Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 | ||
Entity Registrant Name | CYBEROPTICS CORP | ||
Entity Central Index Key | 0000768411 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 7,102,075 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 119,485,783 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 9,248 | $ 6,944 |
Marketable securities | 5,771 | 6,670 |
Accounts receivable, less allowance for doubtful accounts of $314 at December 31, 2018 and $473 at December 31, 2017 | 15,859 | 10,772 |
Inventories | 16,163 | 14,393 |
Other current assets | 2,096 | 1,593 |
Total current assets | 49,137 | 40,372 |
Marketable securities, long-term | 10,322 | 9,073 |
Equipment and leasehold improvements, net | 2,861 | 2,307 |
Intangibles, net | 333 | 380 |
Goodwill | 1,366 | 1,366 |
Other assets | 259 | 261 |
Deferred tax assets | 5,422 | 5,742 |
Total assets | 69,700 | 59,501 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 8,513 | 4,294 |
Advance customer payments | 636 | 393 |
Accrued expenses | 3,568 | 2,285 |
Total current liabilities | 12,717 | 6,972 |
Other liabilities | 629 | 88 |
Reserve for income taxes | 143 | 159 |
Total liabilities | 13,489 | 7,219 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par value, 25,000,000 shares authorized, 7,100,825 shares issued and outstanding at December 31, 2018 and 6,979,686 shares issued and outstanding at December 31, 2017 | 35,637 | 34,080 |
Accumulated other comprehensive loss | (1,690) | (1,409) |
Retained earnings | 22,264 | 19,611 |
Total stockholders’ equity | 56,211 | 52,282 |
Total liabilities and stockholders’ equity | $ 69,700 | $ 59,501 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 314 | $ 473 |
Preferred stock, par value (in usd per share) | ||
Preferred stock, shares authorized, shares | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding, shares | 0 | 0 |
Common stock, par value (in usd per share) | ||
Common stock, shares authorized, shares | 25,000,000 | 25,000,000 |
Common stock, shares issued, shares | 7,100,825 | 6,979,686 |
Common stock, shares outstanding, shares | 7,100,825 | 6,979,686 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Revenues | $ 64,720 | $ 53,333 | |
Cost of revenues | 36,109 | 28,573 | |
Gross margin | 28,611 | 24,760 | |
Research and development expenses | 8,819 | 8,022 | |
Selling, general and administrative expenses | 16,389 | 15,657 | |
Amortization of intangibles | 44 | 66 | |
Income from operations | 3,359 | 1,015 | |
Interest income and other | 220 | (107) | |
Income before income taxes | 3,579 | 908 | |
Income tax provision (benefit) | 752 | (404) | |
Net income | $ 2,827 | $ 1,312 | |
Net income per share - Basic (in usd per share) | [1] | $ 0.40 | $ 0.19 |
Net income per share - Diluted (in usd per share) | [1] | $ 0.39 | $ 0.19 |
Weighted average shares outstanding – Basic, shares | 7,028 | 6,946 | |
Weighted average shares outstanding – Diluted, shares | 7,208 | 7,075 | |
[1] | The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 2,827 | $ 1,312 |
Other comprehensive income (loss), before tax: | ||
Foreign currency translation adjustments | (255) | 738 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized gains (losses) | 26 | (3) |
Reclassification adjustment for gains included in net income | (3) | 0 |
Total unrealized gains (losses) on available-for-sale securities | 23 | (3) |
Other comprehensive income (loss), before tax | (232) | 735 |
Income tax provision related to items of other comprehensive income (loss) | 5 | 204 |
Other comprehensive income (loss), net of tax | (237) | 531 |
Total comprehensive income | $ 2,590 | $ 1,843 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,827,000 | $ 1,312,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,499,000 | 2,285,000 |
Recovery of doubtful accounts | (159,000) | (48,000) |
Deferred taxes | 371,000 | (297,000) |
Foreign currency transaction losses (gains) | (155,000) | 115,000 |
Share-based compensation | 936,000 | 895,000 |
Unrealized loss on available for sale equity security | 37,000 | 0 |
Realized gain on available for sale market securities | (3,000) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,928,000) | 171,000 |
Inventories | (2,845,000) | (3,163,000) |
Other assets | (542,000) | (31,000) |
Accounts payable | 4,266,000 | (2,100,000) |
Advance customer payments | 10,000 | 62,000 |
Accrued expenses | 1,782,000 | (1,627,000) |
Net cash provided by (used in) operating activities | 4,096,000 | (2,426,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale marketable securities | 8,053,000 | 6,931,000 |
Proceeds from sales of available-for-sale marketable securities | 545,000 | 0 |
Purchases of available-for-sale marketable securities | (8,944,000) | (7,475,000) |
Additions to equipment and leasehold improvements | (1,964,000) | (1,226,000) |
Additions to patents | (115,000) | (120,000) |
Net cash used in investing activities | (2,425,000) | (1,890,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 525,000 | 378,000 |
Tax payments related to shares withheld for share-based compensation plans | (123,000) | (35,000) |
Common stock repurchases | 0 | (240,000) |
Proceeds from issuance of common stock under employee stock purchase plan | 219,000 | 258,000 |
Net cash provided by financing activities | 621,000 | 361,000 |
Effects of exchange rate changes on cash and cash equivalents | 12,000 | 259,000 |
Net increase (decrease) in cash and cash equivalents | 2,304,000 | (3,696,000) |
Cash and cash equivalents – beginning of period | 6,944,000 | 10,640,000 |
Cash and cash equivalents – end of period | $ 9,248,000 | $ 6,944,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
BALANCE at Dec. 31, 2016 | $ 48,898 | $ 32,801 | $ (1,940) | $ 18,037 |
BALANCE, shares at Dec. 31, 2016 | 6,902 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Increase decrease related to adoption of ASU | ASU 2016-09 [Member] | 285 | $ 23 | 0 | 262 |
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment | 378 | $ 378 | ||
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment, shares | 73 | |||
Tax payments related to shares withheld for share-based compensation plans | (35) | $ (35) | ||
Tax payments related to shares withheld for share-based compensation plans, shares | (7) | |||
Share issuances for director compensation | 0 | $ 0 | ||
Share issuances for director compensation, shares | 8 | |||
Share-based compensation | 895 | $ 895 | ||
Issuance of common stock under Employee Stock Purchase Plan | 258 | $ 258 | ||
Issuance of common stock under Employee Stock Purchase Plan, shares | 19 | |||
Repurchase of common stock | (240) | $ (240) | ||
Repurchase of common stock, Shares | (15) | |||
Other comprehensive income, net of tax | 531 | 531 | ||
Net income | 1,312 | 1,312 | ||
BALANCE at Dec. 31, 2017 | 52,282 | $ 34,080 | (1,409) | 19,611 |
BALANCE, shares at Dec. 31, 2017 | 6,980 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Increase decrease related to adoption of ASU | (44) | |||
Increase decrease related to adoption of ASU | ASU 2016-01 [Member] | 0 | $ 0 | (44) | 44 |
Increase decrease related to adoption of ASU | ASU 2014-09 [Member] | (218) | 0 | 0 | (218) |
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment | 525 | $ 525 | ||
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment, shares | 111 | |||
Tax payments related to shares withheld for share-based compensation plans | (123) | $ (123) | ||
Tax payments related to shares withheld for share-based compensation plans, shares | (14) | |||
Share issuances for director compensation | 0 | $ 0 | ||
Share issuances for director compensation, shares | 8 | |||
Share-based compensation | 936 | $ 936 | ||
Issuance of common stock under Employee Stock Purchase Plan | 219 | $ 219 | ||
Issuance of common stock under Employee Stock Purchase Plan, shares | 16 | |||
Other comprehensive income, net of tax | (237) | (237) | ||
Net income | 2,827 | 2,827 | ||
BALANCE at Dec. 31, 2018 | $ 56,211 | $ 35,637 | $ (1,690) | $ 22,264 |
BALANCE, shares at Dec. 31, 2018 | 7,101 |
Business Description And Signif
Business Description And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BUSINESS DESCRIPTION AND SIGNICANT ACCOUNTING POLICIES | NOTE 1 – BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES Description of Business We are a leading global developer and manufacturer of high precision sensing technology solutions. Our products are used in surface mount technology (SMT), semiconductor and metrology markets to significantly improve yields and productivity. Principles of Consolidation The consolidated financial statements include the accounts of CyberOptics Corporation and its wholly-owned subsidiaries. In these notes to the consolidated financial statements, these companies are collectively referred to as “CyberOptics,” “we,” “us,” or “our.” All significant inter-company accounts and transactions have been eliminated in consolidation. Segment Reporting We operate in a single reportable segment that includes the design, development and manufacture of high precision sensing technology solutions. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 Marketable Securities All marketable securities are classified as available-for-sale and consist of U.S. government and agency backed obligations, certificates of deposit, corporate debt instruments, asset backed securities or equity securities. Marketable securities are classified as short-term or long-term in the consolidated balance sheet based on their maturity date and expectations regarding sales. Available-for-sale securities are carried at fair value. Unrealized gains and losses for marketable debt securities are reported as a separate component of stockholders’ equity until realized. Unrealized gains and losses for marketable equity securities are recognized in net income. Fair values are primarily determined using quoted market prices. The carrying amounts of securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of securities sold is also determined by specific identification. We monitor the carrying value of our marketable debt securities compared to their fair value to determine whether an other-than-temporary impairment has occurred. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. If a decline in fair value of our marketable debt securities is determined to be other-than-temporary, an impairment charge related to that specific investment is recorded in net income. See Recent Accounting Developments for additional information related to our adoption of Accounting Standards Update ( ASU) 2016 01 Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016 01 Cash and marketable securities held by foreign subsidiaries totaled $362,000 at December 31, 2018 and $ 187,000 December 31, 2017 . Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out (FIFO) method. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. Demonstration inventories are stated at cost less accumulated amortization, generally based on a 36 month useful life. Accumulated amortization for demonstration inventories totaled $1.9 million at December 31, 2018 and $1.5 million at December 31, 2017 . Accounts Receivable and Allowance for Doubtful Accounts We extend unsecured credit to our customers in the normal course of business. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of our customers to make required payments. In making the determination of the appropriate allowance for doubtful accounts, we consider specific accounts, historical write-offs, changes in customer relationships and credit worthiness and concentrations of credit risk. Specific accounts receivable are written-off once a determination is made that the account is uncollectible. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance are charged to expense as incurred. In-progress costs are capitalized with depreciation beginning when assets are placed in service. Depreciation is recorded using the straight-line method over the estimated useful lives of the equipment, ranging from one seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the asset useful life or the underlying lease term, ranging from one eight years. Gains or losses on dispositions are included in current operations. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. We have determined that we have one reporting unit. We evaluate the carrying value of goodwill annually on December 31 1 2 3 two On December 31, 2018 and 2017 2018 2017 Patents Patents consist of legal and patent registration costs for protection of our proprietary technology. We amortize patent costs on a straight-line basis, based upon their estimated life. Long Lived Assets Intangible assets subject to amortization and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. Revenue Recognition Effective January 1, 2018, we adopted ASU 2014 9 Revenue from Contracts with Customers 606 606 606 2017 605 Revenue Recognition 605 2 606 Revenue Accounting - Topic 606 Under Topic 606 606 Sales involving multiple performance obligations typically include the sale of an inspection system or metrology product, installation and training, and in some cases, an extended warranty. When a sale involves multiple performance obligations, we account for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service are separately identifiable from other promises in the arrangement. 