Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | CYBEROPTICS CORP | ||
Entity Central Index Key | 768,411 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 6,778,265 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 67,047,043 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 4,274 | $ 5,171 |
Marketable securities | 5,249 | 5,285 |
Accounts receivable, less allowance for doubtful accounts of $521 at December 31, 2015 and $561 at December 31, 2014 | 8,150 | 7,945 |
Inventories | 13,265 | 11,657 |
Other current assets | 1,190 | 1,202 |
Deferred tax assets | 0 | 82 |
Total current assets | 32,128 | 31,342 |
Marketable securities, long-term | 8,084 | 9,889 |
Equipment and leasehold improvements, net | 2,368 | 2,918 |
Intangibles, net | 549 | 642 |
Goodwill | 1,366 | 1,366 |
Other assets | 186 | 188 |
Deferred tax assets | 58 | 67 |
Total assets | 44,739 | 46,412 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 5,778 | 4,713 |
Advance customer payments | 481 | 490 |
Accrued expenses | 1,959 | 3,112 |
Total current liabilities | 8,218 | 8,315 |
Other liabilities | 268 | 400 |
Deferred tax liability | 69 | 119 |
Reserve for income taxes | 126 | 140 |
Total liabilities | $ 8,681 | $ 8,974 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | $ 0 | $ 0 |
Common stock, no par value, 25,000,000 shares authorized, 6,771,668 shares issued and outstanding at December 31, 2015 and 6,643,851 shares issued and outstanding at December 31, 2014 | 31,292 | 30,145 |
Accumulated other comprehensive loss | (1,709) | (1,271) |
Retained earnings | 6,475 | 8,564 |
Total stockholders’ equity | 36,058 | 37,438 |
Total liabilities and stockholders’ equity | $ 44,739 | $ 46,412 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 521 | $ 561 |
Preferred stock, par value (in usd per share) | ||
Preferred stock, shares authorized, shares | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding, shares | 0 | 0 |
Common stock, par value (in usd per share) | ||
Common stock, shares authorized, shares | 25,000,000 | 25,000,000 |
Common stock, shares issued, shares | 6,771,668 | 6,643,851 |
Common stock, shares outstanding, shares | 6,771,668 | 6,643,851 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Revenues | $ 41,130 | $ 46,483 |
Cost of revenues | 22,989 | 25,298 |
Gross margin | 18,141 | 21,185 |
Research and development expenses | 7,602 | 8,789 |
Selling, general and administrative expenses | 12,635 | 13,820 |
Amortization of intangibles | 67 | 53 |
Loss from operations | (2,163) | (1,477) |
Interest income and other | 102 | 123 |
Loss before income taxes | (2,061) | (1,354) |
Income tax provision | 28 | 133 |
Net loss | $ (2,089) | $ (1,487) |
Net loss per share - Basic (in usd per share) | $ (0.31) | $ (0.23) |
Net loss per share - Diluted (in usd per share) | $ (0.31) | $ (0.23) |
Weighted average shares outstanding – Basic, shares | 6,706 | 6,576 |
Weighted average shares outstanding – Diluted, shares | 6,706 | 6,576 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,089) | $ (1,487) |
Other comprehensive income (loss), before tax: | ||
Foreign currency translation adjustments | (625) | (464) |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized gains (losses) | (78) | 31 |
Reclassification adjustment for gains included in net loss | 0 | (2) |
Total unrealized gains (losses) on available-for-sales securities | (78) | 29 |
Unrealized gains (losses) on foreign exchange forward contracts: | ||
Unrealized losses | (298) | (399) |
Reclassification adjustment for losses included in net loss | 563 | 103 |
Total unrealized gains (losses) on foreign exchange forward contracts | 265 | (296) |
Other comprehensive loss, before tax | (438) | (731) |
Income tax provision related to items of other comprehensive loss | 0 | 0 |
Other comprehensive loss, net of tax | (438) | (731) |
Total comprehensive loss | $ (2,527) | $ (2,218) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,089) | $ (1,487) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,968 | 1,914 |
Provision for doubtful accounts | (44) | (75) |
Deferred taxes | 38 | 120 |
Foreign currency transaction gains | (225) | (230) |
Realized gains on available-for-sale securities | 0 | (2) |
Stock-based compensation | 511 | 436 |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts receivable | (161) | (646) |
Inventories | (2,489) | (647) |
Other assets | (24) | (16) |
Accounts payable | 1,146 | 1,491 |
Advance customer payments | (9) | (534) |
Accrued expenses | (1,011) | 503 |
Net cash provided by (used in) operating activities | (2,389) | 827 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale marketable securities | 5,167 | 7,080 |
Proceeds from sales of available-for-sale marketable securities | 1,518 | 5,050 |
Purchases of available-for-sale marketable securities | (4,934) | (7,147) |
Purchase of LDI | 0 | (3,108) |
Additions to equipment and leasehold improvements | (691) | (1,251) |
Additions to patents | (106) | (111) |
Net cash provided by investing activities | 954 | 513 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 458 | 628 |
Proceeds from issuance of common stock under employee stock purchase plan | 178 | 113 |
Net cash provided by financing activities | 636 | 741 |
Effects of exchange rate changes on cash and cash equivalents | (98) | (11) |
Net increase (decrease) in cash and cash equivalents | (897) | 2,070 |
Cash and cash equivalents – beginning of period | 5,171 | 3,101 |
Cash and cash equivalents – end of period | $ 4,274 | $ 5,171 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
BALANCE at Dec. 31, 2013 | $ 38,479 | $ 28,968 | $ (540) | $ 10,051 |
BALANCE, shares at Dec. 31, 2013 | 6,497 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options, vesting of restricted stock units, net of shares exchanged as payment | 628 | $ 628 | ||
Exercise of stock options, vesting of restricted stock units, net of shares exchanged as payment, shares | 121 | |||
Share issuances for compensation purposes | 32 | $ 32 | ||
Share issuances for compensation purposes, shares | 4 | |||
Stock-based compensation | 404 | $ 404 | ||
Issuance of common stock under Employee Stock Purchase Plan | 113 | $ 113 | ||
Issuance of common stock under Employee Stock Purchase Plan, shares | 22 | |||
Other comprehensive loss, net of tax | (731) | (731) | ||
Net loss | (1,487) | (1,487) | ||
BALANCE at Dec. 31, 2014 | 37,438 | $ 30,145 | (1,271) | 8,564 |
BALANCE, shares at Dec. 31, 2014 | 6,644 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options, vesting of restricted stock units, net of shares exchanged as payment | 458 | $ 458 | ||
Exercise of stock options, vesting of restricted stock units, net of shares exchanged as payment, shares | 88 | |||
Share issuances for compensation purposes | 41 | $ 41 | ||
Share issuances for compensation purposes, shares | 4 | |||
Stock-based compensation | 470 | $ 470 | ||
Issuance of common stock under Employee Stock Purchase Plan | 178 | $ 178 | ||
Issuance of common stock under Employee Stock Purchase Plan, shares | 36 | |||
Other comprehensive loss, net of tax | (438) | (438) | ||
Net loss | (2,089) | (2,089) | ||
BALANCE at Dec. 31, 2015 | $ 36,058 | $ 31,292 | $ (1,709) | $ 6,475 |
BALANCE, shares at Dec. 31, 2015 | 6,772 |
Business Description And Signif
Business Description And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS DESCRIPTION AND SIGNICANT ACCOUNTING POLICIES | BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES Description of Business We are a leading global developer and manufacturer of high precision sensing technology solutions. Our sensors are used in surface mount technology (SMT), semiconductor and general purpose metrology and 3D scanning markets to significantly improve yields and productivity. Principles of Consolidation The consolidated financial statements include the accounts of CyberOptics Corporation and its wholly-owned subsidiaries. In these notes to the consolidated financial statements, these companies are collectively referred to as “CyberOptics,” “we,” “us,” or “our.” All significant inter-company accounts and transactions have been eliminated in consolidation. Segment Reporting We operate in a single reportable segment. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Reclassifications Certain reclassifications have been made to the previously reported consolidated financial statements in order to conform to the current presentation. These reclassifications had no impact on the consolidated balance sheets, statements of operations, cash flows or statements of stockholders' equity (deficit). Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents consist of funds maintained in demand deposit accounts, money market accounts, corporate debt instruments and U.S. government backed obligations. Cash and cash equivalent balances, at times, may exceed federally insured limits. Marketable Securities All marketable securities are classified as available-for-sale and consist of U.S. government and agency backed obligations, certificates of deposit, corporate debt instruments, asset backed securities or equity securities. Marketable securities are classified as short-term or long-term in the consolidated balance sheet based on their maturity date and expectations regarding sales. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity until realized. These fair values are primarily determined using quoted market prices. The carrying amounts of securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of securities sold is also determined by specific identification. We monitor the carrying value of our investments compared to their fair value to determine whether an other-than-temporary impairment has occurred. If a decline in fair value is determined to be other-than-temporary, an impairment charge related to that specific investment is recorded in current operations. Cash and marketable securities held by foreign subsidiaries totaled $701,000 at December 31, 2015 and $1,095,000 at December 31, 2014 . Inventories Inventories are stated at the lower of cost or market, with cost determined using the first-in, first-out (FIFO) method. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. Demonstration inventories are stated at cost less accumulated amortization, generally based on a 36 month useful life. Accumulated amortization for demonstration inventories totaled $1,310,000 at December 31, 2015 and $1,181,000 at December 31, 2014 . Accounts Receivable and Allowance for Doubtful Accounts We extend unsecured credit to our customers in the normal course of business. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of our customers to make required payments. In making the determination of the appropriate allowance for doubtful accounts, we consider specific accounts, historical write-offs, changes in customer relationships and credit worthiness and concentrations of credit risk. Specific accounts receivable are written-off once a determination is made that the account is uncollectible. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance are charged to expense as incurred. In-progress costs are capitalized with depreciation beginning when assets are placed in service. Depreciation is recorded using the straight-line method over the estimated useful lives of the equipment, ranging from one to seven years . Leasehold improvements are amortized using the straight-line method over the shorter of the asset useful life or the underlying lease term, ranging from one to eight years. Gains or losses on dispositions are included in current operations. Business Combinations We recognize separately from goodwill the fair value of the assets acquired and the liabilities assumed at the acquisition date. Goodwill is measured as the excess of consideration transferred over the acquisition date fair value of the assets acquired and liabilities assumed. Assets acquired include tangible and intangible assets. We determine the value and useful lives of equipment, leasehold improvements and purchased intangible assets with the assistance of an independent third-party valuation firm using certain estimates and assumptions. While we use estimates and assumptions that we believe are reasonable as a part of the purchase price allocation process to accurately value the assets acquired and the liabilities assumed at the acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the assets acquired and the liabilities assumed based on new information about facts and circumstances that existed as of the acquisition date. Any such adjustments would be recorded as an offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair values, whichever comes first, any subsequent adjustments would be recorded in our consolidated statements of operations. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. We evaluate the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that indicate goodwill might be impaired. We have determined that we have one reporting unit. Goodwill is tested by comparing our fair value, as determined based on our future estimated discounted cash flows, to our net book value. Patents Patents consist of legal and patent registration costs for protection of our proprietary technology. We amortize patent costs on a straight-line basis, based upon their estimated life. Long Lived Assets Intangible assets subject to amortization 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. Revenue Recognition Revenue from all customers, including distributors, is recognized when all significant contractual obligations have been satisfied, pricing is fixed and determinable and collection of the resulting receivable is reasonably assured. Generally, product revenues are recognized upon shipment under FOB shipping point terms, and include shipping and handling costs. Revenue from services is recognized as work is performed. Taxes collected from customers and remitted to governmental authorities are excluded from revenue on the net basis of accounting. Estimated returns and warranty costs are recorded at the time of sale. Sales of some surface mount technology (SMT) system products may require customer acceptance due to performance or other acceptance criteria included in the terms of sale. For these SMT product sales, revenue is recognized at the time of customer acceptance. Our multiple deliverable arrangements typically include the sale of an SMT inspection system or 3D scanning solution, related installation and training, and in some cases, an extended warranty. Revenue from installation and training are recognized as the services are provided. Revenue from extended warranties is recognized ratably over the warranty period. When a sale involves multiple elements, revenue is allocated to each respective element at inception of an arrangement using the relative selling price method. Selling price is determined based on a selling price hierarchy, consisting of vendor specific objective evidence (VSOE), third party evidence or estimated selling price. Management’s best estimate of the selling price of an SMT machine and 3D scanning solution is based on the cost of the product and a reasonable margin based on geographic location and competitive market conditions. We use VSOE to establish fair value for extended warranty, installation and training services. If VSOE is not available to establish fair value for extended warranty, installation and training services, we estimate a selling price based on the cost-build-up for the particular service and a reasonable gross margin. Costs related to products delivered are recognized in the period revenue is recognized. Cost of revenues