Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ZYGO CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 19,128,561 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000730716 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net revenue | $39,713 | $34,533 | $127,992 | $109,374 |
Cost of goods sold | 21,633 | 19,273 | 66,779 | 61,338 |
Gross profit | 18,080 | 15,260 | 61,213 | 48,036 |
Selling, general and administrative expenses | 10,141 | 9,362 | 33,164 | 26,451 |
Research, development and engineering expenses | 4,742 | 4,990 | 14,916 | 14,073 |
Operating profit | 3,197 | 908 | 13,133 | 7,512 |
Other miscellaneous income (expense), net | 45 | -266 | 150 | -438 |
Income before income taxes, including noncontrolling interest | 3,242 | 642 | 13,283 | 7,074 |
Income tax benefit (expense) | -1,331 | 504 | -4,871 | -2,602 |
Net income including noncontrolling interest | 1,911 | 1,146 | 8,412 | 4,472 |
Less: Net income attributable to noncontrolling interest | 13 | 166 | 305 | 875 |
Net income attributable to Zygo Corporation | $1,898 | $980 | $8,107 | $3,597 |
Earnings per share attributable to Zygo Corporation | ' | ' | ' | ' |
Basic earnings per share (in Dollars per share) | $0.10 | $0.05 | $0.43 | $0.20 |
Diluted earnings per share (in Dollars per share) | $0.10 | $0.05 | $0.42 | $0.19 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic shares (in Shares) | 18,900,329 | 18,505,621 | 18,771,281 | 18,433,765 |
Diluted shares (in Shares) | 19,336,455 | 19,126,198 | 19,284,071 | 19,079,505 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income attributable to Zygo Corporation | $1,898 | $980 | $8,107 | $3,597 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustment | -154 | -623 | 410 | -258 |
Changes in unrealized cashflow hedge | ' | ' | ' | ' |
Unrealized cash flow hedging gain (loss) arising during the period | -94 | ' | 388 | ' |
Less: Gain reclassified into income | 124 | ' | 363 | ' |
Unrealized cash flow hedging gain (loss) at the end of the period | -218 | ' | 25 | ' |
Tax benefit (expense) | 75 | ' | -9 | ' |
Changes in unrealized cash flow hedge | -143 | ' | 16 | ' |
Other comprehensive income (loss), net of tax benefit | -297 | -623 | 426 | -258 |
Comprehensive income | 1,601 | 357 | 8,533 | 3,339 |
Less: comprehensive income (loss) attributable to noncontrolling interest | 9 | -25 | 22 | 79 |
Comprehensive income attributable to Zygo Corporation | $1,592 | $382 | $8,511 | $3,260 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $97,056 | $83,056 |
Receivables, net of allowance for doubtful accounts of $279 and $272, respectively | 28,893 | 32,360 |
Inventories | 35,131 | 30,185 |
Prepaid expenses, prepaid taxes and other current assets | 5,029 | 5,429 |
Revenue recognized in excess of billings on uncompleted contracts | 2,677 | 5,342 |
Deferred income taxes | 11,900 | 8,631 |
Total current assets | 180,686 | 165,003 |
Marketable securities | 616 | 662 |
Property, plant and equipment, net | 36,838 | 34,343 |
Deferred income taxes | 8,214 | 10,490 |
Intangible assets, net | 4,188 | 4,615 |
Total assets | 230,542 | 215,113 |
Current liabilities: | ' | ' |
Accounts payable | 10,157 | 7,170 |
Progress payments and deferred revenue | 4,344 | 4,538 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,832 | 6,481 |
Accrued salaries and wages | 5,761 | 3,746 |
Other accrued expenses | 3,517 | 4,558 |
Deferred income taxes | 122 | 123 |
Income taxes payable | 1,603 | 19 |
Total current liabilities | 28,336 | 26,635 |
Deferred income taxes | 1,568 | 704 |
Other long-term liabilities | 4,778 | 3,769 |
Total liabilities | 34,682 | 31,108 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Common stock, $0.10 par value per share: 40,000,000 shares authorized; 21,423,168 shares issued (20,858,158 at June 30, 2013); 18,979,845 shares outstanding (18,532,623 at June 30, 2013) | 2,142 | 2,086 |
Additional paid-in capital | 186,973 | 181,694 |
Retained earnings | 34,962 | 26,855 |
Accumulated other comprehensive income (loss): | ' | ' |
Currency translation effects | -253 | -641 |
Unrealized gain (loss) on hedge | ' | -16 |
Treasury stock, at cost, 2,443,323 shares (2,325,535 at June 30, 2013) | -29,876 | -28,016 |
Total shareholders’ equity - Zygo Corporation | 193,948 | 181,962 |
Noncontrolling interest | 1,912 | 2,043 |
Total equity | 195,860 | 184,005 |
Total liabilities and equity | $230,542 | $215,113 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $279 | $272 |
Common stock, par value (in Dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 21,423,168 | 20,858,158 |
Common stock, shares outstanding | 18,979,845 | 18,532,623 |
Treasury stock, shares | 2,443,323 | 2,325,535 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash provided by operating activities: | ' | ' |
Net income including noncontrolling interests | $8,412 | $4,472 |
Adjustments to reconcile net income to cash provided by operating activities from continuing operations: | ' | ' |
Depreciation and amortization | 4,462 | 4,187 |
Deferred income taxes | 693 | -1,942 |
Provision for doubtful accounts | 11 | -67 |
Compensation cost related to share-based payment arrangements | 3,958 | 4,235 |
Other | 20 | 569 |
Changes in operating accounts: | ' | ' |
Receivables | 3,391 | -768 |
Inventories | -4,957 | -2,813 |
Prepaid expenses, prepaid taxes and other current assets | 492 | -2,800 |
Net billings in excess of revenue recognized on uncompleted contracts | -984 | 4,914 |
Accounts payable, accrued expenses and taxes payable | 5,497 | -4,604 |
Net cash provided by operating activities from continuing operations | 20,995 | 5,383 |
Cash used for investing activities: | ' | ' |
Additions to property, plant and equipment | -6,452 | -4,288 |
Additions to intangibles | -206 | -236 |
Investments and acquisitions | ' | -3,155 |
Proceeds from the sale and maturity of marketable securities | 171 | 134 |
Net cash used for investing activities | -6,487 | -7,545 |
Cash used for financing activities: | ' | ' |
Dividend payments to noncontrolling interest | -458 | -1,742 |
Employee stock purchase | 83 | 40 |
Repurchase of restricted stock | -1,860 | -1,176 |
Exercise of employee stock options | 1,294 | 1,066 |
Net cash used for financing activities | -941 | -1,812 |
Effect of exchange rate changes on cash and cash equivalents | 433 | -178 |
Net increase (decrease) in cash and cash equivalents | 14,000 | -4,152 |
Cash and cash equivalents, beginning of period | 83,056 | 84,053 |
Cash and cash equivalents, end of period | 97,056 | 79,901 |
Supplemental Cash Flow Information: | ' | ' |
Net cash paid for income taxes | 2,248 | 4,819 |
Purchases of property, plant and equipment included in accounts payable | $110 | $187 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Note 1: Accounting Policies | |
Basis of Presentation and Principles of Consolidation | |
Zygo Corporation is a worldwide supplier of optical metrology instruments, precision optics, and electro-optical design and manufacturing services, serving customers in the semiconductor capital equipment, research, defense, life sciences and industrial markets. The accompanying condensed consolidated financial statements include the accounts of Zygo Corporation and its subsidiaries (“Zygo,” “we,” “us,” “our” or “the Company”). The Company follows accounting principles generally accepted in the United States of America (“US GAAP”). Zygo’s reporting currency is the U.S. dollar. The functional currencies of our foreign subsidiaries are their local currencies; and amounts included in the condensed consolidated statements of operations are translated at the weighted-average exchange rates for the period. Assets and liabilities are translated at period-end exchange rates, and resulting foreign exchange translation adjustments are recorded in the condensed consolidated balance sheets as a component of accumulated other comprehensive income. All transactions and accounts with the subsidiaries are eliminated from the condensed consolidated financial statements. The results of operations for the three and nine month periods ended March 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. | |
In management’s opinion, the accompanying condensed consolidated balance sheets and condensed consolidated interim statements of income, comprehensive income, and cash flows include all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation of the results of the interim periods. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended June 30, 2013, including items incorporated therein by reference. | |
Adoption of new Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-10, Derivatives and Hedging: Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force). FASB Accounting Standards Codification (“ASC”) 815 provides guidance on the risks that are permitted to be hedged in a fair value or cash flow hedge. Among those risks for financial assets and financial liabilities is the risk of changes in a hedged item’s fair value or a hedged transaction’s cash flows attributable to changes in the designated benchmark interest rate (referred to as interest rate risk). In the United States, currently only the interest rates on direct Treasury obligations of the U.S. government (“UST”) and, for practical reasons, the London Interbank Offered Rate (“LIBOR”) swap rate are considered benchmark interest rates. The ASU permits the Overnight Index Swap Rate (“OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes under FASB ASC 815, in addition to UST and LIBOR and also removes the restriction on using different benchmark rates for similar hedges. The update is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance in the first quarter of fiscal 2014 did not have a material impact on our condensed consolidated financial statements and is not expected to have a material impact on future financial statements. | |
Recent Accounting Guidance Not Yet Adopted | |
In July 2013, FASB issued ASU No. 2013-11, Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). FASB ASC 740, Income Taxes, does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. There is diversity in practice in the presentation of unrecognized tax benefits in those instances. Some entities present unrecognized tax benefits as a liability unless the unrecognized tax benefit is directly associated with a tax position taken in a tax year that results in, or that resulted in, the recognition of a net operating loss or tax credit carryforward for that year, and the net operating loss or tax credit carryforward has not been utilized. Other entities present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss or tax credit carryforward in certain circumstances. The objective of ASU 2013-11 is to eliminate that diversity in practice. | |
Under ASU 2013-11, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The update should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The effective date for Zygo is the first quarter of fiscal year 2015, unless earlier adopted. We are currently evaluating this guidance but do not expect its adoption to have a material effect on our condensed consolidated financial statements. | |
Reclassifications | |
Certain amounts included in the condensed consolidated balance sheets for the prior year have been reclassified to conform with the current year presentation of “Deferred income taxes” long term liability. In fiscal 2013, “Deferred income taxes” current liability of $123 was reported as a component of other accrued expenses in the condensed consolidated balance sheet. In fiscal 2014, deferred income taxes is presented separately for March 31, 2013 and June 30, 2013. |
