Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
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 | 7,106,675 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 9,315 | $ 9,248 |
Marketable securities | 7,684 | 5,771 |
Accounts receivable, less allowances of $270 at March 31, 2019 and $314 at December 31, 2018 | 13,037 | 15,859 |
Inventories | 17,582 | 16,163 |
Other current assets | 1,652 | 2,096 |
Total current assets | 49,270 | 49,137 |
Marketable securities, long-term | 8,688 | 10,322 |
Equipment and leasehold improvements, net | 3,362 | 2,861 |
Intangible assets, net | 324 | 333 |
Goodwill | 1,366 | 1,366 |
Right-to use assets (operating leases) | 2,338 | 0 |
Other assets | 252 | 259 |
Deferred tax assets | 5,332 | 5,422 |
Total assets | 70,932 | 69,700 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 6,180 | 8,513 |
Advance customer payments | 843 | 636 |
Accrued expenses | 2,643 | 3,568 |
Current operating lease liabilities | 254 | 0 |
Total current liabilities | 9,920 | 12,717 |
Other liabilities | 103 | 629 |
Long-term operating lease liabilities | 3,591 | 0 |
Reserve for income taxes | 143 | 143 |
Total liabilities | 13,757 | 13,489 |
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, 7,106,675 shares issued and outstanding at March 31, 2019 and 7,100,825 shares issued and outstanding at December 31, 2018 | 35,940 | 35,637 |
Accumulated other comprehensive loss | (1,557) | (1,690) |
Retained earnings | 22,792 | 22,264 |
Total stockholders’ equity | 57,175 | 56,211 |
Total liabilities and stockholders’ equity | $ 70,932 | $ 69,700 |
CONDENSED CONSOLDIATED BALANCE
CONDENSED CONSOLDIATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 270 | $ 314 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,106,675 | 7,100,825 |
Common stock, shares outstanding | 7,106,675 | 7,100,825 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 14,976,000 | $ 14,120,000 |
Cost of revenues | 7,950,000 | 7,901,000 |
Gross margin | 7,026,000 | 6,219,000 |
Research and development expenses | 2,293,000 | 2,180,000 |
Selling, general and administrative expenses | 4,163,000 | 4,357,000 |
Income (loss) from operations | 570,000 | (318,000) |
Interest income and other | 59,000 | 62,000 |
Income (loss) before income taxes | 629,000 | (256,000) |
Income tax expense (benefit) | 134,000 | (83,000) |
Net income (loss) | $ 495,000 | $ (173,000) |
Net income (loss) per share – Basic | $ 0.07 | $ (0.02) |
Net income (loss) per share – Diluted | $ 0.07 | $ (0.02) |
Weighted average shares outstanding – Basic | 7,100 | 6,986 |
Weighted average shares outstanding – Diluted | 7,322 | 6,986 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 495 | $ (173) |
Other comprehensive income, before tax: | ||
Foreign currency translation adjustments | 87 | 220 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized gains (losses) | 58 | (40) |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities | 58 | (40) |
Unrealized gains on foreign exchange forward contracts: | ||
Other comprehensive income before income taxes | 145 | 180 |
Income tax provision (benefit) | (12) | 9 |
Other comprehensive income after income taxes | 133 | 189 |
Total comprehensive income | $ 628 | $ 16 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 495,000 | $ (173,000) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 663,000 | 625,000 |
Provision (recovery) for doubtful accounts | (44,000) | 17,000 |
Deferred taxes | 71,000 | (139,000) |
Foreign currency transaction (gains) losses | 70,000 | (34,000) |
Share-based compensation | 244,000 | 259,000 |
Unrealized loss on available-for-sale equity security | 1,000 | 14,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,866,000 | (1,357,000) |
Inventories | (1,625,000) | (239,000) |
Other assets | 445,000 | (229,000) |
Accounts payable | (2,353,000) | 1,579,000 |
Advance customer payments | 207,000 | 130,000 |
Accrued expenses | (600,000) | 36,000 |
Net cash provided by operating activities | 440,000 | 489,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale marketable securities | 1,052,000 | 2,162,000 |
Proceeds from sales of available-for-sale marketable securities | 0 | 70,000 |
Purchases of available-for-sale marketable securities | (1,263,000) | (2,621,000) |
Additions to equipment and leasehold improvements | (183,000) | (348,000) |
Additions to patents | (32,000) | (22,000) |
Net cash used in investing activities | (426,000) | (759,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 59,000 | 182,000 |
Net cash provided by financing activities | 59,000 | 182,000 |
Effects of exchange rate changes on cash and cash equivalents | (6,000) | (8,000) |
Net increase (decrease) in cash and cash equivalents | 67,000 | (96,000) |
Cash and cash equivalents – beginning of period | 9,248,000 | 6,944,000 |
Cash and cash equivalents – end of period | $ 9,315,000 | $ 6,848,000 |
Interim Reporting
Interim Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Reporting | 1. INTERIM REPORTING: The interim condensed consolidated financial statements of CyberOptics Corporation ("we", "us" or "our") presented herein as of March 31, 2019 , and for the three month periods ended March 31, 2019 and 2018 The results of operations for the three March 31, 2019 do not necessarily indicate the results to be expected for the full year. The December 31, 2018 consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2018 . |
Recent Accounting Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | 2. RECENT ACCOUNTING DEVELOPMENTS: In February 2016, the Financial Accounting Standards Board (the "FASB") issued new lease accounting guidance, ASU 2016-02, Leases Leases (Topic 842), Targeted Improvements , which gave 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 choose the option to apply the new standard at the adoption date, and therefore we were not required to restate the financial statements for prior periods, nor are we required to provide the disclosures required by Topic 842 approximate $2.6 million right-of-use asset, and an approximate $3.2 million lease liability. 842 In February 2018, the FASB issued ASU 2018 02 Reclassification of Tax Effects from Accumulated Other Comprehensive Income 2018 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" 2017 04 2017 04 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION: Our revenue performance obligations are satisfied at a point in time or over time as work progresses. The following is a summary of our revenue performance obligations in the three months ended March 31, 2019 three months ended March 31, 2018 Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands except percentages) Revenues Percent of Revenues Revenues Percent of Revenues Revenue recognized over time $ 346 2 % $ 894 6 % Revenue recognized at a point in time 14,630 98 % 13,226 94 % $ 14,976 100 % $ 14,120 100 % See Note 10 for additional information regarding disaggregation of revenue. Contract Balances Contract assets consist of unbilled amounts from sales where we recognize the revenue over time and the revenue recognized exceeds the amount billed to the customer at a point in time. Accounts receivable are recorded when the right to payment becomes unconditional. Contract liabilities consist of payments received in advance of performance under the contract. Contract liabilities are recognized as revenue when we perform under the contract. The following summarizes our contract assets and contract liabilities: (In thousands) March 31, 2019 December 31, 2018 Contract assets, included in other current assets $ 123 $ — Contract liabilities, included in advance customer payments/other liabilities $ 336 $ 366 Changes in contract assets in the three months ended March 31, 2019 See Note 8 for changes in contractual obligations related to deferred warranty revenue. Unsatisfied performance obligations are generally expected to be recognized as revenue over the nex t one three years. three months ended March 31, 2019 The following summarizes the amounts reclassified from beginning contract liabilities to revenue: Three Months Ended March 31, (In