consists primarily of direct labor, manufacturing overhead, materials and components and excludes amortization of intangible assets. Foreign Currency Translation Financial position and results of operations of our international subsidiaries are measured using local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year-end. Statements of operations accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a cumulative translation adjustment in stockholders’ equity. Foreign Currency Transactions Foreign currency transaction gains and losses are included in interest income and other in the statement of operations. We recognized a foreign currency transaction gain of $103,000 in 2015 and $130,000 in 2014 . Research and Development Research and development (R&D) costs, including software development, are expensed when incurred. Software development costs are required to be expensed until the point that technological feasibility and proven marketability of the product are established; costs otherwise capitalizable after such point also are expensed because they are insignificant. All other R&D costs are expensed as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. Derivatives and Hedging 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 consolidated 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. Cash flows from derivative instruments are classified in the consolidated statement of cash flows in the same category as the cash flows from the items subject to designated hedge relationships. Advertising Costs We expense all advertising costs as incurred. Advertising expense incurred was $410,000 in 2015 and $296,000 in 2014 . Warranty Costs We provide for the estimated cost of product warranties which cover products for periods ranging from one to three years at the time revenue is recognized. In 2014, the warranty period for certain products was increased to three years from a one year period. Income Taxes We evaluate uncertain tax positions using the “more likely than not” threshold (i.e., a likelihood of occurrence greater than fifty percent). The recognition threshold is met when an entity concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are classified as a gross unrecognized tax benefit until the first interim period in which they meet the more likely than not standard, or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. Only the portion of the unrecognized tax benefit that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., resolution due to the expiration of the statute of limitations) or are not expected to be paid within one year are not classified as current. It is our policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the financial reporting and tax bases of assets and liabilities. Income tax expense is the sum of the tax currently payable and the change in the deferred tax assets and liabilities during the period, excluding changes in deferred tax assets recorded to equity and goodwill. Valuation allowances are established when, in the opinion of management, there is uncertainty that some portion or all of the deferred tax assets will not be realized. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on all positive and negative evidence. 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, vesting of restricted stock units and from purchases of shares under our employee stock purchase plan, as calculated using the treasury stock method. All common equivalent shares are excluded from the calculation of net loss per diluted share due to their anti-dilutive effect. Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. Stock-Based Compensation All equity-based payments to employees, including grants of employee stock options, are required to be recognized as an expense in our consolidated statements 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 has been determined using the Black-Scholes model. The compensation expense recognized for all equity based awards is net of estimated forfeitures, which is based on historical data. We have classified equity based compensation within our consolidated statement of operations in the same manner as our cash based employee compensation costs. We elected to use the alternative transition guidance known as the “short-cut method” to determine our pool of windfall tax benefits at January 1, 2006. See Note 7 to the consolidated financial statements for additional information on stock-based compensation. Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (FASB) issued guidance on the recognition of revenue from contracts with customers (Accounting Standards Update (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 FASB has delayed the effective date of the standard by one year to January 1, 2018, with early adoption permitted as of the original effective date of January 1, 2017. The Company is currently evaluating the method of adoption and the impact of the new guidance on the consolidated financial statements. In February 2016, the FASB issued new lease accounting guidance (ASU No. 2016-02, Leases). Under the new guidance, at the commencement date, lessees will be required to recognize a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new guidance is not applicable for leases with a term of 12 months or less. Lessor accounting is largely unchanged. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements. In July 2015, the FASB issued guidance on simplifying the measurement of inventory (ASU No. 2015-11, Simplifying the Measurement of Inventory). The guidance requires an entity to measure inventory at the lower of cost or net realizable value, which consists of estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new guidance eliminates unnecessary complexity that exists under current "lower of cost or market" guidance. For public entities, the updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively as of the beginning of an interim or annual reporting period, with early adoption permitted. We do not believe the implementation of this standard will have a material impact on our consolidated financial statements. In November 2015, the FASB issued guidance on simplifying the balance sheet classification of deferred taxes (ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes ). To simplify the presentation of deferred income taxes, the new guidance requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. Under prior guidance, an entity was required to separate deferred income tax liabilities and assets into current and non-current amounts. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected. For public entities, the guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. The guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted the new guidance on a prospective basis for our year ending December 31, 2015. Financial statements for prior periods were not retrospectively adjusted. The new guidance was adopted to simplify the balance sheet presentation of deferred taxes, and had no other impact on our consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 include our proprietary 3D sensor technology in LDI’s products to enable differentiated product offerings. Under the acquisition method of accounting, the total purchase price was 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 7 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 was 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 access to the general purpose 3D metrology market and allows us to include 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 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. For the year ended December 31, 2015, LDI contributed $ 6,853,000 to our revenue and $ 389,000 to our net loss. For the year ended December 31, 2014, since the date of acquisition, LDI contributed $5,306,000 to our revenue and $537,000 to our net loss. The following unaudited pro forma consolidated financial information presents our revenue and net loss as if the acquisition of LDI occurred on January 1, 2014. 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, 2014, 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. (In thousands, except per share amounts) Year Ended December 31, 2015 2014 Revenue $ 41,130 $ 47,904 Net loss (2,089 ) (1,292 ) Basic and diluted loss per share $ (0.31 ) $ (0.20 ) We incurred approximately $117,000 in LDI related acquisition costs. Approximately $47,000 of these costs were 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 prior periods. 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 . |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Our investments in marketable securities are classified as available-for-sale and consist of the following: December 31, 2015 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 3,806 $ — $ (2 ) $ 3,804 Corporate debt securities and certificates of deposit 1,440 — (1 ) 1,439 Asset backed securities 6 — — 6 Marketable securities – short-term $ 5,252 $ — $ (3 ) $ 5,249 Long-Term U.S. government and agency obligations $ 6,681 $ 1 $ (18 ) $ 6,664 Corporate debt securities and certificates of deposit 675 — (1 ) 674 Asset backed securities 694 — (1 ) 693 Equity security 42 11 — 53 Marketable securities – long-term $ 8,092 $ 12 $ (20 ) $ 8,084 December 31, 2014 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 3,378 $ 2 $ — $ 3,380 Corporate debt securities and certificates of deposit 1,903 2 — 1,905 Marketable securities – short-term $ 5,281 $ 4 $ — $ 5,285 Long-Term U.S. government and agency obligations $ 5,761 $ 3 $ (5 ) $ 5,759 Corporate debt securities and certificates of deposit 1,867 1 (1 ) 1,867 Asset back securities 2,156 1 (1 ) 2,156 Equity security 42 65 — 107 Marketable securities – long-term $ 9,826 $ 70 $ (7 ) $ 9,889 Our investments in marketable debt securities all have maturities of less than 5 years . At December 31, 2015 , marketable debt securities valued at $2,321,000 were in an unrealized gain position totaling $1,000 and marketable debt securities valued at $10,959,000 were in an unrealized loss position totaling $23,000 (all had been in an unrealized loss position for less than 12 months ). At December 31, 2014 , marketable debt securities valued at $9,287,000 were in an unrealized gain position totaling $9,000 and marketable debt securities valued at $5,780,000 were in an unrealized loss position totaling $7,000 (all had been in an unrealized loss position for less than 12 months ). We hold an investment in one equity security. At December 31, 2015 , our equity security had a fair value of $53,000 , and was in an $11,000 unrealized gain position. At December 31, 2014 , our equity security had a fair value of $107,000 , and was in a $65,000 unrealized gain position. Net pre-tax unrealized losses for marketable securities of $11,000 at December 31, 2015 and net pre-tax unrealized gains for marketable securities of $67,000 at December 31, 2014 were recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We received proceeds from the sale of marketable securities of $1,518,000 in 2015 and $5,050,000 in 2014 . No gain or loss was recognized from the sale of marketable securities in 2015 . A gain of $2,000 from the sale of marketable securities was recognized in 2014 . Investments in marketable securities classified as cash equivalents of $791,000 at December 31, 2015 and $321,000 at December 31, 2014 consist of the following: December 31, 2015 (In thousands) Cost Unrealized Unrealized Recorded Corporate debt securities and certificates of deposit $ 791 $ — $ — $ 791 $ 791 $ — $ — $ 791 December 31, 2014 (In thousands) Cost Unrealized Unrealized Recorded Corporate debt securities and certificates of deposit $ 321 $ — $ — $ 321 $ 321 $ — $ — $ 321 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
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 consolidated 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 years ended December 31, 2015 and December 31, 2014 . The maximum length of time over which we hedge our exposure to the variability in future cash flows is 12 months . Accordingly, at December 31, 2015 and December 31, 2014 , 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 $1,800,000 at December 31, 2015 and $7,100,000 at December 31, 2014 . 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: Year Ended December 31, 2015 (In thousands) Pretax Loss Recognized Pretax Loss Recognized Cost of revenues $ (185 ) $ (352 ) Research and development (71 ) (118 ) Selling, general and administrative (42 ) (93 ) Total $ (298 ) $ (563 ) Year Ended December 31, 2014 (In thousands) Pretax Loss Recognized Pretax Loss Recognized Cost of revenues $ (252 ) $ (60 ) Research and development (76 ) (21 ) Selling, general and administrative (71 ) (22 ) Total $ (399 ) $ (103 ) Amounts recorded in accumulated other comprehensive loss for the after tax net unrealized gain or loss associated with cash flow hedging instruments was a loss of $147,000 as of December 31, 2015 and a loss of $412,000 as of December 31, 2014 . We expect to reclassify the December 31, 2015 pre-tax net unrealized loss of $90,000 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 losses in the amount of $78,000 as of December 31, 2015 and $352,000 as of December 31, 2014 have been recorded in accrued expenses. Additional information with respect to the impact of derivative instruments on other comprehensive loss is included in Note 5. Additional information with respect to the fair value of derivative instruments is included in Note 6. 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. |
Comprehensive Loss
Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
