Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'CYBEROPTICS CORP | ' |
Entity Central Index Key | '0000768411 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 6,602,952 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,766 | $3,101 |
Marketable securities | 7,160 | 9,402 |
Accounts receivable, less allowance for doubtful accounts of $713 at June 30, 2014 and $705 at December 31, 2013 | 10,621 | 6,562 |
Inventories | 12,644 | 11,331 |
Other current assets | 1,509 | 1,104 |
Deferred tax assets | 77 | 77 |
Total current assets | 33,777 | 31,577 |
Marketable securities, long-term | 10,234 | 10,742 |
Equipment and leasehold improvements, net | 2,683 | 1,272 |
Intangible and other assets, net | 680 | 136 |
Goodwill | 1,366 | 569 |
Other assets | 196 | 194 |
Deferred tax assets | 62 | 85 |
Total assets | 48,998 | 44,575 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Accounts payable | 7,186 | 2,630 |
Advance customer payments | 637 | 552 |
Accrued expenses | 2,379 | 2,241 |
Total current liabilities | 10,202 | 5,423 |
Deferred rent | 352 | 352 |
Deferred warranty revenue | 87 | 165 |
Deferred tax liability | 11 | 6 |
Reserve for income taxes | 150 | 150 |
Total liabilities | 10,802 | 6,096 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | ' | ' |
Common stock, no par value, 25,000,000 shares authorized, 6,565,438 shares issued and outstanding at June 30, 2014 and 6,496,805 shares issued and outstanding at December 31, 2013 | 29,527 | 28,968 |
Accumulated other comprehensive loss | -258 | -540 |
Retained earnings | 8,927 | 10,051 |
Total stockholders’ equity | 38,196 | 38,479 |
Total liabilities and stockholders’ equity | $48,998 | $44,575 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $713 | $705 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 6,565,438 | 6,496,805 |
Common stock, shares outstanding | 6,565,438 | 6,496,805 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $13,263 | $9,317 | $23,098 | $16,030 |
Cost of revenues | 7,396 | 5,243 | 12,663 | 9,017 |
Gross margin | 5,867 | 4,074 | 10,435 | 7,013 |
Research and development expenses | 2,396 | 2,021 | 4,403 | 3,857 |
Selling, general and administrative expenses | 3,730 | 3,224 | 7,009 | 6,351 |
Amortization of intangibles | 16 | 0 | 20 | 0 |
Loss from operations | -275 | -1,171 | -997 | -3,195 |
Interest income and other | -27 | 27 | -73 | -77 |
Loss before income taxes | -302 | -1,144 | -1,070 | -3,272 |
Income tax provision | 13 | 56 | 54 | 74 |
Net income (loss) | ($315) | ($1,200) | ($1,124) | ($3,346) |
Net loss per share – Basic (in usd per share) | ($0.05) | ($0.17) | ($0.17) | ($0.48) |
Net loss per share – Diluted (in usd per share) | ($0.05) | ($0.17) | ($0.17) | ($0.48) |
Weighted average shares outstanding – Basic | 6,547 | 6,907 | 6,527 | 6,933 |
Weighted average shares outstanding – Diluted | 6,547 | 6,907 | 6,527 | 6,933 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($315) | ($1,200) | ($1,124) | ($3,346) |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 87 | -176 | 167 | -255 |
Unrealized gains (losses) on available-for-sale securities: | ' | ' | ' | ' |
Unrealized gains (losses) | 13 | -27 | 12 | 6 |
Reclassification adjustment for (gains) losses included in net loss | 0 | -2 | 0 | 21 |
Total unrealized gains (losses) on available-for-sale securities | 13 | -29 | 12 | 27 |
Unrealized gains (losses) on foreign exchange forward contracts: | ' | ' | ' | ' |
Unrealized gains (losses) | 55 | -153 | 71 | -292 |
Reclassification adjustment for (gains) losses included in net loss | -5 | -14 | 32 | -47 |
Total unrealized gains (losses) on foreign exchange forward contracts | 50 | -167 | 103 | -339 |
Other comprehensive income (loss), before tax | 150 | -372 | 282 | -567 |
Income tax provision related to items of other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 150 | -372 | 282 | -567 |
Total comprehensive loss | ($165) | ($1,572) | ($842) | ($3,913) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($1,124,000) | ($3,346,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 858,000 | 898,000 |
Provision for doubtful accounts | 32,000 | -27,000 |
Deferred taxes | 28,000 | 31,000 |
Foreign currency transaction losses | 12,000 | 53,000 |
Realized losses on available-for-sale securities | 0 | 21,000 |
Stock compensation costs | 261,000 | 233,000 |
Changes in operating assets and liabilities, net of acquisition: | ' | ' |
Accounts receivable | -3,429,000 | -1,774,000 |
Inventories | -968,000 | 337,000 |
Income tax refunds receivable | 0 | 514,000 |
Other assets | -254,000 | -360,000 |
Accounts payable | 3,885,000 | 1,179,000 |
Advance customer payments | -326,000 | -227,000 |
Accrued expenses | 89,000 | -133,000 |
Net cash used in operating activities | -936,000 | -2,601,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale marketable securities | 3,292,000 | 2,298,000 |
Proceeds from sales of available-for-sale marketable securities | 3,154,000 | 3,522,000 |
Purchases of available-for-sale marketable securities | -3,693,000 | -4,647,000 |
Acquisition of Laser Design, Inc. (LDI) | -3,108,000 | 0 |
Additions to equipment and leasehold improvements | -392,000 | -458,000 |
Additions to patents | -46,000 | -25,000 |
Net cash provided by (used in) investing activities | -793,000 | 690,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 298,000 | 0 |
Common stock repurchases | 0 | -700,000 |
Net cash provided by (used in) financing activities | 298,000 | -700,000 |
Effects of exchange rate changes on cash and cash equivalents | 96,000 | -107,000 |
Net decrease in cash and cash equivalents | -1,335,000 | -2,718,000 |
Cash and cash equivalents – beginning of period | 3,101,000 | 7,340,000 |
Cash and cash equivalents – end of period | $1,766,000 | $4,622,000 |
Interim_Reporting
Interim Reporting | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Interim Reporting | ' |
INTERIM REPORTING: | |
The interim condensed consolidated financial statements presented herein as of June 30, 2014, and for the three and six month periods ended June 30, 2014 and 2013, are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. | |
The results of operations for the three and six month periods ended June 30, 2014 do not necessarily indicate the results to be expected for the full year. The December 31, 2013 consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto, contained in our Annual Report on Form 10-K for the year ended December 31, 2013. |
Acquisition
Acquisition | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisition | ' | |||||||||||||||
ACQUISITION: | ||||||||||||||||
On March 14, 2014 we acquired substantially all of the assets of Laser Design, Inc. (LDI), a privately held company based in Minneapolis, Minnesota for aggregate consideration of $2,633,000 in cash plus the assumption of certain current liabilities of $1,073,000. We also paid aggregate signing bonuses of $475,000 to key executives of LDI which have been accounted for as acquisition consideration. With annual revenues of approximately $6,000,000, LDI provides scanning systems and services to the global 3D scanner and services metrology market and enables us to enter the growing market for general purpose 3D metrology. We also intend to leverage our proprietary 3D sensor technology in LDI’s products to enable differentiated offerings. | ||||||||||||||||
Under the acquisition method of accounting, the total purchase price is allocated to the net tangible and intangible assets acquired, based upon their estimated fair values as of March 14, 2014. During the three months ended June 30, 2014, we completed our valuation work and management review of the assets acquired and liabilities assumed and finalized the purchase price adjustment for the net working capital acquired. Adjustments to provisional amounts reflected in our preliminary purchase price allocation as of March 31, 2014 included a $24,000 decrease in intangible assets and a $46,000 increase in goodwill, among other adjustments. These measurement period adjustments require the revision of comparative financial information for the quarter ended March 31, 2014. The adjustment to intangible assets decreased amortization expense in the three months ended March 31, 2014 by less than $300. None of the other adjustments to the provisional amounts had any impact on our results of operations for the first quarter of 2014. | ||||||||||||||||
The purchase price allocation for our acquisition of LDI is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Accounts receivable | $ | 662 | ||||||||||||||
Inventories | 551 | |||||||||||||||
Equipment and leasehold improvements | 1,507 | |||||||||||||||
Other assets | 91 | |||||||||||||||
Intangible assets | 573 | |||||||||||||||
Identifiable assets acquired | 3,384 | |||||||||||||||
Accounts payable | 640 | |||||||||||||||
Accrued expenses and advance customer payments | 433 | |||||||||||||||
Liabilities assumed | 1,073 | |||||||||||||||
Net identifiable assets acquired | 2,311 | |||||||||||||||
Goodwill | 797 | |||||||||||||||
Purchase price | $ | 3,108 | ||||||||||||||
The allocation of the purchase price resulted in recognition of the following identified intangible assets: | ||||||||||||||||
(In thousands) | Weighted Average | |||||||||||||||
Life-Years | ||||||||||||||||
Software | $ | 206 | 7 | |||||||||||||
Patent | 165 | 7 | ||||||||||||||
Marketing assets and customer relationships | 101 | 9 | ||||||||||||||
Non-compete agreements | 101 | 4 | ||||||||||||||
$ | 573 | |||||||||||||||
The fair value of the above identified intangible assets was estimated using an income approach. Under the income approach, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. Indications of value are developed by discounting future net cash flows to their present value at market-based rates of return. The software, patent and marketing intangible assets have been appraised using a relief from royalty income methodology; the non-competes using a “with and without” income methodology; and, customer relationships using a multi period excess earnings methodology. The goodwill recognized as a result of the LDI acquisition is primarily attributable to the value of the workforce, as well as unidentifiable intangible assets. We paid a premium over the net tangible and identifiable intangible assets acquired (i.e. goodwill) because owning LDI enables us to have initial access to the general purpose 3D metrology market and allows us to leverage our proprietary 3D sensor technology in LDI’s products. | ||||||||||||||||
All of the goodwill is expected to be deductible for income tax purposes over a 15 year period. The useful life of the intangible assets for income tax amortization purposes was determined based on management’s best estimate of the expected cash flows used to measure the fair value of the intangible assets, adjusted as appropriate for entity-specific factors, including competitive, economic or other factors that may limit the useful life of the intangible assets. | ||||||||||||||||
Since the date of acquisition, LDI contributed approximately $2,200,000 to our revenue in the six months ended June 30, 2014, including approximately $1,700,000 of revenue in the three months ended June 30, 2014. Since the date of acquisition, LDI contributed $224,000 to our net loss in the six months ended June 30, 2014, including $135,000 of net loss in the three months ended June 30, 2014. | ||||||||||||||||
The following unaudited pro forma consolidated financial information presents our revenue and net loss as if the acquisition of LDI occurred on January 1, 2013. The unaudited pro forma consolidated financial information has been prepared for illustrative purposes only and does not purport to be indicative of the results that would have been achieved had the acquisition occurred on January 1, 2013, or of future results. The unaudited pro forma consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from integration of LDI. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 13,263 | $ | 10,782 | $ | 24,478 | $ | 18,936 | ||||||||
Net loss | (291 | ) | (1,291 | ) | (929 | ) | (3,544 | ) | ||||||||
Basic and diluted loss per share | $ | (0.04 | ) | $ | (0.19 | ) | $ | (0.14 | ) | $ | (0.51 | ) | ||||
We incurred approximately $117,000 in LDI related acquisition costs. Approximately $47,000 of these costs are recorded as selling, general and administrative expenses in the first quarter of 2014, with the remaining balance recorded as selling, general and administrative expense in the third and fourth quarters of 2013. The pro forma consolidated net loss for 2014 reflected in the table above was adjusted to exclude all acquisition related costs and the impact of the fair value adjustment to acquisition date inventories of $222,000. The pro forma net loss for 2013 has been adjusted to reflect these items as if the acquisition occurred on January 1, 2013. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
