Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Registrant Name | 'CYBEROPTICS CORP | ' |
Entity Central Index Key | '0000768411 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 6,556,131 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $4,524 | $7,340 |
Marketable securities | 7,801 | 11,438 |
Accounts receivable, less allowance for doubtful accounts of $740 at September 30, 2013 and $775 at December 31, 2012 | 7,548 | 6,129 |
Inventories | 12,457 | 12,533 |
Income tax refunds receivable | 789 | 1,325 |
Other current assets | 1,407 | 1,338 |
Deferred tax assets | 100 | 100 |
Total current assets | 34,626 | 40,203 |
Marketable securities, long-term | 11,445 | 10,435 |
Equipment and leasehold improvements, net | 1,438 | 1,719 |
Intangible and other assets, net | 133 | 189 |
Goodwill | 569 | 569 |
Other assets | 195 | 142 |
Deferred tax assets | 197 | 363 |
Total assets | 48,603 | 53,620 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 4,124 | 2,476 |
Advance customer payments | 283 | 563 |
Accrued expenses | 1,882 | 1,840 |
Deferred tax liability | 29 | 29 |
Total current liabilities | 6,318 | 4,908 |
Deferred rent | 383 | 408 |
Deferred warranty revenue | 197 | 146 |
Reserve for income taxes | 244 | 686 |
Total liabilities | 7,142 | 6,148 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | ' | ' |
Common stock, no par value, 25,000,000 shares authorized, 6,666,984 shares issued and outstanding at September 30, 2013 and 6,969,772 shares issued and outstanding at December 31, 2012 | 29,815 | 31,410 |
Accumulated other comprehensive loss | -453 | -157 |
Retained earnings | 12,099 | 16,219 |
Total stockholders' equity | 41,461 | 47,472 |
Total liabilities and stockholders' equity | $48,603 | $53,620 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $740 | $775 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 6,666,984 | 6,969,772 |
Common stock, shares outstanding | 6,666,984 | 6,969,772 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
Revenues | $8,726 | $11,558 | $24,756 | $35,841 |
Cost of revenues | 4,720 | 6,477 | 13,737 | 19,996 |
Gross margin | 4,006 | 5,081 | 11,019 | 15,845 |
Research and development expenses | 1,978 | 2,129 | 5,835 | 6,108 |
Selling, general and administrative expenses | 2,989 | 3,324 | 9,340 | 9,919 |
Restructuring and severance costs | ' | 217 | ' | 217 |
Loss from operations | -961 | -589 | -4,156 | -399 |
Interest income and other | -107 | 94 | -184 | 53 |
Loss before income taxes | -1,068 | -495 | -4,340 | -346 |
Income tax provision (benefit) | -294 | -48 | -220 | -134 |
Net loss | ($774) | ($447) | ($4,120) | ($212) |
Net loss per share - Basic | ($0.11) | ($0.06) | ($0.60) | ($0.03) |
Net loss per share - Diluted | ($0.11) | ($0.06) | ($0.60) | ($0.03) |
Weighted average shares outstanding - Basic | 6,784 | 6,951 | 6,883 | 6,940 |
Weighted average shares outstanding - Diluted | 6,784 | 6,951 | 6,883 | 6,940 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net loss | ($774) | ($447) | ($4,120) | ($212) |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 115 | 212 | -140 | 344 |
Unrealized gains (losses) on available-for-sale securities: | ' | ' | ' | ' |
Unrealized gains (losses) | 24 | -72 | 30 | -73 |
Reclassification adjustment for (gains) losses included in net loss | ' | -2 | 21 | -6 |
Total unrealized gains (losses) on available-for-sale securities | 24 | -74 | 51 | -79 |
Unrealized gains (losses) on foreign exchange forward contracts: | ' | ' | ' | ' |
Unrealized gains (losses) | 61 | 290 | -231 | 544 |
Reclassification adjustment for losses included in net loss | 71 | ' | 24 | 170 |
Total unrealized gains (losses) on foreign exchange forward contracts | 132 | 290 | -207 | 714 |
Other comprehensive income (loss), before tax | 271 | 428 | -296 | 979 |
Income tax provision related to items of other comprehensive income (loss) | ' | 93 | ' | 235 |
Other comprehensive income (loss), net of tax | 271 | 335 | -296 | 744 |
Total comprehensive income (loss) | ($503) | ($112) | ($4,416) | $532 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($4,120,000) | ($212,000) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 1,292,000 | 1,368,000 |
Provision for doubtful accounts | -22,000 | -95,000 |
Deferred taxes | 43,000 | ' |
Foreign currency transaction (gains) losses | 151,000 | -19,000 |
Realized (gains) losses on available-for-sale securities | 21,000 | -6,000 |
Stock compensation costs | 330,000 | 349,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,397,000 | 2,943,000 |
Inventories | -399,000 | -1,435,000 |
Income tax refunds receivable | 536,000 | -185,000 |
Other assets | -271,000 | -79,000 |
Accounts payable | 1,671,000 | 95,000 |
Advance customer payments | -229,000 | -224,000 |
Accrued expenses | -339,000 | -810,000 |
Net cash provided by (used in) operating activities | -2,733,000 | 1,690,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale marketable securities | 6,294,000 | 10,584,000 |
Proceeds from sales of available-for-sale marketable securities | 4,340,000 | 2,936,000 |
Purchases of available-for-sale marketable securities | -7,996,000 | -18,681,000 |
Additions to equipment and leasehold improvements | -610,000 | -1,086,000 |
Additions to patents | -39,000 | -95,000 |
Net cash provided by (used in) investing activities | 1,989,000 | -6,342,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 25,000 | ' |
Common stock repurchases | -2,014,000 | ' |
Proceeds from issuance of common stock under employee stock purchase plan | 64,000 | 139,000 |
Net cash provided by (used in) financing activities | -1,925,000 | 139,000 |
Effects of exchange rate changes on cash and cash equivalents | -147,000 | 104,000 |
Net decrease in cash and cash equivalents | -2,816,000 | -4,409,000 |
Cash and cash equivalents - beginning of period | 7,340,000 | 13,791,000 |
Cash and cash equivalents - end of period | $4,524,000 | $9,382,000 |
Interim_Reporting
Interim Reporting | 9 Months Ended |
Sep. 30, 2013 | |
Interim Reporting [Abstract] | ' |
Interim Reporting | ' |
1. INTERIM REPORTING: | |
The interim condensed consolidated financial statements presented herein as of September 30, 2013, and for the three and nine month periods ended September 30, 2013 and 2012, are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. | |
The results of operations for the three and nine month periods ended September 30, 2013 do not necessarily indicate the results to be expected for the full year. The December 31, 2012 consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto, contained in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Marketable Securities [Abstract] | ' | |||||||||
Marketable Securities | ' | |||||||||
2. MARKETABLE SECURITIES: | ||||||||||
Our investments in marketable securities are classified as available-for-sale and consist of the following: | ||||||||||
30-Sep-13 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||
Short-Term | ||||||||||
U.S. government and agency obligations | $ | 5,965 | $ | 9 | $ | — | $ | 5,974 | ||
Corporate debt securities and certificates of deposit | 1,825 | 2 | — | 1,827 | ||||||
Marketable securities – short-term | $ | 7,790 | $ | 11 | $ | — | $ | 7,801 | ||
Long-Term | ||||||||||
U.S. government and agency obligations | $ | 6,752 | $ | 12 | $ | -2 | $ | 6,762 | ||
Corporate debt securities and certificates of deposit | 3,004 | 4 | -5 | 3,003 | ||||||
Asset backed securities | 1,623 | 1 | — | 1,624 | ||||||
Equity security | 42 | 14 | — | 56 | ||||||
Marketable securities – long-term | $ | 11,421 | $ | 31 | $ | -7 | $ | 11,445 | ||
31-Dec-12 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||
Short-Term | ||||||||||
U.S. government and agency obligations | $ | 7,358 | $ | 10 | $ | -35 | $ | 7,333 | ||
Corporate debt securities and certificates of deposit | 4,100 | 5 | — | 4,105 | ||||||
Marketable securities – short-term | $ | 11,458 | $ | 15 | $ | -35 | $ | 11,438 | ||
Long-Term | ||||||||||
U.S. government and agency obligations | $ | 9,033 | $ | 23 | $ | -23 | $ | 9,033 | ||
Corporate debt securities and certificates of deposit | 1,192 | 4 | -1 | 1,195 | ||||||
Asset back securities | 165 | — | — | 165 | ||||||
Equity security | 42 | — | — | 42 | ||||||
Marketable securities – long-term | $ | 10,432 | $ | 27 | $ | -24 | $ | 10,435 | ||
Our investments in marketable debt securities all have maturities of less than three years. At September 30, 2013, marketable debt securities valued at $15,208,000 were in an unrealized gain position totaling $28,000 and marketable debt securities valued at $3,982,000 were in an unrealized loss position totaling $7,000 (all had been in an unrealized loss position for less than twelve months). At December 31, 2012, marketable debt securities valued at $19,012,000 were in an unrealized gain position totaling $42,000 and marketable debt securities valued at $2,819,000 were in an unrealized loss position totaling $59,000 (all had been in an unrealized loss position for less than twelve months). | ||||||||||
Net pre-tax unrealized gains for marketable securities of $35,000 at September 30, 2013 and net pre-tax unrealized losses for marketable securities of $17,000 at December 31, 2012 were recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. In the three months ended September 30, 2013, we received proceeds of $818,000 from the sale of marketable securities. In the nine months ended September 30, 2013, we received proceeds of $4,340,000 from the sale of marketable securities. In the three months ended September 30, 2012, we received proceeds of $632,000 from the sale of marketable securities. In the nine months ended September 30, 2012 we received proceeds of $2,936,000 from the sale of marketable securities. We recognized a $21,000 loss from the sale of marketable securities in the nine months ended September 30, 2013 and a $6,000 gain from the sale of marketable securities in the nine months ended September 30, 2012. | ||||||||||
Investments in marketable securities classified as cash equivalents of $886,000 at September 30, 2013 and $2,824,000 at December 31, 2012 consist of the following: | ||||||||||
30-Sep-13 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Recorded | ||||||
Basis | ||||||||||
Corporate debt securities and certificates of deposit | $ | 886 | $ | — | $ | — | $ | 886 | ||