thousands) 2019 2018 Amounts reclassified from beginning contract liabilities to revenue $ 30 $ 57 Amounts reclassified from deferred warranty revenue 114 120 Total $ 144 $ 177 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | 4. MARKETABLE SECURITIES: Our investments in marketable securities are classified as available-for-sale and consist of the following: March 31, 2019 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 4,358 $ 2 $ (14 ) $ 4,346 Corporate debt securities and certificates of deposit 2,265 6 (3 ) 2,268 Asset backed securities 1,073 — (3 ) 1,070 Marketable securities – short-term $ 7,696 $ 8 $ (20 ) $ 7,684 Long-Term U.S. government and agency obligations $ 5,004 $ 19 $ (8 ) $ 5,015 Corporate debt securities and certificates of deposit 389 1 — 390 Asset backed securities 3,220 10 (6 ) 3,224 Equity security 42 17 — 59 Marketable securities – long-term $ 8,655 $ 47 $ (14 ) $ 8,688 December 31, 2018 (In thousands) Cost Unrealized Unrealized 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 In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Fair Value Gross Unrealized Losses March 31, 2019 U.S. government and agency obligations $ 149 $ — $ 4,618 $ (22 ) Corporate debt securities and certificates of deposit — — 932 (3 ) Asset backed securities — — 2,112 (9 ) Marketable securities $ 149 $ — $ 7,662 $ (34 ) 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 ) Our investments in marketable debt securities all have maturities of less than five years. of $ March 31, 2019 and net pre-tax losses for marketable debt securities of $54,000 at December 31, 2018 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We have determined that the net pre-tax unrealized losses for marketable debt securities at March 31, 2019 December 31, 2018 No three months ended March 31, 2019 . We received proceeds from sales of marketable securities o f $70,000 three months ended March 31, 2018 . No Investments in marketable securities classified as cash equivalents of $4.9 million at March 31, 2019 2.5 million December 31, 2018 March 31, 2019 December 31, 2018 Cash and marketable securities held by foreign subsidiaries totaled $345,000 at March 31, 2019 December 31, 2018 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5 ASUREMENTS: 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 active 2 3 The following provides information regarding fair value measurements for our marketable securities as of March 31, 2019 December 31, 2018 three Fair Value Measurements at March 31, 2019 (In thousands) Balance March 31, 2019 Quoted Prices 1 Significant 2 Significant 3 Marketable securities: U.S. government and agency obligations $ 9,361 $ — $ 9,361 $ — Corporate debt securities and certificates of deposit 2,658 — 2,658 — Asset backed securities 4,294 — 4,294 — Equity security 59 59 — — Total marketable securities $ 16,372 $ 59 $ 16,313 $ — Fair Value Measurements at December 31, 2018 (In thousands) Balance December 31, 2018 Quoted Prices 1 Significant 2 Significant 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 $ — During the three months ended March 31, 2019 December 31, 2018 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, which obtain the valuations 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, advance customer payments, accrued expenses and other liabilities are approximately equal to their related fair values due to their short-term maturities. 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 the three months ended March 31, 2019 three months ended March 31, 2018 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation [Abstract] | |
Accounting For Stock-Based Compensation | 6 We have three share-based compensation plans that are administered by the Compensation Committee of the Board of Directors. We have an Employee Stock Incentive Plan for officers, other employees, consultants and independent contractors under which we have granted options and restricted stock units to officers and other employees, an Employee Stock Purchase Plan under which shares of our common stock may be acquired by employees at discounted prices, and a Non-Employee Director Stock Plan that provides for automatic grants of restricted shares of our common stock to non-employee directors. New shares of our common stock are issued upon stock option exercises, vesting of restricted stock units, issuances of shares to board members and issuances of shares under the Employee Stock Purchase Plan. Employee Stock Incentive Plan As of March 31, 2019 , there were 273,014 shares four year period and expire seven years after the date of grant. Restricted stock units vest over a four year period and entitle the holders to one share of our common stock for each restricted stock unit. Reserved shares underlying outstanding awards, including options and restricted stock units, that are forfeited are available under the Employee Stock Incentive Plan for future grant. Non-Employee Director Stock Plan As of March 31, 2019 60,000 shares of common stock reserved in the aggregate for issuance pursuant to future restricted share grants 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 (which previously authorized the granting of stock options to non-employee directors). Under the terms of the plan, each non-employee director receives annual restricted share grants of 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 . The annual restricted share grants of common stock vest in four On the date of our 2018 8,000 130,000 March 31, 2019 March 31, 2019 Stock Option Activity The following is a summary of stock option activity in the three months ended March 31, 2019 : Options Outstanding Weighted Average Exercise Outstanding, December 31, 2018 523,042 $ 11.48 Granted — — Exercised (5,850 ) 9.92 Expired (5,000 ) 8.50 Forfeited (7,350 ) 16.67 Outstanding, March 31, 2019 504,842 $ 11.45 Exercisable, March 31, 2019 350,718 $ 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 March 31, 2019 , the weighted average remaining contractual term of all outstanding options was 3.8 years and their aggregate intrinsic value was $3.3 million. At March 31, 2019 , the weighted average remaining contractual term of options that were exercisable was 3.0 years and their aggregate intrinsic value was $2.9 million. The aggregate intrinsic value of stock options exercised in the three months ended March 31, 2019 was $ . three months ended March 31, 2019 three months ended March 31, 2018 . The aggregate fair value of options that vested in the three months ended March 31, 2019 Restricted Shares and Restricted Stock Units Restricted shares are granted under our Non-Employee Director Stock Plan. There were no restricted shares granted in the three months ended March 31, 2019 . No three months ended March 31, 2019 March 31, 2019 was $915,000. The aggregate fair value of restricted shares and restricted stock units that vested, based on the closing price of our common stock on the vesting date, was $43,000 in the three months ended March 31, 2019 The following is a summary of activity in non-vested restricted shares and restricted stock units in the three months ended March 31, 2019 : Non-vested restricted stock units and restricted shares Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 56,411 $ 17.59 Granted — — Vested (2,000 ) 16.25 Forfeited (875 ) 16.19 Non-vested at March 31, 2019 53,536 $ 17.66 Employee Stock Purchase Plan We have an Employee Stock Purchase Plan available to eligible U.S. employees. Under the terms of the plan, eligible employees may designate from 1% to 10% of their compensation to be withheld through payroll deductions, up to a maximum of $6,500 in each plan year, for the purchase of common stock at 85% of the lower of the market price on the first or last day of the offering period (which begins on August 1st and ends on July 31st of each year). No shares were purchased under this plan in the three months ended March 31, 2019 As o f March 31, 2019 , 174,469 s Share-Based Compensation Information All share-based compensation awarded to our employees and non-employee directors, including grants of stock options, restricted stock units and restricted shares, are required to be recognized as an expense in our consolidated statement of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award's service period for our graded vesting options. The fair value of stock options has been determined using the Black-Scholes model. We have classified employee share-based compensation within our statements of operations in the same manner as our cash based employee compensation costs. Share-based compensation expense in the three months ended March 31, 2019 $29,000 for our Employee 32,000 Share-based compensation expense in the three months ended March 31, 2018 At March 31, 2019 , the total unrecognized compensation cost related to non-vested share-based compensation arrangements was $ 1.9 2.84 years. |
