Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 19, 2018 | Mar. 31, 2018 | |
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 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 14,216,596 | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 90,900,902 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 58,331 | $ 51,121 |
Restricted cash | 4,165 | 24,640 |
Accounts receivable | ||
Trade (less allowance for doubtful accounts) | 20,475 | 22,519 |
Unbilled and other | 12,749 | 14,275 |
Inventory | 24,710 | 30,210 |
Vendor deposits | 668 | 11,806 |
Other | 3,192 | 2,542 |
Total current assets | 124,290 | 157,113 |
Property, Plant and Equipment - Net | 16,452 | 15,792 |
Intangible Assets - Net | 1,130 | 3,495 |
Goodwill - Net | 6,633 | 11,405 |
Investments | 0 | 2,615 |
Deferred Income Taxes | 0 | 200 |
Other Assets | 901 | 1,003 |
Total Assets | 149,406 | 191,623 |
Current Liabilities | ||
Accounts payable | 11,374 | 21,555 |
Accrued compensation and related taxes | 7,394 | 7,592 |
Accrued warranty expense | 1,040 | 1,254 |
Other accrued liabilities | 4,239 | 2,056 |
Customer deposits | 15,298 | 48,784 |
Current maturities of long-term debt | 374 | 361 |
Deferred profit | 3,071 | 4,081 |
Income taxes payable | 2,353 | 286 |
Total current liabilities | 45,143 | 85,969 |
Long-Term Debt | 7,960 | 8,134 |
Income Taxes Payable | 3,213 | 7,037 |
Total Liabilities | 56,316 | 101,140 |
Commitments and Contingencies | 0 | 0 |
Shareholders’ 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: 14,216,596 and 14,710,591 at September 30, 2018 and September 30, 2017, respectively | 142 | 147 |
Additional paid-in capital | 124,316 | 125,564 |
Accumulated other comprehensive loss | (9,974) | (8,529) |
Retained deficit | (21,394) | (26,699) |
Total Shareholders’ Equity | 93,090 | 90,483 |
Total Liabilities and Shareholders’ Equity | $ 149,406 | $ 191,623 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Allowance for doubtful accounts | $ 1,407 | $ 866 |
Stockholders' Equity | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 14,216,596 | 14,710,591 |
Common stock, shares outstanding | 14,216,596 | 14,710,591 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 176,426 | $ 164,516 | $ 120,308 |
Cost of sales | 121,269 | 112,584 | 86,245 |
Gross profit | 55,157 | 51,932 | 34,063 |
Selling, general and administrative | 37,535 | 35,135 | 33,967 |
Research, development and engineering | 7,800 | 6,372 | 8,004 |
Impairment charges | 7,006 | 0 | 0 |
Restructuring charges | 897 | 0 | 0 |
Operating income (loss) | 1,919 | 10,425 | (7,908) |
Gain on sale of other assets | 2,883 | 0 | 2,576 |
Income (loss) from equity method investment | 234 | (417) | 299 |
Interest and other income (expense), net | 489 | (178) | (417) |
Income (loss) before income taxes | 5,525 | 9,830 | (5,450) |
Income tax provision | 220 | 1,744 | 3,100 |
Net income (loss) | 5,305 | 8,086 | (8,550) |
Add: Net loss attributable to non-controlling interest | 0 | 1,045 | 1,542 |
Net income (loss) attributable to Amtech Systems, Inc. | $ 5,305 | $ 9,131 | $ (7,008) |
Income (Loss) Per Share: | |||
Basic income (loss) per share attributable to Amtech shareholders (dollars per share) | $ 0.36 | $ 0.68 | $ (0.53) |
Weighted average shares outstanding (in shares) | 14,833 | 13,378 | 13,168 |
Diluted income (loss) per share attributable to Amtech shareholders (dollars per share) | $ 0.35 | $ 0.68 | $ (0.53) |
Weighted average shares outstanding (in shares) | 15,065 | 13,501 | 13,168 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 5,305 | $ 8,086 | $ (8,550) |
Foreign currency translation adjustment | (1,445) | 423 | (199) |
Comprehensive income (loss) | 3,860 | 8,509 | (8,749) |
Comprehensive loss attributable to non-controlling interest | 0 | 969 | 1,531 |
Comprehensive income (loss) attributable to Amtech Systems, Inc. | $ 3,860 | $ 9,478 | $ (7,218) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid- In Capital | Accum-ulated Other Compre-hensive Income (Loss) | Retained Deficit | Total Share-holders’ Equity | Non-control-ling Interest |
Beginning balance (in shares) at Sep. 30, 2015 | 13,150,000 | 0 | ||||||
Beginning balance at Sep. 30, 2015 | $ 72,647 | $ 131 | $ 0 | $ 110,191 | $ (8,666) | $ (28,822) | $ 72,834 | $ (187) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (8,550) | (7,008) | (7,008) | (1,542) | ||||
Translation adjustment | (199) | (210) | (210) | 11 | ||||
Restricted shares released (in shares) | 14,000 | |||||||
Restricted shares released | 0 | $ 0 | 0 | 0 | ||||
Stock compensation expense | 1,390 | 1,390 | 1,390 | |||||
Stock options exercised (in shares) | 15,000 | |||||||
Stock options exercised | 51 | $ 1 | 50 | 51 | ||||
Ending balance (in shares) at Sep. 30, 2016 | 13,179,000 | 0 | ||||||
Ending balance at Sep. 30, 2016 | 65,339 | $ 132 | $ 0 | 111,631 | (8,876) | (35,830) | 67,057 | (1,718) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 8,086 | 9,131 | 9,131 | (1,045) | ||||
Translation adjustment | 423 | 347 | 347 | 76 | ||||
Acquisition of non-controlling interest | 2,687 | 2,687 | ||||||
Tax benefit of stock compensation | 18 | 18 | 18 | |||||
Proceeds from stock offering (in shares) | 1,214,000 | |||||||
Proceeds from stock offering, amount | 10,632 | $ 12 | 10,620 | 10,632 | ||||
Stock compensation expense | 1,328 | 1,328 | 1,328 | |||||
Stock options exercised (in shares) | 318,000 | |||||||
Stock options exercised | $ 1,970 | $ 3 | 1,967 | 1,970 | ||||
Ending balance (in shares) at Sep. 30, 2017 | 14,710,591 | 14,711,000 | 0 | |||||
Ending balance at Sep. 30, 2017 | $ 90,483 | $ 147 | $ 0 | 125,564 | (8,529) | (26,699) | 90,483 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 5,305 | 5,305 | 5,305 | 0 | ||||
Translation adjustment | $ (1,445) | (1,445) | (1,445) | 0 | ||||
Repurchase of treasury stock (in shares) | (771,149) | (771,000) | ||||||
Repurchase of treasury stock | $ (4,000) | $ (4,000) | (4,000) | |||||
Retirement of treasury stock (in shares) | (771,000) | 771,000 | ||||||
Retirement of treasury stock | 0 | $ (8) | $ 4,000 | (3,992) | ||||
Stock compensation expense | 855 | 855 | 855 | |||||
Stock options exercised (in shares) | 277,000 | |||||||
Stock options exercised | $ 1,892 | $ 3 | 1,889 | 1,892 | ||||
Ending balance (in shares) at Sep. 30, 2018 | 14,216,596 | 14,217,000 | 0 | |||||
Ending balance at Sep. 30, 2018 | $ 93,090 | $ 142 | $ 0 | $ 124,316 | $ (9,974) | $ (21,394) | $ 93,090 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities | |||
Net income (loss) | $ 5,305 | $ 8,086 | $ (8,550) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,854 | 2,493 | 2,974 |
Non-cash impairment charges | 7,006 | 0 | 0 |
Write-down of inventory | 542 | 420 | 84 |
Capitalized interest | 143 | 277 | 322 |
Provision for (reversal of) allowance for doubtful accounts | 45 | (720) | 1,698 |
Deferred income taxes | 209 | (27) | 2,280 |
Non-cash share based compensation expense | 855 | 1,328 | 1,390 |
(Gain) loss on sale of property, plant and equipment | (92) | 26 | (60) |
Gain on sale of other assets | (2,883) | 0 | (2,576) |
(Income) loss from equity method investment | (234) | 417 | (299) |
Changes in operating assets and liabilities: | |||
Restricted cash | 20,558 | (22,262) | (253) |
Accounts receivable | 3,274 | (8,655) | (4,998) |
Inventory | 3,965 | (6,638) | 491 |
Accrued income taxes | (1,749) | 573 | 351 |
Vendor deposits and other assets | 10,649 | (8,898) | (814) |
Accounts payable | (10,164) | 5,374 | (224) |
Customer deposits and accrued liabilities | (31,532) | 40,817 | (1,355) |
Deferred profit | (961) | (822) | (150) |
Net cash provided by (used in) operating activities | 6,790 | 11,789 | (9,689) |
Investing Activities | |||
Purchases of property, plant and equipment | (1,495) | (1,256) | (978) |
Proceeds from sale of property, plant and equipment | 114 | 40 | 255 |
Proceeds from partial sale of subsidiary | 0 | 0 | 7,012 |
Proceeds from sale of other assets | 5,732 | 0 | 4,884 |
Net cash provided by (used in) investing activities | 4,351 | (1,216) | 11,173 |
Financing Activities | |||
Proceeds from issuance of common stock, net | 1,892 | 12,602 | 51 |
Repurchase of common stock | (4,000) | 0 | 0 |
Payments on long-term obligations | (368) | (674) | (739) |
Borrowings on long-term debt | 0 | 755 | 1,145 |
Excess tax benefit of stock compensation | 0 | 18 | 0 |
Net cash (used in) provided by financing activities | (2,476) | 12,701 | 457 |
Effect of Exchange Rate Changes on Cash | (1,455) | 192 | (138) |
Net Increase in Cash and Cash Equivalents | 7,210 | 23,466 | 1,803 |
Cash and Cash Equivalents, Beginning of Year | 51,121 | 27,655 | 25,852 |
Cash and Cash Equivalents, End of Year | 58,331 | 51,121 | 27,655 |
Supplemental Cash Flow Information: | |||
Income tax (payments) refunds, net | (980) | 146 | (116) |
Interest paid, net of capitalized interest | 304 | 269 | 305 |
Supplemental Non-cash Financing and Investing Activities: | |||
Transfer inventory to property, plant, and equipment | 902 | 120 | 0 |
Transfer of property, plant, and equipment to inventory | 0 | 22 | 526 |
Net of acquired non-controlling interest over debt forgiveness (See Note 13) | $ 0 | $ (332) | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Operations and Significant Accounting Policies Description of Business – Amtech Systems, Inc. (the “Company,” “Amtech,” “we,” “our” or “us”) is a leading, global manufacturer of capital equipment, including thermal processing and wafer handling automation, and related consumables used in fabricating semiconductor devices, light-emitting diodes, or LEDs, silicon carbide (SiC) and silicon power chips and solar cells. We sell these products to semiconductor and solar cell manufacturers worldwide, particularly in Asia, the United States and Europe. We serve niche markets in industries that are experiencing rapid technological advances and which historically have been very cyclical. Therefore, future profitability and growth depend on our ability to develop or acquire and market profitable new products and on our ability to adapt to cyclical trends. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2018 , 2017 and 2016 relate to the fiscal years ended September 30, 2018 , 2017 and 2016 , respectively. Acquisitions and Divestitures – In December 2014, we expanded our participation in the solar market by acquiring a 51% controlling interest in SoLayTec B.V. (“SoLayTec”), based in Eindhoven, the Netherlands, which provides ALD systems used in high efficiency solar cells. The acquisition of the controlling interest in SoLayTec supports our business model of growth through strategic acquisition. In July 2017, we purchased the remaining 49% interest in SoLayTec, pursuant to which SoLayTec became a wholly-owned subsidiary of Amtech. In September 2015, we sold a portion of our interest in Kingstone Technology Hong Kong Limited (“Kingstone Hong Kong”), which is the parent company of Shanghai Kingstone (collectively with Kingstone Hong Kong, “Kingstone”), a Shanghai-based technology company specializing in ion implant solutions for the solar and semiconductor industries (in which we acquired a 55% ownership in February 2011), to a China-based venture capital firm. Proceeds from this transaction shares were paid to Amtech and used to fund our core strategic initiatives. Effective June 29, 2018, we sold our remaining 15% ownership interest in Kingstone Hong Kong to the majority owner for approximately $5.7 million . See Note 13 for a discussion of our acquisition and Note 14 for a discussion of our divestitures. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest. We report non-controlling interests in consolidated entities as a component of equity separate from our equity. The equity method of accounting is used for i nvestments over which we have a significant influence but not a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2017, we purchased the non-controlling interest in SoLayTec, pursuant to which SoLayTec became a wholly-owned subsidiary of Amtech. Beginning July 1, 2017, the non-controlling interest will no longer be reported. Prior amounts have not been restated. 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. Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. These reclassifications had no effect on the previously reported Consolidated Financial Statements for any period. Cash and 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 includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the 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 – 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. Inventory – We value our inventory at the lower of cost or net realizable value. Costs for approximately 34% and 55% of inventory as of September 30, 2018 and 2017 , respectively, are determined on an average cost basis with the remainder determined on a first-in, first-out (FIFO) basis. We regularly review inventory quantities and record a write-down to net realizable value for excess and obsolete inventory. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. Our industry is characterized by customers in highly cyclical industries, rapid technological changes, frequent new product developments and rapid product obsolescence. Changes in demand for our products and product mix could result in further write-downs. We must order components for our products and build inventory in advance of product shipments through issuance of purchase orders based on projected demand. These commitments typically cover our requirements for periods ranging from 30 to 180 days or longer when there is a significant increase in demand or lead-times from suppliers. These purchase commitments may result in accepting delivery of components not needed to meet current demand. We accrue for estimated cancellation fees related to component orders that have been cancelled or are expected to be cancelled, and for excess inventories that will likely result in our taking delivery of ordered inventory items in excess of our projected needs. If there is an abrupt and substantial decline in demand for one or more of our products, an unanticipated change in technological requirements for any of our products, or a change in our suppliers’ practice of not enforcing purchase commitments, we may be required to record additional charges for these items. This would negatively impact gross margin in the period when the charges are recorded. 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 over the estimated useful life of the asset. 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 from 20 to 30 years. Reviews are regularly performed to determine whether facts and circumstances exist which indicate that the useful life is shorter than originally estimated or the carrying amount of assets may not be recoverable. When an indication exists that the carrying amount of long-lived assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. In the fourth quarter of fiscal 2018, we recorded a charge for impairment of intangible assets in our Solar segment. See Note 5 for a description of the facts and circumstances leading to the intangible asset impairment charge. Goodwill - Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. 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. If it is concluded that there is a potential impairment, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss would not exceed the total amount of goodwill allocated to the reporting unit). Impairment tests include the use of estimates and assumptions that are inherently uncertain. Changes in these estimates and assumptions could materially affect the determination of fair value or goodwill impairment, or both. In the fourth quarter of fiscal 2018, we recorded a charge for impairment of goodwill in our Solar segment. See Note 6 for a description of the facts and circumstances leading to the goodwill impairment charge. 