7 Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue for products and services transferred to customers at a point in time is recognized when obligations under the terms of the contract with our customer are satisfied; generally with the transfer of control upon shipment. Sales of some products may require customer acceptance due to performance or other acceptance criteria that is considered more than a formality. For these product sales, revenue is recognized upon notification of customer acceptance. Periodically For these arrangements, control is transferred over the manufacturing process; therefore, revenue is recognized over time utilizing an input method based on actual costs incurred in the manufacturing process to date relative to total expected production costs. For certain longer duration 3 These arrangements create an asset with no alternative use and include an enforceable right to payment. For these arrangements, control is transferred over the hours incurred to complete the scanning project; therefore, revenue is recognized over time utilizing an input method based on actual hours incurred relative to total projected project hours. For maintenance and extended warranty contracts, revenue is recognized over time on a straight-line basis over the term of the contract as the customer simultaneously receives and consumes the benefits of the coverage. Accounting for contracts recognized over time under Topic 606 Practical Expedients - Topic 606 We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, primarily consisting of product installation and training. We do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Revenue Accounting - Topic 605 Prior to January 1, 2018, revenue from all customers, including distributors, is recognized when all significant contractual obligations have been satisfied, pricing is fixed and determinable and collection of the resulting receivable is reasonably assured. Generally, product revenues are recognized upon shipment under Ex-works terms, and include shipping and handling costs. Revenue from services is recognized as work is performed. Taxes collected from customers and remitted to governmental authorities are excluded from revenue on the net basis of accounting. Estimated returns and warranty costs are recorded at the time of sale. Sales of some inspection system products may require customer acceptance due to performance or other acceptance criteria included in the terms of sale. For these inspection system product sales, revenue is recognized at the time of customer acceptance. Our multiple deliverable arrangements typically include the sale of an inspection system or metrology product, related installation and training and, in some cases, an extended warranty. Revenue from installation and training are recognized as the services are provided. Revenue from extended warranties is recognized ratably over the warranty period. When a sale involves multiple elements, revenue is allocated to each respective element at inception of an arrangement using the relative selling price method. Selling price is determined based on a selling price hierarchy, consisting of vendor specific objective evidence (VSOE), third party evidence or estimated selling price. Management’s best estimate of the selling price of an inspection system and metrology products is based on the cost of the product and a reasonable margin based on geographic location and competitive market conditions. We use VSOE to establish fair value for extended warranty, installation and training services. If VSOE is not available to establish fair value for extended warranty, installation and training services, we estimate a selling price based on the cost-build-up for the particular service and a reasonable gross margin. Costs related to products delivered are recognized in the period revenue is recognized. Cost of revenues consists primarily of direct labor, manufacturing overhead, materials and components and excludes amortization of intangible assets. Foreign Currency Translation Financial position and results of operations of our international subsidiaries are measured using local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year-end. Statements of operations accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a cumulative translation adjustment in stockholders’ equity. Foreign Currency Transactions Foreign currency transaction gains and losses are included in interest income and other income (expense), net in the statement of operations. We recognized a foreign currency transaction gain o f $ 2018 $177,000 in 2017 . Research and Development Research and development (R&D) costs, including software development, are expensed when incurred. Software development costs are required to be expensed until the point that technological feasibility and proven marketability of the product are established; costs otherwise capitalizable after such point also are expensed because they are insignificant. All other R&D costs are expensed as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. Advertising Costs We expense all advertising costs as incurred. Advertising expense incurred was $314,000 in 2018 $400,000 in 2017 . Warranty Costs We provide for the estimated cost of product warranties, which cover products for periods ranging from one three years at the time revenue is recognized. Income Taxes We evaluate uncertain tax positions using the “more likely than not” threshold (i.e., a likelihood of occurrence greater than fifty Only the portion of the unrecognized tax benefit that is expected to be paid within one one Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the financial reporting and tax bases of assets and liabilities. Income tax expense is the sum of the tax currently payable and the change in the deferred tax assets and liabilities during the period, excluding changes in deferred tax assets recorded to goodwill. Valuation allowances are established when, in the opinion of management, there is uncertainty that some portion or all of the deferred tax assets will not be realized. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on all positive and negative evidence. Net Income Per Share Basic net income per basic share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Net income per diluted share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our employee stock purchase plan, as calculated using the treasury stock method. Common equivalent shares are excluded from the calculation of net income per diluted share if their effect is anti-dilutive. Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. Share-Based Compensation All share-based payments to employees, including grants of stock options, are required to be recognized as an expense in our consolidated statements of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options has been determined using the Black-Scholes model. We account for the impact of forfeitures related to employee share-based payment arrangements when the forfeitures occur. We have classified employee share based compensation within our consolidated statement of operations in the same manner as our cash based employee compensation costs. See Note 6 ASU 2016 09 Improvements to Employee Share-Based Payment Accounting 2016 09 Related Party Transactions One $13,000 in 2018 $133,000 in 2017 Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (the "FASB") issued Topic 606 606 606 five 606 606 606 605 606 On January 1, 2017, we adopted ASU 2016-09, which impacted the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the consolidated statement of cash flows. At January 1, 2017, we had excess tax benefits from employee share-based payments that were not recognized because current taxes payable had not been reduced. Under the new standard, we are required to recognize the excess tax benefits regardless of whether or not they reduce income taxes payable in the current period. The new standard also requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in our statement of operations. Prior to our adoption of ASU 2016 09 $16,000 d On January 1, 2018, we adopted ASU 2016-01, which revises the accounting related to ( 1 2 2016 01 2016 01 2016 01 In February 2016, the FASB issued new lease accounting guidance, ASU 2016-02, Leases (b) to record a 2018 11 Leases (Topic 842 (ASU 2018 11 , which gives companies the option of applying the new standard at the adoption date, rather than retrospectively to the earliest period presented in the financial statements, with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We have chosen the option to apply the new standard at the adoption date and therefore we are not required to restate the financial statements of prior periods, nor will we be required to provide the disclosures required by Topic 842 approximate $2.6 million right-of-use asset, and an approximate $3.2 2016 02 2016 02 2016 02 In January 2017, the FASB issued guidance on simplifying the test for goodwill impairment, 2017 04 Simplifying the Test for Goodwill Impairment 2017 04 . Under the new standard, goodwill impairment would be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, but not in an amount in excess of the carrying value of goodwill. The new standard eliminates the requirement to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. ASU 2017 04 2017 04 In February 2018, the FASB issued ASU 2018 02 Reclassification of Tax Effects from Accumulated Other Comprehensive Income |
Revenue Recognition - Topic 606
Revenue Recognition - Topic 606 | 12 Months Ended |
Dec. 31, 2018 | |
REVENUE RECOGNITION - TOPIC 606 | |
REVENUE RECOGNITION - TOPIC 606 | NOTE 2 606 Change in Revenue Accounting Effective January 1, 2018, we adopted ASU 2014 9 Revenue from Contracts with Customers 606 606 606 605 Revenue Recognition The adoption of Topic 606 1 2 These changes increased our revenues in 2018 605 606 2018 38 Table of Contents Performance Obligations Our revenue performance obligations under Topic 606 2018 (In thousands) Revenues Percent of Revenues Revenue recognized over time $ 4,118 6 % Revenue recognized at a point in time 60,602 94 % $ 64,720 100 % See Note 12 Contract Balances Contract assets under Topic 606 The following summarizes our contract assets and contract liabilities: (In thousands) December 31, 2018 January 1, 2018 Contract assets, included in other current assets $ — $ — Contract liabilities, included in advance customer payments/other liabilities $ 366 $ 443 Changes in contract assets in the year ended December 31, 2018 resulted from unbilled amounts under sensor product arrangements in which revenue is recognized over time. Changes in contract liabilities primarily resulted from reclassification of beginning contract liabilities to revenue as performance obligations were satisfied or for cash received in advance and not recognized as revenue. See Note 8 Amounts reclassified from beginning contract liabilities to revenue in the year ended December 31, 2018 totaled $354,000 . Unsatisfied performance obligations are generally expected to be recognized as revenue over the next one three December 31, 2018 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
MARKETABLE SECURITIES [Abstract] | |
MARKETABLE SECURITIES | NOTE 3 – MARKETABLE SECURITIES Our investments in marketable securities are classified as available-for-sale and consist of the following: December 31, 2018 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,377 $ — $ (20 ) $ 3,357 Corporate debt securities and certificates of deposit 1,787 3 (5 ) 1,785 Asset backed securities 633 — (4 ) 629 Marketable securities – short-term $ 5,797 $ 3 $ (29 ) $ 5,771 Long-Term U.S. government and agency obligations $ 6,114 $ 10 $ (23 ) $ 6,101 Corporate debt securities and certificates of deposit 754 1 (3 ) 752 Asset backed securities 3,422 2 (15 ) 3,409 Equity security 42 18 — 60 Marketable securities – long-term $ 10,332 $ 31 $ (41 ) $ 10,322 December 31, 2017 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 4,381 $ — $ (13 ) $ 4,368 Corporate debt securities and certificates of deposit 1,792 — (4 ) 1,788 Asset backed securities 515 — (1 ) 514 Marketable securities – short-term $ 6,688 $ — $ (18 ) $ 6,670 Long-Term U.S. government and agency obligations $ 4,801 $ — $ (33 ) $ 4,768 Corporate debt securities and certificates of deposit 1,189 — (10 ) 1,179 Asset backed securities 3,045 — (16 ) 3,029 Equity security 42 55 — 97 Marketable securities – long-term $ 9,077 $ 55 $ (59 ) $ 9,073 In Unrealized Loss Position For Less Than 12 In Unrealized Loss Position For Greater Than 12 (In thousands) Fair Value Gross Unrealized Fair Value Gross Unrealized Losses December 31, 2018 U.S. government and agency obligations $ 1,548 $ (4 ) $ 4,608 $ (39 ) Corporate debt securities and certificates of deposit 250 — 1,178 (8 ) Asset backed securities 1,023 (3 ) 2,137 (16 ) Marketable securities $ 2,821 $ (7 ) $ 7,923 $ (63 ) December 31, 2017 U.S. government and agency obligations $ 5,593 $ (29 ) $ 3,543 $ (17 ) Corporate debt securities and certificates of deposit 478 (2 ) 1,991 (12 ) Asset backed securities 2,312 (9 ) 1,232 (8 ) Marketable securities $ 8,383 $ (40 ) $ 6,766 $ (37 ) On January 1, 2018, we adopted ASU 2016-01, which requires us to recognize the change in fair value of our equity security in net income rather than in comprehensive income. See Note 1 for additional information regarding our adoption of ASU 2016-01. in marketable debt securities all have maturities of less than years. at December 31, 2018 at December 31, 2017 We have determined that the net pre-tax unrealized losses for marketable debt securities at December 31, 2018 December 31, 2017 2017 We realized a gain of $3,000 from the sales of marketable securities in 2018. See Note 5 for additional information regarding the fair value of our investments in marketable securities. Investments in marketable securities classified as cash equivalents of $2.5 million at December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
COMPREHENSIVE INCOME (LOSS) [Abstract] | |