$ | 886 | $ | — | $ | — | $ | 886 | |||
31-Dec-12 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Recorded | ||||||
Basis | ||||||||||
Corporate debt securities and certificates of deposit | $ | 2,824 | $ | — | $ | — | $ | 2,824 | ||
$ | 2,824 | $ | — | $ | — | $ | 2,824 | |||
Cash and marketable securities held in foreign accounts totaled $1,180,000 at September 30, 2013 and $3,585,000 at December 31, 2012. | ||||||||||
Derivatives
Derivatives | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Derivatives [Abstract] | ' | |||||||||
Derivatives | ' | |||||||||
3. 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. 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 income on cash flow hedges were not material for the three and nine month periods ended September 30, 2013 and September 30, 2012. | ||||||||||
The maximum length of time over which we hedge our exposure to the variability in future cash flows is 12 months. Accordingly, at September 30, 2013 and September 30, 2012, 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 $6.2 million at September 30, 2013 and $9.6 million at September 30, 2012. | ||||||||||
Reclassifications of amounts from accumulated other comprehensive income (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 comprehensive income (loss) and amounts of gains and losses related to derivative instruments designated as cash flow hedges are as follows: | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (Loss) | |||||||
Cost of revenues | $ | 31 | $ | -41 | $ | — | ||||
Research and development | 16 | -17 | — | |||||||
Selling, general and administrative | 14 | -13 | — | |||||||
Total | $ | 61 | $ | -71 | $ | — | ||||
Three Months Ended September 30, 2012 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (Loss) | |||||||
Cost of revenues | $ | 200 | $ | 2 | $ | — | ||||
Research and development | 51 | -2 | — | |||||||
Selling, general and administrative | 39 | — | — | |||||||
Total | $ | 290 | $ | — | $ | — | ||||
Nine Months Ended September 30, 2013 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (Loss) | |||||||
Cost of revenues | $ | -139 | $ | -2 | $ | — | ||||
Research and development | -53 | -12 | — | |||||||
Selling, general and administrative | -39 | -10 | — | |||||||
Total | $ | -231 | $ | -24 | $ | — | ||||
Nine Months Ended September 30, 2012 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income | |||||||
Cost of revenues | $ | 379 | $ | -119 | $ | — | ||||
Research and development | 93 | -30 | — | |||||||
Selling, general and administrative | 72 | -21 | — | |||||||
Total | $ | 544 | $ | -170 | $ | — | ||||
We expect to reclassify the September 30, 2013 pretax unrealized loss recorded in accumulated other comprehensive income (loss) of $40,000 to earnings over the next 12 months with the impact offset by cash flows from underlying hedged items. The fair value of our foreign exchange forward contracts representing a loss in the amount of $38,000 as of September 30, 2013 has been recorded in accrued expenses. The fair value of our foreign exchange forward contracts representing a gain in the amount of $153,000 as of December 31, 2012 has been recorded in other current assets. | ||||||||||
Additional information with respect to the impact of derivative instruments on other comprehensive income (loss) is included in Note 12. Additional information with respect to the fair value of derivative instruments is included in Note 4. | ||||||||||
Our foreign exchange forward contracts contain credit risk to the extent that our bank counter-parties may be unable to meet the terms of the agreements. We minimize such risk by limiting our counter-parties to major financial institutions. We do not expect material losses as a result of defaults by other parties. | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
4. 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 September 30, 2013 and December 31, 2012 according to the three-level fair value hierarchy: | |||||||||||||
Fair Value Measurements at | |||||||||||||
September 30, 2013 Using | |||||||||||||
(In thousands) | Balance September 30, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Marketable securities: | |||||||||||||
U.S. government and agency obligations | $ | 12,736 | $ | — | $ | 12,736 | $ | — | |||||
Corporate debt securities and certificates of deposit | 4,830 | — | 4,830 | — | |||||||||
Asset backed securities | 1,624 | — | 1,624 | — | |||||||||
Equity security | 56 | 56 | — | — | |||||||||
Total marketable securities | $ | 19,246 | $ | 56 | $ | 19,190 | $ | — | |||||
Derivative instruments-liabilities: | |||||||||||||
Foreign exchange forward contracts | $ | 38 | $ | — | $ | 38 | $ | — | |||||
Fair Value Measurements at | |||||||||||||
December 31, 2012 Using | |||||||||||||
(In thousands) | Balance December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Marketable securities: | |||||||||||||
U.S. government and agency obligations | $ | 16,366 | $ | — | $ | 16,366 | $ | — | |||||
Corporate debt securities and certificates of deposit | 5,300 | — | 5,300 | — | |||||||||
Asset backed securities | 165 | — | 165 | — | |||||||||
Equity security | 42 | 42 | — | — | |||||||||
Total marketable securities | $ | 21,873 | $ | 42 | $ | 21,831 | $ | — | |||||
Derivative instruments-assets: | |||||||||||||
Foreign exchange forward contracts | $ | 153 | $ | — | $ | 153 | $ | — | |||||
During the nine months ended September 30, 2013 there were no significant transfers within the three level hierarchy. A significant transfer is recognized when the inputs used to value a security have been changed which merit a transfer between the disclosed levels of the valuation hierarchy. | |||||||||||||
The fair value for our U.S. government and agency obligations, corporate debt securities and certificates of deposit and asset backed securities are determined based on valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The fair value for our equity security is based on a quoted market price obtained from an active market. | |||||||||||||
The fair value for our foreign exchange forward contracts is based on foreign currency spot and forward rates obtained from reputable financial institutions with resulting valuations periodically validated by obtaining foreign currency spot rate and forward quotes from other industry standard sources, third party or counterparty quotes. The fair value of our foreign exchange forward contracts representing a loss in the amount of $38,000 as of September 30, 2013 has been recorded in accrued expenses. The fair value of our foreign exchange forward contracts representing a gain in the amount of $153,000 as of December 31, 2012 has been recorded in other current assets. | |||||||||||||
The carrying amounts of financial instruments such as cash equivalents, accounts receivable, income tax refunds receivable, other assets, accounts payable, and all current liabilities approximate their related fair values due to the short-term maturities of these instruments. Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets are subject to non-recurring fair value measurements if they are deemed impaired. We had no re-measurements of non-financial assets to fair value during the three and nine months ended September 30, 2013 or September 30, 2012. | |||||||||||||
Accounting_For_StockBased_Comp
Accounting For Stock-Based Compensation | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accounting For Stock-Based Compensation [Abstract] | ' | |||||
Accounting For Stock-Based Compensation | ' | |||||
5. ACCOUNTING FOR STOCK-BASED COMPENSATION: | ||||||
All equity-based payments to employees, including grants of employee stock options and restricted stock units, are recognized as an expense in our consolidated statement of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options granted has been determined using the Black-Scholes model. The compensation expense recognized for all equity based awards is net of estimated forfeitures, which are based on historical data. We have classified equity based compensation within our statement of operations in the same manner as our cash based employee compensation costs. | ||||||
Equity based compensation expense in the three months ended September 30, 2013 totaled $97,000 and includes $62,000 for stock option awards, $10,000 for our employee stock purchase plan, and $25,000 for unvested restricted stock units. Equity based compensation expense in the nine months ended September 30, 2013 totaled $330,000 and includes $192,000 for stock option awards, $34,000 for our employee stock purchase plan, $74,000 for unvested restricted stock units and $30,000 for shares issued to our non-employee directors upon their re-election to our board in May 2013. | ||||||
Equity based compensation expense in the three months ended September 30, 2012 totaled $95,000 and includes $60,000 for stock option awards, $13,000 for our employee stock purchase plan, and $22,000 for unvested restricted stock units. Equity based compensation expense in the nine months ended September 30, 2012 totaled $349,000 and includes $190,000 for stock option awards, $43,000 for our employee stock purchase plan, $75,000 for unvested restricted stock units and $41,000 for shares issued to our non-employee directors upon their re-election to our board in May 2012. | ||||||
At September 30, 2013, the total unrecognized compensation cost related to non-vested equity based compensation arrangements was $680,000 and the related weighted average period over which it is expected to be recognized is 1.91 years. | ||||||
Stock Options | ||||||
We have two stock incentive plans that are administered under the supervision of the Compensation Committee of the Board of Directors. There are 1,030,307 shares of common stock reserved in the aggregate for issuance of options and other stock based benefits under these plans, including restricted stock units and share grants to employees, officers and others. Reserved shares underlying canceled options are available for future grant under our active plan. Options are granted at an option price per share equal to or greater than the market value on the date of grant. Generally, options granted to employees vest over a four-year period and expire seven or ten years after the date of grant. As of September 30, 2013, there were 466,203 shares of common stock available under these plans for future issuance to employees, officers and others. | ||||||