Weighted_Average_Shares_Outsta
Weighted Average Shares Outstanding | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 2: Weighted Average Shares Outstanding | |||||||||||||||||
For the three and nine months ended March 31, 2014, outstanding stock options and restricted stock awards for an aggregate of 352,347 shares and 407,420 shares, respectively, (for the three and nine months ended March 31, 2013, outstanding stock options and restricted stock awards for an aggregate of 361,938 shares and 230,791 shares, respectively) of the Company’s common stock were excluded from the calculation of diluted earnings per share because they were antidilutive. | |||||||||||||||||
The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding for the periods presented: | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 18,900,329 | 18,505,621 | 18,771,281 | 18,433,765 | |||||||||||||
Dilutive effect of stock options and restricted shares | 436,126 | 620,577 | 512,790 | 645,740 | |||||||||||||
Diluted weighted average shares outstanding | 19,336,455 | 19,126,198 | 19,284,071 | 19,079,505 | |||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 3: Shareholders’ Equity | |||||||||||||||||||||||||
The following table sets forth shareholders’ equity and noncontrolling interest for the nine months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
Nine Months Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Shareholders’ | Non- | Total | Shareholders’ | Non- | Total | ||||||||||||||||||||
Equity | Controlling | Equity | Controlling | ||||||||||||||||||||||
Zygo Corp. | Interest | Equity | Zygo Corp. | Interest | Equity | ||||||||||||||||||||
Equity, beginning of period | $ | 181,962 | $ | 2,043 | $ | 184,005 | $ | 173,482 | $ | 2,355 | $ | 175,837 | |||||||||||||
Net income | 8,107 | 305 | 8,412 | 3,597 | 875 | 4,472 | |||||||||||||||||||
Unrealized gain on hedge | 16 | — | 16 | — | — | — | |||||||||||||||||||
Foreign currency translation effect | 388 | 22 | 410 | (337 | ) | 79 | (258 | ) | |||||||||||||||||
Total | 8,511 | 327 | 8,838 | 3,260 | 954 | 4,214 | |||||||||||||||||||
Share-based compensation | 3,958 | — | 3,958 | 4,620 | — | 4,620 | |||||||||||||||||||
Repurchase of restricted stock | (1,860 | ) | — | (1,860 | ) | (1,176 | ) | — | (1,176 | ) | |||||||||||||||
Employee stock purchase | 83 | — | 83 | 40 | — | 40 | |||||||||||||||||||
Exercise of employee stock options and related tax effect | 1,294 | — | 1,294 | 1,066 | — | 1,066 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | — | (458 | ) | (458 | ) | — | (1,101 | ) | (1,101 | ) | |||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | — | — | — | (2,777 | ) | (378 | ) | (3,155 | ) | ||||||||||||||||
Equity, end of period | $ | 193,948 | $ | 1,912 | $ | 195,860 | $ | 178,515 | $ | 1,830 | $ | 180,345 | |||||||||||||
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 4: Marketable Securities | |||||||||||||||||||||||||
Marketable securities as of March 31, 2014 consisted of a mutual fund investment comprised primarily of corporate securities classified as a trading security corresponding to elections made in our deferred compensation program. Dividend and interest income are recognized when earned. Straight-line amortization related to discounts and premiums on the purchase of marketable securities is recorded in interest income. Realized gains and losses are included in net income and are derived using the specific identification method for determining the cost of securities sold. | |||||||||||||||||||||||||
We make quarterly distributions in accordance with the deferred compensation program agreement. The following table sets forth the beginning balance at July 1, 2013 and 2012, of gross unrealized gains and losses, contributions, redemptions and fair value of trading securities at March 31, 2014 and 2013: | |||||||||||||||||||||||||
Balance | Gross | Gross | |||||||||||||||||||||||
Beginning of | Unrealized | Unrealized | Contri- | Redemp- | Ending | ||||||||||||||||||||
Fiscal Year | Gains | Losses | butions | tions | Balance | ||||||||||||||||||||
March 31, 2014 Mutual Fund | $ | 662 | $ | 122 | $ | — | $ | — | $ | (168 | ) | $ | 616 | ||||||||||||
March 31, 2013 Mutual Fund | $ | 729 | $ | 93 | $ | — | $ | — | $ | (134 | ) | $ | 688 | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
Note 5. Fair Value Measurements | |||||||||||||||||
Fair value measurement disclosures utilize a valuation hierarchy for determining the grouping of the inputs used. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||
The Company uses quoted market prices to determine the fair value of its assets and liabilities included in Level 1. When quoted market prices are unobservable, the Company uses quotes from independent pricing vendors based on recent trading activity and other relevant information for similar products. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximates fair value due to their short maturities. | |||||||||||||||||
The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2014 and June 30, 2013: | |||||||||||||||||
Fair value measurements at March 31, 2014 | |||||||||||||||||
Total carrying | Quoted prices | Significant | Significant | ||||||||||||||
value at | in active | other | unobservable | ||||||||||||||
March 31, | markets | observable | inputs | ||||||||||||||
inputs | |||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Money market funds | $ | 23,741 | $ | 23,741 | $ | — | $ | — | |||||||||
Trading securities | 616 | 616 | — | — | |||||||||||||
Foreign currency hedge | $ | 205 | — | 205 | — | ||||||||||||
Total | $ | 24,562 | $ | 24,357 | $ | 205 | $ | — | |||||||||
Fair value measurements at June 30, 2013 | |||||||||||||||||
Total carrying | Quoted prices | Significant | Significant | ||||||||||||||
value at | in active | other | unobservable | ||||||||||||||
markets | observable | inputs | |||||||||||||||
inputs | |||||||||||||||||
30-Jun-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Money market funds | $ | 23,736 | $ | 23,736 | $ | — | $ | — | |||||||||
Trading securities | 662 | 662 | — | — | |||||||||||||
Foreign currency hedge | (7 | ) | — | (7 | ) | — | |||||||||||
Total | $ | 24,391 | $ | 24,398 | $ | (7 | ) | $ | — | ||||||||
ShareBased_Payments
Share-Based Payments | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 6: Share-Based Payments | |||||||||||||||||
We recorded share-based compensation expense for the three months ended March 31, 2014 and 2013 of $1,136 and $1,479, respectively, with related tax benefits of $426 and $529, respectively. For the nine months ended March 31, 2014 and 2013, we recorded share-based compensation expense of $3,958 and $4,235, respectively, with related tax benefits of $1,486 and $1,524, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
We use the Black-Scholes option-pricing model to calculate the fair value of stock option awards. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield and exercise price. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. | |||||||||||||||||
Under the assumptions indicated below, the weighted-average fair value of stock option grants for the three months ended March 31, 2013 was $9.45. The weighted-average fair value of stock option grants for the nine months ended March 31, 2014 and 2013 was $8.55 and $12.64, respectively. There were 0 stock options granted for the three months ended March 31, 2014. During the three months ended March 31, 2013, we granted stock options aggregating 50,000 shares of common stock. During the nine months ended March 31, 2014 and 2013, we granted stock options aggregating 169,738 and 172,934 shares of common stock, respectively. | |||||||||||||||||
The table below indicates the key assumptions used in the option valuation calculations for options granted in the periods presented: | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Term | n/a | 7.3 Years | 8.5 Years | 7.3 Years | |||||||||||||
Volatility | n/a | 59.2 | % | 57 | % | 59.2 | % | ||||||||||
Dividend yield | n/a | — | — | — | |||||||||||||
Risk-free interest rate | n/a | 1.4 | % | 2.4 | % | 1.2-1.4 | % | ||||||||||
Restricted Stock | |||||||||||||||||
Our share-based compensation expense also includes the effects of the issuance of restricted stock units. The compensation expense related to restricted stock awards is determined based on the market price of our stock at the date of grant applied to the total number of shares anticipated to fully vest, which is then amortized over the expected term. There were 0 shares of restricted stock issued during the three months ended March 31, 2014 and 2013. During the nine months ended March 31, 2014 and 2013, an aggregate of 213,915 and 162,901 shares, respectively, of restricted stock units were issued at a weighted average stock price at date of grant of $14.42 and $18.49, respectively. Generally, the restrictions on the restricted stock units granted to employees prior to January 1, 2011 lapse at a rate of 50% on the three-year anniversary and the remaining 50% on the fourth year anniversary. Restrictions on restricted stock units granted to employees after January 1, 2011 lapse at a rate of 25% each year. |
Receivables
Receivables | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
Note 7: Receivables | |||||||||
The following table sets forth the components of accounts receivable at March 31, 2014 and June 30, 2013: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Trade and other | $ | 29,172 | $ | 32,632 | |||||
Allowance for doubtful accounts | (279 | ) | (272 | ) | |||||
$ | 28,893 | $ | 32,360 | ||||||
Inventories
Inventories | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 8: Inventories | |||||||||
Inventories are stated at the lower of cost (determined on a first-in, first-out basis) or market. The following table sets forth the components of inventories at March 31, 2014 and June 30, 2013: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials and manufactured parts | $ | 15,773 | $ | 14,411 | |||||
Work in process | 15,214 | 11,300 | |||||||
Finished goods | 4,144 | 4,474 | |||||||
$ | 35,131 | $ | 30,185 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||
Note 9: Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost less depreciation and impairments. Maintenance and repairs are charged to expense as incurred. Management evaluates, on an ongoing basis, the carrying value of property, plant and equipment and makes adjustments when impairments are identified. Depreciation is based on the estimated useful lives of the various classes of assets and is computed using the straight-line method. The following table sets forth the components of property, plant and equipment at March 31, 2014 and June 30, 2013: | |||||||||||||
March 31, | June 30, | Estimated Useful Life | |||||||||||
2014 | 2013 | (Years) | |||||||||||
Land and improvements | $ | 4,030 | $ | 4,030 | — | ||||||||
Building and improvements | 26,944 | 24,665 | 15-40 | ||||||||||
Machinery, equipment and office furniture | 62,471 | 60,905 | 8-Mar | ||||||||||
Leasehold improvements | 733 | 1,009 | 1-5 | ||||||||||
Construction in progress | 2,113 | 1,525 | — | ||||||||||
96,291 | 92,134 | ||||||||||||
Accumulated depreciation | (59,453 | ) | (57,791 | ) | |||||||||
$ | 36,838 | $ | 34,343 | ||||||||||
Depreciation expense was $1,335 and $1,193 for the three months ended March 31, 2014 and 2013, respectively, and $3,864 and $3,537, respectively, for the nine months ended March 31, 2014 and 2013. |
Warranty
Warranty | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
Note 10: Warranty | |||||||||