COMPREHENSIVE LOSS | COMPREHENSIVE LOSS Reclassification adjustments are made to avoid double counting for items included in comprehensive loss that are also recorded as part of net loss. Reclassifications to earnings related to cash flow hedging instruments are discussed in Note 4. 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 loss until such time as the valuation allowance is substantially reduced. The effect of the reclassifications from comprehensive loss to earnings by line items is as follows: Details about Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations Year Ended (In thousands) 2015 2014 Unrealized gains on available-for-sale securities $ — $ 2 Interest income and other — — Income tax provision (benefit) $ — $ 2 Net of tax Unrealized losses on foreign exchange forward contracts $ (352 ) $ (60 ) Cost of revenues (118 ) (21 ) Research and development expenses (93 ) (22 ) Selling, general and administrative expenses (563 ) (103 ) Total before tax — — Income tax provision (benefit) $ (563 ) $ (103 ) Net of tax At December 31, 2015 and December 31, 2014 components of accumulated other comprehensive loss is as follows: (In thousands) Foreign Available- Foreign Accumulated Balances at December 31, 2013 $ (456 ) $ 32 $ (116 ) $ (540 ) Other comprehensive income (loss) before reclassifications (464 ) 31 (399 ) (832 ) Amounts reclassified from accumulated other comprehensive loss — (2 ) 103 101 Net current period other comprehensive income (loss) (464 ) 29 (296 ) (731 ) Balances at December 31, 2014 $ (920 ) $ 61 $ (412 ) $ (1,271 ) Other comprehensive loss before reclassifications (625 ) (78 ) (298 ) (1,001 ) Amounts reclassified from accumulated other comprehensive loss — — 563 563 Net current period other comprehensive income (loss) (625 ) (78 ) 265 (438 ) Balances at December 31, 2015 $ (1,545 ) $ (17 ) $ (147 ) $ (1,709 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 and December 31, 2014 according to the three-level fair value hierarchy. Fair Value Measurements at (In thousands) Balance Quoted Prices Significant Significant Marketable securities: U.S. government and agency obligations $ 10,468 $ — $ 10,468 $ — Corporate debt securities and certificates of deposit 2,113 — 2,113 — Asset backed securities 699 — 699 — Equity security 53 53 — — Total marketable securities $ 13,333 $ 53 $ 13,280 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 78 $ — $ 78 $ — Fair Value Measurements at (In thousands) Balance Quoted Prices Significant Significant Marketable securities: U.S. government and agency obligations $ 9,139 $ — $ 9,139 $ — Corporate debt securities and certificates of deposit 3,772 — 3,772 — Asset backed securities 2,156 — 2,156 — Equity security 107 107 — — Total marketable securities $ 15,174 $ 107 $ 15,067 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 352 $ — $ 352 $ — During the years ended December 31, 2015 and 2014 there were 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 or third party or counterparty quotes. The fair value of our foreign exchange forward contracts representing losses in the amount of $78,000 as of December 31, 2015 and $352,000 as of December 31, 2014 have been recorded in accrued expenses. The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other 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 in 2015 or 2014 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We have four stock-based compensation plans, including two stock incentive plans that are administered under the supervision of the Compensation Committee of the Board of Directors and under which we have granted options and restricted stock units to officers, directors and other employees, an employee stock purchase plan administered by the Committee, and a stock grant plan for directors that provides for automatic grants of shares of our common stock. New shares are issued for all option exercises, upon vesting of restricted stock units, for share issuances to board members and for issuances under our employee stock purchase plan. Stock Incentive Plans As of December 31, 2015 , there were 778,105 shares of common stock reserved in the aggregate for issuance of awards to employees, officers and others under our two stock incentive plans. Although our Compensation Committee has authority to issue options, restricted stock, restricted stock units, share grants and other share based benefits under these plans, it has only issued restricted stock units and options under the plans during the past ten years. As of December 31, 2015 , there were 153,290 shares of common stock available for awards that may be granted under these plans in the future to employees, officers and others. Reserved shares underlying outstanding awards, including options and restricted shares, that are forfeited are available under our active stock incentive plan for future grant. Stock Options Options are granted under our plans 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. The following is a summary of stock option activity for the year ended December 31, 2015 : Options Outstanding Weighted Average Exercise Outstanding, December 31, 2014 578,901 $ 8.30 Granted 141,000 7.18 Exercised (72,651 ) 6.30 Expired (61,750 ) 11.17 Forfeited (15,000 ) 7.13 Outstanding, December 31, 2015 570,500 $ 8.00 Exercisable, December 31, 2015 194,127 $ 8.51 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. For options outstanding at December 31, 2015 , the weighted average remaining contractual term of all outstanding options was 5.01 years and their aggregate intrinsic value was $276,000 . At December 31, 2015 , the weighted average remaining contractual term of options that were exercisable was 3.29 years and their aggregate intrinsic value was $118,000 . The aggregate intrinsic value of stock options exercised was $182,000 in 2015 and $263,000 in 2014 . We received proceeds from stock option exercises of $458,000 in 2015 and $628,000 in 2014 . No tax benefit was realized from the exercise of these stock options and no amounts were credited to additional paid-in capital. The total fair value of shares that vested in 2015 was $264,000 and the total fair value of shares that vested in 2014 was $209,000 . The fair value of stock options granted to our employees was estimated on the date of grant using the Black-Scholes model. The Black-Scholes valuation model incorporates ranges of assumptions that are disclosed in the table below. The risk-free interest rate is based on the United States Treasury yield curve at the time of grant with a remaining term equal to the expected life of the awards. We estimated the expected term for our graded vesting options, representing the length of time in years that the options are expected to be outstanding, using historical experience. Expected volatility was computed based on historical fluctuations in the daily price of our common stock. For stock options granted in the two year period ended December 31, 2015 , 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: 2015 2014 Risk-free interest rates 1.56% 1.55% - 1.69% Expected life in years 5.01 - 5.11 5.12 - 5.48 Expected volatility 40.82% 42.45% - 46.90% Dividend yield 0.00% 0.00% Weighted average fair value on grant date $2.73 $3.55 Restricted Stock Units Restricted stock units are valued at a price equal to the 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. There were 18,250 restricted stock units granted in 2015 and their weighted average grant date fair value was $7.18 each. There were 35,450 restricted stock units granted in 2014 and their weighted average grant date fair value was $8.12 each. The aggregate fair value of outstanding restricted stock units based on the closing share price of our common stock as of December 31, 2015 was $416,000 . The aggregate fair value of restricted stock units that vested, based on the closing share price of our common stock on the vesting date, was $129,000 for the year ended December 31, 2015 and $112,000 for the year ended December 31, 2014 . A summary of activity in non-vested restricted stock units for the year ended December 31, 2015 is as follows: Non-vested restricted stock units Shares Weighted Average Grant Date Non-vested at December 31, 2014 53,718 $ 7.43 Granted 18,250 7.18 Vested (15,321 ) 7.36 Forfeited (2,332 ) 6.10 Non-vested at December 31, 2015 54,315 $ 7.43 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 value of our common stock on the first or last day of the offering period. There were 35,845 shares issued under this plan in the year ended December 31, 2015 and 22,324 shares issued in the year ended December 31, 2014 . As of December 31, 2015 , 95,757 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 provides for a total of 60,000 shares of our common stock for issuance to directors and will expire on May 19, 2018 . Share issuances under the stock grant plan for non-employee directors were 4,000 shares of common stock in the year ended December 31, 2015 and 4,000 shares in the year ended December 31, 2014 . The shares issued in 2015 had a fair market value on the date of grant equal to $41,000 (weighted average grant date fair value of $10.36 ). The shares issued in 2014 had a fair market value on the date of grant equal to $32,000 (weighted average grant date fair value of $8.05 ). As of December 31, 2015 , 28,000 shares of common stock are reserved in the aggregate for future issuance under this plan. Stock Based Compensation Information Pre-tax stock-based compensation expense for 2015 included $398,000 for stock options and restricted stock units, $72,000 for our employee stock purchase plan, and $41,000 for 4,000 shares issued to board members for compensation purposes. Pre-tax stock-based compensation expense for 2014 included $356,000 for stock options and restricted stock units, $48,000 for our employee stock purchase plan, and $32,000 for 4,000 shares issued to board members for compensation purposes. (In thousands) 2015 2014 Pre-tax stock-based compensation expense $ 511 $ 436 Income tax benefits related to stock-based compensation $ — $ — We use historical data to estimate pre-vesting forfeitures. At December 31, 2015, the total unrecognized compensation cost related to non-vested stock-based compensation arrangements was $1,413,000 and the related weighted average period over which such cost is expected to be recognized is 2.45 years. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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, vesting of restricted stock units and the purchase of shares under our employee stock purchase plan, as calculated using the treasury stock method. All common equivalent shares are excluded from the calculation of net loss per diluted share due to their anti-dilutive effect. As a result, no common equivalent shares were included in the calculation of net loss per diluted share for the years ended December 31, 2015 or December 31, 2014 . The components of net loss per basic and diluted share are as follows: (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2015: Basic $ (2,089 ) 6,706 $ (0.31 ) Dilutive effect of common equivalent shares — — — Dilutive $ (2,089 ) 6,706 $ (0.31 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2014: Basic $ (1,487 ) 6,576 $ (0.23 ) Dilutive effect of common equivalent shares — — — Dilutive $ (1,487 ) 6,576 $ (0.23 ) The calculation of diluted net loss per common share excludes 587,000 potentially dilutive shares for the year ended December 31, 2015 and 683,000 potentially dilutive shares for the year ended December 31, 2014 , because their effect would be anti-dilutive. |
Other Financial Statement Data
Other Financial Statement Data | 12 Months Ended |
Dec. 31, 2015 | |
Other Financial Statement Data [Abstract] | |
OTHER FINANCIAL STATEMENT DATA | OTHER FINANCIAL STATEMENT DATA Inventories consist of the following: December 31, (In thousands) 2015 2014 Raw materials and purchased parts $ 6,787 $ 6,581 Work in process 508 503 Finished goods 5,970 4,573 Total inventories $ 13,265 $ 11,657 Equipment and leasehold improvements consist of the following: December 31, (In thousands) 2015 2014 Equipment $ 12,500 $ 12,382 Leasehold improvements 1,588 1,615 14,088 13,997 Accumulated depreciation and amortization (11,720 ) (11,079 ) $ 2,368 $ 2,918 Total depreciation and amortization expense related to equipment and leasehold improvements was $1,177,000 for the year ended December 31, 2015 and $1,081,000 for the year ended December 31, 2014 . Intangible assets consist of the following: December 31, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 2,513 $ (2,253 ) $ 260 $ 2,625 $ (2,338 ) $ 287 Software 206 (53 ) 153 206 (23 ) 183 Marketing assets and customer relationships 101 (21 ) 80 101 (10 ) 91 Non-compete agreements 101 (45 ) 56 101 (20 ) 81 $ 2,921 $ (2,372 ) $ 549 $ 3,033 $ (2,391 ) $ 642 Amortization expense for the years ended December 31, 2015 and 2014 is as follows: Year Ended December 31, Weighted Avg. Remaining Life-Years at December 31, 2015 (In thousands) 2015 2014 Patents $ 110 $ 113 3.0 Software 29 23 5.2 Marketing assets and customer relationships 12 10 6.8 Non-compete agreements 25 20 2.2 $ 176 $ 166 Amortization of patents has been classified as research and development expense in the accompanying consolidated statement of operations. Estimated aggregate amortization expense based on current intangible assets for the next five years is expected to be as follows: $163,000 in 2016, $138,000 in 2017, $85,000 in 2018, $62,000 in 2019 and $62,000 in 2020. Accrued expenses consist of the following: December 31, (In thousands) 2015 2014 Wages and benefits $ 1,014 $ 1,715 Warranty liability 584 750 Other 361 647 $ 1,959 $ 3,112 Other liabilities consist of the following: December 31, (In thousands) 2015 2014 Deferred rent $ 204 $ 285 Warranty liability 61 89 Deferred warranty revenue 3 26 $ 268 $ 400 Warranty costs: We provide for the estimated cost of product warranties, which cover products for periods ranging from one to three years , 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: Year Ended December 31, (In thousands) 2015 2014 Balance at beginning of period $ 839 $ 513 Accrual for warranties 441 1,171 Assumed in acquisition — 5 Warranty revision (19 ) 12 Settlements made during the period (616 ) (862 ) Balance at end of period 645 839 Current portion of estimated warranty liability (584 ) (750 ) Long-term estimated warranty liability $ 61 $ 89 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: Year Ended December 31, (In thousands) 2015 2014 Balance at beginning of period $ 475 $ 444 Revenue deferrals 353 338 Assumed in acquisition — 89 Amortization of deferred revenue (629 ) (396 ) Total deferred warranty revenue 199 475 Current portion of deferred warranty revenue (196 ) (449 ) Long-term deferred warranty revenue $ 3 $ 26 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL There was no change in our goodwill balance in 2015. Goodwill increased by $797,000 in 2014 due to our acquisition of LDI. Adjustments to provisional amounts reflected in our March 31, 2014 consolidated balance sheet for the LDI acquisition resulted in a $46,000 increase to goodwill in the three months ended June 30, 2014. We assess our goodwill for impairment in the fourth quarter of each year, and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In evaluating whether goodwill was impaired, we compared our fair value to our net book value or carrying value (Step 1 of the impairment test). In calculating fair value, we used the income approach. The income approach is a valuation technique under which we estimate future cash flows using financial forecasts. Future estimated cash flows are discounted to their present value to calculate fair value. When considering fair value, we also gave consideration to the control premium in excess of our current market capitalization that might be obtained from a third party acquirer. In the situation where net book value or carrying value exceeds fair value, the amount of impairment loss must be measured. The measurement of impairment (Step 2 of the impairment test) is calculated by determining the implied fair value of goodwill, which equals the excess of any remaining fair value over the fair values assigned to other assets and liabilities. Goodwill impairment is measured as the excess of the carrying amount of goodwill over its implied fair value. In determining fair value under the income approach, our expected cash flows are affected by various assumptions. Fair value on a discounted cash flow basis uses our business plan and projections as the basis for expected future cash flow forecasts, with an estimation of residual growth rates thereafter. For our 2015 and 2014 goodwill impairment tests, we utilized a 15% discount rate and our terminal value was based on a multiple equal to 6 times our projected future earnings before interest, taxes, depreciation and amortization. We believe the significant assumptions used in our 2015 and 2014 goodwill impairment tests, including a 15% discount rate, are reflective of the assumptions currently used in the marketplace to evaluate fair value. Our recent analyses indicate that our goodwill at December 31, 2015 and 2014 in the amount of $1,366,000 is not impaired. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Loss before income taxes consists of the following: Year Ended December 31, (In thousands) 2015 2014 Sources of income (loss) before income taxes: United States $ (2,994 ) $ (2,536 ) Foreign 933 1,182 Total loss before income taxes $ (2,061 ) $ (1,354 ) The provision (benefit) for income taxes consists of the following: Year Ended December 31, (In thousands) 2015 2014 Current: Federal $ (14 ) $ (10 ) State 4 13 Foreign — 10 Total current $ (10 ) $ 13 Deferred: Federal $ (4 ) $ 73 State 1 1 Foreign 41 46 Total deferred $ 38 $ 120 Total provision for income taxes $ 28 $ 133 A reconciliation of the statutory rate to the effective income tax rate is as follows: Year Ended December 31, 2015 2014 Federal statutory rate 34.0 % 34.0 % State income taxes, net of federal benefit (0.2 ) 6.4 U.S. Subpart F income (1.0 ) (2.6 ) Dividend - foreign affiliate (28.9 ) — Stock based compensation (1.4 ) (1.1 ) Research and experimentation credit 4.6 7.8 Foreign rate difference 17.8 34.1 Reserve for income taxes 0.7 0.7 Valuation allowance (26.1 ) (86.6 ) Other, net (0.8 ) (2.5 ) Effective tax rate (1.3 )% (9.8 )% Our effective tax rate for 2015 and 2014 reflects the impact of having a significant portion of our operations in Singapore where corporate income tax rates are substantially lower than the United States. Lower tax rates in foreign jurisdictions impacted our income tax rate by 17.8% in 2015 and 34.1% in 2014 . Receipt of a dividend from our wholly owned subsidiary in Singapore impacted our income tax rate by a negative 28.9% in 2015. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows: Year Ended December 31, (In thousands) 2015 2014 Gross UTB balance at beginning of year $ 1,508 $ 1,408 Additions based on tax positions related to the current year 186 165 Additions for tax positions of prior years 289 — Reductions for tax positions of prior years (78 ) (48 ) Reductions due to lapse of applicable statute of limitations (18 ) (17 ) Gross UTB balance at end of year $ 1,887 $ 1,508 Net UTB balance at end of year $ 126 $ 140 The ending net UTB results from adjusting the gross balance for items such as federal, state, and non-U.S. deferred items, interest and penalties, and deductible taxes. The net UTB is a long-term income tax reserve within our consolidated balance sheets. We recognize interest and penalties related to unrecognized tax benefits in tax expense. Accrued interest and penalties on a gross basis were $1,000 as of December 31, 2015 and $6,000 as of December 31, 2014 . During the year ended December 31, 2015 we recorded a $14,000 decrease in our liability for uncertain tax positions that was recorded as an income tax benefit. Estimated gross interest and penalties included in this amount were $5,000 . During the year ended December 31, 2014 we recorded a $10,000 decrease in our liability for uncertain tax positions that was recorded as an income tax benefit. Estimated gross interest and penalties included in this amount were $6,000 . We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. Our federal income tax returns for years after 2011 are still subject to examination by the Internal Revenue Service. We are no longer subject to state and local income tax examinations by tax authorities for years prior to 2011. Our 2012 income tax return for Singapore is currently being audited by the Inland Revenue Authority of Singapore. We do not presently anticipate that the outcome of this audit will have any impact on our financial position or results of operations. Deferred tax assets and liabilities consist of the following: December 31, 2015 December 31, 2014 (In thousands) Assets Liabilities Assets Liabilities Equipment, leaseholds and intangible amortization, net $ 377 $ 367 $ 464 $ 256 Inventory allowances 797 6 653 — Accrued expenses 286 — 353 — Warranty accrual 222 — 289 — Deferred revenue 686 — 300 — Accounts receivable allowance 179 — 194 — Federal and state tax credits 3,319 — 3,175 — Federal and state net operating loss carry forwards 4,379 — 4,296 — Foreign net operating loss carry forwards 394 — 419 — Stock based compensation 331 — 391 — Unrealized gains and losses - other comprehensive loss — 35 115 — Other, net 73 — 137 — Subtotal 11,043 408 10,786 256 Valuation allowance (10,644 ) — (10,500 ) — Total deferred tax assets and liabilities $ 399 $ 408 $ 286 $ 256 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 consolidated 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. At December 31, 2015, we concluded that a $10,644,000 valuation allowance is needed for all of our United States and Singapore based deferred tax assets due to our recurring losses and financial outlook. In analyzing the need for a valuation allowance, we first considered our history of cumulative operating results for income tax purposes over the past three years in each of the tax jurisdictions where we operate, our financial performance in recent quarters, 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 the valuation allowance is needed for all of our U.S. and Singapore based deferred tax assets. A similar analysis was performed in 2014 , resulting in a $10,500,000 valuation allowance at December 31, 2014 for substantially all of our United States and Singapore based deferred tax assets. Our valuation allowance increased by $144,000 in 2015 due to the increase in total deferred tax assets. At December 31, 2015 , we had federal R&D tax credit carryforwards of $3,498,000 that will begin to expire in 2019 and a federal net operating loss carry forward of $11,875,000 that will begin to expire in 2022, if unused. At December 31, 2015, the amount of tax benefit from the exercise of stock options that will be recorded as a credit to stockholder's equity when realized is insignificant. Deferred tax assets at December 31, 2015 , include $58,000 for net operating loss carryforwards 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. We reduced our deferred tax asset for UK net operating loss carry forwards by $6,000 in 2015 due to reductions in the future UK income tax rate. Cash payments for income taxes, net of refunds received, were $16,000 for the year ended December 31, 2015 . Cash payments for income taxes, net of refunds received, were $6,000 for the year ended December 31, 2014 . During 2015, our wholly owned Singapore subsidiary repatriated approximately $ 3,600,000 to our U.S. based parent, of which approximately $1,900,000 had been previously taxed. We were able to accomplish the repatriation without having to pay cash taxes given available U.S. net operating loss carryforwards. For this reason and given our current tax situation, we concluded that a one-time repatriation of funds was appropriate. It is our intention to permanently reinvest the remaining undistributed earnings of our international subsidiaries. Accordingly, we have not recorded the related deferred tax liability of approximately $2,000,000 for U.S. based income taxes on these earnings. If we were to change our position on permanent reinvestment of undistributed earnings of our international subsidiaries, it is anticipated that any such change would not have a significant impact on our financial position or results of operations. This assessment is based on the amount of remaining undistributed earnings of international subsidiaries and the size of our available U.S. net operating loss carryforwards. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
OPERATING LEASES | OPERATING LEASES We lease a 50,724 square foot mixed office and warehouse facility in Golden Valley, Minnesota. The lease has a term of 90 months and expires on December 31, 2018 . The lease contains an escalation clause and two renewal options of three years each. Rental expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. We are also required to pay insurance, property taxes and other operating expenses related to the leased facility. We lease a 10,165 square foot mixed office and warehouse facility in Bloomington, Minnesota. The lease was assumed on March 14, 2014 in connection with our purchase of LDI and expires on April 30, 2018 . Rental expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. We are also required to pay insurance, property taxes and other operating expenses related to the leased facility. We lease a 19,805 square foot mixed office and warehouse facility in Singapore. The current lease contains an escalation clause and expires in July 2016 . Rental expense is recognized on a straight-line basis over the three year lease term. We recently extended the lease for a period of one year expiring in July 2017. The new lease contains one three year renewal option. In addition, we lease facilities for the operations of our other subsidiaries under operating leases that expire at various times through June 2018 . Total rent expense was $1,218,000 for the year ended December 31, 2015 and $1,299,000 for the year ended December 31, 2014 . At December 31, 2015 , the future minimum lease payments required under non-cancelable operating lease agreements are as follows: Year ending December 31, (In thousands) 2016 $ 777 2017 587 2018 529 Total $ 1,893 |
401(K) and Other Defined Contri
401(K) and Other Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
401(K) AND OTHER DEFINED CONTRIBUTION PLANS | 401(K) AND OTHER DEFINED CONTRIBUTION PLANS We have a retirement savings plan pursuant to Section 401(k) of the Internal Revenue Code (the Code), whereby eligible employees may contribute a portion of their earnings, not to exceed annual amounts allowed under the Code. In addition, we may also make contributions at the discretion of the Board of Directors. We provided matching contributions to employees totaling $300,000 in 2015 and $227,000 in 2014 . We also contribute to defined contribution retirement savings plans on behalf of our employees in the United Kingdom. We made contributions to these plans totaling $33,000 in 2015 and $35,000 in 2014 . |
Revenue Concentrations, Signifi
Revenue Concentrations, Significant Customers, and Geographic Areas | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
REVENUE CONCENETRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS | REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS The following summarizes our revenue by product line: (In thousands) 2015 2014 SMT and High Precision 3D OEM Sensors $ 13,022 $ 15,493 Semiconductor Sensors 7,677 7,595 SMT Inspection Systems 13,578 18,089 3D Scanning Solutions and Services 6,853 5,306 Total $ 41,130 $ 46,483 The following summarizes certain significant customer information: (In thousands) Significant Customer Percentage of Revenues Year ended December 31, 2015 A 10 % B 11 % Year ended December 31, 2014 A 17 % B 8 % Our LaserAlign ® sensor family has historically accounted for a significant portion of our revenues and profitability. Revenue from product shipments of LaserAlign sensors accounted for 14% of our total revenue in 2015 and 20% in 2014 . 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. Export sales as a percentage of total sales were 72% for the year ended December 31, 2015 and 73% for the year ended December 31, 2014 . Export sales are attributed to the country where the product is shipped. Substantially all of our export sales are negotiated, invoiced and paid in U.S. dollars. Revenue by geographic area is summarized as follows: Year Ended December 31, (In thousands) 2015 2014 United States $ 11,452 $ 12,339 Americas 1,424 1,233 Netherlands 4,533 3,813 Other Europe 7,462 7,978 China 2,581 3,665 Japan 4,802 8,460 Other Asia 8,531 8,182 Other 345 813 Total revenues $ 41,130 $ 46,483 Long-lived assets include equipment and leasehold improvements and intangible and other assets attributable to each geographic area’s operations. Long-lived assets at December 31, 2015 and 2014 are as follows: (In thousands) 2015 2014 Long-lived assets: United States $ 2,782 $ 3,245 Europe 2 8 Asia and other 133 307 Total long-lived assets $ 2,917 $ 3,560 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUTDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (In thousands, except per share amounts) 2015 March 31 June 30 September 30 December 31 Revenues $ 9,545 $ 10,254 $ 9,937 $ 11,394 Gross margin 4,561 4,569 4,239 4,772 Income (loss) from operations (826 ) (655 ) (721 ) 39 Net loss (781 ) (761 ) (514 ) (33 ) Net loss per share - Basic (1) (0.12 ) (0.11 ) (0.08 ) (0.00) Net loss per share - Diluted (1) (0.12 ) (0.11 ) (0.08 ) (0.00) 2014 March 31 June 30 September 30 December 31 Revenues $ 9,835 $ 13,263 $ 11,657 $ 11,728 Gross margin 4,568 5,867 5,296 5,454 Income (loss) from operations (722 ) (275 ) (514 ) 34 Net income (loss) (809 ) (315 ) (448 ) 85 Net income (loss) per share - Basic (1) (0.12 ) (0.05 ) (0.07 ) 0.01 Net income (loss) per share - Diluted (1) (0.12 ) (0.05 ) (0.07 ) 0.01 (1) The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Share Repurchase
Share Repurchase | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Repurchase Agreements [Abstract] | |
SHARE REPURCHASE | SHARE REPURCHASE In August 2015 our Board of Directors authorized a $2,000,000 share repurchase program. The common stock may be acquired from time to time in open market transactions, block purchases and other transactions complying with the Securities and Exchange Commission's Rule 10b-18. We adopted a 10b5-1 trading plan to implement the repurchase program. We did not repurchase any of our common stock in 2015. |
Business Description And Sign25
Business Description And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of CyberOptics Corporation and its wholly-owned subsidiaries. In these notes to the consolidated financial statements, these companies are collectively referred to as “CyberOptics,” “we,” “us,” or “our.” All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to the previously reported consolidated financial statements in order to conform to the current presentation. These reclassifications had no impact on the consolidated balance sheets, statements of operations, cash flows or statements of stockholders' equity (deficit). |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents consist of funds maintained in demand deposit accounts, money market accounts, corporate debt instruments and U.S. government backed obligations. Cash and cash equivalent balances, at times, may exceed federally insured limits. |
Marketable Securities | Marketable Securities All marketable securities are classified as available-for-sale and consist of U.S. government and agency backed obligations, certificates of deposit, corporate debt instruments, asset backed securities or equity securities. Marketable securities are classified as short-term or long-term in the consolidated balance sheet based on their maturity date and expectations regarding sales. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity until realized. These fair values are primarily determined using quoted market prices. The carrying amounts of securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of securities sold is also determined by specific identification. We monitor the carrying value of our investments compared to their fair value to determine whether an other-than-temporary impairment has occurred. If a decline in fair value is determined to be other-than-temporary, an impairment charge related to that specific investment is recorded in current operations. |
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost determined using the first-in, first-out (FIFO) method. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. Demonstration inventories are stated at cost less accumulated amortization, generally based on a 36 month useful life. |