COMPREHENSIVE INCOME (LOSS) | NOTE 4 – COMPREHENSIVE INCOME (LOSS) Reclassification adjustments are made to avoid double counting for items included in comprehensive income (loss) that are also recorded as part of net income. Reclassifications and taxes related to items of other comprehensive income (loss) are as follows: Year Ended December 31, 2018 Year Ended December 31, 2017 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ (255 ) $ — $ (255 ) $ 738 $ (204 ) $ 534 Net changes related to available-for-sale securities: Unrealized gains (losses) 26 (5 ) 21 (3 ) — (3 ) Reclassification adjustments for gains included in interest income and other (3 ) — (3 ) — — — Total net changes related to available-for-sale securities 23 (5 ) 18 (3 ) — (3 ) Other comprehensive income (loss) $ (232 ) $ (5 ) $ (237 ) $ 735 $ (204 ) $ 531 At December 31, 2018 December 31, 2017 (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Accumulated Other Comprehensive Loss Balances at December 31, 2016 $ (1,928 ) $ (12 ) $ (1,940 ) Other comprehensive income (loss) before reclassifications 534 (3 ) 531 Reclassifications from accumulated other comprehensive loss — — — Net current period other comprehensive income (loss) 534 (3 ) 531 Balances at December 31, 2017 $ (1,394 ) $ (15 ) $ (1,409 ) Decrease related to adoption of ASU 2016-01 — (44 ) (44 ) Other comprehensive income (loss) before reclassifications (255 ) 21 (234 ) Reclassifications from accumulated other comprehensive loss — (3 ) (3 ) Net current period other comprehensive income (loss) (255 ) 18 (237 ) Balances at December 31, 2018 $ (1,649 ) $ (41 ) $ (1,690 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 5 – 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 two 1 2 3 December 31, 2018 December 31, 2017 41 Table of Contents Fair Value Measurements at December 31, 2018 (In thousands) Balance December 31, 2018 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 $ 9,458 $ — $ 9,458 $ — Corporate debt securities and certificates of deposit 2,537 — 2,537 — Asset backed securities 4,038 — 4,038 — Equity security 60 60 — — Total marketable securities $ 16,093 $ 60 $ 16,033 $ — Fair Value Measurements at December 31, 2017 Using (In thousands) Balance December 31, 2017 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 $ 9,136 $ — $ 9,136 $ — Corporate debt securities and certificates of deposit 2,967 — 2,967 — Asset backed securities 3,543 — 3,543 — Equity security 97 97 — — Total marketable securities $ 15,743 $ 97 $ 15,646 $ — During the years ended December 31, 2018 2017 three 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 carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets are subject to non-recurring fair value measurements if they are deemed impaired. We had no re-measurements of non-financial assets to fair value in 2018 2017 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 6 – SHARE-BASED COMPENSATION We have three Employee Stock Incentive Plan As of December 31, 2018 are shares Non-Employee Director Stock Plan As of December 31, 2018 60,000 shares of common stock reserved in the aggregate for issuance pursuant to future restricted share awards under our Non-Employee Director Stock Plan and 16,000 shares of common stock reserved in the aggregate for issuance pursuant to outstanding stock option awards under our Non-Employee Director Stock Plan. Under the terms of the plan, each non-employee director will automatically be granted 2,000 shares of our common stock on the date of each annual meeting at which such director is elected to serve on the board . At our May 11, 2017 annual meeting, our shareholders, upon recommendation of the Board of Directors, approved amendments to the Non-Employee Director Stock Plan that eliminated annual stock option grants for non-employee directors and provided for annual restricted share grants of 2,000 shares of common stock which vest in four On the date of our 2018 annual meeting, we issued a total of 8,000 shares of our common stock to our non-employee directors. The shares had an aggregate fair market value on the date of grant equal to $ 130,000 (grant date fair value of $ per share). As of December 31, 2018, 4,000 of these shares were vested. The aggregate fair value of the outstanding unvested shares based on the closing price of our common stock on December 31, 2018 was $71,000. On the date of our 2017 shares of our common stock to our non-employee directors. The shares had an aggregate fair market value on the date of grant equal to $167,000 (grant date fair value of $20.90 per share). Stock Option Activity The following is a summary of activity in stock options for 2018 Options Outstanding Weighted Average Exercise Price Per Share Outstanding, December 31, 2017 568,525 $ 10.24 Granted 52,850 19.46 Exercised (89,183 ) 7.94 Expired (500 ) 26.40 Forfeited (8,650 ) 14.10 Outstanding, December 31, 2018 523,042 $ 11.48 Exercisable, December 31, 2018 360,318 $ 9.40 The intrinsic value of an option is the amount by which the market price of the underlying common stock exceeds the option's exercise price. For options outstanding at December 31, 2018 , the weighted average remaining contractual term of all outstanding options was years and their aggregate intrinsic value was $ million. At December 31, 2018 , the weighted average remaining contractual term of options that were exercisable was 3.22 years million. The aggregate intrinsic value of stock options exercised was $ million in 2018 and $ in 2017 . We received proceeds from stock option exer cises of $ 2018 2017 2018 2017 The fair value of stock options granted to our employees and non-employee directors was estimated on the date of grant using the Black-Scholes model. The Black-Scholes valuation model incorporates ranges of assumptions that are disclosed in the table below. The risk-free interest rate is based on the United States Treasury yield curve at the time of grant with a remaining term equal to the expected life of the awards. We used historical experience to estimate the expected term, representing the length of time in years, that the options are expected to be outstanding. Expected volatility was computed based on historical fluctuations in the daily price of our common stock. For stock options granted in the two December 31, 2018 2018 2017 Risk-free interest rates 2.70% - 2.71% 2.14% - 2.15% Expected life in years 5.00 - 5.35 5.00 - 5.29 Expected volatility 52.79% - 53.68% 52.30% - 52.86% Dividend yield 0.00% 0.00% Weighted average fair value on grant date $9.59 $7.36 Restricted Shares and Restricted Stock Units Restricted shares are granted under our Non-Employee Director Stock Plan. Restricted stock units are granted under our Employee Stock Incentive Plan. There were 32,350 restricted shares and restricted stock units granted in 2018 2017 $ December 31, 2018 as $995,000. 2018 2017 The following is a summary of activity in restricted shares and restricted stock units for 2018 Non-vested restricted stock units Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2017 54,212 $ 14.86 Granted 32,350 18.67 Vested (30,151 ) 13.84 Forfeited — — Non-vested at December 31, 2018 56,411 $ 17.59 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 % to % of their compensation to be withheld through payroll deductions, up to a maximum of $ in each plan year, for the purchase of common stock at % of the lower of the market price on the first or last day of the offering period. Purchases under this plan were 16,403 shares in 2018 2017 . At our 2018 December 31, 2018 shares remain available for future issuance under this plan. Share-Based Compensation Information Pre-tax share-based compensation expense for 2018 2017 (In thousands) 2018 2017 Pre-tax share-based compensation expense $ 936 $ 895 Income tax benefits related to share-based compensation $ 329 $ 310 December 31, 2018 d is 2.96 ye In 2018 2017 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2018 | |
NET INCOME PER SHARE [Abstract] | |
NET INCOME PER SHARE | NOTE 7 – NET INCOME PER SHARE Net income per basic share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Net income per diluted share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our Employee Stock Purchase Plan, as calculated using the treasury stock method. Common equivalent shares are excluded from the calculation of net income per diluted share if their effect is anti-dilutive. The components of net income per basic and diluted share were as follows: (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/ 2018 Basic $ 2,827 7,028 $ 0.40 Dilutive effect of common equivalent shares — 180 (0.01 ) Dilutive $ 2,827 7,208 $ 0.39 (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/ 2017 Basic $ 1,312 6,946 $ 0.19 Dilutive effect of common equivalent shares — 129 — Dilutive $ 1,312 7,075 $ 0.19 Potentially dilutive shares excluded from the calculations of net income per diluted share due to their anti-dilutive effect were as follows: 258,000 shares in 2018 and 356,000 shares in 2017 . |
Other Financial Statement Data
Other Financial Statement Data | 12 Months Ended |
Dec. 31, 2018 | |
OTHER FINANCIAL STATEMENT DATA [Abstract] | |
OTHER FINANCIAL STATEMENT DATA | NOTE 8 – OTHER FINANCIAL STATEMENT DATA Inventories consist of the following: December 31, (In thousands) 2018 2017 Raw materials and purchased parts $ 8,821 $ 7,383 Work in process 2,446 1,666 Finished goods 4,896 5,344 Total inventories $ 16,163 $ 14,393 Equipment and leasehold improvements consist of the following: December 31, (In thousands) 2018 2017 Equipment $ 14,983 $ 14,088 Leasehold improvements 2,052 1,688 17,035 15,776 Accumulated depreciation and amortization (14,174 ) (13,469 ) $ 2,861 $ 2,307 Depreciation and amortization expense related to equipment and leasehold improvements was $1.3 million in 2018 2017 Intangible assets consist of the following: December 31, 2018 December 31, 2017 (In thousands) Gross Carrying Accumulated Amortization Net Gross Carrying Accumulated Amortization Net Patents $ 2,754 $ (2,533 ) $ 221 $ 2,687 $ (2,463 ) $ 224 Software 206 (141 ) 65 206 (111 ) 95 Marketing assets and customer relationships 101 (54 ) 47 101 (45 ) 56 Non-compete agreements 101 (101 ) — 101 (96 ) 5 $ 3,162 $ (2,829 ) $ 333 $ 3,095 $ (2,715 ) $ 380 Amortization expense in 2018 2017 as follows: Year Ended December 31, Weighted Avg. Remaining Life-Years at December 31, 2018 (In thousands) 2018 2017 Patents $ 113 $ 112 2.0 Software 30 29 2.2 Marketing assets and customer relationships 9 12 5.2 Non-compete agreements 5 25 - $ 157 $ 178 Amortization of patents has been classified as research and development expense in the accompanying consolidated statements of operations. Estimated aggregate amortization expense based on current intangible assets for the next five : $ in 2019 in 2020 in 2021 in 2022 in 2023 Accrued expenses consist of the following: December 31, (In thousands) 2018 2017 Wages and benefits $ 2,166 $ 1,328 Warranty liability 758 713 Income taxes payable 393 26 Other 251 218 $ 3,568 $ 2,285 Other liabilities consist of the following: December 31, (In thousands) 2018 2017 Deferred rent $ 521 $ — Warranty liability 31 54 Contract liabilities - Topic 606 73 — Deferred warranty revenue 4 34 $ 629 $ 88 See Note 2 for additional information related to contract liabilities under Topic 606. Warranty costs: We provide for the estimated cost of product warranties, which cover products for periods ranging from one three years A reconciliation of the changes in our estimated warranty liability is as follows: Year Ended December 31, (In thousands) 2018 2017 Balance at beginning of period $ 767 $ 790 Accrual for warranties 619 582 Warranty revision (34 ) 7 Settlements made during the period (563 ) (612 ) Balance at end of period 789 767 Current portion of estimated warranty liability (758 ) (713 ) Long-term estimated warranty liability $ 31 $ 54 Deferred warranty revenue: The current portion of our deferred warranty revenue is included as a component of advance customer payments. The long-term portion of our deferred warranty revenue is included as a component of other liabilities. A reconciliation of the changes in our deferred warranty revenue is as follows: Year Ended December 31, (In thousands) 2018 2017 Balance at beginning of period $ 259 $ 346 Revenue deferrals 376 357 Amortization of deferred revenue (417 ) (444 ) Total deferred warranty revenue 218 259 Current portion of deferred warranty revenue (214 ) (225 ) Long-term deferred warranty revenue $ 4 $ 34 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES Income before income taxes consists of the following: Year Ended December 31, (In thousands) 2018 2017 Sources of income (loss) before income taxes: United States $ 2,288 $ (120 ) Foreign 1,291 1,028 Total income before income taxes $ 3,579 $ 908 The provision (benefit) for income taxes consists of the following: Year Ended December 31, (In thousands) 2018 2017 Current: Federal $ — $ (164 ) State 31 30 Foreign 350 27 Total current $ 381 $ (107 ) Deferred: Federal $ 427 $ (744 ) State — 1 Foreign (56 ) 446 Total deferred $ 371 $ (297 ) Total provision (benefit) for income taxes $ 752 $ (404 ) A reconciliation of the statutory rate to the effective income tax rate is as follows: Year Ended December 31, 2018 2017 Federal statutory rate 21.0 % 34.0 % State income taxes, net of federal benefit 0.7 2.3 U.S. Subpart F income 0.4 1.6 Global Intangible Low Tax Income 6.1 — Share-based compensation (3.5 ) (19.8 ) Research and experimentation (R&D) credit (5.0 ) (13.9 ) Foreign rate difference 0.6 13.6 Changes to U.S. federal income tax law — (93.8 ) Valuation allowance (0.1 ) 26.1 Other, net 0.8 5.4 Effective tax rate 21.0 % (44.5 )% Our effective tax rate for 2018 by the Global Intangible Low Tax Income (GILTI) contained in the Tax Cuts and Jobs Act, which was enacted into law in December 2017, offset by the favorable benefits from U.S. federal R&D tax credits and excess tax benefits from employee share-based compensation. Our effective tax rate for 2017 was favorably impacted % due to a significant change in income tax law contained in the Tax Cuts and Jobs Act. Under the new tax law, the prior system of taxing U.S. corporations on the foreign earnings of their non-U.S. affiliates when such earnings were repatriated was replaced with a partial territorial system that provides a 100 A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows: Year Ended December 31, (In thousands) 2018 2017 Gross UTB balance at beginning of year $ 2,461 $ 1,757 Additions based on tax positions related to the current year 167 139 Additions for tax positions of prior years 14 603 Reductions for tax positions of prior years (100 ) (38 ) Reductions due to lapse of applicable statute of limitations — — Gross UTB balance at end of year $ 2,542 $ 2,461 Net UTB balance at end of year $ 477 $ 159 The ending net UTB results from adjusting the gross balance for items such as federal, state, and non-U.S. deferred items, interest and penalties, and deductible taxes. The increase in our net UTB balance as of December 31, 2018 was due to reclassification of a n on-U.S. deferred item that was previously recognized as a gross UTB in 2017 The gross UTB at December 31, 2018 and 2017, if recognized, would favorably impact our effective tax rate. We file income tax returns in the United States and various state and foreign jurisdictions. Our federal income tax returns for years after 2014 2014 2016 2015 2017 We presently anticipate that the outcome of these audits will not have a significant impact on our financial position or results of operations. Deferred tax assets and liabilities consist of the following: December 31, 2018 December 31, 2017 (In thousands) Assets Liabilities Assets Liabilities Equipment, leaseholds and intangible amortization, net $ 202 $ 448 $ 217 $ 387 Inventory allowances 573 — 563 — Accrued expenses 250 — 139 — Warranty accrual 170 — 165 — Deferred revenue 267 — 155 — Accounts receivable allowance 68 — 102 — Federal and state tax credits 4,021 — 3,818 — Federal and state net operating loss carry forwards 1,508 — 2,237 — Share-based compensation 314 — 289 — Other, net 54 — 50 — Subtotal 7,427 448 7,735 387 Valuation allowance (1,557 ) — (1,606 ) — Total deferred tax assets and liabilities $ 5,870 $ 448 $ 6,129 $ 387 We have significant deferred tax assets as a result of temporary differences between taxable income on our tax returns and U.S. GAAP income, research and development tax credit carry forwards and federal, state and foreign net operating loss carry forwards. A deferred tax asset generally represents future tax benefits to be received when temporary differences previously reported in our consolidated financial statements become deductible for income tax purposes, when net operating loss carry forwards could be 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. In analyzing the need for valuation allowances, we first considered our history of cumulative operating results for income tax purposes over the past three Our conclusions regarding the realizability of our deferred tax assets caused us to substantially reduce the valuation allowances recorded against our U.S. and Singapore based deferred tax assets in the fourth quarter of 2016 The remaining valuation allowances recorded against our deferred tax assets decreased by $49,000 in 2018 increased 2017 for federal and state R&D tax credit carry forwards and state net operating loss carry forwards that we do expect to use December 31, 2018 4.2 million that will begin to expire in 2019 5.8 million that will begin to expire in 2022 See Note 1 2016 09 Improvements to Employee Share-Based Payment Accounting Cash payments for income taxes, net of refunds received, were in 2018 i 2017 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