The following is a summary of stock option activity during the nine months ended September 30, 2013: | ||||||
Options Outstanding | Weighted Average Exercise Price Per Share | |||||
Outstanding, December 31, 2012 | 544,153 | $ | 8.68 | |||
Granted | — | — | ||||
Exercised | -5,000 | 4.99 | ||||
Expired | -12,500 | 7.26 | ||||
Forfeited | -1,250 | 8.71 | ||||
Outstanding, September 30, 2013 | 525,403 | $ | 8.75 | |||
Exercisable, September 30, 2013 | 331,989 | $ | 9.32 | |||
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At September 30, 2013, the weighted average remaining contractual term of all outstanding options was 3.60 years and their aggregate intrinsic value was $149,575. At September 30, 2013, the weighted average remaining contractual term of options that were exercisable was 2.56 years and their aggregate intrinsic value was $149,575. We received proceeds of $25,000 from the exercise of stock options in the nine months ended September 30, 2013. We received no proceeds from the exercise of stock options in the nine months ended September 30, 2012. | ||||||
Restricted Stock Units | ||||||
Our 1998 Stock Incentive Plan also permits our Compensation Committee to grant other stock-based benefits, including restricted stock units. Restricted stock units are valued at a price equal to the fair market value of our common stock on the date of grant, vest over a four year period provided the employee is still working for the company and entitle the holders to one share of our common stock for each restricted stock unit. The aggregate fair value of outstanding restricted stock units as of September 30, 2013 was $241,000. | ||||||
A summary of activity in non-vested restricted stock units for the nine months ended September 30, 2013 is as follows: | ||||||
Non-vested restricted stock units | Shares | Weighted Average Grant Date Fair Value | ||||
Non-vested at December 31, 2012 | 44,555 | $ | 7.61 | |||
Granted | — | — | ||||
Vested | -5,438 | 7.31 | ||||
Forfeited | -416 | 8.71 | ||||
Non-vested at September 30, 2013 | 38,701 | $ | 7.64 | |||
Employee Stock Purchase Plan | ||||||
We have an Employee Stock Purchase Plan available to eligible U.S. employees. Under terms of the plan, eligible employees may designate from 1% to 10% of their compensation to be withheld through payroll deductions, up to a maximum of $6,500 in each plan year, for the purchase of common stock at 85% of the lower of the market price on the first or last day of the offering period. There were 12,656 shares issued under this plan in the nine months ended September 30, 2013 and 19,759 shares issued in the nine months ended September 30, 2012. As of September 30, 2013, 153,926 shares remain available for future issuance under this plan. | ||||||
Stock Grant Plan for Non-Employee Directors | ||||||
Our stock grant plan for non-employee directors provides for automatic grants of 1,000 shares of our common stock to each of our non-employee directors upon their re-election to the Board of Directors. The plan provides for a total of 30,000 shares of our common stock for issuance to directors and will expire on May 19, 2018. We issued a total of 5,000 shares of common stock under this plan in connection with our annual meeting in May 2013, resulting in $30,000 of stock compensation expense in the nine months ended September 30, 2013. There are presently 6,000 shares of common stock reserved in the aggregate for future issuance under this plan. | ||||||
Inventories_And_Warranties
Inventories And Warranties | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventories And Warranties [Abstract] | ' | ||||||
Inventories And Warranties | ' | ||||||
6. INVENTORIES AND WARRANTIES: | |||||||
Inventories consist of the following: | |||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | |||||
Raw materials and purchased parts | $ | 7,287 | $ | 8,152 | |||
Work in process | 1,549 | 1,322 | |||||
Finished goods | 3,621 | 3,059 | |||||
Total inventories | $ | 12,457 | $ | 12,533 | |||
Warranty costs: | |||||||
We provide for the estimated cost of product warranties, which generally extend for one year after purchase, at the time revenue is recognized. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, warranty obligations are affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from our estimates, revisions to the estimated warranty liability would be required. 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: | |||||||
Nine Months Ended September 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Balance at beginning of period | $ | 694 | $ | 985 | |||
Accrual for warranties | 418 | 616 | |||||
Warranty revision | 4 | -14 | |||||
Settlements made during the period | -619 | -765 | |||||
Balance at end of period | $ | 497 | $ | 822 | |||
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: | |||||||
Nine Months Ended September 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Balance at beginning of period | $ | 582 | $ | 806 | |||
Revenue deferrals | 253 | 181 | |||||
Amortization of deferred revenue | -355 | -336 | |||||
Total deferred warranty revenue | 480 | 651 | |||||
Current portion of deferred warranty revenue | -283 | -462 | |||||
Long-term deferred warranty revenue | $ | 197 | $ | 189 | |||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||
7. INTANGIBLE ASSETS: | |||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
Patents | $ | 2,887 | $ | -2,754 | $ | 133 | $ | 2,847 | $ | -2,658 | $ | 189 | |||||||
Amortization expense for the three and nine month periods ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Patents | $ | 30 | $ | 39 | $ | 95 | $ | 117 | |||||||||||
Amortization of patents has been classified as research and development expense in the accompanying statements of operations. Estimated aggregate amortization expense based on current intangibles for the next four years is expected to be as follows: $25,000 for the remainder of 2013, $71,000 in 2014, $32,000 in 2015, and $5,000 in 2016. | |||||||||||||||||||
Intangible and other long lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. | |||||||||||||||||||
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2013 | |
Goodwill [Abstract] | ' |
Goodwill | ' |
8. GOODWILL: | |
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 each quarter of 2013, our stock market capitalization fell below our net book value for a period of more than 30 days, indicating that the value of our goodwill might be impaired. | |
In 2013 when evaluating whether or not 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 each quarter of 2013 our impairment tests 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 2013 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 September 30, 2013 and December 31, 2012 in the amount of $569,000 is not impaired. | |
Significant_Customers
Significant Customers | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Significant Customers [Abstract] | ' | ||||||||||||
Significant Customers | ' | ||||||||||||
9. SIGNIFICANT CUSTOMERS: | |||||||||||||
Export sales were 73% of revenue in the three months ended September 30, 2013 and 78% of revenue in the nine months ended September 30, 2013. Export sales were 84% of revenue in the three months ended September 30, 2012 and 86% of revenue in the nine months ended September 30, 2012. Virtually all of our export sales are negotiated, invoiced and paid in U.S. dollars. Export sales by geographic area are summarized as follows: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Americas | $ | 85 | $ | 172 | $ | 582 | $ | 1,276 | |||||
Europe | 1,820 | 3,513 | 6,495 | 10,438 | |||||||||
Asia | 4,412 | 5,943 | 11,804 | 18,681 | |||||||||
Other | 75 | 79 | 338 | 455 | |||||||||
Total export sales | $ | 6,392 | $ | 9,707 | $ | 19,219 | $ | 30,850 | |||||
Our LaserAlign sensor family has historically accounted for a significant portion of our sales and profitability. Our revenue, results of operations and cash flows would be negatively impacted if our LaserAlign customers, primarily Juki and Assembleon, are unsuccessful selling the products into which our sensors are incorporated, design their products to function without our sensors, purchase sensors from other suppliers, or otherwise terminate their relationships with us. | |||||||||||||
We are dependent upon two customers, Juki and Assembleon, for a significant portion of our total revenue. For the nine months ended September 30, 2013, sales to Juki accounted for 16% of our total revenue and sales to Assembleon accounted for 8% of our total revenue. | |||||||||||||
ReOrganization_And_Restructure
Re-Organization And Restructure Charge | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Re-Organization And Restructure Charge [Abstract] | ' | |||
Re-Organization And Restructure Charge | ' | |||
10. RE-ORGANIZATION AND RESTRUCTURE CHARGE: | ||||
In the third quarter of 2012, we consolidated research and development for our semiconductor products from Portland, Oregon into our Minneapolis headquarters facility. We believe this move will streamline our business and provide our sensor engineers in Minneapolis with more efficient access to our WaferSense® technology and products. The related restructure charge from this action of $217,000 was fully paid prior to December 31, 2012. | ||||
Additional severance costs of $523,000 were incurred in the fourth quarter of 2012 when we reduced our global workforce by approximately 10% or 20 employees in response to the sluggish economy and weak SMT and semiconductor market conditions. No restructuring or severance costs were incurred in the three or nine months ended September 30, 2013. | ||||
A summary of our restructuring accrual is as follows: | ||||
(In thousands) | Fourth Quarter 2012 Workforce Reduction | |||
Balance, December 31, 2012 | $ | 192 | ||
Cost incurred | — | |||
Payments made | 192 | |||
Balance, September 30, 2013 | $ | — | ||
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Net Loss Per Share [Abstract] | ' | ||||||||
Net Loss Per Share | ' | ||||||||
11. NET LOSS PER SHARE: | |||||||||
Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, restricted stock units and from participation in our employee stock purchase plan, as calculated using the treasury stock method. All potentially dilutive common equivalent shares are excluded from the calculations of net loss per diluted share for the three and nine month periods ended September 30, 2013 and September 30, 2012 due to their anti-dilutive effect. 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 | ||||||
Three Months Ended September 30, 2013: | |||||||||
Basic | $ | -774 | 6,784 | $ | -0.11 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -774 | 6,784 | $ | -0.11 | ||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Three Months Ended September 30, 2012: | |||||||||
Basic | $ | -447 | 6,951 | $ | -0.06 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -447 | 6,951 | $ | -0.06 | ||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Nine Months Ended September 30, 2013: | |||||||||
Basic | $ | -4,120 | 6,883 | $ | -0.6 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -4,120 | 6,883 | $ | -0.6 | ||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Nine Months Ended September 30, 2012: | |||||||||
Basic | $ | -212 | 6,940 | $ | -0.03 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -212 | 6,940 | $ | -0.03 | ||||
The calculation of diluted net loss per common share excludes 589,000 and 551,000 potentially dilutive shares for the three months ended September 30, 2013 and 2012, and 598,000 and 585,000 potentially dilutive shares for the nine months ended September 30, 2013 and 2012, because their effect would be anti-dilutive. | |||||||||
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||||
Comprehensive Income (Loss) | ' | |||||||||||||||||||
12. COMPREHENSIVE INCOME (LOSS): | ||||||||||||||||||||
Taxes related to items of other comprehensive income (loss) are as follows: | ||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||
(In thousands) | Before Tax | Tax Provision | Net of Tax Amount | Before Tax | Tax Provision | Net of Tax Amount | ||||||||||||||
/(Benefit) | /(Benefit) | |||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||
adjustments | $ | 115 | $ | — | $ | 115 | $ | 212 | $ | — | $ | 212 | ||||||||
Net changes related to | ||||||||||||||||||||
available-for-sale securities: | ||||||||||||||||||||
Unrealized gains (losses) | 24 | — | 24 | -72 | -9 | -63 | ||||||||||||||
Reclassification adjustment for gains | ||||||||||||||||||||
included in net loss | — | — | — | -2 | -1 | -1 | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
available-for-sale securities | 24 | — | 24 | -74 | -10 | -64 | ||||||||||||||
Net changes related to foreign | ||||||||||||||||||||
exchange forward contracts: | ||||||||||||||||||||
Unrealized gains | 61 | — | 61 | 290 | 103 | 187 | ||||||||||||||
Reclassification adjustment for | ||||||||||||||||||||
losses included in net loss | 71 | — | 71 | — | — | — | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
foreign exchange forward contracts | 132 | — | 132 | 290 | 103 | 187 | ||||||||||||||
Other comprehensive income | $ | 271 | $ | — | $ | 271 | $ | 428 | $ | 93 | $ | 335 | ||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||
(In thousands) | Before Tax | Tax Provision | Net of Tax Amount | Before Tax | Tax Provision | Net of Tax Amount | ||||||||||||||
/(Benefit) | /(Benefit) | |||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||
adjustments | $ | -140 | $ | — | $ | -140 | $ | 344 | $ | — | $ | 344 | ||||||||
Net changes related to | ||||||||||||||||||||
available-for-sale securities: | ||||||||||||||||||||
Unrealized gains (losses) | 30 | — | 30 | -73 | -14 | -59 | ||||||||||||||
Reclassification adjustment for | ||||||||||||||||||||
(gains) losses included in net loss | 21 | — | 21 | -6 | -1 | -5 | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
available-for-sale securities | 51 | — | 51 | -79 | -15 | -64 | ||||||||||||||
Net changes related to foreign | ||||||||||||||||||||
exchange forward contracts: | ||||||||||||||||||||
Unrealized gains (losses) | -231 | — | -231 | 544 | 192 | 352 | ||||||||||||||
Reclassification adjustment for | ||||||||||||||||||||
losses included in net loss | 24 | — | 24 | 170 | 58 | 112 | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
foreign exchange forward contracts | -207 | — | -207 | 714 | 250 | 464 | ||||||||||||||
Other comprehensive income (loss) | $ | -296 | $ | — | $ | -296 | $ | 979 | $ | 235 | $ | 744 | ||||||||
Reclassification adjustments are made to avoid double counting in comprehensive income (loss) items that are also recorded as part of net loss. Reclassifications to earnings related to cash flow hedging instruments are discussed in Note 3. Income taxes are not provided for foreign currency translation adjustments relating to permanent investments in international subsidiaries. We have recorded a valuation allowance against substantially all of our United States and Singapore based deferred tax assets. Accordingly, we do not expect to record a tax provision for items of other comprehensive income (loss) until such time as the valuation allowance is substantially reduced. The effect of the reclassifications from comprehensive income (loss) to earnings by line item is as follows: | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (a) | Affected Line Item in the Statements of Operations | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Unrealized gains (losses) on | ||||||||||||||||||||
available-for-sale securities | $ | — | $ | 2 | $ | -21 | $ | 6 | Interest income and other | |||||||||||
— | 1 | — | 1 | Income tax provision (benefit) | ||||||||||||||||
$ | — | $ | 1 | $ | -21 | $ | 5 | Net of tax | ||||||||||||
Unrealized gains (losses) | ||||||||||||||||||||
on foreign exchange | ||||||||||||||||||||
forward contracts | $ | -41 | $ | 2 | $ | -2 | $ | -119 | Cost of revenues | |||||||||||
-17 | -2 | -12 | -30 | Research and development expenses | ||||||||||||||||
-13 | — | -10 | -21 | Selling, general and administrative expenses | ||||||||||||||||
-71 | — | -24 | -170 | Total before tax | ||||||||||||||||
— | — | — | -58 | Income tax provision (benefit) | ||||||||||||||||
$ | -71 | $ | — | $ | -24 | $ | -112 | Net of tax | ||||||||||||
(a) | Amounts in parentheses indicate debits to profit/loss. | |||||||||||||||||||
At September 30, 2013 and December 31, 2012, components of accumulated other comprehensive income (loss), net of tax, are as follows: | ||||||||||||||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 28 | $ | -23 | ||||||||||||||||
Unrealized gains (losses) on effective portion of | ||||||||||||||||||||
foreign exchange forward contracts | -96 | 111 | ||||||||||||||||||
Foreign currency translation adjustments | -385 | -245 | ||||||||||||||||||
Balance at end of period | $ | -453 | $ | -157 | ||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
13. INCOME TAXES: | |
We recorded an income tax benefit of $220,000 in the nine months ended September 30, 2013, reflecting an effective tax rate of 5%, compared to an income tax benefit of $134,000 in the nine months ended September 30, 2012, reflecting an effective tax rate of 39%. Our income tax benefit for the three and nine months ended September 30, 2013 included a benefit of $318,000 in the third quarter of 2013 due to the expiration of the statute of limitations for various tax exposures related to the income tax returns of prior periods. Our income tax expenses and effective tax rate in the nine months ended September 30, 2013 reflects minimal state income tax expense and foreign income tax expense associated with our subsidiaries in the United Kingdom and China. In the fourth quarter of 2012, we recorded a valuation allowance against substantially all of our United States and Singapore based deferred tax assets. | |
We currently have significant deferred tax assets as a result of temporary differences between taxable income on our tax returns and U.S. GAAP income, research and development tax credit carry forwards and federal, state and foreign net operating loss carry forwards. A deferred tax asset generally represents future tax benefits to be received when temporary differences previously reported in our financial statements become deductible for income tax purposes, when net operating loss carry forwards are applied against future taxable income, or when tax credit carry forwards are utilized on our tax returns. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on the guidance provided in current financial accounting standards. | |
Significant judgment is required in determining the realizability of our deferred tax assets. The assessment of whether valuation allowances are required considers, among other matters, the nature, frequency and severity of any current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods, our experience with loss carry forwards not expiring unused and tax planning alternatives. | |
At December 31, 2012, we concluded that a valuation allowance was needed for substantially all of our United States and Singapore based deferred tax assets due to the decline in our level of profitability and near term financial outlook. In analyzing the need for a valuation allowance, we first considered our history of 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 a valuation allowance with respect to substantially all of our U.S. and Singapore based deferred tax assets, was required at both September 30, 2013 and December 31, 2012. | |
Deferred tax assets at September 30, 2013 include net operating loss carry forwards incurred in the UK by CyberOptics Ltd., which was acquired in 1999. The utilization of these net operating loss carry forwards is dependent on CyberOptics Ltd.’s ability to generate sufficient UK taxable income during the carry forward period. | |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
14. CONTINGENCIES: | |
We are periodically a defendant in miscellaneous claims and disputes in the ordinary course of business. While the outcome of these matters cannot be predicted with certainty, management presently believes the disposition of these matters will not have a material effect on our financial position, results of operations or cash flows. | |