A limited warranty is provided on our products for periods ranging from 3 to 12 months, and allowances for estimated warranty costs are recorded during the period of sale. The determination of such allowances requires management to make estimates of product return rates and expected costs to repair or replace products under warranty. If actual return rates or repair and replacement costs, or both, differ significantly from management estimates, adjustments to the expense will be required. | |||||||||
The following table is a reconciliation of the beginning and ending balances of the accrued warranty liability, which is included in “Other accrued expenses” in the condensed consolidated balance sheets: | |||||||||
Nine Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 647 | $ | 1,188 | |||||
Reductions for payments made | (460 | ) | (665 | ) | |||||
Changes in accruals related to pre-existing warranties | 654 | (292 | ) | ||||||
Changes in accruals related to warranties made in the current period | (114 | ) | 385 | ||||||
Ending balance | $ | 727 | $ | 616 | |||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
Note 11: Intangible Assets | |||||||||
Intangible assets includes patents, customer relationships and technology. The cost of patents and customer relationships and technology is amortized on a straight-line basis over estimated useful lives ranging from 3-17 years. | |||||||||
The following table sets forth the components of intangible assets, as of March 31, 2014 and June 30, 2013: | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Patents | $ | 7,299 | $ | 7,198 | |||||
Customer relationships and technology | 2,051 | 2,051 | |||||||
9,350 | 9,249 | ||||||||
Accumulated amortization | (5,162 | ) | (4,634 | ) | |||||
Total | $ | 4,188 | $ | 4,615 | |||||
Amortization expense related to intangibles of $199 and $211 for the three months ended March 31, 2014 and 2013, respectively, and $598 and $650 for the nine months ended March 31, 2014 and 2013, respectively is included in “Cost of goods sold” and “Selling, general and administrative expenses” in the condensed consolidated statements of operations. | |||||||||
Based on the carrying amount of the intangible assets as of March 31, 2014, the estimated future amortization expense is as follows: | |||||||||
Estimated Future Amortization | |||||||||
Expense | |||||||||
Three months ending June 30, 2014 | $ | 318 | |||||||
Fiscal year ending June 30, 2015 | 834 | ||||||||
Fiscal year ending June 30, 2016 | 658 | ||||||||
Fiscal year ending June 30, 2017 | 519 | ||||||||
Fiscal year ending June 30, 2018 | 397 | ||||||||
Fiscal year ending June 30, 2019 | 384 | ||||||||
Thereafter | 1,078 | ||||||||
Total | $ | 4,188 | |||||||
Segment_and_Major_Customer_Inf
Segment and Major Customer Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 12: Segment and Major Customer Information | |||||||||||||||||
Our business is organized into two operating divisions and reporting segments – Metrology Solutions and Optical Systems. The Metrology Solutions segment includes 3-Dimensional surface metrology products, precision positioning systems and custom-engineered solutions used in the semiconductor capital equipment, research, defense and industrial markets. The Optical Systems segment designs, develops and manufactures high precision optical components and electro-optical systems used in the semiconductor capital equipment, defense, life sciences and research markets. The chief operating decision-maker uses this information to allocate resources. | |||||||||||||||||
The following table sets forth segment net revenue, gross profit and gross margin for the three and nine months ended March 31, 2014 and 2013: | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Metrology Solutions | |||||||||||||||||
Net revenue | $ | 26,695 | $ | 21,273 | $ | 87,014 | $ | 68,566 | |||||||||
Gross profit | $ | 14,684 | $ | 11,796 | $ | 49,866 | $ | 37,724 | |||||||||
Gross margin | 55 | % | 55 | % | 57 | % | 55 | % | |||||||||
Optical Systems | |||||||||||||||||
Net revenue | $ | 13,018 | $ | 13,260 | $ | 40,978 | $ | 40,808 | |||||||||
Gross profit | $ | 3,396 | $ | 3,464 | $ | 11,347 | $ | 10,312 | |||||||||
Gross margin | 26 | % | 26 | % | 28 | % | 25 | % | |||||||||
Total | |||||||||||||||||
Net revenue | $ | 39,713 | $ | 34,533 | $ | 127,992 | $ | 109,374 | |||||||||
Gross profit | $ | 18,080 | $ | 15,260 | $ | 61,213 | $ | 48,036 | |||||||||
Gross margin | 46 | % | 44 | % | 48 | % | 44 | % | |||||||||
Separate financial information by segment for total assets, capital expenditures and depreciation and amortization is not evaluated by our chief operating decision-maker. Substantially all of our operating expenses, assets and depreciation and amortization are U.S.-based. | |||||||||||||||||
The following table sets forth revenue by geographic area: | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Americas | $ | 16,161 | $ | 18,744 | $ | 56,105 | $ | 57,361 | |||||||||
Japan | 9,741 | 6,728 | 35,253 | 18,395 | |||||||||||||
China | 4,982 | 2,619 | 12,833 | 13,655 | |||||||||||||
Europe | 6,946 | 4,914 | 16,007 | 14,134 | |||||||||||||
Pacific Rim | 1,883 | 1,528 | 7,794 | 5,829 | |||||||||||||
Total | $ | 39,713 | $ | 34,533 | $ | 127,992 | $ | 109,374 | |||||||||
Revenue from one customer in the Metrology Solutions Segment accounted for 12% of net revenue for the three months ended March 31, 2014. Revenue from two customers in the Metrology Solutions Segment accounted for 16% and 10% of net revenue for the nine months ended March 31, 2014. These revenues related primarily to the shipments of precision positioning systems. Revenue from one customer in the Metrology Solutions segment amounted to 11% of net revenue for the three months ended March 31, 2013. 0 customer accounted for over 10% of our revenue for the nine months ended March 31, 2013. |
Transactions_with_Shareholder
Transactions with Shareholder | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 13: Transactions with Shareholder | |
Revenue from Canon Inc., a shareholder, and Canon Sales Co. Inc., a distributor of certain of our products in Japan and a subsidiary of Canon Inc. (collectively referred to as “Canon”), amounted to $4,781 and $3,694 (12% and 11% of net revenue, respectively) for the three months ended March 31, 2014 and 2013, respectively. For the nine months ended March 31, 2014 and 2013, revenues from Canon amounted to $12,789 and $9,362 (10% and 9% of net revenue, respectively). Selling prices of products sold to Canon are based, generally, on the terms customarily given to distributors. At March 31, 2014 and June 30, 2013, there were, in the aggregate, $1,658 and $1,771, respectively, of trade accounts receivable from Canon. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||
Note 14: Derivatives and Hedging Activities | ||||||||
We enter into foreign currency forward contracts to reduce the impact of adverse fluctuations on earnings associated with foreign currency exchange rate changes. We do not enter into any derivative transactions for speculative purposes. | ||||||||
Most derivative contracts are used as hedging instruments but do not qualify for hedge accounting treatment under authoritative guidance on accounting for derivative instruments and hedging activities. These non-qualifying derivative contracts are entered into for periods consistent with the currency transaction exposures from the point of shipment to the point of collection, generally three to six months, and are marked-to-market with changes in fair value recorded in the condensed consolidated statements of operations in Other miscellaneous income (expense), net. Any gains and losses on the fair value of these derivative contracts would largely offset corresponding foreign currency losses and gains on the underlying transactions. | ||||||||
In the case of derivative contracts used as hedges for significant orders with shipping dates that may extend more than six months in the future, we may designate those derivative contracts as cash flow hedges that qualify as hedging instruments under authoritative guidance on accounting for derivative instruments and hedging activities. These qualifying derivative contracts are entered into for periods consistent with the currency transaction exposures from the order date through shipment and collection. For these cash flow hedges, any gains or losses on the fair value of these contracts would be charged to the account accumulated other comprehensive income (“AOCI”) and subsequently relieved to net revenue upon shipment to the customer. In addition, at the point of shipment to the customer, the cash flow hedge will be de-designated, with any future gains or losses from that point forward charged to Other miscellaneous income (expense), net. Those gains and losses would be expected to largely offset corresponding losses and gains on the underlying receivable transactions. In the case where a designated cash flow hedge is accounted for under the spot method, a portion of the adjustment that would otherwise be accounted for in AOCI would be charged to Other miscellaneous income (expense), net and would not be offset by any corresponding gains or losses on an underlying transaction up to the point of shipment or revenue recognition. | ||||||||
Derivatives not designated as hedging instruments. | ||||||||
As of March 31, 2014, we had four foreign currency forward contracts outstanding involving our German operations with notional amounts aggregating $1,205. These foreign currency hedges are not designated as hedging instruments. Net unrealized gains recognized from foreign currency forward contracts for the three months ended March 31, 2014 and 2013 were $19 and $47, respectively. For the nine months ended March 31, 2014 and 2013, net unrealized gains (losses) recognized from foreign currency forward contracts were ($115) and $263, respectively. These gains and losses are substantially offset by foreign exchange losses and gains on intercompany balances recorded by our subsidiaries and were included in Other miscellaneous income (expense), net in the condensed consolidated statements of operations. | ||||||||
The following table summarizes the fair value of derivative instruments as of March 31, 2014 and June 30, 2013. | ||||||||
Derivatives not designated as hedging instruments | Balance sheet location | |||||||
31-Mar-14 | Number of foreign exchange contracts: | 4 | Other accrued expenses | $38 | ||||
30-Jun-13 | Number of foreign exchange contracts: | 11 | Prepaid expenses, prepaid | $147 | ||||
taxes and other current assets | ||||||||
Derivative designated as a hedging instrument | ||||||||
As of March 31, 2014, we had one foreign currency forward contract outstanding involving our Japanese operations with a notional amount of $6,504 to protect against foreign currency fluctuations for current transactions and longer term orders denominated in Japanese Yen. | ||||||||
This foreign currency hedge is designated as a hedging instrument qualifying as a cash flow hedge utilizing a window forward approach used in situations where multiple shipments occur over a period of time. The cash flow hedge is in effect for the period of April 2013 through June 2014. The cash flow hedge is evaluated quarterly to ensure that hedge accounting treatment still applies. | ||||||||