OPERATING LEASES [Abstract] | |
OPERATING LEASES | NOTE 10 – OPERATING LEASES We lease a 61,208 square foot mixed office and warehouse facility in Golden Valley, Minnesota. The lease has a term of 91 months and expires on July 31, 2026 . The lease contains a rent escalation clause, one t hree year . Rental expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. We are also required to pay insurance, property taxes and other operating expenses related to the leased facility. We lease a 19,805 square foot mixed office and warehouse facility in Singapore. The lease expires in July 2020 one As of December 31, 2018 , we also have operating leases in the United Kingdom and China, which expire in May 2023 and November 2020, respectively. Rent expense was $1.3 2018 $1.3 million in 2017 . At December 31, 2018 , the future minimum lease payments required under non-cancelable operating lease agreements are as follows: Year ending December 31, (In thousands) 2019 $ 1,095 2020 1,298 2021 1,049 2022 1,064 2023 1,080 2024 & Thereafter 3,049 Total $ 8,635 |
401(K) and Other Defined Contri
401(K) and Other Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2018 | |
401(K) AND OTHER DEFINED CONTRIBUTION PLANS [Abstract] | |
401(K) AND OTHER DEFINED CONTRIBUTION PLANS | NOTE 11 – 401 We have a retirement savings plan pursuant to Section 401 2018 and $304,000 in 2017 We also contribute to defined contribution retirement savings plans on behalf of our employees in the United Kingdom. We made contributions to these plans totaling $32,000 in 2018 $30,000 in 2017 |
Revenue Concentrations, Signifi
Revenue Concentrations, Significant Customers, and Geographic Areas | 12 Months Ended |
Dec. 31, 2018 | |
REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS [Abstract] | |
REVENUE CONCENETRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS | NOTE 12 – REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS The following summarizes our revenue by product line: (In thousands) 2018 2017 High Precision 3D and 2D Sensors $ 21,532 $ 17,079 Semiconductor Sensors 13,606 11,059 Inspection and Metrology Systems 29,582 25,195 Total $ 64,720 $ 53,333 Revenue from sales of high precision 3D and 2D sensors based on our 3D Multi-Reflection Suppression (MRS) technology was $7.9 million in 2018 and $4.4 million in 2017. Revenue from sales of inspection and metrology systems that incorporate our 3D MRS sensor technology was $13.3 million in 2018 and $10.0 million in 2017. The follo : (In thousands) Significant Customer Percentage of Revenues Year ended December 31, 2018 A 10 % B 10 % Year ended December 31, 2017 A 12 % As of December 31, 2018 Export sales as a percentag e of total sales was % in 2018 and 71% in 2017 Revenue by geographic area is summarized as follows: Year Ended December 31, (In thousands) 2018 2017 United States $ 18,355 $ 15,361 Netherlands 3,077 2,786 Other Europe 10,041 8,948 China 10,438 6,899 Singapore 2,948 4,424 South Korea 5,375 2,643 Japan 8,097 7,177 Other Asia 4,464 3,685 Other 1,925 1,410 Total revenues $ 64,720 $ 53,333 Long -lived assets include equipment and leasehold improvements and intangible and other assets attributable to each geographic area’s operations. Long-lived assets at December 31, 2018 2017 (In thousands) 2018 2017 Long-lived assets: United States $ 2,867 $ 2,348 Europe 2 4 Asia and other 326 335 Total long-lived assets $ 3,195 $ 2,687 |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2018 | |
SHARE REPURCHASES [Abstract] | |
SHARE REPURCHASES | NOTE 13 – SHARE REPURCHASES In October 2017, our Board of Directors adopted a program authorizing the purchase of up to $3.0 million of shares of our common stock. The program expired on September 30, 2018. In 2018, no shares were repurchased. In 2017, we spent $240,000 to repurchase 15,000 shares of our common stock. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | NOTE 14 – CONTINGENCIES We are periodically a defendant in miscellaneous lawsuits, claims and disputes in the ordinary course of business. While the outcome of these matters cannot be predicted with certainty, management presently believes the disposition of these matters will not have a material effect on our financial position, results of operations or cash flows. In the normal course of business to facilitate sales of our products and services, we at times indemnify other parties, including customers, with respect to certain matters. In these instances, we have agreed to hold the other parties harmless against losses arising out of intellectual property infringement or other types of claims. These agreements may limit the time within which an indemnification claim can be made, and almost always limit the amount of the claim. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made, if any, under these agreements have not had a material impact on our operating results, financial position or cash flows. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUTDITED) | NOTE 15 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (In thousands, except per share amount s ) 2018 March 31 June 30 September 30 December 31, Total Revenues $ 14,120 $ 15,854 $ 16,683 $ 18,063 $ 64,720 Gross margin 6,219 7,264 7,436 7,692 28,611 Income (loss) from operations (318 ) 875 1,329 1,473 3,359 Net income (loss) (173 ) 740 1,067 1,193 2,827 Net income (loss) per share - Basic ( 1 (0.02 ) 0.11 0.15 0.17 0.40 Net income (loss) per share - Diluted ( 1 (0.02 ) 0.10 0.15 0.16 0.39 2017 March 31 June 30 September 30 December 31, Total Revenues $ 11,920 $ 16,409 $ 11,828 $ 13,176 $ 53,333 Gross margin 5,398 7,733 5,592 6,037 24,760 Income (loss) from operations (539 ) 1,662 (163 ) 55 1,015 Net income (loss) (214 ) 1,095 (72 ) 503 1,312 Net income (loss) per share - Basic ( 1 (0.03 ) 0.16 (0.01 ) 0.07 0.19 Net income (loss) per share - Diluted ( 1 (0.03 ) 0.15 (0.01 ) 0.07 0.19 ( 1 The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Business Description And Sign_2
Business Description And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of CyberOptics Corporation and its wholly-owned subsidiaries. In these notes to the consolidated financial statements, these companies are collectively referred to as “CyberOptics,” “we,” “us,” or “our.” All significant inter-company accounts and transactions have been eliminated in consolidation. |
Segment Reporting | Segment Reporting We operate in a single reportable segment that includes the design, development and manufacture of high precision sensing technology solutions. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 |
Marketable Securities | Marketable Securities All marketable securities are classified as available-for-sale and consist of U.S. government and agency backed obligations, certificates of deposit, corporate debt instruments, asset backed securities or equity securities. Marketable securities are classified as short-term or long-term in the consolidated balance sheet based on their maturity date and expectations regarding sales. Available-for-sale securities are carried at fair value. Unrealized gains and losses for marketable debt securities are reported as a separate component of stockholders’ equity until realized. Unrealized gains and losses for marketable equity securities are recognized in net income. Fair values are primarily determined using quoted market prices. The carrying amounts of securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of securities sold is also determined by specific identification. We monitor the carrying value of our marketable debt securities compared to their fair value to determine whether an other-than-temporary impairment has occurred. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. If a decline in fair value of our marketable debt securities is determined to be other-than-temporary, an impairment charge related to that specific investment is recorded in net income. See Recent Accounting Developments for additional information related to our adoption of Accounting Standards Update ( ASU) 2016 01 Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016 01 Cash and marketable securities held by foreign subsidiaries totaled $362,000 at December 31, 2018 and $ 187,000 December 31, 2017 . |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out (FIFO) method. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. Demonstration inventories are stated at cost less accumulated amortization, generally based on a 36 month useful life. Accumulated amortization for demonstration inventories totaled $1.9 million at December 31, 2018 and $1.5 million at December 31, 2017 . |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts We extend unsecured credit to our customers in the normal course of business. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of our customers to make required payments. In making the determination of the appropriate allowance for doubtful accounts, we consider specific accounts, historical write-offs, changes in customer relationships and credit worthiness and concentrations of credit risk. Specific accounts receivable are written-off once a determination is made that the account is uncollectible. |
Equipment and Leasehold Improvements | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance are charged to expense as incurred. In-progress costs are capitalized with depreciation beginning when assets are placed in service. Depreciation is recorded using the straight-line method over the estimated useful lives of the equipment, ranging from one seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the asset useful life or the underlying lease term, ranging from one eight years. Gains or losses on dispositions are included in current operations. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. We have determined that we have one reporting unit. We evaluate the carrying value of goodwill annually on December 31 1 2 3 two On December 31, 2018 and 2017 2018 2017 |
Patents | Patents Patents consist of legal and patent registration costs for protection of our proprietary technology. We amortize patent costs on a straight-line basis, based upon their estimated life. |
Long Lived Assets | Long Lived Assets Intangible assets subject to amortization and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, we adopted ASU 2014 9 Revenue from Contracts with Customers 606 606 606 2017 605 Revenue Recognition 605 2 606 Revenue Accounting - Topic 606 Under Topic 606 606 Sales involving multiple performance obligations typically include the sale of an inspection system or metrology product, installation and training, and in some cases, an extended warranty. When a sale involves multiple performance obligations, we account for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service are separately identifiable from other promises in the arrangement. 7 Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue for products and services transferred to customers at a point in time is recognized when obligations under the terms of the contract with our customer are satisfied; generally with the transfer of control upon shipment. Sales of some products may require customer acceptance due to performance or other acceptance criteria that is considered more than a formality. For these product sales, revenue is recognized upon notification of customer acceptance. Periodically For these arrangements, control is transferred over the manufacturing process; therefore, revenue is recognized over time utilizing an input method based on actual costs incurred in the manufacturing process to date relative to total expected production costs. For certain longer duration 3 These arrangements create an asset with no alternative use and include an enforceable right to payment. For these arrangements, control is transferred over the hours incurred to complete the scanning project; therefore, revenue is recognized over time utilizing an input method based on actual hours incurred relative to total projected project hours. For maintenance and extended warranty contracts, revenue is recognized over time on a straight-line basis over the term of the contract as the customer simultaneously receives and consumes the benefits of the coverage. Accounting for contracts recognized over time under Topic 606 Practical Expedients - Topic 606 We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, primarily consisting of product installation and training. We do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Revenue Accounting - Topic 605 Prior to January 1, 2018, revenue from all customers, including distributors, is recognized when all significant contractual obligations have been satisfied, pricing is fixed and determinable and collection of the resulting receivable is reasonably assured. Generally, product revenues are recognized upon shipment under Ex-works terms, and include shipping and handling costs. Revenue from services is recognized as work is performed. Taxes collected from customers and remitted to governmental authorities are excluded from revenue on the net basis of accounting. Estimated returns and warranty costs are recorded at the time of sale. Sales of some inspection system products may require customer acceptance due to performance or other acceptance criteria included in the terms of sale. For these inspection system product sales, revenue is recognized at the time of customer acceptance. Our multiple deliverable arrangements typically include the sale of an inspection system or metrology product, related installation and training and, in some cases, an extended warranty. Revenue from installation and training are recognized as the services are provided. Revenue from extended warranties is recognized ratably over the warranty period. When a sale involves multiple elements, revenue is allocated to each respective element at inception of an arrangement using the relative selling price method. Selling price is determined based on a selling price hierarchy, consisting of vendor specific objective evidence (VSOE), third party evidence or estimated selling price. Management’s best estimate of the selling price of an inspection system and metrology products is based on the cost of the product and a reasonable margin based on geographic location and competitive market conditions. We use VSOE to establish fair value for extended warranty, installation and training services. If VSOE is not available to establish fair value for extended warranty, installation and training services, we estimate a selling price based on the cost-build-up for the particular service and a reasonable gross margin. Costs related to products delivered are recognized in the period revenue is recognized. Cost of revenues consists primarily of direct labor, manufacturing overhead, materials and components and excludes amortization of intangible assets. |