In the normal course of business to facilitate sales of our products and services, we at times indemnify other parties, including customers, with respect to certain matters. In these instances, we have agreed to hold the other parties harmless against losses arising out of intellectual property infringement or other types of claims. These agreements may limit the time within which an indemnification claim can be made, and almost always limit the amount of the claim. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made, if any, under these agreements have not had a material impact on our operating results, financial position or cash flows. | |
Recent_Accounting_Developments
Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Developments [Abstract] | ' |
Recent Accounting Developments | ' |
15. RECENT ACCOUNTING DEVELOPMENTS: | |
In February 2013, the FASB issued amended disclosure requirements for amounts classified out of other comprehensive income to improve the transparency of reporting these reclassifications (ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income). The amended guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We adopted the amended guidance effective January 1, 2013. Our adoption of the amended disclosure requirements had no impact on our consolidated financial results as the amendments relate only to changes in financial statement presentation. | |
In July 2013, the FASB issued guidance regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists (ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists). Under certain circumstances, unrecognized tax benefits should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance is a change in financial statement presentation only and has no material impact in the consolidated financial results. The guidance is effective beginning January 1, 2014 on either a prospective or retrospective basis. | |
Share_Repurchase
Share Repurchase | 9 Months Ended |
Sep. 30, 2013 | |
Share Repurchase [Abstract] | ' |
Share Repurchase | ' |
16. SHARE REPURCHASE: | |
In October of 2012, our Board of Directors authorized a $3.0 million share repurchase program. The common stock is being 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. As of September 30, 2013, we have spent $2.0 million to repurchase a total of 334,000 shares of our common stock under the October 2012 repurchase authorization. In the three months ended September 30, 2013, we spent $1.3 million to repurchase a total of 217,000 shares of our common stock. In the nine months ended September 30, 2013 we spent $2.0 million to repurchase a total of 331,000 shares of our common stock. We did not repurchase any stock in the nine months ended September 30, 2012. | |
New_Singapore_Lease
New Singapore Lease | 9 Months Ended |
Sep. 30, 2013 | |
New Singapore Lease [Abstract] | ' |
New Singapore Lease | ' |
17. NEW SINGAPORE LEASE: | |
In April 2013, we entered into a new lease agreement for our existing 20,000 square foot Singapore facility that became effective on July 25, 2013. The new agreement provides that we will lease the facility through July 24, 2016. Future minimum lease payments due under the lease agreement are approximately $1.3 million. We estimate an increase in average annual rental expense over the term of the new lease of approximately $60,000. At the end of the lease period in 2016, we will have the option to renew the lease for an additional 3 years. | |
Recent_Accounting_Developments1
Recent Accounting Developments (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Developments [Abstract] | ' |
Comprehensive Income Policy | ' |
In February 2013, the FASB issued amended disclosure requirements for amounts classified out of other comprehensive income to improve the transparency of reporting these reclassifications (ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income). The amended guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We adopted the amended guidance effective January 1, 2013. Our adoption of the amended disclosure requirements had no impact on our consolidated financial results as the amendments relate only to changes in financial statement presentation. | |
Income Tax Uncertainties Policy | ' |
In July 2013, the FASB issued guidance regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists (ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists). Under certain circumstances, unrecognized tax benefits should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance is a change in financial statement presentation only and has no material impact in the consolidated financial results. The guidance is effective beginning January 1, 2014 on either a prospective or retrospective basis. | |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Marketable Securities [Abstract] | ' | |||||||||
Schedule Of Marketable Securities | ' | |||||||||
30-Sep-13 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||
Short-Term | ||||||||||
U.S. government and agency obligations | $ | 5,965 | $ | 9 | $ | — | $ | 5,974 | ||
Corporate debt securities and certificates of deposit | 1,825 | 2 | — | 1,827 | ||||||
Marketable securities – short-term | $ | 7,790 | $ | 11 | $ | — | $ | 7,801 | ||
Long-Term | ||||||||||
U.S. government and agency obligations | $ | 6,752 | $ | 12 | $ | -2 | $ | 6,762 | ||
Corporate debt securities and certificates of deposit | 3,004 | 4 | -5 | 3,003 | ||||||
Asset backed securities | 1,623 | 1 | — | 1,624 | ||||||
Equity security | 42 | 14 | — | 56 | ||||||
Marketable securities – long-term | $ | 11,421 | $ | 31 | $ | -7 | $ | 11,445 | ||
31-Dec-12 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||
Short-Term | ||||||||||
U.S. government and agency obligations | $ | 7,358 | $ | 10 | $ | -35 | $ | 7,333 | ||
Corporate debt securities and certificates of deposit | 4,100 | 5 | — | 4,105 | ||||||
Marketable securities – short-term | $ | 11,458 | $ | 15 | $ | -35 | $ | 11,438 | ||
Long-Term | ||||||||||
U.S. government and agency obligations | $ | 9,033 | $ | 23 | $ | -23 | $ | 9,033 | ||
Corporate debt securities and certificates of deposit | 1,192 | 4 | -1 | 1,195 | ||||||
Asset back securities | 165 | — | — | 165 | ||||||
Equity security | 42 | — | — | 42 | ||||||
Marketable securities – long-term | $ | 10,432 | $ | 27 | $ | -24 | $ | 10,435 | ||
Schedule Of Marketable Securities Classified As Cash Equivalents | ' | |||||||||
30-Sep-13 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Recorded | ||||||
Basis | ||||||||||
Corporate debt securities and certificates of deposit | $ | 886 | $ | — | $ | — | $ | 886 | ||
$ | 886 | $ | — | $ | — | $ | 886 | |||
31-Dec-12 | ||||||||||
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Recorded | ||||||
Basis | ||||||||||
Corporate debt securities and certificates of deposit | $ | 2,824 | $ | — | $ | — | $ | 2,824 | ||
$ | 2,824 | $ | — | $ | — | $ | 2,824 | |||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Derivatives [Abstract] | ' | |||||||||
Schedule Of Cash Flow Hedges | ' | |||||||||
Three Months Ended September 30, 2013 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (Loss) | |||||||
Cost of revenues | $ | 31 | $ | -41 | $ | — | ||||
Research and development | 16 | -17 | — | |||||||
Selling, general and administrative | 14 | -13 | — | |||||||
Total | $ | 61 | $ | -71 | $ | — | ||||
Three Months Ended September 30, 2012 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (Loss) | |||||||
Cost of revenues | $ | 200 | $ | 2 | $ | — | ||||
Research and development | 51 | -2 | — | |||||||
Selling, general and administrative | 39 | — | — | |||||||
Total | $ | 290 | $ | — | $ | — | ||||
Nine Months Ended September 30, 2013 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (Loss) | |||||||
Cost of revenues | $ | -139 | $ | -2 | $ | — | ||||
Research and development | -53 | -12 | — | |||||||
Selling, general and administrative | -39 | -10 | — | |||||||
Total | $ | -231 | $ | -24 | $ | — | ||||
Nine Months Ended September 30, 2012 | ||||||||||
(In thousands) | Pretax Gain (Loss) Recognized in Other Comprehensive Income on Effective Portion of Derivative | Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | Ineffective Portion of Gain (Loss) on Derivative and Amount Excluded from Effectiveness Testing Recognized in Income | |||||||
Cost of revenues | $ | 379 | $ | -119 | $ | — | ||||
Research and development | 93 | -30 | — | |||||||
Selling, general and administrative | 72 | -21 | — | |||||||
Total | $ | 544 | $ | -170 | $ | — | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts | ' | ||||||||||||
Fair Value Measurements at | |||||||||||||
September 30, 2013 Using | |||||||||||||
(In thousands) | Balance September 30, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Marketable securities: | |||||||||||||
U.S. government and agency obligations | $ | 12,736 | $ | — | $ | 12,736 | $ | — | |||||
Corporate debt securities and certificates of deposit | 4,830 | — | 4,830 | — | |||||||||
Asset backed securities | 1,624 | — | 1,624 | — | |||||||||
Equity security | 56 | 56 | — | — | |||||||||
Total marketable securities | $ | 19,246 | $ | 56 | $ | 19,190 | $ | — | |||||
Derivative instruments-liabilities: | |||||||||||||
Foreign exchange forward contracts | $ | 38 | $ | — | $ | 38 | $ | — | |||||
Fair Value Measurements at | |||||||||||||
December 31, 2012 Using | |||||||||||||
(In thousands) | Balance December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Marketable securities: | |||||||||||||
U.S. government and agency obligations | $ | 16,366 | $ | — | $ | 16,366 | $ | — | |||||
Corporate debt securities and certificates of deposit | 5,300 | — | 5,300 | — | |||||||||
Asset backed securities | 165 | — | 165 | — | |||||||||
Equity security | 42 | 42 | — | — | |||||||||
Total marketable securities | $ | 21,873 | $ | 42 | $ | 21,831 | $ | — | |||||
Derivative instruments-assets: | |||||||||||||
Foreign exchange forward contracts | $ | 153 | $ | — | $ | 153 | $ | — | |||||
Accounting_For_StockBased_Comp1
Accounting For Stock-Based Compensation (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accounting For Stock-Based Compensation [Abstract] | ' | |||||
Schedule Of Stock Option Activity | ' | |||||
Options Outstanding | Weighted Average Exercise Price Per Share | |||||
Outstanding, December 31, 2012 | 544,153 | $ | 8.68 | |||
Granted | — | — | ||||
Exercised | -5,000 | 4.99 | ||||
Expired | -12,500 | 7.26 | ||||
Forfeited | -1,250 | 8.71 | ||||
Outstanding, September 30, 2013 | 525,403 | $ | 8.75 | |||
Exercisable, September 30, 2013 | 331,989 | $ | 9.32 | |||
Schedule Of Non-Vested Restricted Stock Activity | ' | |||||
Non-vested restricted stock units | Shares | Weighted Average Grant Date Fair Value | ||||
Non-vested at December 31, 2012 | 44,555 | $ | 7.61 | |||
Granted | — | — | ||||
Vested | -5,438 | 7.31 | ||||
Forfeited | -416 | 8.71 | ||||
Non-vested at September 30, 2013 | 38,701 | $ | 7.64 | |||
Inventories_And_Warranties_Tab
Inventories And Warranties (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventories And Warranties [Abstract] | ' | ||||||
Schedule Of Inventory Components | ' | ||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | |||||
Raw materials and purchased parts | $ | 7,287 | $ | 8,152 | |||
Work in process | 1,549 | 1,322 | |||||
Finished goods | 3,621 | 3,059 | |||||
Total inventories | $ | 12,457 | $ | 12,533 | |||
Schedule Of Changes In Estimated Warranty Liability | ' | ||||||
Nine Months Ended September 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Balance at beginning of period | $ | 694 | $ | 985 | |||
Accrual for warranties | 418 | 616 | |||||
Warranty revision | 4 | -14 | |||||
Settlements made during the period | -619 | -765 | |||||
Balance at end of period | $ | 497 | $ | 822 | |||
Schedule Of Changes In Deferred Warranty Revenue | ' | ||||||
Nine Months Ended September 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Balance at beginning of period | $ | 582 | $ | 806 | |||
Revenue deferrals | 253 | 181 | |||||
Amortization of deferred revenue | -355 | -336 | |||||
Total deferred warranty revenue | 480 | 651 | |||||
Current portion of deferred warranty revenue | -283 | -462 | |||||
Long-term deferred warranty revenue | $ | 197 | $ | 189 | |||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||||
Schedule Of Intangible Assets | ' | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
Patents | $ | 2,887 | $ | -2,754 | $ | 133 | $ | 2,847 | $ | -2,658 | $ | 189 | |||||||
Schedule Of Amortization Expense For Intangible Assets | ' | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Patents | $ | 30 | $ | 39 | $ | 95 | $ | 117 | |||||||||||
Significant_Customers_Tables
Significant Customers (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Significant Customers [Abstract] | ' | ||||||||||||
Schedule Of Sales By Geographic Area | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Americas | $ | 85 | $ | 172 | $ | 582 | $ | 1,276 | |||||
Europe | 1,820 | 3,513 | 6,495 | 10,438 | |||||||||
Asia | 4,412 | 5,943 | 11,804 | 18,681 | |||||||||
Other | 75 | 79 | 338 | 455 | |||||||||
Total export sales | $ | 6,392 | $ | 9,707 | $ | 19,219 | $ | 30,850 | |||||
ReOrganization_And_Restructure1
Re-Organization And Restructure Charge (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Re-Organization And Restructure Charge [Abstract] | ' | |||
Summary Of Severance And Relocation Accruals | ' | |||
(In thousands) | Fourth Quarter 2012 Workforce Reduction | |||
Balance, December 31, 2012 | $ | 192 | ||
Cost incurred | — | |||
Payments made | 192 | |||
Balance, September 30, 2013 | $ | — | ||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Net Loss Per Share [Abstract] | ' | ||||||||
Schedule Of Net Income (Loss) Per Basic And Diluted Shares | ' | ||||||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Three Months Ended September 30, 2013: | |||||||||
Basic | $ | -774 | 6,784 | $ | -0.11 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -774 | 6,784 | $ | -0.11 | ||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Three Months Ended September 30, 2012: | |||||||||
Basic | $ | -447 | 6,951 | $ | -0.06 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -447 | 6,951 | $ | -0.06 | ||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Nine Months Ended September 30, 2013: | |||||||||
Basic | $ | -4,120 | 6,883 | $ | -0.6 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -4,120 | 6,883 | $ | -0.6 | ||||
(In thousands except per share amounts) | Net Loss | Weighted Average Shares Outstanding | Per Share Amount | ||||||
Nine Months Ended September 30, 2012: | |||||||||
Basic | $ | -212 | 6,940 | $ | -0.03 | ||||
Dilutive effect of common equivalent shares | — | — | — | ||||||
Dilutive | $ | -212 | 6,940 | $ | -0.03 | ||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||||
Schedule Of Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||
(In thousands) | Before Tax | Tax Provision | Net of Tax Amount | Before Tax | Tax Provision | Net of Tax Amount | ||||||||||||||
/(Benefit) | /(Benefit) | |||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||
adjustments | $ | 115 | $ | — | $ | 115 | $ | 212 | $ | — | $ | 212 | ||||||||
Net changes related to | ||||||||||||||||||||
available-for-sale securities: | ||||||||||||||||||||
Unrealized gains (losses) | 24 | — | 24 | -72 | -9 | -63 | ||||||||||||||
Reclassification adjustment for gains | ||||||||||||||||||||
included in net loss | — | — | — | -2 | -1 | -1 | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
available-for-sale securities | 24 | — | 24 | -74 | -10 | -64 | ||||||||||||||
Net changes related to foreign | ||||||||||||||||||||
exchange forward contracts: | ||||||||||||||||||||
Unrealized gains | 61 | — | 61 | 290 | 103 | 187 | ||||||||||||||
Reclassification adjustment for | ||||||||||||||||||||
losses included in net loss | 71 | — | 71 | — | — | — | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
foreign exchange forward contracts | 132 | — | 132 | 290 | 103 | 187 | ||||||||||||||
Other comprehensive income | $ | 271 | $ | — | $ | 271 | $ | 428 | $ | 93 | $ | 335 | ||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||
(In thousands) | Before Tax | Tax Provision | Net of Tax Amount | Before Tax | Tax Provision | Net of Tax Amount | ||||||||||||||
/(Benefit) | /(Benefit) | |||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||
adjustments | $ | -140 | $ | — | $ | -140 | $ | 344 | $ | — | $ | 344 | ||||||||
Net changes related to | ||||||||||||||||||||
available-for-sale securities: | ||||||||||||||||||||
Unrealized gains (losses) | 30 | — | 30 | -73 | -14 | -59 | ||||||||||||||
Reclassification adjustment for | ||||||||||||||||||||
(gains) losses included in net loss | 21 | — | 21 | -6 | -1 | -5 | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
available-for-sale securities | 51 | — | 51 | -79 | -15 | -64 | ||||||||||||||
Net changes related to foreign | ||||||||||||||||||||
exchange forward contracts: | ||||||||||||||||||||
Unrealized gains (losses) | -231 | — | -231 | 544 | 192 | 352 | ||||||||||||||
Reclassification adjustment for | ||||||||||||||||||||
losses included in net loss | 24 | — | 24 | 170 | 58 | 112 | ||||||||||||||
Total net changes related to | ||||||||||||||||||||
foreign exchange forward contracts | -207 | — | -207 | 714 | 250 | 464 | ||||||||||||||
Other comprehensive income (loss) | $ | -296 | $ | — | $ | -296 | $ | 979 | $ | 235 | $ | 744 | ||||||||
The Effect Of The Reclassifications From Comprehensive Income (Loss) To Earnings | ' | |||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (a) | Affected Line Item in the Statements of Operations | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Unrealized gains (losses) on | ||||||||||||||||||||
available-for-sale securities | $ | — | $ | 2 | $ | -21 | $ | 6 | Interest income and other | |||||||||||
— | 1 | — | 1 | Income tax provision (benefit) | ||||||||||||||||
$ | — | $ | 1 | $ | -21 | $ | 5 | Net of tax | ||||||||||||
Unrealized gains (losses) | ||||||||||||||||||||
on foreign exchange | ||||||||||||||||||||
forward contracts | $ | -41 | $ | 2 | $ | -2 | $ | -119 | Cost of revenues | |||||||||||
-17 | -2 | -12 | -30 | Research and development expenses | ||||||||||||||||
-13 | — | -10 | -21 | Selling, general and administrative expenses | ||||||||||||||||
-71 | — | -24 | -170 | Total before tax | ||||||||||||||||
— | — | — | -58 | Income tax provision (benefit) | ||||||||||||||||
$ | -71 | $ | — | $ | -24 | $ | -112 | Net of tax | ||||||||||||
Amounts in parentheses indicate debits to profit/loss. | ||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 28 | $ | -23 | ||||||||||||||||
Unrealized gains (losses) on effective portion of | ||||||||||||||||||||
foreign exchange forward contracts | -96 | 111 | ||||||||||||||||||
Foreign currency translation adjustments | -385 | -245 | ||||||||||||||||||
Balance at end of period | $ | -453 | $ | -157 | ||||||||||||||||
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Maximum maturity of debt securities, years | ' | ' | '3 years | ' | ' |
Net pre-tax unrealized gains (losses) for marketable securities | ' | ' | $35,000 | ' | ($17,000) |
Maximum time for loss position, months | ' | ' | '12 months | ' | '12 months |
Proceeds from sale of marketable securities | 818,000 | 632,000 | 4,340,000 | 2,936,000 | ' |
Recognized loss from the sale of marketable securities | ' | ' | -21,000 | 6,000 | ' |
Marketable securities classified as cash equivalents, Recorded basis | 886,000 | ' | 886,000 | ' | 2,824,000 |
Foreign Accounts [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Cash and marketable securities held in foreign accounts | 1,180,000 | ' | 1,180,000 | ' | 3,585,000 |
Debt Securities Unrealized Gain Position [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Fair value | 15,208,000 | ' | 15,208,000 | ' | 19,012,000 |
Unrealized gain | ' | ' | 28,000 | ' | 42,000 |
Debt Securities Unrealized Loss Position [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Fair value | 3,982,000 | ' | 3,982,000 | ' | 2,819,000 |
Unrealized loss | ' | ' | ($7,000) | ' | ($59,000) |
Marketable_Securities_Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Marketable Securities - Short-Term [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | $7,790,000 | $11,458,000 |
Unrealized Gains | 11,000 | 15,000 |
Unrealized Losses | ' | -35,000 |
Fair Value | 7,801,000 | 11,438,000 |
Marketable Securities - Short-Term [Member] | US States Government And Agency Obligations [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 5,965,000 | 7,358,000 |
Unrealized Gains | 9,000 | 10,000 |
Unrealized Losses | ' | -35,000 |
Fair Value | 5,974,000 | 7,333,000 |
Marketable Securities - Short-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 1,825,000 | 4,100,000 |
Unrealized Gains | 2,000 | 5,000 |
Fair Value | 1,827,000 | 4,105,000 |
Marketable Securities - Long-Term [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 11,421,000 | 10,432,000 |
Unrealized Gains | 31,000 | 27,000 |
Unrealized Losses | -7,000 | -24,000 |
Fair Value | 11,445,000 | 10,435,000 |
Marketable Securities - Long-Term [Member] | US States Government And Agency Obligations [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 6,752,000 | 9,033,000 |
Unrealized Gains | 12,000 | 23,000 |
Unrealized Losses | -2,000 | -23,000 |
Fair Value | 6,762,000 | 9,033,000 |
Marketable Securities - Long-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 3,004,000 | 1,192,000 |
Unrealized Gains | 4,000 | 4,000 |
Unrealized Losses | -5,000 | -1,000 |
Fair Value | 3,003,000 | 1,195,000 |
Marketable Securities - Long-Term [Member] | Asset-backed Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 1,623,000 | 165,000 |
Unrealized Gains | 1,000 | ' |
Fair Value | 1,624,000 | 165,000 |
Marketable Securities - Long-Term [Member] | Equity Security [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 42,000 | 42,000 |
Unrealized Gains | 14,000 | ' |
Fair Value | $56,000 | $42,000 |
Marketable_Securities_Schedule1
Marketable Securities (Schedule Of Marketable Securities Classified As Cash Equivalents) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | $886,000 | $2,824,000 |
Unrealized Gains | ' | ' |
Unrealized Losses | ' | ' |
Recorded Basis | 886,000 | 2,824,000 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Cost | 886,000 | 2,824,000 |
Unrealized Gains | ' | ' |
Unrealized Losses | ' | ' |
Recorded Basis | $886,000 | $2,824,000 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Maximum length of time to hedge, months | '12 months | ' | ' |
Foreign exchange gross notional amount | $6,200,000 | ' | $9,600,000 |
Pretax unrealized loss recorded in accumulated other comprehensive income(loss) | 40,000 | ' | ' |
Fair value of foreign exchange forward contracts, representing a loss | 38,000 | ' | ' |
Fair value of foreign exchange forward contracts, representing a gain | ' | $153,000 | ' |
Maximum [Member] | ' | ' | ' |
Remaining contract maturity, years | '1 year | ' | ' |
Derivatives_Schedule_Of_Cash_F
Derivatives (Schedule Of Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | $61 | $290 | ($231) | $544 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | -71 | ' | -24 | -170 |
Cost Of Revenues [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 31 | 200 | -139 | 379 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | -41 | 2 | -2 | -119 |
Research And Development [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 16 | 51 | -53 | 93 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | -17 | -2 | -12 | -30 |
Selling, General And Administrative [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 14 | 39 | -39 | 72 |
Pretax Gain (Loss) Recognized in Income on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Income (Loss) | ($13) | ' | ($10) | ($21) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ' | ' |
Fair value of foreign exchange forward contracts, representing a loss | $38 | ' |
Fair value of foreign exchange forward contracts, representing a gain | ' | $153 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $19,246 | $21,873 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 38 | ' |
Derivative instruments-assets: Foreign exchange forward contracts | ' | 153 |
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 | 56 | 42 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 19,190 | 21,831 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 38 | ' |
Derivative instruments-assets: Foreign exchange forward contracts | ' | 153 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | ' |
Derivative instruments-assets: Foreign exchange forward contracts | ' | ' |
US States Government And Agency Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 12,736 | 16,366 |
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 | 12,736 | 16,366 |
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 | ' | ' |
Corporate Debt Securities And Certificates Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 4,830 | 5,300 |
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 | 4,830 | 5,300 |
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 | ' | ' |
Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 1,624 | 165 |
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 | 1,624 | 165 |
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 | ' | ' |
Equity Security [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 56 | 42 |
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 | 56 | 42 |
Equity Security [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | ' |
Accounting_For_StockBased_Comp2
Accounting For Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity based compensation expense | $97,000 | $95,000 | $330,000 | $349,000 |
Unrecognized compensation cost related to non-vested equity based compensation | 680,000 | ' | 680,000 | ' |
Unrecognized equity based compensation weighted average period, years | ' | ' | '1 year 10 months 28 days | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity based compensation expense | 62,000 | 60,000 | 192,000 | 190,000 |
Shares of common stock reserved for stock based benefits | 1,030,307 | ' | 1,030,307 | ' |
Vesting period, years | ' | ' | '4 years | ' |
Number of shares available for future issuance | 466,203 | ' | 466,203 | ' |
Weighted average remaining contractual term, years | ' | ' | '3 years 7 months 6 days | ' |
Aggregate intrinsic value for all options outstanding | 149,575 | ' | 149,575 | ' |
Weighted average remaining contractual term for exercisable options, years | ' | ' | '2 years 6 months 22 days | ' |
Aggregate intrinsic value of exercisable options | 149,575 | ' | 149,575 | ' |
Proceeds from exercise of stock options | ' | ' | 25,000 | 0 |
Stock Options [Member] | Contractual Term Seven Years [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expiration of stock options from date of grant, years | ' | ' | '7 years | ' |
Stock Options [Member] | Contractual Term Ten Years [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expiration of stock options from date of grant, years | ' | ' | '10 years | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity based compensation expense | 10,000 | 13,000 | 34,000 | 43,000 |
Number of shares available for future issuance | 153,926 | ' | 153,926 | ' |
Maximum contribution per plan year | ' | ' | 6,500 | ' |
Employees can purchase stock at the percentage rate of the lower of the market price on the first or last day of the offering period | ' | ' | 85.00% | ' |
Share issuances for compensation purposes, shares | ' | ' | 12,656 | 19,759 |
Employee Stock Purchase Plan [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Payroll deduction for employee stock purchase plan percentage | ' | ' | 1.00% | ' |
Employee Stock Purchase Plan [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Payroll deduction for employee stock purchase plan percentage | ' | ' | 10.00% | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity based compensation expense | 25,000 | 22,000 | 74,000 | 75,000 |
Vesting period, years | ' | ' | '4 years | ' |
Aggregate intrinsic value for all options outstanding | 241,000 | ' | 241,000 | ' |
Restricted stock units to common stock ratio, shares entitled | ' | ' | 1 | ' |
Stock Grant Plan For Non-Employee Directors [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity based compensation expense | ' | ' | $30,000 | $41,000 |
Shares of common stock reserved for stock based benefits | 30,000 | ' | 30,000 | ' |
Number of shares available for future issuance | 6,000 | ' | 6,000 | ' |
Number of shares granted for non-employee directors upon re-election | ' | ' | 1,000 | ' |
Plan expiration date | ' | ' | 'May 19, 2018 | ' |
Share issuances for compensation purposes, shares | ' | ' | 5,000 | ' |
Accounting_For_StockBased_Comp3
Accounting For Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting For Stock-Based Compensation [Abstract] | ' |
Options Outstanding, Outstanding, December 31, 2012 | 544,153 |
Options Outstanding, Exercised | -5,000 |
Options Outstanding, Expired | -12,500 |
Options Outstanding, Forfeited | -1,250 |
Options Outstanding, Outstanding, September 30, 2013 | 525,403 |
Options Outstanding, Exercisable, September 30, 2013 | 331,989 |
Weighted-Average Exercise Price Per Share, Outstanding, December 31, 2012 | $8.68 |
Weighted-Average Exercise Price Per Share, Exercised | $4.99 |
Weighted-Average Exercise Price Per Share, Expired | $7.26 |
Weighted-Average Exercise Price Per Share, Forfeited | $8.71 |
Weighted-Average Exercise Price Per Share, Outstanding, September 30, 2013 | $8.75 |
Weighted-Average Exercise Price Per Share, Exercisable, September 30, 2013 | $9.32 |
Accounting_For_StockBased_Comp4
Accounting For Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting For Stock-Based Compensation [Abstract] | ' |
Shares, Non-vested at December 31, 2012 | 44,555 |
Shares, Vested | -5,438 |
Shares, Forfeited | -416 |
Shares, Non-vested at September 30, 2013 | 38,701 |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2012 | $7.61 |
Weighted Average Grant Date Fair Value, Vested | $7.31 |
Weighted Average Grant Date Fair Value, Forfeited | $8.71 |
Weighted Average Grant Date Fair Value, Non-vested at September 30, 2013 | $7.64 |
Inventories_And_Warranties_Sch
Inventories And Warranties (Schedule Of Inventory Components) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories And Warranties [Abstract] | ' | ' |
Raw materials and purchased parts | $7,287 | $8,152 |
Work in process | 1,549 | 1,322 |
Finished goods | 3,621 | 3,059 |
Total inventories | $12,457 | $12,533 |
Inventories_And_Warranties_Sch1
Inventories And Warranties (Schedule Of Changes In Estimated Warranty Liability) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Inventories And Warranties [Abstract] | ' | ' |
Balance at beginning of period | $694 | $985 |
Accrual for warranties | 418 | 616 |
Warranty revision | 4 | -14 |
Settlements made during the period | -619 | -765 |
Balance at end of period | $497 | $822 |
Product warranties time frame, years | '1 year | ' |
Inventories_And_Warranties_Sch2
Inventories And Warranties (Schedule Of Changes In Deferred Warranty Revenue) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Inventories And Warranties [Abstract] | ' | ' | ' |
Balance at beginning of period | $582 | $806 | ' |
Revenue deferrals | 253 | 181 | ' |
Amortization of deferred revenue | -355 | -336 | ' |
Total deferred warranty revenue | 480 | 651 | ' |
Current portion of deferred warranty revenue | -283 | -462 | ' |
Long-term deferred warranty revenue | $197 | $189 | $146 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | Sep. 30, 2013 |
Intangible Assets [Abstract] | ' |
Amortization expense, remainder of 2013 | $25,000 |
Amortization expense, 2014 | 71,000 |
Amortization expense, 2015 | 32,000 |
Amortization expense, 2016 | $5,000 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Details) (Patents [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $2,887 | $2,847 |
Accumulated Amortization | -2,754 | -2,658 |
Net | $133 | $189 |
Intangible_Assets_Schedule_Of_1
Intangible Assets (Schedule Of Amortization Expense For Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Intangible Assets [Abstract] | ' | ' | ' | ' |
Patents | $30 | $39 | $95 | $117 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill [Abstract] | ' | ' |
Period of time during the period in which the market capitalization of the Company's stock fell below the net book value requiring a goodwill impairment test | '30 days | ' |
Goodwill impairment test inputs, discount rate | 15.00% | ' |
Goodwill impairment test inputs, terminal growth rate | 600.00% | ' |
Goodwill | $569 | $569 |
Significant_Customers_Narrativ
Significant Customers (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
customer | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, export sales percentage | 73.00% | 84.00% | 78.00% | 86.00% |
Number of major customers | ' | ' | 2 | ' |
Juki [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 16.00% | ' |
Assembleon [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 8.00% | ' |
Significant_Customers_Schedule
Significant Customers (Schedule Of Sales By Geographic Area) (Details) (Sales [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | $6,392 | $9,707 | $19,219 | $30,850 |
Americas [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | 85 | 172 | 582 | 1,276 |
Europe [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | 1,820 | 3,513 | 6,495 | 10,438 |
Asia [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | 4,412 | 5,943 | 11,804 | 18,681 |
Other [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total export sales | $75 | $79 | $338 | $455 |
ReOrganization_And_Restructure2
Re-Organization And Restructure Charge (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
employee | ||||
Re-Organization And Restructure Charge [Abstract] | ' | ' | ' | ' |
Restructuring and severance costs | $0 | $523,000 | $217,000 | $0 |
Reduction of workforce, percent | ' | 10.00% | ' | ' |
Reduction of workforce, number of employees | ' | 20 | ' | ' |
ReOrganization_And_Restructure3
Re-Organization And Restructure Charge (Summary Of Severance And Relocation Accruals) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Cost incurred | $0 | $523,000 | $217,000 | $0 |
Workforce Reduction [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | ' | 192,000 |
Payments made | ' | ' | ' | 192,000 |
Balance, September 30, 2013 | ' | ' | ' | ' |
Net_Loss_Per_Share_Narrative_D
Net Loss Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Loss Per Share [Abstract] | ' | ' | ' | ' |
Earnings per share, Potentially dilutive shares | '589,000 | '551,000 | '598,000 | '585,000 |
Net_Loss_Per_Share_Schedule_Of
Net Loss Per Share (Schedule Of Net Income Per Basic And Diluted Shares) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Loss Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($774) | ($447) | ($4,120) | ($212) |
Weighted Average Shares Outstanding, Basic | 6,784 | 6,951 | 6,883 | 6,940 |
Per Share Amount, Basic | ($0.11) | ($0.06) | ($0.60) | ($0.03) |
Per Share Amount, Dilutive effect of common equivalent shares | ' | ' | ' | ' |
Weighted Average Shares Outstanding, Dilutive | 6,784 | 6,951 | 6,883 | 6,940 |
Per Share Amount, Dilutive | ($0.11) | ($0.06) | ($0.60) | ($0.03) |
Comprehensive_Income_Loss_Sche
Comprehensive Income (Loss) (Schedule Of Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, Before Tax Amount | $115 | $212 | ($140) | $344 |
Foreign currency translation adjustment, Net of Tax Amount | 115 | 212 | -140 | 344 |
Unrealized gains (losses) on available-for-sale securities, Before Tax Amount | 24 | -72 | 30 | -73 |
Unrealized gains (losses) on available-for-sale securities, Tax Provision/(Benefit) | ' | -9 | ' | -14 |
Unrealized gains (losses) on available-for-sale securities, Net of Tax Amount | 24 | -63 | 30 | -59 |
Reclassification adjustment for gains on available-for-sale securities included in net income, Before Tax Amount | ' | -2 | 21 | -6 |
Reclassification adjustment for gains on available-for-sale securities included in net income, Tax Provision/(Benefit) | ' | -1 | ' | -1 |
Reclassification adjustment for gains on available-for-sale securities included in net income, Net of Tax Amount | ' | -1 | 21 | -5 |
Total unrealized gains (losses) on available-for-sale securities | 24 | -74 | 51 | -79 |
Total net changes related to available-for-sale-securities, Tax Provision/(Benefit) | ' | -10 | ' | -15 |
Total net changes related to available-for-sale securities, Net of Tax Amount | 24 | -64 | 51 | -64 |
Unrealized gains (losses) on foreign exchange forward contracts, Before Tax Amount | 61 | 290 | -231 | 544 |
Unrealized gains (losses) on foreign exchange forward contracts, Tax Provision/(Benefit) | ' | 103 | ' | 192 |
Unrealized gains (losses) on foreign exchange forward contracts, Net of Tax Amount | 61 | 187 | -231 | 352 |
Reclassification adjustment for (gains) losses on foreign exchange forward contracts included in net income, Before Tax Amount | 71 | ' | 24 | 170 |
Reclassification adjustment for (gains) losses on foreign exchange forward contracts included in net income, Tax Provision/(Benefit) | ' | ' | ' | 58 |
Reclassification adjustment for (gains) losses on foreign exchange forward contracts included in net income, Net of Tax Amount | 71 | ' | 24 | 112 |
Total unrealized gains (losses) on foreign exchange forward contracts | 132 | 290 | -207 | 714 |
Total unrealized gains (losses) on foreign exchange forward contracts, Tax Provision/(Benefit) | ' | 103 | ' | 250 |
Total unrealized gains (losses) on foreign exchange forward contracts, Net of Tax Amount | 132 | 187 | -207 | 464 |
Other comprehensive income (loss), Before Tax Amount | 271 | 428 | -296 | 979 |
Other comprehensive income (loss), Tax Provision/(Benefit) | ' | 93 | ' | 235 |
Other comprehensive income (loss), Net of Tax Amount | $271 | $335 | ($296) | $744 |
Comprehensive_Income_Loss_The_
Comprehensive Income (Loss) (The Effect Of The Reclassifications From Comprehensive Income (Loss) To Earnings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Interest income and other | ($107) | $94 | ($184) | $53 | ||||
Cost of revenues | -4,720 | -6,477 | -13,737 | -19,996 | ||||
Research and development expenses | -1,978 | -2,129 | -5,835 | -6,108 | ||||
Selling, general and administrative expenses | -2,989 | -3,324 | -9,340 | -9,919 | ||||
Loss before income taxes | -1,068 | -495 | -4,340 | -346 | ||||
Income tax provision (benefit) | -294 | -48 | -220 | -134 | ||||
Net income (loss) | -774 | -447 | -4,120 | -212 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) On Foreign Exchange Forward Contracts [Member] | ' | ' | ' | ' | ||||
Cost of revenues | -41 | [1] | 2 | [1] | -2 | [1] | -119 | [1] |
Research and development expenses | -17 | [1] | -2 | [1] | -12 | [1] | -30 | [1] |
Selling, general and administrative expenses | -13 | [1] | ' | -10 | [1] | -21 | [1] | |
Loss before income taxes | -71 | [1] | ' | -24 | [1] | -170 | [1] | |
Income tax provision (benefit) | ' | ' | ' | -58 | [1] | |||
Net income (loss) | -71 | [1] | ' | -24 | [1] | -112 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Losses On Available-for-sale Securities [Member] | ' | ' | ' | ' | ||||
Interest income and other | ' | 2 | [1] | -21 | [1] | 6 | [1] | |
Income tax provision (benefit) | ' | 1 | [1] | ' | 1 | [1] | ||
Net income (loss) | ' | $1 | [1] | ($21) | [1] | $5 | [1] | |
[1] | Amounts in parentheses indicate debits to profit/loss. |
Comprehensive_Income_Loss_Sche1
Comprehensive Income (Loss) (Schedule Of Accumulated Comprehensive Income (Loss)) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Comprehensive Income (Loss) [Abstract] | ' | ' |
Unrealized gains (losses) on available-for-sale securities | $28 | ($23) |
Unrealized gains (losses) on effective portion of foreign exchange forward contracts | -96 | 111 |
Foreign currency translation adjustments | -385 | -245 |
Balance at the end of period | ($453) | ($157) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income tax benefit | $294,000 | $48,000 | $220,000 | $134,000 |
Effective tax rate | ' | ' | 5.00% | 39.00% |
Recognized income tax benefit due to the expiration of the statute of limitations for various tax exposures related to the income tax returns of prior periods | $318,000 | ' | ' | ' |
Need for valuation allowance based on history of cumulative losses, years | ' | ' | '3 years | ' |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Disclosure of Repurchase Agreements [Abstract] | ' | ' | ' | ' |
Stock repurchase program, Authorized amount | ' | $3 | ' | ' |
Repurchase of common stock | $1.30 | ' | $2 | $2 |
Repurchase of common stock, shares | 217,000 | ' | 331,000 | 334,000 |
New_Singapore_Lease_Details
New Singapore Lease (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Event [Line Items] | ' |
Lease renewal term | '3 years |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Mixed office and warehouse facility, square footage | 20,000 |
Lease expiration date | 24-Jul-16 |
Operating Leases, Future Minimum Payments Due | 1,300,000 |
Operating Leases, Rent Expense | 60,000 |