MARKETABLE SECURITIES: | |||||||||||||||||
Our investments in marketable securities are classified as available-for-sale and consist of the following: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
Short-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 4,861 | $ | 7 | $ | — | $ | 4,868 | |||||||||
Corporate debt securities and certificates of deposit | 2,289 | 3 | — | 2,292 | |||||||||||||
Marketable securities – short-term | $ | 7,150 | $ | 10 | $ | — | $ | 7,160 | |||||||||
Long-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 4,561 | $ | 7 | $ | (1 | ) | $ | 4,567 | ||||||||
Corporate debt securities and certificates of deposit | 2,829 | 6 | — | 2,835 | |||||||||||||
Asset backed securities | 2,762 | 3 | — | 2,765 | |||||||||||||
Equity security | 42 | 25 | — | 67 | |||||||||||||
Marketable securities – long-term | $ | 10,194 | $ | 41 | $ | (1 | ) | $ | 10,234 | ||||||||
31-Dec-13 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
Short-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 6,299 | $ | 10 | $ | — | $ | 6,309 | |||||||||
Corporate debt securities and certificates of deposit | 3,091 | 2 | — | 3,093 | |||||||||||||
Marketable securities – short-term | $ | 9,390 | $ | 12 | $ | — | $ | 9,402 | |||||||||
Long-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 4,783 | $ | 7 | $ | — | $ | 4,790 | |||||||||
Corporate debt securities and certificates of deposit | 3,417 | 1 | (5 | ) | 3,413 | ||||||||||||
Asset backed securities | 2,474 | 2 | (1 | ) | 2,475 | ||||||||||||
Equity security | 42 | 22 | — | 64 | |||||||||||||
Marketable securities – long-term | $ | 10,716 | $ | 32 | $ | (6 | ) | $ | 10,742 | ||||||||
Our investments in marketable debt securities all have maturities of less than five years. At June 30, 2014, marketable debt securities valued at $15,991,000 were in an unrealized gain position totaling $26,000 and marketable debt securities valued at $1,336,000 were in an unrealized loss position totaling $1,000 (all had been in an unrealized loss position for less than twelve months). At December 31, 2013, marketable debt securities valued at $15,587,000 were in an unrealized gain position totaling $22,000 and marketable debt securities valued at $4,493,000 were in an unrealized loss position totaling $6,000 (all had been in an unrealized loss position for less than twelve months). | |||||||||||||||||
Net pre-tax unrealized gains for marketable securities of $50,000 at June 30, 2014 and $38,000 at December 31, 2013 were recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. We received proceeds from the sale of marketable securities of $154,000 in the three months ended June 30, 2014, $1,069,000 in the three months ended June 30, 2013, $3,154,000 in the six months ended June 30, 2014 and $3,522,000 in the six months ended June 30, 2013. No gain or loss was recognized on any of the sales during the six months ended June 30, 2014. We recognized a $2,000 gain from the sale of marketable securities in the three months ended June 30, 2013. We recognized a $21,000 loss from the sale of marketable securities in the six months ended June 30, 2013. | |||||||||||||||||
Investments in marketable securities classified as cash equivalents of $27,000 at June 30, 2014 and $327,000 at December 31, 2013 consist of the following: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Recorded | |||||||||||||
Gains | Losses | Basis | |||||||||||||||
Corporate debt securities and certificates of deposit | $ | 27 | $ | — | $ | — | $ | 27 | |||||||||
$ | 27 | $ | — | $ | — | $ | 27 | ||||||||||
December 31, 2013 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Recorded | |||||||||||||
Gains | Losses | Basis | |||||||||||||||
Corporate debt securities and certificates of deposit | $ | 327 | $ | — | $ | — | $ | 327 | |||||||||
$ | 327 | $ | — | $ | — | $ | 327 | ||||||||||
Cash and marketable securities held by foreign subsidiaries totaled $971,000 at June 30, 2014 and $903,000 at December 31, 2013. |
Derivatives
Derivatives | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||
Derivatives | ' | ||||||||||||
DERIVATIVES: | |||||||||||||
We enter into foreign exchange forward contracts to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies associated with our subsidiary in Singapore. These transactions are designated as cash flow hedges and are recorded in the accompanying balance sheet at fair value. The effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. Hedge ineffectiveness and the amounts excluded from effectiveness testing recognized in earnings on cash flow hedges were not material for the three and six month periods ended June 30, 2014 and June 30, 2013. | |||||||||||||
The maximum length of time over which we hedge our exposure to the variability in future cash flows is 12 months. Accordingly, at June 30, 2014 and June 30, 2013, all of our open foreign exchange forward contracts had maturities of one year or less. The dollar equivalent gross notional amount of our foreign exchange forward contracts designated as cash flow hedges was approximately $7.0 million at June 30, 2014 and $5.7 million at June 30, 2013. | |||||||||||||
Reclassifications of amounts from accumulated other comprehensive loss into earnings include accumulated gains (losses) at the time earnings are impacted by the forecasted transaction. The location in the consolidated statements of operations and consolidated statements of comprehensive loss and amounts of gains and losses related to derivative instruments designated as cash flow hedges are as follows: | |||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||
(In thousands) | Pretax Gain Recognized | Pretax Gain Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a Result of Reclassification | and Amount Excluded | |||||||||||
Effective | from Accumulated Other | from Effectiveness | |||||||||||
Portion of Derivative | Comprehensive Loss | Testing Recognized in | |||||||||||
Earnings | |||||||||||||
Cost of revenues | $ | 35 | $ | 2 | $ | — | |||||||
Research and development | 10 | 2 | — | ||||||||||
Selling, general and administrative | 10 | 1 | — | ||||||||||
Total | $ | 55 | $ | 5 | $ | — | |||||||
Three Months Ended June 30, 2013 | |||||||||||||
(In thousands) | Pretax Loss Recognized | Pretax Gain Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a | and Amount Excluded | |||||||||||
Effective | Result of Reclassification | from Effectiveness | |||||||||||
Portion of Derivative | from Accumulated Other | Testing Recognized in | |||||||||||
Comprehensive Loss | Earnings | ||||||||||||
Cost of revenues | $ | (83 | ) | $ | 14 | $ | — | ||||||
Research and development | (39 | ) | — | — | |||||||||
Selling, general and administrative | (31 | ) | — | — | |||||||||
Total | $ | (153 | ) | $ | 14 | $ | — | ||||||
Six Months Ended June 30, 2014 | |||||||||||||
(In thousands) | Pretax Gain Recognized | Pretax Loss Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a | and Amount Excluded | |||||||||||
Effective | Result of Reclassification | from Effectiveness | |||||||||||
Portion of Derivative | from Accumulated Other | Testing Recognized in | |||||||||||
Comprehensive Loss | Earnings | ||||||||||||
Cost of revenues | $ | 45 | $ | (18 | ) | $ | — | ||||||
Research and development | 14 | (7 | ) | — | |||||||||
Selling, general and administrative | 12 | (7 | ) | — | |||||||||
Total | $ | 71 | $ | (32 | ) | $ | — | ||||||
Six Months Ended June 30, 2013 | |||||||||||||
(In thousands) | Pretax Loss Recognized | Pretax Gain Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a | and Amount Excluded | |||||||||||
Effective | Result of Reclassification | from Effectiveness | |||||||||||
Portion of Derivative | from Accumulated Other | Testing Recognized in | |||||||||||
Comprehensive Loss | Earnings | ||||||||||||
Cost of revenues | $ | (170 | ) | $ | 39 | $ | — | ||||||
Research and development | (69 | ) | 5 | — | |||||||||
Selling, general and administrative | (53 | ) | 3 | — | |||||||||
Total | $ | (292 | ) | $ | 47 | $ | — | ||||||
Amounts recorded in accumulated other comprehensive loss for the after tax net unrealized loss associated with cash flow hedging instruments was $13,000 at June 30, 2014 and $116,000 at December 31, 2013. We expect to reclassify the June 30, 2014 pretax unrealized gain of $44,000 recorded in accumulated other comprehensive loss to earnings over the next 12 months with the impact offset by cash flows from underlying hedged items. The fair value of our foreign exchange forward contracts representing a gain in the amount of $41,000 at June 30, 2014 has been recorded in other current assets. The fair value of our foreign exchange forward contracts representing a loss in the amount of $58,000 at December 31, 2013 has been recorded in accrued expenses. | |||||||||||||
Additional information with respect to the impact of derivative instruments on other comprehensive income (loss) is included in Note 13. Additional information with respect to the fair value of derivative instruments is included in Note 5. | |||||||||||||
Our foreign exchange forward contracts contain credit risk to the extent that our bank counter-parties may be unable to meet the terms of the agreements. We minimize such risk by limiting our counter-parties to major financial institutions. We do not expect material losses as a result of defaults by other parties. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS: | |||||||||||||||||
We determine the fair value of our assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We use a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1). The next highest priority is based on quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in non-active markets or other observable inputs (Level 2). The lowest priority is given to unobservable inputs (Level 3). The following provides information regarding fair value measurements for our marketable securities and foreign exchange forward contracts as of June 30, 2014 and December 31, 2013 according to the three-level fair value hierarchy: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
June 30, 2014 Using | |||||||||||||||||
(In thousands) | Balance | Quoted Prices | Significant | Significant | |||||||||||||
June 30, | in Active | Other | Unobservable | ||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. government and agency obligations | $ | 9,435 | $ | — | $ | 9,435 | $ | — | |||||||||
Corporate debt securities and certificates of deposit | 5,127 | — | 5,127 | — | |||||||||||||
Asset backed securities | 2,765 | — | 2,765 | — | |||||||||||||
Equity security | 67 | 67 | — | — | |||||||||||||
Total marketable securities | $ | 17,394 | $ | 67 | $ | 17,327 | $ | — | |||||||||
Derivative instruments-assets: | |||||||||||||||||
Foreign exchange forward contracts | $ | 41 | $ | — | $ | 41 | $ | — | |||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
(In thousands) | Balance | Quoted Prices | Significant | Significant | |||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. government and agency obligations | $ | 11,099 | $ | — | $ | 11,099 | $ | — | |||||||||
Corporate debt securities and certificates of deposit | 6,506 | — | 6,506 | — | |||||||||||||
Asset backed securities | 2,475 | — | 2,475 | — | |||||||||||||
Equity security | 64 | 64 | — | — | |||||||||||||
Total marketable securities | $ | 20,144 | $ | 64 | $ | 20,080 | $ | — | |||||||||
Derivative instruments-liabilities: | |||||||||||||||||
Foreign exchange forward contracts | $ | 58 | $ | — | $ | 58 | $ | — | |||||||||
During the six months ended June 30, 2014 and the year ended December 31, 2013 there was no transfers within the three level hierarchy. A significant transfer is recognized when the inputs used to value a security have been changed which merit a transfer between the disclosed levels of the valuation hierarchy. | |||||||||||||||||
The fair value for our U.S. government and agency obligations, corporate debt securities and certificates of deposit and asset backed securities are determined based on valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The fair value for our equity security is based on a quoted market price obtained from an active market. | |||||||||||||||||
The fair value for our foreign exchange forward contracts is based on foreign currency spot and forward rates obtained from reputable financial institutions with resulting valuations periodically validated by obtaining foreign currency spot rate and forward quotes from other industry standard sources, third party or counterparty quotes. The fair value of our foreign exchange forward contracts representing a gain in the amount of $41,000 as of June 30, 2014 has been recorded in other current assets. The fair value of our foreign exchange forward contracts representing a loss in the amount of $58,000 as of December 31, 2013 has been recorded in accrued expenses. | |||||||||||||||||