The window forward approach provides for the use of the spot method to determine the amount to be included in AOCI. This method requires current period expensing of the impact in changes to the forward rates while allowing the changes in the spot rate to be recorded in AOCI. At the time the various shipments occur, AOCI is relieved for a pro-rata amount of the basis which is reclassified to net revenue in the condensed consolidated statements of operations. Concurrently, that portion of the hedge related to current shipments is de-designated as a cash flow hedge for accounting purposes and any future changes in fair value related to that portion of the hedge is included in Other miscellaneous income (expense), net in the condensed consolidated statements of operations. These gains and losses from the de-designated portion of the hedge are substantially offset by foreign exchange losses and gains on balances recorded by our subsidiary. | ||||||||
Net unrealized gains (losses) recognized from the ineffective portion of the cash flow hedge for the three and nine months ended March 31, 2014 was $1 and $65, respectively, and the de-designated portions of the hedge for the same periods were ($222) and $309, respectively, included in Other miscellaneous income (expense), net in the condensed consolidated statements of operations. Amounts reclassified from AOCI to revenue based on shipments to customers resulted in increases in net revenue of $125 and $363 for the three and nine months ended March 31, 2014, respectively. Any remaining amounts that were in AOCI during the current quarter have been reclassified into net revenue. | ||||||||
The following table summarizes the foreign exchange cash flow hedge value as of March 31, 2014 and June 30, 2013: | ||||||||
Foreign currency derivative designated as hedging instruments | Balance sheet location | |||||||
31-Mar-14 | Number of foreign exchange contracts: | 1 | Prepaid expenses, prepaid | $244 | ||||
taxes and other current assets | ||||||||
30-Jun-13 | Number of foreign exchange contracts: | 1 | Other accrued expenses | $154 | ||||
Accumulated other | ($25) | |||||||
comprehensive loss | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
Note 15: Income Taxes | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Amount | Tax | Amount | Tax | Amount | Tax | Amount | Tax | ||||||||||||||||||||||||||
Rate % | Rate % | Rate % | Rate % | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | $ | 1,331 | 41 | % | $ | (504 | ) | -79 | % | $ | 4,871 | 37 | % | $ | 2,602 | 37 | % | ||||||||||||||||
Income tax expense for the nine months ended March 31, 2014 resulted in an annual effective tax rate of 37%, similar to the annualized effective tax rate for the prior year, after giving effect to the prior year adjustments described below. The current year income tax calculation includes estimated United States federal research and development credits for the first six months of the year. The federal research and development credit expired on December 31, 2013, and 0 research and development credits are included in the tax calculation for the three months ended March 31, 2014. The prior year tax calculation for the three and nine months ended March 31, 2013 included estimated research and development credits for the nine month period. The research and development credit had expired at December 31, 2012 and was renewed on January 1, 2013 for a one year period. | |||||||||||||||||||||||||||||||||
The Company is subject to U.S. federal income tax, as well as income tax in multiple state and foreign jurisdictions. The Company is subject to U.S. federal income tax audit or tax adjustments for years ended June 30, 2000 and later because there are net operating losses (“NOL”) and credit carryforwards attributable to those years. Those years are subject to audit at the time the NOLs or credits available from those years are utilized. The Company is no longer subject to state and foreign income tax audit or tax adjustments for years prior to June 30, 2006. | |||||||||||||||||||||||||||||||||
In the normal course of business, we analyze for uncertain tax positions and adjust unrecognized tax benefits or liabilities accordingly. For the three and nine months ended March 31, 2014, we recognized additional liabilities for uncertain tax positions of $39 and $231, respectively. We are not aware of any tax positions that would create a material adjustment to unrecognized tax benefits during the next twelve months. | |||||||||||||||||||||||||||||||||
As previously reported, the Company has been undergoing a review of its tax accounts using third party advisors. As a result of that review, the Company reported that subsequent to the issuance of the financial information for the third fiscal quarter ended March 31, 2013, the Company’s management identified the following errors within the Company’s accounting for income taxes, which the Company determined to be immaterial to the financial information previously reported: | |||||||||||||||||||||||||||||||||
-1 | An overstatement in recorded tax expense related to certain transactions with foreign subsidiaries, partially offset by an understatement in tax expense recorded in a reduction of reserves against uncertain tax positions related to transfer pricing. The Company’s deferred tax assets were understated for tax benefits that had not historically been captured from transactions between the Company and its foreign subsidiaries, primarily related to its German subsidiary ZygoLot. For the three and nine months ended March 31, 2013, correction of the two errors aggregated to an increase in income tax expense of $174 and a decrease in income tax expense of $569, respectively, with a corresponding change in deferred tax assets. | ||||||||||||||||||||||||||||||||
-2 | An overstatement of recorded state research and development tax credits, which are available for use to offset future state taxes on capital. The Company had incorrectly recorded these State credits in its tax accounts for States where we pay tax on capital, not on income. To correct that overstatement, the previously recorded deferred tax assets related to these credits was reversed. For the three and nine months ended March 31, 2013, correction of the error resulted in an increase to income tax expense of $212 and $634, respectively, with a corresponding decrease to deferred tax assets. | ||||||||||||||||||||||||||||||||
-3 | An error in accounting for the tax basis of fixed assets acquired in the Company’s acquisition of the Richmond, California operations in November 2010. The tax basis of the fixed assets acquired that was used in the calculation of the deferred tax accounts since the acquisition date was overstated, and as a result the associated deferred tax liability was understated. The calculated tax basis did not include a basis adjustment for a future discount liability recorded as part of the original acquisition. For the nine months ended March 31, 2013, the correction of the error resulted in an increase in income tax expense of $1,670 with a corresponding decrease in deferred tax assets. | ||||||||||||||||||||||||||||||||
-4 | An understatement in recording the Company’s net operating loss carryforward related to excess tax benefits on shared-based compensation. The unrecognized excess tax benefits in certain years were not recorded in accordance with the same methodology the Company had elected on the date of adoption of FAS 123R. Correction of the error resulted in an increase to the deferred tax asset related to the net operating loss carryforward and an increase to additional paid-in capital of $1,370 as of June 30, 2013. | ||||||||||||||||||||||||||||||||
-5 | An error in the recognition of uncertain tax positions against a net operating loss carryforward related to an acquisition. The Company’s uncertain tax positions were understated by $1,086 and therefore were corrected to reflect the uncertainty on the availability of an acquired net operating loss carryforward. As of June 30, 2013, correction of the error resulted in an increase in other long-term liabilities of $1,086 with a corresponding decrease in retained earnings. | ||||||||||||||||||||||||||||||||
The Company’s management has evaluated the impact of these errors on the previously reported financial information on the basis of quantitative and qualitative considerations and does not believe the errors are material to the previously-issued financial information. However, because correction of these amounts in the current period would be significant to the current statement of operations, they have been corrected by immaterial restatement of the previously-reported amounts. The table below provides a reconciliation of the restated balances to the amounts previously reported: | |||||||||||||||||||||||||||||||||
(Amounts in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
31-Mar-13 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
As Previously | As Restated | As Previously | As Restated | ||||||||||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||||||||||
Income tax benefit (expense) | $ | 890 | $ | 504 | $ | (866 | ) | $ | (2,602 | ) | |||||||||||||||||||||||
Net income attributable to Zygo Corporation | 1,366 | 980 | 5,333 | 3,597 | |||||||||||||||||||||||||||||
Basic Earnings per Share | $ | 0.07 | $ | 0.05 | $ | 0.29 | $ | 0.2 | |||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 0.07 | $ | 0.05 | $ | 0.28 | $ | 0.19 | |||||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | At June 30, 2013 | ||||||||||||||||||||||||||||||||
As Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported | |||||||||||||||||||||||||||||||||
Deferred income taxes - Asset - Current | $ | 7,261 | $ | 8,631 | |||||||||||||||||||||||||||||
Total current assets | $ | 163,633 | $ | 165,003 | |||||||||||||||||||||||||||||
Deferred income taxes - Asset - Long Term | $ | 14,967 | $ | 10,490 | |||||||||||||||||||||||||||||
Total assets | $ | 218,220 | $ | 215,113 | |||||||||||||||||||||||||||||
Other long term liabilities | $ | 4,997 | $ | 3,769 | |||||||||||||||||||||||||||||
Total liabilities | $ | 32,336 | $ | 31,108 | |||||||||||||||||||||||||||||
Additional paid-in capital | $ | 180,324 | $ | 181,694 | |||||||||||||||||||||||||||||
Retained earnings | $ | 30,104 | $ | 26,855 | |||||||||||||||||||||||||||||
Total shareholders’ equity - Zygo Corporation | $ | 183,841 | $ | 181,962 | |||||||||||||||||||||||||||||
Total equity | $ | 185,884 | $ | 184,005 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 218,220 | $ | 215,113 | |||||||||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | Nine Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
As Previously Reported | As Restated | ||||||||||||||||||||||||||||||||
Cash provided by operating activites - Net income including noncontrolling interest | $ | 6,208 | $ | 4,472 | |||||||||||||||||||||||||||||
Adjustments to reconcile net income to cash - Deferred income taxes | $ | (3,494 | ) | $ | (1,942 | ) | |||||||||||||||||||||||||||
Adjustments to reconcile net income to cash - Changes in operating accounts: Accounts payable, accrued expenses and taxes payable | $ | (4,788 | ) | $ | (4,604 | ) | |||||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 16: Commitments and Contingencies | |
On November 12, 2010, we completed a transaction with ASML US, Inc. (“ASML”) to purchase substantially all the assets of their Richmond, California operations. These assets were acquired for $12,475, of which $7,142 was in cash, and the balance was future consideration, with a then-net-present value of $5,333 using a discount factor of 14%, based on the level of shipments to ASML over the subsequent three years beginning January 1, 2011. On the acquisition date, the future consideration was recorded as a liability, with $1,127 recorded as a current liability and $4,206 recorded as a long-term liability. The future consideration represented a supply agreement that was entered into with ASML that provided for a volume discount on future purchases. The volume discount portion of the agreement expired on December 31, 2013. | |
