020 365 2021 382 Thereafter 6,353 Total $ 10,231 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma data has been prepared as if the acquisition of BTU occurred on October 1, 2013 and includes adjustments for depreciation expense, amortization of intangibles, and the effect of other purchase accounting adjustments. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the combined company nor do they reflect the expected realization of any cost savings associated with the acquisition. Years Ended (unaudited) September 30, 2015 September 30, 2014 (dollars in thousands, except per share data) Revenue, net $ 121,186 $ 111,531 Net loss $ (9,223 ) $ (15,586 ) Earnings per share available to Amtech stockholders: Basic $ (0.70 ) $ (1.21 ) Diluted $ (0.70 ) $ (1.21 ) |
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 , including the effects of measurement period adjustments recorded in fiscal 2016: (In thousands) Initial Estimate Adjustments Final Allocation Fair value of net tangible assets acquired $ 19,232 $ (600 ) $ 18,632 Goodwill 4,463 600 5,063 Identifiable intangible assets 2,930 — 2,930 Total consideration allocated $ 26,625 $ — $ 26,625 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Deferred Profit) (Details) $ in Thousands | Sep. 30, 2016systems | Sep. 30, 2016USD ($) | Sep. 30, 2016equipment | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of similarly configured systems and processes | 2 | 2 | |||
Number of similarly configured items of equipment | equipment | 2 | ||||
Deferred revenue | $ 7,029 | $ 7,280 | $ 8,118 | ||
Deferred costs | 2,320 | 2,407 | 1,210 | ||
Deferred profit | $ 4,709 | $ 4,873 | $ 6,908 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Other Commitments [Line Items] | ||
Restricted cash | $ 893 | $ 638 |
Superfund Site | Environmental Clean Up Costs | ||
Other Commitments [Line Items] | ||
Restricted cash | $ 200 | $ 200 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 5,009 | $ 2,846 | $ 638 |
Provision / (Reversal) | 1,698 | (194) | 1,304 |
Write offs | (1,942) | (130) | (13) |
Acquired through business acquisitions | 0 | 1,397 | 0 |
Adjustment | (1,035) | 1,090 | 917 |
Balance at end of year | $ 3,730 | $ 5,009 | $ 2,846 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Concentrations of Credit Risk) (Details) - Customer | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2015 |
Accounts Receivable | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% | ||
Number of customers | 1 | 0 | |
US Treasuries and FDIC Insured | Cash, cash equivalents and restricted cash | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 70.00% | 62.00% |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of weighted average cost inventory | 50.00% | 60.00% |
Purchased parts and raw materials | $ 12,435 | $ 11,587 |
Work-in-process | 7,044 | 5,089 |
Finished goods | 3,744 | 6,653 |
Inventory | $ 23,223 | $ 23,329 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 2,100 | $ 2,200 | $ 1,700 |
Property, plant and equipment, gross | 32,737 | 33,269 | |
Accumulated depreciation and amortization | (16,777) | (15,508) | |
Property, plant and equipment - net | $ 15,960 | 17,761 | |
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 | ||
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 5,426 | 5,465 | |
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 | ||
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 | ||
Land, building and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 18,255 | 18,095 | |
Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 9,056 | $ 9,709 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 20 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | |
Goodwill [Roll Forward] | |||
Gross balance, beginning of year | $ 11,808 | ||
Accumulated impairment losses, beginning of year | (1,273) | ||
Net balance, beginning of year | 10,535 | ||
Reallocation of goodwill | 600 | ||
Net exchange differences | (16) | ||
Gross balance, end of year | $ 11,808 | 12,388 | $ 12,388 |
Accumulated impairment losses, end of year | (1,273) | (1,269) | (1,269) |
Net balance, end of year | 10,535 | 11,119 | 11,119 |
Solar | |||
Goodwill [Roll Forward] | |||
Gross balance, beginning of year | 6,617 | ||
Accumulated impairment losses, beginning of year | (1,273) | ||
Net balance, beginning of year | 5,344 | ||
Reallocation of goodwill | 0 | ||
Net exchange differences | (16) | ||
Gross balance, end of year | 6,617 | 6,597 | 6,597 |
Accumulated impairment losses, end of year | (1,273) | (1,269) | (1,269) |
Net balance, end of year | 5,344 | 5,328 | 5,328 |
Semiconductor | |||
Goodwill [Roll Forward] | |||
Gross balance, beginning of year | 4,463 | ||
Accumulated impairment losses, beginning of year | 0 | ||
Net balance, beginning of year | 4,463 | ||
Reallocation of goodwill | 600 | ||
Net exchange differences | 0 | ||
Gross balance, end of year | 4,463 | 5,063 | 5,063 |
Accumulated impairment losses, end of year | 0 | 0 | 0 |
Net balance, end of year | 4,463 | 5,063 | 5,063 |
Polishing | |||
Goodwill [Roll Forward] | |||