Changes In Stockholders' Equity
Changes In Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Changes In Stockholders' Equity | 7 CHANGES IN STOCKHOLDERS’ EQUITY: A reconciliation of the changes in our stockholders' equity is as follows: Common Stock Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity (In thousands) Shares Amount Balance, December 31, 2018 7,101 $ $ ) $ 22,264 $ 56,211 Increase related to adoption of ASU 2016 02 — — — 33 Exercise of stock options 59 — Share-based compensation — 244 — Other comprehensive income, net of tax — 133 — 133 Net income — 495 495 Balance, March 31, 2019 $ 35,940 $ (1,557 ) $ 22,792 $ 57,175 Common Stock Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity (In thousands) Shares Amount Balance December 31, 2017 6,980 $ 34,080 $ (1,409 ) $ 19,611 $ 52,282 Increase related to adoption of ASU 2016-01 — — (44 ) 44 — Decrease related to adoption of ASU 2014-09 — — — (218 ) (218 ) Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment 26 182 — — 182 Stock-based compensation — 259 — — 259 Other comprehensive income, net of tax — — 189 — 189 Net loss — — — (173 ) (173 ) Balance, March 31, 2018 7,006 $ 34,521 $ (1,264 ) $ 19,264 $ 52,521 |
Other Financial Statement Data
Other Financial Statement Data | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Financial Statement Data | 8. OTHER FINANCIAL STATEMENT DATA: Inventories consist of the following: (In thousands) March 31, 2019 December 31, 2018 Raw materials and purchased parts $ 9,114 $ 8,821 Work in process 2,489 2,446 Finished goods 5,979 4,896 Total inventories $ 17,582 $ 16,163 Accrued expenses consist of the following: (In thousands) March 31, 2019 December 31, 2018 Wages and benefits $ 1,174 $ 2,166 Warranty liability 795 758 Income tax payable 459 393 Other 215 251 $ 2,643 $ 3,568 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. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of components provided by suppliers, warranty obligations do arise. These obligations are affected by product failure rates, the costs of materials used and service delivery expenses incurred in correcting a product failure. If actual product failure rates and material or service delivery costs differ from our estimates, revisions to the estimated warranty liability are required and could be material. At the end of each reporting period, we revise our estimated warranty liability based on these factors. The current portion of our warranty liability is included as a component of accrued expenses. The long-term portion of our warranty liability is included as a component of other liabilities. A reconciliation of the changes in our estimated warranty liability is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Balance at beginning of period $ 789 $ 767 Accrual for warranties 174 103 Warranty revision 17 (26 ) Settlements made during the period (154 ) (101 ) Balance at end of period 826 743 Current portion of estimated warranty liability (795 ) (690 ) Long-term estimated warranty liability $ 31 $ 53 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: Three Months Ended March 31, (In thousands) 2019 2018 Balance at beginning of period $ 218 $ 259 Revenue deferrals 87 111 Amortization of deferred revenue (114 ) (120 ) Total deferred warranty revenue 191 250 Current portion of deferred warranty revenue (186 ) (231 ) Long-term deferred warranty revenue $ 5 $ 19 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | 9. INTANGIBLE ASSETS: Intangible assets consist of the following: March 31, 2019 December 31, 2018 (In thousands) Gross Accumulated Net Gross Accumulated Net Patents $ 2,785 $ (2,564 ) $ 221 $ 2,754 $ (2,533 ) $ 221 Software 206 (148 ) 58 206 (141 ) 65 Marketing assets and customer relationships 101 (56 ) 45 101 (54 ) 47 Non-compete agreements 101 (101 ) — 101 (101 ) — $ 3,193 $ (2,869 ) $ 324 $ 3,162 $ (2,829 ) $ 333 Amortization expense for our intangible assets in the three March 31, 2019 2018 was as follows: Three Months Ended March 31, (In thousands) 2019 2018 Patents $ 31 $ 28 Software 7 8 Marketing assets and customer relationships 2 4 Non-compete agreements — 5 $ 40 $ 45 Amortization of patents has been classified as research and development expense in the accompanying consolidated statements of operations. Estimated aggregate future amortization expense based on current intangible assets is expected to be as follows: $118,000 for the remainder of 2019 $130,000 in 2020 $55,000 in 2021 $10,000 in 2022 $9,000 in 2023 $2,000 in 2024 Intangible and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when future undiscounted cash flows expected to result from use of the asset and its eventual disposition are less than the carrying amount. |
Revenue Concentrations, Signifi
Revenue Concentrations, Significant Customers And Geographic Areas | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue Concentrations, Significant Customers And Geographic Areas | 10. REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC AREAS The following summarizes our revenue by product line: Three Months Ended March 31, (In thousands) 2019 2018 High Precision 3 2 $ 3,749 $ 5,055 Semiconductor Sensors 4,136 3,161 Inspection and Metrology Systems 7,091 5,904 Total $ 14,976 $ 14,120 Export sales as a percentage of total sales in the three March 31, 2019 were %. Export sales as a percentage of total sales in the three March 31, 2018 were %. Virtually all of our export sales are negotiated, invoiced and paid in U.S. dollars. Export sales by geographic area are summarized below: Three Months Ended March 31, (In thousands) 2019 2018 Americas $ 371 $ 71 Europe 2,658 2,580 Asia 7,532 7,461 Other 44 105 Total export sales $ 10,605 $ 10,217 In the three months ended March 31, 2019 March 31, 2019 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 11. NET INCOME (LOSS) PER SHARE: Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our Employee Stock Purchase Plan, as calculated using the treasury stock method. 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. The components of net income (loss) per basic and diluted share were as follows: (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2019 Basic $ 495 7,100 $ 0.07 Dilutive effect of common equivalent shares — 222 — Dilutive $ 495 7,322 $ 0.07 (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2018 Basic $ (173 ) 6,986 $ (0.02 ) Dilutive effect of common equivalent shares — — — Dilutive $ (173 ) 6,986 $ (0.02 ) Potentially dilutive shares excluded from the calculations of net income (loss) per diluted share due to their anti-dilutive effect were as follows: 160,000 three months ended March 31, 2019 ; and 615,000 shares in the three months ended March 31, 2018 . |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income (Loss) | 12 COMPREHENSIVE INCOME Reclassification adjustments are made to avoid double counting for items included in other comprehensive income that are also recorded as part of net income (loss). Reclassifications and taxes related to items of other comprehensive income are as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ 87 $ — $ 87 $ 220 $ — $ 220 Net changes related to available-for-sale securities: Unrealized losses 58 (12 ) 46 (40 ) 9 (31 ) Reclassifications included in interest income and