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 (in thousands): September 30, 2018 2017 Deferred revenue $ 5,616 $ 6,822 Deferred costs 2,545 2,741 Deferred profit $ 3,071 $ 4,081 Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months to all purchasers of our new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized, generally upon shipment or acceptance, as determined under the revenue recognition policy above. On occasion, we have been required and may be required in the future to provide additional warranty coverage to ensure that the systems are ultimately accepted or to maintain customer goodwill. While our warranty costs have historically been within our expectations and we believe that the amounts accrued for warranty expenditures are sufficient for all systems sold through September 30, 2018 , we cannot guarantee that we will continue to experience a similar level of predictability with regard to warranty costs. In addition, technological changes or previously unknown defects in raw materials or components may result in more extensive and frequent warranty service than anticipated, which could result in an increase in our warranty expense. The following is a summary of activity in accrued warranty expense (in thousands): Years Ended September 30, 2018 2017 2016 Beginning balance $ 1,254 $ 795 $ 793 Additions for warranties issued during the period 1,567 1,723 1,074 Reductions in the liability for payments made under the warranty (910 ) (414 ) (832 ) Changes related to pre-existing warranties (865 ) (872 ) (250 ) Currency translation adjustment (6 ) 22 10 Ending balance $ 1,040 $ 1,254 $ 795 Shipping Expense – Shipping expenses of $2.4 million , $1.9 million and $2.3 million for 2018 , 2017 and 2016 are included in selling, general and administrative expenses. Advertising Expense – Advertising costs are expensed as incurred. Advertising expense of $0.7 million , $0.4 million and $0.6 million for 2018 , 2017 and 2016 are included in selling, general and administrative expenses. Stock-Based Compensation – We measure 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, with forfeitures recognized as they occur. Prior to 2018, the expense recognized included an estimate for expected forfeitures, which was based upon historical experience. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires us to apply highly subjective assumptions, including expected stock price volatility, expected life of the option and the risk-free interest rate. A change in one or more of the assumptions used in the model may result in a material change to the estimated fair value of the stock-based compensation. 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, development and engineering expenses. The following is a summary of our research, development and engineering expense (in thousands): Years Ended September 30, 2018 2017 2016 Research, development and engineering $ 9,237 $ 7,001 $ 9,535 Grants earned (1,437 ) (629 ) (1,531 ) Net research, development and engineering $ 7,800 $ 6,372 $ 8,004 Foreign Currency Transactions and Translation – We use the U.S. dollar as our reporting currency. Our operations in Europe, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Accordingly, assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in effect at the balance sheet dates. Income and expense items are translated at the average exchange rate for each month within the year. The resulting translation adjustments are recorded directly in accumulated other comprehensive income (loss), net of tax - foreign currency translation adjustments as a separate component of shareholders’ equity. Net foreign currency transaction gains/losses, including transaction gains/losses on intercompany balances that are not of a long-term investment nature and non-functional currency cash balances, are reported as a separate component of non-operating (income) expense in our consolidated statements of operations. Income Taxes – We file 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. We compute deferred income tax assets and liabilities based upon cumulative temporary differences between financial reporting and taxable income, carryforwards available and enacted tax laws. We also accrue 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. In 2018 and 2017, we reversed a portion of the valuation allowance related to net operating loss carryforwards which we have determined will be utilized against net operating income in the current year. We will continue to monitor our cumulative income and loss positions in the U.S. and foreign jurisdictions to determine whether full valuation allowances on net deferred tax assets are appropriate. Concentrations of Credit Risk – Our customers consist of solar cell and semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and trade accounts receivable. 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. As of September 30, 2018 , one customer individually represented 23% of accounts receivable. As of September 30, 2017 , two customers individually represented 24% and 11% of accounts receivable. We maintain our cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States (approximately 65% and 45% of total cash balances as of September 30, 2018 and 2017 , respectively) are primarily invested in US Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of our cash is maintained with financial institutions with reputable credit in the Netherlands, France, China, the United Kingdom, Singapore and Malaysia. We maintain cash in bank accounts in amounts which at times may exceed federally insured limits. We have not experienced any losses on such accounts. Refer to Note 19, “Geographic Regions,” for information regarding revenue and assets in other countries subject to fluctuation in foreign currency exchange rates. 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”), we group our 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 our policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, we use 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, we are 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 and Restricted Cash 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 2 in the fair value hierarchy. Debt – The recorded amounts of these financial instruments, including long-term debt and current maturities of long-term debt, approximate fair value and are considered Level 2 in the fair value hierarchy. Recently Issued Accounting Pronouncements In November 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-18, “Statement of Cash Flows: Restricted Cash.” The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash and require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. We plan to adopt this standard retrospectively effective October 1, 2018, the first quarter of our fiscal year 2019. As a result, the amount of the change in our net cash provided by operating activities will no longer include the impact of the change in restricted cash and restricted cash equivalents in any period. Based on the significant restricted cash balances on our consolidated balance sheets, we anticipate the adoption of this standard will have a significant impact on the presentation of our consolidated statement of cash flows by removing the changes in restricted cash balances from our cash flows from operations. 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 us starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. We are in the process of determining the effects the adoption will have on our consolidated financial statements as well as whether to adopt the new guidance early. In February 2016, the FASB issued ASU 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 adoption is permitted. We will adopt the standard as of October 1, 2019, the start of our fiscal 2020. We are currently in the process of evaluating the impact of this standard on our consolidated financial statements and we believe the adoption will slightly increase our assets and liabilities and will increase our financial statement disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which amends the existing accounting standards for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity may choose to adopt the new standard either retrospectively or through a cumulative effect adjustment as of the start of the first period for which it applies the new standard. We are in the process of determining the effect that the adoption will have on our consolidated financial statements. Based on our analysis to date, we have reached the following tentative conclusions regarding the new standard and how we expect it to affect our consolidated financial statements and related disclosures: • We will adopt the standard as of October 1, 2018, the start of our first quarter of fiscal 2019. • We believe that since substantially all of our revenue is contractual, substantially all of our revenue falls within the scope of ASU 2014-09, as amended. • We expect to use the cumulative effect transition method. Such method provides that upon applying the new standard, the cumulative effect from prior periods is recognized in our consolidated balance sheet as of the date of adoption, including an adjustment to retained earnings. Prior periods will not be retrospectively adjusted. • As discussed in our revenue recognition policy above, we currently have three categories of equipment revenue: routine equipment, non-routine equipment and new technology. Our routine equipment revenue is generally recognized upon shipment with a deferral equal to the relative selling price of the undelivered services (i.e. installation) which is typically recognized upon customer acceptance. Deferrals for non-routine equipment are generally equal to the contractual non-contingent amount. For new technology, all revenue and direct costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criteria has been met. We have determined that under ASU 2014-09, our policy for deferrals related to non-routine equipment will no longer apply. Therefore, our new revenue recognition policy will consist of only two categories: routine equipment and new technology. Routine equipment revenue will continue to be recognized at shipment with a deferral equal to the relative selling price of the undelivered services (i.e. installation) which is recognized upon customer acceptance. Revenue and direct costs for new technology will continue to be deferred at the time of shipment and later recognized at the time of customer acceptance or when this criteria has been met. The elimination of the non-routine category affects a small percentage of our equipment sales (less than 5% of fiscal year 2018 revenue). In most contracts, this change will result in higher revenue recognized at shipment and lower revenue deferrals, which are recognized upon customer acceptance. • Sales commissions on contracts with performance periods that exceed one year will be recorded as an asset and amortized to expense over the related contract performance period in proportion to the revenue recognized as opposed to being expensed in the period the transaction is generated. • We expect that our disclosures in the notes to our consolidated financial statements related to revenue recognition will be significantly expanded under the new standard. Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of fiscal 2019. A substantial amount of work has been completed, and findings and progress to date have been reported to managemen |
Earnings Per Share & Diluted Ea
Earnings Per Share & Diluted Earnings Per Share | 12 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share & Diluted Earnings Per Share | Earnings Per Share & Diluted Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued, and the numerator is based on net income. In the case of a net loss, diluted EPS is calculated in the same manner as basic EPS. Options and restricted stock of approximately 434,000 , 1,364,000 and 1,840,000 weighted average shares are excluded from the 2018 , 2017 and 2016 EPS calculations as they are anti-dilutive. These shares could be dilutive in the future. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share amounts): Years ended September 30, 2018 2017 2016 Numerator: Net income (loss) attributable to Amtech Systems, Inc. $ 5,305 $ 9,131 $ (7,008 ) Denominator: Weighted-average shares used to compute basic EPS 14,833 13,378 13,168 Common stock equivalents (1) 232 123 — Weighted-average shares used to compute diluted EPS 15,065 13,501 13,168 Basic income (loss) per share attributable to Amtech shareholders $ 0.36 $ 0.68 $ (0.53 ) Diluted income (loss) per share attributable to Amtech shareholders $ 0.35 $ 0.68 $ (0.53 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Inventory
Inventory | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory The components of inventory are as follows (in thousands): September 30, 2018 September 30, 2017 Purchased parts and raw materials $ 15,896 $ 14,789 Work-in-process 6,067 11,078 Finished goods 2,747 4,343 $ 24,710 $ 30,210 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The following is a summary of property, plant and equipment (in thousands): September 30, 2018 September 30, 2017 Land $ 4,956 $ 4,990 Building and leasehold improvements 14,513 14,408 Equipment and machinery 10,434 8,934 Furniture and fixtures 4,957 5,243 34,860 33,575 Accumulated depreciation and amortization (18,408 ) (17,783 ) $ 16,452 $ 15,792 Depreciation and capital lease amortization expense was $1.6 million , $1.6 million and $2.1 million in 2018 , 2017 and 2016 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of the following (in thousands): Years Ended September 30, 2018 2017 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer lists 6-10 years $ 1,219 $ (745 ) $ 474 $ 2,471 $ (1,521 ) $ 950 Technology 5-10 years — — — 3,386 (2,024 ) 1,362 Trade names 10-15 Years 869 (213 ) 656 1,468 (285 ) 1,183 Other 2-10 years — — — 78 (78 ) — $ 2,088 $ (958 ) $ 1,130 $ 7,403 $ (3,908 ) $ 3,495 We conducted our periodic assessment of long-lived assets in the fourth quarter of fiscal 2018 and identified the need for an intangible asset impairment charge in our Solar segment of $1.3 million due primarily to the decline in our expected performance of that segment. All remaining intangible assets are included in our Semiconductor segment. Amortization expense related to intangible assets was $0.2 million , $0.8 million and $0.8 million in 2018 , 2017 and 2016 , respectively. The aggregate amortization expense for the intangible assets for each of the five succeeding fiscal years is estimated to be $ 0.3 million , $0.3 million , $0.1 million , $0.1 million , $0.1 million and $0.2 million in 2019 , 2020 , 2021 , 2022 , 2023 and thereafter, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The changes in the carrying amount of goodwill for the year ended September 30, 2018 are as follows (in thousands): Solar Semiconductor Polishing Total Goodwill $ 6,962 $ 5,063 $ 728 $ 12,753 Accumulated impairment losses (1,348 ) — — (1,348 ) Balance at September 30, 2017 5,614 5,063 728 11,405 Impairment of goodwill (5,663 ) — — (5,663 ) Net exchange differences 49 842 — 891 Balance at September 30, 2018 $ — $ 5,905 $ 728 $ 6,633 Goodwill $ 6,836 $ 5,905 $ 728 $ 13,469 Accumulated impairment losses (6,836 ) — — (6,836 ) Balance at September 30, 2018 $ — $ 5,905 $ 728 $ 6,633 During 2018 , we periodically assessed whether any indicators of impairment existed which would require us to perform an interim impairment review. As of each interim period end during the year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of our reporting units below their carrying values. We performed our annual test of goodwill for impairment during the fourth quarter of 2018 . The results of the first step of the goodwill impairment test indicated that the fair value of our Semiconductor reporting unit was in excess of its carrying value, and, thus, we did not require an impairment charge. However, we identified the need for a goodwill impairment charge in our Solar segment of $5.7 million , due primarily to the decline in our expected performance of that segment. While the quantitative analysis indicated no impairment of Semiconductor segment goodwill existed as of September 30, 2018, if the future performance of this reporting unit falls short of our expectations or if there are significant changes in operations due to changes in market conditions, we could be required to recognize material impairment charges in future periods. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt We have a mortgage note secured by BTU International, Inc.’s (“BTU”) real property in Billerica, Massachusetts. The note has a remaining balance of $ 5.9 million as of September 30, 2018 and a maturity date of September 26, 2023. 