The carrying amounts of financial instruments such as cash equivalents, accounts receivable, income tax refunds receivable, other assets, accounts payable, and all current liabilities approximate their related fair values due to the short-term maturities of these instruments. Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets are subject to non-recurring fair value measurements if they are deemed impaired. We had no re-measurements of non-financial assets to fair value during the six months ended June 30, 2014 or June 30, 2013. |
Accounting_For_StockBased_Comp
Accounting For Stock-Based Compensation | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Accounting For Stock-Based Compensation | ' | |||||||
ACCOUNTING FOR STOCK-BASED COMPENSATION: | ||||||||
All equity-based payments to employees, including grants of employee stock options and restricted stock units, are recognized as an expense in our consolidated statement of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options granted has been determined using the Black-Scholes model. The compensation expense recognized for all equity based awards is net of estimated forfeitures, which are based on historical data. We have classified equity based compensation within our statement of operations in the same manner as our cash based employee compensation costs. | ||||||||
Equity based compensation expense in the three months ended June 30, 2014 totaled $153,000 and includes $80,000 for stock option awards, $10,000 for our employee stock purchase plan, $31,000 for unvested restricted stock units and $32,000 for shares issued to our non-employee directors upon their re-election to our board in May 2014. Equity based compensation expense in the six months ended June 30, 2014 totaled $261,000 and includes $150,000 for stock option awards, $18,000 for our employee stock purchase plan, $61,000 for unvested restricted stock units and $32,000 for shares issued to our non-employee directors. | ||||||||
Equity based compensation expense in the three months ended June 30, 2013 totaled $130,000 and includes $64,000 for stock option awards, $12,000 for our employee stock purchase plan, $24,000 for unvested restricted stock units and $30,000 for shares issued to our non-employee directors upon their re-election to our board in May 2013. Equity based compensation in the six months ended June 30, 2013 totaled $233,000 and includes $130,000 for stock option awards, $24,000 for our employee stock purchase plan, $49,000 for unvested restricted stock units and $30,000 for shares issued to our non-employee directors. | ||||||||
At June 30, 2014 the total unrecognized compensation cost related to non-vested equity based compensation arrangements was $1,156,000 and the related weighted average period over which it is expected to be recognized is 2.67 years. | ||||||||
For stock options granted during the six months ending June 30, 2014, we utilized the fair value of our common stock on the date of grant and employed the following key assumptions in computing fair value using the Black-Scholes option-pricing model: | ||||||||
2014 | ||||||||
Risk-free interest rates | 1.55% - 1.65% | |||||||
Expected life in years | 5.30 - 5.48 | |||||||
Expected volatility | 46.57% - 46.90% | |||||||
Dividend yield | —% | |||||||
Weighted average fair value on grant date | $3.39 | |||||||
Stock Options | ||||||||
We have two stock incentive plans that are administered under the supervision of the Compensation Committee of the Board of Directors. As of June 30, 2014, there are 940,166 shares of common stock reserved in the aggregate for issuance of options and other stock based benefits under these plans, including restricted stock units and share grants to employees, officers and others. Reserved shares underlying canceled options are available for future grant under our active plan. Options are granted at an option price per share equal to or greater than the market value of our common stock on the date of grant. Generally, options granted to employees vest over a four-year period and expire seven years after the date of grant. The plans allow for option holders to tender shares of our common stock as consideration for the option price, provided that the tendered shares have been held by the option holder at least six months. As of June 30, 2014, there were 286,472 shares of common stock available under our active plan for future issuance to employees, officers and others. | ||||||||
The following is a summary of stock option activity for the six months ended June 30, 2014: | ||||||||
Options Outstanding | Weighted Average Exercise | |||||||
Price Per Share | ||||||||
Outstanding, December 31, 2013 | 586,483 | $ | 8.07 | |||||
Granted | 170,000 | 7.73 | ||||||
Exercised | (59,200 | ) | 5.04 | |||||
Expired | (43,851 | ) | 14.8 | |||||
Forfeited | (52,498 | ) | 7.5 | |||||
Outstanding, June 30, 2014 | 600,934 | $ | 7.83 | |||||
Exercisable, June 30, 2014 | 273,354 | $ | 8.73 | |||||
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At June 30, 2014, the weighted average remaining contractual term of all outstanding options was 4.42 years and their aggregate intrinsic value was $546,580. At June 30, 2014, the weighted average remaining contractual term of options that were exercisable was 2.28 years and their aggregate intrinsic value was $228,082. We received proceeds of $298,358 from the exercise of stock options in the six months ended June 30, 2014. We received no proceeds from the exercise of stock options in the six months ended June 30, 2013. | ||||||||
Restricted Stock Units | ||||||||
Our 1998 Stock Incentive Plan also permits our Compensation Committee to grant other stock-based benefits, including restricted stock units. Restricted stock units are valued at a price equal to the fair market value of our common stock on the date of grant, vest over a four year period provided the employee is still working for the company and entitle the holders to one share of our common stock for each restricted stock unit. The aggregate fair value of outstanding restricted stock units based on the closing share price of our common stock on June 30, 2014 was $422,000. The aggregate fair value of restricted stock units that vested in the six months ended June 30, 2014, based on the closing share price of our common stock on the vesting date, was $34,796. | ||||||||
A summary of activity in non-vested restricted stock units for the six months ended June 30, 2014 is as follows: | ||||||||
Non-vested restricted stock units | Shares | Weighted Average Grant Date | ||||||
Fair Value | ||||||||
Non-vested at December 31, 2013 | 46,943 | $ | 6.82 | |||||
Granted | 20,000 | 6.97 | ||||||
Vested | (5,433 | ) | 7.31 | |||||
Forfeited | (8,750 | ) | 7.5 | |||||
Non-vested at June 30, 2014 | 52,760 | $ | 6.71 | |||||
Employee Stock Purchase Plan | ||||||||
We have an Employee Stock Purchase Plan available to eligible U.S. employees. Under terms of the plan, eligible employees may designate from 1% to 10% of their compensation to be withheld through payroll deductions, up to a maximum of $6,500 in each plan year, for the purchase of common stock at 85% of the lower of the market price on the first or last day of the offering period. There were no shares issued under this plan in the six months ended June 30, 2014 or June 30, 2013. As of June 30, 2014, 153,926 shares remain available for future issuance under this plan. | ||||||||
Stock Grant Plan for Non-Employee Directors | ||||||||
Our stock grant plan for non-employee directors provides for automatic grants of 1,000 shares of our common stock to each of our non-employee directors upon their re-election to the Board of Directors. The plan allows for the issuance of up to 60,000 shares of our common stock, including an additional 30,000 shares authorized in May 2014, and will expire on May 19, 2018. We issued a total of 4,000 shares of common stock under this plan in connection with our annual meeting in May 2014, resulting in $32,000 of stock compensation expense in the three and six months ended June 30, 2014. As of June 30, 2014, 32,000 shares of common stock are reserved in the aggregate for future issuance under this plan. |
Inventories_And_Warranties
Inventories And Warranties | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories And Warranties [Abstract] | ' | ||||||||
Inventories And Warranties | ' | ||||||||
INVENTORIES AND WARRANTIES: | |||||||||
Inventories consist of the following: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Raw materials and purchased parts | $ | 7,454 | $ | 6,690 | |||||
Work in process | 1,454 | 1,135 | |||||||
Finished goods | 3,736 | 3,506 | |||||||
Total inventories | $ | 12,644 | $ | 11,331 | |||||
Warranty costs: | |||||||||
We provide for the estimated cost of product warranties, which extend for periods from one to three years after purchase, at the time revenue is recognized. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, warranty obligations are affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from our estimates, revisions to the estimated warranty liability would be required and could be material. Our warranty liability is included as a component of accrued expenses. At the end of each reporting period we revise our estimated warranty liability based on these factors. | |||||||||
A reconciliation of the changes in our estimated warranty liability is as follows: | |||||||||
Six Months Ended June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 513 | $ | 694 | |||||
Accrual for warranties | 618 | 246 | |||||||
Assumed in acquisition | 5 | — | |||||||
Warranty revision | 2 | 4 | |||||||
Settlements made during the period | (439 | ) | (408 | ) | |||||
Balance at end of period | $ | 699 | $ | 536 | |||||
Deferred warranty revenue: | |||||||||
The current portion of our deferred warranty revenue is included as a component of advance customer payments. A reconciliation of the changes in our deferred warranty revenue is as follows: | |||||||||
Six Months Ended June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 444 | $ | 582 | |||||
Revenue deferrals | 166 | 159 | |||||||
Assumed in acquisition | 89 | — | |||||||
Amortization of deferred revenue | (191 | ) | (259 | ) | |||||
Total deferred warranty revenue | 508 | 482 | |||||||
Current portion of deferred warranty revenue | (421 | ) | (307 | ) | |||||
Long-term deferred warranty revenue | $ | 87 | $ | 175 | |||||
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
INTANGIBLE ASSETS: | |||||||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Patents | $ | 3,125 | $ | (2,833 | ) | $ | 292 | $ | 2,915 | $ | (2,779 | ) | $ | 136 | |||||||||||
Software | 206 | (9 | ) | 197 | — | — | — | ||||||||||||||||||
Marketing assets and customer relationships | 101 | (4 | ) | 97 | — | — | — | ||||||||||||||||||
Non-compete agreements | 101 | (7 | ) | 94 | — | — | — | ||||||||||||||||||
$ | 3,533 | $ | (2,853 | ) | $ | 680 | $ | 2,915 | $ | (2,779 | ) | $ | 136 | ||||||||||||
The weighted average amortization period for our intangible assets is as follows: patents five years, software seven years, marketing assets and customer relationships nine years, and non-compete agreements four years. Amortization expense for the three and six month periods ended June 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Patents | $ | 30 | $ | 31 | $ | 54 | $ | 65 | |||||||||||||||||
Software | 7 | — | 9 | — | |||||||||||||||||||||
Marketing assets and customer relationships | 3 | — | 4 | — | |||||||||||||||||||||
Non-compete agreements | 6 | — | 7 | — | |||||||||||||||||||||
$ | 46 | $ | 31 | $ | 74 | $ | 65 | ||||||||||||||||||
Amortization of patents has been classified as research and development expense in the accompanying statements of operations. Estimated aggregate amortization expense based on current intangibles for the next five years is expected to be as follows: $94,000 for the remainder of 2014, $147,000 in 2015, $119,000 in 2016, $94,000 in 2017, $67,000 in 2018 and $62,000 in 2019. | |||||||||||||||||||||||||
Intangible and other long lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill | ' |
GOODWILL: | |
Goodwill increased by $797,000 in the six months ended June 30, 2014 due to our acquisition of LDI. There was no change in our goodwill balance in the six months ended June 30, 2013. Adjustments to provisional amounts reflected in our March 31, 2014 balance sheet for the LDI acquisition resulted in a $46,000 increase to goodwill in the three months ended June 30, 2014. |