other — — — Net changes related to available-for-sale securities 58 (12 ) 46 (40 ) 9 (31 ) Other comprehensive income $ 145 $ (12 ) $ 133 $ 180 $ 9 $ 189 At March 31, 2019 March 31, 2018 (In thousands) Foreign Available- for-Sale Accumulated Balances at December 31, 2018 $ (1,649 ) $ (41 ) $ (1,690 ) Other comprehensive income before reclassifications 87 46 133 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 87 46 133 Balances at March 31, 2019 $ (1,562 ) $ 5 $ (1,557 ) (In thousands) Foreign Available- for-Sale Accumulated 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 220 (31 ) 189 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 220 (75 ) 145 Balances at March 31, 2018 $ (1,174 ) $ (90 ) $ (1,264 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13 We recorded income tax expense of $ 134,000 in the three months ended March 31, 2019 , compared to an income tax benefit of $ in three months ended March 31, 2018 O ur income tax expense in the three months ended March 31, 2019 reflected an effective income tax rate of approximately 21%, which included $9,000 of excess tax benefits from employee share-based payments. Our income tax benefit in the three months ended March 31, 2018 reflected an effective income tax rates of approximately 32%, which included $ 35,000 Our effective tax rate in the three months ended March 31, 2019 excess tax benefits from employee share-based payments. 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 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 years in each of the tax jurisdictions in which we operate, our financial performance in recent quarters, statutory carry forward periods and tax planning alternatives. In addition, we considered both our near-term and long-term financial outlook. After considering all available evidence (both positive and negative), we concluded that recognition of valuation allowances for substantially all of our U.S. and Singapore based deferred tax assets was not required. The Inland Revenue Authority of Singapore is reviewing our 2016 2015 |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | 14 We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU excludes lease incentives. As our leases do not provide an implicit rate, we use our incremental borrowing rate to determine the present value of lease payments. Our leases may include renewal options to extend the lease term, the exercise of which are at our sole discretion. Our lease terms do not include any option to extend the lease, because it is not reasonably certain that we will exercise the option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components (e.g., common-area or other maintenance costs) which are generally accounted for separately and expensed monthly. We do not recognize a ROU asset and lease liability for leases having a term of 12 months 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 three year renewal option and incentives. 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 which are not fixed or tied to an index. We lease a 19,805 square foot mixed office and warehouse facility in Singapore. The lease expires in July 2020, contains a rent escalation clause and one three year renewal option. W e also have operating leases in the United Kingdom and China, which expire May 2023 and November 2020, respectively. We did not enter into any new leases in the three months ended March 31, 2019 The components of our costs for operating leases in the three months ended March 31, 2019 Component ( In thousands) Operating lease cost $ 180 Variable lease cost 67 Short-term lease cost 2 Total $ 249 Variable lease costs generally consists of real estate taxes and insurance for leased facilities which are paid based on actual costs incurred by the lessor. At March 31, 2019 Twelve months ending March 31, (In thousands) 2020 $ 688 2021 711 2022 615 2023 630 2024 646 2025 & Thereafter 1,571 Total lease payments 4,861 Less: amount representing interest 1,016 Present value of operating lease liabilities $ 3,845 At March 31, 2019, the weighted average remaining term for our operating leases is 6.56 years, and the weighted average discount rate applied to our operating leases w as 5.73% . Cash paid for amounts included in the measurement of operating lease liabilities in the three months ended March 31, 2019 three months ended March 31, 2019 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 15 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. |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | In February 2016, the Financial Accounting Standards Board (the "FASB") issued new lease accounting guidance, ASU 2016-02, Leases Leases (Topic 842), Targeted Improvements , which gave 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 choose the option to apply the new standard at the adoption date, and therefore we were not required to restate the financial statements for prior periods, nor are we required to provide the disclosures required by Topic 842 approximate $2.6 million right-of-use asset, and an approximate $3.2 million lease liability. 842 In February 2018, the FASB issued ASU 2018 02 Reclassification of Tax Effects from Accumulated Other Comprehensive Income 2018 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" 2017 04 2017 04 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Summary of revenue performance obligations | The following is a summary of our revenue performance obligations in the three months ended March 31, 2019 three months ended March 31, 2018 Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands except percentages) Revenues Percent of Revenues Revenues Percent of Revenues Revenue recognized over time $ 346 2 % $ 894 6 % Revenue recognized at a point in time 14,630 98 % 13,226 94 % $ 14,976 100 % $ 14,120 100 % |
Summary of contract assets and contract liabilities | The following summarizes our contract assets and contract liabilities: (In thousands) March 31, 2019 December 31, 2018 Contract assets, included in other current assets $ 123 $ — Contract liabilities, included in advance customer payments/other liabilities $ 336 $ 366 |
Summary of the amounts reclassified from beginning contract liabilities to revenue | The following summarizes the amounts reclassified from beginning contract liabilities to revenue: Three Months Ended March 31, (In thousands) 2019 2018 Amounts reclassified from beginning contract liabilities to revenue $ 30 $ 57 Amounts reclassified from deferred warranty revenue 114 120 Total $ 144 $ 177 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities | Our investments in marketable securities are classified as available-for-sale and consist of the following: March 31, 2019 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 4,358 $ 2 $ (14 ) $ 4,346 Corporate debt securities and certificates of deposit 2,265 6 (3 ) 2,268 Asset backed securities 1,073 — (3 ) 1,070 Marketable securities – short-term $ 7,696 $ 8 $ (20 ) $ 7,684 Long-Term U.S. government and agency obligations $ 5,004 $ 19 $ (8 ) $ 5,015 Corporate debt securities and certificates of deposit 389 1 — 390 Asset backed securities 3,220 10 (6 ) 3,224 Equity security 42 17 — 59 Marketable securities – long-term $ 8,655 $ 47 $ (14 ) $ 8,688 December 31, 2018 (In thousands) Cost Unrealized Unrealized 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 |