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. In December 2014, we acquired long-term debt as part of the SoLayTec acquisition. During 2017, SoLayTec borrowed an additional $0.3 million . Effective with the Exit Agreement between Amtech and SoLayTec’s minority owners in July 2017 (see Note 13), approximately $2.4 million of long-term debt was forgiven by SoLayTec’s minority owners. This debt forgiveness was recorded as a capital contribution, with no effect on the Consolidated Statement of Operations. As of September 30, 2018 , SoLayTec’s remaining debt balance is $2.1 million. This loan has an interest rate of 7.00% and was modified in 2017 to allow SoLayTec to defer repayment indefinitely, contingent on SoLayTec’s results of operations. In 2017, Tempress borrowed approximately $0.4 million as part of the construction of a large, bi-facial solar PV park at its headquarters in the Netherlands. The debt is secured by Tempress’ real property in Vaassen, the Netherlands, and carries an interest rate equal to the 10 -year interest rate swap rate plus a 2.4% premium, reduced by a 1% discount, which at September 30, 2018 was 2.23% . The debt has a 15 -year term. As of September 30, 2018 , Tempress’ remaining debt balance is $0.3 million . Annual maturities relating to our long-term debt as of September 30, 2018 are as follows (in thousands): Annual Maturities 2019 $ 374 2020 807 2021 823 2022 840 2023 856 Thereafter 4,634 Total $ 8,334 |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity and Stock-Based Compensation | Equity and Stock-Based Compensation 2017 Equity Offering On August 18, 2017, we entered into an Underwriting Agreement with Roth Capital Partners, LLC, as underwriter (the “Underwriter”), relating to a firm commitment underwritten offering (the “Offering”) of 1,055,000 shares of our common stock at a price of $9.50 per share, and granted the Underwriter an option to purchase up to 158,250 additional shares (the “Over-Allotment Option”) of our common stock to cover over-allotments, if any. On August 23, 2017, we and the Underwriter closed the Offering and the Underwriter exercised its Over-Allotment Option at the closing. As a result, we issued a total of 1,213,250 shares of our common stock at a price of $9.50 per share. We received net proceeds of approximately $10.6 million from the Offering. We plan to use the net proceeds of the Offering for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions. 2018 Stock Repurchase Plan On March 28, 2018, we announced that our Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock over a one -year period, commencing on April 2, 2018. During the year ended September 30, 2018 , we completed our repurchase program and repurchased 771,149 shares of our common stock on the open market at a total cost of approximately $4.0 million (an average price of $5.19 per share). All shares repurchased during the year ended September 30, 2018 , have been retired. Stock-Based Compensation Expense Stock-based compensation expenses of $0.9 million , $1.3 million and $1.4 million for 2018 , 2017 and 2016 , respectively, are included in selling, general and administrative expenses. As of September 30, 2018 , total compensation cost related to non-vested stock options not yet recognized is $0.3 million , which is expected to be recognized over the next 0.82 years on a weighted-average basis. Amtech Equity Compensation Plans The 2007 Employee Stock Incentive Plan (the “2007 Plan), under which 500,000 shares could be granted, was adopted by our 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. Equity compensation plans as of September 30, 2018 are summarized in the table below: Name of Plan Shares Authorized Shares Available Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 739,561 1,042,407 Mar. 2020 Non-Employee Directors Stock Option Plan 500,000 88,600 206,351 Mar. 2020 828,161 1,248,758 Stock Options 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 2028. Options issued under the plans vest over 6 months to 4 years. We estimate 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, 2018 2017 2016 Risk free interest rate 3% 2% 2% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 59% 63% 63% Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2018 2017 2016 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,560,441 $ 7.95 1,841,567 $ 8.15 1,627,477 $ 9.11 Granted 44,000 7.40 145,000 5.23 360,075 5.25 Exercised (277,154 ) 6.71 (317,986 ) 6.30 (15,346 ) 3.28 Forfeited/expired (78,529 ) 16.12 (108,140 ) 12.71 (130,639 ) 12.86 Outstanding at end of period 1,248,758 $ 7.69 1,560,441 $ 7.95 1,841,567 $ 8.15 Exercisable at end of period 1,014,300 $ 7.93 1,055,865 $ 8.58 1,127,611 $ 8.92 Weighted average grant-date fair value of options granted during the period $ 4.20 $ 3.04 $ 3.03 The following table summarizes information for stock options outstanding and exercisable as of September 30, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Remaining Contractual Life Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share (in years) 2.95-5.07 173,154 5.76 $ 3.99 112,321 $ 3.45 5.20-5.20 990 0.96 5.20 990 5.20 5.25-5.25 204,524 6.93 5.25 137,024 5.25 5.40-6.15 79,319 4.95 5.91 71,819 5.93 7.01-7.01 160,225 4.74 7.01 160,225 7.01 7.15-7.87 68,315 7.19 7.50 24,315 7.69 7.98-7.98 186,533 3.05 7.98 186,533 7.98 8.20-9.94 21,191 3.21 9.31 17,441 9.55 9.98-9.98 228,300 5.81 9.98 177,425 9.98 10.50-22.26 126,207 2.12 13.99 126,207 13.99 1,248,758 5.03 $ 7.69 1,014,300 $ 7.93 The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2018 were $253,000 and $225,000 , respectively, which represents the total pretax intrinsic value, based on our closing stock price of $5.34 per share as of September 28, 2018, the last business day of our fiscal year, 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, 2018 , 2017 and 2016 was $1.2 million , $1.1 million and less than $0.1 million , respectively. |
Restructuring
Restructuring | 12 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Plan | Restructuring Plan In July 2018, we established a restructuring plan related to our operations in the Netherlands, which are part of our Solar operating segment (the “Plan”). The goal of the Plan is to reduce operating costs and better align our workforce with the current needs of our solar business and enhance our competitive position for long-term success. Once fully implemented, we expect the Plan to reduce operating costs by approximately $3.0 million on an annualized basis. Under the Plan, we will reduce our Solar workforce by approximately 35 - 40 employees (approximately 20% ). The affected employees are covered by a collective bargaining agreement, which defines the amount due to employees in the event of involuntary termination. We recorded $0.9 million of one-time termination costs in the fourth quarter of fiscal 2018. It is expected that these efforts will be completed by the end of our third quarter of fiscal 2019. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans We have retirement plans covering substantially all employees. The principal plans are the multi-employer defined benefit pension plans of our operations in the Netherlands and France, the multi-employer plan for hourly union employees in Pennsylvania and our defined contribution plan that covers substantially all of our employees in the United States. The multi-employer plans in the United States and France as well as the defined contribution plan are insignificant. Pensions – Our employees in the Netherlands, 117 at September 30, 2018 , 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. The collective bargaining agreement has no expiration date. This multi-employer pension plan covers approximately 33,000 companies and 1.4 million participants. Amtech’s contribution to the multi-employer 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 multi-employer pension plan must be monitored against specific criteria, including the coverage ratio of the plan assets to its obligations. This coverage ratio must exceed 104.3% for the total plan. Every company participating in a Dutch multi-employer 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 multi-employer 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. Our net periodic pension cost for this multi-employer 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 multi-employer 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 multi-employer union plan is 104.6% as of September 30, 2018 . 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 2018 , the coverage ratio was as high as 104.6% in the fourth quarter and as low as 101.5% 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, 2018 , PMT’s total plan assets were $83.9 billion and the actuarial present value of accumulated plan benefits was $80.2 billion . Below is a table of our contributions to multi-employer pension plans (in thousands): Years Ended September 30, 2018 2017 2016 Pensioenfonds Metaal en Techniek (PMT) $ 897 $ 805 $ 796 Other plans 188 188 187 Total $ 1,085 $ 993 $ 983 Defined Contribution Plans – We match employee contributions to our defined contribution plans on a discretionary basis. The match was $0.4 million , $0.3 million and $0.2 million in 2018 , 2017 and 2016 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income (loss) before provision for income taxes are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Domestic $ 7,845 $ 1,900 $ 2,100 Foreign (2,320 ) 7,930 (7,550 ) $ 5,525 $ 9,830 $ (5,450 ) The components of the provision for income taxes are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Current: Domestic federal $ 1,167 $ 54 $ 530 Foreign (1,404 ) 1,330 500 Foreign withholding taxes 356 240 280 Domestic state 101 120 110 Total current 220 1,744 1,420 Deferred: Domestic federal — — 1,680 Total deferred — — 1,680 Total provision $ 220 $ 1,744 $ 3,100 The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017, and permanently reduces the U.S. federal corporate tax rate from 35% to 21%, eliminated corporate Alternative Minimum Tax, modified rules for expensing capital investment, and limits the deduction of interest expense for certain companies. The Act is a fundamental change to the taxation of multinational companies, including a shift from a system of worldwide taxation with some deferral elements to a territorial system, current taxation of certain foreign income, a minimum tax on low-tax foreign earnings, and new measures to curtail base erosion and promote U.S. production. As a result of the Act, the statutory rate applicable to our fiscal year ending September 30, 2018 was 24.3%, based on a fiscal year blended rate calculation. Accounting Standard Codification (“ASC”) 740 requires filers to record the effect of tax law changes in the period enacted. In the first quarter of fiscal 2018, we re-measured the applicable deferred tax assets based on the rates at which they are expected to reverse. We adjusted our gross deferred tax assets and liabilities and recorded a corresponding offset to our full valuation allowance against our net deferred tax assets, which resulted in minimal net effect to our provision for income taxes and effective tax rate. The Act includes a one-time mandatory repatriation transition tax on certain net accumulated earnings and profits of our foreign subsidiaries. We have analyzed the earnings and profits of our foreign subsidiaries and determined that no transition taxes are due or expected. The other provisions of Tax Reform are either immaterial or not applicable for the year ended September 30, 2018. A reconciliation of actual income taxes to income taxes at the expected United States federal corporate income tax rate is as follows (in thousands, except percentages): Years Ended September 30, 2018 2017 2016 Federal statutory rate 24.3 % 34.0 % 34.0 % Tax expense (benefit) at the federal statutory rate $ 1,342 $ 3,340 $ (1,890 ) Effect of permanent book-tax differences 75 340 1,120 State tax provision 76 100 110 Valuation allowance for net deferred tax assets 617 (1,610 ) 2,690 Uncertain tax items (3,013 ) 350 350 Tax rate differential 1,107 (776 ) 1,050 Other items 16 — (330 ) $ 220 $ 1,744 $ 3,100 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 components of deferred tax assets and deferred tax liabilities are as follows (in thousands): Years Ended September 30, 2018 2017 Deferred tax assets (liabilities): Capitalized inventory costs $ 193 $ 210 Inventory write-downs 1,333 1,945 Accrued warranty 204 260 Deferred profits 1,006 1,190 Accruals and reserves not currently deductible 5,017 1,945 Stock option expense 738 1,080 Book vs. tax basis of acquired assets — (1,290 ) Federal net operating loss carryforwards 2,922 4,820 Foreign and state net operating losses 13,860 14,800 Book vs. tax depreciation and amortization (1,667 ) (2,250 ) Foreign tax credits — 420 Other deferred tax assets 163 — Total deferred tax assets 23,769 23,130 Valuation allowance (23,769 ) (22,930 ) Deferred tax assets, net of valuation allowance $ — $ 200 Changes in the deferred tax valuation allowance are as follows (in thousands): Years Ended September 30, 2018 2017 Balance at the beginning of the year $ 22,930 $ 24,310 Additions (reductions) to valuation allowance 839 (1,380 ) Balance at the end of the year $ 23,769 $ 22,930 The deferred tax valuation allowance increased by $0.8 million and decreased by $1.4 million for the years ended September 30, 2018 and 2017 , respectively. In assessing the realizability of deferred tax assets, we consider 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. We consider 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. In 2017 and 2018, we reversed a portion of the valuation allowance related to net operating loss carryforwards which we have determined will be utilized against net operating income in the current year. Additionally, as of September 30, 2017, the deferred tax assets related to acquired foreign tax credits and the related valuation allowance were reduced due to our inability to use them prior to expiration. We will continue to monitor our cumulative income and loss positions in the U.S. and foreign jurisdictions to determine whether full valuation allowances on net deferred tax assets are appropriate. As of September 30, 2018 , we have federal net operating loss carryforwards of approximately $14.0 million that expire at various times between 2028 and 2035. The utilization of those federal net operating losses are limited to approximately $0.8 million per year. We have foreign net operating loss carryforwards of approximately $53.0 million which expire at various times through 2025. We have approximately $3.6 million of state net operating loss carryforwards. We apply the accounting guidance for uncertainty in income taxes using the provisions of FASB ASC 740. In this regard, an uncertain tax position represents our 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 $0.6 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 (in thousands): Years Ended September 30, 2018 2017 2016 Balance at beginning of the year $ 4,210 $ 3,860 $ 3,510 Additions related to tax positions taken in prior years 155 350 350 Reductions due to resolution of uncertain tax position (3,167 ) — — Balance at the end of the year $ 1,198 $ 4,210 $ 3,860 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 (benefit) expense for interest and penalties of $(2.0) million , $0.4 million and $0.4 million for 2018 , 2017 and 2016 , respectively. Income taxes payable long-term on the Consolidated Balance Sheets includes a cumulative accrual for potential interest and penalties of $0.7 million and $2.6 million as of September 30, 2018 and 2017 , respectively. We do 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. Amtech and one or more of our 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 Amtech and our subsidiaries. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations – As of September 30, 2018 , we had unrecorded purchase obligations in the amount of $15.0 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 has 100% rights to the results of the projects developed separately by the individual parties. Any results co-developed will be jointly owned. Tempress met its requirement to contribute $1.4 million to the project through equipment and services prior to fiscal 2017. Legal Proceedings – We are defendants from time to time in actions for matters arising out of our business operations. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made for disclosure. Although litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the resolution of a legal proceeding. Legal expenses related to defense, negotiations, settlements, rulings and advice of outside legal counsel are expensed as incurred. Operating Leases – We lease buildings, vehicles and equipment under operating leases. Rental expense under such operating leases was $1.0 million , $1.2 million , and $1.4 million in 2018 , 2017 and 2016 , respectively. As of September 30, 2018 , future minimum rental commitments under non-cancelable operating leases with initial or remaining terms of one year or more totaled $ 1.7 million , of which $1.0 million , $0.4 million and $0.2 million is payable in 2019 , 2020 and 2021 , respectively, and less than $0.1 million in each of 2022, 2023 and 2024, and none thereafter. Employment Contracts – We have employment contracts with, and severance plans covering, certain officers and management employees under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from twelve to thirty-six months of salary. |