Accounts Receivable and Allowance For Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts We extend unsecured credit to our customers in the normal course of business. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of our customers to make required payments. In making the determination of the appropriate allowance for doubtful accounts, we consider specific accounts, historical write-offs, changes in customer relationships and credit worthiness and concentrations of credit risk. Specific accounts receivable are written-off once a determination is made that the account is uncollectible. |
Equipment and Leasehold Improvements | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance are charged to expense as incurred. In-progress costs are capitalized with depreciation beginning when assets are placed in service. Depreciation is recorded using the straight-line method over the estimated useful lives of the equipment, ranging from one to seven years . Leasehold improvements are amortized using the straight-line method over the shorter of the asset useful life or the underlying lease term, ranging from one to eight years. Gains or losses on dispositions are included in current operations. |
Business Combinations | Business Combinations We recognize separately from goodwill the fair value of the assets acquired and the liabilities assumed at the acquisition date. Goodwill is measured as the excess of consideration transferred over the acquisition date fair value of the assets acquired and liabilities assumed. Assets acquired include tangible and intangible assets. We determine the value and useful lives of equipment, leasehold improvements and purchased intangible assets with the assistance of an independent third-party valuation firm using certain estimates and assumptions. While we use estimates and assumptions that we believe are reasonable as a part of the purchase price allocation process to accurately value the assets acquired and the liabilities assumed at the acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the assets acquired and the liabilities assumed based on new information about facts and circumstances that existed as of the acquisition date. Any such adjustments would be recorded as an offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair values, whichever comes first, any subsequent adjustments would be recorded in our consolidated statements of operations. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. We evaluate the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that indicate goodwill might be impaired. We have determined that we have one reporting unit. Goodwill is tested by comparing our fair value, as determined based on our future estimated discounted cash flows, to our net book value. |
Patents | Patents Patents consist of legal and patent registration costs for protection of our proprietary technology. We amortize patent costs on a straight-line basis, based upon their estimated life. |
Long Lived Assets | Long Lived Assets Intangible assets subject to amortization 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. |
Revenue Recognition | Revenue Recognition Revenue from all customers, including distributors, is recognized when all significant contractual obligations have been satisfied, pricing is fixed and determinable and collection of the resulting receivable is reasonably assured. Generally, product revenues are recognized upon shipment under FOB shipping point terms, and include shipping and handling costs. Revenue from services is recognized as work is performed. Taxes collected from customers and remitted to governmental authorities are excluded from revenue on the net basis of accounting. Estimated returns and warranty costs are recorded at the time of sale. Sales of some surface mount technology (SMT) system products may require customer acceptance due to performance or other acceptance criteria included in the terms of sale. For these SMT product sales, revenue is recognized at the time of customer acceptance. Our multiple deliverable arrangements typically include the sale of an SMT inspection system or 3D scanning solution, related installation and training, and in some cases, an extended warranty. Revenue from installation and training are recognized as the services are provided. Revenue from extended warranties is recognized ratably over the warranty period. When a sale involves multiple elements, revenue is allocated to each respective element at inception of an arrangement using the relative selling price method. Selling price is determined based on a selling price hierarchy, consisting of vendor specific objective evidence (VSOE), third party evidence or estimated selling price. Management’s best estimate of the selling price of an SMT machine and 3D scanning solution is based on the cost of the product and a reasonable margin based on geographic location and competitive market conditions. We use VSOE to establish fair value for extended warranty, installation and training services. If VSOE is not available to establish fair value for extended warranty, installation and training services, we estimate a selling price based on the cost-build-up for the particular service and a reasonable gross margin. Costs related to products delivered are recognized in the period revenue is recognized. Cost of revenues consists primarily of direct labor, manufacturing overhead, materials and components and excludes amortization of intangible assets. |
Foreign Currency Translation And Transactions | Foreign Currency Translation Financial position and results of operations of our international subsidiaries are measured using local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year-end. Statements of operations accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a cumulative translation adjustment in stockholders’ equity. Foreign Currency Transactions Foreign currency transaction gains and losses are included in interest income and other in the statement of operations. |
Research and Development | Research and Development Research and development (R&D) costs, including software development, are expensed when incurred. Software development costs are required to be expensed until the point that technological feasibility and proven marketability of the product are established; costs otherwise capitalizable after such point also are expensed because they are insignificant. All other R&D costs are expensed as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. |
Derivatives and Hedging | Derivatives and Hedging 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 consolidated 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. Cash flows from derivative instruments are classified in the consolidated statement of cash flows in the same category as the cash flows from the items subject to designated hedge relationships. |
Advertising Costs | Advertising Costs We expense all advertising costs as incurred. |
Warranty Costs | Warranty Costs We provide for the estimated cost of product warranties which cover products for periods ranging from one to three years at the time revenue is recognized. |
Income Taxes | Income Taxes We evaluate uncertain tax positions using the “more likely than not” threshold (i.e., a likelihood of occurrence greater than fifty percent). The recognition threshold is met when an entity concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are classified as a gross unrecognized tax benefit until the first interim period in which they meet the more likely than not standard, or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. Only the portion of the unrecognized tax benefit that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., resolution due to the expiration of the statute of limitations) or are not expected to be paid within one year are not classified as current. It is our policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the financial reporting and tax bases of assets and liabilities. Income tax expense is the sum of the tax currently payable and the change in the deferred tax assets and liabilities during the period, excluding changes in deferred tax assets recorded to equity and goodwill. Valuation allowances are established when, in the opinion of management, there is uncertainty that some portion or all of the deferred tax assets will not be realized. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on all positive and negative evidence. |
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, vesting of restricted stock units and from purchases of shares under our employee stock purchase plan, as calculated using the treasury stock method. All common equivalent shares are excluded from the calculation of net loss per diluted share due to their anti-dilutive effect. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. |
Share-Based Compensation | Stock-Based Compensation All equity-based payments to employees, including grants of employee stock options, are required to be recognized as an expense in our consolidated statements 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 has been determined using the Black-Scholes model. The compensation expense recognized for all equity based awards is net of estimated forfeitures, which is based on historical data. We have classified equity based compensation within our consolidated statement of operations in the same manner as our cash based employee compensation costs. We elected to use the alternative transition guidance known as the “short-cut method” to determine our pool of windfall tax benefits at January 1, 2006. |
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 (Accounting Standards Update (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 FASB has delayed the effective date of the standard by one year to January 1, 2018, with early adoption permitted as of the original effective date of January 1, 2017. The Company is currently evaluating the method of adoption and the impact of the new guidance on the consolidated financial statements. In February 2016, the FASB issued new lease accounting guidance (ASU No. 2016-02, Leases). Under the new guidance, at the commencement date, lessees will be required to recognize a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new guidance is not applicable for leases with a term of 12 months or less. Lessor accounting is largely unchanged. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements. In July 2015, the FASB issued guidance on simplifying the measurement of inventory (ASU No. 2015-11, Simplifying the Measurement of Inventory). The guidance requires an entity to measure inventory at the lower of cost or net realizable value, which consists of estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new guidance eliminates unnecessary complexity that exists under current "lower of cost or market" guidance. For public entities, the updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively as of the beginning of an interim or annual reporting period, with early adoption permitted. We do not believe the implementation of this standard will have a material impact on our consolidated financial statements. In November 2015, the FASB issued guidance on simplifying the balance sheet classification of deferred taxes (ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes ). To simplify the presentation of deferred income taxes, the new guidance requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. Under prior guidance, an entity was required to separate deferred income tax liabilities and assets into current and non-current amounts. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected. For public entities, the guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. The guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted the new guidance on a prospective basis for our year ending December 31, 2015. Financial statements for prior periods were not retrospectively adjusted. The new guidance was adopted to simplify the balance sheet presentation of deferred taxes, and had no other impact on our consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | 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 7 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma consolidated financial information presents our revenue and net loss as if the acquisition of LDI occurred on January 1, 2014. 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, 2014, 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. (In thousands, except per share amounts) Year Ended December 31, 2015 2014 Revenue $ 41,130 $ 47,904 Net loss (2,089 ) (1,292 ) Basic and diluted loss per share $ (0.31 ) $ (0.20 ) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
Schedule Of Marketable Securities | Our investments in marketable securities are classified as available-for-sale and consist of the following: December 31, 2015 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 3,806 $ — $ (2 ) $ 3,804 Corporate debt securities and certificates of deposit 1,440 — (1 ) 1,439 Asset backed securities 6 — — 6 Marketable securities – short-term $ 5,252 $ — $ (3 ) $ 5,249 Long-Term U.S. government and agency obligations $ 6,681 $ 1 $ (18 ) $ 6,664 Corporate debt securities and certificates of deposit 675 — (1 ) 674 Asset backed securities 694 — (1 ) 693 Equity security 42 11 — 53 Marketable securities – long-term $ 8,092 $ 12 $ (20 ) $ 8,084 December 31, 2014 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 3,378 $ 2 $ — $ 3,380 Corporate debt securities and certificates of deposit 1,903 2 — 1,905 Marketable securities – short-term $ 5,281 $ 4 $ — $ 5,285 Long-Term U.S. government and agency obligations $ 5,761 $ 3 $ (5 ) $ 5,759 Corporate debt securities and certificates of deposit 1,867 1 (1 ) 1,867 Asset back securities 2,156 1 (1 ) 2,156 Equity security 42 65 — 107 Marketable securities – long-term $ 9,826 $ 70 $ (7 ) $ 9,889 |
Schedule Of Marketable Securities Classified As Cash Equivalents | Investments in marketable securities classified as cash equivalents of $791,000 at December 31, 2015 and $321,000 at December 31, 2014 consist of the following: December 31, 2015 (In thousands) Cost Unrealized Unrealized Recorded Corporate debt securities and certificates of deposit $ 791 $ — $ — $ 791 $ 791 $ — $ — $ 791 December 31, 2014 (In thousands) Cost Unrealized Unrealized Recorded Corporate debt securities and certificates of deposit $ 321 $ — $ — $ 321 $ 321 $ — $ — $ 321 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: Year Ended December 31, 2015 (In thousands) Pretax Loss Recognized Pretax Loss Recognized Cost of revenues $ (185 ) $ (352 ) Research and development (71 ) (118 ) Selling, general and administrative (42 ) (93 ) Total $ (298 ) $ (563 ) Year Ended December 31, 2014 (In thousands) Pretax Loss Recognized Pretax Loss Recognized Cost of revenues $ (252 ) $ (60 ) Research and development (76 ) (21 ) Selling, general and administrative (71 ) (22 ) Total $ (399 ) $ (103 ) |
Comprehensive Loss (Tables)
Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
The Effect of the Reclassification from Comprehensive Income (Loss) to Earnings | The effect of the reclassifications from comprehensive loss to earnings by line items is as follows: Details about Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations Year Ended (In thousands) 2015 2014 Unrealized gains on available-for-sale securities $ — $ 2 Interest income and other — — Income tax provision (benefit) $ — $ 2 Net of tax Unrealized losses on foreign exchange forward contracts $ (352 ) $ (60 ) Cost of revenues (118 ) (21 ) Research and development expenses (93 ) (22 ) Selling, general and administrative expenses (563 ) (103 ) Total before tax — — Income tax provision (benefit) $ (563 ) $ (103 ) Net of tax |
Schedule of Accumulated Other Comprehensive Income (Loss) | At December 31, 2015 and December 31, 2014 components of accumulated other comprehensive loss is as follows: (In thousands) Foreign Available- Foreign Accumulated Balances at December 31, 2013 $ (456 ) $ 32 $ (116 ) $ (540 ) Other comprehensive income (loss) before reclassifications (464 ) 31 (399 ) (832 ) Amounts reclassified from accumulated other comprehensive loss — (2 ) 103 101 Net current period other comprehensive income (loss) (464 ) 29 (296 ) (731 ) Balances at December 31, 2014 $ (920 ) $ 61 $ (412 ) $ (1,271 ) Other comprehensive loss before reclassifications (625 ) (78 ) (298 ) (1,001 ) Amounts reclassified from accumulated other comprehensive loss — — 563 563 Net current period other comprehensive income (loss) (625 ) (78 ) 265 (438 ) Balances at December 31, 2015 $ (1,545 ) $ (17 ) $ (147 ) $ (1,709 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 and December 31, 2014 according to the three-level fair value hierarchy. Fair Value Measurements at (In thousands) Balance Quoted Prices Significant Significant Marketable securities: U.S. government and agency obligations $ 10,468 $ — $ 10,468 $ — Corporate debt securities and certificates of deposit 2,113 — 2,113 — Asset backed securities 699 — 699 — Equity security 53 53 — — Total marketable securities $ 13,333 $ 53 $ 13,280 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 78 $ — $ 78 $ — Fair Value Measurements at (In thousands) Balance Quoted Prices Significant Significant Marketable securities: U.S. government and agency obligations $ 9,139 $ — $ 9,139 $ — Corporate debt securities and certificates of deposit 3,772 — 3,772 — Asset backed securities 2,156 — 2,156 — Equity security 107 107 — — Total marketable securities $ 15,174 $ 107 $ 15,067 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 352 $ — $ 352 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule Of Stock Option Activity | The following is a summary of stock option activity for the year ended December 31, 2015 : Options Outstanding Weighted Average Exercise Outstanding, December 31, 2014 578,901 $ 8.30 Granted 141,000 7.18 Exercised (72,651 ) 6.30 Expired (61,750 ) 11.17 Forfeited (15,000 ) 7.13 Outstanding, December 31, 2015 570,500 $ 8.00 Exercisable, December 31, 2015 194,127 $ 8.51 |
Schedule Of Stock Option Valuation Assumptions | For stock options granted in the two year period ended December 31, 2015 , 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: 2015 2014 Risk-free interest rates 1.56% 1.55% - 1.69% Expected life in years 5.01 - 5.11 5.12 - 5.48 Expected volatility 40.82% 42.45% - 46.90% Dividend yield 0.00% 0.00% Weighted average fair value on grant date $2.73 $3.55 |
Schedule Of Non-Vested Restricted Stock Activity | A summary of activity in non-vested restricted stock units for the year ended December 31, 2015 is as follows: Non-vested restricted stock units Shares Weighted Average Grant Date Non-vested at December 31, 2014 53,718 $ 7.43 Granted 18,250 7.18 Vested (15,321 ) 7.36 Forfeited (2,332 ) 6.10 Non-vested at December 31, 2015 54,315 $ 7.43 |
Summary Of Pre-tax Equity Based Compensation Expense | (In thousands) 2015 2014 Pre-tax stock-based compensation expense $ 511 $ 436 Income tax benefits related to stock-based compensation $ — $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Income (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 Shares Outstanding Per Share Amount Year Ended 12/31/2015: Basic $ (2,089 ) 6,706 $ (0.31 ) Dilutive effect of common equivalent shares — — — Dilutive $ (2,089 ) 6,706 $ (0.31 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2014: Basic $ (1,487 ) 6,576 $ (0.23 ) Dilutive effect of common equivalent shares — — — Dilutive $ (1,487 ) 6,576 $ (0.23 ) |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Financial Statement Data [Abstract] | |
Schedule Of Inventory Components | Inventories consist of the following: December 31, (In thousands) 2015 2014 Raw materials and purchased parts $ 6,787 $ 6,581 Work in process 508 503 Finished goods 5,970 4,573 Total inventories $ 13,265 $ 11,657 |
Schedule Of Equipment And Leasehold Improvements | Equipment and leasehold improvements consist of the following: December 31, (In thousands) 2015 2014 Equipment $ 12,500 $ 12,382 Leasehold improvements 1,588 1,615 14,088 13,997 Accumulated depreciation and amortization (11,720 ) (11,079 ) $ 2,368 $ 2,918 |
Schedule Of Intangible Assets | Intangible assets consist of the following: December 31, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 2,513 $ (2,253 ) $ 260 $ 2,625 $ (2,338 ) $ 287 Software 206 (53 ) 153 206 (23 ) 183 Marketing assets and customer relationships 101 (21 ) 80 101 (10 ) 91 Non-compete agreements 101 (45 ) 56 101 (20 ) 81 $ 2,921 $ (2,372 ) $ 549 $ 3,033 $ (2,391 ) $ 642 |
Schedule Of Amortization Expense For Intangible Assets | Amortization expense for the years ended December 31, 2015 and 2014 is as follows: Year Ended December 31, Weighted Avg. Remaining Life-Years at December 31, 2015 (In thousands) 2015 2014 Patents $ 110 $ 113 3.0 Software 29 23 5.2 Marketing assets and customer relationships 12 10 6.8 Non-compete agreements 25 20 2.2 $ 176 $ 166 |
Schedule of Accrued Expenses | Accrued expenses consist of the following: December 31, (In thousands) 2015 2014 Wages and benefits $ 1,014 $ 1,715 Warranty liability 584 750 Other 361 647 $ 1,959 $ 3,112 |
Other Noncurrent Liabilities | Other liabilities consist of the following: December 31, (In thousands) 2015 2014 Deferred rent $ 204 $ 285 Warranty liability 61 89 Deferred warranty revenue 3 26 $ 268 $ 400 |
Schedule Of Changes In Estimated Warranty Liability | A reconciliation of the changes in our estimated warranty liability is as follows: Year Ended December 31, (In thousands) 2015 2014 Balance at beginning of period $ 839 $ 513 Accrual for warranties 441 1,171 Assumed in acquisition — 5 Warranty revision (19 ) 12 Settlements made during the period (616 ) (862 ) Balance at end of period 645 839 Current portion of estimated warranty liability (584 ) (750 ) Long-term estimated warranty liability $ 61 $ 89 |
Schedule Of Changes In Deferred Warranty Revenue | A reconciliation of the changes in our deferred warranty revenue is as follows: Year Ended December 31, (In thousands) 2015 2014 Balance at beginning of period $ 475 $ 444 Revenue deferrals 353 338 Assumed in acquisition — 89 Amortization of deferred revenue (629 ) (396 ) Total deferred warranty revenue 199 475 Current portion of deferred warranty revenue (196 ) (449 ) Long-term deferred warranty revenue $ 3 $ 26 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Income Taxes | Loss before income taxes consists of the following: Year Ended December 31, (In thousands) 2015 2014 Sources of income (loss) before income taxes: United States $ (2,994 ) $ (2,536 ) Foreign 933 1,182 Total loss before income taxes $ (2,061 ) $ (1,354 ) |
Schedule Of Provision (Benefit) For Income Taxes | The provision (benefit) for income taxes consists of the following: Year Ended December 31, (In thousands) 2015 2014 Current: Federal $ (14 ) $ (10 ) State 4 13 Foreign — 10 Total current $ (10 ) $ 13 Deferred: Federal $ (4 ) $ 73 State 1 1 Foreign 41 46 Total deferred $ 38 $ 120 Total provision for income taxes $ 28 $ 133 |
Schedule Of A Reconciliation Of The Statutory Rate To The Effective Income Tax Rate | A reconciliation of the statutory rate to the effective income tax rate is as follows: Year Ended December 31, 2015 2014 Federal statutory rate 34.0 % 34.0 % State income taxes, net of federal benefit (0.2 ) 6.4 U.S. Subpart F income (1.0 ) (2.6 ) Dividend - foreign affiliate (28.9 ) — Stock based compensation (1.4 ) (1.1 ) Research and experimentation credit 4.6 7.8 Foreign rate difference 17.8 34.1 Reserve for income taxes 0.7 0.7 Valuation allowance (26.1 ) (86.6 ) Other, net (0.8 ) (2.5 ) Effective tax rate (1.3 )% (9.8 )% |
Summary Of A Reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits ("UTB") | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows: Year Ended December 31, (In thousands) 2015 2014 Gross UTB balance at beginning of year $ 1,508 $ 1,408 Additions based on tax positions related to the current year 186 165 Additions for tax positions of prior years 289 — Reductions for tax positions of prior years (78 ) (48 ) Reductions due to lapse of applicable statute of limitations (18 ) (17 ) Gross UTB balance at end of year $ 1,887 $ 1,508 Net UTB balance at end of year $ 126 $ 140 |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities consist of the following: December 31, 2015 December 31, 2014 (In thousands) Assets Liabilities Assets Liabilities Equipment, leaseholds and intangible amortization, net $ 377 $ 367 $ 464 $ 256 Inventory allowances 797 6 653 — Accrued expenses 286 — 353 — Warranty accrual 222 — 289 — Deferred revenue 686 — 300 — Accounts receivable allowance 179 — 194 — Federal and state tax credits 3,319 — 3,175 — Federal and state net operating loss carry forwards 4,379 — 4,296 — Foreign net operating loss carry forwards 394 — 419 — Stock based compensation 331 — 391 — Unrealized gains and losses - other comprehensive loss — 35 115 — Other, net 73 — 137 — Subtotal 11,043 408 10,786 256 Valuation allowance (10,644 ) — (10,500 ) — Total deferred tax assets and liabilities $ 399 $ 408 $ 286 $ 256 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Schedule Of Future Minimum Lease Payments Required Under Non-cancelable Operating Lease Agreements | At December 31, 2015 , the future minimum lease payments required under non-cancelable operating lease agreements are as follows: Year ending December 31, (In thousands) 2016 $ 777 2017 587 2018 529 Total $ 1,893 |
Revenue Concentrations, Signi36
Revenue Concentrations, Significant Customers, and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary Of Revenue By Product Line | The following summarizes our revenue by product line: (In thousands) 2015 2014 SMT and High Precision 3D OEM Sensors $ 13,022 $ 15,493 Semiconductor Sensors 7,677 7,595 SMT Inspection Systems 13,578 18,089 3D Scanning Solutions and Services 6,853 5,306 Total $ 41,130 $ 46,483 |
Summary Of Certain Significant Customer Information | The following summarizes certain significant customer information: (In thousands) Significant Customer Percentage of Revenues Year ended December 31, 2015 A 10 % B 11 % Year ended December 31, 2014 A 17 % B 8 % |
Schedule Of Revenue By Geographic Area | Revenue by geographic area is summarized as follows: Year Ended December 31, (In thousands) 2015 2014 United States $ 11,452 $ 12,339 Americas 1,424 1,233 Netherlands 4,533 3,813 Other Europe 7,462 7,978 China 2,581 3,665 Japan 4,802 8,460 Other Asia 8,531 8,182 Other 345 813 Total revenues $ 41,130 $ 46,483 |
Schedule Of Long-lived Assets Attributable To Each Geographic Area's Operations | Long-lived assets at December 31, 2015 and 2014 are as follows: (In thousands) 2015 2014 Long-lived assets: United States $ 2,782 $ 3,245 Europe 2 8 Asia and other 133 307 Total long-lived assets $ 2,917 $ 3,560 |
Quarterly Financial Informati37
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2015 March 31 June 30 September 30 December 31 Revenues $ 9,545 $ 10,254 $ 9,937 $ 11,394 Gross margin 4,561 4,569 4,239 4,772 Income (loss) from operations (826 ) (655 ) (721 ) 39 Net loss (781 ) (761 ) (514 ) (33 ) Net loss per share - Basic (1) (0.12 ) (0.11 ) (0.08 ) (0.00) Net loss per share - Diluted (1) (0.12 ) (0.11 ) (0.08 ) (0.00) 2014 March 31 June 30 September 30 December 31 Revenues $ 9,835 $ 13,263 $ 11,657 $ 11,728 Gross margin 4,568 5,867 5,296 5,454 Income (loss) from operations (722 ) (275 ) (514 ) 34 Net income (loss) (809 ) (315 ) (448 ) 85 Net income (loss) per share - Basic (1) (0.12 ) (0.05 ) (0.07 ) 0.01 Net income (loss) per share - Diluted (1) (0.12 ) (0.05 ) (0.07 ) 0.01 (1) The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Business Description And Sign38
Business Description And Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)reporting_unit | Dec. 31, 2014USD ($) | |
Business Description And Significant Accounting Policies [Line Items] | ||
Cash held in foreign accounts | $ 701 | $ 1,095 |
Demonstration inventory useful life (in months) | 36 months | |
Accumulated amortization for demonstration inventories | $ 11,720 | 11,079 |
Number of reporting units | reporting_unit | 1 | |
Recognized foreign currency transactions (losses) | $ 103 | 130 |
Advertising expense | $ 410 | $ 296 |
Certain products [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Warranty period (in years) | 3 years | |
Minimum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 1 year | |
Warranty period (in years) | 1 year | |
Minimum [Member] | Certain products [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Warranty period (in years) | 1 year | |
Maximum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 7 years | |
Warranty period (in years) | 3 years | |
Demonstration Inventories [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Accumulated amortization for demonstration inventories | $ 1,310 | $ 1,181 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 1 year | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 8 years |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||
Purchase of LDI | $ 0 | $ 3,108,000 | ||||
Decrease of amortization expense (less than $300) | 176,000 | 166,000 | ||||
Laser Design Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase of LDI | $ 2,633,000 | |||||
Liabilities assumed | $ 1,073,000 | |||||
Purchase price adjustment, decrease allocated to intangible assets | $ 24,000 | |||||
Purchase price adjustment allocated to goodwill | $ 46,000 | |||||
Decrease of amortization expense (less than $300) | $ (300) | |||||
Goodwill, expected tax deductible period (in years) | 15 years | |||||
LDI's contribution to revenue since date of acquisition | $ 5,306,000 | 6,853,000 | ||||
LDI's contribution to net loss since date of acquisition | 537,000 | $ 389,000 | ||||
Acquisition costs | 117,000 | |||||
Expense related to fair value adjustment for acquisition date inventories | $ 222,000 | $ 222,000 | ||||
Laser Design Inc [Member] | Selling, General and Administrative [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition costs | $ 47,000 | |||||
Laser Design Inc [Member] | Executive Officer [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase of LDI | $ 475,000 |
Acquisition (Schedule of Busine
Acquisition (Schedule of Business Acquisitions, Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 14, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,366 | $ 1,366 | |
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 | 797 | ||
Purchase price | $ 3,108 |
Acquisition (Schedule of Finite
Acquisition (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) - USD ($) $ in Thousands | Mar. 14, 2014 | Dec. 31, 2015 |
Computer Software [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired, Weighted Average Life (in years) | 5 years 2 months 14 days | |
Patents [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired, Weighted Average Life (in years) | 3 years 11 days | |
Marketing Assets/Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired, Weighted Average Life (in years) | 6 years 9 months 19 days | |
Non-compete agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired, Weighted Average Life (in years) | 2 years 2 months 14 days | |
Laser Design Inc [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 573 | |
Intangible assets acquired, Weighted Average Life (in years) | 7 years | |
Laser Design Inc [Member] | Computer Software [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 206 | |
Intangible assets acquired, Weighted Average Life (in years) | 7 years | |