Foreign Currency Translation And Transactions | Foreign Currency Translation Financial position and results of operations of our international subsidiaries are measured using local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year-end. Statements of operations accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a cumulative translation adjustment in stockholders’ equity. Foreign Currency Transactions Foreign currency transaction gains and losses are included in interest income and other income (expense), net in the statement of operations. We recognized a foreign currency transaction gain o f $ 2018 $177,000 in 2017 . |
Research and Development | Research and Development Research and development (R&D) costs, including software development, are expensed when incurred. Software development costs are required to be expensed until the point that technological feasibility and proven marketability of the product are established; costs otherwise capitalizable after such point also are expensed because they are insignificant. All other R&D costs are expensed as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. |
Advertising Costs | Advertising Costs We expense all advertising costs as incurred. Advertising expense incurred was $314,000 in 2018 $400,000 in 2017 . |
Warranty Costs | Warranty Costs We provide for the estimated cost of product warranties, which cover products for periods ranging from one three years at the time revenue is recognized. |
Income Taxes | Income Taxes We evaluate uncertain tax positions using the “more likely than not” threshold (i.e., a likelihood of occurrence greater than fifty Only the portion of the unrecognized tax benefit that is expected to be paid within one one Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the financial reporting and tax bases of assets and liabilities. Income tax expense is the sum of the tax currently payable and the change in the deferred tax assets and liabilities during the period, excluding changes in deferred tax assets recorded to goodwill. Valuation allowances are established when, in the opinion of management, there is uncertainty that some portion or all of the deferred tax assets will not be realized. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on all positive and negative evidence. |
Net Income Per Share | Net Income Per Share Basic net income per basic share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Net income per diluted share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our employee stock purchase plan, as calculated using the treasury stock method. Common equivalent shares are excluded from the calculation of net income per diluted share if their effect is anti-dilutive. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. |
Share-Based Compensation | Share-Based Compensation All share-based payments to employees, including grants of stock options, are required to be recognized as an expense in our consolidated statements of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options has been determined using the Black-Scholes model. We account for the impact of forfeitures related to employee share-based payment arrangements when the forfeitures occur. We have classified employee share based compensation within our consolidated statement of operations in the same manner as our cash based employee compensation costs. See Note 6 ASU 2016 09 Improvements to Employee Share-Based Payment Accounting 2016 09 |
Related Party Transactions | Related Party Transactions One $13,000 in 2018 $133,000 in 2017 |
Recent Accounting Developments | Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (the "FASB") issued Topic 606 606 606 five 606 606 606 605 606 On January 1, 2017, we adopted ASU 2016-09, which impacted the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the consolidated statement of cash flows. At January 1, 2017, we had excess tax benefits from employee share-based payments that were not recognized because current taxes payable had not been reduced. Under the new standard, we are required to recognize the excess tax benefits regardless of whether or not they reduce income taxes payable in the current period. The new standard also requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in our statement of operations. Prior to our adoption of ASU 2016 09 $16,000 d On January 1, 2018, we adopted ASU 2016-01, which revises the accounting related to ( 1 2 2016 01 2016 01 2016 01 In February 2016, the FASB issued new lease accounting guidance, ASU 2016-02, Leases (b) to record a 2018 11 Leases (Topic 842 (ASU 2018 11 , which gives companies the option of applying the new standard at the adoption date, rather than retrospectively to the earliest period presented in the financial statements, with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We have chosen the option to apply the new standard at the adoption date and therefore we are not required to restate the financial statements of prior periods, nor will we be required to provide the disclosures required by Topic 842 approximate $2.6 million right-of-use asset, and an approximate $3.2 2016 02 2016 02 2016 02 In January 2017, the FASB issued guidance on simplifying the test for goodwill impairment, 2017 04 Simplifying the Test for Goodwill Impairment 2017 04 . Under the new standard, goodwill impairment would be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, but not in an amount in excess of the carrying value of goodwill. The new standard eliminates the requirement to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. ASU 2017 04 2017 04 In February 2018, the FASB issued ASU 2018 02 Reclassification of Tax Effects from Accumulated Other Comprehensive Income |
Revenue Recognition - Topic 6_2
Revenue Recognition - Topic 606 (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
REVENUE RECOGNITION - TOPIC 606 | |
Summary of revenue performance obligations | The following is a summary of our revenue performance obligations for 2018 (In thousands) Revenues Percent of Revenues Revenue recognized over time $ 4,118 6 % Revenue recognized at a point in time 60,602 94 % $ 64,720 100 % |
Summary of contract assets and contract liabilities | The following summarizes our contract assets and contract liabilities: (In thousands) December 31, 2018 January 1, 2018 Contract assets, included in other current assets $ — $ — Contract liabilities, included in advance customer payments/other liabilities $ 366 $ 443 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
MARKETABLE SECURITIES [Abstract] | |
Schedule of Marketable Securities | Our investments in marketable securities are classified as available-for-sale and consist of the following: December 31, 2018 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,377 $ — $ (20 ) $ 3,357 Corporate debt securities and certificates of deposit 1,787 3 (5 ) 1,785 Asset backed securities 633 — (4 ) 629 Marketable securities – short-term $ 5,797 $ 3 $ (29 ) $ 5,771 Long-Term U.S. government and agency obligations $ 6,114 $ 10 $ (23 ) $ 6,101 Corporate debt securities and certificates of deposit 754 1 (3 ) 752 Asset backed securities 3,422 2 (15 ) 3,409 Equity security 42 18 — 60 Marketable securities – long-term $ 10,332 $ 31 $ (41 ) $ 10,322 December 31, 2017 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 4,381 $ — $ (13 ) $ 4,368 Corporate debt securities and certificates of deposit 1,792 — (4 ) 1,788 Asset backed securities 515 — (1 ) 514 Marketable securities – short-term $ 6,688 $ — $ (18 ) $ 6,670 Long-Term U.S. government and agency obligations $ 4,801 $ — $ (33 ) $ 4,768 Corporate debt securities and certificates of deposit 1,189 — (10 ) 1,179 Asset backed securities 3,045 — (16 ) 3,029 Equity security 42 55 — 97 Marketable securities – long-term $ 9,077 $ 55 $ (59 ) $ 9,073 |
Schedule of Unrealized Loss Position | In Unrealized Loss Position For Less Than 12 In Unrealized Loss Position For Greater Than 12 (In thousands) Fair Value Gross Unrealized Fair Value Gross Unrealized Losses December 31, 2018 U.S. government and agency obligations $ 1,548 $ (4 ) $ 4,608 $ (39 ) Corporate debt securities and certificates of deposit 250 — 1,178 (8 ) Asset backed securities 1,023 (3 ) 2,137 (16 ) Marketable securities $ 2,821 $ (7 ) $ 7,923 $ (63 ) December 31, 2017 U.S. government and agency obligations $ 5,593 $ (29 ) $ 3,543 $ (17 ) Corporate debt securities and certificates of deposit 478 (2 ) 1,991 (12 ) Asset backed securities 2,312 (9 ) 1,232 (8 ) Marketable securities $ 8,383 $ (40 ) $ 6,766 $ (37 ) |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
COMPREHENSIVE INCOME (LOSS) [Abstract] | |
The Effect of the Reclassification from Comprehensive Income (Loss) to Earnings | Reclassifications and taxes related to items of other comprehensive income (loss) are as follows: Year Ended December 31, 2018 Year Ended December 31, 2017 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ (255 ) $ — $ (255 ) $ 738 $ (204 ) $ 534 Net changes related to available-for-sale securities: Unrealized gains (losses) 26 (5 ) 21 (3 ) — (3 ) Reclassification adjustments for gains included in interest income and other (3 ) — (3 ) — — — Total net changes related to available-for-sale securities 23 (5 ) 18 (3 ) — (3 ) Other comprehensive income (loss) $ (232 ) $ (5 ) $ (237 ) $ 735 $ (204 ) $ 531 |
Schedule of Accumulated Other Comprehensive Loss | At December 31, 2018 December 31, 2017 (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Accumulated Other Comprehensive Loss Balances at December 31, 2016 $ (1,928 ) $ (12 ) $ (1,940 ) Other comprehensive income (loss) before reclassifications 534 (3 ) 531 Reclassifications from accumulated other comprehensive loss — — — Net current period other comprehensive income (loss) 534 (3 ) 531 Balances at December 31, 2017 $ (1,394 ) $ (15 ) $ (1,409 ) Decrease related to adoption of ASU 2016-01 — (44 ) (44 ) Other comprehensive income (loss) before reclassifications (255 ) 21 (234 ) Reclassifications from accumulated other comprehensive loss — (3 ) (3 ) Net current period other comprehensive income (loss) (255 ) 18 (237 ) Balances at December 31, 2018 $ (1,649 ) $ (41 ) $ (1,690 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value Measurements for Marketable Securities and Foreign Exchange Forward Contracts | The following provides information regarding fair value measurements for our marketable securities as of December 31, 2018 December 31, 2017 Fair Value Measurements at December 31, 2018 (In thousands) Balance December 31, 2018 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 $ 9,458 $ — $ 9,458 $ — Corporate debt securities and certificates of deposit 2,537 — 2,537 — Asset backed securities 4,038 — 4,038 — Equity security 60 60 — — Total marketable securities $ 16,093 $ 60 $ 16,033 $ — Fair Value Measurements at December 31, 2017 Using (In thousands) Balance December 31, 2017 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 $ 9,136 $ — $ 9,136 $ — Corporate debt securities and certificates of deposit 2,967 — 2,967 — Asset backed securities 3,543 — 3,543 — Equity security 97 97 — — Total marketable securities $ 15,743 $ 97 $ 15,646 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SHARE-BASED COMPENSATION [Abstract] | |
Schedule Of Stock Option Activity | The following is a summary of activity in stock options for 2018 Options Outstanding Weighted Average Exercise Price Per Share Outstanding, December 31, 2017 568,525 $ 10.24 Granted 52,850 19.46 Exercised (89,183 ) 7.94 Expired (500 ) 26.40 Forfeited (8,650 ) 14.10 Outstanding, December 31, 2018 523,042 $ 11.48 Exercisable, December 31, 2018 360,318 $ 9.40 |
Schedule Of Stock Option Valuation Assumptions | For stock options granted in the two December 31, 2018 2018 2017 Risk-free interest rates 2.70% - 2.71% 2.14% - 2.15% Expected life in years 5.00 - 5.35 5.00 - 5.29 Expected volatility 52.79% - 53.68% 52.30% - 52.86% Dividend yield 0.00% 0.00% Weighted average fair value on grant date $9.59 $7.36 |
Schedule Of Non-Vested Restricted Stock Activity | The following is a summary of activity in restricted shares and restricted stock units for 2018 Non-vested restricted stock units Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2017 54,212 $ 14.86 Granted 32,350 18.67 Vested (30,151 ) 13.84 Forfeited — — Non-vested at December 31, 2018 56,411 $ 17.59 |
Summary Of Pre-tax Equity Based Compensation Expense | (In thousands) 2018 2017 Pre-tax share-based compensation expense $ 936 $ 895 Income tax benefits related to share-based compensation $ 329 $ 310 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
NET INCOME PER SHARE [Abstract] | |