Gross balance, beginning of year | 728 | ||
Accumulated impairment losses, beginning of year | 0 | ||
Net balance, beginning of year | 728 | ||
Reallocation of goodwill | 0 | ||
Net exchange differences | 0 | ||
Gross balance, end of year | 728 | 728 | 728 |
Accumulated impairment losses, end of year | 0 | 0 | 0 |
Net balance, end of year | 728 | 728 | 728 |
SoLayTech | |||
Segment Reporting Information [Line Items] | |||
Measurement period adjustments, increase (decrease) in goodwill | 900 | ||
BTU International, Inc (BTU) Merger | |||
Segment Reporting Information [Line Items] | |||
Measurement period adjustments, increase (decrease) in goodwill | $ (200) | 600 | |
Goodwill [Roll Forward] | |||
Net balance, end of year | $ 5,063 | $ 5,063 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Jan. 30, 2015 | Dec. 24, 2014 | |
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 800 | $ 1,200 | $ 700 | ||
Amortization in fiscal year 2017 | 700 | ||||
Amortization in fiscal year 2018 | 600 | ||||
Amortization in fiscal year 2019 | 600 | ||||
Amortization in fiscal year 2020 | 600 | ||||
Amortization in fiscal year 2021 | 400 | ||||
Gross Carrying Amount | 7,378 | 7,391 | |||
Accumulated Amortization | (3,278) | (2,452) | |||
Net Carrying Amount | $ 4,100 | 4,939 | |||
Customer lists | |||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | |||||
Useful Life (in years) | 10 years | ||||
Gross Carrying Amount | $ 2,432 | 2,434 | |||
Accumulated Amortization | (1,164) | (808) | |||
Net Carrying Amount | $ 1,268 | 1,626 | |||
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 | $ 3,214 | 3,223 | |||
Accumulated Amortization | (1,678) | (1,368) | |||
Net Carrying Amount | $ 1,536 | 1,855 | |||
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 | ||||
Trade names | |||||
Acquired Finite and Indefinite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 1,455 | 1,456 | |||
Accumulated Amortization | (219) | (72) | |||
Net Carrying Amount | $ 1,236 | 1,384 | |||
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 | $ 277 | 278 | |||
Accumulated Amortization | (217) | (204) | |||
Net Carrying Amount | $ 60 | 74 | |||
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 | ||||
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 | ||||
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 Accoun43
Summary of Significant Accounting Policies (Warranty) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accrued Warranty [Roll Forward] | |||
Beginning balance | $ 793 | $ 628 | $ 1,454 |
Warranty – BTU merger | 0 | 806 | 0 |
Additions for warranties issued during the period | 1,074 | 677 | 479 |
Reductions in the liability for payments made under the warranty | (832) | (1,007) | (390) |
Changes related to pre-existing warranties | (250) | (215) | (750) |
Currency translation adjustment | 10 | (96) | (165) |
Ending balance | $ 795 | $ 793 | $ 628 |
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 Accoun44
Summary of Significant Accounting Policies (Research and Development Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Research, development and engineering | $ 9,535 | $ 13,214 | $ 10,863 |
Grants earned | (1,531) | (6,296) | (4,572) |
Net research, development and engineering | $ 8,004 | $ 6,918 | $ 6,291 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Shipping Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping expenses | $ 2.3 | $ 2.5 | $ 1 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Foreign Currency Transactions and Translation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction gain (loss), before tax | $ (0.1) | $ 0.3 | $ 0.1 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effect on income before income taxes | $ (1,390) | $ (1,162) | $ (795) |
Effect on income taxes | 186 | 221 | 326 |
Effect on net income | $ (1,204) | $ (941) | $ (469) |
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option vesting period | 6 months | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option vesting period | 4 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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% | 2.00% |
Expected life | 6 years | 6 years | 6 years |
Dividend rate | 0.00% | 0.00% | 0.00% |
Volatility | 63.00% | 67.00% | 69.00% |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option vesting period | 6 months | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option vesting period | 4 years | ||
Expiration period | 10 years |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Pensions) (Details) Companies in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Sep. 30, 2016USD ($)EmployeesCompanies | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Multiemployer plan, percentage decrease in pension rights | 6.30% | |||
Multiemployer plan, contributions | $ 983 | $ 963 | $ 1,087 | |
Pensioenfonds Metaal en Techniek | ||||
Multiemployer plan, number of employees | Employees | 1,200,000 | |||
Multiemployer plan, number of companies covered | Companies | 33 | |||
Multiemployer plan, contribution rate (less than) | 5.00% | |||
Multiemployer plan, coverage ratio of plan assets to obligations | 92.10% | |||
Multiemployer plan, premium percentage | 16.60% | |||
Multiemployer plan, assets | $ 76,700,000 | |||
Multiemployer plan, present value of accumulated plan benefits | 83,300,000 | |||
Multiemployer plan, contributions | 796 | 805 | 929 | |
Other Plans | ||||
Multiemployer plan, contributions | $ 187 | $ 158 | $ 158 | |
Minimum | Pensioenfonds Metaal en Techniek | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 89.60% | |||
Maximum | Pensioenfonds Metaal en Techniek | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 99.20% | |||
The Netherlands | Pensioenfonds Metaal en Techniek | ||||
Multiemployer plan, number of employees | Employees | 130 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 84 Months Ended | 120 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 1996 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2013 | Apr. 30, 2007 | |
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unamortized expense | $ 0.1 | |||||||
Restricted Stock, Amount [Roll Forward] | ||||||||
Beginning Outstanding (in shares) | 13,540 | 35,203 | 69,154 | |||||
Released (in shares) | (13,540) | (21,663) | (33,951) | |||||
Ending Outstanding (in shares) | 0 | 13,540 | 35,203 | |||||
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Beginning Outstanding (usd per share) | $ 0 | $ 7.98 | $ 10.13 | $ 10.13 | ||||
Released (usd per share) | 7.98 | 11.47 | 10.13 | |||||
Ending Outstanding (usd per share) | $ 0 | $ 7.98 | $ 10.13 | $ 10.13 | ||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 853,702 | |||||||
Expiration period | 10 years | |||||||
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Shares Available | 853,702 | |||||||
Options Outstanding | 1,841,567 | 1,627,477 | 1,063,324 | 1,059,567 | ||||
2007 Employee Stock Incentive Plan | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 722,102 | 500,000 | ||||||
Number of additional shares authorized | 2,500,000 | |||||||
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Shares Authorized | 3,000,000 | |||||||
Shares Available | 722,102 | 500,000 | ||||||
Options Outstanding | 1,603,887 | |||||||
1998 Employee Stock Option Plan | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 0 | |||||||
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Shares Authorized | 500,000 | |||||||
Shares Available | 0 | |||||||
Options Outstanding | 23,210 | |||||||
Non-Employee Directors Stock Option Plan | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 131,600 | |||||||
Number of additional shares authorized | 400,000 | |||||||
Share-based compensation, shares issued | 100,000 | |||||||
Restricted Stock, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Shares Authorized | 500,000 | |||||||
Shares Available | 131,600 | |||||||
Options Outstanding | 214,470 | |||||||
Minimum | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Option vesting period | 6 months | |||||||
Minimum | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Option vesting period | 6 months | |||||||
Maximum | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Maximum | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period | 10 years | |||||||
Option vesting period | 4 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Valuation) (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Options [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 1,627,477 | 1,063,324 | 1,059,567 |
Granted (in shares) | 360,075 | 327,500 | 272,906 |
Assumed - merger (shares) | 0 | 367,229 | 0 |
Exercised (in shares) | (15,346) | (94,701) | (263,643) |
Forfeited/canceled (in shares) | (130,639) | (35,875) | (5,506) |
Outstanding at end of period (in shares) | 1,841,567 | 1,627,477 | 1,063,324 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of period (usd per share) | $ 9.11 | $ 7.37 | $ 6.71 |
Granted (usd per share) | 5.25 | 9.74 | 7.01 |
Assumed - merger (usd per share) | 0 | 14.19 | 0 |
Exercised (usd per share) | 3.28 | 5.52 | 4.31 |
Forfeited (usd per share) | 12.86 | 24.71 | 9.63 |
Outstanding at end of period (usd per share) | $ 8.15 | $ 9.11 | $ 7.37 |
Exercisable at end of period (in shares) | 1,127,611 | 1,002,421 | 674,237 |
Exercisable at end of period, weighted average exercise price (usd per share) | $ 8.92 | $ 9.74 | $ 8.18 |
Weighted average grant-date fair value of options granted during the period (usd per share) | $ 3.03 | $ 5.91 | $ 4.38 |
Stock-Based Compensation (Sto51
Stock-Based Compensation (Stock Options Outstanding and Exercisable) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 1,841,567 | 1,627,477 | 1,063,324 | 1,059,567 |
Options Outstanding, Remaining Contractual Life | 6 years 2 months 16 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 8.15 | $ 9.11 | $ 7.37 | $ 6.71 |
Options Outstanding, Aggregate Intrinsic Value | $ 342 | |||
Options Outstanding, Number Outstanding, Vested and Expected to Vest (in shares) | 1,838,990 | |||
Options Outstanding, Remaining Contractual Life, Vested and Expected to Vest (usd per share) | 6 years 2 months 16 days | |||