Schedule of Unrealized Loss Position | In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Fair Value Gross Unrealized Losses March 31, 2019 U.S. government and agency obligations $ 149 $ — $ 4,618 $ (22 ) Corporate debt securities and certificates of deposit — — 932 (3 ) Asset backed securities — — 2,112 (9 ) Marketable securities $ 149 $ — $ 7,662 $ (34 ) 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 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements for Marketable Securities and Foreign Exchange Forward Contracts | The following provides information regarding fair value measurements for our marketable securities as of March 31, 2019 December 31, 2018 three Fair Value Measurements at March 31, 2019 (In thousands) Balance March 31, 2019 Quoted Prices 1 Significant 2 Significant 3 Marketable securities: U.S. government and agency obligations $ 9,361 $ — $ 9,361 $ — Corporate debt securities and certificates of deposit 2,658 — 2,658 — Asset backed securities 4,294 — 4,294 — Equity security 59 59 — — Total marketable securities $ 16,372 $ 59 $ 16,313 $ — Fair Value Measurements at December 31, 2018 (In thousands) Balance December 31, 2018 Quoted Prices 1 Significant 2 Significant 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 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of stock option activity in the three months ended March 31, 2019 : Options Outstanding Weighted Average Exercise Outstanding, December 31, 2018 523,042 $ 11.48 Granted — — Exercised (5,850 ) 9.92 Expired (5,000 ) 8.50 Forfeited (7,350 ) 16.67 Outstanding, March 31, 2019 504,842 $ 11.45 Exercisable, March 31, 2019 350,718 $ 9.40 |
Schedule of Non-Vested Restricted Stock Activity | The following is a summary of activity in non-vested restricted shares and restricted stock units in the three months ended March 31, 2019 : Non-vested restricted stock units and restricted shares Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 56,411 $ 17.59 Granted — — Vested (2,000 ) 16.25 Forfeited (875 ) 16.19 Non-vested at March 31, 2019 53,536 $ 17.66 |
Changes In Stockholders' Equi_2
Changes In Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in stockholders' equity | A reconciliation of the changes in our stockholders' equity is as follows: Common Stock Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity (In thousands) Shares Amount Balance, December 31, 2018 7,101 $ $ ) $ 22,264 $ 56,211 Increase related to adoption of ASU 2016 02 — — — 33 Exercise of stock options 59 — Share-based compensation — 244 — Other comprehensive income, net of tax — 133 — 133 Net income — 495 495 Balance, March 31, 2019 $ 35,940 $ (1,557 ) $ 22,792 $ 57,175 Common Stock Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity (In thousands) Shares Amount Balance December 31, 2017 6,980 $ 34,080 $ (1,409 ) $ 19,611 $ 52,282 Increase related to adoption of ASU 2016-01 — — (44 ) 44 — Decrease related to adoption of ASU 2014-09 — — — (218 ) (218 ) Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment 26 182 — — 182 Stock-based compensation — 259 — — 259 Other comprehensive income, net of tax — — 189 — 189 Net loss — — — (173 ) (173 ) Balance, March 31, 2018 7,006 $ 34,521 $ (1,264 ) $ 19,264 $ 52,521 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventories | Inventories consist of the following: (In thousands) March 31, 2019 December 31, 2018 Raw materials and purchased parts $ 9,114 $ 8,821 Work in process 2,489 2,446 Finished goods 5,979 4,896 Total inventories $ 17,582 $ 16,163 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following: (In thousands) March 31, 2019 December 31, 2018 Wages and benefits $ 1,174 $ 2,166 Warranty liability 795 758 Income tax payable 459 393 Other 215 251 $ 2,643 $ 3,568 |
Schedule of Changes In Estimated Warranty Liability | A reconciliation of the changes in our estimated warranty liability is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Balance at beginning of period $ 789 $ 767 Accrual for warranties 174 103 Warranty revision 17 (26 ) Settlements made during the period (154 ) (101 ) Balance at end of period 826 743 Current portion of estimated warranty liability (795 ) (690 ) Long-term estimated warranty liability $ 31 $ 53 |
Schedule Of Changes In Deferred Warranty Revenue | A reconciliation of the changes in our deferred warranty revenue is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Balance at beginning of period $ 218 $ 259 Revenue deferrals 87 111 Amortization of deferred revenue (114 ) (120 ) Total deferred warranty revenue 191 250 Current portion of deferred warranty revenue (186 ) (231 ) Long-term deferred warranty revenue $ 5 $ 19 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: March 31, 2019 December 31, 2018 (In thousands) Gross Accumulated Net Gross Accumulated Net Patents $ 2,785 $ (2,564 ) $ 221 $ 2,754 $ (2,533 ) $ 221 Software 206 (148 ) 58 206 (141 ) 65 Marketing assets and customer relationships 101 (56 ) 45 101 (54 ) 47 Non-compete agreements 101 (101 ) — 101 (101 ) — $ 3,193 $ (2,869 ) $ 324 $ 3,162 $ (2,829 ) $ 333 |
Schedule of Amortization Expense For Intangible Assets | Amortization expense for our intangible assets in the three March 31, 2019 2018 was as follows: Three Months Ended March 31, (In thousands) 2019 2018 Patents $ 31 $ 28 Software 7 8 Marketing assets and customer relationships 2 4 Non-compete agreements — 5 $ 40 $ 45 |
Revenue Concentrations, Signi_2
Revenue Concentrations, Significant Customers And Geographic Areas (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary Of Revenue By Product Line | The following summarizes our revenue by product line: Three Months Ended March 31, (In thousands) 2019 2018 High Precision 3 2 $ 3,749 $ 5,055 Semiconductor Sensors 4,136 3,161 Inspection and Metrology Systems 7,091 5,904 Total $ 14,976 $ 14,120 |
Schedule of Sales By Geographic Area | Export sales by geographic area are summarized below: Three Months Ended March 31, (In thousands) 2019 2018 Americas $ 371 $ 71 Europe 2,658 2,580 Asia 7,532 7,461 Other 44 105 Total export sales $ 10,605 $ 10,217 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) per Basic and Diluted Shares | The components of net income (loss) per basic and diluted share were as follows: (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2019 Basic $ 495 7,100 $ 0.07 Dilutive effect of common equivalent shares — 222 — Dilutive $ 495 7,322 $ 0.07 (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2018 Basic $ (173 ) 6,986 $ (0.02 ) Dilutive effect of common equivalent shares — — — Dilutive $ (173 ) 6,986 $ (0.02 ) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
The Effect of The Reclassifications From Comprehensive Income (Loss) To Earnings | Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ 87 $ — $ 87 $ 220 $ — $ 220 Net changes related to available-for-sale securities: Unrealized losses 58 (12 ) 46 (40 ) 9 (31 ) Reclassifications included in interest income and other — — — Net changes related to available-for-sale securities 58 (12 ) 46 (40 ) 9 (31 ) Other comprehensive income $ 145 $ (12 ) $ 133 $ 180 $ 9 $ 189 |
Schedule of Accumulated Other Comprehensive Loss | At March 31, 2019 March 31, 2018 (In thousands) Foreign Available- for-Sale Accumulated Balances at December 31, 2018 $ (1,649 ) $ (41 ) $ (1,690 ) Other comprehensive income before reclassifications 87 46 133 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 87 46 133 Balances at March 31, 2019 $ (1,562 ) $ 5 $ (1,557 ) (In thousands) Foreign Available- for-Sale Accumulated 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 220 (31 ) 189 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 220 (75 ) 145 Balances at March 31, 2018 $ (1,174 ) $ (90 ) $ (1,264 ) |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of components of our costs for operating leases | The components of our costs for operating leases in the three months ended March 31, 2019 Component ( In thousands) Operating lease cost $ 180 Variable lease cost 67 Short-term lease cost 2 Total $ 249 |
Schedule of the future maturities of lease liabilities | At March 31, 2019 Twelve months ending March 31, (In thousands) 2020 $ 688 2021 711 2022 615 2023 630 2024 646 2025 & Thereafter 1,571 Total lease payments 4,861 Less: amount representing interest 1,016 Present value of operating lease liabilities $ 3,845 |
Recent Accounting Development_2
Recent Accounting Developments (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right-of-use asset | $ 2,338 | $ 0 | |
ASU 2018-11 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right-of-use asset | $ 2,600 | ||
Lease liability | $ 3,200 |
Revenue Recognition (Summary Of
Revenue Recognition (Summary Of Revenue Performance Obligations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Performance Obligations | ||
Revenues | $ 14,976 | $ 14,120 |
Percent of Revenues | 100.00% | 100.00% |
Revenue recognized over time [Member] | ||
Performance Obligations | ||
Revenues | $ 346 | $ 894 |
Percent of Revenues | 2.00% | 6.00% |
Revenue recognized at a point in time [Member] | ||
Performance Obligations | ||
Revenues | $ 14,630 | $ 13,226 |
Percent of Revenues | 98.00% | 94.00% |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of contract assets and contract liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue Recognition [Abstract] | ||
Contract assets, included in other current assets | $ 123 | $ 0 |
Contract liabilities, included in advance customer payments/other liabilities | $ 336 | $ 366 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Mar. 31, 2019 |
Minimum [Member] | |
REVENUE RECOGNITION | |
Period over which unsatisfied performance obligations are expected to be recognized | 1 year |
Maximum [Member] | |
REVENUE RECOGNITION | |
Period over which unsatisfied performance obligations are expected to be recognized | 3 years |
Revenue Recognition (Summary _2
Revenue Recognition (Summary of the amounts reclassified from beginning contract liabilities to revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Amounts reclassified from beginning contract liabilities to revenue | $ 30 | $ 57 |
Amounts reclassified from deferred warranty revenue | 114 | 120 |
Total | $ 144 | $ 177 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable securities - Short-Term | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 7,696 | $ 5,797 |
Unrealized Gains | 8 | 3 |
Unrealized Losses | (20) | (29) |
Fair Value | 7,684 | 5,771 |
Marketable securities - Short-Term | U.S. government and agency obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 4,358 | 3,377 |
Unrealized Gains | 2 | 0 |
Unrealized Losses | (14) | (20) |
Fair Value | 4,346 | 3,357 |
Marketable securities - Short-Term | Corporate debt securities and certificates of deposit | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 2,265 | 1,787 |
Unrealized Gains | 6 | 3 |
Unrealized Losses | (3) | (5) |
Fair Value | 2,268 | 1,785 |
Marketable securities - Short-Term | Asset backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,073 | 633 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3) | (4) |
Fair Value | 1,070 | 629 |
Marketable securities - Long-Term | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 8,655 | 10,332 |
Unrealized Gains | 47 | 31 |
Unrealized Losses | (14) | (41) |
Fair Value | 8,688 | 10,322 |
Marketable securities - Long-Term | U.S. government and agency obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 5,004 | 6,114 |
Unrealized Gains | 19 | 10 |
Unrealized Losses | (8) | (23) |
Fair Value | 5,015 | 6,101 |
Marketable securities - Long-Term | Corporate debt securities and certificates of deposit | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 389 | 754 |
Unrealized Gains | 1 | 1 |
Unrealized Losses | 0 | (3) |
Fair Value | 390 | 752 |
Marketable securities - Long-Term | Asset backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,220 | 3,422 |
Unrealized Gains | 10 | 2 |
Unrealized Losses | (6) | (15) |
Fair Value | 3,224 | 3,409 |
Marketable securities - Long-Term | Equity security | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 42 | 42 |
Unrealized Gains | 17 | 18 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 59 | $ 60 |
Marketable Securities (Schedu_2
Marketable Securities (Schedule Of Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | $ 149 | $ 2,821 |
In Unrealized Loss Position For Greater Than 12 Months | 7,662 | 7,923 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | (7) |
In Unrealized Loss Position For Greater Than 12 Months | (34) | (63) |
U.S. government and agency obligations [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 149 | 1,548 |
In Unrealized Loss Position For Greater Than 12 Months | 4,618 | 4,608 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | (4) |
In Unrealized Loss Position For Greater Than 12 Months | (22) | (39) |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | 250 |
In Unrealized Loss Position For Greater Than 12 Months | 932 | 1,178 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | 0 |
In Unrealized Loss Position For Greater Than 12 Months | (3) | (8) |
Asset backed securities [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | 1,023 |
In Unrealized Loss Position For Greater Than 12 Months | 2,112 | 2,137 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | 0 | (3) |
In Unrealized Loss Position For Greater Than 12 Months | $ (9) | $ (16) |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Gain (Loss) on Investments [Line Items] | |||
Maximum maturity of debt securities (less than 5 years) | 5 years | ||
Accumulated pre-tax unrealized gains for marketable securities | $ 4,000 | ||
Accumulated pre-tax unrealized losses on marketable securities | $ 54,000 | ||
Proceeds from sales of available-for-sale marketable securities | 0 | $ 70,000 | |
Available-for-sale securities, gross realized gain (loss) | 0 | $ 0 | |
Cost | 4,900,000 | 2,500,000 | |
Unrealized gains or losses on marketable securities | $ 0 | $ 0 |
Marketable Securities (Schedu_3
Marketable Securities (Schedule Of Marketable Securities Classified As Cash Equivalents) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Foreign Accounts | ||
Gain (Loss) on Investments [Line Items] | ||
Cash And Marketable Securities Held In Foreign Accounts | $ 345,000 | $ 362,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Asset impairment charges | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 16,372 | $ 16,093 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 59 | 60 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,313 | 16,033 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,361 | 9,458 |
U.S. government and agency obligations | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. government and agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,361 | 9,458 |
U.S. government and agency obligations | Significant Unobservable Inputs (Level 3) | ||
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 | 2,658 | 2,537 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
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) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,658 | 2,537 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,294 | 4,038 |
Asset backed securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,294 | 4,038 |
Asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity security | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 59 | 60 |
Equity security | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 59 | 60 |
Equity security | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity security | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | May 10, 2018USD ($)$ / sharesshares | Mar. 31, 2019USD ($)qtrstock-based_complensation_plan$ / sharesshares | Mar. 31, 2018USD ($) | Dec. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock-based compensation plans | stock-based_complensation_plan | 3 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 504,842 | 523,042 | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |||
Aggregate fair value of outstanding restricted shares and restricted stock units | $ 915,000 | |||
Aggregate fair value of restricted shares and restricted stock units | 43,000 | |||
Proceeds from exercise of stock options | $ 59,000 | $ 182,000 | ||
Shares, Granted (in shares) | shares | 0 | |||
Equity based compensation expense | $ 244,000 | 259,000 | ||
Unrecognized compensation cost related to non-vested equity based compensation | $ 1,900,000 | |||
Unrecognized equity based compensation weighted average period, years | 2 years 10 months 2 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance (in shares) | shares | 273,014 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 540,378 | |||
Vesting period, years | 4 years | |||
Expiration of stock options from date of grant | 7 years | |||
Weighted average remaining contractual term, years | 3 years 9 months 18 days | |||
Aggregate intrinsic value for all options outstanding | $ 3,300,000 | |||
Weighted average remaining contractual term for exercisable options, years | 3 years | |||
Aggregate intrinsic value of exercisable options | $ 2,900,000 | |||
Aggregate intrinsic value of stock options exercised | 57,000 | |||
Proceeds from exercise of stock options | 59,000 | 182,000 | ||
Fair value of shares vested | 5,000 | |||
Equity based compensation expense | $ 107,000 | 125,000 | ||
Restricted Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, Granted (in shares) | shares | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, years | 4 years | |||
Restricted stock units to common stock ratio, shares entitled, shares | shares | 1 | |||
Shares, Granted (in shares) | shares | 0 | |||
Equity based compensation expense | $ 76,000 | 59,000 | ||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance (in shares) | shares | 174,469 | |||
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% | |||
Equity based compensation expense | $ 29,000 | 34,000 | ||
Employee Stock Purchase Plan | Minimum | ||||
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 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 10.00% | |||
Non Employee Director Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance (in 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 | |||
Stock granted, value | $ 130,000 | |||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.25 | |||
Aggregate intrinsic value for all options outstanding | $ 34,000 | |||
Number of shares vested | shares | 6,000 | |||
Equity based compensation expense | $ 32,000 | $ 41,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Outstanding, December 31, 2018 (in shares) | shares | 523,042 |
Options Outstanding, Granted (in shares) | shares | 0 |
Options Outstanding, Exercised (in shares) | shares | (5,850) |
Options Outstanding, Expired (in shares) | shares | (5,000) |
Options Outstanding, Forfeited (in shares) | shares | (7,350) |
Options Outstanding, Outstanding, March 31, 2019 (in shares) | shares | 504,842 |
Options Outstanding, Exercisable, March 31, 2019 (in shares) | shares | 350,718 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price Per Share, Outstanding, December 31, 2018 (in dollars per share) | $ / shares | $ 11.48 |
Weighted-Average Exercise Price Per Share, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price Per Share, Exercised (in dollars per share) | $ / shares | 9.92 |
Weighted-Average Exercise Price Per Share, Expired (in dollars per share) | $ / shares | 8.50 |
Weighted-Average Exercise Price Per Share, Forfeited (in dollars per share) | $ / shares | 16.67 |
Weighted-Average Exercise Price Per Share, Outstanding, March 31, 2019 (in dollars per share) | $ / shares | 11.45 |
Weighted-Average Exercise Price Per Share, Exercisable, March 31, 2019 (in dollars per share) | $ / shares | $ 9.40 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) | 3 Months Ended |
Mar. 31, 2019$ / 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, 2018 (in shares) | shares | 56,411 |
Shares, Granted (in shares) | shares | 0 |
Shares, Vested (in shares) | shares | (2,000) |
Shares, Forfeited (in shares) | shares | (875) |
Shares, Non-vested at March 31, 2019 (in shares) | shares | 53,536 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2018 (in dollars per share) | $ / shares | $ 17.59 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 16.25 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 16.19 |
Weighted Average Grant Date Fair Value, Non-vested at March 31, 2019 (in dollars per share) | $ / shares | $ 17.66 |
Changes In Stockholders' Equi_3
Changes In Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | $ 56,211 | $ 52,282 |
BALANCE, shares | 7,100,825 | |
Exercise of stock options | $ 59 | |
Exercise of stock options, shares | 5,850 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | 182 | |
Stock-based compensation | $ 244 | 259 |
Other comprehensive income, net of tax | 133 | 189 |
Net income (loss) | 495 | (173) |
BALANCE | $ 57,175 | 52,521 |
BALANCE, shares | 7,106,675 | |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | $ 35,637 | $ 34,080 |
BALANCE, shares | 7,101,000 | 6,980,000 |
Exercise of stock options | $ 59 | |
Exercise of stock options, shares | 6,000 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | $ 182 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment, shares | 26,000 | |
Stock-based compensation | $ 244 | $ 259 |
Other comprehensive income, net of tax | 0 | 0 |
Net income (loss) | 0 | 0 |
BALANCE | $ 35,940 | $ 34,521 |
BALANCE, shares | 7,107,000 | 7,006,000 |
Accumulated Other Comprehensive Loss [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | $ (1,690) | $ (1,409) |
Exercise of stock options | 0 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | 0 | |
Stock-based compensation | 0 | 0 |
Other comprehensive income, net of tax | 133 | 189 |
Net income (loss) | 0 | 0 |
BALANCE | (1,557) | (1,264) |
Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | 22,264 | 19,611 |
Exercise of stock options | 0 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | 0 | |
Stock-based compensation | 0 | 0 |
Other comprehensive income, net of tax | 0 | 0 |
Net income (loss) | 495 | (173) |
BALANCE | 22,792 | 19,264 |
ASU No. 2016-02 [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 33 | |
ASU No. 2016-02 [Member] | Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 0 | |
ASU No. 2016-02 [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 0 | |
ASU No. 2016-02 [Member] | Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | $ 33 | |
ASU No. 2016-01 [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 0 | |
ASU No. 2016-01 [Member] | Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 0 | |
ASU No. 2016-01 [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | (44) | |
ASU No. 2016-01 [Member] | Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 44 | |
ASU No. 2014-09 [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | (218) | |
ASU No. 2014-09 [Member] | Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 0 | |
ASU No. 2014-09 [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | 0 | |
ASU No. 2014-09 [Member] | Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Increase (decrease) related to adoption of ASU | $ (218) |
Other Financial Statement Dat_2
Other Financial Statement Data (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and purchased parts | $ 9,114 | $ 8,821 |
Work in process | 2,489 | 2,446 |
Finished goods | 5,979 | 4,896 |
Total inventories | $ 17,582 | $ 16,163 |
Other Financial Statement Dat_3
Other Financial Statement Data Other Financial Statement Data (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | |||
Wages and benefits | $ 1,174 | $ 2,166 | |
Warranty liability | 795 | 758 | $ 690 |
Income taxes payable | 459 | 393 | |
Other | 215 | 251 | |
Accrued expenses | $ 2,643 | $ 3,568 |
Other Financial Statement Dat_4
Other Financial Statement Data (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Minimum | |
Inventory [Line Items] | |
Product warranties time frame, years | 1 year |
Maximum | |
Inventory [Line Items] | |
Product warranties time frame, years | 3 years |
Other Financial Statement Dat_5
Other Financial Statement Data (Schedule Of Changes In Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 789 | $ 767 | |
Accrual for warranties | 174 | 103 | |
Warranty revision | 17 | (26) | |
Settlements made during the period | (154) | (101) | |
Balance at end of period | 826 | 743 | |
Current portion of estimated warranty liability | (795) | (690) | $ (758) |
Long-term estimated warranty liability | $ 31 | $ 53 |
Other Financial Statement Dat_6
Other Financial Statement Data (Schedule Of Changes In Deferred Warranty Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 218 | $ 259 |
Revenue deferrals | 87 | 111 |
Amortization of deferred revenue | (114) | (120) |
Total deferred warranty revenue | 191 | 250 |
Current portion of deferred warranty revenue | (186) | (231) |
Long-term deferred warranty revenue | $ 5 | $ 19 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,193 | $ 3,162 |
Accumulated Amortization | (2,869) | (2,829) |
Net | 324 | 333 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,785 | 2,754 |
Accumulated Amortization | (2,564) | (2,533) |
Net | 221 | 221 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (148) | (141) |
Net | 58 | 65 |
Marketing assets and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (56) | (54) |
Net | 45 | 47 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (101) | (101) |
Net | $ 0 | $ 0 |
Intangible Assets (Schedule O_2
Intangible Assets (Schedule Of Amortization Expense For Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 40 | $ 45 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 31 | 28 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 7 | 8 |
Marketing assets and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 2 | 4 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 0 | $ 5 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) | Mar. 31, 2019USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Amortization expense, remainder of 2019 | $ 118,000 |
Amortization expense, 2020 | 130,000 |
Amortization expense, 2021 | 55,000 |
Amortization expense, 2022 | 10,000 |
Amortization expense, 2023 | 9,000 |
Amortization expense, 2024 | $ 2,000 |
Revenue Concentrations, Signi_3
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Revenue By Product Line) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Concentration Risk [Line Items] | ||
Revenues | $ 14,976 | $ 14,120 |
High Precision 3D and 2D Sensors [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | 3,749 | 5,055 |
Semiconductor Sensors [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | 4,136 | 3,161 |
Inspection and Metrology Systems [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 7,091 | $ 5,904 |
Revenue Concentrations, Signi_4
Revenue Concentrations, Significant Customers And Geographic Areas (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue, Major Customer [Line Items] | ||
Revenue, export sales percentage | 71.00% | 72.00% |
Customer Concentration Risk | Sales Revenue, net | Significant Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 15.00% | |
Customer Concentration Risk | Accounts Receivable | Significant Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, net | $ 915,000 |
Revenue Concentrations, Signi_5
Revenue Concentrations, Significant Customers And Geographic Areas (Schedule Of Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue, Major Customer [Line Items] | ||
Total export sales | $ 10,605 | $ 10,217 |
Americas | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | 371 | 71 |
Europe | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | 2,658 | 2,580 |
Asia | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | 7,532 | 7,461 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | $ 44 | $ 105 |
Net Income (Loss) Per Share (Sc
Net Income (Loss) Per Share (Schedule of Net Income (Loss) per Basic and Diluted Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 495 | $ (173) |
Weighted Average Shares Outstanding, Basic (in shares) | 7,100 | 6,986 |
Per Share Amount, Basic (in dollars per share) | $ 0.07 | $ (0.02) |
Weighted Average Shares Outstanding, Dilutive effect of common equivalent shares (in shares) | 222 | 0 |
Per Share Amount, Dilutive effect of common equivalent shares (in usd per share) | $ 0 | $ 0 |
Weighted Average Shares Outstanding, Dilutive (in shares) | 7,322 | 6,986 |
Per Share Amount, Dilutive (in dollars per share) | $ 0.07 | $ (0.02) |
Net Income (Loss) Per Share (Na
Net Income (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings per share, potentially dilutive shares (in shares) | 160,000 | 615,000 |
Other Comprehensive Income (The
Other Comprehensive Income (The Effect Of The Reclassifications From Other Comprehensive Income (Loss) To Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments, Before Tax | $ 87 | $ 220 |
Foreign currency translation adjustments, Tax | 0 | 0 |
Foreign currency translation adjustments, Net of Tax | 87 | 220 |
Net change related to available-for-sale securities: Unrealized losses, Before Tax | 58 | (40) |
Net change related to available-for-sale securities: Unrealized losses, Tax | (12) | 9 |
Net change related to available-for-sale securities: Unrealized losses, Net of Tax | 46 | (31) |
Reclassification included in interest income and other, Before Tax | 0 | 0 |
Reclassification included in interest income and other, Tax | 0 | 0 |
Reclassification included in interest income and other, Net of Tax | 0 | 0 |
Net changes related to available-for-sale securities, Before Tax | 58 | (40) |
Net changes related to available-for-sale securities, Tax | (12) | 9 |
Net changes related to available-for-sale securities, Net of Tax | 46 | (31) |
Other comprehensive income before income taxes | 145 | 180 |
Other comprehensive income (loss), Tax | (12) | 9 |
Other comprehensive income (loss), net of tax | $ 133 | $ 189 |
Other Comprehensive Income (Sch
Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
BALANCE | $ (1,690) | $ (1,409) |
Other comprehensive income (loss) before reclassifications | 133 | 189 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total change for the period | 133 | 145 |
BALANCE | (1,557) | (1,264) |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
BALANCE | (1,649) | (1,394) |
Other comprehensive income (loss) before reclassifications | 87 | 220 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total change for the period | 87 | 220 |
BALANCE | (1,562) | (1,174) |
Available-for-sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
BALANCE | (41) | (15) |
Other comprehensive income (loss) before reclassifications | 46 | (31) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total change for the period | 46 | (75) |
BALANCE | $ 5 | (90) |
ASU No. 2016-01 [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Decrease related to adoption of ASU 2016-01 | (44) | |
ASU No. 2016-01 [Member] | Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Decrease related to adoption of ASU 2016-01 | 0 | |
ASU No. 2016-01 [Member] | Available-for-sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Decrease related to adoption of ASU 2016-01 | $ (44) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Examination [Line Items] | ||
Income tax expense (benefit) | $ 134,000 | $ (83,000) |
Effective income tax rate (as a percent) | 21.00% | 32.00% |
Excess tax benefit from the exercise of stock options | $ 9,000 | $ 35,000 |
Need for valuation allowance based on history of cumulative losses | 3 years |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019USD ($)ft²item | |
Operating Leases [Line Items] | |
Weighted average remaining term for operating leases | 6 years 6 months 21 days |
Weighted average discount rate applied to operating leases | 5.73% |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ 98,000 |
Incentives recorded as leasehold improvements | $ | $ 691,000 |
Mixed office and warehouse facility in Golden Valley, Minnesota | |
Operating Leases [Line Items] | |
Leased area (in square foot) | ft² | 61,208 |
Lease term | 91 months |
Number of lease renewal | item | 1 |
Lease renewal term | 3 years |
Mixed office and warehouse facility in Singapore | |
Operating Leases [Line Items] | |
Leased area (in square foot) | ft² | 19,805 |
Number of lease renewal | item | 1 |
Lease renewal term | 3 years |
Operating Leases (Schedule of c
Operating Leases (Schedule of components of our costs for operating leases) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 180 |
Variable lease cost | 67 |
Short-term lease cost | 2 |
Total | $ 249 |
Operating Leases (Schedule of
Operating Leases (Schedule of the future maturities of lease liabilities) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Year ending March 31, | |
2020 | $ 688 |
2021 | 711 |
2022 | 615 |
2023 | 630 |
2024 | 646 |
2025 & Thereafter | 1,571 |
Total lease payments | 4,861 |
Less: amount representing interest | 1,016 |
Present value of operating lease liabilities | $ 3,845 |