Schedule of Net Income Per Basic and Diluted Shares | The components of net income per basic and diluted share were as follows: (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/ 2018 Basic $ 2,827 7,028 $ 0.40 Dilutive effect of common equivalent shares — 180 (0.01 ) Dilutive $ 2,827 7,208 $ 0.39 (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/ 2017 Basic $ 1,312 6,946 $ 0.19 Dilutive effect of common equivalent shares — 129 — Dilutive $ 1,312 7,075 $ 0.19 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER FINANCIAL STATEMENT DATA [Abstract] | |
Schedule of Inventory Components | Inventories consist of the following: December 31, (In thousands) 2018 2017 Raw materials and purchased parts $ 8,821 $ 7,383 Work in process 2,446 1,666 Finished goods 4,896 5,344 Total inventories $ 16,163 $ 14,393 |
Schedule of Equipment and Leasehold Improvements | Equipment and leasehold improvements consist of the following: December 31, (In thousands) 2018 2017 Equipment $ 14,983 $ 14,088 Leasehold improvements 2,052 1,688 17,035 15,776 Accumulated depreciation and amortization (14,174 ) (13,469 ) $ 2,861 $ 2,307 |
Schedule of Intangible Assets | Intangible assets consist of the following: December 31, 2018 December 31, 2017 (In thousands) Gross Carrying Accumulated Amortization Net Gross Carrying Accumulated Amortization Net Patents $ 2,754 $ (2,533 ) $ 221 $ 2,687 $ (2,463 ) $ 224 Software 206 (141 ) 65 206 (111 ) 95 Marketing assets and customer relationships 101 (54 ) 47 101 (45 ) 56 Non-compete agreements 101 (101 ) — 101 (96 ) 5 $ 3,162 $ (2,829 ) $ 333 $ 3,095 $ (2,715 ) $ 380 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense in 2018 2017 as follows: Year Ended December 31, Weighted Avg. Remaining Life-Years at December 31, 2018 (In thousands) 2018 2017 Patents $ 113 $ 112 2.0 Software 30 29 2.2 Marketing assets and customer relationships 9 12 5.2 Non-compete agreements 5 25 - $ 157 $ 178 |
Schedule of Accrued Expenses | Accrued expenses consist of the following: December 31, (In thousands) 2018 2017 Wages and benefits $ 2,166 $ 1,328 Warranty liability 758 713 Income taxes payable 393 26 Other 251 218 $ 3,568 $ 2,285 |
Other Noncurrent Liabilities | Other liabilities consist of the following: December 31, (In thousands) 2018 2017 Deferred rent $ 521 $ — Warranty liability 31 54 Contract liabilities - Topic 606 73 — Deferred warranty revenue 4 34 $ 629 $ 88 |
Schedule of Changes in Estimated Warranty Liability | A reconciliation of the changes in our estimated warranty liability is as follows: Year Ended December 31, (In thousands) 2018 2017 Balance at beginning of period $ 767 $ 790 Accrual for warranties 619 582 Warranty revision (34 ) 7 Settlements made during the period (563 ) (612 ) Balance at end of period 789 767 Current portion of estimated warranty liability (758 ) (713 ) Long-term estimated warranty liability $ 31 $ 54 |
Schedule of Changes in Deferred Warranty Revenue | A reconciliation of the changes in our deferred warranty revenue is as follows: Year Ended December 31, (In thousands) 2018 2017 Balance at beginning of period $ 259 $ 346 Revenue deferrals 376 357 Amortization of deferred revenue (417 ) (444 ) Total deferred warranty revenue 218 259 Current portion of deferred warranty revenue (214 ) (225 ) Long-term deferred warranty revenue $ 4 $ 34 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
INCOME TAXES [Abstract] | |
Schedule Of Income Before Income Taxes | Income before income taxes consists of the following: Year Ended December 31, (In thousands) 2018 2017 Sources of income (loss) before income taxes: United States $ 2,288 $ (120 ) Foreign 1,291 1,028 Total income before income taxes $ 3,579 $ 908 |
Schedule Of Provision (Benefit) For Income Taxes | The provision (benefit) for income taxes consists of the following: Year Ended December 31, (In thousands) 2018 2017 Current: Federal $ — $ (164 ) State 31 30 Foreign 350 27 Total current $ 381 $ (107 ) Deferred: Federal $ 427 $ (744 ) State — 1 Foreign (56 ) 446 Total deferred $ 371 $ (297 ) Total provision (benefit) for income taxes $ 752 $ (404 ) |
Schedule Of A Reconciliation Of The Statutory Rate To The Effective Income Tax Rate | A reconciliation of the statutory rate to the effective income tax rate is as follows: Year Ended December 31, 2018 2017 Federal statutory rate 21.0 % 34.0 % State income taxes, net of federal benefit 0.7 2.3 U.S. Subpart F income 0.4 1.6 Global Intangible Low Tax Income 6.1 — Share-based compensation (3.5 ) (19.8 ) Research and experimentation (R&D) credit (5.0 ) (13.9 ) Foreign rate difference 0.6 13.6 Changes to U.S. federal income tax law — (93.8 ) Valuation allowance (0.1 ) 26.1 Other, net 0.8 5.4 Effective tax rate 21.0 % (44.5 )% |
Summary Of A Reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits ("UTB") | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows: Year Ended December 31, (In thousands) 2018 2017 Gross UTB balance at beginning of year $ 2,461 $ 1,757 Additions based on tax positions related to the current year 167 139 Additions for tax positions of prior years 14 603 Reductions for tax positions of prior years (100 ) (38 ) Reductions due to lapse of applicable statute of limitations — — Gross UTB balance at end of year $ 2,542 $ 2,461 Net UTB balance at end of year $ 477 $ 159 |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities consist of the following: December 31, 2018 December 31, 2017 (In thousands) Assets Liabilities Assets Liabilities Equipment, leaseholds and intangible amortization, net $ 202 $ 448 $ 217 $ 387 Inventory allowances 573 — 563 — Accrued expenses 250 — 139 — Warranty accrual 170 — 165 — Deferred revenue 267 — 155 — Accounts receivable allowance 68 — 102 — Federal and state tax credits 4,021 — 3,818 — Federal and state net operating loss carry forwards 1,508 — 2,237 — Share-based compensation 314 — 289 — Other, net 54 — 50 — Subtotal 7,427 448 7,735 387 Valuation allowance (1,557 ) — (1,606 ) — Total deferred tax assets and liabilities $ 5,870 $ 448 $ 6,129 $ 387 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OPERATING LEASES [Abstract] | |
Schedule Of Future Minimum Lease Payments Required Under Non-cancelable Operating Lease Agreements | At December 31, 2018 , the future minimum lease payments required under non-cancelable operating lease agreements are as follows: Year ending December 31, (In thousands) 2019 $ 1,095 2020 1,298 2021 1,049 2022 1,064 2023 1,080 2024 & Thereafter 3,049 Total $ 8,635 |
Revenue Concentrations, Signi_2
Revenue Concentrations, Significant Customers, and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS [Abstract] | |
Summary Of Revenue By Product Line | The following summarizes our revenue by product line: (In thousands) 2018 2017 High Precision 3D and 2D Sensors $ 21,532 $ 17,079 Semiconductor Sensors 13,606 11,059 Inspection and Metrology Systems 29,582 25,195 Total $ 64,720 $ 53,333 |
Summary Of Certain Significant Customer Information | The follo : (In thousands) Significant Customer Percentage of Revenues Year ended December 31, 2018 A 10 % B 10 % Year ended December 31, 2017 A 12 % |
Schedule Of Revenue By Geographic Area | Revenue by geographic area is summarized as follows: Year Ended December 31, (In thousands) 2018 2017 United States $ 18,355 $ 15,361 Netherlands 3,077 2,786 Other Europe 10,041 8,948 China 10,438 6,899 Singapore 2,948 4,424 South Korea 5,375 2,643 Japan 8,097 7,177 Other Asia 4,464 3,685 Other 1,925 1,410 Total revenues $ 64,720 $ 53,333 |
Schedule Of Long-lived Assets Attributable To Each Geographic Area's Operations | Long-lived assets at December 31, 2018 2017 (In thousands) 2018 2017 Long-lived assets: United States $ 2,867 $ 2,348 Europe 2 4 Asia and other 326 335 Total long-lived assets $ 3,195 $ 2,687 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |
Quarterly Financial Information | 2018 March 31 June 30 September 30 December 31, Total Revenues $ 14,120 $ 15,854 $ 16,683 $ 18,063 $ 64,720 Gross margin 6,219 7,264 7,436 7,692 28,611 Income (loss) from operations (318 ) 875 1,329 1,473 3,359 Net income (loss) (173 ) 740 1,067 1,193 2,827 Net income (loss) per share - Basic ( 1 (0.02 ) 0.11 0.15 0.17 0.40 Net income (loss) per share - Diluted ( 1 (0.02 ) 0.10 0.15 0.16 0.39 2017 March 31 June 30 September 30 December 31, Total Revenues $ 11,920 $ 16,409 $ 11,828 $ 13,176 $ 53,333 Gross margin 5,398 7,733 5,592 6,037 24,760 Income (loss) from operations (539 ) 1,662 (163 ) 55 1,015 Net income (loss) (214 ) 1,095 (72 ) 503 1,312 Net income (loss) per share - Basic ( 1 (0.03 ) 0.16 (0.01 ) 0.07 0.19 Net income (loss) per share - Diluted ( 1 (0.03 ) 0.15 (0.01 ) 0.07 0.19 ( 1 The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Business Description And Sign_3
Business Description And Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)reporting_unit | Dec. 31, 2017USD ($) | |
Business Description And Significant Accounting Policies [Line Items] | ||
Cash held in foreign accounts | $ 362,000 | $ 187,000 |
Demonstration inventory useful life (in months) | 36 months | |
Accumulated amortization for demonstration inventories | $ 14,174,000 | 13,469,000 |
Number of reporting units | reporting_unit | 1 | |
Goodwill impairment | $ 0 | 0 |
Maximum period in which accounts receivable become due | 90 days | |
Recognized foreign currency transactions gain (loss) | $ 72,000 | (177,000) |
Advertising expense | $ 314,000 | 400,000 |
Minimum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 1 year | |
Warranty period | 1 year | |
Warranty period (in years) | 1 year | |
Maximum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 7 years | |
Warranty period | 3 years | |
Warranty period (in years) | 3 years | |
Demonstration Inventories [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Accumulated amortization for demonstration inventories | $ 1,900,000 | 1,500,000 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 1 year | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 8 years | |
Key Tronic Corporation [Member] | Affiliated Entity [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Sales to related party | $ 13,000 | $ 133,000 |
Business Description And Sign_4
Business Description And Significant Accounting Policies (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | $ 18,063,000 | $ 16,683,000 | $ 15,854,000 | $ 14,120,000 | $ 13,176,000 | $ 11,828,000 | $ 16,409,000 | $ 11,920,000 | $ 64,720,000 | $ 53,333,000 | ||||
Net income | 1,193,000 | $ 1,067,000 | $ 740,000 | $ (173,000) | 503,000 | $ (72,000) | $ 1,095,000 | $ (214,000) | 2,827,000 | 1,312,000 | ||||
Retained earnings | 22,264,000 | 19,611,000 | 22,264,000 | 19,611,000 | ||||||||||
Common stock | 35,637,000 | 34,080,000 | 35,637,000 | 34,080,000 | ||||||||||
Deferred tax assets | 5,422,000 | 5,742,000 | 5,422,000 | 5,742,000 | ||||||||||
Accumulated other comprehensive loss | $ (1,690,000) | $ (1,409,000) | (1,690,000) | $ (1,409,000) | $ (1,940,000) | |||||||||
ASU 2016-09 [Member] | Restatement Adjustment [Member] | Recognition of the deferred tax assets for previously unrecognized excess tax benefits [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Retained earnings | $ 278,000 | |||||||||||||
ASU 2016-09 [Member] | Restatement Adjustment [Member] | Change in accounting for stock option forfeitures [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Retained earnings | (16,000) | |||||||||||||
Common stock | 23,000 | |||||||||||||
Deferred tax assets | $ 7,000 | |||||||||||||
ASU 2016-01 [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Retained earnings | $ 44,000 | |||||||||||||
Accumulated other comprehensive loss | 44,000 | |||||||||||||
ASU 2016-02 [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Right-of-use asset | $ 2,600,000 | |||||||||||||
Lease liability | $ 3,200,000 | |||||||||||||
Effect of adoption of Topic 606 [Member] | ASU 2014-09 [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 81,000 | |||||||||||||
Net income | $ 64,000 | |||||||||||||
Income per share | $ 0.01 | |||||||||||||
Retained earnings | $ 218,000 |
Revenue Recognition - Topic 6_3
Revenue Recognition - Topic 606 (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE RECOGNITION - TOPIC 606 | ||||||||||
Revenues | $ 18,063,000 | $ 16,683,000 | $ 15,854,000 | $ 14,120,000 | $ 13,176,000 | $ 11,828,000 | $ 16,409,000 | $ 11,920,000 | $ 64,720,000 | $ 53,333,000 |
Net income | $ 1,193,000 | $ 1,067,000 | $ 740,000 | $ (173,000) | $ 503,000 | $ (72,000) | $ 1,095,000 | $ (214,000) | 2,827,000 | $ 1,312,000 |
Amounts reclassified from beginning contract liabilities to revenue | 354,000 | |||||||||
Effect of adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
REVENUE RECOGNITION - TOPIC 606 | ||||||||||
Revenues | 81,000 | |||||||||
Net income | $ 64,000 | |||||||||
Income per share | $ 0.01 | |||||||||
Impairment losses for contract assets | $ 0 | |||||||||
Effect of adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Minimum [Member] | ||||||||||
REVENUE RECOGNITION - TOPIC 606 | ||||||||||
Period over which unsatisfied performance obligations are expected to be recognized as revenue | 1 year | 1 year | ||||||||
Effect of adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Maximum [Member] | ||||||||||
REVENUE RECOGNITION - TOPIC 606 | ||||||||||
Period over which unsatisfied performance obligations are expected to be recognized as revenue | 3 years | 3 years |
Revenue Recognition - Topic 6_4
Revenue Recognition - Topic 606 (Summary Of Revenue Performance Obligations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance Obligations | ||||||||||
Revenues | $ 18,063 | $ 16,683 | $ 15,854 | $ 14,120 | $ 13,176 | $ 11,828 | $ 16,409 | $ 11,920 | $ 64,720 | $ 53,333 |
Percent of Revenues | 100.00% | |||||||||
Revenue recognized over time [Member] | ||||||||||
Performance Obligations | ||||||||||
Revenues | $ 4,118 | |||||||||
Percent of Revenues | 6.00% | |||||||||
Revenue recognized at a point in time [Member] | ||||||||||
Performance Obligations | ||||||||||
Revenues | $ 60,602 | |||||||||
Percent of Revenues | 94.00% |
Revenue Recognition - Topic 6_5
Revenue Recognition - Topic 606 (Summary Of Contract Assets And Contract Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 |
REVENUE RECOGNITION - TOPIC 606 | ||
Contract assets, included in other current assets | $ 0 | $ 0 |
Contract liabilities, included in advance customer payments/other liabilities | $ 366 | $ 443 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 5,797 | $ 6,688 |
Unrealized Gains | 3 | 0 |
Unrealized Losses | (29) | (18) |
Fair Value | 5,771 | 6,670 |
Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 10,332 | 9,077 |
Unrealized Gains | 31 | 55 |
Unrealized Losses | (41) | (59) |
Fair Value | 10,322 | 9,073 |
U.S. Government And Agency Obligations [Member] | Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,377 | 4,381 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (20) | (13) |
Fair Value | 3,357 | 4,368 |
U.S. Government And Agency Obligations [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 6,114 | 4,801 |
Unrealized Gains | 10 | 0 |
Unrealized Losses | (23) | (33) |
Fair Value | 6,101 | 4,768 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,787 | 1,792 |
Unrealized Gains | 3 | 0 |
Unrealized Losses | (5) | (4) |
Fair Value | 1,785 | 1,788 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 754 | 1,189 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (3) | (10) |
Fair Value | 752 | 1,179 |
Asset Backed Securities [Member] | Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 633 | 515 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (4) | (1) |
Fair Value | 629 | 514 |
Asset Backed Securities [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,422 | 3,045 |
Unrealized Gains | 2 | 0 |
Unrealized Losses | (15) | (16) |
Fair Value | 3,409 | 3,029 |
Equity Security [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 42 | 42 |
Unrealized Gains | 18 | 55 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 60 | $ 97 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | ||
Maximum maturity of debt securities (less than 5 years) | 5 years | |
Net pre-tax unrealized losses | $ 54,000 | $ 22,000 |
Proceeds from sales of marketable securities | 545,000 | 0 |
Available-for-sale securities, gross realized gain (loss) | 3,000 | 0 |
Marketable securities classified as cash equivalents | 2,500,000 | 1,600,000 |
Unrealized gains or losses on marketable securities | $ 0 | $ 0 |
Marketable Securities (Schedu_2
Marketable Securities (Schedule Of Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | $ 2,821 | $ 8,383 |
In Unrealized Loss Position For Greater Than 12 Months | 7,923 | 6,766 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (7) | (40) |
In Unrealized Loss Position For Greater Than 12 Months | (63) | (37) |
U.S. Government And Agency Obligations [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 1,548 | 5,593 |
In Unrealized Loss Position For Greater Than 12 Months | 4,608 | 3,543 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (4) | (29) |
In Unrealized Loss Position For Greater Than 12 Months | (39) | (17) |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 250 | 478 |
In Unrealized Loss Position For Greater Than 12 Months | 1,178 | 1,991 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | (2) |
In Unrealized Loss Position For Greater Than 12 Months | (8) | (12) |
Asset Backed Securities [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 1,023 | 2,312 |
In Unrealized Loss Position For Greater Than 12 Months | 2,137 | 1,232 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (3) | (9) |
In Unrealized Loss Position For Greater Than 12 Months | $ (16) | $ (8) |
Comprehensive Income (Loss) (Th
Comprehensive Income (Loss) (The Effect of the Reclassifications from Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments, Before Tax | $ (255) | $ 738 |
Foreign currency translation adjustments, Tax | 0 | (204) |
Foreign currency translation adjustments, Net of Tax | (255) | 534 |
Net change related to available-for-sale securities: Unrealized gains (losses), Before Tax | 26 | (3) |
Net change related to available-for-sale securities: Unrealized gains (losses), Tax | (5) | 0 |
Net change related to available-for-sale securities: Unrealized gains (losses), Net of Tax | 21 | (3) |
Reclassification adjustments for gains included in interest income and other, Before Tax | (3) | 0 |
Reclassification adjustments for gains included in interest income and other, Tax | 0 | 0 |
Reclassification adjustments for gains included in interest income and other, Net of Tax | (3) | 0 |
Total unrealized gains (losses) on available-for-sale securities | 23 | (3) |
Total net changes related to available-for-sale securities, Tax | (5) | 0 |
Total net changes related to available-for-sale securities, Net of Tax | 18 | (3) |
Other comprehensive income (loss), before tax | (232) | 735 |
Other comprehensive income (loss), Tax | (5) | (204) |
Other comprehensive income (loss), net of tax | $ (237) | $ 531 |
Comprehensive Income (Loss) (Sc
Comprehensive Income (Loss) (Schedule of Accumulated Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | $ (1,409) | $ (1,940) |
Decrease related to adoption of ASU 2016-01 | (44) | |
Other comprehensive income (loss) before reclassifications | (234) | 531 |
Reclassifications from accumulated other comprehensive loss | (3) | 0 |
Other comprehensive income (loss), net of tax | (237) | 531 |
Balance at the end of period | (1,690) | (1,409) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | (1,394) | (1,928) |
Decrease related to adoption of ASU 2016-01 | 0 | |
Other comprehensive income (loss) before reclassifications | (255) | 534 |
Reclassifications from accumulated other comprehensive loss | 0 | 0 |
Other comprehensive income (loss), net of tax | (255) | 534 |
Balance at the end of period | (1,649) | (1,394) |
Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at the beginning of period | (15) | (12) |
Decrease related to adoption of ASU 2016-01 | (44) | |
Other comprehensive income (loss) before reclassifications | 21 | (3) |
Reclassifications from accumulated other comprehensive loss | (3) | 0 |
Other comprehensive income (loss), net of tax | 18 | (3) |
Balance at the end of period | $ (41) | $ (15) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 16,093 | $ 15,743 |
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 | 60 | 97 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,033 | 15,646 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government And Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,458 | 9,136 |
U.S. Government And Agency Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government And Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,458 | 9,136 |
U.S. Government And Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,537 | 2,967 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,537 | 2,967 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,038 | 3,543 |
Asset Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,038 | 3,543 |
Asset Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Security [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 60 | 97 |
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 | 60 | 97 |
Equity Security [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Security [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
FAIR VALUE MEASUREMENTS [Abstract] | ||
Asset impairment charges | $ 0 | $ 0 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) | May 10, 2018USD ($)$ / sharesshares | May 11, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)qtrplan$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock-based compensation plans | plan | 3 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 523,042 | 568,525 | ||
Shares granted, shares | shares | 32,350 | |||
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 18.67 | |||
Proceeds from exercise of stock options | $ 525,000 | $ 378,000 | ||
Equity based compensation expense | 936,000 | 895,000 | ||
Unrecognized compensation cost related to non-vested equity based compensation | $ 2,200,000 | |||
Unrecognized equity based compensation weighted average period (in years) | 2 years 11 months 15 days | |||
Tax benefit from the exercise of stock options and vesting of share based payments | $ 329,000 | 310,000 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Expiration of stock options from date of grant (in years) | 7 years | |||
Weighted average remaining contractual term (in years) | 4 years | |||
Aggregate intrinsic value for all options outstanding | $ 3,600,000 | |||
Weighted average remaining contractual term for exercisable options (in years) | 3 years 2 months 19 days | |||
Aggregate intrinsic value of exercisable options | $ 3,100,000 | |||
Aggregate intrinsic value of stock options exercised | 1,000,000 | 782,000 | ||
Proceeds from exercise of stock options | 525,000 | 378,000 | ||
Fair value of shares vested | 616,000 | 443,000 | ||
Tax benefit from the exercise of stock options and vesting of share based payments | 303,000 | 421,000 | ||
Excess tax benefit from the exercise of stock options | 155,000 | 227,000 | ||
Stock Options And Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 675,000 | $ 667,000 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance, shares | shares | 174,469 | |||
Number of additional shares authorized for issuance | shares | 150,000 | |||
Maximum contribution per plan year | $ 6,500 | |||
Employees can purchase stock at the percentage rate of the lower of the market price on the first or last day of the offering period (as a percent) | 85.00% | |||
Shares granted, shares | shares | 16,403 | 18,404 | ||
Equity based compensation expense | $ 117,000 | $ 121,000 | ||
Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 1.00% | |||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 10.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Restricted stock units to common stock ratio, shares entitled, shares | shares | 1 | |||
Restricted Shares and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, shares | shares | 32,350 | 32,200 | ||
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 18.67 | $ 16.77 | ||
Aggregate intrinsic value for all options outstanding | $ 995,000 | |||
Fair value of shares vested | $ 553,000 | $ 453,000 | ||
Stock Incentive Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance, shares | shares | 259,789 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 559,453 | |||
Non Employee Director Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance, shares | shares | 60,000 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 16,000 | |||
Number of shares granted for non-employee directors upon re-election, shares | shares | 2,000 | |||
Number of quarterly installments in which awards will vest | qtr | 4 | |||
Stock issued during period, shares | shares | 8,000 | 8,000 | ||
Stock granted, value | $ 130,000 | $ 167,000 | ||
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 16.25 | $ 20.90 | ||
Number of shares vested | shares | 4,000 | |||
Aggregate intrinsic value for all options outstanding | $ 71,000 | |||
Non Employee Director Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, shares | shares | 2,000 | |||
Stock Grant Plan For Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued during period, shares | shares | 8,000 | 8,000 | ||
Equity based compensation expense | $ 144,000 | $ 107,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Stock Option Activity) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Outstanding, Beginning of period, shares | shares | 568,525 |
Options Outstanding, Granted, shares | shares | 52,850 |
Options Outstanding, Exercised, shares | shares | (89,183) |
Options Outstanding, Expired, shares | shares | (500) |
Options Outstanding, Forfeited, shares | shares | (8,650) |
Options Outstanding, Outstanding, End of period, shares | shares | 523,042 |
Options Outstanding, Exercisable, End of period, shares | shares | 360,318 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning of period (in usd per share) | $ / shares | $ 10.24 |
Weighted-Average Exercise Price Per Share, Granted (in usd per share) | $ / shares | 19.46 |
Weighted-Average Exercise Price Per Share, Exercised (in usd per share) | $ / shares | 7.94 |
Weighted-Average Exercise Price Per Share, Expired (in usd per share) | $ / shares | 26.40 |
Weighted-Average Exercise Price Per Share, Forfeited (in usd per share) | $ / shares | 14.10 |
Weighted-Average Exercise Price Per Share, Outstanding, End of period (in usd per share) | $ / shares | 11.48 |
Weighted-Average Exercise Price Per Share, Exercisable, End of period (in usd per share) | $ / shares | $ 9.40 |
Share-Based Compensation (Sch_2
Share-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Weighted average fair value on grant date | $ 9.59 | $ 7.36 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 2.70% | 2.14% |
Expected life in years | 5 years | 5 years |
Expected volatility | 52.79% | 52.30% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 2.71% | 2.15% |
Expected life in years | 5 years 4 months 6 days | 5 years 3 months 14 days |
Expected volatility | 53.68% | 52.86% |
Share-Based Compensation (Sch_3
Share-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, Non-vested at December 31, 2017 | shares | 54,212 |
Shares, Granted | shares | 32,350 |
Shares, Vested | shares | (30,151) |
Shares, Forfeited | shares | 0 |
Shares, Non-vested at December 31, 2018 | shares | 56,411 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2017 (in usd per share) | $ / shares | $ 14.86 |
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares | 18.67 |
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares | 13.84 |
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2018 (in usd per share) | $ / shares | $ 17.59 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Pre-tax Equity Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SHARE-BASED COMPENSATION [Abstract] | ||
Pre-tax share-based compensation expense | $ 936 | $ 895 |
Income tax benefits related to share-based compensation | $ 329 | $ 310 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule Of Net Income Per Basic And Diluted Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
NET INCOME PER SHARE [Abstract] | |||||||||||
Net income | $ 1,193 | $ 1,067 | $ 740 | $ (173) | $ 503 | $ (72) | $ 1,095 | $ (214) | $ 2,827 | $ 1,312 | |
Weighted Average Shares Outstanding, Basic, shares | 7,028 | 6,946 | |||||||||
Weighted Average Shares Outstanding, Dilutive effect of common equivalent shares, shares | 180 | 129 | |||||||||
Weighted Average Shares Outstanding, Dilutive, shares | 7,208 | 7,075 | |||||||||
Per Share Amount, Basic (in usd per share) | [1] | $ 0.17 | $ 0.15 | $ 0.11 | $ (0.02) | $ 0.07 | $ (0.01) | $ 0.16 | $ (0.03) | $ 0.40 | $ 0.19 |
Per Share Amount, Dilutive effect of common equivalent shares (in usd per share) | (0.01) | 0 | |||||||||
Per Share Amount, Dilutive (in usd per share) | [1] | $ 0.16 | $ 0.15 | $ 0.10 | $ (0.02) | $ 0.07 | $ (0.01) | $ 0.15 | $ (0.03) | $ 0.39 | $ 0.19 |