Acquisition
Acquisition | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On December 24, 2014, we 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 . On July 31, 2017, Tempress entered into an Exit Agreement (the “Agreement”) with the two minority owners of SoLayTec (“Minority Owners”) to acquire their remaining shares of SoLayTec, resulting in Tempress becoming the sole owner of SoLayTec. The terms of the Agreement, which was effective as of July 1, 2017, state that the Minority Owners will sell all of their SoLayTec shares to Tempress for a nominal fee and waive all right to future repayment of principal and interest on loans payable to the Minority Owners. As a result of the effectiveness of the Agreement, SoLayTec has no further liability under the loans. The amount of principal and interest forgiven was approximately $2.4 million , which was recorded as a capital contribution, with no impact on the Consolidated Statement of Operations. The carrying value of the non-controlling interest at the date of the Agreement was $2.7 million . Under the terms of the Agreement, if we sell SoLayTec within two years from the effective date, the Minority Owners are entitled to a pro-rated payment of the sale proceeds. |
Sale of Investment
Sale of Investment | 12 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Sale of Investment | Sale of Investment On September 16, 2015, we reduced our ownership to 15% in Kingstone Hong Kong. Our investment in Kingstone Hong Kong was accounted for using the equity method for periods subsequent to the deconsolidation due to our ability to exert significant influence over the financial and operating policies of Kingstone Hong Kong, primarily through our representation on the board of directors. We recognized our 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 Hong Kong was $2.6 million as of September 30, 2017. Effective June 29, 2018, we sold our remaining 15% ownership interest in Kingstone Hong Kong to the majority owner for approximately $5.7 million , which was received in August 2018. We recognized a pre-tax gain of approximately $2.9 million , which is reported as gain on sale of other assets in our Consolidated Statements of Operations for the year ended September 30, 2018. Kingstone Hong Kong and its owner are no longer related parties of Amtech. |
Shareholder Rights Plan
Shareholder Rights Plan | 12 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholder Rights Plan | Shareholder Rights Plan On December 15, 2008, Amtech 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 our Series A Participating Preferred Stock (“Series A Preferred”) currently attached to each of our outstanding shares of common stock. As amended, each Right entitles the registered holder to purchase from us 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 expire 10 years after issuance and are exercisable if (a) a person or group becomes the beneficial owner of 15% or more of our 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 our common stock. The Final Expiration Date (as defined in the Restated Rights Agreement) is December 14, 2018. On October 1, 2015, we entered into a Second Amended and Restated Rights Agreement (the “Second Restated Rights Agreement”) with the Rights Agent, 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, we entered into a Letter Agreement (the “Agreement”) by and between Amtech and certain shareholders of Amtech 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 Amtech that would, in the aggregate, bring the Joint Filers’ collective ownership to no more than 19.9% of our issued and outstanding common stock at any time. In the event the Joint Filers’ collective ownership at any time exceeds 19.9% of our issued and outstanding shares of common stock, we are entitled to specific performance and all other remedies entitled to us at law or equity, among other remedies. The Board approved the Agreement and transactions contemplated thereunder, and has the sole authority to terminate the Agreement at any time. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2018 | |
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, shareholder, or a related corporation. 15% of Kingstone Hong Kong. Upon the deconsolidation, Kingstone and its owners became related parties of Amtech. Based on the terms of the transaction agreements, in 2016, we received a payment of $4.9 million from Kingstone for its exclusive sale and service rights in the solar ion implant equipment. We recognized a pre-tax gain on the sale of $2.6 million for the year ended September 30, 2016. Effective June 29, 2018, we sold our remaining 15% ownership interest in Kingstone Hong Kong to the majority owner for approximately $5.7 million . We recognized a pre-tax gain on the sale of approximately $2.9 million . The 2016 and 2018 gains are each reported as a gain on sale of other assets in our Consolidated Statements of Operations for the respective fiscal years. Kingstone Hong Kong and its owners are no longer related parties of Amtech. As of June 30, 2017, SoLayTec had borrowed approximately $2.4 million , including accrued interest, from its minority shareholders. These loans were forgiven as part of the Exit Agreement entered into in July 2017. See Note 13 for additional information. |
Business Segments
Business Segments | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Our three reportable segments are as follows: Solar - We supply thermal processing systems, including diffusion, plasma-enhanced chemical vapor deposition (“PECVD”), atomic layer deposition (“ALD”), and related automation, parts and services, to the solar/photovoltaic industry. Semiconductor - We supply thermal processing equipment, including solder reflow equipment and related controls and diffusion for use by leading semiconductor manufacturers, and in electronics assembly for automotive and other industries. Polishing - We produce consumables and machinery for lapping (fine abrading) and polishing of materials, such as silicon wafers for semiconductor products, sapphire substrates for LED lighting and mobile devices, compound substrates, like silicon carbide wafers, for LED and power device applications, various glass and silica components for 3D image transmission, quartz and ceramic components for telecommunications devices, medical device components and optical and photonics applications. Information concerning our business segments is as follows (in thousands): Years Ended September 30, 2018 2017 2016 Net revenue: Solar* $ 82,502 $ 87,031 $ 60,946 Semiconductor 80,163 67,237 50,637 Polishing 13,761 10,248 8,725 $ 176,426 $ 164,516 $ 120,308 Operating income (loss): Solar* $ (7,050 ) $ 6,060 $ (6,696 ) Semiconductor 11,848 9,538 3,904 Polishing 3,672 2,617 1,588 Non-segment related (6,551 ) (7,790 ) (6,704 ) $ 1,919 $ 10,425 $ (7,908 ) * 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, 2018 2017 2016 Capital expenditures: Solar $ 540 $ 1,008 $ 235 Semiconductor 352 236 692 Polishing 603 12 51 $ 1,495 $ 1,256 $ 978 Depreciation and amortization expense: Solar $ 1,003 $ 1,544 $ 2,014 Semiconductor 715 876 870 Polishing 136 73 90 $ 1,854 $ 2,493 $ 2,974 September 30, September 30, Identifiable assets: Solar $ 48,898 $ 97,999 Semiconductor 59,744 57,177 Polishing 6,545 5,078 Non-segment related 34,219 31,369 $ 149,406 $ 191,623 Geographic Regions We have operations in the Netherlands, United States, France and China. Revenues, operating income (loss) and identifiable assets by geographic region are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Net revenue: The Netherlands $ 76,373 $ 81,443 $ 52,189 United States 72,753 60,952 44,299 France 6,129 5,588 8,758 China 17,634 12,673 11,799 Other 3,537 3,860 3,263 $ 176,426 $ 164,516 $ 120,308 Operating income (loss): The Netherlands $ (5,269 ) $ 5,206 $ (7,773 ) United States 3,871 1,527 (1,396 ) France (3,058 ) (1,000 ) (783 ) China 5,445 3,647 1,530 Other 930 1,045 514 $ 1,919 $ 10,425 $ (7,908 ) As of September 30, 2018 2017 Net property, plant and equipment: The Netherlands $ 5,943 $ 5,190 United States 10,039 9,924 France 177 289 China 293 389 $ 16,452 $ 15,792 |
Major Customers and Foreign Sal
Major Customers and Foreign Sales | 12 Months Ended |
Sep. 30, 2018 | |
Major Customers and Foreign Sales [Abstract] | |
Major Customers And Foreign Sales | Major Customers and Foreign Sales In 2018, one customer individually accounted for 25% of net revenues. In 2017, one customer accounted for 25% of net revenues. In 2016, one customer accounted for 11% of net revenues. Our net revenues for 2018 , 2017 and 2016 were to customers in the following geographic regions: Years Ended September 30, 2018 2017 2016 United States 12 % 11 % 17 % Other 2 % 1 % 3 % Total Americas 14 % 12 % 20 % Taiwan 7 % 12 % 15 % Malaysia 6 % 9 % 18 % China 53 % 47 % 28 % Other 4 % 7 % 7 % Total Asia 70 % 75 % 68 % Germany 7 % 5 % 3 % Other 9 % 8 % 9 % Total Europe 16 % 13 % 12 % 100 % 100 % 100 % |
Geographic Regions
Geographic Regions | 12 Months Ended |
Sep. 30, 2018 | |
Segments, Geographical Areas [Abstract] | |
Geographic Regions | Business Segments Our three reportable segments are as follows: Solar - We supply thermal processing systems, including diffusion, plasma-enhanced chemical vapor deposition (“PECVD”), atomic layer deposition (“ALD”), and related automation, parts and services, to the solar/photovoltaic industry. Semiconductor - We supply thermal processing equipment, including solder reflow equipment and related controls and diffusion for use by leading semiconductor manufacturers, and in electronics assembly for automotive and other industries. Polishing - We produce consumables and machinery for lapping (fine abrading) and polishing of materials, such as silicon wafers for semiconductor products, sapphire substrates for LED lighting and mobile devices, compound substrates, like silicon carbide wafers, for LED and power device applications, various glass and silica components for 3D image transmission, quartz and ceramic components for telecommunications devices, medical device components and optical and photonics applications. Information concerning our business segments is as follows (in thousands): Years Ended September 30, 2018 2017 2016 Net revenue: Solar* $ 82,502 $ 87,031 $ 60,946 Semiconductor 80,163 67,237 50,637 Polishing 13,761 10,248 8,725 $ 176,426 $ 164,516 $ 120,308 Operating income (loss): Solar* $ (7,050 ) $ 6,060 $ (6,696 ) Semiconductor 11,848 9,538 3,904 Polishing 3,672 2,617 1,588 Non-segment related (6,551 ) (7,790 ) (6,704 ) $ 1,919 $ 10,425 $ (7,908 ) * 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, 2018 2017 2016 Capital expenditures: Solar $ 540 $ 1,008 $ 235 Semiconductor 352 236 692 Polishing 603 12 51 $ 1,495 $ 1,256 $ 978 Depreciation and amortization expense: Solar $ 1,003 $ 1,544 $ 2,014 Semiconductor 715 876 870 Polishing 136 73 90 $ 1,854 $ 2,493 $ 2,974 September 30, September 30, Identifiable assets: Solar $ 48,898 $ 97,999 Semiconductor 59,744 57,177 Polishing 6,545 5,078 Non-segment related 34,219 31,369 $ 149,406 $ 191,623 Geographic Regions We have operations in the Netherlands, United States, France and China. Revenues, operating income (loss) and identifiable assets by geographic region are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Net revenue: The Netherlands $ 76,373 $ 81,443 $ 52,189 United States 72,753 60,952 44,299 France 6,129 5,588 8,758 China 17,634 12,673 11,799 Other 3,537 3,860 3,263 $ 176,426 $ 164,516 $ 120,308 Operating income (loss): The Netherlands $ (5,269 ) $ 5,206 $ (7,773 ) United States 3,871 1,527 (1,396 ) France (3,058 ) (1,000 ) (783 ) China 5,445 3,647 1,530 Other 930 1,045 514 $ 1,919 $ 10,425 $ (7,908 ) As of September 30, 2018 2017 Net property, plant and equipment: The Netherlands $ 5,943 $ 5,190 United States 10,039 9,924 France 177 289 China 293 389 $ 16,452 $ 15,792 |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Financial Information | Supplementary Financial Information The following is a summary of the activity in our allowance for doubtful accounts (in thousands): Years Ended September 30, 2018 2017 2016 Balance at beginning of year $ 866 $ 3,730 $ 5,009 Provision / (Reversal) 45 (720 ) 1,698 Write offs (33 ) (1,249 ) (1,942 ) Adjustment (1) (2) (3) 529 (895 ) (1,035 ) Balance at end of year $ 1,407 $ 866 $ 3,730 (1) 2018 amount relates to unbilled accounts receivable that were deemed uncollectible. (2) 2016 amount primarily relates to partial collection of cancellation fees that were legally owed to us but for which collectability was not assured. (3) Includes foreign currency translation adjustments. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited) The following table sets forth selected unaudited consolidated quarterly financial information for the years ended September 30, 2018 and 2017 (in thousands, except percentages and per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2018: Revenue $ 73,611 $ 32,783 $ 41,200 $ 28,832 Gross profit $ 20,337 $ 11,725 $ 14,599 $ 8,496 Gross margin 27.6 % 35.8 % 35.4 % 29.5 % Operating income (loss) $ 7,766 $ 65 $ 2,936 $ (8,848 ) Income tax provision (benefit) $ 1,240 $ (2,780 ) $ 1,390 $ 370 Net income (loss) attributable to Amtech Systems, Inc. $ 6,452 $ 2,835 $ 4,971 $ (8,953 ) Net income (loss) per share attributable to Amtech Systems, Inc.: Basic income (loss) per share $ 0.44 $ 0.19 $ 0.33 $ (0.61 ) Shares used in calculation 14,781 14,891 14,925 14,730 Diluted income (loss) per share $ 0.42 $ 0.19 $ 0.33 $ (0.61 ) Shares used in calculation 15,298 15,154 15,091 14,730 Fiscal Year 2017: Revenue $ 29,135 $ 32,944 $ 47,760 $ 54,677 Gross profit $ 8,443 $ 8,395 $ 15,502 $ 19,592 Gross margin 29.0 % 25.5 % 32.5 % 35.8 % Operating (loss) income $ (180 ) $ (1,400 ) $ 3,971 $ 8,034 Income tax provision $ 90 $ 194 $ 986 $ 474 Net (loss) income attributable to Amtech Systems, Inc. $ (53 ) $ (1,420 ) $ 3,287 $ 7,317 Net (loss) income per share attributable to Amtech Systems, Inc.: Basic (loss) income per share $ — $ (0.11 ) $ 0.25 $ 0.53 Shares used in calculation 13,179 13,188 13,242 13,895 Diluted (loss) income per share $ — $ (0.11 ) $ 0.25 $ 0.51 Shares used in calculation 13,179 13,188 13,398 14,294 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Stock Repurchase Program On November 27, 2018, the Board of Directors of the Company approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock over a one -year period, commencing immediately. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the Securities and Exchange Commission; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on the Company’s stock price and other market conditions. We may, in the sole discretion of the Board of Directors, terminate the repurchase program at any time while it is in effect. Chief Executive Officer Steps Down The Company and its Chief Executive Officer and President, Fokko Pentinga, agreed on a transition of leadership, pursuant to which Mr. Pentinga stepped down as the Chief Executive Officer, President and a director of the Company effective December 6, 2018 (the “Effective Date”). In connection with his departure, Mr. Pentinga and the Company entered into a Separation Agreement and General Release of all Claims, dated November 28, 2018 (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Pentinga will receive the following benefits: • a severance payment of $864,000 in gross, less all customary and appropriate income and employment taxes; • a payment of $458,500 for all other amounts due him; • all of his time-based stock options, consisting of 264,167 options (the “Options”), became fully vested and immediately exercisable. Mr. Pentinga has the right to exercise 122,500 of such Options with an exercise price of $7.01 or less until December 31, 2019. The remaining 141,667 of such Options are exercisable during the 90 -day period following the Effective Date; and • certain other benefits as set forth in the Separation Agreement. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by the full text of the Separation Agreement. The terms of the Separation Agreement are consistent with the treatment of Mr. Pentinga’s departure as a termination without cause under the terms of his Employment Agreement with the Company dated June 29, 2012, as amended from time to time. Mr. J.S. Whang, the Company’s Executive Chairman, has agreed to serve as Chief Executive Officer of the Company effective December 6, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