From time to time we are subject to certain legal proceedings and claims that arise in the ordinary course of business. | |
We are aware of certain levels of environmental contamination that are below reportable levels on one of our properties. In addition, we are aware of certain contamination on an adjacent property that we formerly owned. The future effect of environmental matters, including potential liabilities, is often difficult to estimate. At this time, we are unable to determine or reasonably estimate the amount of costs, if any, that we might incur or for which we may potentially be responsible. Subsequent to March 31, 2014, Zygo executed an Indemnity and Release Agreement with the owner of the adjacent property, pursuant to which the Company has agreed to share equally in the cost of remediation, if any, up to an aggregate of $1,000 ($500 as the Company’s portion). We will record a reserve for the exposure related to the environmental contamination when it is both probable that a liability has been incurred, and the amount of any liability can be reasonably estimated, whether or not a claim has been asserted. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 17: Subsequent Event | |
On April 11, 2014, we announced that we have entered into a definitive merger agreement with AMETEK, Inc. (“AMETEK”) pursuant to which AMETEK has agreed to acquire all of the outstanding shares of common stock of Zygo for cash at a purchase price of $19.25 per share. The transaction, which was unanimously approved by the Board of Directors of Zygo, is subject to certain customary closing conditions, including approval of the merger by Zygo’s stockholders and regulatory clearance. | |
On or about April 17, 2014, a putative class action complaint challenging the merger was filed in the Court of Chancery in the State of Delaware, captioned Salafia v. Zygo Corp., C.A. No. 9551-VCN. The complaint was filed on behalf of the public stockholders of Zygo and names as defendants Zygo, the members of its board of directors, AMETEK and Merger Sub. The complaint generally alleges that Zygo’s directors breached their fiduciary duties to Zygo’s stockholders by agreeing to sell Zygo for inadequate and unfair consideration and pursuant to an inadequate and unfair process, and that Zygo, AMETEK and Merger Sub aided and abetted those alleged breaches. The complaint seeks, among other things, a court order to enjoin the merger. The defendants have not yet responded to the complaint, but believe that the claims asserted against them are without merit. | |
On or about April 21, 2014, a putative class action complaint challenging the merger was filed in the Court of Chancery in the State of Delaware, captioned Gordon v. Zygo Corporation, Case No. 9561. The complaint was filed on behalf of Natalie Gordon, on behalf of herself and other similarly situated public stockholders of Zygo, and names as defendants Zygo, the members of its board of directors, AMETEK and Merger Sub. The complaint generally alleges that the merger undervalues Zygo and was the result of an unfair sales process. The complaint alleges that Zygo’s directors breached their fiduciary duties to Zygo’s stockholders. Additionally, the complaint alleges that the defendants agreed to unreasonable deal-protection devices that discouraged potential bidders. The complaint seeks, among other things, to enjoin the merger. The defendants have not yet responded to the complaint, but believe that the claims asserted against them are without merit. | |
By order dated April 29, 2014, the Court of Chancery consolidated the Salafia and Gordon actions under the caption In re Zygo Corp. Shareholder Litigation, Cons. C.A. 9551-VCN. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation And Principles Of Consolidation [Policy Text Block] | ' |
Basis of Presentation and Principles of Consolidation | |
Zygo Corporation is a worldwide supplier of optical metrology instruments, precision optics, and electro-optical design and manufacturing services, serving customers in the semiconductor capital equipment, research, defense, life sciences and industrial markets. The accompanying condensed consolidated financial statements include the accounts of Zygo Corporation and its subsidiaries (“Zygo,” “we,” “us,” “our” or “the Company”). The Company follows accounting principles generally accepted in the United States of America (“US GAAP”). Zygo’s reporting currency is the U.S. dollar. The functional currencies of our foreign subsidiaries are their local currencies; and amounts included in the condensed consolidated statements of operations are translated at the weighted-average exchange rates for the period. Assets and liabilities are translated at period-end exchange rates, and resulting foreign exchange translation adjustments are recorded in the condensed consolidated balance sheets as a component of accumulated other comprehensive income. All transactions and accounts with the subsidiaries are eliminated from the condensed consolidated financial statements. The results of operations for the three and nine month periods ended March 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. | |
In management’s opinion, the accompanying condensed consolidated balance sheets and condensed consolidated interim statements of income, comprehensive income, and cash flows include all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation of the results of the interim periods. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended June 30, 2013, including items incorporated therein by reference. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Adoption of new Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-10, Derivatives and Hedging: Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force). FASB Accounting Standards Codification (“ASC”) 815 provides guidance on the risks that are permitted to be hedged in a fair value or cash flow hedge. Among those risks for financial assets and financial liabilities is the risk of changes in a hedged item’s fair value or a hedged transaction’s cash flows attributable to changes in the designated benchmark interest rate (referred to as interest rate risk). In the United States, currently only the interest rates on direct Treasury obligations of the U.S. government (“UST”) and, for practical reasons, the London Interbank Offered Rate (“LIBOR”) swap rate are considered benchmark interest rates. The ASU permits the Overnight Index Swap Rate (“OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes under FASB ASC 815, in addition to UST and LIBOR and also removes the restriction on using different benchmark rates for similar hedges. The update is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance in the first quarter of fiscal 2014 did not have a material impact on our condensed consolidated financial statements and is not expected to have a material impact on future financial statements. | |
New Accounting Pronouncements Not Yet Adopted [Policy Text Block] | ' |
Recent Accounting Guidance Not Yet Adopted | |
In July 2013, FASB issued ASU No. 2013-11, Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). FASB ASC 740, Income Taxes, does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. There is diversity in practice in the presentation of unrecognized tax benefits in those instances. Some entities present unrecognized tax benefits as a liability unless the unrecognized tax benefit is directly associated with a tax position taken in a tax year that results in, or that resulted in, the recognition of a net operating loss or tax credit carryforward for that year, and the net operating loss or tax credit carryforward has not been utilized. Other entities present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss or tax credit carryforward in certain circumstances. The objective of ASU 2013-11 is to eliminate that diversity in practice. | |
Under ASU 2013-11, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The update should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The effective date for Zygo is the first quarter of fiscal year 2015, unless earlier adopted. We are currently evaluating this guidance but do not expect its adoption to have a material effect on our condensed consolidated financial statements. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain amounts included in the condensed consolidated balance sheets for the prior year have been reclassified to conform with the current year presentation of “Deferred income taxes” long term liability. In fiscal 2013, “Deferred income taxes” current liability of $123 was reported as a component of other accrued expenses in the condensed consolidated balance sheet. In fiscal 2014, deferred income taxes is presented separately for March 31, 2013 and June 30, 2013. |
Weighted_Average_Shares_Outsta1
Weighted Average Shares Outstanding (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | 'The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding for the periods presented: | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 18,900,329 | 18,505,621 | 18,771,281 | 18,433,765 | |||||||||||||
Dilutive effect of stock options and restricted shares | 436,126 | 620,577 | 512,790 | 645,740 | |||||||||||||
Diluted weighted average shares outstanding | 19,336,455 | 19,126,198 | 19,284,071 | 19,079,505 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | 'The following table sets forth shareholders’ equity and noncontrolling interest for the nine months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
Nine Months Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Shareholders’ | Non- | Total | Shareholders’ | Non- | Total | ||||||||||||||||||||
Equity | Controlling | Equity | Controlling | ||||||||||||||||||||||
Zygo Corp. | Interest | Equity | Zygo Corp. | Interest | Equity | ||||||||||||||||||||
Equity, beginning of period | $ | 181,962 | $ | 2,043 | $ | 184,005 | $ | 173,482 | $ | 2,355 | $ | 175,837 | |||||||||||||
Net income | 8,107 | 305 | 8,412 | 3,597 | 875 | 4,472 | |||||||||||||||||||
Unrealized gain on hedge | 16 | — | 16 | — | — | — | |||||||||||||||||||
Foreign currency translation effect | 388 | 22 | 410 | (337 | ) | 79 | (258 | ) | |||||||||||||||||
Total | 8,511 | 327 | 8,838 | 3,260 | 954 | 4,214 | |||||||||||||||||||
Share-based compensation | 3,958 | — | 3,958 | 4,620 | — | 4,620 | |||||||||||||||||||
Repurchase of restricted stock | (1,860 | ) | — | (1,860 | ) | (1,176 | ) | — | (1,176 | ) | |||||||||||||||
Employee stock purchase | 83 | — | 83 | 40 | — | 40 | |||||||||||||||||||
Exercise of employee stock options and related tax effect | 1,294 | — | 1,294 | 1,066 | — | 1,066 | |||||||||||||||||||
Dividends attributable to noncontrolling interest | — | (458 | ) | (458 | ) | — | (1,101 | ) | (1,101 | ) | |||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | — | — | — | (2,777 | ) | (378 | ) | (3,155 | ) | ||||||||||||||||
Equity, end of period | $ | 193,948 | $ | 1,912 | $ | 195,860 | $ | 178,515 | $ | 1,830 | $ | 180,345 |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Trading Securities [Table Text Block] | 'The following table sets forth the beginning balance at July 1, 2013 and 2012, of gross unrealized gains and losses, contributions, redemptions and fair value of trading securities at March 31, 2014 and 2013: | ||||||||||||||||||||||||
Balance | Gross | Gross | |||||||||||||||||||||||
Beginning of | Unrealized | Unrealized | Contri- | Redemp- | Ending | ||||||||||||||||||||
Fiscal Year | Gains | Losses | butions | tions | Balance | ||||||||||||||||||||
March 31, 2014 Mutual Fund | $ | 662 | $ | 122 | $ | — | $ | — | $ | (168 | ) | $ | 616 | ||||||||||||
March 31, 2013 Mutual Fund | $ | 729 | $ | 93 | $ | — | $ | — | $ | (134 | ) | $ | 688 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 'The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2014 and June 30, 2013: | ||||||||||||||||
Fair value measurements at March 31, 2014 | |||||||||||||||||
Total carrying | Quoted prices | Significant | Significant | ||||||||||||||
value at | in active | other | unobservable | ||||||||||||||
March 31, | markets | observable | inputs | ||||||||||||||
inputs | |||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Money market funds | $ | 23,741 | $ | 23,741 | $ | — | $ | — | |||||||||
Trading securities | 616 | 616 | — | — | |||||||||||||
Foreign currency hedge | $ | 205 | — | 205 | — | ||||||||||||
Total | $ | 24,562 | $ | 24,357 | $ | 205 | $ | — | |||||||||
Fair value measurements at June 30, 2013 | |||||||||||||||||
Total carrying | Quoted prices | Significant | Significant | ||||||||||||||
value at | in active | other | unobservable | ||||||||||||||
markets | observable | inputs | |||||||||||||||
inputs | |||||||||||||||||
30-Jun-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Money market funds | $ | 23,736 | $ | 23,736 | $ | — | $ | — | |||||||||
Trading securities | 662 | 662 | — | — | |||||||||||||
Foreign currency hedge | (7 | ) | — | (7 | ) | — | |||||||||||
Total | $ | 24,391 | $ | 24,398 | $ | (7 | ) | $ | — |
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Fair Value Assumptions And Methodology [Table Text Block] | 'The table below indicates the key assumptions used in the option valuation calculations for options granted in the periods presented: | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Term | n/a | 7.3 Years | 8.5 Years | 7.3 Years | |||||||||||||
Volatility | n/a | 59.2 | % | 57 | % | 59.2 | % | ||||||||||
Dividend yield | n/a | — | — | — | |||||||||||||
Risk-free interest rate | n/a | 1.4 | % | 2.4 | % | 1.2-1.4 | % |
Receivables_Tables
Receivables (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 'The following table sets forth the components of accounts receivable at March 31, 2014 and June 30, 2013: | ||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Trade and other | $ | 29,172 | $ | 32,632 | |||||
Allowance for doubtful accounts | (279 | ) | (272 | ) | |||||
$ | 28,893 | $ | 32,360 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | 'The following table sets forth the components of inventories at March 31, 2014 and June 30, 2013: | ||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials and manufactured parts | $ | 15,773 | $ | 14,411 | |||||
Work in process | 15,214 | 11,300 | |||||||
Finished goods | 4,144 | 4,474 | |||||||
$ | 35,131 | $ | 30,185 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment [Table Text Block] | 'The following table sets forth the components of property, plant and equipment at March 31, 2014 and June 30, 2013: | ||||||||||||
March 31, | June 30, | Estimated Useful Life | |||||||||||
2014 | 2013 | (Years) | |||||||||||
Land and improvements | $ | 4,030 | $ | 4,030 | — | ||||||||
Building and improvements | 26,944 | 24,665 | 15-40 | ||||||||||
Machinery, equipment and office furniture | 62,471 | 60,905 | 8-Mar | ||||||||||
Leasehold improvements | 733 | 1,009 | 1-5 | ||||||||||
Construction in progress | 2,113 | 1,525 | — | ||||||||||
96,291 | 92,134 | ||||||||||||
Accumulated depreciation | (59,453 | ) | (57,791 | ) | |||||||||
$ | 36,838 | $ | 34,343 |
Warranty_Tables
Warranty (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | 'The following table is a reconciliation of the beginning and ending balances of the accrued warranty liability, which is included in “Other accrued expenses” in the condensed consolidated balance sheets: | ||||||||
Nine Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 647 | $ | 1,188 | |||||
Reductions for payments made | (460 | ) | (665 | ) | |||||
Changes in accruals related to pre-existing warranties | 654 | (292 | ) | ||||||
Changes in accruals related to warranties made in the current period | (114 | ) | 385 | ||||||
Ending balance | $ | 727 | $ | 616 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 'The following table sets forth the components of intangible assets, as of March 31, 2014 and June 30, 2013: | ||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Patents | $ | 7,299 | $ | 7,198 | |||||
Customer relationships and technology | 2,051 | 2,051 | |||||||
9,350 | 9,249 | ||||||||
Accumulated amortization | (5,162 | ) | (4,634 | ) | |||||
Total | $ | 4,188 | $ | 4,615 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 'Based on the carrying amount of the intangible assets as of March 31, 2014, the estimated future amortization expense is as follows: | ||||||||
Estimated Future Amortization | |||||||||
Expense | |||||||||
Three months ending June 30, 2014 | $ | 318 | |||||||
Fiscal year ending June 30, 2015 | 834 | ||||||||
Fiscal year ending June 30, 2016 | 658 | ||||||||
Fiscal year ending June 30, 2017 | 519 | ||||||||
Fiscal year ending June 30, 2018 | 397 | ||||||||
Fiscal year ending June 30, 2019 | 384 | ||||||||
Thereafter | 1,078 | ||||||||
Total | $ | 4,188 |
Segment_and_Major_Customer_Inf1
Segment and Major Customer Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 'The following table sets forth segment net revenue, gross profit and gross margin for the three and nine months ended March 31, 2014 and 2013: | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Metrology Solutions | |||||||||||||||||
Net revenue | $ | 26,695 | $ | 21,273 | $ | 87,014 | $ | 68,566 | |||||||||
Gross profit | $ | 14,684 | $ | 11,796 | $ | 49,866 | $ | 37,724 | |||||||||
Gross margin | 55 | % | 55 | % | 57 | % | 55 | % | |||||||||
Optical Systems | |||||||||||||||||
Net revenue | $ | 13,018 | $ | 13,260 | $ | 40,978 | $ | 40,808 | |||||||||
Gross profit | $ | 3,396 | $ | 3,464 | $ | 11,347 | $ | 10,312 | |||||||||
Gross margin | 26 | % | 26 | % | 28 | % | 25 | % | |||||||||
Total | |||||||||||||||||
Net revenue | $ | 39,713 | $ | 34,533 | $ | 127,992 | $ | 109,374 | |||||||||
Gross profit | $ | 18,080 | $ | 15,260 | $ | 61,213 | $ | 48,036 | |||||||||
Gross margin | 46 | % | 44 | % | 48 | % | 44 | % | |||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 'The following table sets forth revenue by geographic area: | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Americas | $ | 16,161 | $ | 18,744 | $ | 56,105 | $ | 57,361 | |||||||||
Japan | 9,741 | 6,728 | 35,253 | 18,395 | |||||||||||||
China | 4,982 | 2,619 | 12,833 | 13,655 | |||||||||||||
Europe | 6,946 | 4,914 | 16,007 | 14,134 | |||||||||||||
Pacific Rim | 1,883 | 1,528 | 7,794 | 5,829 | |||||||||||||
Total | $ | 39,713 | $ | 34,533 | $ | 127,992 | $ | 109,374 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | 'The following table summarizes the fair value of derivative instruments as of March 31, 2014 and June 30, 2013. | |||||||
Derivatives not designated as hedging instruments | Balance sheet location | |||||||
31-Mar-14 | Number of foreign exchange contracts: | 4 | Other accrued expenses | $38 | ||||
30-Jun-13 | Number of foreign exchange contracts: | 11 | Prepaid expenses, prepaid | $147 | ||||
taxes and other current assets | ||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | 'The following table summarizes the foreign exchange cash flow hedge value as of March 31, 2014 and June 30, 2013: | |||||||
Foreign currency derivative designated as hedging instruments | Balance sheet location | |||||||
31-Mar-14 | Number of foreign exchange contracts: | 1 | Prepaid expenses, prepaid | $244 | ||||
taxes and other current assets | ||||||||
30-Jun-13 | Number of foreign exchange contracts: | 1 | Other accrued expenses | $154 | ||||
Accumulated other | ($25) | |||||||
comprehensive loss |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Amount | Tax | Amount | Tax | Amount | Tax | Amount | Tax | ||||||||||||||||||||||||||
Rate % | Rate % | Rate % | Rate % | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | $ | 1,331 | 41 | % | $ | (504 | ) | -79 | % | $ | 4,871 | 37 | % | $ | 2,602 | 37 | % | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'The table below provides a reconciliation of the restated balances to the amounts previously reported: | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
31-Mar-13 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
As Previously | As Restated | As Previously | As Restated | ||||||||||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||||||||||
Income tax benefit (expense) | $ | 890 | $ | 504 | $ | (866 | ) | $ | (2,602 | ) | |||||||||||||||||||||||
Net income attributable to Zygo Corporation | 1,366 | 980 | 5,333 | 3,597 | |||||||||||||||||||||||||||||
Basic Earnings per Share | $ | 0.07 | $ | 0.05 | $ | 0.29 | $ | 0.2 | |||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 0.07 | $ | 0.05 | $ | 0.28 | $ | 0.19 | |||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | At June 30, 2013 | ||||||||||||||||||||||||||||||||
As Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported | |||||||||||||||||||||||||||||||||
Deferred income taxes - Asset - Current | $ | 7,261 | $ | 8,631 | |||||||||||||||||||||||||||||
Total current assets | $ | 163,633 | $ | 165,003 | |||||||||||||||||||||||||||||
Deferred income taxes - Asset - Long Term | $ | 14,967 | $ | 10,490 | |||||||||||||||||||||||||||||
Total assets | $ | 218,220 | $ | 215,113 | |||||||||||||||||||||||||||||
Other long term liabilities | $ | 4,997 | $ | 3,769 | |||||||||||||||||||||||||||||
Total liabilities | $ | 32,336 | $ | 31,108 | |||||||||||||||||||||||||||||
Additional paid-in capital | $ | 180,324 | $ | 181,694 | |||||||||||||||||||||||||||||
Retained earnings | $ | 30,104 | $ | 26,855 | |||||||||||||||||||||||||||||
Total shareholders’ equity - Zygo Corporation | $ | 183,841 | $ | 181,962 | |||||||||||||||||||||||||||||
Total equity | $ | 185,884 | $ | 184,005 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 218,220 | $ | 215,113 | |||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | Nine Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
As Previously Reported | As Restated | ||||||||||||||||||||||||||||||||
Cash provided by operating activites - Net income including noncontrolling interest | $ | 6,208 | $ | 4,472 | |||||||||||||||||||||||||||||
Adjustments to reconcile net income to cash - Deferred income taxes | $ | (3,494 | ) | $ | (1,942 | ) | |||||||||||||||||||||||||||
Adjustments to reconcile net income to cash - Changes in operating accounts: Accounts payable, accrued expenses and taxes payable | $ | (4,788 | ) | $ | (4,604 | ) |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Deferred Tax Liabilities, Net, Current | $122 | $123 |
Weighted_Average_Shares_Outsta2
Weighted Average Shares Outstanding (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 352,347 | 361,938 | 407,420 | 230,791 |
Weighted_Average_Shares_Outsta3
Weighted Average Shares Outstanding (Details) - Schedule of earnings per share computation | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of earnings per share computation [Abstract] | ' | ' | ' | ' |
Basic weighted average shares outstanding | 18,900,329 | 18,505,621 | 18,771,281 | 18,433,765 |
Dilutive effect of stock options and restricted shares | 436,126 | 620,577 | 512,790 | 645,740 |
Diluted weighted average shares outstanding | 19,336,455 | 19,126,198 | 19,284,071 | 19,079,505 |
Shareholders_Equity_Details_Sc
Shareholders' Equity (Details) - Schedule of shareholders' equity and noncontrolling interest (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Shareholders' Equity (Details) - Schedule of shareholders' equity and noncontrolling interest [Line Items] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | $181,962 | ' |
Net income | 1,898 | 980 | 8,107 | 3,597 |
Unrealized gain on hedge | -143 | ' | 16 | ' |
Foreign currency translation effect | -154 | -623 | 410 | -258 |
Total | 1,592 | 382 | 8,511 | 3,260 |
Share-based compensation | 1,136 | 1,479 | 3,958 | 4,235 |
Exercise of employee stock options and related tax effect | ' | ' | 1,294 | 1,066 |
Equity, end of period | 193,948 | ' | 193,948 | ' |
Parent [Member] | ' | ' | ' | ' |
Shareholders' Equity (Details) - Schedule of shareholders' equity and noncontrolling interest [Line Items] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | 181,962 | 173,482 |
Net income | ' | ' | 8,107 | 3,597 |
Unrealized gain on hedge | ' | ' | 16 | ' |
Foreign currency translation effect | ' | ' | 388 | -337 |
Total | ' | ' | 8,511 | 3,260 |
Share-based compensation | ' | ' | 3,958 | 4,620 |
Repurchase of restricted stock | ' | ' | -1,860 | -1,176 |
Employee stock purchase | ' | ' | 83 | 40 |
Exercise of employee stock options and related tax effect | ' | ' | 1,294 | 1,066 |
Purchase of subsidiary shares from noncontrolling interest | ' | ' | ' | -2,777 |
Equity, end of period | 193,948 | 178,515 | 193,948 | 178,515 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Shareholders' Equity (Details) - Schedule of shareholders' equity and noncontrolling interest [Line Items] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | 2,043 | 2,355 |
Net income | ' | ' | 305 | 875 |
Foreign currency translation effect | ' | ' | 22 | 79 |
Total | ' | ' | 327 | 954 |
Dividends attributable to noncontrolling interest | ' | ' | -458 | -1,101 |
Purchase of subsidiary shares from noncontrolling interest | ' | ' | ' | -378 |
Equity, end of period | 1,912 | 1,830 | 1,912 | 1,830 |
Total Equity [Member] | ' | ' | ' | ' |
Shareholders' Equity (Details) - Schedule of shareholders' equity and noncontrolling interest [Line Items] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | 184,005 | 175,837 |
Net income | ' | ' | 8,412 | 4,472 |
Unrealized gain on hedge | ' | ' | 16 | ' |
Foreign currency translation effect | ' | ' | 410 | -258 |
Total | ' | ' | 8,838 | 4,214 |
Share-based compensation | ' | ' | 3,958 | 4,620 |
Repurchase of restricted stock | ' | ' | -1,860 | -1,176 |
Employee stock purchase | ' | ' | 83 | 40 |
Exercise of employee stock options and related tax effect | ' | ' | 1,294 | 1,066 |
Dividends attributable to noncontrolling interest | ' | ' | -458 | -1,101 |
Purchase of subsidiary shares from noncontrolling interest | ' | ' | ' | -3,155 |
Equity, end of period | $195,860 | $180,345 | $195,860 | $180,345 |
Marketable_Securities_Details_
Marketable Securities (Details) - Schedule of trading securities (Mutual Fund [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Mutual Fund [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Balance Beginning of Fiscal Year | $662 | $729 |
Gross Unrealized Gains | 122 | 93 |
Redemptions | -168 | -134 |
Ending Balance | $616 | $688 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) - Schedule of fair value assets and liabilities measured on recurring basis (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Portion at Other than Fair Value Measurement [Member] | ' | ' |
Fair Value Measurements (Details) - Schedule of fair value assets and liabilities measured on recurring basis [Line Items] | ' | ' |
Money market funds | $23,741 | $23,736 |
Trading securities | 616 | 662 |
Foreign currency hedge | 205 | -7 |
Total | 24,562 | 24,391 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements (Details) - Schedule of fair value assets and liabilities measured on recurring basis [Line Items] | ' | ' |
Money market funds | 23,741 | 23,736 |
Trading securities | 616 | 662 |
Total | 24,357 | 24,398 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements (Details) - Schedule of fair value assets and liabilities measured on recurring basis [Line Items] | ' | ' |
Foreign currency hedge | 205 | -7 |
Total | $205 | ($7) |
ShareBased_Payments_Details
Share-Based Payments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-Based Payments (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation | $1,136 | $1,479 | $3,958 | $4,235 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $426 | $529 | $1,486 | $1,524 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $9.45 | $8.55 | $12.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 50,000 | 169,738 | 172,934 |
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 0 | 0 | ' | ' |
Description Of Restricted Stock Awards Granted Prior | ' | ' | 'Generally, the restrictions on the restricted stock units granted to employees prior to January 1, 2011 lapse at a rate of 50% on the three-year anniversary and the remaining 50% on the fourth year anniversary. Restrictions on restricted stock units granted to employees after January 1, 2011 lapse at a rate of 25% each year. | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-Based Payments (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 213,915 | 162,901 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $14.42 | $18.49 |
Prior To January 1, 2011 [Member] | ' | ' | ' | ' |
Share-Based Payments (Details) [Line Items] | ' | ' | ' | ' |
Percentage Of Lapse Rate On Restricted Stock Units Granted To Employees | ' | ' | 50.00% | ' |
Remaining Percentage Of Lapse Rate On Restricted Stock Units Granted To Employees | ' | ' | 50.00% | ' |
After January 1, 2011 [Member] | ' | ' | ' | ' |
Share-Based Payments (Details) [Line Items] | ' | ' | ' | ' |
Percentage Of Lapse Rate On Restricted Stock Units Granted To Employees | ' | ' | 25.00% | ' |
ShareBased_Payments_Details_Sh
Share-Based Payments (Details) - Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-Based Payments (Details) - Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Line Items] | ' | ' | ' | ' |
Term | ' | '7 years 109 days | '8 years 6 months | '7 years 109 days |
Volatility | ' | 59.20% | 57.00% | 59.20% |
Dividend yield | ' | ' | ' | ' |
Risk-free interest rate | ' | 1.40% | 2.40% | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-Based Payments (Details) - Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 1.20% |
Maximum [Member] | ' | ' | ' | ' |
Share-Based Payments (Details) - Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 1.40% |
Receivables_Details_Schedule_o
Receivables (Details) - Schedule of accounts receivable (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts | ($279) | ($272) |
28,893 | 32,360 | |
Trade and other receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade and other | $29,172 | $32,632 |
Inventories_Details_Schedule_o
Inventories (Details) - Schedule of inventory (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of inventory [Abstract] | ' | ' |
Raw materials and manufactured parts | $15,773 | $14,411 |
Work in process | 15,214 | 11,300 |
Finished goods | 4,144 | 4,474 |
$35,131 | $30,185 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $1,335 | $1,193 | $3,864 | $3,537 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details) - Schedule of property plant and equipment (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Land Improvements [Member] | Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery Equipment And Office Furniture [Member] | Machinery Equipment And Office Furniture [Member] | Machinery Equipment And Office Furniture [Member] | Machinery Equipment And Office Furniture [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $96,291 | $92,134 | $4,030 | $4,030 | $26,944 | $24,665 | ' | ' | $62,471 | $60,905 | ' | ' | $733 | $1,009 | ' | ' | $2,113 | $1,525 |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '15 years | '40 years | ' | ' | '3 years | '8 years | ' | ' | '1 year | '5 years | ' | ' |
Accumulated depreciation | -59,453 | -57,791 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
$36,838 | $34,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warranty_Details
Warranty (Details) | 9 Months Ended |
Mar. 31, 2014 | |
Warranty (Details) [Line Items] | ' |
Standard Product Warranty Description | 'A limited warranty is provided on our products for periods ranging from 3 to 12 months, and allowances for estimated warranty costs are recorded during the period of sale. The determination of such allowances requires management to make estimates of product return rates and expected costs to repair or replace products under warranty. If actual return rates or repair and replacement costs, or both, differ significantly from management estimates, adjustments to the expense will be required. |
Minimum [Member] | ' |
Warranty (Details) [Line Items] | ' |
Product Warranty Period | '3 months |
Maximum [Member] | ' |
Warranty (Details) [Line Items] | ' |
Product Warranty Period | '12 months |
Warranty_Details_Schedule_of_p
Warranty (Details) - Schedule of product warranty liability (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of product warranty liability [Abstract] | ' | ' |
Beginning balance | $647 | $1,188 |
Reductions for payments made | -460 | -665 |
Changes in accruals related to pre-existing warranties | 654 | -292 |
Changes in accruals related to warranties made in the current period | -114 | 385 |
Ending balance | $727 | $616 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Intangible Assets (Details) [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $199 | $211 | $598 | $650 |
Minimum [Member] | ' | ' | ' | ' |
Intangible Assets (Details) [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Intangible Assets (Details) [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '17 years | ' |
Intangible_Assets_Details_Sche
Intangible Assets (Details) - Schedule of finite lived intangible assets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $9,350 | $9,249 |
Accumulated amortization | -5,162 | -4,634 |
Total | 4,188 | 4,615 |
Patents And Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 7,299 | 7,198 |
Customer Relationships And Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $2,051 | $2,051 |
Intangible_Assets_Details_Esti
Intangible Assets (Details) - Estimated future amortization expense of intangible assets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Estimated future amortization expense of intangible assets [Abstract] | ' | ' |
Three months ending June 30, 2014 | $318 | ' |
Fiscal year ending June 30, 2015 | 834 | ' |
Fiscal year ending June 30, 2016 | 658 | ' |
Fiscal year ending June 30, 2017 | 519 | ' |
Fiscal year ending June 30, 2018 | 397 | ' |
Fiscal year ending June 30, 2019 | 384 | ' |
Thereafter | 1,078 | ' |
Total | $4,188 | $4,615 |
Segment_and_Major_Customer_Inf2
Segment and Major Customer Information (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment and Major Customer Information (Details) [Line Items] | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 2 | ' |
Number of Major Customer During Period | 1 | 1 | 2 | 0 |
Customer One [Member] | Metrology Solutions [Member] | ' | ' | ' | ' |
Segment and Major Customer Information (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | 12.00% | 11.00% | 16.00% | ' |
Customer Two [Member] | Metrology Solutions [Member] | ' | ' | ' | ' |
Segment and Major Customer Information (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 10.00% | ' |
No Customer [Member] | Sales [Member] | ' | ' | ' | ' |
Segment and Major Customer Information (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 10.00% |
Segment_and_Major_Customer_Inf3
Segment and Major Customer Information (Details) - Schedule of segment reporting information, by segment (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $39,713 | $34,533 | $127,992 | $109,374 |
Gross profit | 18,080 | 15,260 | 61,213 | 48,036 |
Gross margin | 46.00% | 44.00% | 48.00% | 44.00% |
Metrology Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 26,695 | 21,273 | 87,014 | 68,566 |
Gross profit | 14,684 | 11,796 | 49,866 | 37,724 |
Gross margin | 55.00% | 55.00% | 57.00% | 55.00% |
Optical Systems [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 13,018 | 13,260 | 40,978 | 40,808 |
Gross profit | $3,396 | $3,464 | $11,347 | $10,312 |
Gross margin | 26.00% | 26.00% | 28.00% | 25.00% |
Segment_and_Major_Customer_Inf4
Segment and Major Customer Information (Details) - Schedule of revenues by geographic area (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Sales Revenue Net | $39,713 | $34,533 | $127,992 | $109,374 |
Americas [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Sales Revenue Net | 16,161 | 18,744 | 56,105 | 57,361 |
Japan [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Sales Revenue Net | 9,741 | 6,728 | 35,253 | 18,395 |
China [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Sales Revenue Net | 4,982 | 2,619 | 12,833 | 13,655 |
Europe [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Sales Revenue Net | 6,946 | 4,914 | 16,007 | 14,134 |
Pacific Rim [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Sales Revenue Net | $1,883 | $1,528 | $7,794 | $5,829 |
Transactions_with_Shareholder_
Transactions with Shareholder (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Transactions with Shareholder (Details) [Line Items] | ' | ' | ' | ' | ' |
Revenue, Net | $39,713 | $34,533 | $127,992 | $109,374 | ' |
Accounts Receivable, Net, Current | 28,893 | ' | 28,893 | ' | 32,360 |
Canon Inc [Member] | Trade Accounts Receivable [Member] | ' | ' | ' | ' | ' |
Transactions with Shareholder (Details) [Line Items] | ' | ' | ' | ' | ' |
Accounts Receivable, Net, Current | 1,658 | ' | 1,658 | ' | 1,771 |
Canon Inc [Member] | ' | ' | ' | ' | ' |
Transactions with Shareholder (Details) [Line Items] | ' | ' | ' | ' | ' |
Revenue, Net | $4,781 | $3,694 | $12,789 | $9,362 | ' |
Percentage Of Net Revenues | 12.00% | 11.00% | 10.00% | 9.00% | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives and Hedging Activities (Details) [Line Items] | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | $19 | $47 | ($115) | $263 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 124 | ' | 363 | ' |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Derivatives and Hedging Activities (Details) [Line Items] | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 4 | ' | 4 | ' |
Derivative, Notional Amount | 1,205 | ' | 1,205 | ' |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Derivatives and Hedging Activities (Details) [Line Items] | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 1 | ' | 1 | ' |
Derivative, Notional Amount | 6,504 | ' | 6,504 | ' |
Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivatives and Hedging Activities (Details) [Line Items] | ' | ' | ' | ' |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 1 | ' | 65 | ' |
Unrealized Loss on Cash Flow designated Portion of Hedge | -222 | ' | 309 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $125 | ' | $363 | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details) - Schedule of foreign exchange contracts, statement of financial position (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Other Accrued Liabilities [Member] | Prepaid Expense And Other [Member] | |
Derivatives and Hedging Activities (Details) - Schedule of foreign exchange contracts, statement of financial position [Line Items] | ' | ' |
31-Mar-14 | 4 | ' |
31-Mar-14 | 'Other accrued expenses | ' |
31-Mar-14 | $38 | ' |
30-Jun-13 | ' | 11 |
30-Jun-13 | ' | 'Prepaid expenses, prepaid taxes and other current assets |
30-Jun-13 | ' | $147 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Details) - Schedule of foreign currency derivative designated as hedging instruments (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Prepaid Expense And Other [Member] | Other Accrued Liabilities [Member] | Accumulated Other Comprehensive Income Loss [Member] |
Derivatives and Hedging Activities (Details) - Schedule of foreign currency derivative designated as hedging instruments [Line Items] | ' | ' | ' |
Foreign Currency Derivative Designated as hedging instruments | 1 | 1 | ' |
Balance Sheet Location | $244 | $154 | ($25) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Additional Paid-in Capital [Member] | Other Noncurrent Liabilities [Member] | Richmond, California [Member] | Federal Research and Development Credit [Member] | Research Tax Credit Carryforward [Member] | |||||
Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | 37.00% | ' | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | ' | ' | ' | ' | ' | 31-Dec-13 | 31-Dec-12 |
Income Tax Credits and Adjustments | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Estimated Research and Development Credits Period | ' | ' | '9 months | ' | ' | ' | ' | ' | ' |
Research and Development Credits Renewed Period | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Liabilities Additional for Uncertain Tax Positions During Period | 39 | ' | 231 | ' | ' | ' | ' | ' | ' |
Income Tax Expense Tax Benefit Number of Error | ' | 2 | ' | 2 | ' | ' | ' | ' | ' |
Increase Decrease in Deferred Tax Liabilities Due to Correction of Errors | ' | 174 | ' | 569 | ' | ' | ' | ' | ' |
Increase Decrease in Deferred Tax Assets Due to Correction of Errors | ' | 212 | ' | 634 | 1,370 | 1,086 | 1,670 | ' | ' |
Understated Amount of Uncertain Tax Positions | $1,086 | ' | $1,086 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details_Schedule_
Income Taxes (Details) - Schedule of components of income tax expense benefit (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of components of income tax expense benefit [Abstract] | ' | ' | ' | ' |
Income tax expense (benefit) | $1,331 | ($504) | $4,871 | $2,602 |
Income tax expense (benefit) | 41.00% | -79.00% | 37.00% | 37.00% |
Income_Taxes_Details_Schedule_1
Income Taxes (Details) - Schedule of reconciliation of restated income statement to previously reported (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes (Details) - Schedule of reconciliation of restated income statement to previously reported [Line Items] | ' | ' | ' | ' |
Income tax benefit (expense) | ($1,331) | $504 | ($4,871) | ($2,602) |
Net income attributable to Zygo Corporation | 1,898 | 980 | 8,107 | 3,597 |
Basic Earnings per Share | $0.10 | $0.05 | $0.43 | $0.20 |
Diluted Earnings Per Share | $0.10 | $0.05 | $0.42 | $0.19 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' |
Income Taxes (Details) - Schedule of reconciliation of restated income statement to previously reported [Line Items] | ' | ' | ' | ' |
Income tax benefit (expense) | ' | 890 | ' | -866 |
Net income attributable to Zygo Corporation | ' | 1,366 | ' | 5,333 |
Basic Earnings per Share | ' | $0.07 | ' | $0.29 |
Diluted Earnings Per Share | ' | $0.07 | ' | $0.28 |
Restatement Adjustment [Member] | ' | ' | ' | ' |
Income Taxes (Details) - Schedule of reconciliation of restated income statement to previously reported [Line Items] | ' | ' | ' | ' |
Income tax benefit (expense) | ' | 504 | ' | -2,602 |
Net income attributable to Zygo Corporation | ' | $980 | ' | $3,597 |
Basic Earnings per Share | ' | $0.05 | ' | $0.20 |
Diluted Earnings Per Share | ' | $0.05 | ' | $0.19 |
Income_Taxes_Details_Schedule_2
Income Taxes (Details) - Schedule of reconciliation of restated balance sheet to previously reported (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes (Details) - Schedule of reconciliation of restated balance sheet to previously reported [Line Items] | ' | ' |
Deferred income taxes - Asset - Current | $8,214 | $10,490 |
Total current assets | 180,686 | 165,003 |
Total assets | 230,542 | 215,113 |
Other long term liabilities | 4,778 | 3,769 |
Total liabilities | 34,682 | 31,108 |
Retained earnings | 34,962 | 26,855 |
Total shareholders’ equity - Zygo Corporation | 193,948 | 181,962 |
Total equity | 195,860 | 184,005 |
Total liabilities and equity | 230,542 | 215,113 |
Scenario, Previously Reported [Member] | ' | ' |
Income Taxes (Details) - Schedule of reconciliation of restated balance sheet to previously reported [Line Items] | ' | ' |
Deferred income taxes - Asset - Current | ' | 7,261 |
Total current assets | ' | 163,633 |
Deferred income taxes - Asset - Long Term | ' | 14,967 |
Total assets | ' | 218,220 |
Other long term liabilities | ' | 4,997 |
Total liabilities | ' | 32,336 |
Additional paid-in capital | ' | 180,324 |
Retained earnings | ' | 30,104 |
Total shareholders’ equity - Zygo Corporation | ' | 183,841 |
Total equity | ' | 185,884 |
Total liabilities and equity | ' | 218,220 |
Restatement Adjustment [Member] | ' | ' |
Income Taxes (Details) - Schedule of reconciliation of restated balance sheet to previously reported [Line Items] | ' | ' |
Deferred income taxes - Asset - Current | ' | 8,631 |
Total current assets | ' | 165,003 |
Deferred income taxes - Asset - Long Term | ' | 10,490 |
Total assets | ' | 215,113 |
Other long term liabilities | ' | 3,769 |
Total liabilities | ' | 31,108 |
Additional paid-in capital | ' | 181,694 |
Retained earnings | ' | 26,855 |
Total shareholders’ equity - Zygo Corporation | ' | 181,962 |
Total equity | ' | 184,005 |
Total liabilities and equity | ' | $215,113 |
Income_Taxes_Details_Schedule_3
Income Taxes (Details) - Schedule of reconciliation of restated cash flow statement to previously reported (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Adjustments to reconcile net income to cash - Deferred income taxes | $693 | ($1,942) |
Adjustments to reconcile net income to cash - Changes in operating accounts: Accounts payable, accrued expenses and taxes payable | 5,497 | -4,604 |
Scenario, Previously Reported [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Cash provided by operating activites - Net income including noncontrolling interest | ' | 6,208 |
Adjustments to reconcile net income to cash - Deferred income taxes | ' | -3,494 |
Adjustments to reconcile net income to cash - Changes in operating accounts: Accounts payable, accrued expenses and taxes payable | ' | -4,788 |
Restatement Adjustment [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Cash provided by operating activites - Net income including noncontrolling interest | ' | 4,472 |
Adjustments to reconcile net income to cash - Deferred income taxes | ' | -1,942 |
Adjustments to reconcile net income to cash - Changes in operating accounts: Accounts payable, accrued expenses and taxes payable | ' | ($4,604) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2010 | Mar. 31, 2014 | Nov. 12, 2010 |
Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | $12,475 |
Payments to Acquire Businesses, Gross | 7,142 | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | 5,333 | ' | ' |
Business Acquisition, Cost Of Acquired Entity, Liabilities Incurred, Discount Factor | ' | ' | 14.00% |
Business Acquisition, Cost of Acquired Entity, Current Liabilities Incurred | ' | ' | 1,127 |
Business Acquisition, Cost of Acquired Entity, Long Term Liabilities Incurred | ' | ' | 4,206 |
Cost of Remediation | ' | 500 | ' |
Beneficial Owner [Member] | ' | ' | ' |
Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Cost of Remediation | ' | $1,000 | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Business Combination Purchase Price Per Share | $19.25 |