[1] | The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |
Net Income Per Share (Narrative
Net Income Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
NET INCOME PER SHARE [Abstract] | ||
Earnings per share, potentially dilutive shares (in shares) | 258,000 | 356,000 |
Other Financial Statement Dat_2
Other Financial Statement Data (Schedule Of Inventory Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER FINANCIAL STATEMENT DATA [Abstract] | ||
Raw materials and purchased parts | $ 8,821 | $ 7,383 |
Work in process | 2,446 | 1,666 |
Finished goods | 4,896 | 5,344 |
Total inventories | $ 16,163 | $ 14,393 |
Other Financial Statement Dat_3
Other Financial Statement Data (Schedule Of Equipment And Leasehold Improvements) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 17,035 | $ 15,776 |
Accumulated depreciation and amortization | (14,174) | (13,469) |
Equipment and leasehold improvements, net | 2,861 | 2,307 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | 14,983 | 14,088 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 2,052 | $ 1,688 |
Other Financial Statement Dat_4
Other Financial Statement Data (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Product Liability Contingency [Line Items] | ||
Depreciation expense | $ 1,300,000 | $ 1,300,000 |
Amortization expense, 2019 | 150,000 | |
Amortization expense, 2020 | 119,000 | |
Amortization expense, 2021 | 44,000 | |
Amortization expense, 2022 | 9,000 | |
Amortization expense, 2023 | $ 9,000 | |
Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Warranty period (in years) | 1 year | |
Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Warranty period (in years) | 3 years |
Other Financial Statement Dat_5
Other Financial Statement Data (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,162 | $ 3,095 |
Accumulated Amortization | (2,829) | (2,715) |
Net | 333 | 380 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,754 | 2,687 |
Accumulated Amortization | (2,533) | (2,463) |
Net | 221 | 224 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (141) | (111) |
Net | 65 | 95 |
Marketing Assets and Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (54) | (45) |
Net | 47 | 56 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (101) | (96) |
Net | $ 0 | $ 5 |
Other Financial Statement Dat_6
Other Financial Statement Data (Schedule Of Amortization Expense For Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 157 | $ 178 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 113 | 112 |
Intangible assets acquired, Weighted Average Life (in years) | 2 years | |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 30 | 29 |
Intangible assets acquired, Weighted Average Life (in years) | 2 years 2 months 12 days | |
Marketing Assets and Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 9 | 12 |
Intangible assets acquired, Weighted Average Life (in years) | 5 years 2 months 12 days | |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 5 | $ 25 |
Other Financial Statement Dat_7
Other Financial Statement Data (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER FINANCIAL STATEMENT DATA [Abstract] | ||
Wages and benefits | $ 2,166 | $ 1,328 |
Warranty liability | 758 | 713 |
Income taxes payable | 393 | 26 |
Other | 251 | 218 |
Accrued expenses | $ 3,568 | $ 2,285 |
Other Financial Statement Dat_8
Other Financial Statement Data (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER FINANCIAL STATEMENT DATA [Abstract] | ||
Deferred rent | $ 521 | $ 0 |
Warranty liability | 31 | 54 |
Contract liabilities - Topic 606 | 73 | 0 |
Deferred warranty revenue | 4 | 34 |
Other liabilities | $ 629 | $ 88 |
Other Financial Statement Dat_9
Other Financial Statement Data (Schedule Of Changes In Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 767 | $ 790 |
Accrual for warranties | 619 | 582 |
Warranty revision | (34) | 7 |
Settlements made during the period | (563) | (612) |
Balance at end of period | 789 | 767 |
Current portion of estimated warranty liability | (758) | (713) |
Long-term estimated warranty liability | $ 31 | $ 54 |
Other Financial Statement Da_10
Other Financial Statement Data (Schedule Of Changes In Deferred Warranty Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 259 | $ 346 |
Revenue deferrals | 376 | 357 |
Amortization of deferred revenue | (417) | (444) |
Total deferred warranty revenue | 218 | 259 |
Current portion of deferred warranty revenue | (214) | (225) |
Long-term deferred warranty revenue | $ 4 | $ 34 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES [Abstract] | ||
Sources of income (loss) before income taxes: United States | $ 2,288 | $ (120) |
Sources of income (loss) before income taxes: Foreign | 1,291 | 1,028 |
Income before income taxes | $ 3,579 | $ 908 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Federal | $ 0 | $ (164) |
State | 31 | 30 |
Foreign | 350 | 27 |
Total current | 381 | (107) |
Deferred: | ||
Federal | 427 | (744) |
State | 0 | 1 |
Foreign | (56) | 446 |
Total deferred | 371 | (297) |
Total provision (benefit) for income taxes | $ 752 | $ (404) |
Income Taxes (Schedule Of A Rec
Income Taxes (Schedule Of A Reconciliation Of The Statutory Rate To The Effective Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES [Abstract] | ||
Federal statutory rate (as a percent) | 21.00% | 34.00% |
State income taxes, net of federal benefit (as a percent) | 0.70% | 2.30% |
U.S. Subpart F income (as a percent) | 0.40% | 1.60% |
Global Intangible Low Tax Income (as a percent) | 6.10% | 0.00% |
Share-based compensation (as a percent) | (3.50%) | (19.80%) |
Research and experimentation (R&D) credit (as a percent) | (5.00%) | (13.90%) |
Foreign rate difference (as a percent) | 0.60% | 13.60% |
Changes to U.S. federal income tax law (as a percent) | 0.00% | (93.80%) |
Valuation allowance (as a percent) | (0.10%) | 26.10% |
Other, net (as a percent) | 0.80% | 5.40% |
Effective tax rate (as a percent) | 21.00% | (44.50%) |
Effective Income Tax Rate Reconciliation Global Intangible Low Tax Income | 6.10% | 0.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | ||
Percentage of dividends-received-deduction for foreign-source dividends received from 10%-or-more owned foreign corporations | 100.00% | |
Minimum ownership percentage in foreign corporations for foreign-source dividends deduction | 10.00% | |
Benefit from eliminating previously recorded deferred tax liability for undistributed earnings | $ 2,700,000 | |
Need for valuation allowance based on history of cumulative losses | 3 years | |
Percentage of change in corporate income tax rate due to write-down of deferred tax assets | 21.00% | |
Net UTB classsified as current liability | $ 334,000 | |
Increase (decrease) in valuation allowance | (49,000) | $ 520,000 |
Research & Development tax credits | 4,200,000 | |
Deferred tax assets, operating loss carryforwards, domestic | 5,800,000 | |
Cash payments for income taxes, net of refunds received | $ 29,000 | $ 40,000 |
Income Taxes (Summary Of A Reco
Income Taxes (Summary Of A Reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits ("UTB")) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Gross UTB balance at beginning of year | $ 2,461 | $ 1,757 |
Additions based on tax positions related to the current year | 167 | 139 |
Additions for tax positions of prior years | 14 | 603 |
Reductions for tax positions of prior years | (100) | (38) |
Reductions due to lapse of applicable statute of limitations | 0 | 0 |
Gross UTB balance at end of year | 2,542 | 2,461 |
Net UTB balance at end of year | $ 477 | $ 159 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Equipment, leaseholds and intangible amortization, net | $ 202 | $ 217 |
Inventory allowances | 573 | 563 |
Accrued expenses | 250 | 139 |
Warranty accrual | 170 | 165 |
Deferred revenue | 267 | 155 |
Accounts receivable allowance | 68 | 102 |
Federal and state tax credits | 4,021 | 3,818 |
Federal and state net operating loss carry forwards | 1,508 | 2,237 |
Share-based compensation | 314 | 289 |
Other, net | 54 | 50 |
Subtotal | 7,427 | 7,735 |
Valuation allowance | (1,557) | (1,606) |
Total deferred tax assets | 5,870 | 6,129 |
Liabilities | ||
Equipment, leaseholds and intangible amortization, net | 448 | 387 |
Inventory allowances | 0 | 0 |
Subtotal | 448 | 387 |
Total deferred tax liabilities | $ 448 | $ 387 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)ft²renewal_option | Dec. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||
Rent expense | $ | $ 1.3 | $ 1.3 |
SINGAPORE | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | ft² | 19,805 | |
Renewal options, number | renewal_option | 1 | |
Renewal options, term (in years) | 3 years | |
Golden Valley [Member] | MINNESOTA | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | ft² | 61,208 | |
Period for recognizing rental expense (in years) | 91 months | |
Renewal options, number | renewal_option | 1 | |
Renewal options, term (in years) | 3 years |
Operating Leases (Schedule Of F
Operating Leases (Schedule Of Future Minimum Lease Payments Required Under Non-cancelable Operating Lease Agreements) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
OPERATING LEASES [Abstract] | |
2019 | $ 1,095 |
2020 | 1,298 |
2021 | 1,049 |
2022 | 1,064 |
2023 | 1,080 |
2024 & Thereafter | 3,049 |
Total | $ 8,635 |
401(K) and Other Defined Cont_2
401(K) and Other Defined Contribution Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Savings Plan Section 401k [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Matching contributions to employees | $ 310,000 | $ 304,000 |
Defined Contribution Retirement Savings Plans [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Matching contributions to employees | $ 32,000 | $ 30,000 |
Revenue Concentrations, Signi_3
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Revenue By Product Line) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Information [Line Items] | ||||||||||
Revenues | $ 18,063 | $ 16,683 | $ 15,854 | $ 14,120 | $ 13,176 | $ 11,828 | $ 16,409 | $ 11,920 | $ 64,720 | $ 53,333 |
High Precision 3D and 2D Sensors [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | 21,532 | 17,079 | ||||||||
Semiconductor Sensors [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | 13,606 | 11,059 | ||||||||
Inspection and Metrology Systems [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Revenues | $ 29,582 | $ 25,195 |
Revenue Concentrations, Signi_4
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Certain Significant Customer Information) (Details) - Customer Concentration Risk [Member] - Revenues [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of Revenues | 10.00% | 12.00% |
Significant Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of Revenues | 10.00% |
Revenue Concentrations, Signi_5
Revenue Concentrations, Significant Customers, and Geographic Areas (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | $ 18,063,000 | $ 16,683,000 | $ 15,854,000 | $ 14,120,000 | $ 13,176,000 | $ 11,828,000 | $ 16,409,000 | $ 11,920,000 | $ 64,720,000 | $ 53,333,000 |
Revenue, export sales percentage | 72.00% | 71.00% | ||||||||
Accounts receivable | 15,859,000 | $ 10,772,000 | $ 15,859,000 | $ 10,772,000 | ||||||
MRS based sensors [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 7,900,000 | 4,400,000 | ||||||||
MRS based systems [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 13,300,000 | $ 10,000,000 | ||||||||
Significant Customer A [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Accounts receivable | 922,000 | 922,000 | ||||||||
Significant Customer B [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Accounts receivable | $ 1,400,000 | $ 1,400,000 |
Revenue Concentrations, Signi_6
Revenue Concentrations, Significant Customers, and Geographic Areas (Schedule Of Revenue By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | $ 18,063 | $ 16,683 | $ 15,854 | $ 14,120 | $ 13,176 | $ 11,828 | $ 16,409 | $ 11,920 | $ 64,720 | $ 53,333 |
United States [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 18,355 | 15,361 | ||||||||
Netherlands [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 3,077 | 2,786 | ||||||||
Other Europe [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 10,041 | 8,948 | ||||||||
China [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 10,438 | 6,899 | ||||||||
Singapore [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 2,948 | 4,424 | ||||||||
South Korea [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 5,375 | 2,643 | ||||||||
Japan [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 8,097 | 7,177 | ||||||||
Other Asia [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | 4,464 | 3,685 | ||||||||
Other [Member] | ||||||||||
Revenue, Major Customer [Line Items] | ||||||||||
Revenues | $ 1,925 | $ 1,410 |
Revenue Concentrations, Signi_7
Revenue Concentrations, Significant Customers, and Geographic Areas (Schedule Of Long-lived Assets Attributable To Each Geographic Area's Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 3,195 | $ 2,687 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 2,867 | 2,348 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 2 | 4 |
Asia And Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 326 | $ 335 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | |
SHARE REPURCHASES [Abstract] | |||
Authorized share repurchase amount | $ 3,000,000 | ||
Stock Repurchase Program Number of Shares Repurchased | 0 | ||
Repurchase of common stock | $ 0 | $ 240,000 | |
Repurchase of common stock, shares | 15,000 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |||||||||||
Revenues | $ 18,063 | $ 16,683 | $ 15,854 | $ 14,120 | $ 13,176 | $ 11,828 | $ 16,409 | $ 11,920 | $ 64,720 | $ 53,333 | |
Gross margin | 7,692 | 7,436 | 7,264 | 6,219 | 6,037 | 5,592 | 7,733 | 5,398 | 28,611 | 24,760 | |
Income (loss) from operations | 1,473 | 1,329 | 875 | (318) | 55 | (163) | 1,662 | (539) | 3,359 | 1,015 | |
Net income (loss) | $ 1,193 | $ 1,067 | $ 740 | $ (173) | $ 503 | $ (72) | $ 1,095 | $ (214) | $ 2,827 | $ 1,312 | |
Net income (loss) per share - Basic (in usd per share) | [1] | $ 0.17 | $ 0.15 | $ 0.11 | $ (0.02) | $ 0.07 | $ (0.01) | $ 0.16 | $ (0.03) | $ 0.40 | $ 0.19 |
Net income (loss) per share - Diluted (in usd per share) | [1] | $ 0.16 | $ 0.15 | $ 0.10 | $ (0.02) | $ 0.07 | $ (0.01) | $ 0.15 | $ (0.03) | $ 0.39 | $ 0.19 |
[1] | The summation of quarterly per share amounts may not equal the calculation for the full year, as each quarterly calculation is performed discretely. |