Significant_Customers
Significant Customers | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Significant Customers | ' | ||||||||||||||||
SIGNIFICANT CUSTOMERS: | |||||||||||||||||
Export sales were 78% of revenue in the three months ended June 30, 2014 and 76% of revenue in the six months ended June 30, 2014. Export sales were 80% of revenue in the three and six months ended June 30, 2013. Virtually all of our export sales are negotiated, invoiced and paid in U.S. dollars. Export sales by geographic area are summarized as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Americas | $ | 483 | $ | 442 | $ | 695 | $ | 498 | |||||||||
Europe | 2,998 | 2,960 | 5,156 | 4,675 | |||||||||||||
Asia | 6,466 | 3,900 | 11,400 | 7,392 | |||||||||||||
Other | 353 | 148 | 373 | 262 | |||||||||||||
Total export sales | $ | 10,300 | $ | 7,450 | $ | 17,624 | $ | 12,827 | |||||||||
Our LaserAlign sensor family has historically accounted for a significant portion of our revenues and profitability. Our revenue, results of operations and cash flows would be negatively impacted if our LaserAlign customers are unsuccessful selling the products into which our sensors are incorporated, design their products to function without our sensors, purchase sensors from other suppliers, or otherwise terminate their relationships with us. | |||||||||||||||||
We are dependent upon two customers, Juki and Assembleon, for a significant portion of our total revenue. For the six months ended June 30, 2014, sales to Juki accounted for 17% of our total revenue and sales to Assembleon accounted for 8% of our total revenue. |
Restructuring_And_Severance_Co
Restructuring And Severance Costs | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Restructuring And Severance Costs | ' | |||
RESTRUCTURING AND SEVERANCE COSTS: | ||||
Severance costs of $952,000 were incurred in the fourth quarter of 2013 when we reduced our global workforce by approximately 30 employees. Expenses for contract workers were also reduced. The workforce reduction was undertaken to strengthen our commitment to cost control, minimize losses and to improve focus on market support for our products. No restructuring or severance costs were incurred in the three or six months ended June 30, 2014 or June 30, 2013. | ||||
A summary of our remaining restructuring accrual relating to this action is as follows: | ||||
(In thousands) | Fourth Quarter 2013 Workforce | |||
Reduction | ||||
Balance, December 31, 2013 | $ | 511 | ||
Cost incurred | — | |||
Payments made | 511 | |||
Balance, June 30, 2014 | $ | — | ||
Net_Loss_Per_Share
Net Loss Per Share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Loss Per Share | ' | |||||||||||
NET LOSS PER SHARE: | ||||||||||||
Net loss per basic and diluted share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, restricted stock units and from participation in our employee stock purchase plan, as calculated using the treasury stock method. All potentially dilutive common equivalent shares are excluded from the calculations of net loss per diluted share due to their anti-dilutive effect. As a result, no common equivalent shares were included in the calculations of net loss per diluted share for the three and six month periods ended June 30, 2014 or June 30, 2013. The components of net loss per basic and diluted share are as follows: | ||||||||||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Three Months Ended June 30, 2014: | ||||||||||||
Basic | $ | (315 | ) | 6,547 | $ | (0.05 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (315 | ) | 6,547 | $ | (0.05 | ) | |||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Three Months Ended June 30, 2013: | ||||||||||||
Basic | $ | (1,200 | ) | 6,907 | $ | (0.17 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (1,200 | ) | 6,907 | $ | (0.17 | ) | |||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Six Months Ended June 30, 2014: | ||||||||||||
Basic | $ | (1,124 | ) | 6,527 | $ | (0.17 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (1,124 | ) | 6,527 | $ | (0.17 | ) | |||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Six Months Ended June 30, 2013: | ||||||||||||
Basic | $ | (3,346 | ) | 6,933 | $ | (0.48 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (3,346 | ) | 6,933 | $ | (0.48 | ) | |||||
The calculation of diluted net loss per common share excludes 676,000 and 600,000 potentially dilutive shares for the three months ended June 30, 2014 and 2013, and 723,000 and 603,000 potentially dilutive shares for the six months ended June 30, 2014 and 2013 because their effect would be anti-dilutive. |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
OMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||||||
Taxes related to items of other comprehensive income (loss) are as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 87 | $ | — | $ | 87 | $ | (176 | ) | $ | — | $ | (176 | ) | |||||||||||
Net changes related to available-for-sale securities: | |||||||||||||||||||||||||
Unrealized gains (losses) | 13 | — | 13 | (27 | ) | — | (27 | ) | |||||||||||||||||
Reclassification adjustment for gains included in net loss | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Total net changes related to available-for-sale securities | 13 | — | 13 | (29 | ) | — | (29 | ) | |||||||||||||||||
Net changes related to foreign exchange forward contracts: | |||||||||||||||||||||||||
Unrealized gains (losses) | 55 | — | 55 | (153 | ) | — | (153 | ) | |||||||||||||||||
Reclassification adjustment for gains included in net loss | (5 | ) | — | (5 | ) | (14 | ) | — | (14 | ) | |||||||||||||||
Total net changes related to foreign exchange forward contracts | 50 | — | 50 | (167 | ) | — | (167 | ) | |||||||||||||||||
Other comprehensive income (loss) | $ | 150 | $ | — | $ | 150 | $ | (372 | ) | $ | — | $ | (372 | ) | |||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 167 | $ | — | $ | 167 | $ | (255 | ) | $ | — | $ | (255 | ) | |||||||||||
Net changes related to available-for-sale securities: | |||||||||||||||||||||||||
Unrealized gains | 12 | — | 12 | 6 | — | 6 | |||||||||||||||||||
Reclassification adjustment for losses included in net loss | — | — | — | 21 | — | 21 | |||||||||||||||||||
Total net changes related to available-for-sale securities | 12 | — | 12 | 27 | — | 27 | |||||||||||||||||||
Net changes related to foreign exchange forward contracts: | |||||||||||||||||||||||||
Unrealized gains (losses) | 71 | — | 71 | (292 | ) | — | (292 | ) | |||||||||||||||||
Reclassification adjustment for (gains) losses included in net loss | 32 | — | 32 | (47 | ) | — | (47 | ) | |||||||||||||||||
Total net changes related to foreign exchange forward contracts | 103 | — | 103 | (339 | ) | — | (339 | ) | |||||||||||||||||
Other comprehensive income (loss) | $ | 282 | $ | — | $ | 282 | $ | (567 | ) | $ | — | $ | (567 | ) | |||||||||||
Reclassification adjustments are made to avoid double counting for items included in comprehensive income (loss) that are also recorded as part of net loss. Reclassifications to earnings related to cash flow hedging instruments are discussed in Note 4. Income taxes are not provided for foreign currency translation adjustments relating to permanent investments in international subsidiaries. We have recorded a valuation allowance against all of our United States and Singapore based deferred tax assets. Accordingly, we do not expect to record a tax provision for items of other comprehensive income (loss) until such time as the valuation allowance is substantially reduced. The effect of the reclassifications from comprehensive income (loss) to earnings by line item is as follows: | |||||||||||||||||||||||||
Details about Components | Amount Reclassified from | Affected Line Item in the Statements of Operations | |||||||||||||||||||||||
of Accumulated Other | Accumulated Other | ||||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | — | $ | 2 | $ | — | $ | (21 | ) | Interest income and other | |||||||||||||||
— | — | — | — | Income tax provision (benefit) | |||||||||||||||||||||
$ | — | $ | 2 | $ | — | $ | (21 | ) | Net of tax | ||||||||||||||||
Unrealized gains (losses) on foreign exchange forward contracts | $ | 2 | $ | 14 | $ | (18 | ) | $ | 39 | Cost of revenues | |||||||||||||||
2 | — | (7 | ) | 5 | Research and development expenses | ||||||||||||||||||||
1 | — | (7 | ) | 3 | Selling, general and administrative expenses | ||||||||||||||||||||
5 | 14 | (32 | ) | 47 | Total before tax | ||||||||||||||||||||
— | — | — | — | Income tax provision (benefit) | |||||||||||||||||||||
$ | 5 | $ | 14 | $ | (32 | ) | $ | 47 | Net of tax | ||||||||||||||||
At June 30, 2014 and June 30, 2013, components of accumulated other comprehensive loss are as follows: | |||||||||||||||||||||||||
(In thousands) | Foreign | Available- | Foreign | Accumulated | |||||||||||||||||||||
Currency | for-Sale | Exchange | Other | ||||||||||||||||||||||
Translation | Securities | Forward | Comprehensive | ||||||||||||||||||||||
Adjustments | Contracts | Loss | |||||||||||||||||||||||
Balances at December 31, 2013 | $ | (456 | ) | $ | 32 | $ | (116 | ) | $ | (540 | ) | ||||||||||||||
Other comprehensive income before reclassifications | 167 | 12 | 71 | 250 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 32 | 32 | |||||||||||||||||||||
Total change for the period | 167 | 12 | 103 | 282 | |||||||||||||||||||||
Balances at June 30, 2014 | $ | (289 | ) | $ | 44 | $ | (13 | ) | $ | (258 | ) | ||||||||||||||
(In thousands) | Foreign | Available- | Foreign | Accumulated | |||||||||||||||||||||
Currency | for-Sale | Exchange | Other | ||||||||||||||||||||||
Translation | Securities | Forward | Comprehensive | ||||||||||||||||||||||
Adjustments | Contracts | Loss | |||||||||||||||||||||||
Balances at December 31, 2012 | $ | (245 | ) | $ | (23 | ) | $ | 111 | $ | (157 | ) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | (255 | ) | 6 | (292 | ) | (541 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 21 | (47 | ) | (26 | ) | |||||||||||||||||||
Total change for the period | (255 | ) | 27 | (339 | ) | (567 | ) | ||||||||||||||||||
Balances at June 30, 2013 | $ | (500 | ) | $ | 4 | $ | (228 | ) | $ | (724 | ) | ||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES: | |
We recorded income tax expense of $54,000 in the six months ended June 30, 2014, compared to $74,000 in the six months ended June 30, 2013. Our income tax expense in both the six months ended June 30, 2014 and the six months ended June 30, 2013 reflects minimal state income tax expense and foreign income tax expense associated with our subsidiaries in the United Kingdom and China. | |
We currently have significant deferred tax assets as a result of temporary differences between taxable income on our tax returns and U.S. GAAP income, research and development tax credit carry forwards and federal, state and foreign net operating loss carry forwards. A deferred tax asset generally represents future tax benefits to be received when temporary differences previously reported in our financial statements become deductible for income tax purposes, when net operating loss carry forwards are applied against future taxable income, or when tax credit carry forwards are utilized on our tax returns. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on the guidance provided in current financial accounting standards. | |
Significant judgment is required in determining the realizability of our deferred tax assets. The assessment of whether valuation allowances are required considers, among other matters, the nature, frequency and severity of any current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods, our experience with loss carry forwards not expiring unused and tax planning alternatives. | |
We have concluded that a valuation allowance is needed for all of our United States and Singapore based deferred tax assets due to the losses we have sustained since 2011 and our near term financial outlook. In analyzing the need for a valuation allowance, we considered our history of operating results for income tax purposes over the past three years in each of the tax jurisdictions where we operate, statutory carry forward periods and tax planning alternatives. Finally, we considered both our near and long-term financial outlook and timing regarding when we might return to profitability. After considering all available evidence both positive and negative, we concluded that a valuation allowance is needed for all of our U.S. and Singapore based deferred tax assets at June 30, 2014 and December 31, 2013. | |