Laser Design Inc [Member] | Patents [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 165 | |
Intangible assets acquired, Weighted Average Life (in years) | 7 years | |
Laser Design Inc [Member] | Marketing Assets/Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 101 | |
Intangible assets acquired, Weighted Average Life (in years) | 9 years | |
Laser Design Inc [Member] | Non-compete agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 101 | |
Intangible assets acquired, Weighted Average Life (in years) | 4 years |
Acquisition (Unaudited Pro Form
Acquisition (Unaudited Pro Forma Consolidated Financial Information) (Details) - Laser Design Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Revenue | $ 41,130 | $ 47,904 |
Net loss | $ (2,089) | $ (1,292) |
Basic and diluted loss per share (in usd per share) | $ (0.31) | $ (0.20) |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Marketable Securities - Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 5,252 | $ 5,281 |
Unrealized Gains | 0 | 4 |
Unrealized Losses | (3) | 0 |
Fair Value | 5,249 | 5,285 |
Marketable Securities - Short-Term [Member] | US States Government And Agency Obligations [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,806 | 3,378 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | (2) | 0 |
Fair Value | 3,804 | 3,380 |
Marketable Securities - Short-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,440 | 1,903 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | (1) | 0 |
Fair Value | 1,439 | 1,905 |
Marketable Securities - Short-Term [Member] | Asset-backed Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 6 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 6 | |
Marketable Securities - Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 8,092 | 9,826 |
Unrealized Gains | 12 | 70 |
Unrealized Losses | (20) | (7) |
Fair Value | 8,084 | 9,889 |
Marketable Securities - Long-Term [Member] | US States Government And Agency Obligations [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 6,681 | 5,761 |
Unrealized Gains | 1 | 3 |
Unrealized Losses | (18) | (5) |
Fair Value | 6,664 | 5,759 |
Marketable Securities - Long-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 675 | 1,867 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (1) | (1) |
Fair Value | 674 | 1,867 |
Marketable Securities - Long-Term [Member] | Asset-backed Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 694 | 2,156 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (1) | (1) |
Fair Value | 693 | 2,156 |
Marketable Securities - Long-Term [Member] | Equity Security [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 42 | 42 |
Unrealized Gains | 11 | 65 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 53 | $ 107 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Gain (Loss) on Investments [Line Items] | ||
Maximum maturity of debt securities (less than 5 years) | 5 years | |
Maximum time for loss position (in months) | 12 months | 12 months |
Available-for-sale securities, number of equity securities | security | 1 | |
Available-for-sale securities, accumulated gross unrealized gain (loss), before tax | $ (11) | $ 67 |
Proceeds from sale of marketable securities | 1,518 | 5,050 |
Available-for-sale securities, gross realized gain (loss) | 0 | 2 |
Marketable securities classified as cash equivalents, recorded basis | 791 | 321 |
Debt Securities Unrealized Gain Position [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Fair value | 2,321 | 9,287 |
Unrealized gain | 1 | 9 |
Debt Securities Unrealized Loss Position [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Fair value | 10,959 | 5,780 |
Unrealized loss | 23 | 7 |
Marketable Securities - Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Fair value | 8,084 | 9,889 |
Unrealized gain | 12 | 70 |
Unrealized loss | 20 | 7 |
Marketable Securities - Long-Term [Member] | Debt Securities Unrealized Gain Position [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Unrealized gain | 11 | 65 |
Marketable Securities - Long-Term [Member] | Equity Security [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Fair value | 53 | 107 |
Unrealized gain | 11 | 65 |
Unrealized loss | $ 0 | $ 0 |
Marketable Securities (Schedu45
Marketable Securities (Schedule Of Marketable Securities Classified As Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 791 | $ 321 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Recorded Basis | 791 | 321 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 791 | 321 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Recorded Basis | $ 791 | $ 321 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Maximum length of time to hedge (in months) | 12 months | |
Foreign exchange gross notional amount | $ 1,800 | $ 7,100 |
Unrealized loss on effective portion of foreign exchange forward contracts, net | 147 | 412 |
Pretax net unrealized loss recorded in accumulated other comprehensive loss to earnings | 90 | |
Foreign exchange forward contracts, liability | $ 78 | $ 352 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Average remaining maturity of foreign currency derivatives (in years) | 1 year | 1 year |
Derivatives (Schedule Of Cash F
Derivatives (Schedule Of Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Loss Recognized in Other Comprehensive Loss on Effective Portion of Derivative | $ (298) | $ (399) |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | (563) | (103) |
Cost of Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Loss Recognized in Other Comprehensive Loss on Effective Portion of Derivative | (185) | (252) |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | (352) | (60) |
Research and Development [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Loss Recognized in Other Comprehensive Loss on Effective Portion of Derivative | (71) | (76) |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | (118) | (21) |
Selling, General and Administrative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Loss Recognized in Other Comprehensive Loss on Effective Portion of Derivative | (42) | (71) |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | $ (93) | $ (22) |
Comprehensive Loss (The Effect
Comprehensive Loss (The Effect of the Reclassifications from Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Interest income and other | $ 102 | $ 123 | ||||||||
Cost of revenues | (22,989) | (25,298) | ||||||||
Research and development expenses | (7,602) | (8,789) | ||||||||
Selling, general and administrative expenses | (12,635) | (13,820) | ||||||||
Loss before income taxes | (2,061) | (1,354) | ||||||||
Income tax provision (benefit) | (28) | (133) | ||||||||
Net loss | $ (33) | $ (514) | $ (761) | $ (781) | $ 85 | $ (448) | $ (315) | $ (809) | (2,089) | (1,487) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) On Available-for-sale Securities [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Interest income and other | 0 | 2 | ||||||||
Income tax provision (benefit) | 0 | 0 | ||||||||
Net loss | 0 | 2 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Losses On Foreign Exchange Forward Contracts [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Cost of revenues | (352) | (60) | ||||||||
Research and development expenses | (118) | (21) | ||||||||
Selling, general and administrative expenses | (93) | (22) | ||||||||
Loss before income taxes | (563) | (103) | ||||||||
Income tax provision (benefit) | 0 | 0 | ||||||||
Net loss | $ (563) | $ (103) |
Comprehensive Loss (Schedule of
Comprehensive Loss (Schedule of Accumulated Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | $ (1,271) | $ (540) |
Other comprehensive income (loss) before reclassifications | (1,001) | (832) |
Amounts reclassified from accumulated other comprehensive loss | 563 | 101 |
Other comprehensive loss, net of tax | (438) | (731) |
Balance at the end of period | (1,709) | (1,271) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | (920) | (456) |
Other comprehensive income (loss) before reclassifications | (625) | (464) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Other comprehensive loss, net of tax | (625) | (464) |
Balance at the end of period | (1,545) | (920) |
Unrealized Gains (Losses) On Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | 61 | 32 |
Other comprehensive income (loss) before reclassifications | (78) | 31 |
Amounts reclassified from accumulated other comprehensive loss | 0 | (2) |
Other comprehensive loss, net of tax | (78) | 29 |
Balance at the end of period | (17) | 61 |
Foreign Exchange Forward Contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | (412) | (116) |
Other comprehensive income (loss) before reclassifications | (298) | (399) |
Amounts reclassified from accumulated other comprehensive loss | 563 | 103 |
Other comprehensive loss, net of tax | 265 | (296) |
Balance at the end of period | $ (147) | $ (412) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 13,333 | $ 15,174 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 78 | 352 |
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 | 53 | 107 |
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 | 13,280 | 15,067 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 78 | 352 |
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 | 10,468 | 9,139 |
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 | 10,468 | 9,139 |
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 | 2,113 | 3,772 |
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 | 2,113 | 3,772 |
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 | 699 | 2,156 |
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 | 699 | 2,156 |
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 | 53 | 107 |
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 | 53 | 107 |
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 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Derivative instruments-liabilities: Foreign exchange forward contracts | $ 78 | $ 352 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)sharesplan$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock-based compensation plans | plan | 4 | |
Fair value of shares vested | $ 264,000 | |
Shares granted, shares | shares | 18,250 | |
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 7.18 | |
Equity based compensation expense | $ 511,000 | $ 436,000 |
Unrecognized compensation cost related to non-vested equity based compensation | $ 1,413,000 | |
Unrecognized equity based compensation weighted average period (in years) | 2 years 5 months 13 days | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 4 years | |
Expiration of stock options from date of grant (in years) | 7 years | |
Period of shares held by employee to tender shares at option price (in months) | 6 months | |
Weighted average remaining contractual term (in years) | 5 years 4 days | |
Aggregate intrinsic value for all options outstanding | $ 276,000 | |
Weighted average remaining contractual term for exercisable options (in years) | 3 years 3 months 16 days | |
Aggregate intrinsic value of exercisable options | $ 118,000 | |
Aggregate intrinsic value of exercised stock options | 182,000 | 263,000 |
Proceeds from exercise of stock options | 458,000 | 628,000 |
Fair value of shares vested | 209,000 | |
Stock Options And Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity based compensation expense | $ 398,000 | $ 356,000 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for future issuance, shares | shares | 95,757 | |
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 (as a percent) | 85.00% | |
Share issuances for compensation purposes, shares | shares | 35,845 | 22,324 |
Equity based compensation expense | $ 72,000 | $ 48,000 |
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] | ||
Vesting period (in years) | 4 years | |
Aggregate intrinsic value for all options outstanding | $ 416,000 | |
Fair value of shares vested | $ 129,000 | $ 112,000 |
Restricted stock units to common stock ratio, shares entitled, shares | shares | 1 | |
Shares granted, shares | shares | 18,250 | 35,450 |
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 7.18 | $ 8.12 |
Stock Grant Plan For Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for stock based benefits, shares | shares | 60,000 | |
Number of shares available for future issuance, shares | shares | 28,000 | |
Share issuances for compensation purposes, shares | shares | 4,000 | 4,000 |
Number of shares granted for non-employee directors upon re-election, shares | shares | 1,000 | |
Equity based compensation expense | $ 41,000 | $ 32,000 |
Weighted average grant date fair value (in usd per share) | $ / shares | $ 10.36 | $ 8.05 |
Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock-based compensation plans | plan | 2 | |
Stock Incentive Plan [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock-based compensation plans | shares | 2 | |
Shares of common stock reserved for stock based benefits, shares | shares | 778,105 | |
Period of shares issued under plan (in years) | 10 years | |
Number of shares available for future issuance, shares | shares | 153,290 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Outstanding, Beginning of period, shares | shares | 578,901 |
Options Outstanding, Granted, shares | shares | 141,000 |
Options Outstanding, Exercised, shares | shares | (72,651) |
Options Outstanding, Expired, shares | shares | (61,750) |
Options Outstanding, Forfeited, shares | shares | (15,000) |
Options Outstanding, Outstanding, End of period, shares | shares | 570,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning of period (in usd per share) | $ / shares | $ 8.30 |
Weighted-Average Exercise Price Per Share, Granted (in usd per share) | $ / shares | 7.18 |
Weighted-Average Exercise Price Per Share, Exercised (in usd per share) | $ / shares | 6.30 |
Weighted-Average Exercise Price Per Share, Expired (in usd per share) | $ / shares | 11.17 |
Weighted-Average Exercise Price Per Share, Forfeited (in usd per share) | $ / shares | 7.13 |
Weighted-Average Exercise Price Per Share, Outstanding, End of period (in usd per share) | $ / shares | $ 8 |
Options Outstanding, Exercisable, End of period, shares | shares | 194,127 |
Weighted-Average Exercise Price Per Share, Exercisable, End of period (in usd per share) | $ / shares | $ 8.51 |
Stock-Based Compensation (Sch54
Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 1.56% | |
Expected volatility | 40.82% | |
Dividend yield | 0.00% | 0.00% |
Weighted average fair value on grant date | $ 2.73 | $ 3.55 |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 1.69% | |
Expected life in years | 5 years 1 month 10 days | 5 years 5 months 23 days |
Expected volatility | 46.90% | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 1.55% | |
Expected life in years | 5 years 4 days | 5 years 1 month 13 days |
Expected volatility | 42.45% |
Stock-Based Compensation (Sch55
Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
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, 2014 | shares | 53,718 |
Shares, Granted | shares | 18,250 |
Shares, Vested | shares | (15,321) |
Shares, Forfeited | shares | (2,332) |
Shares, Non-vested at December 31, 2015 | shares | 54,315 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2014 (in usd per share) | $ / shares | $ 7.43 |
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares | 7.18 |
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares | 7.36 |
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares | 6.10 |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2015 (in usd per share) | $ / shares | $ 7.43 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Pre-tax Equity Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation [Abstract] | ||