Options Outstanding, Average Exercise Price, Vested and Expected to Vest (usd per share) | $ 8.15 | |||
Options Outstanding, Aggregate Intrinsic Value, Vested and expected to vest | $ 342 | |||
Options Exercisable, Number Exercisable (in shares) | 1,127,611 | 1,002,421 | 674,237 | |
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 8.92 | $ 9.74 | $ 8.18 | |
Options Exercisable, Aggregate Intrinsic Value | $ 280 | |||
2.95-4.85 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 192,954 | |||
Options Outstanding, Remaining Contractual Life | 5 years 8 months 9 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 3.19 | |||
Options Exercisable, Number Exercisable (in shares) | 152,595 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 3.12 | |||
2.95-4.85 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 2.95 | |||
2.95-4.85 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 4.85 | |||
5.01-5.20 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 5,010 | |||
Options Outstanding, Remaining Contractual Life | 2 years 9 months 11 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 5.05 | |||
Options Exercisable, Number Exercisable (in shares) | 5,010 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 5.05 | |||
5.01-5.20 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 5.01 | |||
5.01-5.20 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 5.20 | |||
5.25-5.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 337,600 | |||
Options Outstanding, Remaining Contractual Life | 9 years 1 month 17 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 5.25 | |||
Options Exercisable, Number Exercisable (in shares) | 24,000 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 5.25 | |||
5.25-5.25 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 5.25 | |||
5.25-5.25 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 5.25 | |||
5.40-7.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 107,261 | |||
Options Outstanding, Remaining Contractual Life | 2 years 10 months 6 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 6.26 | |||
Options Exercisable, Number Exercisable (in shares) | 107,261 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 6.26 | |||
5.40-7.00 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 5.40 | |||
5.40-7.00 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 7 | |||
7.01-7.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 266,106 | |||
Options Outstanding, Remaining Contractual Life | 7 years 2 months 12 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 7.01 | |||
Options Exercisable, Number Exercisable (in shares) | 157,654 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 7.01 | |||
7.01-7.01 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 7.01 | |||
7.01-7.01 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 7.01 | |||
7.15-7.87 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 54,390 | |||
Options Outstanding, Remaining Contractual Life | 4 years 6 months 11 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 7.59 | |||
Options Exercisable, Number Exercisable (in shares) | 32,342 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 7.40 | |||
7.15-7.87 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 7.15 | |||
7.15-7.87 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 7.87 | |||
7.98-7.98 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 239,873 | |||
Options Outstanding, Remaining Contractual Life | 5 years 2 months 16 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 7.98 | |||
Options Exercisable, Number Exercisable (in shares) | 239,873 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 7.98 | |||
7.98-7.98 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 7.98 | |||
7.98-7.98 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 7.98 | |||
8.20-9.94 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 91,888 | |||
Options Outstanding, Remaining Contractual Life | 5 years 8 months 19 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 8.87 | |||
Options Exercisable, Number Exercisable (in shares) | 60,638 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 9.21 | |||
8.20-9.94 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 8,200 | |||
8.20-9.94 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 9,940 | |||
9.98-9.98 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 281,750 | |||
Options Outstanding, Remaining Contractual Life | 8 years 1 month 21 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 9.98 | |||
Options Exercisable, Number Exercisable (in shares) | 87,503 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 9.98 | |||
9.98-9.98 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 9.98 | |||
9.98-9.98 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 9.98 | |||
10.50-27.47 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 264,735 | |||
Options Outstanding, Remaining Contractual Life | 2 years 8 months 12 days | |||
Options Outstanding, Average Exercise Price (usd per share) | $ 15.52 | |||