Deferred tax assets at June 30, 2014 include net operating loss carry forwards incurred in the UK by CyberOptics Ltd., which was acquired in 1999. A valuation allowance has not been recorded against these deferred tax assets. The utilization of these net operating loss carry forwards is dependent on CyberOptics Ltd.’s ability to generate sufficient UK taxable income during the carry forward period. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
CONTINGENCIES: | |
We are periodically a defendant in miscellaneous claims and disputes in the ordinary course of business. While the outcome of these matters cannot be predicted with certainty, management presently believes the disposition of these matters will not have a material effect on our financial position, results of operations or cash flows. | |
In the normal course of business to facilitate sales of our products and services, we at times indemnify other parties, including customers, with respect to certain matters. In these instances, we have agreed to hold the other parties harmless against losses arising out of intellectual property infringement or other types of claims. These agreements may limit the time within which an indemnification claim can be made, and almost always limit the amount of the claim. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made, if any, under these agreements have not had a material impact on our operating results, financial position or cash flows. |
Recent_Accounting_Developments
Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Developments | ' |
RECENT ACCOUNTING DEVELOPMENTS: | |
In May 2014, the Financial Accounting Standards Board (FASB) issued guidance on the recognition of revenue from contracts with customers (ASU No. 2014-09, Revenue from Contracts with Customers). Revenue recognition will depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The guidance is effective January 1, 2017 and early adoption is not permitted. The Company is currently evaluating the method of adoption and the impact of the new guidance on the consolidated financial statements. | |
In April 2014, the FASB issued guidance that changes the criteria for reporting a discontinued operation (ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity). According to the new guidance, only disposals of a component that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results are a discontinued operation. The new guidance also requires expanded disclosures about discontinued operations and disposals of a significant part of an entity that does not qualify for discontinued operations reporting. The guidance is effective beginning January 1, 2015 with early adoption permitted, but only for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. The impact on our consolidated financial statements will be dependent on any transaction that is within the scope of the new guidance. | |
In July 2013, the FASB issued guidance regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists (ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists). Under certain circumstances, unrecognized tax benefits 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. The guidance was effective January 1, 2014, and was adopted by us in the first quarter. The guidance is a change in financial statement presentation only and had no impact on our consolidated financial results or financial position. |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Business Acquisitions, Preliminary Purchase Price Allocation | ' | |||||||||||||||
The purchase price allocation for our acquisition of LDI is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Accounts receivable | $ | 662 | ||||||||||||||
Inventories | 551 | |||||||||||||||
Equipment and leasehold improvements | 1,507 | |||||||||||||||
Other assets | 91 | |||||||||||||||
Intangible assets | 573 | |||||||||||||||
Identifiable assets acquired | 3,384 | |||||||||||||||
Accounts payable | 640 | |||||||||||||||
Accrued expenses and advance customer payments | 433 | |||||||||||||||
Liabilities assumed | 1,073 | |||||||||||||||
Net identifiable assets acquired | 2,311 | |||||||||||||||
Goodwill | 797 | |||||||||||||||
Purchase price | $ | 3,108 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ' | |||||||||||||||
The allocation of the purchase price resulted in recognition of the following identified intangible assets: | ||||||||||||||||
(In thousands) | Weighted Average | |||||||||||||||
Life-Years | ||||||||||||||||
Software | $ | 206 | 7 | |||||||||||||
Patent | 165 | 7 | ||||||||||||||
Marketing assets and customer relationships | 101 | 9 | ||||||||||||||
Non-compete agreements | 101 | 4 | ||||||||||||||
$ | 573 | |||||||||||||||
Unaudited Pro Forma Consolidated Financial Information | ' | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 13,263 | $ | 10,782 | $ | 24,478 | $ | 18,936 | ||||||||
Net loss | (291 | ) | (1,291 | ) | (929 | ) | (3,544 | ) | ||||||||
Basic and diluted loss per share | $ | (0.04 | ) | $ | (0.19 | ) | $ | (0.14 | ) | $ | (0.51 | ) |
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Schedule Of Marketable Securities | ' | ||||||||||||||||
Our investments in marketable securities are classified as available-for-sale and consist of the following: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
Short-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 4,861 | $ | 7 | $ | — | $ | 4,868 | |||||||||
Corporate debt securities and certificates of deposit | 2,289 | 3 | — | 2,292 | |||||||||||||
Marketable securities – short-term | $ | 7,150 | $ | 10 | $ | — | $ | 7,160 | |||||||||
Long-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 4,561 | $ | 7 | $ | (1 | ) | $ | 4,567 | ||||||||
Corporate debt securities and certificates of deposit | 2,829 | 6 | — | 2,835 | |||||||||||||
Asset backed securities | 2,762 | 3 | — | 2,765 | |||||||||||||
Equity security | 42 | 25 | — | 67 | |||||||||||||
Marketable securities – long-term | $ | 10,194 | $ | 41 | $ | (1 | ) | $ | 10,234 | ||||||||
31-Dec-13 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
Short-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 6,299 | $ | 10 | $ | — | $ | 6,309 | |||||||||
Corporate debt securities and certificates of deposit | 3,091 | 2 | — | 3,093 | |||||||||||||
Marketable securities – short-term | $ | 9,390 | $ | 12 | $ | — | $ | 9,402 | |||||||||
Long-Term | |||||||||||||||||
U.S. government and agency obligations | $ | 4,783 | $ | 7 | $ | — | $ | 4,790 | |||||||||
Corporate debt securities and certificates of deposit | 3,417 | 1 | (5 | ) | 3,413 | ||||||||||||
Asset backed securities | 2,474 | 2 | (1 | ) | 2,475 | ||||||||||||
Equity security | 42 | 22 | — | 64 | |||||||||||||
Marketable securities – long-term | $ | 10,716 | $ | 32 | $ | (6 | ) | $ | 10,742 | ||||||||
Schedule Of Marketable Securities Classified As Cash Equivalents | ' | ||||||||||||||||
Investments in marketable securities classified as cash equivalents of $27,000 at June 30, 2014 and $327,000 at December 31, 2013 consist of the following: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Recorded | |||||||||||||
Gains | Losses | Basis | |||||||||||||||
Corporate debt securities and certificates of deposit | $ | 27 | $ | — | $ | — | $ | 27 | |||||||||
$ | 27 | $ | — | $ | — | $ | 27 | ||||||||||
December 31, 2013 | |||||||||||||||||
(In thousands) | Cost | Unrealized | Unrealized | Recorded | |||||||||||||
Gains | Losses | Basis | |||||||||||||||
Corporate debt securities and certificates of deposit | $ | 327 | $ | — | $ | — | $ | 327 | |||||||||
$ | 327 | $ | — | $ | — | $ | 327 | ||||||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||
Schedule Of Cash Flow Hedges | ' | ||||||||||||
The location in the consolidated statements of operations and consolidated statements of comprehensive loss and amounts of gains and losses related to derivative instruments designated as cash flow hedges are as follows: | |||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||
(In thousands) | Pretax Gain Recognized | Pretax Gain Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a Result of Reclassification | and Amount Excluded | |||||||||||
Effective | from Accumulated Other | from Effectiveness | |||||||||||
Portion of Derivative | Comprehensive Loss | Testing Recognized in | |||||||||||
Earnings | |||||||||||||
Cost of revenues | $ | 35 | $ | 2 | $ | — | |||||||
Research and development | 10 | 2 | — | ||||||||||
Selling, general and administrative | 10 | 1 | — | ||||||||||
Total | $ | 55 | $ | 5 | $ | — | |||||||
Three Months Ended June 30, 2013 | |||||||||||||
(In thousands) | Pretax Loss Recognized | Pretax Gain Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a | and Amount Excluded | |||||||||||
Effective | Result of Reclassification | from Effectiveness | |||||||||||
Portion of Derivative | from Accumulated Other | Testing Recognized in | |||||||||||
Comprehensive Loss | Earnings | ||||||||||||
Cost of revenues | $ | (83 | ) | $ | 14 | $ | — | ||||||
Research and development | (39 | ) | — | — | |||||||||
Selling, general and administrative | (31 | ) | — | — | |||||||||
Total | $ | (153 | ) | $ | 14 | $ | — | ||||||
Six Months Ended June 30, 2014 | |||||||||||||
(In thousands) | Pretax Gain Recognized | Pretax Loss Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a | and Amount Excluded | |||||||||||
Effective | Result of Reclassification | from Effectiveness | |||||||||||
Portion of Derivative | from Accumulated Other | Testing Recognized in | |||||||||||
Comprehensive Loss | Earnings | ||||||||||||
Cost of revenues | $ | 45 | $ | (18 | ) | $ | — | ||||||
Research and development | 14 | (7 | ) | — | |||||||||
Selling, general and administrative | 12 | (7 | ) | — | |||||||||
Total | $ | 71 | $ | (32 | ) | $ | — | ||||||
Six Months Ended June 30, 2013 | |||||||||||||
(In thousands) | Pretax Loss Recognized | Pretax Gain Recognized | Ineffective Portion of | ||||||||||
in Other Comprehensive | in Earnings on Effective | Gain (Loss) on Derivative | |||||||||||
Income (Loss) on | Portion of Derivative as a | and Amount Excluded | |||||||||||
Effective | Result of Reclassification | from Effectiveness | |||||||||||
Portion of Derivative | from Accumulated Other | Testing Recognized in | |||||||||||
Comprehensive Loss | Earnings | ||||||||||||
Cost of revenues | $ | (170 | ) | $ | 39 | $ | — | ||||||
Research and development | (69 | ) | 5 | — | |||||||||
Selling, general and administrative | (53 | ) | 3 | — | |||||||||
Total | $ | (292 | ) | $ | 47 | $ | — | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts | ' | ||||||||||||||||
The following provides information regarding fair value measurements for our marketable securities and foreign exchange forward contracts as of June 30, 2014 and December 31, 2013 according to the three-level fair value hierarchy: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
June 30, 2014 Using | |||||||||||||||||
(In thousands) | Balance | Quoted Prices | Significant | Significant | |||||||||||||
June 30, | in Active | Other | Unobservable | ||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. government and agency obligations | $ | 9,435 | $ | — | $ | 9,435 | $ | — | |||||||||
Corporate debt securities and certificates of deposit | 5,127 | — | 5,127 | — | |||||||||||||
Asset backed securities | 2,765 | — | 2,765 | — | |||||||||||||
Equity security | 67 | 67 | — | — | |||||||||||||
Total marketable securities | $ | 17,394 | $ | 67 | $ | 17,327 | $ | — | |||||||||
Derivative instruments-assets: | |||||||||||||||||
Foreign exchange forward contracts | $ | 41 | $ | — | $ | 41 | $ | — | |||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
(In thousands) | Balance | Quoted Prices | Significant | Significant | |||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. government and agency obligations | $ | 11,099 | $ | — | $ | 11,099 | $ | — | |||||||||
Corporate debt securities and certificates of deposit | 6,506 | — | 6,506 | — | |||||||||||||
Asset backed securities | 2,475 | — | 2,475 | — | |||||||||||||
Equity security | 64 | 64 | — | — | |||||||||||||
Total marketable securities | $ | 20,144 | $ | 64 | $ | 20,080 | $ | — | |||||||||
Derivative instruments-liabilities: | |||||||||||||||||
Foreign exchange forward contracts | $ | 58 | $ | — | $ | 58 | $ | — | |||||||||
Accounting_For_StockBased_Comp1
Accounting For Stock-Based Compensation (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Schedule Of Stock Option Valuation Assumptions | ' | |||||||
For stock options granted during the six months ending June 30, 2014, we utilized the fair value of our common stock on the date of grant and employed the following key assumptions in computing fair value using the Black-Scholes option-pricing model: | ||||||||
2014 | ||||||||
Risk-free interest rates | 1.55% - 1.65% | |||||||
Expected life in years | 5.30 - 5.48 | |||||||
Expected volatility | 46.57% - 46.90% | |||||||
Dividend yield | —% | |||||||