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 our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest. We report non-controlling interests in consolidated entities as a component of equity separate from our equity. The equity method of accounting is used for i nvestments over which we have a significant influence but not a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2017, we purchased the non-controlling interest in SoLayTec, pursuant to which SoLayTec became a wholly-owned subsidiary of Amtech. Beginning July 1, 2017, the non-controlling interest will no longer be reported. Prior amounts have not been restated. |
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. |
Cash and Cash Equivalents | Cash and 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 includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the 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. |
Inventory | Inventory – We value our inventory at the lower of cost or net realizable value. Costs for approximately 34% and 55% of inventory as of September 30, 2018 and 2017 , respectively, are determined on an average cost basis with the remainder determined on a first-in, first-out (FIFO) basis. |
Property, Plant and Equipment | Property, Plant and Equipment – Property plant, and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation 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 over the estimated useful life of the asset. 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 from 20 to 30 years. Reviews are regularly performed to determine whether facts and circumstances exist which indicate that the useful life is shorter than originally estimated or the carrying amount of assets may not be recoverable. When an indication exists that the carrying amount of long-lived assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. |
Intangible Assets | Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. |
Goodwill | Goodwill - Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. 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. If it is concluded that there is a potential impairment, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss would not exceed the total amount of goodwill allocated to the reporting unit). Impairment tests include the use of estimates and assumptions that are inherently uncertain. Changes in these estimates and assumptions could materially affect the determination of fair value or goodwill impairment, or both. |
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. |
Warranty | Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months to all purchasers of our new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized, generally upon shipment or acceptance, as determined under the revenue recognition policy above. On occasion, we have been required and may be required in the future to provide additional warranty coverage to ensure that the systems are ultimately accepted or to maintain customer goodwill. While our warranty costs have historically been within our expectations and we believe that the amounts accrued for warranty expenditures are sufficient for all systems sold through September 30, 2018 , we cannot guarantee that we will continue to experience a similar level of predictability with regard to warranty costs. In addition, technological changes or previously unknown defects in raw materials or components may result in more extensive and frequent warranty service than anticipated, which could result in an increase in our warranty expense. |
Shipping Expense | Shipping Expense – Shipping expenses of $2.4 million , $1.9 million and $2.3 million for 2018 , 2017 and 2016 are included in selling, general and administrative expenses. |
Advertising Expense | Advertising Expense – Advertising costs are expensed as incurred. Advertising expense of $0.7 million , $0.4 million and $0.6 million for 2018 , 2017 and 2016 are included in selling, general and administrative expenses. |
Stock-Based Compensation | Stock-Based Compensation – We measure 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, with forfeitures recognized as they occur. Prior to 2018, the expense recognized included an estimate for expected forfeitures, which was based upon historical experience. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires us to apply highly subjective assumptions, including expected stock price volatility, expected life of the option and the risk-free interest rate. A change in one or more of the assumptions used in the model may result in a material change to the estimated fair value of the stock-based compensation. |
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, development and engineering expenses. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation – We use the U.S. dollar as our reporting currency. Our operations in Europe, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Accordingly, assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in effect at the balance sheet dates. Income and expense items are translated at the average exchange rate for each month within the year. The resulting translation adjustments are recorded directly in accumulated other comprehensive income (loss), net of tax - foreign currency translation adjustments as a separate component of shareholders’ equity. Net foreign currency transaction gains/losses, including transaction gains/losses on intercompany balances that are not of a long-term investment nature and non-functional currency cash balances, are reported as a separate component of non-operating (income) expense in our consolidated statements of operations. |
Income Taxes | Income Taxes – We file 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. We compute deferred income tax assets and liabilities based upon cumulative temporary differences between financial reporting and taxable income, carryforwards available and enacted tax laws. We also accrue 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. |
Concentrations of Credit Risk | Concentrations of Credit Risk – Our customers consist of solar cell and semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and trade accounts receivable. 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. As of September 30, 2018 , one customer individually represented 23% of accounts receivable. As of September 30, 2017 , two customers individually represented 24% and 11% of accounts receivable. We maintain our cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States (approximately 65% and 45% of total cash balances as of September 30, 2018 and 2017 , respectively) are primarily invested in US Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of our cash is maintained with financial institutions with reputable credit in the Netherlands, France, China, the United Kingdom, Singapore and Malaysia. |
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”), we group our 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 our policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, we use 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, we are 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 and Restricted Cash 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 2 in the fair value hierarchy. Debt – The recorded amounts of these financial instruments, including long-term debt and current maturities of long-term debt, approximate fair value and are considered Level 2 in the fair value hierarchy. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-18, “Statement of Cash Flows: Restricted Cash.” The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash and require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. We plan to adopt this standard retrospectively effective October 1, 2018, the first quarter of our fiscal year 2019. As a result, the amount of the change in our net cash provided by operating activities will no longer include the impact of the change in restricted cash and restricted cash equivalents in any period. Based on the significant restricted cash balances on our consolidated balance sheets, we anticipate the adoption of this standard will have a significant impact on the presentation of our consolidated statement of cash flows by removing the changes in restricted cash balances from our cash flows from operations. 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 us starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. We are in the process of determining the effects the adoption will have on our consolidated financial statements as well as whether to adopt the new guidance early. In February 2016, the FASB issued ASU 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 adoption is permitted. We will adopt the standard as of October 1, 2019, the start of our fiscal 2020. We are currently in the process of evaluating the impact of this standard on our consolidated financial statements and we believe the adoption will slightly increase our assets and liabilities and will increase our financial statement disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which amends the existing accounting standards for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity may choose to adopt the new standard either retrospectively or through a cumulative effect adjustment as of the start of the first period for which it applies the new standard. We are in the process of determining the effect that the adoption will have on our consolidated financial statements. Based on our analysis to date, we have reached the following tentative conclusions regarding the new standard and how we expect it to affect our consolidated financial statements and related disclosures: • We will adopt the standard as of October 1, 2018, the start of our first quarter of fiscal 2019. • We believe that since substantially all of our revenue is contractual, substantially all of our revenue falls within the scope of ASU 2014-09, as amended. • We expect to use the cumulative effect transition method. Such method provides that upon applying the new standard, the cumulative effect from prior periods is recognized in our consolidated balance sheet as of the date of adoption, including an adjustment to retained earnings. Prior periods will not be retrospectively adjusted. • As discussed in our revenue recognition policy above, we currently have three categories of equipment revenue: routine equipment, non-routine equipment and new technology. Our routine equipment revenue is generally recognized upon shipment with a deferral equal to the relative selling price of the undelivered services (i.e. installation) which is typically recognized upon customer acceptance. Deferrals for non-routine equipment are generally equal to the contractual non-contingent amount. For new technology, all revenue and direct costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criteria has been met. We have determined that under ASU 2014-09, our policy for deferrals related to non-routine equipment will no longer apply. Therefore, our new revenue recognition policy will consist of only two categories: routine equipment and new technology. Routine equipment revenue will continue to be recognized at shipment with a deferral equal to the relative selling price of the undelivered services (i.e. installation) which is recognized upon customer acceptance. Revenue and direct costs for new technology will continue to be deferred at the time of shipment and later recognized at the time of customer acceptance or when this criteria has been met. The elimination of the non-routine category affects a small percentage of our equipment sales (less than 5% of fiscal year 2018 revenue). In most contracts, this change will result in higher revenue recognized at shipment and lower revenue deferrals, which are recognized upon customer acceptance. • Sales commissions on contracts with performance periods that exceed one year will be recorded as an asset and amortized to expense over the related contract performance period in proportion to the revenue recognized as opposed to being expensed in the period the transaction is generated. • We expect that our disclosures in the notes to our consolidated financial statements related to revenue recognition will be significantly expanded under the new standard. Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of fiscal 2019. A substantial amount of work has been completed, and findings and progress to date have been reported to management and the Audit Committee of the Board of Directors. Although we currently believe that the changes overall resulting from the adoption of the new standard will not lead to operating trends that are materially different than we reported in prior years, our evaluation of the effects is still being finalized. The quantification of the effects of the new standard, including the items discussed above, is a significant undertaking. Currently, we continue to work on our estimate of the cumulative effect adjustment from prior periods that will be recognized in our consolidated balance sheet as of the date of adoption as an adjustment to retained earnings. Further, we will be required to implement necessary changes in our processes, accounting systems and internal controls in conjunction with applying the new standard. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Deferred Profit | The components of deferred profit are as follows (in thousands): September 30, 2018 2017 Deferred revenue $ 5,616 $ 6,822 Deferred costs 2,545 2,741 Deferred profit $ 3,071 $ 4,081 |
Schedule of Product Warranty Liability | The following is a summary of activity in accrued warranty expense (in thousands): Years Ended September 30, 2018 2017 2016 Beginning balance $ 1,254 $ 795 $ 793 Additions for warranties issued during the period 1,567 1,723 1,074 Reductions in the liability for payments made under the warranty (910 ) (414 ) (832 ) Changes related to pre-existing warranties (865 ) (872 ) (250 ) Currency translation adjustment (6 ) 22 10 Ending balance $ 1,040 $ 1,254 $ 795 |
Research and Development Expense | The following is a summary of our research, development and engineering expense (in thousands): Years Ended September 30, 2018 2017 2016 Research, development and engineering $ 9,237 $ 7,001 $ 9,535 Grants earned (1,437 ) (629 ) (1,531 ) Net research, development and engineering $ 7,800 $ 6,372 $ 8,004 |
Earnings Per Share & Diluted _2
Earnings Per Share & Diluted Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share amounts): Years ended September 30, 2018 2017 2016 Numerator: Net income (loss) attributable to Amtech Systems, Inc. $ 5,305 $ 9,131 $ (7,008 ) Denominator: Weighted-average shares used to compute basic EPS 14,833 13,378 13,168 Common stock equivalents (1) 232 123 — Weighted-average shares used to compute diluted EPS 15,065 13,501 13,168 Basic income (loss) per share attributable to Amtech shareholders $ 0.36 $ 0.68 $ (0.53 ) Diluted income (loss) per share attributable to Amtech shareholders $ 0.35 $ 0.68 $ (0.53 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows (in thousands): September 30, 2018 September 30, 2017 Purchased parts and raw materials $ 15,896 $ 14,789 Work-in-process 6,067 11,078 Finished goods 2,747 4,343 $ 24,710 $ 30,210 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following is a summary of property, plant and equipment (in thousands): September 30, 2018 September 30, 2017 Land $ 4,956 $ 4,990 Building and leasehold improvements 14,513 14,408 Equipment and machinery 10,434 8,934 Furniture and fixtures 4,957 5,243 34,860 33,575 Accumulated depreciation and amortization (18,408 ) (17,783 ) $ 16,452 $ 15,792 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following (in thousands): Years Ended September 30, 2018 2017 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer lists 6-10 years $ 1,219 $ (745 ) $ 474 $ 2,471 $ (1,521 ) $ 950 Technology 5-10 years — — — 3,386 (2,024 ) 1,362 Trade names 10-15 Years 869 (213 ) 656 1,468 (285 ) 1,183 Other 2-10 years — — — 78 (78 ) — $ 2,088 $ (958 ) $ 1,130 $ 7,403 $ (3,908 ) $ 3,495 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the year ended September 30, 2018 are as follows (in thousands): Solar Semiconductor Polishing Total Goodwill $ 6,962 $ 5,063 $ 728 $ 12,753 Accumulated impairment losses (1,348 ) — — (1,348 ) Balance at September 30, 2017 5,614 5,063 728 11,405 Impairment of goodwill (5,663 ) — — (5,663 ) Net exchange differences 49 842 — 891 Balance at September 30, 2018 $ — $ 5,905 $ 728 $ 6,633 Goodwill $ 6,836 $ 5,905 $ 728 $ 13,469 Accumulated impairment losses (6,836 ) — — (6,836 ) Balance at September 30, 2018 $ — $ 5,905 $ 728 $ 6,633 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Annual maturities relating to our long-term debt as of September 30, 2018 are as follows (in thousands): Annual Maturities 2019 $ 374 2020 807 2021 823 2022 840 2023 856 Thereafter 4,634 Total $ 8,334 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation plans | compensation plans as of September 30, 2018 are summarized in the table below: Name of Plan Shares Authorized Shares Available Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 739,561 1,042,407 Mar. 2020 Non-Employee Directors Stock Option Plan 500,000 88,600 206,351 Mar. 2020 828,161 1,248,758 |
Schedule of stock option valuation assumptions | We estimate 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, 2018 2017 2016 Risk free interest rate 3% 2% 2% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 59% 63% 63% |
Stock option transactions and the options outstanding | Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2018 2017 2016 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,560,441 $ 7.95 1,841,567 $ 8.15 1,627,477 $ 9.11 Granted 44,000 7.40 145,000 5.23 360,075 5.25 Exercised (277,154 ) 6.71 (317,986 ) 6.30 (15,346 ) 3.28 Forfeited/expired (78,529 ) 16.12 (108,140 ) 12.71 (130,639 ) 12.86 Outstanding at end of period 1,248,758 $ 7.69 1,560,441 $ 7.95 1,841,567 $ 8.15 Exercisable at end of period 1,014,300 $ 7.93 1,055,865 $ 8.58 1,127,611 $ 8.92 Weighted average grant-date fair value of options granted during the period $ 4.20 $ 3.04 $ 3.03 |
Stock options outstanding and exercisable | The following table summarizes information for stock options outstanding and exercisable as of September 30, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Remaining Contractual Life Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share (in years) 2.95-5.07 173,154 5.76 $ 3.99 112,321 $ 3.45 5.20-5.20 990 0.96 5.20 990 5.20 5.25-5.25 204,524 6.93 5.25 137,024 5.25 5.40-6.15 79,319 4.95 5.91 71,819 5.93 7.01-7.01 160,225 4.74 7.01 160,225 7.01 7.15-7.87 68,315 7.19 7.50 24,315 7.69 7.98-7.98 186,533 3.05 7.98 186,533 7.98 8.20-9.94 21,191 3.21 9.31 17,441 9.55 9.98-9.98 228,300 5.81 9.98 177,425 9.98 10.50-22.26 126,207 2.12 13.99 126,207 13.99 1,248,758 5.03 $ 7.69 1,014,300 $ 7.93 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of contributions to multi-employer pension plans | Below is a table of our contributions to multi-employer pension plans (in thousands): Years Ended September 30, 2018 2017 2016 Pensioenfonds Metaal en Techniek (PMT) $ 897 $ 805 $ 796 Other plans 188 188 187 Total $ 1,085 $ 993 $ 983 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of the Provision (Benefit) for Income Taxes | The components of income (loss) before provision for income taxes are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Domestic $ 7,845 $ 1,900 $ 2,100 Foreign (2,320 ) 7,930 (7,550 ) $ 5,525 $ 9,830 $ (5,450 ) The components of the provision for income taxes are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Current: Domestic federal $ 1,167 $ 54 $ 530 Foreign (1,404 ) 1,330 500 Foreign withholding taxes 356 240 280 Domestic state 101 120 110 Total current 220 1,744 1,420 Deferred: Domestic federal — — 1,680 Total deferred — — 1,680 Total provision $ 220 $ 1,744 $ 3,100 |
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 is as follows (in thousands, except percentages): Years Ended September 30, 2018 2017 2016 Federal statutory rate 24.3 % 34.0 % 34.0 % Tax expense (benefit) at the federal statutory rate $ 1,342 $ 3,340 $ (1,890 ) Effect of permanent book-tax differences 75 340 1,120 State tax provision 76 100 110 Valuation allowance for net deferred tax assets 617 (1,610 ) 2,690 Uncertain tax items (3,013 ) 350 350 Tax rate differential 1,107 (776 ) 1,050 Other items 16 — (330 ) $ 220 $ 1,744 $ 3,100 |
Schedule of Deferred Tax Assets and Deferred Tax Liability | The components of deferred tax assets and deferred tax liabilities are as follows (in thousands): Years Ended September 30, 2018 2017 Deferred tax assets (liabilities): Capitalized inventory costs $ 193 $ 210 Inventory write-downs 1,333 1,945 Accrued warranty 204 260 Deferred profits 1,006 1,190 Accruals and reserves not currently deductible 5,017 1,945 Stock option expense 738 1,080 Book vs. tax basis of acquired assets — (1,290 ) Federal net operating loss carryforwards 2,922 4,820 Foreign and state net operating losses 13,860 14,800 Book vs. tax depreciation and amortization (1,667 ) (2,250 ) Foreign tax credits — 420 Other deferred tax assets 163 — Total deferred tax assets 23,769 23,130 Valuation allowance (23,769 ) (22,930 ) Deferred tax assets, net of valuation allowance $ — $ 200 |
Changes in Deferred Tax Valuation Allowance | Changes in the deferred tax valuation allowance are as follows (in thousands): Years Ended September 30, 2018 2017 Balance at the beginning of the year $ 22,930 $ 24,310 Additions (reductions) to valuation allowance 839 (1,380 ) Balance at the end of the year $ 23,769 $ 22,930 |
Schedule of Unrecognized Tax Benefit Liabilities | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows (in thousands): Years Ended September 30, 2018 2017 2016 Balance at beginning of the year $ 4,210 $ 3,860 $ 3,510 Additions related to tax positions taken in prior years 155 350 350 Reductions due to resolution of uncertain tax position (3,167 ) — — Balance at the end of the year $ 1,198 $ 4,210 $ 3,860 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information concerning our business segments is as follows (in thousands): Years Ended September 30, 2018 2017 2016 Net revenue: Solar* $ 82,502 $ 87,031 $ 60,946 Semiconductor 80,163 67,237 50,637 Polishing 13,761 10,248 8,725 $ 176,426 $ 164,516 $ 120,308 Operating income (loss): Solar* $ (7,050 ) $ 6,060 $ (6,696 ) Semiconductor 11,848 9,538 3,904 Polishing 3,672 2,617 1,588 Non-segment related (6,551 ) (7,790 ) (6,704 ) $ 1,919 $ 10,425 $ (7,908 ) * 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, 2018 2017 2016 Capital expenditures: Solar $ 540 $ 1,008 $ 235 Semiconductor 352 236 692 Polishing 603 12 51 $ 1,495 $ 1,256 $ 978 Depreciation and amortization expense: Solar $ 1,003 $ 1,544 $ 2,014 Semiconductor 715 876 870 Polishing 136 73 90 $ 1,854 $ 2,493 $ 2,974 September 30, September 30, Identifiable assets: Solar $ 48,898 $ 97,999 Semiconductor 59,744 57,177 Polishing 6,545 5,078 Non-segment related 34,219 31,369 $ 149,406 $ 191,623 |
Major Customers and Foreign S_2
Major Customers and Foreign Sales (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Major Customers and Foreign Sales [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Our net revenues for 2018 , 2017 and 2016 were to customers in the following geographic regions: Years Ended September 30, 2018 2017 2016 United States 12 % 11 % 17 % Other 2 % 1 % 3 % Total Americas 14 % 12 % 20 % Taiwan 7 % 12 % 15 % Malaysia 6 % 9 % 18 % China 53 % 47 % 28 % Other 4 % 7 % 7 % Total Asia 70 % 75 % 68 % Germany 7 % 5 % 3 % Other 9 % 8 % 9 % Total Europe 16 % 13 % 12 % 100 % 100 % 100 % |
Geographic Regions (Tables)
Geographic Regions (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenues, Operating Income (Loss) and Identifiable Assets by Geographic Region | operations in the Netherlands, United States, France and China. Revenues, operating income (loss) and identifiable assets by geographic region are as follows (in thousands): Years Ended September 30, 2018 2017 2016 Net revenue: The Netherlands $ 76,373 $ 81,443 $ 52,189 United States 72,753 60,952 44,299 France 6,129 5,588 8,758 China 17,634 12,673 11,799 Other 3,537 3,860 3,263 $ 176,426 $ 164,516 $ 120,308 Operating income (loss): The Netherlands $ (5,269 ) $ 5,206 $ (7,773 ) United States 3,871 1,527 (1,396 ) France (3,058 ) (1,000 ) (783 ) China 5,445 3,647 1,530 Other 930 1,045 514 $ 1,919 $ 10,425 $ (7,908 ) As of September 30, 2018 2017 Net property, plant and equipment: The Netherlands $ 5,943 $ 5,190 United States 10,039 9,924 France 177 289 China 293 389 $ 16,452 $ 15,792 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of allowance for doubtful accounts | The following is a summary of the activity in our allowance for doubtful accounts (in thousands): Years Ended September 30, 2018 2017 2016 Balance at beginning of year $ 866 $ 3,730 $ 5,009 Provision / (Reversal) 45 (720 ) 1,698 Write offs (33 ) (1,249 ) (1,942 ) Adjustment (1) (2) (3) 529 (895 ) (1,035 ) Balance at end of year $ 1,407 $ 866 $ 3,730 (1) 2018 amount relates to unbilled accounts receivable that were deemed uncollectible. (2) 2016 amount primarily relates to partial collection of cancellation fees that were legally owed to us but for which collectability was not assured. (3) Includes foreign currency translation adjustments. |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Selected Quarterly Data (Unaudited) | The following table sets forth selected unaudited consolidated quarterly financial information for the years ended September 30, 2018 and 2017 (in thousands, except percentages and per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2018: Revenue $ 73,611 $ 32,783 $ 41,200 $ 28,832 Gross profit $ 20,337 $ 11,725 $ 14,599 $ 8,496 Gross margin 27.6 % 35.8 % 35.4 % 29.5 % Operating income (loss) $ 7,766 $ 65 $ 2,936 $ (8,848 ) Income tax provision (benefit) $ 1,240 $ (2,780 ) $ 1,390 $ 370 Net income (loss) attributable to Amtech Systems, Inc. $ 6,452 $ 2,835 $ 4,971 $ (8,953 ) Net income (loss) per share attributable to Amtech Systems, Inc.: Basic income (loss) per share $ 0.44 $ 0.19 $ 0.33 $ (0.61 ) Shares used in calculation 14,781 14,891 14,925 14,730 Diluted income (loss) per share $ 0.42 $ 0.19 $ 0.33 $ (0.61 ) Shares used in calculation 15,298 15,154 15,091 14,730 Fiscal Year 2017: Revenue $ 29,135 $ 32,944 $ 47,760 $ 54,677 Gross profit $ 8,443 $ 8,395 $ 15,502 $ 19,592 Gross margin 29.0 % 25.5 % 32.5 % 35.8 % Operating (loss) income $ (180 ) $ (1,400 ) $ 3,971 $ 8,034 Income tax provision $ 90 $ 194 $ 986 $ 474 Net (loss) income attributable to Amtech Systems, Inc. $ (53 ) $ (1,420 ) $ 3,287 $ 7,317 Net (loss) income per share attributable to Amtech Systems, Inc.: Basic (loss) income per share $ — $ (0.11 ) $ 0.25 $ 0.53 Shares used in calculation 13,179 13,188 13,242 13,895 Diluted (loss) income per share $ — $ (0.11 ) $ 0.25 $ 0.51 Shares used in calculation 13,179 13,188 13,398 14,294 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Acquisitions and Divestitures) (Details) - USD ($) $ in Millions | Jun. 29, 2018 | Jul. 31, 2017 | Dec. 24, 2014 | Feb. 28, 2011 |
SoLayTec, B.V. | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 49.00% | 51.00% | ||
Kingstone Hong Kong | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 55.00% | |||
Kingstone Hong Kong | ||||
Business Acquisition [Line Items] | ||||
Remaining ownership percentage disposed of | 15.00% | |||
Proceeds from sale of business | $ 5.7 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Inventories) (Details) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Inventory [Line Items] | ||
Percentage of weighted average cost inventory | 34.00% | 55.00% |
Minimum | ||
Inventory [Line Items] | ||
Purchase order commitment period | 30 days | |
Maximum | ||
Inventory [Line Items] | ||
Purchase order commitment period | 180 days |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Property, Plant, and Equipment) (Details) | 12 Months Ended |
Sep. 30, 2018 | |
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 | 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 |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 20 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 30 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Revenue Recognition) (Details) $ in Thousands | Sep. 30, 2018USD ($) | Sep. 30, 2017systems | Sep. 30, 2017USD ($) | Sep. 30, 2017equipment |
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 | $ 5,616 | $ 6,822 | ||
Deferred costs | 2,545 | 2,741 | ||
Deferred profit | $ 3,071 | $ 4,081 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Warranty) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accrued Warranty [Roll Forward] | |||
Beginning balance | $ 1,254 | $ 795 | $ 793 |
Additions for warranties issued during the period | 1,567 | 1,723 | 1,074 |
Reductions in the liability for payments made under the warranty | (910) | (414) | (832) |
Changes related to pre-existing warranties | (865) | (872) | (250) |
Currency translation adjustment | (6) | 22 | 10 |
Ending balance | $ 1,040 | $ 1,254 | $ 795 |
Minimum | |||
Product Warranty [Line Items] | |||
Standard product warranty, period | 12 years | ||
Maximum | |||
Product Warranty [Line Items] | |||
Standard product warranty, period | 24 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Shipping Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Selling, general and administrative | $ 37,535 | $ 35,135 | $ 33,967 |
Shipping Expense | |||
Disaggregation of Revenue [Line Items] | |||
Selling, general and administrative | $ 2,400 | $ 1,900 | $ 2,300 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Advertising Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising Expense | $ 0.7 | $ 0.4 | $ 0.6 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Research and Development Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Research, development and engineering | $ 9,237 | $ 7,001 | $ 9,535 |
Grants earned | (1,437) | (629) | (1,531) |
Net research, development and engineering | $ 7,800 | $ 6,372 | $ 8,004 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Concentrations of Credit Risk) (Details) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Concentration Risk [Line Items] | ||
Percentage of sales affected by revenue recognition adoption, less than | 5.00% | |
US Treasuries and FDIC Insured | Cash, cash equivalents and restricted cash | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 65.00% | 45.00% |
Customer One | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 23.00% | 24.00% |
Customer Two | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% |
Earnings Per Share & Diluted _3
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, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net income (loss) attributable to Amtech Systems, Inc. | $ (8,953) | $ 4,971 | $ 2,835 | $ 6,452 | $ 7,317 | $ 3,287 | $ (1,420) | $ (53) | $ 5,305 | $ 9,131 | $ (7,008) |
Weighted average shares outstanding (in shares) | 14,730 | 14,925 | 14,891 | 14,781 | 13,895 | 13,242 | 13,188 | 13,179 | 14,833 | 13,378 | 13,168 |
Common stock equivalents (in shares) | 232 | 123 | 0 | ||||||||
Weighted average shares outstanding, diluted shares (in shares) | 14,730 | 15,091 | 15,154 | 15,298 | 14,294 | 13,398 | 13,188 | 13,179 | 15,065 | 13,501 | 13,168 |
Basic income (loss) per share attributable to Amtech shareholders (dollars per share) | $ (0.61) | $ 0.33 | $ 0.19 | $ 0.44 | $ 0.53 | $ 0.25 | $ (0.11) | $ 0 | $ 0.36 | $ 0.68 | $ (0.53) |
Diluted income (loss) per share attributable to Amtech shareholders (dollars per share) | $ (0.61) | $ 0.33 | $ 0.19 | $ 0.42 | $ 0.51 | $ 0.25 | $ (0.11) | $ 0 | $ 0.35 | $ 0.68 | $ (0.53) |
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 | 434 | 1,364 | 1,840 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Purchased parts and raw materials | $ 15,896 | $ 14,789 |
Work-in-process | 6,067 | 11,078 |
Finished goods | 2,747 | 4,343 |
Inventory | $ 24,710 | $ 30,210 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 34,860 | $ 33,575 | |
Accumulated depreciation and amortization | (18,408) | (17,783) | |
Property, plant and equipment - net | 16,452 | 15,792 | |
Depreciation and amortization | 1,600 | 1,600 | $ 2,100 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,956 | 4,990 | |
Building and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 14,513 | 14,408 | |
Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 10,434 | 8,934 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,957 | $ 5,243 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,088 | $ 7,403 |
Accumulated Amortization | (958) | (3,908) |
Net Carrying Amount | 1,130 | 3,495 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,219 | 2,471 |
Accumulated Amortization | (745) | (1,521) |
Net Carrying Amount | $ 474 | 950 |
Customer lists | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | |
Customer lists | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 0 | 3,386 |
Accumulated Amortization | 0 | (2,024) |
Net Carrying Amount | $ 0 | 1,362 |
Technology | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | |
Technology | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 869 | 1,468 |
Accumulated Amortization | (213) | (285) |
Net Carrying Amount | $ 656 | 1,183 |
Trade names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trade names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 15 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 0 | 78 |
Accumulated Amortization | 0 | (78) |
Net Carrying Amount | $ 0 | $ 0 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 2 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 7,006 | $ 0 | $ 0 | |
Amortization of intangible assets | 200 | $ 800 | $ 800 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Amortization in fiscal year 2018 | $ 300 | 300 | ||
Amortization in fiscal year 2019 | 300 | 300 | ||
Amortization in fiscal year 2020 | 100 | 100 | ||
Amortization in fiscal year 2021 | 100 | 100 | ||
Amortization in fiscal year 2022 | 100 | 100 | ||
Amortization thereafter | 200 | $ 200 | ||
Solar | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 1,300 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill [Line Items] | |||
Goodwill | $ 13,469 | $ 13,469 | $ 12,753 |
Accumulated impairment losses | (6,836) | (6,836) | (1,348) |
Goodwill [Roll Forward] | |||
Carrying value | 11,405 | ||
Impairment of goodwill | (5,663) | ||
Net exchange differences | 891 | ||
Carrying value | 6,633 | 6,633 | |
Solar | |||
Goodwill [Line Items] | |||
Goodwill | 6,836 | 6,836 | 6,962 |
Accumulated impairment losses | (6,836) | (6,836) | (1,348) |
Goodwill [Roll Forward] | |||
Carrying value | 5,614 | ||
Impairment of goodwill | (5,700) | (5,663) | |
Net exchange differences | 49 | ||
Carrying value | 0 | 0 | |
Semiconductor | |||
Goodwill [Line Items] | |||
Goodwill | 5,905 | 5,905 | 5,063 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill [Roll Forward] | |||
Carrying value | 5,063 | ||
Impairment of goodwill | 0 | ||
Net exchange differences | 842 | ||
Carrying value | 5,905 | 5,905 | |
Polishing | |||
Goodwill [Line Items] | |||
Goodwill | 728 | 728 | 728 |
Accumulated impairment losses | 0 | 0 | $ 0 |
Goodwill [Roll Forward] | |||
Carrying value | 728 | ||
Impairment of goodwill | 0 | ||
Net exchange differences | 0 | ||
Carrying value | $ 728 | $ 728 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 26, 2021 | Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2016 |
Debt Instrument [Line Items] | |||||
Long-term debt, balance | $ 8,334 | ||||
Interest rate swap rate term | 10 years | ||||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, balance | $ 400 | $ 300 | |||
Interest rate | 2.23% | ||||
Interest rate discount | 1.00% | ||||
Debt instrument, term | 15 years | ||||
Agreement | |||||
Debt Instrument [Line Items] | |||||
Extinguishment of debt | $ 2,400 | ||||
Swap Rate | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.40% | ||||
Mortgage Note | Federal Home Loan Board Five Year Classic Advance Rate | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 240.00% | ||||
BTU International, Inc (BTU) Merger | Mortgage Note | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, balance | $ 5,900 | ||||
Interest rate | 4.11% | ||||
SoLayTec, B.V. | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, balance | $ 2,100 | ||||
Interest rate | 7.00% | ||||
Additional borrowings | $ 300 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 374 |
2,018 | 807 |
2,019 | 823 |
2,020 | 840 |
2,021 | 856 |
Thereafter | 4,634 |
Total | $ 8,334 |
Equity and Stock-Based Compen_3
Equity and Stock-Based Compensation (Details) - USD ($) | Mar. 28, 2018 | Aug. 23, 2017 | Aug. 18, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 1996 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock repurchase program period | 1 year | |||||||||
Authorized stock repurchase amount | $ 4,000,000 | |||||||||
Repurchased amount of shares (in shares) | 771,149 | |||||||||
Total cost of shares repurchased | $ 4,000,000 | |||||||||
Average price per share of shares repurchased (dollars per share) | $ 5.19 | |||||||||
Stock-based compensation expense | $ 855,000 | $ 1,328,000 | $ 1,390,000 | |||||||
Compensation cost not yet recognized | $ 300,000 | |||||||||
Shares available to grant (in shares) | 828,161 | |||||||||
Option vesting period | 9 months 26 days | |||||||||
2007 Employee Stock Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available to grant (in shares) | 739,561 | |||||||||
2007 Employee Stock Incentive Plan | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available to grant (in shares) | 500,000 | |||||||||
Number of additional shares authorized (in shares) | 2,500,000 | |||||||||
Non-Employee Directors Stock Option Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares available to grant (in shares) | 88,600 | |||||||||
Non-Employee Directors Stock Option Plan | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of additional shares authorized (in shares) | 400,000 | |||||||||
Share-based compensation, shares issued (in shares) | 100,000 | |||||||||
Minimum | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Option vesting period | 6 months | |||||||||
Maximum | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Option vesting period | 4 years | |||||||||
Offering | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares sold (in shares) | 1,213,250 | 1,055,000 | ||||||||
Sale of stock price per share (dollars per share) | $ 9.50 | $ 9.50 | ||||||||
Proceeds from sale of stock | $ 10,600,000 | |||||||||
Over-Allotment Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares sold (in shares) | 158,250 |
Equity and Stock-Based Compen_4
Equity and Stock-Based Compensation (Stock based compensation plan) (Details) | Sep. 30, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available (in shares) | 828,161 |
Options outstanding (in shares) | 1,248,758 |
2007 Employee Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized (in shares) | 3,000,000 |
Shares available (in shares) | 739,561 |
Options outstanding (in shares) | 1,042,407 |
Non-Employee Directors Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized (in shares) | 500,000 |
Shares available (in shares) | 88,600 |
Options outstanding (in shares) | 206,351 |
Equity and Stock-Based Compen_5
Equity and Stock-Based Compensation (Stock Options Valuation) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 2.89% | ||
Expected life | 6 years | ||
Dividend rate | 0.00% | ||
Volatility | 58.76% | ||
Options [Roll Forward] | |||
Outstanding at end of period (in shares) | 1,248,758 | ||
Options Exercisable | |||
Exercisable at end of period (in shares) | 1,014,300 | ||
Exercisable at end of period, weighted average exercise price (dollars per share) | $ 7.93 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 2.00% | 2.00% | |
Expected life | 6 years | 6 years | |
Dividend rate | 0.00% | 0.00% | |
Volatility | 63.00% | 63.00% | |
Options [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 1,560,441 | 1,841,567 | 1,627,477 |
Granted (in shares) | 44,000 | 145,000 | 360,075 |
Exercised (in shares) | (277,154) | (317,986) | (15,346) |
Forfeited/canceled (in shares) | (78,529) | (108,140) | (130,639) |
Outstanding at end of period (in shares) | 1,248,758 | 1,560,441 | 1,841,567 |
Options Exercisable | |||
Outstanding at beginning of period (dollars per share) | $ 7.95 | $ 8.15 | $ 9.11 |
Granted (dollars per share) | 7.40 | 5.23 | 5.25 |
Exercised (dollars per share) | 6.71 | 6.30 | 3.28 |
Forfeited (dollars per share) | 16.12 | 12.71 | 12.86 |
Outstanding at end of period (dollars per share) | $ 7.69 | $ 7.95 | $ 8.15 |
Exercisable at end of period (in shares) | 1,014,300 | 1,055,865 | 1,127,611 |
Exercisable at end of period, weighted average exercise price (dollars per share) | $ 7.93 | $ 8.58 | $ 8.92 |
Weighted average grant-date fair value of options granted during the period (dollars per share) | $ 4.20 | $ 3.04 | $ 3.03 |
Equity and Stock-Based Compen_6
Equity and Stock-Based Compensation (Stock Options Outstanding and Exercisable) (Details) - $ / shares | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Options Outstanding | ||||
Number Outstanding (in shares) | 1,248,758 | |||
Options Exercisable | ||||
Number Exercisable | 1,014,300 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.93 | |||
Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 1,248,758 | 1,560,441 | 1,841,567 | 1,627,477 |
Remaining Contractual Life | 5 years 11 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.69 | $ 7.95 | $ 8.15 | $ 9.11 |
Options Exercisable | ||||
Number Exercisable | 1,014,300 | 1,055,865 | 1,127,611 | |
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.93 | $ 8.58 | $ 8.92 | |
2.95-5.07 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 173,154 | |||
Remaining Contractual Life | 5 years 9 months 4 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 3.99 | |||
Options Exercisable | ||||
Number Exercisable | 112,321 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 3.45 | |||
2.95-5.07 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 2.95 | |||
2.95-5.07 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.07 | |||
5.20-5.20 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 990 | |||
Remaining Contractual Life | 11 months 16 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.20 | |||
Options Exercisable | ||||
Number Exercisable | 990 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.20 | |||
5.20-5.20 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 5.2 | |||
5.20-5.20 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.20 | |||
5.25-5.25 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 204,524 | |||
Remaining Contractual Life | 6 years 11 months 5 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.25 | |||
Options Exercisable | ||||
Number Exercisable | 137,024 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.25 | |||
5.25-5.25 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 5.25 | |||
5.25-5.25 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.25 | |||
5.40-6.15 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 79,319 | |||
Remaining Contractual Life | 4 years 11 months 12 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.91 | |||
Options Exercisable | ||||
Number Exercisable | 71,819 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 5.93 | |||
5.40-6.15 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 5.40 | |||
5.40-6.15 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 6.15 | |||
7.01-7.01 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 160,225 | |||
Remaining Contractual Life | 4 years 8 months 27 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.01 | |||
Options Exercisable | ||||
Number Exercisable | 160,225 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.01 | |||
7.01-7.01 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 7.01 | |||
7.01-7.01 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.01 | |||
7.15-7.87 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 68,315 | |||
Remaining Contractual Life | 7 years 2 months 9 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.50 | |||
Options Exercisable | ||||
Number Exercisable | 24,315 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.69 | |||
7.15-7.87 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 7.15 | |||
7.15-7.87 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.87 | |||
7.98-7.98 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 186,533 | |||
Remaining Contractual Life | 3 years 18 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.98 | |||
Options Exercisable | ||||
Number Exercisable | 186,533 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.98 | |||
7.98-7.98 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 7.98 | |||
7.98-7.98 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 7.98 | |||
8.20-9.94 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 21,191 | |||
Remaining Contractual Life | 3 years 2 months 16 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 9.31 | |||
Options Exercisable | ||||
Number Exercisable | 17,441 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 9.55 | |||
8.20-9.94 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 8,200 | |||
8.20-9.94 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 9,940 | |||
9.98-9.98 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 228,300 | |||
Remaining Contractual Life | 5 years 9 months 22 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 9.98 | |||
Options Exercisable | ||||
Number Exercisable | 177,425 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 9.98 | |||
9.98-9.98 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 9.98 | |||
9.98-9.98 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 9.98 | |||
10.50-22.26 | Stock Options | ||||
Options Outstanding | ||||
Number Outstanding (in shares) | 126,207 | |||
Remaining Contractual Life | 2 years 1 month 13 days | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 13.99 | |||
Options Exercisable | ||||
Number Exercisable | 126,207 | |||
Weighted Average Exercise Price Per Share (dollars per share) | $ 13.99 | |||
10.50-22.26 | Stock Options | Minimum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | 10.50 | |||
10.50-22.26 | Stock Options | Maximum | ||||
Options Outstanding | ||||
Weighted Average Exercise Price Per Share (dollars per share) | $ 22.26 |
Equity and Stock-Based Compen_7
Equity and Stock-Based Compensation (Stock Options Narrative) (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options outstanding | $ 253,000 | |||
Intrinsic value of options exercisable | 225,000 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock price (dollars per share) | $ 5.34 | |||
Intrinsic value of stock options exercised | $ 1,200,000 | $ 1,100,000 | $ 100,000 |
Restructuring (Details)
Restructuring (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Jul. 31, 2018USD ($)employee | Sep. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Reduction in operating costs | $ | $ 3 | |
Expected percentage of positions eliminated | 20.00% | |
Restructuring charges | $ | $ 0.9 | |
Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected number of positions eliminated | employee | 35 | |
Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected number of positions eliminated | employee | 40 |
Benefit Plans (Details)
Benefit Plans (Details) participant in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Sep. 30, 2018USD ($)participantemployeecompany | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee contributions match | $ 0.4 | $ 0.3 | $ 0.2 | |
Multiemployer Plans, Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 104.60% | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, number of employees | participant | 1.4 | |||