Options Exercisable, Number Exercisable (in shares) | 260,735 | |||
Options Exercisable, Weighted Average Exercise Price (usd per share) | $ 15.60 | |||
10.50-27.47 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | 10.50 | |||
10.50-27.47 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Average Exercise Price (usd per share) | $ 27.47 |
Stock-Based Compensation (Sto52
Stock-Based Compensation (Stock Options Narrative) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock price (usd per share) | $ 4.96 | ||
Intrinsic value of stock options exercised | $ 0.1 | $ 0.6 | $ 1.8 |
Earnings Per Share & Diluted 53
Earnings Per Share & Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net loss attributable to Amtech Systems, Inc. | $ (285) | $ (1,209) | $ (1,499) | $ (4,015) | $ 1,349 | $ (1,604) | $ (2,321) | $ (5,195) | $ (7,008) | $ (7,771) | $ (13,047) |
Weighted average shares outstanding (in shares) | 13,177 | 13,173 | 13,169 | 13,152 | 13,150 | 13,103 | 11,997 | 9,854 | 13,168 | 12,022 | 9,732 |
Basic loss per share attributable to Amtech shareholders (dollars per share) | $ (0.02) | $ (0.09) | $ (0.11) | $ (0.31) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.53) | $ (0.65) | $ (1.34) |
Weighted average shares outstanding, common stock equivalents (in shares) | 0 | 0 | 0 | ||||||||
Weighted average shares outstanding, diluted shares (in shares) | 13,177 | 13,173 | 13,169 | 13,152 | 13,259 | 13,103 | 11,997 | 9,854 | 13,168 | 12,022 | 9,732 |
Diluted loss per share attributable to Amtech shareholders (dollars per share) | $ (0.02) | $ (0.09) | $ (0.11) | $ (0.31) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.53) | $ (0.65) | $ (1.34) |
Stock Options and Restricted Stock | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from the computation of earnings per share | 1,840 | 1,640 | 1,099 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Series A Preferred Stock - $ / shares | Oct. 08, 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 (in shares) | 0.001 | |
Class of warrant or right, exercise price (usd per share) | $ 51.60 | |
Expiration period | 10 years | |
Common stock ownership threshold | 15.00% | |
Collective ownership threshold for joint filers | 19.90% |
Commitments and Contingencies (
Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations | $ 11.3 |
Commitments and Contingencies56
Commitments and Contingencies (Development Projects) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Purchases of property, plant and equipment | $ 978 | $ 610 | $ 462 |
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 | ||
Required contribution | $ 0 |
Commitments and Contingencies E
Commitments and Contingencies EPA Accrual (Details) - BTU International, Inc (BTU) Merger - Loss from Catastrophes $ in Millions | Sep. 30, 2016USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency accrual, less than | $ 0 |
Letters of credit | $ 0 |
Commitments and Contingencies58
Commitments and Contingencies (Legal Proceedings) (Details) - Stockholder Actions (Putative Stockholder Class Action Complaints) - Settled Litigation | Nov. 17, 2014claims | Feb. 18, 2016USD ($) |
Loss Contingencies [Line Items] | ||
Loss contingency, claims settled, number | claims | 2 | |
Settlement fees and expenses, threshold | $ | $ 325,000 |
Commitments and Contingencies59
Commitments and Contingencies (Operating Leases) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rental expense | $ 1,400,000 | $ 1,200,000 | $ 1,000,000 |
Operating leases, term of contract | 1 year | ||
Future minimum rental commitments | $ 2,600,000 | ||
Future minimum rental commitments, due in fiscal 2017 | 1,200,000 | ||
Future minimum rental commitments, due in fiscal 2018 | 700,000 | ||
Future minimum rental commitments, due in fiscal 2019 | 400,000 | ||
Future minimum rental commitments, due in fiscal 2020 | 200,000 | ||
Future minimum rental commitments, due in fiscal 2021 | 100,000 | ||
Future minimum rental commitments, due thereafter | $ 0 |
Major Customers and Foreign S60
Major Customers and Foreign Sales (Details) - Customer | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue, Major Customer [Line Items] | |||
Revenue, number of major customers | 1 | 2 | 2 |
Revenues, percentage | 100.00% | 100.00% | 100.00% |
Total Americas | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 20.00% | 26.00% | 21.00% |
United States | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 17.00% | 24.00% | 21.00% |
Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 3.00% | 2.00% | 0.00% |
Total Asia | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 68.00% | 60.00% | 45.00% |
Taiwan | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 15.00% | 13.00% | 16.00% |
Malaysia | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 18.00% | 13.00% | 3.00% |
China | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 28.00% | 26.00% | 14.00% |
Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 7.00% | 8.00% | 12.00% |
Total Europe | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 12.00% | 14.00% | 34.00% |
Germany | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 3.00% | 5.00% | 16.00% |
Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues, percentage | 9.00% | 9.00% | 18.00% |
Customer Number One | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 11.00% | 15.00% | 18.00% |
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 | 12 Months Ended | ||||||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($)segment | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 24, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of operating segments | segment | 3 | |||||||||||
Net revenue | $ 42,409 | $ 33,342 | $ 22,483 | $ 22,074 | $ 28,198 | $ 40,016 | $ 24,273 | $ 12,396 | $ 120,308 | $ 104,883 | $ 56,501 | |
Operating loss | (7,908) | (13,521) | (13,089) | |||||||||
Capital expenditures | 978 | 610 | 462 | |||||||||
Depreciation and amortization | 2,974 | 3,357 | 2,410 | |||||||||
Identifiable assets | 118,430 | 125,456 | 118,430 | 125,456 | ||||||||
Goodwill - Net | 11,119 | 10,535 | 11,119 | 10,535 | ||||||||
Solar | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 235 | 411 | 282 | |||||||||
Depreciation and amortization | 2,014 | 2,940 | 2,236 | |||||||||
Goodwill - Net | 5,328 | 5,344 | 5,328 | 5,344 | ||||||||
Semiconductor | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 692 | 136 | 110 | |||||||||
Depreciation and amortization | 870 | 318 | 40 | |||||||||
Goodwill - Net | 5,063 | 4,463 | 5,063 | 4,463 | ||||||||
Polishing | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 51 | 63 | 70 | |||||||||
Depreciation and amortization | 90 | 99 | 134 | |||||||||
Goodwill - Net | 728 | 728 | $ 728 | 728 | ||||||||
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% | |||||||||||
Operating Segments | Solar | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | $ 60,946 | 56,689 | 36,069 | |||||||||
Operating loss | (6,696) | (5,056) | (11,010) | |||||||||
Identifiable assets | 42,962 | 45,717 | 42,962 | 45,717 | ||||||||
Operating Segments | Semiconductor | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 50,637 | 37,250 | 9,779 | |||||||||
Operating loss | 3,904 | (1,268) | 851 | |||||||||
Identifiable assets | 51,985 | 46,912 | 51,985 | 46,912 | ||||||||
Operating Segments | Polishing | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 8,725 | 10,944 | 10,653 | |||||||||
Operating loss | 1,588 | 2,250 | 2,805 | |||||||||
Identifiable assets | 4,819 | 5,793 | 4,819 | 5,793 | ||||||||
Corporate, Non-Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating loss | (6,704) | (9,447) | $ (5,735) | |||||||||
Identifiable assets | $ 18,664 | $ 27,034 | $ 18,664 | $ 27,034 |
Geographic Regions (Details)
Geographic Regions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | $ 42,409 | $ 33,342 | $ 22,483 | $ 22,074 | $ 28,198 | $ 40,016 | $ 24,273 | $ 12,396 | $ 120,308 | $ 104,883 | $ 56,501 |
Operating income (loss) | (7,908) | (13,521) | (13,089) | ||||||||
Net long-lived assets | 15,960 | 17,761 | 15,960 | 17,761 | |||||||
The Netherlands | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 52,189 | 46,982 | 31,779 | ||||||||
Operating income (loss) | (7,773) | (9,069) | (9,403) | ||||||||
Net long-lived assets | 4,996 | 6,677 | 4,996 | 6,677 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 44,299 | 37,483 | 20,433 | ||||||||
Operating income (loss) | (1,396) | (5,541) | (207) | ||||||||
Net long-lived assets | 10,171 | 10,162 | 10,171 | 10,162 | |||||||
France | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 8,758 | 8,387 | 4,218 | ||||||||
Operating income (loss) | (783) | (330) | (611) | ||||||||
Net long-lived assets | 241 | 346 | 241 | 346 | |||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 11,799 | 9,725 | 71 | ||||||||
Operating income (loss) | 1,530 | 986 | (2,868) | ||||||||
Net long-lived assets | $ 552 | $ 576 | 552 | 576 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 3,263 | 2,306 | 0 | ||||||||
Operating income (loss) | $ 514 | $ 433 | $ 0 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Current: | |||||||||||
Domestic Federal | $ 530 | $ (320) | $ 370 | ||||||||
Foreign | 500 | 500 | 530 | ||||||||
Foreign withholding taxes | 280 | 1,240 | 0 | ||||||||
Domestic state | 110 | 0 | 80 | ||||||||
Total current | 1,420 | 1,420 | 980 | ||||||||
Deferred: | |||||||||||
Domestic Federal | 1,680 | 720 | (490) | ||||||||
Foreign | 0 | (210) | 750 | ||||||||
Domestic state | 0 | (20) | 0 | ||||||||
Total deferred | 1,680 | 490 | 260 | ||||||||
Total provision | $ 1,060 | $ 70 | $ 1,670 | $ 300 | $ 1,270 | $ 290 | $ 170 | $ 180 | $ 3,100 | $ 1,910 | $ 1,240 |
Income Taxes Components of inco
Income Taxes Components of income before income tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Results of Operations by Geographical Areas [Line Items] | |||
Income (loss) before provision for income taxes | $ (5,450) | $ (4,807) | $ (13,049) |
Domestic | |||
Results of Operations by Geographical Areas [Line Items] | |||
Income (loss) before provision for income taxes | 2,100 | 94 | 278 |
Foreign | |||
Results of Operations by Geographical Areas [Line Items] | |||
Income (loss) before provision for income taxes | $ (7,550) | $ (4,901) | $ (13,327) |
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, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Expected U.S. federal corporate income tax rate, percent | 34.00% | ||||||||||
Tax benefit at the U.S. rate | $ (1,890) | $ (1,630) | $ (4,440) | ||||||||
Effect of permanent book-tax differences | 1,120 | (1,570) | 30 | ||||||||
State tax provision | 110 | (40) | 80 | ||||||||
Valuation allowance for net deferred tax assets | 2,690 | 2,490 | 3,900 | ||||||||
Uncertain tax items | 350 | 330 | 370 | ||||||||
Foreign tax rate differential | 1,050 | 1,890 | 1,000 | ||||||||
Other items | (330) | 440 | 300 | ||||||||
Total provision | $ 1,060 | $ 70 | $ 1,670 | $ 300 | $ 1,270 | $ 290 | $ 170 | $ 180 | $ 3,100 | $ 1,910 | $ 1,240 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets - current: | |||
Capitalized inventory costs | $ 270 | $ 340 | $ 230 |
Inventory write-downs | 2,460 | 4,840 | 950 |
Accrued warranty | 160 | 280 | 180 |
Deferred profits | 1,180 | 1,180 | 1,460 |
Accruals and reserves not currently deductible | 1,720 | 1,920 | 520 |
Deferred tax assets - current | 5,790 | 8,560 | 3,340 |
Valuation allowance | (5,790) | (6,510) | (2,280) |
Deferred tax assets - current | 0 | 2,050 | 1,060 |
Deferred tax assets (liabilities)- non-current: | |||
Stock option expense | 890 | 680 | 670 |
Book vs. tax basis of acquired assets | (1,340) | (1,350) | (1,210) |
Federal net operating loss carryforwards | 3,370 | 5,570 | 900 |
Foreign and state net operating losses | 13,200 | 10,550 | 8,070 |
Book vs. tax depreciation and amortization | (2,200) | (2,030) | (10) |
Foreign tax credits | 4,230 | 3,950 | 0 |
Other deferred tax assets | 570 | 360 | 2,950 |
Total deferred tax assets - non-current | 18,720 | 17,730 | 11,370 |
Valuation allowance | (18,520) | (17,300) | (10,070) |
Deferred tax assets (liabilities) - non-current, net of valuation allowance | $ 200 | $ 430 | $ 1,300 |
Income Taxes (Deferred Tax Valu
Income Taxes (Deferred Tax Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Deferred Tax Valuation Allowance [Roll Forward] | |||
Balance at the beginning of the year | $ 23,810 | $ 12,350 | $ 8,450 |
Additions to valuation allowance | 500 | 11,460 | 3,900 |
Balance at the end of the year | $ 24,310 | $ 23,810 | $ 12,350 |
Income Taxes (Unrecognized tax
Income Taxes (Unrecognized tax benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of the year | $ 3,510 | $ 3,180 | $ 2,810 |
Additions related to tax positions taken in prior years | 350 | 330 | 370 |
Reductions due to lapse of statute of limitations | 0 | 0 | 0 |
Balance at the end of the year | $ 3,860 | $ 3,510 | $ 3,180 |
Income Taxes (Textual) (Details
Income Taxes (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Contingency [Line Items] | |||
Additions to valuation allowance | $ 500 | $ 11,460 | $ 3,900 |
Operating loss carryforwards, annual utilization limits | 800 | ||
Unrecognized tax benefits that would impact effective tax rate | 1,700 | ||
Unrecognized tax benefits, income tax penalties and interest expense | 400 | 300 | $ 400 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 2,300 | $ 1,800 | |
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 | $ 14,000 | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 47,300 | ||
Tax credits | 3,600 | ||
State Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 7,500 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 583 | $ 0 |
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 600 |
Selected Quarterly Data (Unau71
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Selected Quarterly Data (Unaudited) [Abstract] | |||||||||||
Revenue | $ 42,409 | $ 33,342 | $ 22,483 | $ 22,074 | $ 28,198 | $ 40,016 | $ 24,273 | $ 12,396 | $ 120,308 | $ 104,883 | $ 56,501 |
Gross margin | 12,476 | 9,631 | 6,001 | 5,955 | 6,563 | 10,128 | 6,889 | 3,428 | 34,063 | 27,008 | 11,626 |
Provision for income taxes | 1,060 | 70 | 1,670 | 300 | 1,270 | 290 | 170 | 180 | 3,100 | 1,910 | 1,240 |
Net income (loss) attributable to Amtech Systems, Inc. | (285) | (1,209) | (1,499) | (4,015) | 1,349 | (1,604) | (2,321) | (5,195) | (7,008) | (7,771) | (13,047) |
Comprehensive income (loss) attributable to Amtech Systems, Inc. | $ (276) | $ (1,483) | $ (909) | $ (4,550) | $ 1,414 | $ (1,344) | $ (4,470) | $ (6,247) | $ (8,749) | $ (9,727) | $ (15,491) |
Net income (loss) per share attributable to Amtech Systems, Inc.: | |||||||||||
Basic (dollars per share) | $ (0.02) | $ (0.09) | $ (0.11) | $ (0.31) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.53) | $ (0.65) | $ (1.34) |
Shares used in calculation, basic | 13,177 | 13,173 | 13,169 | 13,152 | 13,150 | 13,103 | 11,997 | 9,854 | 13,168 | 12,022 | 9,732 |
Diluted (dollars per share) | $ (0.02) | $ (0.09) | $ (0.11) | $ (0.31) | $ 0.10 | $ (0.12) | $ (0.19) | $ (0.53) | $ (0.53) | $ (0.65) | $ (1.34) |
Shares used in calculation, diluted | 13,177 | 13,173 | 13,169 | 13,152 | 13,259 | 13,103 | 11,997 | 9,854 | 13,168 | 12,022 | 9,732 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 26, 2021 | Sep. 30, 2016 | Jan. 30, 2015 |
Debt Instrument [Line Items] | |||
Long-term debt, balance | $ 10,231 | ||
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 | $ 6,500 | ||
Interest rate | 4.11% | ||
SoLayTec, B.V. | |||
Debt Instrument [Line Items] | |||
Long-term debt, balance | $ 3,700 | ||
Additional borrowings | $ 1,100 | ||
Minimum | SoLayTec, B.V. | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.50% | ||
Maximum | SoLayTec, B.V. | |||
Debt Instrument [Line Items] | |||
Interest rate | 10.00% | ||
Scenario, Forecast | Mortgage Note | Federal Home Loan Board Five Year Classic Advance Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 240.00% |
Long-term Debt - Maturities of
Long-term Debt - Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 1,134 |
2,018 | 932 |
2,019 | 1,065 |
2,020 | 365 |
2,021 | 382 |
Thereafter | 6,353 |
Total | $ 10,231 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Jan. 30, 2015shares | Dec. 24, 2014USD ($) |
BTU International, Inc (BTU) Merger | ||
Business Acquisition [Line Items] | ||
Exchange ratio | 0.3291 | |
SoLayTec, B.V. | ||
Business Acquisition [Line Items] | ||
Percentage of voting interests acquired | 51.00% | |
Purchase price | $ | $ 1.9 | |
Merger Agreement | BTU International, Inc (BTU) Merger | ||
Business Acquisition [Line Items] | ||
Percentage of voting interests acquired | 100.00% | |
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 | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenue, net | $ 121,186 | $ 111,531 |
Net loss | $ (9,223) | $ (15,586) |
Earnings per share available to Amtech stockholders: | ||
Basic (in dollars per share) | $ (0.70) | $ (1.21) |
Diluted (in dollars per share) | $ (0.70) | $ (1.21) |
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 | 3 Months Ended | 12 Months Ended | 20 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2016 | Jan. 30, 2015 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 10,535 | $ 10,535 | $ 11,119 | ||
BTU International, Inc (BTU) Merger | |||||
Business Acquisition [Line Items] | |||||
Fair value of net tangible assets acquired | 18,632 | $ 19,232 | |||
Measurement period adjustments, fair value of net tangible assets acquired | (600) | ||||
Goodwill | 5,063 | 4,463 | |||
Measurement period adjustments, goodwill | $ (200) | 600 | |||
Identifiable intangible assets | 2,930 | 2,930 | |||
Measurement period adjustments, identifiable intangible assets | 0 | ||||
Total consideration allocated | 26,625 | $ 26,625 | |||
Measurement period adjustments, total consideration allocated | $ 0 | ||||
Transaction-related expenses | $ 4,000 | $ 1,300 |
Deconsolidation (Details)
Deconsolidation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 16, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on deconsolidation of Kingstone | $ 0 | $ 8,814 | $ 0 | |||
Gain on sale | $ 2,576 | 0 | $ 0 | |||
Kingstone | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on deconsolidation of Kingstone | $ 8,800 | |||||
Exclusive Sales and Service Rights in Solar Ion Implant Equipment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from license fees received | $ 4,900 | |||||
Gain on sale | $ 2,600 | |||||
Kingstone Holding Company | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage | 15.00% | |||||
Kingstone Holding Company | Kingstone | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage | 15.00% |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 16, 2015 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, difference between carrying value and underlying net assets | $ 2.7 | ||
Kingstone Holding Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 15.00% | ||
Fair Value, Inputs, Level 2 | Kingstone Shanghai | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, fair value | $ 3 | $ 2.7 | $ 2.7 |
Kingstone | Kingstone Holding Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 15.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 16, 2015 | |
Related Party Transaction [Line Items] | ||||||
Gain on sale of other assets | $ 2,576 | $ 0 | $ 0 | |||
Kingstone Holding Company | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 15.00% | |||||
Exclusive Sales and Service Rights in Solar Ion Implant Equipment | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from license fees received | $ 4,900 | |||||
Gain on sale of other assets | $ 2,600 | |||||
Accounts Receivable | Kingstone | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 300 | |||||
Kingstone | Kingstone Holding Company | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 15.00% | |||||
SoLayTec, B.V. | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related party | $ 1,100 | |||||
TNO Technostarters B.V. Loans | Minimum | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 9.50% | |||||
TNO Technostarters B.V. Loans | Maximum | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 12.50% |