Weighted average fair value on grant date | $3.39 | |||||||
Schedule Of Stock Option Activity | ' | |||||||
The following is a summary of stock option activity for the six months ended June 30, 2014: | ||||||||
Options Outstanding | Weighted Average Exercise | |||||||
Price Per Share | ||||||||
Outstanding, December 31, 2013 | 586,483 | $ | 8.07 | |||||
Granted | 170,000 | 7.73 | ||||||
Exercised | (59,200 | ) | 5.04 | |||||
Expired | (43,851 | ) | 14.8 | |||||
Forfeited | (52,498 | ) | 7.5 | |||||
Outstanding, June 30, 2014 | 600,934 | $ | 7.83 | |||||
Exercisable, June 30, 2014 | 273,354 | $ | 8.73 | |||||
Schedule Of Non-Vested Restricted Stock Activity | ' | |||||||
A summary of activity in non-vested restricted stock units for the six months ended June 30, 2014 is as follows: | ||||||||
Non-vested restricted stock units | Shares | Weighted Average Grant Date | ||||||
Fair Value | ||||||||
Non-vested at December 31, 2013 | 46,943 | $ | 6.82 | |||||
Granted | 20,000 | 6.97 | ||||||
Vested | (5,433 | ) | 7.31 | |||||
Forfeited | (8,750 | ) | 7.5 | |||||
Non-vested at June 30, 2014 | 52,760 | $ | 6.71 | |||||
Inventories_And_Warranties_Tab
Inventories And Warranties (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories And Warranties [Abstract] | ' | ||||||||
Schedule Of Inventory Components | ' | ||||||||
Inventories consist of the following: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Raw materials and purchased parts | $ | 7,454 | $ | 6,690 | |||||
Work in process | 1,454 | 1,135 | |||||||
Finished goods | 3,736 | 3,506 | |||||||
Total inventories | $ | 12,644 | $ | 11,331 | |||||
Schedule Of Changes In Estimated Warranty Liability | ' | ||||||||
A reconciliation of the changes in our estimated warranty liability is as follows: | |||||||||
Six Months Ended June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 513 | $ | 694 | |||||
Accrual for warranties | 618 | 246 | |||||||
Assumed in acquisition | 5 | — | |||||||
Warranty revision | 2 | 4 | |||||||
Settlements made during the period | (439 | ) | (408 | ) | |||||
Balance at end of period | $ | 699 | $ | 536 | |||||
Schedule Of Changes In Deferred Warranty Revenue | ' | ||||||||
A reconciliation of the changes in our deferred warranty revenue is as follows: | |||||||||
Six Months Ended June 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 444 | $ | 582 | |||||
Revenue deferrals | 166 | 159 | |||||||
Assumed in acquisition | 89 | — | |||||||
Amortization of deferred revenue | (191 | ) | (259 | ) | |||||
Total deferred warranty revenue | 508 | 482 | |||||||
Current portion of deferred warranty revenue | (421 | ) | (307 | ) | |||||
Long-term deferred warranty revenue | $ | 87 | $ | 175 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Patents | $ | 3,125 | $ | (2,833 | ) | $ | 292 | $ | 2,915 | $ | (2,779 | ) | $ | 136 | |||||||||||
Software | 206 | (9 | ) | 197 | — | — | — | ||||||||||||||||||
Marketing assets and customer relationships | 101 | (4 | ) | 97 | — | — | — | ||||||||||||||||||
Non-compete agreements | 101 | (7 | ) | 94 | — | — | — | ||||||||||||||||||
$ | 3,533 | $ | (2,853 | ) | $ | 680 | $ | 2,915 | $ | (2,779 | ) | $ | 136 | ||||||||||||
Schedule Of Amortization Expense For Intangible Assets | ' | ||||||||||||||||||||||||
Amortization expense for the three and six month periods ended June 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Patents | $ | 30 | $ | 31 | $ | 54 | $ | 65 | |||||||||||||||||
Software | 7 | — | 9 | — | |||||||||||||||||||||
Marketing assets and customer relationships | 3 | — | 4 | — | |||||||||||||||||||||
Non-compete agreements | 6 | — | 7 | — | |||||||||||||||||||||
$ | 46 | $ | 31 | $ | 74 | $ | 65 | ||||||||||||||||||
Significant_Customers_Tables
Significant Customers (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule Of Sales By Geographic Area | ' | ||||||||||||||||
Export sales by geographic area are summarized as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Americas | $ | 483 | $ | 442 | $ | 695 | $ | 498 | |||||||||
Europe | 2,998 | 2,960 | 5,156 | 4,675 | |||||||||||||
Asia | 6,466 | 3,900 | 11,400 | 7,392 | |||||||||||||
Other | 353 | 148 | 373 | 262 | |||||||||||||
Total export sales | $ | 10,300 | $ | 7,450 | $ | 17,624 | $ | 12,827 | |||||||||
Restructuring_And_Severance_Co1
Restructuring And Severance Costs (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Summary Of Severance And Relocation Accruals | ' | |||
A summary of our remaining restructuring accrual relating to this action is as follows: | ||||
(In thousands) | Fourth Quarter 2013 Workforce | |||
Reduction | ||||
Balance, December 31, 2013 | $ | 511 | ||
Cost incurred | — | |||
Payments made | 511 | |||
Balance, June 30, 2014 | $ | — | ||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule Of Net Loss Per Basic And Diluted Shares | ' | |||||||||||
The components of net loss per basic and diluted share are as follows: | ||||||||||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Three Months Ended June 30, 2014: | ||||||||||||
Basic | $ | (315 | ) | 6,547 | $ | (0.05 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (315 | ) | 6,547 | $ | (0.05 | ) | |||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Three Months Ended June 30, 2013: | ||||||||||||
Basic | $ | (1,200 | ) | 6,907 | $ | (0.17 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (1,200 | ) | 6,907 | $ | (0.17 | ) | |||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Six Months Ended June 30, 2014: | ||||||||||||
Basic | $ | (1,124 | ) | 6,527 | $ | (0.17 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (1,124 | ) | 6,527 | $ | (0.17 | ) | |||||
(In thousands except per share amounts) | Net Loss | Weighted Average | Per Share Amount | |||||||||
Shares Outstanding | ||||||||||||
Six Months Ended June 30, 2013: | ||||||||||||
Basic | $ | (3,346 | ) | 6,933 | $ | (0.48 | ) | |||||
Dilutive effect of common equivalent shares | — | — | — | |||||||||
Dilutive | $ | (3,346 | ) | 6,933 | $ | (0.48 | ) | |||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Taxes related to items of other comprehensive income (loss) are as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 87 | $ | — | $ | 87 | $ | (176 | ) | $ | — | $ | (176 | ) | |||||||||||
Net changes related to available-for-sale securities: | |||||||||||||||||||||||||
Unrealized gains (losses) | 13 | — | 13 | (27 | ) | — | (27 | ) | |||||||||||||||||
Reclassification adjustment for gains included in net loss | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Total net changes related to available-for-sale securities | 13 | — | 13 | (29 | ) | — | (29 | ) | |||||||||||||||||
Net changes related to foreign exchange forward contracts: | |||||||||||||||||||||||||
Unrealized gains (losses) | 55 | — | 55 | (153 | ) | — | (153 | ) | |||||||||||||||||
Reclassification adjustment for gains included in net loss | (5 | ) | — | (5 | ) | (14 | ) | — | (14 | ) | |||||||||||||||
Total net changes related to foreign exchange forward contracts | 50 | — | 50 | (167 | ) | — | (167 | ) | |||||||||||||||||
Other comprehensive income (loss) | $ | 150 | $ | — | $ | 150 | $ | (372 | ) | $ | — | $ | (372 | ) | |||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 167 | $ | — | $ | 167 | $ | (255 | ) | $ | — | $ | (255 | ) | |||||||||||
Net changes related to available-for-sale securities: | |||||||||||||||||||||||||
Unrealized gains | 12 | — | 12 | 6 | — | 6 | |||||||||||||||||||
Reclassification adjustment for losses included in net loss | — | — | — | 21 | — | 21 | |||||||||||||||||||
Total net changes related to available-for-sale securities | 12 | — | 12 | 27 | — | 27 | |||||||||||||||||||
Net changes related to foreign exchange forward contracts: | |||||||||||||||||||||||||
Unrealized gains (losses) | 71 | — | 71 | (292 | ) | — | (292 | ) | |||||||||||||||||
Reclassification adjustment for (gains) losses included in net loss | 32 | — | 32 | (47 | ) | — | (47 | ) | |||||||||||||||||
Total net changes related to foreign exchange forward contracts | 103 | — | 103 | (339 | ) | — | (339 | ) | |||||||||||||||||
Other comprehensive income (loss) | $ | 282 | $ | — | $ | 282 | $ | (567 | ) | $ | — | $ | (567 | ) | |||||||||||
The Effect Of The Reclassifications From Comprehensive Income (Loss) To Earnings | ' | ||||||||||||||||||||||||
The effect of the reclassifications from comprehensive income (loss) to earnings by line item is as follows: | |||||||||||||||||||||||||
Details about Components | Amount Reclassified from | Affected Line Item in the Statements of Operations | |||||||||||||||||||||||
of Accumulated Other | Accumulated Other | ||||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | — | $ | 2 | $ | — | $ | (21 | ) | Interest income and other | |||||||||||||||
— | — | — | — | Income tax provision (benefit) | |||||||||||||||||||||
$ | — | $ | 2 | $ | — | $ | (21 | ) | Net of tax | ||||||||||||||||
Unrealized gains (losses) on foreign exchange forward contracts | $ | 2 | $ | 14 | $ | (18 | ) | $ | 39 | Cost of revenues | |||||||||||||||
2 | — | (7 | ) | 5 | Research and development expenses | ||||||||||||||||||||
1 | — | (7 | ) | 3 | Selling, general and administrative expenses | ||||||||||||||||||||
5 | 14 | (32 | ) | 47 | Total before tax | ||||||||||||||||||||
— | — | — | — | Income tax provision (benefit) | |||||||||||||||||||||
$ | 5 | $ | 14 | $ | (32 | ) | $ | 47 | Net of tax | ||||||||||||||||
Schedule Of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
At June 30, 2014 and June 30, 2013, components of accumulated other comprehensive loss are as follows: | |||||||||||||||||||||||||
(In thousands) | Foreign | Available- | Foreign | Accumulated | |||||||||||||||||||||
Currency | for-Sale | Exchange | Other | ||||||||||||||||||||||
Translation | Securities | Forward | Comprehensive | ||||||||||||||||||||||
Adjustments | Contracts | Loss | |||||||||||||||||||||||
Balances at December 31, 2013 | $ | (456 | ) | $ | 32 | $ | (116 | ) | $ | (540 | ) | ||||||||||||||
Other comprehensive income before reclassifications | 167 | 12 | 71 | 250 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 32 | 32 | |||||||||||||||||||||
Total change for the period | 167 | 12 | 103 | 282 | |||||||||||||||||||||
Balances at June 30, 2014 | $ | (289 | ) | $ | 44 | $ | (13 | ) | $ | (258 | ) | ||||||||||||||
(In thousands) | Foreign | Available- | Foreign | Accumulated | |||||||||||||||||||||
Currency | for-Sale | Exchange | Other | ||||||||||||||||||||||
Translation | Securities | Forward | Comprehensive | ||||||||||||||||||||||
Adjustments | Contracts | Loss | |||||||||||||||||||||||
Balances at December 31, 2012 | $ | (245 | ) | $ | (23 | ) | $ | 111 | $ | (157 | ) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | (255 | ) | 6 | (292 | ) | (541 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 21 | (47 | ) | (26 | ) | |||||||||||||||||||
Total change for the period | (255 | ) | 27 | (339 | ) | (567 | ) | ||||||||||||||||||
Balances at June 30, 2013 | $ | (500 | ) | $ | 4 | $ | (228 | ) | $ | (724 | ) | ||||||||||||||
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 8 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||
Mar. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 14, 2014 | |
Selling, General and Administrative Expenses [Member] | Laser Design, Inc. [Member] | Laser Design, Inc. [Member] | Laser Design, Inc. [Member] | Laser Design, Inc. [Member] | Laser Design, Inc. [Member] | Laser Design, Inc. [Member] | |||||||
Executive Officer [Member] | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of LDI | ' | ' | ' | $3,108,000 | $0 | ' | ' | $2,633,000 | ' | ' | ' | ' | $475,000 |
Business acquisition, approximate revenue of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' |
Purchase price adjustment allocated to intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' | ' | ' | ' |
Purchase price adjustment allocated to goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 46,000 | ' | ' | ' | ' |
Amortization expense (less than $300) | ' | 46,000 | 31,000 | 74,000 | 65,000 | ' | ' | ' | ' | ' | 300 | ' | ' |
Goodwill, expected tax deductible period | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LDI's contribution to revenue since date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | 2,200,000 | ' |
LDI's contribution to net loss since date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,000 | ' | 224,000 | ' |
Expense related to fair value adjustment for acquisition date inventories | ' | 222,000 | ' | 222,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition costs | ' | ' | ' | ' | ' | $117,000 | $47,000 | ' | ' | ' | ' | ' | ' |
Acquisition_Schedule_of_Busine
Acquisition (Schedule of Business Acquisitions, Preliminary Purchase Price Allocation) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 14, 2014 |
In Thousands, unless otherwise specified | Laser Design, Inc. [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Accounts receivable | ' | ' | $662 |
Inventories | ' | ' | 551 |
Equipment and leasehold improvements | ' | ' | 1,507 |
Other assets | ' | ' | 91 |
Intangible assets | ' | ' | 573 |
Identifiable assets acquired | ' | ' | 3,384 |
Accounts payable | ' | ' | 640 |
Accrued expenses and advance customer payments | ' | ' | 433 |
Liabilities assumed | ' | ' | 1,073 |
Net identifiable assets acquired | ' | ' | 2,311 |
Goodwill | 1,366 | 569 | 797 |
Purchase price | ' | ' | $3,108 |
Acquisition_Schedule_of_Finite
Acquisition (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 14, 2014 | Mar. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | $573 | ' |
Software [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | 206 | ' |
Intangible assets acquired, Weighted Average Life-Years | '7 years | '7 years |
Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | 165 | ' |
Intangible assets acquired, Weighted Average Life-Years | '7 years | '5 years |
Marketing Assets/Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | 101 | ' |
Intangible assets acquired, Weighted Average Life-Years | '9 years | '9 years |
Non-compete agreements [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | $101 | ' |
Intangible assets acquired, Weighted Average Life-Years | '4 years | '4 years |
Acquisition_Unaudited_Pro_Form
Acquisition (Unaudited Pro Forma Consolidated Financial Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Revenue | $13,263 | $10,782 | $24,478 | $18,936 |
Net loss | ($291) | ($1,291) | ($929) | ($3,544) |
Basic and diluted loss per share | ($0.04) | ($0.19) | ($0.14) | ($0.51) |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Cost | $27 | ' | $27 | ' | $327 |
Maximum maturity of debt securities, years | ' | ' | '5 years | ' | ' |
Net pre-tax unrealized gains (losses) for marketable securities | ' | ' | 50 | ' | 38 |
Maximum time for loss position, months | ' | ' | '12 months | ' | '12 months |
Proceeds from sale of marketable securities | 154 | 1,069 | ' | ' | ' |
Proceeds from sales of available-for-sale marketable securities | ' | ' | 3,154 | 3,522 | ' |
Marketable securities classified as cash equivalents, Recorded basis | 27 | ' | 27 | ' | 327 |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | ' | 2 | 0 | -21 | ' |
Foreign Accounts [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Cash and marketable securities held in foreign accounts | 971 | ' | 971 | ' | 903 |
Debt Securities Unrealized Gain Position [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Fair value | 15,991 | ' | 15,991 | ' | 15,587 |
Unrealized gain | ' | ' | 26 | ' | 22 |
Debt Securities Unrealized Loss Position [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Fair value | 1,336 | ' | 1,336 | ' | 4,493 |
Unrealized loss | ' | ' | -1 | ' | -6 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Cost | 27 | ' | 27 | ' | 327 |
Marketable securities classified as cash equivalents, Recorded basis | $27 | ' | $27 | ' | $327 |
Marketable_Securities_Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Marketable Securities - Short-Term [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | $7,150 | $9,390 |
Unrealized Gains | 10 | 12 |
Unrealized Losses | 0 | 0 |
Fair Value | 7,160 | 9,402 |
Marketable Securities - Short-Term [Member] | US States Government And Agency Obligations [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 4,861 | 6,299 |
Unrealized Gains | 7 | 10 |
Unrealized Losses | 0 | 0 |
Fair Value | 4,868 | 6,309 |
Marketable Securities - Short-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 2,289 | 3,091 |
Unrealized Gains | 3 | 2 |
Unrealized Losses | 0 | 0 |
Fair Value | 2,292 | 3,093 |
Marketable Securities - Long-Term [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 10,194 | 10,716 |
Unrealized Gains | 41 | 32 |
Unrealized Losses | -1 | -6 |
Fair Value | 10,234 | 10,742 |
Marketable Securities - Long-Term [Member] | US States Government And Agency Obligations [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 4,561 | 4,783 |
Unrealized Gains | 7 | 7 |
Unrealized Losses | -1 | 0 |
Fair Value | 4,567 | 4,790 |
Marketable Securities - Long-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 2,829 | 3,417 |
Unrealized Gains | 6 | 1 |
Unrealized Losses | 0 | -5 |
Fair Value | 2,835 | 3,413 |
Marketable Securities - Long-Term [Member] | Asset-backed Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 2,762 | 2,474 |
Unrealized Gains | 3 | 2 |
Unrealized Losses | 0 | -1 |
Fair Value | 2,765 | 2,475 |
Marketable Securities - Long-Term [Member] | Equity Security [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 42 | 42 |
Unrealized Gains | 25 | 22 |
Unrealized Losses | 0 | 0 |
Fair Value | $67 | $64 |
Marketable_Securities_Schedule1
Marketable Securities (Schedule Of Marketable Securities Classified As Cash Equivalents) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | $27 | $327 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Recorded Basis | 27 | 327 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 27 | 327 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Recorded Basis | $27 | $327 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' |
Maximum length of time to hedge | '12 months | ' | ' | ' |
Foreign exchange gross notional amount | $7,000,000 | ' | $5,700,000 | ' |
Pretax net unrealized loss recorded in accumulated other comprehensive loss to earnings | 44,000 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 258,000 | 540,000 | 724,000 | 157,000 |
Fair value of foreign exchange forward contracts, representing a gain | 41,000 | ' | ' | ' |
Fair value of foreign exchange forward contracts, representing a loss | 41,000 | 58,000 | ' | ' |
Foreign Exchange Forward Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $13,000 | $116,000 | $228,000 | ($111,000) |
Maximum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Maximum length of time to hedge | '1 year | ' | ' | ' |
Derivatives_Schedule_Of_Cash_F
Derivatives (Schedule Of Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | $55 | ($153) | $71 | ($292) |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | 5 | 14 | -32 | 47 |
Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 35 | -83 | 45 | -170 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | 2 | 14 | -18 | 39 |
Research And Development [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 10 | -39 | 14 | -69 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | 2 | 0 | -7 | 5 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 10 | -31 | 12 | -53 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | $1 | $0 | ($7) | $3 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of foreign exchange forward contracts, representing a loss | $41 | $58 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $17,394 | $20,144 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 41 | 58 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 67 | 64 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 17,327 | 20,080 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 41 | 58 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 0 | 0 |
US States Government And Agency Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,435 | 11,099 |
US States Government And Agency Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
US States Government And Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,435 | 11,099 |
US States Government And Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 5,127 | 6,506 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 5,127 | 6,506 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 2,765 | 2,475 |
Asset-backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 2,765 | 2,475 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Equity Security [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 67 | 64 |
Equity Security [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 67 | 64 |
Equity Security [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Equity Security [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $0 | $0 |
Accounting_For_StockBased_Comp2
Accounting For Stock-Based Compensation (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
31-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Equity based compensation expense | ' | $153,000 | $130,000 | $261,000 | $233,000 |
Unrecognized compensation cost related to non-vested equity based compensation | ' | 1,156,000 | ' | 1,156,000 | ' |
Unrecognized equity based compensation weighted average period, years | ' | '2 years 8 months 2 days | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Equity based compensation expense | ' | 80,000 | 64,000 | 150,000 | 130,000 |
Shares of common stock reserved for stock based benefits | ' | 940,166 | ' | 940,166 | ' |
Vesting period, years | ' | ' | ' | '4 years | ' |
Number of shares available for future issuance | ' | 286,472 | ' | 286,472 | ' |
Weighted average remaining contractual term, years | ' | ' | ' | '4 years 4 months 30 days | ' |
Aggregate intrinsic value for all options outstanding | ' | 546,580 | ' | 546,580 | ' |
Weighted average remaining contractual term for exercisable options, years | ' | ' | ' | '2 years 3 months 12 days | ' |
Aggregate intrinsic value of exercisable options | ' | 228,082 | ' | 228,082 | ' |
Proceeds from exercise of stock options | ' | ' | ' | 298,358 | 0 |
Stock Options [Member] | Contractual Term Seven Years [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expiration of stock options from date of grant, years | ' | ' | ' | '7 years | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Equity based compensation expense | ' | 10,000 | 12,000 | 18,000 | 24,000 |
Number of shares available for future issuance | ' | 153,926 | ' | 153,926 | ' |
Maximum contribution per plan year | ' | ' | ' | 6,500 | ' |
Employees can purchase stock at the percentage rate of the lower of the market price on the first or last day of the offering period | ' | ' | ' | 85.00% | ' |
Employee Stock Purchase Plan [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Payroll deduction for employee stock purchase plan percentage | ' | ' | ' | 1.00% | ' |
Employee Stock Purchase Plan [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Payroll deduction for employee stock purchase plan percentage | ' | ' | ' | 10.00% | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Equity based compensation expense | ' | 31,000 | 24,000 | 61,000 | 49,000 |
Vesting period, years | ' | ' | ' | '4 years | ' |
Aggregate intrinsic value for all options outstanding | ' | 422,000 | ' | 422,000 | ' |
Fair value of shares vested | ' | ' | ' | 34,796 | ' |
Restricted stock units to common stock ratio, shares entitled | ' | ' | ' | 1 | ' |
Stock Grant Plan For Non-Employee Directors [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Equity based compensation expense | ' | $32,000 | $30,000 | $32,000 | $30,000 |
Shares of common stock reserved for stock based benefits | 30,000 | ' | ' | ' | ' |
Number of shares available for future issuance | ' | 32,000 | ' | 32,000 | ' |
Number of shares granted for non-employee directors upon re-election | ' | ' | ' | 1,000 | ' |
Number of shares issued to non-employee directors | 4,000 | ' | ' | ' | ' |
Stock Grant Plan For Non-Employee Directors [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares of common stock reserved for stock based benefits | ' | 60,000 | ' | 60,000 | ' |
Accounting_For_StockBased_Comp3
Accounting For Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Dividend yield | 0.00% |
Weighted average fair value on grant date | $3.39 |
Maximum [Member] | ' |
Risk-free interest rates | 1.65% |
Expected life in years | '5 years 5 months 23 days |
Expected volatility | 46.90% |
Minimum [Member] | ' |
Risk-free interest rates | 1.55% |
Expected life in years | '5 years 3 months 18 days |
Expected volatility | 46.57% |
Accounting_For_StockBased_Comp4
Accounting For Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Options Outstanding, Outstanding, December 31, 2013 | 586,483 |
Options Outstanding, Granted | 170,000 |
Options Outstanding, Exercised | -59,200 |
Options Outstanding, Expired | -43,851 |
Options Outstanding, Forfeited | -52,498 |
Options Outstanding, Outstanding, June 30, 2014 | 600,934 |
Options Outstanding, Exercisable, June 30, 2014 | 273,354 |
Weighted-Average Exercise Price Per Share, Outstanding, December 31, 2013 | $8.07 |
Weighted-Average Exercise Price Per Share, Granted | $7.73 |
Weighted-Average Exercise Price Per Share, Exercised | $5.04 |
Weighted-Average Exercise Price Per Share, Expired | $14.80 |
Weighted-Average Exercise Price Per Share, Forfeited | $7.50 |
Weighted-Average Exercise Price Per Share, Outstanding, June 30, 2014 | $7.83 |
Weighted-Average Exercise Price Per Share, Exercisable, June 30, 2014 | $8.73 |
Accounting_For_StockBased_Comp5
Accounting For Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Shares, Non-vested at December 31, 2013 | 46,943 |
Shares, Granted | 20,000 |
Shares, Vested | -5,433 |
Shares, Forfeited | -8,750 |
Shares, Non-vested at June 30, 2014 | 52,760 |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2013 | $6.82 |
Weighted Average Grant Date Fair Value, Granted | $6.97 |
Weighted Average Grant Date Fair Value, Vested | $7.31 |
Weighted Average Grant Date Fair Value, Forfeited | $7.50 |
Weighted Average Grant Date Fair Value, Non-vested at June 30, 2014 | $6.71 |
Inventories_and_Warranties_Nar
Inventories and Warranties (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Minimum [Member] | ' |
Inventory [Line Items] | ' |
Product warranties time frame, years | '1 year |
Maximum [Member] | ' |
Inventory [Line Items] | ' |
Product warranties time frame, years | '3 years |
Inventories_And_Warranties_Sch
Inventories And Warranties (Schedule Of Inventory Components) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories And Warranties [Abstract] | ' | ' |
Raw materials and purchased parts | $7,454 | $6,690 |
Work in process | 1,454 | 1,135 |
Finished goods | 3,736 | 3,506 |
Total inventories | $12,644 | $11,331 |
Inventories_And_Warranties_Sch1
Inventories And Warranties (Schedule Of Changes In Estimated Warranty Liability) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $513 | $513 | $694 |
Accrual for warranties | ' | 618 | 246 |
Assumed in acquisition | ' | 5 | 0 |
Warranty revision | 2 | ' | 4 |
Settlements made during the period | ' | -439 | -408 |
Balance at end of period | ' | $699 | $536 |
Inventories_And_Warranties_Sch2
Inventories And Warranties (Schedule Of Changes In Deferred Warranty Revenue) (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Movement in Extended Product Warranty Accrual [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $444 | $582 | ' |
Revenue deferrals | 166 | 159 | ' |
Assumed in acquisition | 89 | 0 | ' |
Amortization of deferred revenue | -191 | -259 | ' |
Total deferred warranty revenue | 508 | 482 | ' |
Current portion of deferred warranty revenue | -421 | -307 | ' |
Long-term deferred warranty revenue | $87 | $175 | $165 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | Jun. 30, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Patents [Member] | Patents [Member] | Software [Member] | Software [Member] | Marketing Assets/Customer Relationships [Member] | Marketing Assets/Customer Relationships [Member] | Non-compete agreements [Member] | Non-compete agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets acquired, Weighted Average Life-Years | ' | '7 years | '5 years | '7 years | '7 years | '9 years | '9 years | '4 years | '4 years |
Amortization expense, remainder of 2014 | $94 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, 2015 | 147 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, 2016 | 119 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, 2017 | 94 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, 2018 | 67 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, 2019 | $62 | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $3,533 | $2,915 |
Accumulated Amortization | -2,853 | -2,779 |
Net | 680 | 136 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3,125 | 2,915 |
Accumulated Amortization | -2,833 | -2,779 |
Net | 292 | 136 |
Software [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 206 | 0 |
Accumulated Amortization | -9 | 0 |
Net | 197 | 0 |
Marketing Assets/Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 101 | 0 |
Accumulated Amortization | -4 | 0 |
Net | 97 | 0 |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 101 | 0 |
Accumulated Amortization | -7 | 0 |
Net | $94 | $0 |
Intangible_Assets_Schedule_Of_1
Intangible Assets (Schedule Of Amortization Expense For Intangible Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangibles | $46,000 | $31,000 | $74,000 | $65,000 |
Patents [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangibles | 30,000 | 31,000 | 54,000 | 65,000 |
Software [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangibles | 7,000 | 0 | 9,000 | 0 |
Marketing Assets/Customer Relationships [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangibles | 3,000 | 0 | 4,000 | 0 |
Non-compete agreements [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangibles | $6,000 | $0 | $7,000 | $0 |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Laser Design, Inc. [Member] | Laser Design, Inc. [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | ' | ' | $797,000 |
Goodwill increase (decrease) | $0 | $46,000 | ' |
Significant_Customers_Narrativ
Significant Customers (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Customer | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, export sales percentage | 78.00% | 80.00% | 76.00% | 80.00% |
Number of major customers | 2 | ' | ' | ' |
Juki [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 17.00% | ' |
Assembleon [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 8.00% | ' |
Significant_Customers_Schedule
Significant Customers (Schedule Of Sales By Geographic Area) (Details) (Sales [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | $10,300 | $7,450 | $17,624 | $12,827 |
Americas [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | 483 | 442 | 695 | 498 |
Europe [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | 2,998 | 2,960 | 5,156 | 4,675 |
Asia [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | 6,466 | 3,900 | 11,400 | 7,392 |
Other [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | $353 | $148 | $373 | $262 |
Restructuring_And_Severance_Co2
Restructuring And Severance Costs (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
employee | |||||
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' | ' |
Restructuring and severance costs | $0 | $952 | $0 | $0 | $0 |
Reduction of workforce, number of employees | ' | 30 | ' | ' | ' |
Restructuring_And_Severance_Co3
Restructuring And Severance Costs (Summary Of Severance And Relocation Accruals) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Cost incurred | $0 | $952 | $0 | $0 | $0 |
Fourth Quarter 2013 Workforce Reduction [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | ' | 511 | ' |
Payments made | ' | ' | ' | 511 | ' |
Balance, June 30, 2014 | $0 | ' | ' | $0 | ' |
Net_Loss_Per_Share_Narrative_D
Net Loss Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Earnings per share, Potentially dilutive shares | 676 | 600 | 723 | 603 |
Net_Loss_Per_Share_Schedule_Of
Net Loss Per Share (Schedule Of Net Income Per Basic And Diluted Shares) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($315) | ($1,200) | ($1,124) | ($3,346) |
Weighted Average Shares Outstanding, Basic | 6,547 | 6,907 | 6,527 | 6,933 |
Per Share Amount, Basic (in usd per share) | ($0.05) | ($0.17) | ($0.17) | ($0.48) |
Weighted Average Shares Outstanding, Dilutive | 6,547 | 6,907 | 6,527 | 6,933 |
Per Share Amount, Dilutive (in usd per share) | ($0.05) | ($0.17) | ($0.17) | ($0.48) |
Comprehensive_Income_Loss_Sche
Comprehensive Income (Loss) (Schedule Of Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, Before Tax Amount | $87 | ($176) | $167 | ($255) |
Foreign currency translation adjustment, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment, Net of Tax Amount | 87 | -176 | 167 | -255 |
Unrealized gains (losses) on available-for-sale securities, Before Tax Amount | 13 | -27 | 12 | 6 |
Unrealized gains (losses) on available-for-sale securities, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Unrealized gains (losses) on available-for-sale securities, Net of Tax Amount | 13 | -27 | 12 | 6 |
Reclassification adjustment for gains on available-for-sale securities included in net income, Before Tax Amount | 0 | -2 | 0 | 21 |
Reclassification adjustment for gains on available-for-sale securities included in net income, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Reclassification adjustment for gains on available-for-sale securities included in net income, Net of Tax Amount | 0 | -2 | 0 | 21 |
Total unrealized gains (losses) on available-for-sale securities | 13 | -29 | 12 | 27 |
Total net changes related to available-for-sale-securities, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Total net changes related to available-for-sale securities, Net of Tax Amount | 13 | -29 | 12 | 27 |
Unrealized gains (losses) on foreign exchange forward contracts, Before Tax Amount | 55 | -153 | 71 | -292 |
Unrealized gains (losses) on foreign exchange forward contracts, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Unrealized gains (losses) on foreign exchange forward contracts, Net of Tax Amount | 55 | -153 | 71 | -292 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | -5 | -14 | 32 | -47 |
Reclassification adjustment for gains on foreign exchange forward contracts included in net income, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Reclassification adjustment for gains on foreign exchange forward contracts included in net income, Net of Tax Amount | -5 | -14 | 32 | -47 |
Total unrealized gains (losses) on foreign exchange forward contracts | 50 | -167 | 103 | -339 |
Total unrealized gains (losses) on foreign exchange forward contracts, Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Total unrealized gains (losses) on foreign exchange forward contracts, Net of Tax Amount | 50 | -167 | 103 | -339 |
Other comprehensive income (loss), Before Tax Amount | 150 | -372 | 282 | -567 |
Other comprehensive income (loss), Tax Provision/(Benefit) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | $150 | ($372) | $282 | ($567) |
Comprehensive_Income_Loss_The_
Comprehensive Income (Loss) (The Effect Of The Reclassifications From Comprehensive Income (Loss) To Earnings) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income and other | ($27) | $27 | ($73) | ($77) |
Cost of revenues | -7,396 | -5,243 | -12,663 | -9,017 |
Research and development expenses | -2,396 | -2,021 | -4,403 | -3,857 |
Selling, general and administrative expenses | -3,730 | -3,224 | -7,009 | -6,351 |
Loss before income taxes | -302 | -1,144 | -1,070 | -3,272 |
Income tax provision (benefit) | 13 | 56 | 54 | 74 |
Net income (loss) | -315 | -1,200 | -1,124 | -3,346 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) On Foreign Exchange Forward Contracts [Member] | ' | ' | ' | ' |
Cost of revenues | -2 | -14 | 18 | -39 |
Research and development expenses | -2 | 0 | 7 | -5 |
Selling, general and administrative expenses | -1 | 0 | 7 | -3 |
Loss before income taxes | 5 | 14 | -32 | 47 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income (loss) | 5 | 14 | -32 | 47 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Losses On Available-for-sale Securities [Member] | ' | ' | ' | ' |
Interest income and other | 0 | 2 | 0 | -21 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income (loss) | $0 | $2 | $0 | ($21) |
Comprehensive_Income_Loss_Sche1
Comprehensive Income (Loss) (Schedule Of Accumulated Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($540) | ($157) |
Other comprehensive income before reclassifications | ' | ' | 250 | -541 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 32 | -26 |
Other comprehensive income (loss), net of tax | 150 | -372 | 282 | -567 |
Ending Balance | -258 | -724 | -258 | -724 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -456 | -245 |
Other comprehensive income before reclassifications | ' | ' | 167 | -255 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | 0 |
Other comprehensive income (loss), net of tax | ' | ' | 167 | -255 |
Ending Balance | -289 | -500 | -289 | -500 |
Unrealized Losses On Available-for-sale Securities [Member] | ' | ' | ' | ' |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 32 | -23 |
Other comprehensive income before reclassifications | ' | ' | 12 | 6 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | 21 |
Other comprehensive income (loss), net of tax | ' | ' | 12 | 27 |
Ending Balance | 44 | 4 | 44 | 4 |
Foreign Exchange Forward Contracts [Member] | ' | ' | ' | ' |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -116 | 111 |
Other comprehensive income before reclassifications | ' | ' | 71 | -292 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 32 | -47 |
Other comprehensive income (loss), net of tax | ' | ' | 103 | -339 |
Ending Balance | ($13) | ($228) | ($13) | ($228) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax provision | $13 | $56 | $54 | $74 |
Need for valuation allowance based on history of cumulative losses, years | ' | ' | '3 years | ' |