Multiemployer plan, number of companies covered | company | 33,000 | |||
Multiemployer plan, contribution rate (less than) | 5.00% | |||
Multiemployer plan, coverage ratio of plan assets to obligations | 104.30% | |||
Multiemployer plan, assets | $ 83,900 | |||
Multiemployer plans, accumulated benefit obligations | $ 80,200 | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 104.60% | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 101.50% | |||
Multiemployer Plans, Pension | Recovery Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, percentage decrease in pension rights | 6.30% | |||
Multiemployer plan, premium percentage | 16.60% | |||
The Netherlands | Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, number of employees | employee | 117 |
Income Taxes (Components of inc
Income Taxes (Components of income before income tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Results of Operations by Geographical Areas [Line Items] | |||
Income (loss) before provision for income taxes | $ 5,525 | $ 9,830 | $ (5,450) |
Domestic | |||
Results of Operations by Geographical Areas [Line Items] | |||
Income (loss) before provision for income taxes | 7,845 | 1,900 | 2,100 |
Foreign | |||
Results of Operations by Geographical Areas [Line Items] | |||
Income (loss) before provision for income taxes | $ (2,320) | $ 7,930 | $ (7,550) |
Benefit Plans (Contributions) (
Benefit Plans (Contributions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan, contributions | $ 1,085 | $ 993 | $ 983 |
Pensioenfonds Metaal en Techniek (PMT) | Multiemployer Plans, Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan, contributions | 897 | 805 | 796 |
Other plans | Multiemployer Plans, Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan, contributions | $ 188 | $ 188 | $ 187 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current: | |||||||||||
Domestic federal | $ 1,167 | $ 54 | $ 530 | ||||||||
Foreign | (1,404) | 1,330 | 500 | ||||||||
Foreign withholding taxes | 356 | 240 | 280 | ||||||||
Domestic state | 101 | 120 | 110 | ||||||||
Total current | 220 | 1,744 | 1,420 | ||||||||
Deferred: | |||||||||||
Domestic federal | 0 | 0 | 1,680 | ||||||||
Total deferred | 0 | 0 | 1,680 | ||||||||
Total provision | $ 370 | $ 1,390 | $ (2,780) | $ 1,240 | $ 474 | $ 986 | $ 194 | $ 90 | $ 220 | $ 1,744 | $ 3,100 |
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, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense (benefit) at the federal statutory rate | $ 1,342 | $ 3,340 | $ (1,890) | ||||||||
Effect of permanent book-tax differences | 75 | 340 | 1,120 | ||||||||
State tax provision | 76 | 100 | 110 | ||||||||
Valuation allowance for net deferred tax assets | 617 | (1,610) | 2,690 | ||||||||
Uncertain tax items | (3,013) | 350 | 350 | ||||||||
Tax rate differential | 1,107 | (776) | 1,050 | ||||||||
Other items | 16 | 0 | (330) | ||||||||
Total provision | $ 370 | $ 1,390 | $ (2,780) | $ 1,240 | $ 474 | $ 986 | $ 194 | $ 90 | $ 220 | $ 1,744 | $ 3,100 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Deferred tax assets - current: | ||
Capitalized inventory costs | $ 193 | $ 210 |
Inventory write-downs | 1,333 | 1,945 |
Accrued warranty | 204 | 260 |
Deferred profits | 1,006 | 1,190 |
Accruals and reserves not currently deductible | 5,017 | 1,945 |
Deferred tax assets (liabilities)- non-current: | ||
Stock option expense | 738 | 1,080 |
Book vs. tax basis of acquired assets | 0 | (1,290) |
Federal net operating loss carryforwards | 2,922 | 4,820 |
Foreign and state net operating losses | 13,860 | 14,800 |
Book vs. tax depreciation and amortization | (1,667) | (2,250) |
Foreign tax credits | 0 | 420 |
Other deferred tax assets | 163 | 0 |
Total deferred tax assets | 23,769 | 23,130 |
Valuation allowance | (23,769) | (22,930) |
Deferred tax assets, net of valuation allowance | $ 0 | $ 200 |
Income Taxes (Deferred Tax Valu
Income Taxes (Deferred Tax Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Deferred Tax Valuation Allowance [Roll Forward] | ||
Balance at the beginning of the year | $ 22,930 | $ 24,310 |
Additions (reductions) to valuation allowance | 839 | (1,380) |
Balance at the end of the year | $ 23,769 | $ 22,930 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Contingency [Line Items] | |||
Statutory tax rate based on blended rate calculation | 24.50% | ||
(Reductions) additions to valuation allowance | $ (839) | $ 1,380 | |
Operating loss carryforwards, annual utilization limits | 800 | ||
Unrecognized tax benefits that would impact effective tax rate | 600 | ||
Unrecognized tax benefits, income tax penalties and interest expense | (2,000) | 400 | $ 400 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 700 | $ 2,600 | |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Number of years open for tax examinations | 3 years | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Number of years open for tax examinations | 5 years | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 14,000 | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 53,000 | ||
State Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 3,600 |
Income Taxes (Unrecognized tax
Income Taxes (Unrecognized tax benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of the year | $ 4,210 | $ 3,860 | $ 3,510 |
Additions related to tax positions taken in prior years | 155 | 350 | 350 |
Reductions due to resolution of uncertain tax position | (3,167) | 0 | 0 |
Balance at the end of the year | $ 1,198 | $ 4,210 | $ 3,860 |
Commitments and Contingencies (
Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations | $ 15 |
Commitments and Contingencies_2
Commitments and Contingencies (Development Projects) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Purchases of property, plant and equipment | $ 1,495 | $ 1,256 | $ 978 | |
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, required contribution, labor and assets | $ 1,400 |
Commitments and Contingencies_3
Commitments and Contingencies (Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Loss Contingencies [Line Items] | |||
Operating leases, rental expense | $ 1 | $ 1.2 | $ 1.4 |
Operating leases, term of contract | 1 year | ||
Future minimum rental commitments | $ 1.7 | ||
Future minimum rental commitments, due in fiscal 2019 | 1 | ||
Future minimum rental commitments, due in fiscal 2020 | 0.4 | ||
Future minimum rental commitments, due in fiscal 2021 | 0.2 | ||
Future minimum rental commitments, due in fiscal 2022, less than | 0.1 | ||
Future minimum rental commitments, due in fiscal 2023, less than | 0.1 | ||
Future minimum rental commitments, due in fiscal 2024, less than | 0.1 | ||
Future minimum rental commitments, due thereafter, less than | $ 0 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Severance payment period | 12 months | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Severance payment period | 36 months |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Dec. 24, 2014 |
SoLayTec, B.V. | ||
Business Acquisition [Line Items] | ||
Percentage of voting interests acquired | 49.00% | 51.00% |
Purchase price | $ 1.9 | |
Noncontrolling interest | $ 2.7 | |
Agreement | ||
Business Acquisition [Line Items] | ||
Extinguishment of debt | $ 2.4 |
Sale of Investment (Details)
Sale of Investment (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 16, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 0 | $ 2,615 | ||||
Gain on sale of other assets | $ 2,883 | 0 | $ 2,576 | |||
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 | $ 2,700 | |||||
Equity method investment | $ 2,600 | |||||
Kingstone | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Remaining ownership percentage disposed of | 15.00% | |||||
Proceeds from sale of business | $ 5,700 | |||||
Kingstone | Kingstone Holding Company | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 15.00% |
Shareholder Rights Plan (Detail
Shareholder Rights Plan (Details) - Series A Preferred Stock - $ / shares | Oct. 08, 2015 | Dec. 15, 2008 |
Equity, Class of Treasury Stock [Line Items] | ||
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% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Mar. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2015 | Sep. 16, 2015 |
Related Party Transaction [Line Items] | ||||||||
Gain on sale of other assets | $ 2,883 | $ 0 | $ 2,576 | |||||
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 | |||||||
SoLayTec, B.V. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related party | $ 2,400 | |||||||
Kingstone Hong Kong | ||||||||
Related Party Transaction [Line Items] | ||||||||
Remaining ownership percentage disposed of | 15.00% | |||||||
Proceeds from sale of business | $ 5,700 | |||||||
Kingstone Hong Kong | Kingstone Holding Company | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage | 15.00% |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 176,426 | $ 164,516 | $ 120,308 | ||||||||
Number of operating segments | segment | 3 | ||||||||||
Operating loss | $ (8,848) | $ 2,936 | $ 65 | $ 7,766 | $ 8,034 | $ 3,971 | $ (1,400) | $ (180) | $ 1,919 | 10,425 | (7,908) |
Capital expenditures | 1,495 | 1,256 | 978 | ||||||||
Depreciation and amortization | 1,854 | 2,493 | 2,974 | ||||||||
Identifiable assets | 149,406 | 191,623 | 149,406 | 191,623 | |||||||
Solar | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 540 | 1,008 | 235 | ||||||||
Depreciation and amortization | 1,003 | 1,544 | 2,014 | ||||||||
Semiconductor | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 352 | 236 | 692 | ||||||||
Depreciation and amortization | 715 | 876 | 870 | ||||||||
Polishing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 603 | 12 | 51 | ||||||||
Depreciation and amortization | $ 136 | 73 | 90 | ||||||||
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] | |||||||||||
Revenues | $ 82,502 | 87,031 | 60,946 | ||||||||
Operating loss | (7,050) | 6,060 | (6,696) | ||||||||
Identifiable assets | 48,898 | 97,999 | 48,898 | 97,999 | |||||||
Operating Segments | Semiconductor | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 80,163 | 67,237 | 50,637 | ||||||||
Operating loss | 11,848 | 9,538 | 3,904 | ||||||||
Identifiable assets | 59,744 | 57,177 | 59,744 | 57,177 | |||||||
Operating Segments | Polishing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 13,761 | 10,248 | 8,725 | ||||||||
Operating loss | 3,672 | 2,617 | 1,588 | ||||||||
Identifiable assets | 6,545 | 5,078 | 6,545 | 5,078 | |||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating loss | (6,551) | (7,790) | $ (6,704) | ||||||||
Identifiable assets | $ 34,219 | $ 31,369 | $ 34,219 | $ 31,369 |
Major Customers and Foreign S_3
Major Customers and Foreign Sales (Details) - Net revenues | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 100.00% | 100.00% | 100.00% |
Total Americas | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 14.00% | 12.00% | 20.00% |
Total Asia | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 70.00% | 75.00% | 68.00% |
Total Europe | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 16.00% | 13.00% | 12.00% |
Customer Number One | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 25.00% | 25.00% | 11.00% |
Geographic Concentration Risk | United States | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 12.00% | 11.00% | 17.00% |
Geographic Concentration Risk | Other | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 2.00% | 1.00% | 3.00% |
Geographic Concentration Risk | Taiwan | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 7.00% | 12.00% | 15.00% |
Geographic Concentration Risk | Malaysia | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 6.00% | 9.00% | 18.00% |
Geographic Concentration Risk | China | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 53.00% | 47.00% | 28.00% |
Geographic Concentration Risk | Other | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 4.00% | 7.00% | 7.00% |
Geographic Concentration Risk | Germany | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 7.00% | 5.00% | 3.00% |
Geographic Concentration Risk | Other | |||
Revenue, Major Customer [Line Items] | |||
Revenue, major customer, percentage | 9.00% | 8.00% | 9.00% |
Geographic Regions (Details)
Geographic Regions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | $ 28,832 | $ 41,200 | $ 32,783 | $ 73,611 | $ 54,677 | $ 47,760 | $ 32,944 | $ 29,135 | $ 176,426 | $ 164,516 | $ 120,308 |
Operating income (loss) | (8,848) | $ 2,936 | $ 65 | $ 7,766 | 8,034 | $ 3,971 | $ (1,400) | $ (180) | 1,919 | 10,425 | (7,908) |
Net long-lived assets | 16,452 | 15,792 | 16,452 | 15,792 | |||||||
The Netherlands | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 76,373 | 81,443 | 52,189 | ||||||||
Operating income (loss) | (5,269) | 5,206 | (7,773) | ||||||||
Net long-lived assets | 5,943 | 5,190 | 5,943 | 5,190 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 72,753 | 60,952 | 44,299 | ||||||||
Operating income (loss) | 3,871 | 1,527 | (1,396) | ||||||||
Net long-lived assets | 10,039 | 9,924 | 10,039 | 9,924 | |||||||
France | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 6,129 | 5,588 | 8,758 | ||||||||
Operating income (loss) | (3,058) | (1,000) | (783) | ||||||||
Net long-lived assets | 177 | 289 | 177 | 289 | |||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 17,634 | 12,673 | 11,799 | ||||||||
Operating income (loss) | 5,445 | 3,647 | 1,530 | ||||||||
Net long-lived assets | $ 293 | $ 389 | 293 | 389 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 3,537 | 3,860 | 3,263 | ||||||||
Operating income (loss) | $ 930 | $ 1,045 | $ 514 |
Supplementary Financial Infor_3
Supplementary Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 866 | $ 3,730 | $ 5,009 |
Provision / (Reversal) | 45 | (720) | 1,698 |
Write offs | (33) | (1,249) | (1,942) |
Adjustment | 529 | (895) | (1,035) |
Balance at end of year | $ 1,407 | $ 866 | $ 3,730 |
Selected Quarterly Data (Unau_3
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Selected Quarterly Data (Unaudited) [Abstract] | |||||||||||
Revenues | $ 28,832 | $ 41,200 | $ 32,783 | $ 73,611 | $ 54,677 | $ 47,760 | $ 32,944 | $ 29,135 | $ 176,426 | $ 164,516 | $ 120,308 |
Gross profit | $ 8,496 | $ 14,599 | $ 11,725 | $ 20,337 | $ 19,592 | $ 15,502 | $ 8,395 | $ 8,443 | 55,157 | 51,932 | 34,063 |
Gross margin | 29.50% | 35.40% | 35.80% | 27.60% | 35.80% | 32.50% | 25.50% | 29.00% | |||
Operating income (loss) | $ (8,848) | $ 2,936 | $ 65 | $ 7,766 | $ 8,034 | $ 3,971 | $ (1,400) | $ (180) | 1,919 | 10,425 | (7,908) |
Income tax provision (benefit) | 370 | 1,390 | (2,780) | 1,240 | 474 | 986 | 194 | 90 | 220 | 1,744 | 3,100 |
Net (loss) income attributable to Amtech Systems, Inc. | $ (8,953) | $ 4,971 | $ 2,835 | $ 6,452 | $ 7,317 | $ 3,287 | $ (1,420) | $ (53) | 5,305 | 9,131 | (7,008) |
Comprehensive income (loss) attributable to Amtech Systems, Inc. | $ 3,860 | $ 8,509 | $ (8,749) | ||||||||
Net (loss) income per share attributable to Amtech Systems, Inc.: | |||||||||||
Basic (dollars per share) | $ (0.61) | $ 0.33 | $ 0.19 | $ 0.44 | $ 0.53 | $ 0.25 | $ (0.11) | $ 0 | $ 0.36 | $ 0.68 | $ (0.53) |
Shares used in calculation, basic | 14,730 | 14,925 | 14,891 | 14,781 | 13,895 | 13,242 | 13,188 | 13,179 | 14,833 | 13,378 | 13,168 |
Diluted (dollars per share) | $ (0.61) | $ 0.33 | $ 0.19 | $ 0.42 | $ 0.51 | $ 0.25 | $ (0.11) | $ 0 | $ 0.35 | $ 0.68 | $ (0.53) |
Shares used in calculation, diluted | 14,730 | 15,091 | 15,154 | 15,298 | 14,294 | 13,398 | 13,188 | 13,179 | 15,065 | 13,501 | 13,168 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 28, 2018 | Nov. 27, 2018 | Mar. 28, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Subsequent Event [Line Items] | |||||
Authorized stock repurchase amount | $ 4,000,000 | ||||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 | |||
Stock repurchase program period | 1 year | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Authorized stock repurchase amount | $ 4,000,000 | ||||
Stock repurchase program period | 1 year | ||||
Severance payment | $ 864,000 | ||||
Payment of all other amounts due | $ 458,500 | ||||
Time-based stock options (in shares) | 264,167 | ||||
Time-based stock options exercisable (in shares) | 122,500 | ||||
Time-based stock options exercise price (in dollars per share) | $ 7.01 | ||||
Remaining time-based stock options exercisable | 141,667 | ||||
Time-based stock options, exercisable period, following Effective Date | 90 days |