Pre-tax stock-based compensation expense | $ 511 | $ 436 |
Income tax benefits related to stock-based compensation | $ 0 | $ 0 |
Net Loss Per Share (Schedule Of
Net Loss Per Share (Schedule Of Net Income Per Basic And Diluted Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||
Net Loss | $ (33) | $ (514) | $ (761) | $ (781) | $ 85 | $ (448) | $ (315) | $ (809) | $ (2,089) | $ (1,487) | ||||||||
Weighted Average Shares Outstanding, Basic, shares | 6,706 | 6,576 | ||||||||||||||||
Per Share Amount, Basic (in usd per share) | $ 0 | [1] | $ (0.08) | [1] | $ (0.11) | [1] | $ (0.12) | [1] | $ 0.01 | [1] | $ (0.07) | [1] | $ (0.05) | [1] | $ (0.12) | [1] | $ (0.31) | $ (0.23) |
Per Share Amount, Dilutive effect of common equivalent shares (in usd per share) | $ 0 | $ 0 | ||||||||||||||||
Weighted Average Shares Outstanding, Dilutive, shares | 6,706 | 6,576 | ||||||||||||||||
Per Share Amount, Dilutive (in usd per share) | $ 0 | [1] | $ (0.08) | [1] | $ (0.11) | [1] | $ (0.12) | [1] | $ 0.01 | [1] | $ (0.07) | [1] | $ (0.05) | [1] | $ (0.12) | [1] | $ (0.31) | $ (0.23) |
[1] | The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Earnings per share, potentially dilutive shares (in shares) | 587 | 683 |
Other Financial Statement Dat59
Other Financial Statement Data (Schedule Of Inventory Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Financial Statement Data [Abstract] | ||
Raw materials and purchased parts | $ 6,787 | $ 6,581 |
Work in process | 508 | 503 |
Finished goods | 5,970 | 4,573 |
Total inventories | $ 13,265 | $ 11,657 |
Other Financial Statement Dat60
Other Financial Statement Data (Schedule Of Equipment And Leasehold Improvements) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 14,088 | $ 13,997 |
Accumulated depreciation and amortization | (11,720) | (11,079) |
Equipment and leasehold improvements, net | 2,368 | 2,918 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | 12,500 | 12,382 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 1,588 | $ 1,615 |
Other Financial Statement Dat61
Other Financial Statement Data (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Product Liability Contingency [Line Items] | ||
Depreciation expense | $ 1,177 | $ 1,081 |
Amortization expense, 2016 | 163 | |
Amortization expense, 2017 | 138 | |
Amortization expense, 2018 | 85 | |
Amortization expense, 2019 | 62 | |
Amortization expense, 2020 | $ 62 | |
Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Warranty period (in years) | 1 year | |
Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Warranty period (in years) | 3 years |
Other Financial Statement Dat62
Other Financial Statement Data (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,921 | $ 3,033 |
Accumulated Amortization | (2,372) | (2,391) |
Net | 549 | 642 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,513 | 2,625 |
Accumulated Amortization | (2,253) | (2,338) |
Net | 260 | 287 |
Computer Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (53) | (23) |
Net | 153 | 183 |
Marketing Assets/Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (21) | (10) |
Net | 80 | 91 |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (45) | (20) |
Net | $ 56 | $ 81 |
Other Financial Statement Dat63
Other Financial Statement Data (Schedule Of Amortization Expense For Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 176 | $ 166 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 110 | 113 |
Intangible assets acquired, Weighted Average Life (in years) | 3 years 11 days | |
Computer Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 29 | 23 |
Intangible assets acquired, Weighted Average Life (in years) | 5 years 2 months 14 days | |
Marketing Assets/Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 12 | 10 |
Intangible assets acquired, Weighted Average Life (in years) | 6 years 9 months 19 days | |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 25 | $ 20 |
Intangible assets acquired, Weighted Average Life (in years) | 2 years 2 months 14 days |
Other Financial Statement Dat64
Other Financial Statement Data (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Financial Statement Data [Abstract] | ||
Wages and benefits | $ 1,014 | $ 1,715 |
Warranty liability | 584 | 750 |
Other | 361 | 647 |
Accrued expenses | $ 1,959 | $ 3,112 |
Other Financial Statement Dat65
Other Financial Statement Data (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Financial Statement Data [Abstract] | ||
Deferred rent | $ 204 | $ 285 |
Warranty liability | 61 | 89 |
Deferred warranty revenue | 3 | 26 |
Other liabilities | $ 268 | $ 400 |
Other Financial Statement Dat66
Other Financial Statement Data (Schedule Of Changes In Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 839 | $ 513 |
Accrual for warranties | 441 | 1,171 |
Assumed in acquisition | 0 | 5 |
Warranty revision | (19) | 12 |
Settlements made during the period | (616) | (862) |
Balance at end of period | 645 | 839 |
Current portion of estimated warranty liability | (584) | (750) |
Long-term estimated warranty liability | $ 61 | $ 89 |
Other Financial Statement Dat67
Other Financial Statement Data (Schedule Of Changes In Deferred Warranty Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 475 | $ 444 |
Revenue deferrals | 353 | 338 |
Assumed in acquisition | 0 | 89 |
Amortization of deferred revenue | (629) | (396) |
Total deferred warranty revenue | 199 | 475 |
Current portion of deferred warranty revenue | (196) | (449) |
Long-term deferred warranty revenue | $ 3 | $ 26 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 14, 2014 | |
Goodwill [Line Items] | ||||
Goodwill impairment test inputs, discount rate (as a percent) | 15.00% | 15.00% | ||
Goodwill impairment test inputs, terminal growth rate (as a percent) | 600.00% | 600.00% | ||
Goodwill | $ 1,366 | $ 1,366 | ||
Laser Design Inc [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill acquired | $ 797 | |||
Goodwill increase | $ 46 | |||
Goodwill | $ 797 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Sources of income (loss) before income taxes: United States | $ (2,994) | $ (2,536) |
Sources of income (loss) before income taxes: Foreign | 933 | 1,182 |
Loss before income taxes | $ (2,061) | $ (1,354) |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ (14) | $ (10) |
State | 4 | 13 |
Foreign | 0 | 10 |
Total current | (10) | 13 |
Deferred: | ||
Federal | (4) | 73 |
State | 1 | 1 |
Foreign | 41 | 46 |
Total deferred | 38 | 120 |
Total provision for income taxes | $ 28 | $ 133 |
Income Taxes (Schedule Of A Rec
Income Taxes (Schedule Of A Reconciliation Of The Statutory Rate To The Effective Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate (as a percent) | 34.00% | 34.00% |
State income taxes, net of federal benefit (as a percent) | (0.20%) | 6.40% |
U.S. Subpart F income (as a percent) | (1.00%) | (2.60%) |
Dividend - foreign affiliate (as a percent) | (28.90%) | (0.00%) |
Stock based compensation (as a percent) | (1.40%) | (1.10%) |
Research and experimentation credit (as a percent) | 4.60% | 7.80% |
Foreign rate difference (as a percent) | 17.80% | 34.10% |
Reserve for income taxes (as a percent) | 0.70% | 0.70% |
Valuation allowance (as a percent) | (26.10%) | (86.60%) |
Other, net (as a percent) | (0.80%) | (2.50%) |
Effective tax rate (as a percent) | (1.30%) | (9.80%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | ||
Foreign rate difference (as a percent) | 17.80% | 34.10% |
Dividend - foreign affiliate (as a percent) | 28.90% | 0.00% |
Accrued interest and penalties | $ 1 | $ 6 |
Change in liability for uncertain tax positions | 14 | 10 |
Estimated gross penalties and interest | 5 | 6 |
Valuation allowance | $ 10,644 | 10,500 |
Need for valuation allowance based on history of cumulative losses | 3 years | |
Increase in valuation allowance | $ 144 | |
Research & Development tax credits | 3,498 | |
Deferred tax assets, operating loss carryforwards, domestic | 11,875 | |
Deferred tax assets, operating loss carryforwards, foreign | 394 | 419 |
Cash payments for income taxes, net of refunds received | 16 | $ 6 |
Foreign earnings repatriated | 3,600 | |
Amount of foreign earnings repatriated previously taxed | 1,900 | |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries | 2,000 | |
CyberOptics Ltd. [Member] | ||
Income Tax [Line Items] | ||
Deferred tax assets, operating loss carryforwards, foreign | 58 | |
Deferred tax asset, net operating loss carryforwards, reduction | $ 6 |
Income Taxes (Summary Of A Reco
Income Taxes (Summary Of A Reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits ("UTB")) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Gross UTB balance at beginning of year | $ 1,508 | $ 1,408 |
Additions based on tax positions related to the current year | 186 | 165 |
Additions for tax positions of prior years | 289 | 0 |
Reductions for tax positions of prior years | (78) | (48) |
Reductions due to lapse of applicable statute of limitations | (18) | (17) |
Gross UTB balance at end of year | 1,887 | 1,508 |
Net UTB balance at end of year | $ 126 | $ 140 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Equipment, leaseholds and intangible amortization, net | $ 377 | $ 464 |
Inventory allowances | 797 | 653 |
Accrued expenses | 286 | 353 |
Warranty accrual | 222 | 289 |
Deferred revenue | 686 | 300 |
Accounts receivable allowance | 179 | 194 |
Federal and state tax credits | 3,319 | 3,175 |
Federal and state net operating loss carry forwards | 4,379 | 4,296 |
Foreign net operating loss carry forwards | 394 | 419 |
Stock based compensation | 331 | 391 |
Unrealized gains and losses - other comprehensive loss | 0 | 115 |
Other, net | 73 | 137 |
Subtotal | 11,043 | 10,786 |
Valuation allowance | (10,644) | (10,500) |
Total deferred tax assets | 399 | 286 |
Liabilities | ||
Equipment, leaseholds and intangible amortization, net | 367 | 256 |
Inventory allowances | 6 | 0 |
Unrealized gains and losses - other comprehensive loss | 35 | 0 |
Subtotal | 408 | 256 |
Total deferred tax liabilities | $ 408 | $ 256 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)ft²renewal_option | Dec. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | ||
Rent expense | $ | $ 1,218 | $ 1,299 |
SINGAPORE | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | 19,805 | |
Period for recognizing rental expense (in years) | 3 years | |
Lease extension period (in years) | 1 year | |
Renewal options, number | renewal_option | 1 | |
Renewal options, term (in years) | 3 years | |
Golden Valley [Member] | MINNESOTA | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | 50,724 | |
Lease term (in months) | 90 months | |
Renewal options, number | renewal_option | 2 | |
Renewal options, term (in years) | 3 years | |
Bloomington [Member] | MINNESOTA | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | 10,165 |
Operating Leases (Schedule Of F
Operating Leases (Schedule Of Future Minimum Lease Payments Required Under Non-cancelable Operating Lease Agreements) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases, Operating [Abstract] | |
2,016 | $ 777 |
2,017 | 587 |
2,018 | 529 |
Total | $ 1,893 |
401(K) and Other Defined Cont77
401(K) and Other Defined Contribution Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions to employees | $ 300 | $ 227 |
CyberOptics Ltd. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions to employees | $ 33 | $ 35 |
Revenue Concentrations, Signi78
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Revenue By Product Line) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Information [Line Items] | ||||||||||
Revenues | $ 11,394 | $ 9,937 | $ 10,254 | $ 9,545 | $ 11,728 | $ 11,657 | $ 13,263 | $ 9,835 | $ 41,130 | $ 46,483 |
SMT and High Precision 3d OEM Sensors [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | 13,022 | 15,493 | ||||||||
Semiconductor Sensors [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | 7,677 | 7,595 | ||||||||
SMT Inspection Systems [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | 13,578 | 18,089 | ||||||||
3D Scanning Solutions and Services [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | $ 6,853 | $ 5,306 |
Revenue Concentrations, Signi79
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Certain Significant Customer Information) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Customer A [Member] | ||
Product Information [Line Items] | ||
Percentage of Revenues | 10.00% | 17.00% |
Significant Customer B [Member] | ||
Product Information [Line Items] | ||
Percentage of Revenues | 11.00% | 8.00% |
Revenue Concentrations, Signi80
Revenue Concentrations, Significant Customers, and Geographic Areas (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | ||
Revenue, export sales percentage | 72.00% | 73.00% |
LaserAlign Customer [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenues | 14.00% | 20.00% |
Revenue Concentrations, Signi81
Revenue Concentrations, Significant Customers, and Geographic Areas (Schedule Of Revenue By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | $ 11,394 | $ 9,937 | $ 10,254 | $ 9,545 | $ 11,728 | $ 11,657 | $ 13,263 | $ 9,835 | $ 41,130 | $ 46,483 |
United States [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 11,452 | 12,339 | ||||||||
Americas [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 1,424 | 1,233 | ||||||||
Netherlands [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 4,533 | 3,813 | ||||||||
Other Europe [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 7,462 | 7,978 | ||||||||
China [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 2,581 | 3,665 | ||||||||
Japan [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 4,802 | 8,460 | ||||||||
Other Asia [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 8,531 | 8,182 | ||||||||
Other [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | $ 345 | $ 813 |
Revenue Concentrations, Signi82
Revenue Concentrations, Significant Customers, and Geographic Areas (Schedule Of Long-lived Assets Attributable To Each Geographic Area's Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | $ 2,917 | $ 3,560 |
United States [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | 2,782 | 3,245 |
Europe [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | 2 | 8 |
Asia And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total long-lived assets | $ 133 | $ 307 |
Share Repurchase (Details)
Share Repurchase (Details) | Aug. 31, 2015USD ($) |
Disclosure of Repurchase Agreements [Abstract] | |
Stock repurchase program, authorized amount | $ 2,000,000 |
Quarterly Financial Informati84
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Revenues | $ 11,394 | $ 9,937 | $ 10,254 | $ 9,545 | $ 11,728 | $ 11,657 | $ 13,263 | $ 9,835 | $ 41,130 | $ 46,483 | ||||||||
Gross margin | 4,772 | 4,239 | 4,569 | 4,561 | 5,454 | 5,296 | 5,867 | 4,568 | 18,141 | 21,185 | ||||||||
Income (loss) from operations | 39 | (721) | (655) | (826) | 34 | (514) | (275) | (722) | (2,163) | (1,477) | ||||||||
Net loss | $ (33) | $ (514) | $ (761) | $ (781) | $ 85 | $ (448) | $ (315) | $ (809) | $ (2,089) | $ (1,487) | ||||||||
Net income (loss) per share - Basic (in usd per share) | $ 0 | [1] | $ (0.08) | [1] | $ (0.11) | [1] | $ (0.12) | [1] | $ 0.01 | [1] | $ (0.07) | [1] | $ (0.05) | [1] | $ (0.12) | [1] | $ (0.31) | $ (0.23) |
Net income (loss) per share - Diluted (in usd per share) | $ 0 | [1] | $ (0.08) | [1] | $ (0.11) | [1] | $ (0.12) | [1] | $ 0.01 | [1] | $ (0.07) | [1] | $ (0.05) | [1] | $ (0.12) | [1] | $ (0.31) | $ (0.23) |
[1] | The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |