Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MFLX | ' |
Entity Registrant Name | 'MULTI FINELINE ELECTRONIX INC | ' |
Entity Central Index Key | '0000830916 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 24,088,907 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $111,887 | $105,150 |
Accounts receivable, net of allowances of $7,299 and $4,281 at December 31, 2013 and September 30, 2013, respectively | 147,360 | 132,247 |
Inventories | 80,260 | 86,853 |
Deferred taxes | 5,909 | 5,909 |
Income taxes receivable | 4,092 | 2,535 |
Other current assets | 11,215 | 8,821 |
Total current assets | 360,723 | 341,515 |
Property, plant and equipment, net | 233,899 | 244,056 |
Land use rights | 7,722 | 7,703 |
Deferred taxes | 11,750 | 11,685 |
Other assets | 5,133 | 5,255 |
Total assets | 619,227 | 610,214 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 175,049 | 166,474 |
Accrued liabilities | 35,079 | 31,459 |
Income taxes payable | 3,446 | 1,027 |
Total current liabilities | 213,574 | 198,960 |
Other liabilities | 19,884 | 19,063 |
Total liabilities | 233,458 | 218,023 |
Commitments and contingencies (Note 2) | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $0.0001 par value, 5,000,000 and 5,000,000 shares authorized at December 31, 2013 and September 30, 2013, respectively; 0 and 0 shares issued and outstanding at December 31, 2013 and September 30, 2013, respectively | ' | ' |
Common stock, $0.0001 par value; 100,000,000 and 100,000,000 shares authorized at December 31, 2013 and September 30, 2013, respectively; 24,088,907 and 24,082,802 shares issued and outstanding at December 31, 2013 and September 30, 2013, respectively | 2 | 2 |
Additional paid-in capital | 91,531 | 90,857 |
Retained earnings | 243,377 | 252,656 |
Accumulated other comprehensive income | 50,859 | 48,676 |
Total stockholders' equity | 385,769 | 392,191 |
Total liabilities and stockholders' equity | $619,227 | $610,214 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowances | $7,299 | $4,281 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,088,907 | 24,082,802 |
Common stock, shares outstanding | 24,088,907 | 24,082,802 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' |
Net sales | $211,672 | $289,650 |
Cost of sales | 209,176 | 264,947 |
Gross profit | 2,496 | 24,703 |
Operating expenses: | ' | ' |
Research and development | 1,455 | 2,033 |
Sales and marketing | 5,908 | 6,537 |
General and administrative | 3,343 | 5,672 |
Total operating expenses | 10,706 | 14,242 |
Operating (loss) income | -8,210 | 10,461 |
Other income (expense), net: | ' | ' |
Interest income | 209 | 70 |
Interest expense | -122 | -111 |
Other income (expense), net | 296 | -15 |
(Loss) income before income taxes | -7,827 | 10,405 |
Provision for income taxes | -1,452 | -2,057 |
Net (loss) income | -9,279 | 8,348 |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustment | 2,183 | 2,213 |
Total comprehensive (loss) income | ($7,096) | $10,561 |
Net (loss) income per share: | ' | ' |
Basic | ($0.39) | $0.35 |
Diluted | ($0.39) | $0.35 |
Shares used in computing net (loss) income per share: | ' | ' |
Basic | 24,083,932 | 23,795,625 |
Diluted | 24,083,932 | 24,027,518 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | ' | ' |
Net (loss) income | ($9,279) | $8,348 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,821 | 14,418 |
Deferred taxes | -65 | -50 |
Stock-based compensation expense | 621 | 1,307 |
(Gain) loss on disposal of equipment | -1,058 | 6 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -14,963 | -49,775 |
Inventories | 8,417 | 20,606 |
Other current assets | -2,460 | -4,473 |
Other assets | 127 | 22 |
Accounts payable | 12,220 | 30,182 |
Accrued liabilities | 958 | 6,674 |
Income taxes payable | 938 | 553 |
Other liabilities | 2 | 639 |
Net cash provided by operating activities | 8,279 | 28,457 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -6,563 | -15,913 |
Government grants received | 4,151 | ' |
Proceeds from sale of equipment | 1,054 | ' |
Net cash used in investing activities | -1,358 | -15,913 |
Cash flows from financing activities | ' | ' |
Tax withholdings for net share settlement of equity awards | -5 | -737 |
Proceeds from exercise of stock options | 66 | 29 |
Repurchase of common stock | ' | -1,232 |
Net cash provided by (used in) financing activities | 61 | -1,940 |
Effect of exchange rate changes on cash | -245 | -274 |
Net increase in cash | 6,737 | 10,330 |
Cash and cash equivalents at the beginning of the period | 105,150 | 82,322 |
Cash and cash equivalents at the end of the period | 111,887 | 92,652 |
Non-cash investing activities | ' | ' |
Purchases of property and equipment | $3,606 | $6,056 |
Description_of_Business
Description of Business | 3 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
1. Description of Business | |
Multi-Fineline Electronix, Inc. (“MFLEX” or the “Company”) was incorporated in 1984 in the State of California and reincorporated in the State of Delaware in June 2004. The Company is primarily engaged in the engineering, design and manufacture of flexible printed circuit boards along with related component assemblies. | |
United Engineers Limited (“UEL”) and its wholly owned subsidiary, UE Centennial Venture Pte. Ltd (“UECV”, and together with UEL, “UE”), through its affiliates and subsidiaries, beneficially owned approximately 62% of the Company’s outstanding common stock as of each of December 31, 2013 and September 30, 2013. | |
This beneficial ownership of the Company’s common stock by UE provides these entities with control over the outcome of stockholder votes at the Company, except with respect to certain related-party transactions with UE or its subsidiaries, including WBL Corporation Limited (“WBL”), which require a separate vote of the non-UE/WBL stockholders. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
2. Basis of Presentation | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has two wholly owned subsidiaries located in China: MFLEX Suzhou Co., Ltd., (“MFC”), and MFLEX Chengdu Co., Ltd. (“MFLEX Chengdu”); one located in the Cayman Islands: M-Flex Cayman Islands, Inc. (“MFCI”); one located in Singapore: Multi-Fineline Electronix Singapore Pte. Ltd. (“MFLEX Singapore”); one located in Malaysia: Multi-Fineline Electronix Malaysia Sdn. Bhd. (“MFM”); one located in Cambridge, England: MFLEX UK Limited (“MFE”); one located in Korea: MFLEX Korea, Ltd. (“MKR”); and one located in the Netherlands: MFLEX B.V. (“MNE”). All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s 2013 Annual Report on Form 10-K. The financial information presented in the accompanying statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the periods indicated. All such adjustments are of a normal recurring nature. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the three months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014. Unless otherwise indicated, the financial information in these notes is presented in thousands (except per share amounts). | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximated fair value due to their short maturities. For recognition purposes, on a recurring basis, the Company’s assets and liabilities related to money market funds and derivative financial instruments are measured at fair value at the end of each reporting period. The fair value of the Company’s money market funds were measured using Level 1 fair value inputs and the fair value of the Company’s derivative assets and liabilities were measured using Level 2 fair value inputs, which consisted of observable market-based inputs of foreign currency spot and forward rates quoted by major financial institutions. | |||||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis subject to the disclosure requirements as defined under the Financial Accounting Standards Board (“FASB”) authoritative accounting guidance were as follows: | |||||||||||||||||
Fair Value Measurements of Assets and Liabilities | |||||||||||||||||
on a Recurring Basis as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Money market funds (cash and cash equivalents) | $ | 17,928 | $ | — | $ | — | |||||||||||
Forward contracts (other current assets) | — | 221 | — | ||||||||||||||
$ | 17,928 | $ | 221 | $ | — | ||||||||||||
Fair Value Measurements of Assets and Liabilities | |||||||||||||||||
on a Recurring Basis as of September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Money market funds (cash and cash equivalents) | $ | 14,141 | $ | — | $ | — | |||||||||||
Forward contracts (other current assets) | — | 179 | — | ||||||||||||||
Forward contracts (accrued liabilities) | — | (34 | ) | — | |||||||||||||
$ | 14,141 | $ | 145 | $ | — | ||||||||||||
No assets or liabilities were measured at fair value on a non-recurring basis as of December 31, 2013 or September 30, 2013. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories, net of applicable write-downs, were composed of the following: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Raw materials and supplies | $ | 21,908 | $ | 27,080 | |||||||||||||
Work-in-progress | 16,051 | 20,965 | |||||||||||||||
Finished goods | 42,301 | 38,808 | |||||||||||||||
$ | 80,260 | $ | 86,853 | ||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment, net, were composed of the following: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Building | $ | 68,703 | $ | 68,679 | |||||||||||||
Machinery and equipment | 404,930 | 406,010 | |||||||||||||||
Computers and capitalized software | 13,573 | 13,014 | |||||||||||||||
Leasehold improvements | 14,400 | 14,145 | |||||||||||||||
Construction-in-progress | 3,834 | 5,307 | |||||||||||||||
$ | 505,440 | $ | 507,155 | ||||||||||||||
Accumulated depreciation and amortization | (271,541 | ) | (263,099 | ) | |||||||||||||
$ | 233,899 | $ | 244,056 | ||||||||||||||
The Company is undertaking a review of its manufacturing capacity in an effort to align its cost structure with net sales levels while maintaining the long-term capacity necessary to support its growth objectives. The Company is in the process of finalizing its implementation plans, including obtaining all necessary approvals. With respect to long-lived assets at December 31, 2013, principally composed of property, plant and equipment held-for-use, the Company compared its calculation of the forecasted undiscounted cash flows to the carrying value of the assets and concluded that no instances of impairment were identified as a result of the interim test as of December 31, 2013. However, the Company expects that if all necessary approvals are obtained, fiscal second quarter results could reflect significant asset impairment and restructuring charges as a result of a change in the disposal group from held-for-use to held-for-sale. | |||||||||||||||||
Product Warranty Accrual | |||||||||||||||||
Changes in the product warranty accrual for the three months ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Balance at | Warranty | Provision for | Balance at | ||||||||||||||
October 1 | Expenditures | Estimated | December 31 | ||||||||||||||
Warranty Cost | |||||||||||||||||
Fiscal 2014 | $ | 1,076 | $ | (1,022 | ) | $ | 1,398 | $ | 1,452 | ||||||||
Fiscal 2013 | $ | 346 | $ | (401 | ) | $ | 370 | $ | 315 | ||||||||
Net Income Per Share—Basic and Diluted | |||||||||||||||||
The following table presents a reconciliation of basic and diluted shares for the three months ended December 31, 2013 and 2012: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,083,932 | 23,795,625 | |||||||||||||||
Dilutive effect of potential common shares | — | 231,893 | |||||||||||||||
Diluted weighted-average number of common and potential common shares outstanding | 24,083,932 | 24,027,518 | |||||||||||||||
Potential common shares excluded from the per share computations as the effect of their inclusion would not be dilutive | 811,774 | 543,245 | |||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Litigation | |||||||||||||||||
The Company is involved in litigation from time to time in the ordinary course of business. Management does not believe the outcome of any currently pending matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||
Other Commitments | |||||||||||||||||
The Company has outstanding purchase and other commitments, which exclude amounts already recorded on the Condensed Consolidated Balance Sheets. The outstanding purchase commitments to acquire capital assets and other materials and services totaled $8,349 and $6,454 as of December 31, 2013 and September 30, 2013, respectively. | |||||||||||||||||
Pursuant to the laws applicable to the People’s Republic of China’s Foreign Investment Enterprises, the Company’s two wholly owned subsidiaries in China, MFC and MFLEX Chengdu, are restricted from paying cash dividends on 10% of after-tax profit, subject to certain cumulative limits. These restrictions on net income as of December 31, 2013 and September 30, 2013 were $20,005 and $19,838, respectively. | |||||||||||||||||
Significant Concentrations | |||||||||||||||||
Net sales to the Company’s largest Original Equipment Manufacturer (“OEM”) customers, inclusive of net sales made to their designated subcontractors, which accounted for 10% or more of the Company’s net sales, are presented below: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
OEM C | 71 | % | 84 | % | |||||||||||||
The Company’s sales into its largest industry sectors, as a percentage of total sales, are presented below: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Smartphones | 74 | % | 68 | % | |||||||||||||
Tablets | 17 | % | 24 | % | |||||||||||||
Consumer electronics | 6 | % | 7 | % |
Lines_of_Credit
Lines of Credit | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Lines of Credit | ' | ||||||||||||||||
3. Lines of Credit | |||||||||||||||||
During July 2013, MFC entered into a Line of General Credit Agreement (the “MFC Credit Line”) with Agricultural Bank of China, Suzhou Wuzhong Sub-branch (“ABC”), providing for a line of credit to MFC in an amount of 200,000 Chinese Renminbi (“RMB”) ($32,804 at December 31, 2013). The MFC Credit Line became effective on July 31, 2013 and will mature on July 30, 2016. | |||||||||||||||||
During May 2013, MFC entered into a Line of Credit Agreement (the “CCB Credit Line”) with China Construction Bank, Suzhou Industry Park Sub-Branch (“CCB”), which provides for a borrowing facility for 300,000 RMB ($49,205 at December 31, 2013). The CCB Credit Line will mature on May 5, 2016. | |||||||||||||||||
During March 2013, MFLEX Chengdu entered into a Line of Credit Agreement (the “MCH Credit Line”) with Bank of China Co., Ltd. Chengdu Development West Zone Sub-Branch (“BC”), providing for a line of credit to MFLEX Chengdu in an amount of $11,000. The MCH Credit Line matured on February 5, 2014. | |||||||||||||||||
During January 2012, MFLEX Singapore entered into a Facility Agreement (the “Facility Agreement”) with JPMorgan Chase Bank, N.A., Singapore Branch (“JPM”), as mandated lead arranger, the financial institutions from time to time party thereto, as lenders, and JPMorgan Chase Bank, N.A. acting through its Hong Kong Branch, as facility agent and as security agent. The Facility Agreement provides for a three-year, revolving credit facility, under which MFLEX Singapore may obtain loans and other financial accommodations in an aggregate principal amount of up to $50,000. Effective February 5, 2014, the Company terminated the Facility Agreement. | |||||||||||||||||
A summary of the lines of credit is as follows: | |||||||||||||||||
Amounts Available at | Amounts Outstanding at | ||||||||||||||||
December 31, | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Line of credit (ABC) | $ | 32,804 | $ | 32,531 | $ | — | $ | — | |||||||||
Line of credit (CCB) | 49,205 | 48,796 | — | — | |||||||||||||
Line of credit (BC) | 11,000 | 11,000 | — | — | |||||||||||||
Line of credit (JPM) | 50,000 | 50,000 | — | — | |||||||||||||
$ | 143,009 | $ | 142,327 | $ | — | $ | — | ||||||||||
As of December 31, 2013, the Company was not in compliance with one of the financial covenants under the Facility Agreement with JPM due to its trailing twelve-month net losses. No amounts were outstanding under the Facility Agreement with JPM as of December 31, 2013. See Note 8 “Subsequent Events” for further details. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
4. Segment Information | |||||||||
Based on the evaluation of the Company’s internal financial information, management believes that the Company operates in one reportable segment. The Company is primarily engaged in the engineering, design and manufacture of flexible circuit boards along with related component assemblies. For the periods presented, the Company operated in four geographical areas: United States, China, Singapore and Other (which includes Malaysia, Korea and the United Kingdom). Net sales are presented based on the country in which the sales originate, which is where the legal entity is domiciled. The financial results of the Company’s geographic segments are presented on a basis consistent with the condensed consolidated financial statements. Segment net sales and assets amounts include intra-company product sales transactions and subsidiary investment amounts, respectively, which are offset in the eliminations line. | |||||||||
Financial information by geographic segment is as follows: | |||||||||
Three Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net sales | |||||||||
United States | $ | 5,110 | $ | 2,882 | |||||
China | 227,457 | 302,456 | |||||||
Singapore | 194,025 | 285,101 | |||||||
Other | 1,709 | 53 | |||||||
Eliminations | (216,629 | ) | (300,842 | ) | |||||
Total | $ | 211,672 | $ | 289,650 | |||||
Operating (loss) income | |||||||||
United States | $ | (1,678 | ) | $ | (2,595 | ) | |||
China | 11,609 | 10,965 | |||||||
Singapore | (18,279 | ) | 633 | ||||||
Other | (585 | ) | (816 | ) | |||||
Eliminations | 723 | 2,274 | |||||||
Total | $ | (8,210 | ) | $ | 10,461 | ||||
Depreciation and amortization | |||||||||
United States | $ | 347 | $ | 650 | |||||
China | 12,426 | 13,702 | |||||||
Singapore | 33 | 23 | |||||||
Other | 15 | 43 | |||||||
Total | $ | 12,821 | $ | 14,418 | |||||
December 31, | September 30, | ||||||||
2013 | 2013 | ||||||||
Total assets | |||||||||
United States | $ | 148,613 | $ | 136,299 | |||||
China | 381,527 | 403,824 | |||||||
Singapore | 316,050 | 295,714 | |||||||
Other | 6,929 | 2,022 | |||||||
Eliminations | (233,892 | ) | (227,645 | ) | |||||
Total | $ | 619,227 | $ | 610,214 | |||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
5. Stock-Based Compensation | |||||||||||||||||
Service and Performance-Based Restricted Stock Units | |||||||||||||||||
During the three months ended December 31, 2013 and 2012, the Company granted service-based restricted stock units (“RSUs”) under the Company’s 2004 Stock Incentive Plan, as amended and restated to date (the “2004 Plan”) to certain employees (including executive officers) and directors at no cost to such individual. Each RSU represents one hypothetical share of the Company’s common stock, without voting or dividend rights. The RSUs granted to employees generally vest over a period of three years with one-third vesting on each of the anniversary dates of the grant date. Total compensation cost related to RSUs is determined based on the fair value of the Company’s common stock on the date of grant and is amortized into expense over the vesting period using the straight-line method. | |||||||||||||||||
The Company also grants performance-based RSUs to certain employees (including executive officers) from time to time, under the 2004 Plan. For such performance-based RSUs, the Company records stock-based compensation expense based on the grant-date fair value and the probability that the performance metrics will be achieved. Management generally considers the probability that the performance metrics will be achieved to be a 70% chance or greater (“Probability Threshold”). At the end of each reporting period, the Company evaluates the awards to determine if the related performance metrics meet the Probability Threshold. If the Company determines that the vesting of any of the outstanding performance-based RSUs does not meet the Probability Threshold, the stock-based compensation expense related to those performance-based RSUs is reversed in the period in which this determination is made. However, if at a future date conditions have changed and the Probability Threshold is deemed to be met, the previously reversed stock-based compensation expense, as well as all subsequent projected stock-based compensation expense through the date of evaluation, is recognized in the period in which this new determination is made. | |||||||||||||||||
On November 11, 2013, the Company granted 183,292 performance-based RSUs (the “November 2013 Awards”). On December 19, 2013, the Company granted 78,553 performance-based RSUs (the “December 2013 Awards”). Both the November 2013 Awards and the December 2013 Awards vest upon the achievement of defined performance and market objectives pertaining to such grants, with vesting estimated to occur between September 30, 2016 and November 30, 2016. | |||||||||||||||||
Approximately two-fifths of the November 2013 Awards and the December 2013 Awards contained performance conditions whereby the Company recorded stock-based compensation cost based on the grant-date fair value and the probability that the performance metrics will be achieved. At the end of each reporting period, the Company evaluates the probability that the performance-based RSUs will vest. As of December 31, 2013, the Company considers the vesting of the November 2013 Awards and the December 2013 Awards to be probable. | |||||||||||||||||
Approximately three-fifths of the November 2013 Awards and the December 2013 Awards contained both market and performance conditions, whereby the market condition was measured by determining the Company’s total shareholder return (“TSR”) for the three-year period beginning November 30, 2013 through November 30, 2016 versus the TSR of the Nasdaq Total Return Index for the same period, using the three-month average daily closing price of each on November 30, 2013 as compared to November 30, 2016. An award with a market condition is accounted for and measured differently from an award that has only a performance or service condition. The effect of a market condition is reflected in the award’s fair value on the grant date (e.g., a discount may be taken when estimating the fair value of such grant to reflect the market condition). The fair value may be lower than the fair value of an identical award that has only a service or performance condition because those awards will not include a discount on the fair value. All compensation costs for an award that has a market condition will be recognized if the requisite service period is fulfilled, even if the market condition is never satisfied. | |||||||||||||||||
The grant date fair values of the portion of the November 2013 Awards and the December 2013 Awards containing both market and performance conditions were calculated utilizing the following assumptions: | |||||||||||||||||
November 2013 | Nasdaq Total Return | December 2013 | Nasdaq Total Return | ||||||||||||||
Awards | Index Benchmark | Awards | Index Benchmark | ||||||||||||||
Inputs | Inputs | ||||||||||||||||
Expected stock return/ discount rate1 | 0.65 | % | 0.65 | % | 0.7 | % | 0.7 | % | |||||||||
Dividend yield | — | — | — | — | |||||||||||||
Volatility2 | 40 | % | 20 | % | 40 | % | 20 | % | |||||||||
Grant date | 11/30/13 | 11/30/13 | 12/19/13 | 12/19/13 | |||||||||||||
Three-month average share price3 | $ | 14.6 | $ | 4,194.45 | $ | 14.6 | $ | 4,194.45 | |||||||||
Expected vesting period (in years) | 3.1 | N/A | 3 | N/A | |||||||||||||
Correlation | 0.48 | 0.48 | 0.48 | 0.48 | |||||||||||||
Fair value per share | $ | 8.28 | N/A | $ | 6.7 | N/A | |||||||||||
1 | The expected stock return/discount rate was based on the yield to maturity of short-term government bonds over the expected term as of the grant date. | ||||||||||||||||
2 | Volatilities were calculated as of fiscal year end dates for the Company. | ||||||||||||||||
3 | The three-month daily average share price was based on the average of the three-month daily closing price for the Company’s common stock and the Nasdaq Total Return Index as of November 30, 2013. | ||||||||||||||||
RSU activity for the three months ended December 31, 2013 under the 2004 Plan is summarized as follows: | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares outstanding at September 30, 2013 | 336,374 | $ | 17.55 | ||||||||||||||
Granted | 535,217 | 11.21 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | (24,525 | ) | 16.96 | ||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 847,066 | $ | 13.56 | ||||||||||||||
RSU details for the three months ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Service-based RSUs granted | 273,372 | 179,191 | |||||||||||||||
Performance-based RSUs granted | 261,845 | 72,031 | |||||||||||||||
Compensation cost recognized | $ | 621 | $ | 1,009 | |||||||||||||
Weighted-average grant-date fair value of non-vested RSUs granted | $ | 11.21 | $ | 18.49 | |||||||||||||
Weighted-average fair value of RSUs vested | $ | — | $ | 22.31 | |||||||||||||
Aggregate intrinsic value of RSUs vested | $ | — | $ | 2,184 | |||||||||||||
Unearned compensation as of December 31, 2013 was $7,801 related to non-vested RSUs, which will be recognized into expense over the weighted-average remaining contractual life of the non-vested RSUs of 2.0 years. |
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
6. Income Taxes | |
The liability for income taxes associated with uncertain tax positions remained consistent at $15,425 as of December 31, 2013 and September 30, 2013. The liability can be reduced by $4,908, primarily from offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments. The resulting net amount of $10,517 at both December 31, 2013 and September 30, 2013, if recognized, would favorably affect the Company’s effective tax rate. The Company anticipates that there will be changes to the unrecognized tax benefit associated with uncertain tax positions due to the expiration of statutes of limitation, payment of tax on amended returns, audit settlements and other changes in reserves. However, due to the uncertainty regarding the timing of these events, other than the statute of limitation expiration, a current estimate of the range of changes that may occur within the next 12 months cannot be made. | |
The Company currently enjoys certain tax incentives for certain of its Asian operations. Certain Asian operations are subject to taxes at a rate lower than the statutory rates and for the three months ended December 31, 2013, the Company realized tax savings for these operations. However, these tax holidays and tax incentives may be challenged, modified or even eliminated by taxing authorities or changes in law. The tax incentives for the Company’s operations in Singapore expired on June 30, 2013. | |
The Internal Revenue Service (“IRS”) is currently examining the Company’s income tax returns for fiscal years 2007 through 2010. On August 1, 2012, the Company received a Revenue Agent Report (the “Original Report”) from the IRS relating to its examination of the Company’s income tax returns for fiscal years 2007 and 2008. On February 6, 2013, the IRS withdrew the Original Report and issued a revised Revenue Agent Report (the “Revised Report”). In the Revised Report, the IRS reduced its proposed adjustments. The remaining proposed adjustments would result in $32,363 of additional taxable income for those two years. Management believes there are numerous errors in the Revised Report, does not agree with the proposed adjustments and has contested the proposed adjustments with the IRS Appeals Office. After reviewing the Revised Report, management continues to believe that an adequate provision has been made for all of the Company’s uncertain tax positions. | |
The Chinese tax authority is currently auditing the income tax returns of MFC and Multi-Fineline Electronix (Suzhou) Co., Ltd. (a now-dissolved subsidiary of the Company) for tax years 2005 through 2011. During fiscal year 2013, the Chinese tax authority raised questions related to transfer pricing on tangible goods sold by the Company to related parties. The questions primarily related to the transfer pricing methodology and the selection of comparable companies. Discussions with the Chinese tax authority surrounding this issue are ongoing. In the event that the audit results in proposed assessment by the Chinese tax authority, the Company may be required to remit the assessment regardless of whether the Company contests the proposed adjustments. Management believes that an adequate provision has been made related to this audit. | |
The outcome of these tax audits cannot be predicted with certainty. If any issues raised in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, then the Company could be required to adjust its provision for income tax in the period such resolution occurs. Any significant adjustments from the tax authorities could have a material adverse effect on the Company’s results of operations, cash flows and financial position if not resolved favorably. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
7. Derivative Financial Instruments | |||||||||||||
Foreign Currency Forward Contracts | |||||||||||||
The Company transacts business in various foreign countries and is therefore exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to purchases, obligations, and monetary assets and liabilities that are denominated in currencies other than the Company’s reporting currency. The Company has established foreign currency risk management programs to attempt to protect against short-term volatility in the value of non-U.S. dollar denominated monetary assets and liabilities, and of future cash flows caused by changes in foreign currency exchange rates. As a result, from time to time, the Company enters into foreign currency forward contracts to hedge its aforementioned currency exposures. | |||||||||||||
The Company accounts for all of its derivative instruments in accordance with the relevant FASB authoritative accounting guidance for derivatives and hedges. The guidance requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets. | |||||||||||||
As of December 31, 2013, the aggregate notional amount of the Company’s outstanding foreign currency forward contracts is summarized below: | |||||||||||||
Currency | Buy/ | Foreign | Notional | ||||||||||
Sell | Currency | Contract | |||||||||||
Amount | Value in | ||||||||||||
USD | |||||||||||||
Foreign currency non-hedge derivatives: | |||||||||||||
RMB | Buy | ¥ | 306,872 | $ | 50,000 | ||||||||
The changes in fair value of the Company’s derivative instruments are recognized into earnings during the period of change as other income (expense), net in the Condensed Consolidated Statements of Comprehensive Income. The Company recognized gains of $414 during the three months ended December 31, 2013 and $0 during the three months ended December 31, 2012, respectively, related to derivative financial instruments. |
Subsequent_Events
Subsequent Events | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||
Subsequent Events | ' | ||||||||||||||||
8. Subsequent Events | |||||||||||||||||
Effective February 5, 2014, the Company terminated its Facility Agreement with JPM. As discussed in Note 3, the Company was not in compliance with one of the financial covenants under the Facility Agreement with JPM due to its trailing twelve-month net losses. The option to obtain a waiver of the covenant was available but required the Company to incur additional fees. Due to the Company’s cash position and no debt as of December 31, 2013, management expects the Company’s liquidity to be adequate and therefore chose to terminate the Facility Agreement. In addition, the MCH Credit Line matured on February 5, 2014, and the Company chose not to renew it. | |||||||||||||||||
A summary of the lines of credit as of February 6, 2014 (the date of this report) and December 31, 2013 is as follows: | |||||||||||||||||
Amounts Available at | Amounts Outstanding at | ||||||||||||||||
February 6, | December 31, | February 6, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Line of credit (ABC) | $ | 32,804 | $ | 32,804 | $ | — | $ | — | |||||||||
Line of credit (CCB) | 49,205 | 49,205 | — | — | |||||||||||||
Line of credit (BC) | — | 11,000 | — | — | |||||||||||||
Line of credit (JPM) | — | 50,000 | — | — | |||||||||||||
$ | 82,009 | $ | 143,009 | $ | — | $ | — | ||||||||||
The Company is undertaking a review of its manufacturing capacity in an effort to align its cost structure with net sales levels while maintaining the long-term capacity necessary to support its growth objectives. Management is in the process of finalizing its implementation plans, including obtaining the necessary approvals. As a result, the Company expects its fiscal second quarter results to reflect significant impairment and restructuring charges. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has two wholly owned subsidiaries located in China: MFLEX Suzhou Co., Ltd., (“MFC”), and MFLEX Chengdu Co., Ltd. (“MFLEX Chengdu”); one located in the Cayman Islands: M-Flex Cayman Islands, Inc. (“MFCI”); one located in Singapore: Multi-Fineline Electronix Singapore Pte. Ltd. (“MFLEX Singapore”); one located in Malaysia: Multi-Fineline Electronix Malaysia Sdn. Bhd. (“MFM”); one located in Cambridge, England: MFLEX UK Limited (“MFE”); one located in Korea: MFLEX Korea, Ltd. (“MKR”); and one located in the Netherlands: MFLEX B.V. (“MNE”). All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s 2013 Annual Report on Form 10-K. The financial information presented in the accompanying statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the periods indicated. All such adjustments are of a normal recurring nature. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the three months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014. Unless otherwise indicated, the financial information in these notes is presented in thousands (except per share amounts). | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximated fair value due to their short maturities. For recognition purposes, on a recurring basis, the Company’s assets and liabilities related to money market funds and derivative financial instruments are measured at fair value at the end of each reporting period. The fair value of the Company’s money market funds were measured using Level 1 fair value inputs and the fair value of the Company’s derivative assets and liabilities were measured using Level 2 fair value inputs, which consisted of observable market-based inputs of foreign currency spot and forward rates quoted by major financial institutions. | |||||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis subject to the disclosure requirements as defined under the Financial Accounting Standards Board (“FASB”) authoritative accounting guidance were as follows: | |||||||||||||||||
Fair Value Measurements of Assets and Liabilities | |||||||||||||||||
on a Recurring Basis as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Money market funds (cash and cash equivalents) | $ | 17,928 | $ | — | $ | — | |||||||||||
Forward contracts (other current assets) | — | 221 | — | ||||||||||||||
$ | 17,928 | $ | 221 | $ | — | ||||||||||||
Fair Value Measurements of Assets and Liabilities | |||||||||||||||||
on a Recurring Basis as of September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Money market funds (cash and cash equivalents) | $ | 14,141 | $ | — | $ | — | |||||||||||
Forward contracts (other current assets) | — | 179 | — | ||||||||||||||
Forward contracts (accrued liabilities) | — | (34 | ) | — | |||||||||||||
$ | 14,141 | $ | 145 | $ | — | ||||||||||||
No assets or liabilities were measured at fair value on a non-recurring basis as of December 31, 2013 or September 30, 2013. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories, net of applicable write-downs, were composed of the following: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Raw materials and supplies | $ | 21,908 | $ | 27,080 | |||||||||||||
Work-in-progress | 16,051 | 20,965 | |||||||||||||||
Finished goods | 42,301 | 38,808 | |||||||||||||||
$ | 80,260 | $ | 86,853 | ||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment, net, were composed of the following: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Building | $ | 68,703 | $ | 68,679 | |||||||||||||
Machinery and equipment | 404,930 | 406,010 | |||||||||||||||
Computers and capitalized software | 13,573 | 13,014 | |||||||||||||||
Leasehold improvements | 14,400 | 14,145 | |||||||||||||||
Construction-in-progress | 3,834 | 5,307 | |||||||||||||||
$ | 505,440 | $ | 507,155 | ||||||||||||||
Accumulated depreciation and amortization | (271,541 | ) | (263,099 | ) | |||||||||||||
$ | 233,899 | $ | 244,056 | ||||||||||||||
The Company is undertaking a review of its manufacturing capacity in an effort to align its cost structure with net sales levels while maintaining the long-term capacity necessary to support its growth objectives. The Company is in the process of finalizing its implementation plans, including obtaining all necessary approvals. With respect to long-lived assets at December 31, 2013, principally composed of property, plant and equipment held-for-use, the Company compared its calculation of the forecasted undiscounted cash flows to the carrying value of the assets and concluded that no instances of impairment were identified as a result of the interim test as of December 31, 2013. However, the Company expects that if all necessary approvals are obtained, fiscal second quarter results could reflect significant asset impairment and restructuring charges as a result of a change in the disposal group from held-for-use to held-for-sale. | |||||||||||||||||
Product Warranty Accrual | ' | ||||||||||||||||
Product Warranty Accrual | |||||||||||||||||
Changes in the product warranty accrual for the three months ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Balance at | Warranty | Provision for | Balance at | ||||||||||||||
October 1 | Expenditures | Estimated | December 31 | ||||||||||||||
Warranty Cost | |||||||||||||||||
Fiscal 2014 | $ | 1,076 | $ | (1,022 | ) | $ | 1,398 | $ | 1,452 | ||||||||
Fiscal 2013 | $ | 346 | $ | (401 | ) | $ | 370 | $ | 315 | ||||||||
Net Income Per Share-Basic and Diluted | ' | ||||||||||||||||
Net Income Per Share—Basic and Diluted | |||||||||||||||||
The following table presents a reconciliation of basic and diluted shares for the three months ended December 31, 2013 and 2012: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,083,932 | 23,795,625 | |||||||||||||||
Dilutive effect of potential common shares | — | 231,893 | |||||||||||||||
Diluted weighted-average number of common and potential common shares outstanding | 24,083,932 | 24,027,518 | |||||||||||||||
Potential common shares excluded from the per share computations as the effect of their inclusion would not be dilutive | 811,774 | 543,245 | |||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Litigation | |||||||||||||||||
The Company is involved in litigation from time to time in the ordinary course of business. Management does not believe the outcome of any currently pending matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||
Other Commitments | |||||||||||||||||
The Company has outstanding purchase and other commitments, which exclude amounts already recorded on the Condensed Consolidated Balance Sheets. The outstanding purchase commitments to acquire capital assets and other materials and services totaled $8,349 and $6,454 as of December 31, 2013 and September 30, 2013, respectively. | |||||||||||||||||
Pursuant to the laws applicable to the People’s Republic of China’s Foreign Investment Enterprises, the Company’s two wholly owned subsidiaries in China, MFC and MFLEX Chengdu, are restricted from paying cash dividends on 10% of after-tax profit, subject to certain cumulative limits. These restrictions on net income as of December 31, 2013 and September 30, 2013 were $20,005 and $19,838, respectively. | |||||||||||||||||
Significant Concentrations | ' | ||||||||||||||||
Significant Concentrations | |||||||||||||||||
Net sales to the Company’s largest Original Equipment Manufacturer (“OEM”) customers, inclusive of net sales made to their designated subcontractors, which accounted for 10% or more of the Company’s net sales, are presented below: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
OEM C | 71 | % | 84 | % | |||||||||||||
The Company’s sales into its largest industry sectors, as a percentage of total sales, are presented below: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Smartphones | 74 | % | 68 | % | |||||||||||||
Tablets | 17 | % | 24 | % | |||||||||||||
Consumer electronics | 6 | % | 7 | % |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis subject to the disclosure requirements as defined under the Financial Accounting Standards Board (“FASB”) authoritative accounting guidance were as follows: | |||||||||||||||||
Fair Value Measurements of Assets and Liabilities | |||||||||||||||||
on a Recurring Basis as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Money market funds (cash and cash equivalents) | $ | 17,928 | $ | — | $ | — | |||||||||||
Forward contracts (other current assets) | — | 221 | — | ||||||||||||||
$ | 17,928 | $ | 221 | $ | — | ||||||||||||
Fair Value Measurements of Assets and Liabilities | |||||||||||||||||
on a Recurring Basis as of September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Money market funds (cash and cash equivalents) | $ | 14,141 | $ | — | $ | — | |||||||||||
Forward contracts (other current assets) | — | 179 | — | ||||||||||||||
Forward contracts (accrued liabilities) | — | (34 | ) | — | |||||||||||||
$ | 14,141 | $ | 145 | $ | — | ||||||||||||
Components of Inventories, Net of Applicable Write-Downs | ' | ||||||||||||||||
Inventories, net of applicable write-downs, were composed of the following: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Raw materials and supplies | $ | 21,908 | $ | 27,080 | |||||||||||||
Work-in-progress | 16,051 | 20,965 | |||||||||||||||
Finished goods | 42,301 | 38,808 | |||||||||||||||
$ | 80,260 | $ | 86,853 | ||||||||||||||
Components of Property, Plant and Equipment | ' | ||||||||||||||||
Property, plant and equipment, net, were composed of the following: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Building | $ | 68,703 | $ | 68,679 | |||||||||||||
Machinery and equipment | 404,930 | 406,010 | |||||||||||||||
Computers and capitalized software | 13,573 | 13,014 | |||||||||||||||
Leasehold improvements | 14,400 | 14,145 | |||||||||||||||
Construction-in-progress | 3,834 | 5,307 | |||||||||||||||
$ | 505,440 | $ | 507,155 | ||||||||||||||
Accumulated depreciation and amortization | (271,541 | ) | (263,099 | ) | |||||||||||||
$ | 233,899 | $ | 244,056 | ||||||||||||||
Changes in the Product Warranty Accrual | ' | ||||||||||||||||
Changes in the product warranty accrual for the three months ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Balance at | Warranty | Provision for | Balance at | ||||||||||||||
October 1 | Expenditures | Estimated | December 31 | ||||||||||||||
Warranty Cost | |||||||||||||||||
Fiscal 2014 | $ | 1,076 | $ | (1,022 | ) | $ | 1,398 | $ | 1,452 | ||||||||
Fiscal 2013 | $ | 346 | $ | (401 | ) | $ | 370 | $ | 315 | ||||||||
Reconciliation of Basic and Diluted Shares | ' | ||||||||||||||||
The following table presents a reconciliation of basic and diluted shares for the three months ended December 31, 2013 and 2012: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,083,932 | 23,795,625 | |||||||||||||||
Dilutive effect of potential common shares | — | 231,893 | |||||||||||||||
Diluted weighted-average number of common and potential common shares outstanding | 24,083,932 | 24,027,518 | |||||||||||||||
Potential common shares excluded from the per share computations as the effect of their inclusion would not be dilutive | 811,774 | 543,245 | |||||||||||||||
Net Sales to the Company's Largest and Newer Customers | ' | ||||||||||||||||
Net sales to the Company’s largest Original Equipment Manufacturer (“OEM”) customers, inclusive of net sales made to their designated subcontractors, which accounted for 10% or more of the Company’s net sales, are presented below: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
OEM C | 71 | % | 84 | % | |||||||||||||
Company's Sales into its Largest Industry Sectors | ' | ||||||||||||||||
The Company’s sales into its largest industry sectors, as a percentage of total sales, are presented below: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Smartphones | 74 | % | 68 | % | |||||||||||||
Tablets | 17 | % | 24 | % | |||||||||||||
Consumer electronics | 6 | % | 7 | % |
Subsequent_Events_Tables
Subsequent Events (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Lines of Credit | ' | ||||||||||||||||
A summary of the lines of credit is as follows: | |||||||||||||||||
Amounts Available at | Amounts Outstanding at | ||||||||||||||||
December 31, | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Line of credit (ABC) | $ | 32,804 | $ | 32,531 | $ | — | $ | — | |||||||||
Line of credit (CCB) | 49,205 | 48,796 | — | — | |||||||||||||
Line of credit (BC) | 11,000 | 11,000 | — | — | |||||||||||||
Line of credit (JPM) | 50,000 | 50,000 | — | — | |||||||||||||
$ | 143,009 | $ | 142,327 | $ | — | $ | — | ||||||||||
Lines of credit [Member] | ' | ||||||||||||||||
Summary of Lines of Credit | ' | ||||||||||||||||
A summary of the lines of credit as of February 6, 2014 (the date of this report) and December 31, 2013 is as follows: | |||||||||||||||||
Amounts Available at | Amounts Outstanding at | ||||||||||||||||
February 6, | December 31, | February 6, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Line of credit (ABC) | $ | 32,804 | $ | 32,804 | $ | — | $ | — | |||||||||
Line of credit (CCB) | 49,205 | 49,205 | — | — | |||||||||||||
Line of credit (BC) | — | 11,000 | — | — | |||||||||||||
Line of credit (JPM) | — | 50,000 | — | — | |||||||||||||
$ | 82,009 | $ | 143,009 | $ | — | $ | — | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Financial Information by Geographic Segment | ' | ||||||||
Financial information by geographic segment is as follows: | |||||||||
Three Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net sales | |||||||||
United States | $ | 5,110 | $ | 2,882 | |||||
China | 227,457 | 302,456 | |||||||
Singapore | 194,025 | 285,101 | |||||||
Other | 1,709 | 53 | |||||||
Eliminations | (216,629 | ) | (300,842 | ) | |||||
Total | $ | 211,672 | $ | 289,650 | |||||
Operating (loss) income | |||||||||
United States | $ | (1,678 | ) | $ | (2,595 | ) | |||
China | 11,609 | 10,965 | |||||||
Singapore | (18,279 | ) | 633 | ||||||
Other | (585 | ) | (816 | ) | |||||
Eliminations | 723 | 2,274 | |||||||
Total | $ | (8,210 | ) | $ | 10,461 | ||||
Depreciation and amortization | |||||||||
United States | $ | 347 | $ | 650 | |||||
China | 12,426 | 13,702 | |||||||
Singapore | 33 | 23 | |||||||
Other | 15 | 43 | |||||||
Total | $ | 12,821 | $ | 14,418 | |||||
December 31, | September 30, | ||||||||
2013 | 2013 | ||||||||
Total assets | |||||||||
United States | $ | 148,613 | $ | 136,299 | |||||
China | 381,527 | 403,824 | |||||||
Singapore | 316,050 | 295,714 | |||||||
Other | 6,929 | 2,022 | |||||||
Eliminations | (233,892 | ) | (227,645 | ) | |||||
Total | $ | 619,227 | $ | 610,214 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Grant Date Fair Values of Awards | ' | ||||||||||||||||
The grant date fair values of the portion of the November 2013 Awards and the December 2013 Awards containing both market and performance conditions were calculated utilizing the following assumptions: | |||||||||||||||||
November 2013 | Nasdaq Total Return | December 2013 | Nasdaq Total Return | ||||||||||||||
Awards | Index Benchmark | Awards | Index Benchmark | ||||||||||||||
Inputs | Inputs | ||||||||||||||||
Expected stock return/ discount rate1 | 0.65 | % | 0.65 | % | 0.7 | % | 0.7 | % | |||||||||
Dividend yield | — | — | — | — | |||||||||||||
Volatility2 | 40 | % | 20 | % | 40 | % | 20 | % | |||||||||
Grant date | 11/30/13 | 11/30/13 | 12/19/13 | 12/19/13 | |||||||||||||
Three-month average share price3 | $ | 14.6 | $ | 4,194.45 | $ | 14.6 | $ | 4,194.45 | |||||||||
Expected vesting period (in years) | 3.1 | N/A | 3 | N/A | |||||||||||||
Correlation | 0.48 | 0.48 | 0.48 | 0.48 | |||||||||||||
Fair value per share | $ | 8.28 | N/A | $ | 6.7 | N/A | |||||||||||
1 | The expected stock return/discount rate was based on the yield to maturity of short-term government bonds over the expected term as of the grant date. | ||||||||||||||||
2 | Volatilities were calculated as of fiscal year end dates for the Company. | ||||||||||||||||
3 | The three-month daily average share price was based on the average of the three-month daily closing price for the Company’s common stock and the Nasdaq Total Return Index as of November 30, 2013. | ||||||||||||||||
Restricted Stock Units Activity | ' | ||||||||||||||||
RSU activity for the three months ended December 31, 2013 under the 2004 Plan is summarized as follows: | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares outstanding at September 30, 2013 | 336,374 | $ | 17.55 | ||||||||||||||
Granted | 535,217 | 11.21 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | (24,525 | ) | 16.96 | ||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 847,066 | $ | 13.56 | ||||||||||||||
Restricted Stock Units Details | ' | ||||||||||||||||
RSU details for the three months ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Service-based RSUs granted | 273,372 | 179,191 | |||||||||||||||
Performance-based RSUs granted | 261,845 | 72,031 | |||||||||||||||
Compensation cost recognized | $ | 621 | $ | 1,009 | |||||||||||||
Weighted-average grant-date fair value of non-vested RSUs granted | $ | 11.21 | $ | 18.49 | |||||||||||||
Weighted-average fair value of RSUs vested | $ | — | $ | 22.31 | |||||||||||||
Aggregate intrinsic value of RSUs vested | $ | — | $ | 2,184 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
The Aggregate Notional Amount of Outstanding Foreign Currency Forward Contracts | ' | ||||||||||||
As of December 31, 2013, the aggregate notional amount of the Company’s outstanding foreign currency forward contracts is summarized below: | |||||||||||||
Currency | Buy/ | Foreign | Notional | ||||||||||
Sell | Currency | Contract | |||||||||||
Amount | Value in | ||||||||||||
USD | |||||||||||||
Foreign currency non-hedge derivatives: | |||||||||||||
RMB | Buy | ¥ | 306,872 | $ | 50,000 |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | Dec. 31, 2013 | Sep. 30, 2013 |
Basis Of Presentation [Abstract] | ' | ' |
Percentage of shares owned by affiliates and subsidiaries of WBL Corporation Limited | 62.00% | 62.00% |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Sep. 30, 2013 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | $0 | $0 |
Liabilities measured at fair value on a non-recurring basis | 0 | 0 |
Outstanding purchase and other commitments | 8,349,000 | 6,454,000 |
Restrictions on net income | $20,005,000 | $19,838,000 |
Percentage of restricted after-tax profits from paying cash dividends | 10.00% | ' |
Sales [Member] | Original Equipment Manufacturer [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Original Equipment Manufacturer, Percentage | 10.00% | ' |
China [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 2 | ' |
Cayman [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 1 | ' |
Singapore [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 1 | ' |
Malaysia [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 1 | ' |
England [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 1 | ' |
Korea [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 1 | ' |
Netherlands [Member] | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 1 | ' |
Basis_of_Presentation_Schedule
Basis of Presentation - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value net assets liabilities, Total | $17,928 | $14,141 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value net assets liabilities, Total | 221 | 145 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value net assets liabilities, Total | ' | ' |
Money market funds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | 17,928 | 14,141 |
Money market funds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | ' | ' |
Money market funds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds (cash and cash equivalents) | ' | ' |
Forward contracts [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward contracts (other current assets) | ' | ' |
Forward contracts (accrued liabilities) | ' | ' |
Forward contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward contracts (other current assets) | 221 | 179 |
Forward contracts (accrued liabilities) | ' | -34 |
Forward contracts [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward contracts (other current assets) | ' | ' |
Forward contracts (accrued liabilities) | ' | ' |
Basis_of_Presentation_Componen
Basis of Presentation - Components of Inventories, Net of Applicable Write-Downs (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials and supplies | $21,908 | $27,080 |
Work-in-progress | 16,051 | 20,965 |
Finished goods | 42,301 | 38,808 |
Inventories, net | $80,260 | $86,853 |
Basis_of_Presentation_Componen1
Basis of Presentation - Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $505,440 | $507,155 |
Accumulated depreciation and amortization | -271,541 | -263,099 |
Property, plant and equipment, net | 233,899 | 244,056 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 68,703 | 68,679 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 404,930 | 406,010 |
Computers and capitalized software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 13,573 | 13,014 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 14,400 | 14,145 |
Construction-in-progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $3,834 | $5,307 |
Basis_of_Presentation_Changes_
Basis of Presentation - Changes in the Product Warranty Accrual (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantees [Abstract] | ' | ' |
Beginning Balance | $1,076 | $346 |
Warranty Expenditures | -1,022 | -401 |
Provision for Estimated Warranty Cost | 1,398 | 370 |
Ending Balance | $1,452 | $315 |
Basis_of_Presentation_Reconcil
Basis of Presentation - Reconciliation of Basic and Diluted Shares (Detail) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Number Of Shares Outstanding Diluted Disclosure Items [Abstract] | ' | ' |
Basic weighted-average number of common shares outstanding | 24,083,932 | 23,795,625 |
Dilutive effect of potential common shares | ' | 231,893 |
Diluted weighted-average number of common and potential common shares outstanding | 24,083,932 | 24,027,518 |
Potential common shares excluded from the per share computations as the effect of their inclusion would not be dilutive | 811,774 | 543,245 |
Basis_of_Presentation_Net_Sale
Basis of Presentation - Net Sales to the Company's Largest and Newer Customers (Detail) (Sales [Member], OEM C [Member]) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Sales [Member] | OEM C [Member] | ' | ' |
Sales Concentration [Line Items] | ' | ' |
Original Equipment Manufacturer, Percentage | 71.00% | 84.00% |
Basis_of_Presentation_Companys
Basis of Presentation - Company's Sales into its Largest Industry Sectors (Detail) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Smartphones [Member] | ' | ' |
Sales Concentration [Line Items] | ' | ' |
Percentage of net sales to largest industry sectors | 74.00% | 68.00% |
Tablets [Member] | ' | ' |
Sales Concentration [Line Items] | ' | ' |
Percentage of net sales to largest industry sectors | 17.00% | 24.00% |
Consumer electronics [Member] | ' | ' |
Sales Concentration [Line Items] | ' | ' |
Percentage of net sales to largest industry sectors | 6.00% | 7.00% |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 |
USD ($) | USD ($) | Agricultural Bank of China [Member] | Agricultural Bank of China [Member] | Agricultural Bank of China [Member] | China Construction Bank [Member] | China Construction Bank [Member] | China Construction Bank [Member] | Bank of China [Member] | Bank of China [Member] | J P Morgan Chase Bank [Member] | J P Morgan Chase Bank [Member] | |
USD ($) | CNY | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity under Line of Credit Agreement | ' | ' | $32,804,000 | 200,000,000 | ' | $49,205,000 | 300,000,000 | ' | $11,000,000 | ' | $50,000,000 | ' |
Line of credit, maturity date | ' | ' | 30-Jul-16 | 30-Jul-16 | ' | 5-May-16 | 5-May-16 | ' | 5-Feb-14 | ' | 5-Feb-14 | ' |
Line of credit, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lines_of_Credit_Summary_of_the
Lines of Credit - Summary of the Lines of Credit (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, Amount Available | $143,009 | $142,327 |
Line of credit, Amount Outstanding | ' | ' |
Agricultural Bank of China [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, Amount Available | 32,804 | 32,531 |
Line of credit, Amount Outstanding | ' | ' |
China Construction Bank [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, Amount Available | 49,205 | 48,796 |
Line of credit, Amount Outstanding | ' | ' |
Bank of China [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, Amount Available | 11,000 | 11,000 |
Line of credit, Amount Outstanding | ' | ' |
J P Morgan Chase Bank [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, Amount Available | 50,000 | 50,000 |
Line of credit, Amount Outstanding | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segment | 1 |
Number of geographical segment | 4 |
Segment_Information_Financial_
Segment Information - Financial Information by Geographic Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Sales Information [Line Items] | ' | ' | ' |
Net sales | $211,672 | $289,650 | ' |
Operating (loss) income | -8,210 | 10,461 | ' |
Depreciation and amortization | 12,821 | 14,418 | ' |
Total assets | 619,227 | ' | 610,214 |
United States [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Net sales | 5,110 | 2,882 | ' |
Operating (loss) income | -1,678 | -2,595 | ' |
Depreciation and amortization | 347 | 650 | ' |
Total assets | 148,613 | ' | 136,299 |
China [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Net sales | 227,457 | 302,456 | ' |
Operating (loss) income | 11,609 | 10,965 | ' |
Depreciation and amortization | 12,426 | 13,702 | ' |
Total assets | 381,527 | ' | 403,824 |
Singapore [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Net sales | 194,025 | 285,101 | ' |
Operating (loss) income | -18,279 | 633 | ' |
Depreciation and amortization | 33 | 23 | ' |
Total assets | 316,050 | ' | 295,714 |
Other [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Net sales | 1,709 | 53 | ' |
Operating (loss) income | -585 | -816 | ' |
Depreciation and amortization | 15 | 43 | ' |
Total assets | 6,929 | ' | 2,022 |
Eliminations [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Net sales | -216,629 | -300,842 | ' |
Operating (loss) income | 723 | 2,274 | ' |
Total assets | ($233,892) | ' | ($227,645) |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Nov. 11, 2013 | Dec. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock Unit Performance-Based [Member] | Restricted Stock Unit Performance-Based [Member] | Restricted Stock Unit Performance-Based [Member] | Restricted Stock [Member] | Restricted Stock Unit Service-Based [Member] | |
November 2013 Awards [Member] | December 2013 Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of hypothetical shares | ' | ' | ' | ' | 1 |
Vesting period | ' | ' | ' | '3 years | ' |
RSUs Vesting period | ' | ' | ' | 'One-third | ' |
Probability threshold | 70.00% | ' | ' | ' | ' |
Performance-based restricted stock units granted | ' | 183,292 | 78,553 | ' | ' |
Unearned compensation | ' | ' | ' | $7,801 | ' |
Weighted-average remaining contractual life of the non-vested RSUs | ' | ' | ' | '2 years | ' |
StockBased_Compensation_Grant_
Stock-Based Compensation - Grant Date Fair Values of Awards (Detail) (USD $) | 3 Months Ended |
Dec. 31, 2013 | |
November 2013 Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected stock return/ discount rate | 0.65% |
Dividend yield | ' |
Volatility | 40.00% |
Grant date | 30-Nov-13 |
Three-month average share price | $14.60 |
Expected vesting period (in years) | '3 years 1 month 6 days |
Correlation | 0.48 |
Fair value per share | $8.28 |
December 2013 Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected stock return/ discount rate | 0.70% |
Dividend yield | ' |
Volatility | 40.00% |
Grant date | 19-Dec-13 |
Three-month average share price | $14.60 |
Expected vesting period (in years) | '3 years |
Correlation | 0.48 |
Fair value per share | $6.70 |
Nasdaq Total Return Index Benchmark Inputs [Member] | November 2013 Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected stock return/ discount rate | 0.65% |
Dividend yield | ' |
Volatility | 20.00% |
Grant date | 30-Nov-13 |
Three-month average share price | $4,194.45 |
Expected vesting period (in years) | ' |
Correlation | 0.48 |
Fair value per share | ' |
Nasdaq Total Return Index Benchmark Inputs [Member] | December 2013 Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected stock return/ discount rate | 0.70% |
Dividend yield | ' |
Volatility | 20.00% |
Grant date | 19-Dec-13 |
Three-month average share price | $4,194.45 |
Expected vesting period (in years) | ' |
Correlation | 0.48 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Units Activity (Detail) (Restricted Stock [Member], USD $) | 3 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Non-vested shares outstanding, Beginning Balance | 336,374 |
Number of Shares, Granted | 535,217 |
Number of Shares, Vested | ' |
Number of Shares, Canceled | -24,525 |
Number of Shares, Non-vested shares outstanding, Ending Balance | 847,066 |
Weighted-Average Grant-Date Fair Value of non-vested shares outstanding, Beginning Balance | $17.55 |
Weighted-Average grant-date fair value of non-vested RSUs, Granted | $11.21 |
Weighted-Average Grant-Date Fair Value, Vested | ' |
Weighted-Average Grant-Date Fair Value, Canceled | $16.96 |
Weighted-Average Grant-Date Fair Value of non-vested shares outstanding, Ending Balance | $13.56 |
StockBased_Compensation_Restri1
Stock-Based Compensation - Restricted Stock Units Details (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Service-based RSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Shares, Granted | 273,372 | 179,191 |
Performance-based RSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Shares, Granted | 261,845 | 72,031 |
Restricted Stock Units RSU [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation cost recognized | 621 | 1,009 |
Weighted-average grant-date fair value of non-vested RSUs granted | 11.21 | 18.49 |
Weighted-average fair value of RSUs vested | ' | 22.31 |
Aggregate intrinsic value of RSUs vested | ' | 2,184 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 |
Y | ||
Income Taxes Disclosure [Line Items] | ' | ' |
Liability for income taxes associated with uncertain tax positions, Gross | $15,425 | $15,425 |
Tax benefits associated with the correlative effects of potential transfer pricing adjustments | 4,908 | 4,908 |
Liability for income taxes associated with uncertain tax positions, Net | 10,517 | 10,517 |
Additional taxable income | $32,363 | ' |
Income tax examination number of years under examination | 2 | ' |
Minimum [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Income tax, year under examination | '2007 | ' |
Maximum [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Income tax, year under examination | '2010 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - The Aggregate Notional Amount of Outstanding Foreign Currency Forward Contracts (Detail) | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Notional Contract Value in USD [Member] | Foreign Currency Amount [Member] |
USD ($) | CNY | |
Foreign currency non-hedge derivatives: | ' | ' |
RMB Buy | $50,000 | 306,872 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Additional Information (Detail) (Notional Contract Value in USD [Member], Foreign Currency Amount [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Notional Contract Value in USD [Member] | Foreign Currency Amount [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Gains due to changes in fair value of derivative financial instruments | $414 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2013 | |
J P Morgan Chase Bank [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, maturity date | 5-Feb-14 |
Bank of China [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, maturity date | 5-Feb-14 |
Subsequent_Events_Summary_of_L
Subsequent Events - Summary of Lines of Credit (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Feb. 06, 2014 | Feb. 06, 2014 | Feb. 06, 2014 | Feb. 06, 2014 | Feb. 06, 2014 |
In Thousands, unless otherwise specified | Agricultural Bank of China [Member] | Agricultural Bank of China [Member] | China Construction Bank [Member] | China Construction Bank [Member] | Bank of China [Member] | Bank of China [Member] | J P Morgan Chase Bank [Member] | J P Morgan Chase Bank [Member] | Subsequent event [Member] | Subsequent event [Member] | Subsequent event [Member] | Subsequent event [Member] | Subsequent event [Member] | ||
Agricultural Bank of China [Member] | China Construction Bank [Member] | Bank of China [Member] | J P Morgan Chase Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, Amount Available | $143,009 | $142,327 | $32,804 | $32,531 | $49,205 | $48,796 | $11,000 | $11,000 | $50,000 | $50,000 | $82,009 | $32,804 | $49,205 | ' | ' |
Line of credit, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |