Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-KT | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MFLX | ||
Entity Registrant Name | MULTI FINELINE ELECTRONIX INC | ||
Entity Central Index Key | 830916 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 24,303,267 | ||
Entity Public Float | $99,393,782 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
ASSETS | |||
Cash and cash equivalents | $132,382 | $98,667 | $105,150 |
Accounts receivable, net of allowances of $3,126, $3,983 and $4,281 at December 31, 2014, September 30, 2014 and 2013, respectively | 133,151 | 133,748 | 132,247 |
Inventories | 65,627 | 75,998 | 86,853 |
Deferred taxes | 514 | 1,820 | 5,909 |
Income taxes receivable | 265 | 3,396 | 2,535 |
Assets held for sale | 11,387 | 12,219 | |
Other current assets | 7,034 | 5,757 | 8,821 |
Total current assets | 350,360 | 331,605 | 341,515 |
Property, plant and equipment, net | 164,345 | 175,888 | 244,056 |
Land use rights | 3,108 | 3,091 | 7,703 |
Deferred taxes | 9,120 | 8,270 | 11,685 |
Other assets | 454 | 595 | 5,255 |
Total assets | 527,387 | 519,449 | 610,214 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 143,032 | 156,793 | 166,474 |
Other current liabilities | 42,697 | 30,040 | 31,459 |
Income taxes payable | 2,020 | 1,020 | 1,027 |
Total current liabilities | 187,749 | 187,853 | 198,960 |
Other long-term liabilities | 11,178 | 21,271 | 19,063 |
Total liabilities | 198,927 | 209,124 | 218,023 |
Commitments and contingencies (Note 8) | |||
Stockholders’ equity | |||
Preferred stock, $0.0001 par value, 5,000,000, 5,000,000 and 5,000,000 shares authorized at December 31, 2014, September 30, 2014 and 2013, respectively; 0, 0 and 0 shares issued and outstanding at December 31, 2014, September 30, 2014 and 2013, respectively | |||
Common stock, $0.0001 par value; 100,000,000, 100,000,000 and 100,000,000 shares authorized at December 31, 2014, September 30, 2014 and 2013, respectively; 24,303,267, 24,230,281 and 24,082,802 shares issued and outstanding at December 31, 2014, September 30, 2014 and 2013, respectively | 2 | 2 | 2 |
Additional paid-in capital | 94,394 | 93,637 | 90,857 |
Retained earnings | 184,099 | 168,124 | 252,656 |
Accumulated other comprehensive income | 49,965 | 48,562 | 48,676 |
Total stockholders’ equity | 328,460 | 310,325 | 392,191 |
Total liabilities and stockholders’ equity | $527,387 | $519,449 | $610,214 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | |||
Accounts receivable, allowances | $3,126 | $3,983 | $4,281 |
Preferred stock, par value | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,303,267 | 24,230,281 | 24,082,802 |
Common stock, shares outstanding | 24,303,267 | 24,230,281 | 24,082,802 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | |||||
Net sales | $210,003 | $211,672 | $633,153 | $787,644 | $818,932 |
Cost of sales | 179,516 | 209,176 | 633,304 | 788,774 | 736,241 |
Gross profit (loss) | 30,487 | 2,496 | -151 | -1,130 | 82,691 |
Operating expenses: | |||||
Research and development | 1,397 | 1,455 | 5,941 | 7,776 | 7,615 |
Sales and marketing | 4,819 | 5,908 | 19,015 | 22,720 | 24,457 |
General and administrative | 4,675 | 3,343 | 15,421 | 17,118 | 19,839 |
Stock-based compensation expense resulting from change in control | 9,582 | ||||
Impairment and restructuring (recoveries) expenses | -396 | 33,939 | 7,537 | -2,468 | |
Total operating expenses | 10,495 | 10,706 | 74,316 | 64,733 | 49,443 |
Operating income (loss) | 19,992 | -8,210 | -74,467 | -65,863 | 33,248 |
Other income (expense), net: | |||||
Interest income | 239 | 209 | 1,025 | 727 | 1,352 |
Interest expense | -71 | -122 | -497 | -487 | -555 |
Other income (expense), net | 199 | 296 | 1,498 | 1,002 | 1,656 |
Income (loss) before income taxes | 20,359 | -7,827 | -72,441 | -64,621 | 35,701 |
Provision for income taxes | -4,384 | -1,452 | -12,091 | -910 | -6,216 |
Net income (loss) | 15,975 | -9,279 | -84,532 | -65,531 | 29,485 |
Other comprehensive income: | |||||
Foreign currency translation adjustment | 1,403 | 2,183 | -114 | 7,723 | 1,151 |
Total comprehensive income (loss) | $17,378 | ($7,096) | ($84,646) | ($57,808) | $30,636 |
Net income (loss) per share: | |||||
Basic | $0.66 | ($0.39) | ($3.50) | ($2.74) | $1.24 |
Diluted | $0.65 | ($0.39) | ($3.50) | ($2.74) | $1.22 |
Shares used in computing net income (loss) per share: | |||||
Basic | 24,267,567 | 24,083,932 | 24,122,843 | 23,897,651 | 23,782,540 |
Diluted | 24,624,368 | 24,083,932 | 24,122,843 | 23,897,651 | 24,077,479 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Sep. 30, 2011 | $416,083 | $2 | $87,577 | $288,702 | $39,802 | |
Beginning Balance, shares at Sep. 30, 2011 | 24,049,780 | |||||
Issuance of common stock for equity awards | 168 | 168 | ||||
Issuance of common stock for equity awards, shares | 211,742 | |||||
Stock-based compensation expense | 4,900 | 4,900 | ||||
Tax benefits (shortfall) from settlements of stock-based equity awards | 177 | 177 | ||||
Net income (loss) | 29,485 | 29,485 | ||||
Translation adjustment | 1,151 | 1,151 | ||||
Tax withholdings for net share settlement of equity awards | -1,131 | -1,131 | ||||
Tax withholdings for net share settlement of equity awards, shares | -60,401 | |||||
Repurchase of common stock | -8,844 | -8,844 | ||||
Repurchase of common stock, shares | -438,400 | |||||
Retirement of treasury shares | -8,844 | 8,844 | ||||
Ending Balance at Sep. 30, 2012 | 441,989 | 2 | 82,847 | 318,187 | 40,953 | |
Ending Balance, shares at Sep. 30, 2012 | 23,762,721 | |||||
Issuance of common stock for equity awards | 607 | 607 | ||||
Issuance of common stock for equity awards, shares | 655,373 | |||||
Stock-based compensation expense | 13,612 | 13,612 | ||||
Tax benefits (shortfall) from settlements of stock-based equity awards | -665 | -665 | ||||
Net income (loss) | -65,531 | -65,531 | ||||
Translation adjustment | 7,723 | 7,723 | ||||
Tax withholdings for net share settlement of equity awards | -3,454 | -3,454 | ||||
Tax withholdings for net share settlement of equity awards, shares | -215,316 | |||||
Repurchase of common stock | -2,090 | -2,090 | ||||
Repurchase of common stock, shares | -119,976 | |||||
Retirement of treasury shares | -2,090 | 2,090 | ||||
Ending Balance at Sep. 30, 2013 | 392,191 | 2 | 90,857 | 252,656 | 48,676 | |
Ending Balance, shares at Sep. 30, 2013 | 24,082,802 | |||||
Issuance of common stock for equity awards | 848 | 848 | ||||
Issuance of common stock for equity awards, shares | 201,295 | |||||
Stock-based compensation expense | 3,147 | 3,147 | ||||
Tax benefits (shortfall) from settlements of stock-based equity awards | -672 | -672 | ||||
Net income (loss) | -84,532 | -84,532 | ||||
Translation adjustment | -114 | -114 | ||||
Tax withholdings for net share settlement of equity awards | -543 | -543 | ||||
Tax withholdings for net share settlement of equity awards, shares | -53,816 | |||||
Ending Balance at Sep. 30, 2014 | 310,325 | 2 | 93,637 | 168,124 | 48,562 | |
Ending Balance, shares at Sep. 30, 2014 | 24,230,281 | |||||
Issuance of common stock for equity awards, shares | 106,990 | |||||
Stock-based compensation expense | 1,126 | 1,126 | ||||
Net income (loss) | 15,975 | 15,975 | ||||
Translation adjustment | 1,403 | 1,403 | ||||
Tax withholdings for net share settlement of equity awards | -369 | -369 | ||||
Tax withholdings for net share settlement of equity awards, shares | -34,004 | |||||
Ending Balance at Dec. 31, 2014 | $328,460 | $2 | $94,394 | $184,099 | $49,965 | |
Ending Balance, shares at Dec. 31, 2014 | 24,303,267 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | |||||
Net income (loss) | $15,975 | ($9,279) | ($84,532) | ($65,531) | $29,485 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 14,741 | 12,821 | 51,380 | 58,154 | 53,082 |
Deferred taxes | 508 | -65 | 7,499 | -2,523 | -2,290 |
Stock-based compensation expense | 1,126 | 621 | 3,147 | 13,612 | 4,900 |
Excess tax benefit related to stock option exercises | -57 | -29 | -177 | ||
Asset (recoveries) impairments | -1,816 | 18,241 | 7,537 | -2,468 | |
Gain on disposal of property, plant and equipment | -264 | -1,058 | -1,571 | -1,702 | -516 |
Changes in operating assets and liabilities: | |||||
Accounts receivable | 819 | -14,963 | -1,623 | 33,478 | -14,837 |
Inventories | 11,693 | 8,417 | 10,624 | 44,216 | -37,462 |
Other current assets | -1,473 | -2,460 | 3,766 | 1,075 | -4,527 |
Other assets | 125 | 127 | 5,103 | 767 | -585 |
Accounts payable | -12,954 | 12,220 | -6,972 | -9,459 | 31,349 |
Other current liabilities | 12,500 | 958 | -1,590 | -5,334 | 8,046 |
Income taxes payable | 4,130 | 938 | -1,543 | -1,789 | 1,236 |
Other liabilities | -10,109 | 2 | 2,401 | 898 | 3,047 |
Net cash provided by operating activities | 35,001 | 8,279 | 4,273 | 73,370 | 68,283 |
Cash flows from investing activities | |||||
Purchases of property and equipment | -4,045 | -6,563 | -18,529 | -47,333 | -86,077 |
Proceeds from sale of equipment and assets held for sale | 3,201 | 1,054 | 4,150 | 2,764 | 11,471 |
Change in restricted cash | -520 | ||||
Government grants received | 4,151 | 4,151 | |||
Net cash used in investing activities | -844 | -1,358 | -10,748 | -44,569 | -74,606 |
Cash flows from financing activities | |||||
Excess tax benefit related to stock option exercises | 57 | 29 | 177 | ||
Tax withholdings for net share settlement of equity awards | -369 | -5 | -543 | -3,454 | -1,131 |
Proceeds from exercise of stock options | 66 | 848 | 607 | 168 | |
Debt issuance costs | -442 | ||||
Repurchase of common stock | -2,090 | -8,844 | |||
Net cash (used in) provided by financing activities | -369 | 61 | -80 | -4,908 | -9,630 |
Effect of exchange rate changes on cash | -73 | -245 | 72 | -1,065 | 385 |
Net increase (decrease) in cash | 33,715 | 6,737 | -6,483 | 22,828 | -15,568 |
Cash and cash equivalents at beginning of period | 98,667 | 105,150 | 105,150 | 82,322 | 97,890 |
Cash and cash equivalents at end of period | 132,382 | 111,887 | 98,667 | 105,150 | 82,322 |
Non-cash investing activities | |||||
Purchases of property and equipment | 2,170 | 3,606 | 6,989 | 8,950 | 34,350 |
Supplemental disclosure | |||||
Cash paid for interest | 49 | 174 | 533 | 528 | |
Cash paid for income taxes | $291 | $12 | $1,622 | $4,664 | $6,274 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies | |||||||||||||||||||
Description of the Company | ||||||||||||||||||||
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 61%, 61% and 62% of the Company’s outstanding common stock as of December 31, 2014, September 30, 2014 and September 30, 2013, respectively. 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 stockholders. | ||||||||||||||||||||
Change in Fiscal Year End | ||||||||||||||||||||
On August 4, 2014, the Board of Directors of the Company approved a change in the Company’s fiscal year end from September 30 to December 31. As a result of this change, the Company is filing a Transition Report on Form 10-K for the three-month transition period ended December 31, 2014. References to any of the Company’s fiscal years mean the fiscal year ending September 30 of that calendar year. Financial information in these notes with respect to the three months ended December 31, 2013 is unaudited. | ||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has three wholly owned subsidiaries located in China: MFLEX Suzhou Co., Ltd. (“MFC”), formerly known as Multi-Fineline Electronix (Suzhou No. 2) Co., Ltd. (“MFC2”) and into which Multi-Fineline Electronix (Suzhou) Co., Ltd (“MFC1” which we are in the process of de-registering) was merged in fiscal 2010, 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 Arizona: Aurora Optical, Inc. (“Aurora Optical”), which was dissolved in September 2012; 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. | ||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used, including, but not limited to, those related to inventories, income taxes, accounts receivable allowance and warranty. Actual results could differ from those estimates. | ||||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2014, September 30, 2014 and September 30, 2013. | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Per Financial Accounting Standards Board (“FASB”) authoritative guidance, the Company classifies and discloses the fair value of certain of its assets and liabilities in one of the following three categories: | ||||||||||||||||||||
Level 1: quoted market prices in active markets for identical assets and liabilities | ||||||||||||||||||||
Level 2: observable market based inputs or unobservable inputs that are corroborated by market data | ||||||||||||||||||||
Level 3: unobservable inputs that are not corroborated by market data | ||||||||||||||||||||
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 FASB authoritative accounting guidance were as follows: | ||||||||||||||||||||
Fair Value Measurements of Assets and Liabilities | ||||||||||||||||||||
on a Recurring Basis as of December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 18,208 | $ | — | $ | — | ||||||||||||||
$ | 18,208 | $ | — | $ | — | |||||||||||||||
Fair Value Measurements of Assets and Liabilities | ||||||||||||||||||||
on a Recurring Basis as of September 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 19,118 | $ | — | $ | — | ||||||||||||||
$ | 19,118 | $ | — | $ | — | |||||||||||||||
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 | $ | — | |||||||||||||||
As of December 31, 2014, assets held for sale were measured at fair value on a non-recurring basis. Based on the relevant FASB authoritative guidance, the carrying value of assets held for sale was written down to $11,387 as of December 31, 2014 (refer to Note 11). The fair value of the assets was determined using Level 3 unobservable inputs not corroborated by market data, consisting of third-party offers for assets held for sale. Below is a summary of the Company’s assets measured at fair value on a non-recurring basis as of December 31, 2014 and September 30, 2014: | ||||||||||||||||||||
Fair Value Measurements of Assets | ||||||||||||||||||||
on a Non-Recurring Basis as of | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Building and equipment (assets held for sale) | $ | — | $ | — | $ | 11,387 | ||||||||||||||
$ | — | $ | — | $ | 11,387 | |||||||||||||||
Fair Value Measurements of Assets | ||||||||||||||||||||
on a Non-Recurring Basis as of | ||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Building and equipment (assets held for sale) | $ | — | $ | — | $ | 12,219 | ||||||||||||||
$ | — | $ | — | $ | 12,219 | |||||||||||||||
No assets or liabilities were measured at fair value on a non-recurring basis as of September 30, 2013. | ||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation or the equivalent government body in other countries, and accounts receivable. Credit risk exists because the Company’s flexible printed circuit boards and related component assemblies were sold to a limited number of customers during the reporting periods herein (refer to Note 7). The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management’s expectations. | ||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||
The Company records revenues in accordance with the terms of the sale, which is generally at shipment. Accounts receivable are recorded at the invoiced amount, and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable, and the allowance is determined based on historical write-off experience as well as specific identification of credit issues with invoices. The Company reviews the allowance for doubtful accounts monthly (or more often, as necessary), and past due balances over a specified amount are reviewed individually for collectability. All other balances are reviewed on an aggregate basis. Account balances are charged against the allowance if and when the Company determines it is probable that the receivable will not be collected. The Company does not have any off-balance sheet credit exposure related to its customers. | ||||||||||||||||||||
Inventories | ||||||||||||||||||||
Inventories are stated at the lower of cost or market, with cost being determined on a first-in, first-out basis. The Company records write-downs for excess and obsolete inventory based on historical usage and expected future product demand. | ||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||
The Company held Chinese Renminbi (“RMB”) 3,200 as of December 31, 2014 and September 30, 2014, (which were approximately $523 and $520, respectively) of cash restricted due to customs deposit requirements in China, which was segregated from cash and cash equivalents and included within other current assets. The restriction is expected to cease within twelve months. | ||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||||||||||||||||||||
Buildings and building improvement | 20 - 39 years | |||||||||||||||||||
Machinery and equipment | 3 -10 years | |||||||||||||||||||
Furniture and fixtures | 3 - 5 years | |||||||||||||||||||
Computers and capitalized software | 3 - 5 years | |||||||||||||||||||
Leasehold improvements | Shorter of 15 years or life of lease | |||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets, including any cash flows upon their eventual disposition, to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. | ||||||||||||||||||||
Land Use Rights | ||||||||||||||||||||
Land use rights include long-term leaseholds of land for the Company’s facilities located in China. The Company paid an upfront fee for use of the land use rights and amortizes the expense through expiration. | ||||||||||||||||||||
Long-Lived Asset Impairment | ||||||||||||||||||||
The Company tests its long-lived assets for impairment whenever circumstances or events may affect the recoverability of long-lived assets. To determine if an impairment exists, the Company first determines whether there has been a change in the use or circumstance related to the assets and whether a held and used or held for sale impairment model should be used to evaluate the assets or asset group for impairment. | ||||||||||||||||||||
If the assets are classified as held and used, the Company utilizes the forecasted undiscounted cash flows related to the asset group and compares the result to the carrying value. If the forecasted undiscounted cash flows exceed the carrying value, there is no impairment. To develop the forecasted undiscounted cash flows, the Company utilizes a number of estimates and assumptions including the internally developed business assumptions used to compute the forecasted cash flows and related terminal cash flows. If the assets meet the criteria for held for sale classification, the Company determines the estimated fair value for the assets less the applicable disposal costs and compares this value to the carrying value of the long-lived assets. If this value exceeds the carrying value, there is no impairment. In determining these fair value estimates, the Company considers internally generated information and information obtained from discussions with market participants. The determination of fair value requires significant judgment both by the Company and outside experts engaged to assist in this process, if any. Refer to Note 11 for further details. | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The Company records the assets acquired and liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase price recorded as goodwill. Valuation of intangible assets entails significant estimates and assumptions including, but not limited to, determining the timing and expected costs to complete development projects, estimating future cash flows from product sales, developing appropriate discount rates, estimating probability rates for the successful completion of development projects, continuation of customer relationships and renewal of customer contracts, and approximating the useful lives of the intangible assets acquired. | ||||||||||||||||||||
The Company reviewed the recoverability of the carrying value of goodwill on an annual basis typically during its fourth fiscal quarter, or more frequently when an event occurred or circumstances changed to indicate that an impairment of goodwill had possibly occurred. At June 30, 2013, the Company performed an interim goodwill impairment test on its single reporting unit. Upon completion of the impairment test, the Company determined that its goodwill was impaired and recorded a charge of $7,537 during the fiscal third quarter of 2013 to fully impair its goodwill, resulting in a balance of $0 as of September 30, 2013. Refer to Note 11 for further details. | ||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||
The Company’s revenues, which the Company refers to as net sales, net of accounts receivable allowance, refunds and credits, are generated primarily from the sale of flexible printed circuit boards and related component assemblies, which are sold to original equipment manufacturers and electronic manufacturing services providers to be included in other electronic products. The Company recognizes revenue when there is persuasive evidence of an arrangement with the customer that states a fixed or determinable sales price, when title and risk of loss transfers, when delivery of the product has occurred in accordance with the terms of the sale and collectability of the related accounts receivable is reasonably assured. The Company does not have any post-shipment obligations (e.g., installation or training) or multiple-element arrangements. The Company’s remaining obligation to its customer after delivery is limited to warranty on its product. | ||||||||||||||||||||
All non-income government-assessed taxes (sales and value added taxes) collected from customers and remitted to governmental agencies are recorded on a net basis (excluded from net sales) in the accompanying consolidated financial statements. Such taxes are recorded in accrued liabilities until they are remitted to the appropriate governmental agencies. | ||||||||||||||||||||
Product Warranty Accrual | ||||||||||||||||||||
The Company typically warrants its products for up to 36 months. The standard warranty requires the Company to replace defective products returned to the Company at no cost to the customer. The Company records an estimate for warranty related costs at the time revenue is recognized based on historical amounts incurred for warranty expense and historical warranty return rates as well as an evaluation of the expected future warranty return rates. If actual warranty return rates differ from the estimated trends based on our historical experience, the Company may adjust the warranty accrual to reflect the actual results. The warranty accrual is included in accrued liabilities in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||
Changes in the product warranty accrual for the three months ended December 31, 2014 and fiscal years ended September 30, 2014, 2013 and 2012, were as follows: | ||||||||||||||||||||
Balance at | Warranty | Provision for | Balance at | |||||||||||||||||
Beginning | Expenditures | Estimated | End | |||||||||||||||||
of Period | Warranty Cost | of Period | ||||||||||||||||||
Three Months Ended December 31, 2014 | $ | 997 | $ | (467 | ) | $ | 483 | $ | 1,013 | |||||||||||
Fiscal Year Ended September 30, 2014 | $ | 1,076 | $ | (4,570 | ) | $ | 4,491 | $ | 997 | |||||||||||
Fiscal Year Ended September 30, 2013 | $ | 346 | $ | (3,469 | ) | $ | 4,199 | $ | 1,076 | |||||||||||
Fiscal Year Ended September 30, 2012 | $ | 279 | $ | (991 | ) | $ | 1,058 | $ | 346 | |||||||||||
Research and Development | ||||||||||||||||||||
Research and development costs are incurred in the development of new products and processes, including significant improvements and refinements to existing products and processes and are expensed as incurred. | ||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
The Company recognizes restructuring charges related to plans to close or consolidate duplicate manufacturing and administrative facilities. In connection with these activities, the Company records restructuring charges for employee termination and relocation costs and other exit-related costs. | ||||||||||||||||||||
The recognition of restructuring charges requires making certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned exit activity. To the extent that actual results differ from these estimates and assumptions, the Company may be required to revise the estimates of future liabilities, requiring the recognition of additional restructuring charges or the reduction of liabilities already recognized. Such changes to previously estimated amounts may be material to the consolidated financial statements. At the end of each reporting period, the Company evaluates the remaining accrued balances to ensure that no excess accruals are retained and the utilization of the provisions are for their intended purpose in accordance with developed exit plans. During the three months ended December 31, 2014, the Company recorded restructuring charges of $1,420. During the fiscal years ended September 30, 2014, 2013 and 2012, the Company recorded restructuring charges (recoveries) of $15,698, $0 and $(2,468), respectively. Refer to Note 11 for further details. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
Income taxes are computed using the asset and liability method. Under this method, deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the tax bases and financial reporting amounts of existing assets and liabilities. Valuation allowances are established when it is more likely than not that such deferred tax assets will not be realized. The Company does not file a consolidated return with its foreign wholly owned subsidiaries. | ||||||||||||||||||||
The Company has a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefit in income tax expense. | ||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||
The functional currency of the Company’s foreign subsidiaries is either the local currency or if the predominant transaction currency is the U.S. dollar, then the U.S. dollar will be the functional currency. Balances are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and an average exchange rate for each period for income statement amounts. Currency translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity. | ||||||||||||||||||||
Foreign currency transactions occur primarily when there is a receivable or payable denominated in other than the respective entity’s functional currency. The Company records the changes in the exchange rate for these transactions in the Consolidated Statements of Comprehensive Income. For the three months ended December 31, 2014, foreign exchange transaction gains and losses were included in other income (expense), net and were net gains of $75. For the fiscal years ended September 30, 2014, 2013 and 2012, they were net gains (losses) of $605, $348 and $(69), respectively. | ||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
The Company’s derivative financial instruments are designated to economically hedge the exposure of future cash flows denominated in non-U.S. dollar currency. Derivative financial instruments are measured at fair value and are recorded in the Consolidated Balance Sheets as either assets or liabilities. Changes in the fair value of the derivative financial instruments are recorded each period in the Consolidated Statements of Comprehensive Income, depending on whether the derivative instruments are designated as part of the hedge transaction, and if so, the type of hedge transaction. | ||||||||||||||||||||
The Company evaluates its derivative financial instruments as either cash flow hedges (forecasted transactions), fair value hedges (changes in fair value related to recognized assets or liabilities) or derivative financial instruments that do not qualify for hedge accounting. To qualify for hedge accounting, a derivative financial instrument must be highly effective in mitigating the designated risk of the hedged item. For derivative financial instruments that do not qualify for hedge accounting, changes in the fair value are reported in current period earnings. | ||||||||||||||||||||
The Company designates its derivative financial instruments as non-hedge derivatives and records its foreign currency forward contracts as either assets or liabilities in the Consolidated Balance Sheets. Changes in the fair value of the derivative financial instruments that arise due to fluctuations in the forward exchange rates are recognized in earnings each period as other income (expense), net in the Consolidated Statements of Comprehensive Income. Realized gains (losses) are recognized at maturity as other income (expense), net in the Consolidated Statements of Comprehensive Income. The cash flows from derivative financial instruments are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. Refer to Note 10 for further information on derivative financial instruments. | ||||||||||||||||||||
Accounting for Stock-Based Compensation | ||||||||||||||||||||
The Company recognizes stock-based compensation expense for all stock-based payment arrangements, net of an estimated forfeiture rate and generally recognizes expense for those shares expected to vest over the requisite service period of the award. For stock options and stock appreciation rights, the Company determines the grant date fair value using the Black-Scholes option-pricing model which requires the input of certain assumptions, including the expected life of the stock-based payment awards, stock price volatility and interest rates. For the service-based restricted stock units, the Company determines the fair value using the closing price of the Company’s common stock on the date of grant. For the performance-based restricted stock units, the Company determines the fair value using a Monte Carlo simulation model based on the underlying common stock closing price as of the grant performance date, the expected term, stock price volatility, and risk-free interest rates. | ||||||||||||||||||||
Net Income Per Share—Basic and Diluted | ||||||||||||||||||||
Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. The impact of potentially dilutive securities is determined using the treasury stock method. | ||||||||||||||||||||
The following table presents a reconciliation of basic and diluted shares: | ||||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,267,567 | 24,083,932 | 24,122,843 | 23,897,651 | 23,782,540 | |||||||||||||||
Dilutive effect of potential common shares | 356,801 | — | — | — | 294,939 | |||||||||||||||
Diluted weighted-average number of common and potential common shares outstanding | 24,624,368 | 24,083,932 | 24,122,843 | 23,897,651 | 24,077,479 | |||||||||||||||
Potential common shares excluded from the per share computations their inclusion would be anti-dilutive | 721,098 | 811,774 | 897,201 | 903,263 | 372,530 | |||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||
During May 2014, the FASB issued revised authoritative guidance that requires a reporting entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The amendment is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the impact of its pending adoption of this guidance on its financial position, results of operations and cash flows. | ||||||||||||||||||||
During July 2013, the FASB issued revised authoritative guidance that requires the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in the financial statements when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (which was October 1, 2014 for the Company). The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During February 2013, the FASB issued revised authoritative guidance that requires the presentation in a single location, either in a note or parenthetically on the face of the financial statements, of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This guidance is effective prospectively for annual periods beginning after December 15, 2012 (which was October 1, 2013 for the Company). The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During July 2012, the FASB issued revised authoritative guidance that is intended to reduce the cost and complexity of the impairment test for indefinite-lived intangible assets by providing an entity with the option to first assess qualitatively whether it is necessary to perform the impairment test that is currently in place. An entity would not be required to quantitatively calculate the fair value of an indefinite-lived intangible asset unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. The amendments are effective for interim and annual periods beginning after September 15, 2012 (which was October 1, 2012 for the Company). The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During December 2011, the FASB issued revised authoritative guidance that requires an entity to disclose information about offsetting and related arrangements on its financial position. This includes the effect or potential effect of rights of offset associated with an entity’s recognized assets and recognized liabilities and requires improved information about financial instruments and derivative instruments that are subject to an enforceable master netting arrangement or similar arrangement. During January 2013, the FASB issued an amendment to this guidance, which limits the scope to derivatives, repurchase agreements and securities lending transactions. The amendments are effective for annual periods beginning on or after January 1, 2013 (which was October 1, 2013 for the Company) and retrospective disclosure is required for all comparative periods presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During June 2011, the FASB issued revised authoritative guidance that requires all non-owner changes in stockholder’s equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income and the total of comprehensive income. The amendments were effective for annual periods beginning after December 15, 2011 (which was October 1, 2012 for the Company) and were applied retrospectively. The guidance was adopted by the Company in fiscal 2012 and did not have a material impact on its consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During May 2011, the FASB issued revised authoritative guidance that resulted in common principles and requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value” in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments were effective for interim and annual periods beginning after December 15, 2011 (which was January 1, 2012 for the Company) and were to be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
Reclassifications | ||||||||||||||||||||
During the fourth fiscal quarter of 2012, the Company effectively changed its accounting policy with regard to freight out costs. Freight out costs were previously classified as cost of sales but, going forward, are classified as sales and marketing. For the nine months ended June 30, 2012, freight out costs of $2,164 were included in cost of sales. For the three months ended September 30, 2012, freight out costs of $880 were included in sales and marketing. Given the immateriality of these costs, the Company prospectively began reflecting freight out costs in sales and marketing beginning July 1, 2012. The Company evaluated the materiality of such change from both a quantitative and qualitative basis and concluded that reclassification of such costs on a prior year basis was immaterial and, accordingly, did not reclassify such costs that were previously included in cost of sales for periods previously reported prior to the change. For the fiscal year ended September 30, 2013, freight out costs of $2,706 were included in sales and marketing. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 2. Related Party Transactions |
Rent expense for the three months ended December 31, 2014 and fiscal years ended September 30, 2014, 2013 and 2012 included related-party payments to various WBL subsidiaries of $54, $224, $204 and $133, respectively. As of December 31, 2014, the Company leased approximately 12,000 square feet of office space from WBL related parties. |
Composition_of_Certain_Balance
Composition of Certain Balance Sheet Components | 3 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||||||||
Composition of Certain Balance Sheet Components | 3. Composition of Certain Balance Sheet Components | |||||||||||
Inventories, net of applicable write-downs, were composed of the following: | ||||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Raw materials and supplies | $ | 19,268 | $ | 23,430 | $ | 27,080 | ||||||
Work-in-progress | 15,713 | 20,871 | 20,965 | |||||||||
Finished goods | 30,646 | 31,697 | 38,808 | |||||||||
$ | 65,627 | $ | 75,998 | $ | 86,853 | |||||||
Property, plant, and equipment, net, were composed of the following: | ||||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Building | $ | 50,450 | $ | 50,175 | $ | 68,679 | ||||||
Machinery and equipment | 334,539 | 334,013 | 406,010 | |||||||||
Computers and capitalized software | 13,328 | 12,819 | 13,014 | |||||||||
Leasehold improvements | 1,290 | 1,496 | 14,145 | |||||||||
Construction-in-progress | 598 | 2,533 | 5,307 | |||||||||
$ | 400,205 | $ | 401,036 | $ | 507,155 | |||||||
Accumulated depreciation and amortization | (235,860 | ) | (225,148 | ) | (263,099 | ) | ||||||
$ | 164,345 | $ | 175,888 | $ | 244,056 | |||||||
Depreciation expense for the three months ended December 31, 2014 and 2013, was $14,674 and $12,703, respectively. Depreciation expense for the fiscal years ended September 30, 2014, 2013 and 2012, was $50,933, $57,187 and $52,249, respectively. | ||||||||||||
Other current liabilities were composed of the following: | ||||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Wages and compensation | $ | 13,855 | $ | 13,785 | $ | 16,822 | ||||||
Restructuring expenses¹ | 5,710 | 4,811 | — | |||||||||
Current portion of liabilities on uncertain tax positions2 | 12,524 | — | — | |||||||||
Other accrued expenses | 10,608 | 11,444 | 14,637 | |||||||||
$ | 42,697 | $ | 30,040 | $ | 31,459 | |||||||
1 | Refer to Note 11 for further information on the Company’s impairment and restructuring activities during the three months ended December 31, 2014 and fiscal year ended September 30, 2014. | |||||||||||
2 | Refer to Note 4 for further information on the Company’s income taxes. | |||||||||||
Other long-term liabilities were composed of the following: | ||||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Liabilities on uncertain tax positions¹ | $ | 7,933 | $ | 17,824 | $ | 17,316 | ||||||
Other | 3,245 | 3,447 | 1,747 | |||||||||
$ | 11,178 | $ | 21,271 | $ | 19,063 | |||||||
1 | Refer to Note 4 for further information on the Company’s income taxes. | |||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | 4. Income Taxes | |||||||||||||||
United States and foreign income (loss) before taxes were as follows: | ||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||
United States | $ | 307 | $ | (27,556 | ) | $ | (3,544 | ) | $ | 2,184 | ||||||
Foreign | 20,052 | (44,885 | ) | (61,077 | ) | 33,517 | ||||||||||
$ | 20,359 | $ | (72,441 | ) | $ | (64,621 | ) | $ | 35,701 | |||||||
The provision for income taxes consisted of the following components: | ||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | 406 | $ | (3,321 | ) | $ | 578 | $ | 1,407 | |||||||
State | 27 | (676 | ) | 18 | 391 | |||||||||||
Foreign | 3,495 | 8,584 | 3,186 | 6,717 | ||||||||||||
$ | 3,928 | $ | 4,587 | $ | 3,782 | $ | 8,515 | |||||||||
Deferred: | ||||||||||||||||
Federal | $ | (154 | ) | $ | 3,619 | $ | (1,855 | ) | $ | 400 | ||||||
State | (3 | ) | 988 | 34 | (59 | ) | ||||||||||
Foreign | 613 | 2,897 | (1,051 | ) | (2,640 | ) | ||||||||||
456 | 7,504 | (2,872 | ) | (2,299 | ) | |||||||||||
$ | 4,384 | $ | 12,091 | $ | 910 | $ | 6,216 | |||||||||
Deferred tax assets (liabilities) were composed of the following: | ||||||||||||||||
December 31, | September 30, | |||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss | $ | 33,492 | $ | 34,138 | $ | 20,359 | ||||||||||
Inventories | 322 | 251 | 520 | |||||||||||||
Depreciation | 9,832 | 8,783 | 5,985 | |||||||||||||
Stock-based compensation | 2,660 | 2,761 | 3,018 | |||||||||||||
Asset impairment | 16 | 393 | 137 | |||||||||||||
Accrued expenses | 1,675 | 2,373 | 6,337 | |||||||||||||
Allowance for doubtful accounts | 443 | 428 | 451 | |||||||||||||
Warranty reserve | 251 | 249 | 227 | |||||||||||||
Capital loss carryforward | — | — | — | |||||||||||||
Investments | 155 | 156 | 174 | |||||||||||||
Foreign tax credits | 567 | 1,494 | 902 | |||||||||||||
Amortization | 1,882 | 1,910 | 2,233 | |||||||||||||
Other | 35 | 32 | — | |||||||||||||
Subtotal deferred tax assets | 51,330 | 52,968 | 40,343 | |||||||||||||
Valuation allowance | (41,394 | ) | (42,611 | ) | (22,536 | ) | ||||||||||
Total deferred tax assets | 9,936 | 10,357 | 17,807 | |||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Deferred revenue | 302 | 267 | 170 | |||||||||||||
Other | — | — | 43 | |||||||||||||
Total deferred tax liabilities | 302 | 267 | 213 | |||||||||||||
Net deferred tax assets | $ | 9,634 | $ | 10,090 | $ | 17,594 | ||||||||||
The Company’s valuation allowance amounted to $41,394, $42,611 and $22,536 as of December 31, 2014, September 30, 2014 and 2013, respectively. The valuation allowance is recorded against deferred tax assets and consisted of net operating loss carryforwards, fixed assets, tax credits, provisions and accrued expenses. The Company intends to maintain a valuation allowance on its deferred tax assets until sufficient positive evidence exists to support its reversal. Based on an evaluation of the positive and negative evidence, the Company concluded that no other valuation allowances were required on its other jurisdictions. The valuation allowance decreased by $1,217 due to releasing of valuation allowance from utilization of net operating loss and other deferred tax assets. There is uncertainty regarding the future realization of these deferred tax assets, and management has determined that more likely than not, it will not receive future tax benefits from these assets. | ||||||||||||||||
As of December 31, 2014, September 30, 2014 and 2013, the Company had net operating loss carryforwards for federal tax purposes of $24,007, $25,038 and $0, respectively. The Company had net operating loss carryforwards for state tax purposes of $9,403, $9,468 and $2,779, respectively. In addition, the Company had net operating loss carryforwards for foreign tax purposes of approximately $186,241, $192,606 and $114,077, respectively. The net operating loss carryforward will begin to expire in 2034 for federal tax purposes. The net operating loss carryforwards will begin to expire in 2030 for state and 2019 for foreign tax purposes. The foreign net operating loss includes pre-acquisition net operating loss from MFE in the amount of $23,479. Due to a change of ownership of MFE, utilization of the pre-acquisition net operating loss may be limited if MFE experiences a change in the nature or conduct of the business. In addition, the Company had foreign tax credit carryforwards of $567, which will begin to expire in 2022. | ||||||||||||||||
The benefit from (provision for) income taxes differs from the amount obtained by applying the statutory tax rate as follows: | ||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||
Provision for income taxes at statutory rate | 34 | % | 34 | % | 34 | % | 35 | % | ||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||
State taxes, net of federal benefit | 0 | (0.9 | ) | — | 0.3 | |||||||||||
Foreign rate variance | (24.6 | ) | (14.9 | ) | (18.0 | ) | (23.0 | ) | ||||||||
Nondeductible expenses | 0.7 | (0.6 | ) | (1.3 | ) | 0.8 | ||||||||||
Nontaxable income | — | 12.8 | — | — | ||||||||||||
Return to provision adjustments | (0.5 | ) | (0.1 | ) | 1.2 | 0.2 | ||||||||||
Tax contingency reserve | 12.8 | (7.9 | ) | (0.6 | ) | 3.6 | ||||||||||
Valuation allowance | (2.4 | ) | (38.9 | ) | (16.3 | ) | 0.2 | |||||||||
Other | 1.5 | (0.2 | ) | (0.4 | ) | 0.3 | ||||||||||
21.5 | % | (16.7 | )% | (1.4 | )% | 17.4 | % | |||||||||
The Company currently enjoys tax incentives for certain of its Asia operations. Certain Asia operations are subject to taxes at a rate lower than the statutory rates. However, these tax holidays and tax incentives may be challenged, modified or even eliminated by taxing authorities or due to changes in law. The tax incentives for the Company’s operations in Singapore expired on June 30, 2013. | ||||||||||||||||
Due to the valuation allowance against certain operating losses for the quarter ended December 31, 2014 and the fiscal years ended September 30, 2014 and 2013, the Company did not benefit from the tax incentives. Had the Company not received the tax incentive for its operations in Asia, net income for the fiscal year ended September 30, 2012 would have been decreased to the pro forma amounts as illustrated below: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
September 31, 2012 | ||||||||||||||||
Net income, as reported | $ | 29,485 | ||||||||||||||
Additional tax in China and Singapore | (780 | ) | ||||||||||||||
Pro forma net income | $ | 28,705 | ||||||||||||||
Net income per share: | ||||||||||||||||
Basic, as reported | $ | 1.24 | ||||||||||||||
Basic, pro forma | $ | 1.21 | ||||||||||||||
Diluted, as reported | $ | 1.22 | ||||||||||||||
Diluted, pro forma | $ | 1.19 | ||||||||||||||
Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $124,743 for the three months ended December 31, 2014. Undistributed earnings amounted to $104,022, $152,302 and $217,255 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. Those earnings are considered to be permanently reinvested due to certain restrictions under local laws as well as the Company’s plans to reinvest such earnings for future expansion in certain foreign jurisdictions. Accordingly, no provision for U.S. federal and state taxes has been provided thereon. Upon repatriation of those earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes and withholding taxes payable to the foreign country. If such earnings were repatriated, the amount of unrecognized deferred tax liability is estimated to be approximately $18,500. | ||||||||||||||||
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: | ||||||||||||||||
31-Dec-14 | 30-Sep-14 | 30-Sep-13 | ||||||||||||||
Unrecognized tax benefits at beginning of the period | $ | 24,143 | $ | 15,425 | $ | 15,423 | ||||||||||
Increases for positions taken in current period | — | 9,526 | 2 | |||||||||||||
Increases for positions taken in prior period | 1,966 | 6,268 | — | |||||||||||||
Decreases for positions settled with taxing authorities | — | (7,075 | ) | — | ||||||||||||
Decreases for expiration of statute of limitations | — | (1 | ) | |||||||||||||
Unrecognized tax benefits at end of the period | $ | 26,109 | $ | 24,143 | $ | 15,425 | ||||||||||
As of December 31, 2014, the Company’s liability for income taxes associated with uncertain tax positions increased to $26,109 from $24,143 as of September 30, 2014. The liabilities that would favorably affect the Company’s effective tax rate were $17,510 and $15,187 at December 31, 2014 and September 30, 2014, respectively. As of December 31, 2014, the Company received new information not previously available associated with uncertain tax positions related to prior year intercompany transactions. After evaluation of such information, the Company changed its judgment on these uncertain tax positions and recorded additional liability in the amount of $1,966 as of December 31, 2014. The Company anticipates that there will be other 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 recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued $309, $545 and $624 of net interest for the three months ended December 31, 2014 and the fiscal years ended September 30, 2014 and 2013, respectively. In total, the Company has recognized a liability of $2,746 and $2,437 for interest as of December 31, 2014 and September 30, 2014, respectively. | ||||||||||||||||
The Company and its subsidiaries conduct business globally and, as a result, it or one or more of its subsidiaries file income tax returns in the U.S. (both federal and in various states), local and foreign jurisdictions. With limited exceptions, the Company is no longer subject to U.S. federal tax examinations for years through fiscal 2010. With limited exceptions, the Company is no longer subject to state and foreign income tax examinations by taxing authorities for years through fiscal 2004. | ||||||||||||||||
The Chinese tax authority has concluded the field work associated with auditing the income tax returns of MFC and MFC1 for tax years 2005 through 2011 related to transfer pricing on tangible goods sold by the Company to related parties. As of December 31, 2014, the Chinese tax authority informed the Company of an assessment of $12,524, including interest. Management believes that an adequate provision has been made related to this audit. The Chinese tax authority issued the final notice of assessment, and the Company made the corresponding payment in February 2015. The Company may be seeking relief from double taxation through competent authority on this cross-border adjustment. | ||||||||||||||||
The Chinese tax authority is currently auditing the income tax returns of MCH for tax years 2011 through 2014. 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. 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. |
Lines_of_Credit
Lines of Credit | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Lines of Credit | 5. Lines of Credit | |||||||||||||||||||||||
During August 2014, the Company, as guarantor, and MFLEX Singapore, as borrower, entered into a Loan and Security Agreement with certain financial institutions, as lenders, and Bank of America, N.A. (“BA”), as agent, providing for a senior revolving credit facility in an amount up to $30,000. The credit facility has a three-year term, and availability under the credit facility is calculated based on a formula which takes into account multiple factors, including the accounts receivable of borrower, the geographic location of borrower’s customer, and whether the customer’s receivable is insured by a third party. Amounts outstanding will bear interest at either: (1) a rate equal to LIBOR or SIBOR, plus an applicable margin, which ranges from 125 to 275 basis points, or (2) a defined base rate plus an applicable margin ranging from 75 to 275 basis points. In either case, the applicable margin is based on the fixed charge coverage ratio of the Company and its subsidiaries, measured on a consolidated basis. | ||||||||||||||||||||||||
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 RMB ($32,685 at December 31, 2014). The MFC Credit Line became effective on July 31, 2013 and will mature on July 30, 2016. In addition, MFC and ABC entered into a Facility Offer Letter dated as of July 1, 2013, which sets forth the loan pricing. The loan interest rate for the U.S. dollar borrowing under the MFC Credit Line will be negotiated by the parties based on the lending cost in the Chinese market for the U.S. dollar transactions on the day the loan is made. | ||||||||||||||||||||||||
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 ($49,028 at December 31, 2014). The CCB Credit Line will mature on May 5, 2016. MFC and CCB have also entered into a Facility Offer Letter which sets forth the pricing negotiated by the parties. Interest on the credit line agreement for RMB lending is based on the current rate set by the People’s Bank of China at the time of borrowing. For U.S. dollar lending, the interest rate will be negotiated and determined by both parties based on the lending cost in the Chinese market for U.S. dollar transactions on the day the loan is made. | ||||||||||||||||||||||||
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, as mandated lead arranger, the financial institutions from time to time party thereto, as lenders (the “Lenders”), and JPMorgan Chase Bank, N.A. acting through its Hong Kong Branch (“JPM”), 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. 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. 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 | |||||||||||||||||||||||
31-Dec-14 | September 30, | September 30, | 31-Dec-14 | September 30, | September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Line of credit (BA) | $ | 30,000 | $ | 30,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Line of credit (ABC) | 32,685 | 32,507 | 32,531 | — | — | — | ||||||||||||||||||
Line of credit (CCB) | 49,028 | 48,761 | 48,796 | — | — | — | ||||||||||||||||||
Line of credit (BC) | — | — | 11,000 | — | — | — | ||||||||||||||||||
Line of credit (JPM) | — | — | 50,000 | — | — | — | ||||||||||||||||||
$ | 111,713 | $ | 111,268 | $ | 142,327 | $ | — | $ | — | $ | — | |||||||||||||
As of December 31, 2014, the Company was in compliance with all covenants under its lines of credit. |
Segment_Information_and_Geogra
Segment Information and Geographic Data | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information and Geographic Data | 6. Segment Information and Geographic Data | |||||||||||||||||||
Based on the evaluation of the Company’s internal financial information, management believes that the Company operates in one reportable segment under one reporting unit. The Company is primarily engaged in the engineering, design and manufacture of flexible circuit boards along with related component assemblies. The Company operates 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 areas are presented on a basis consistent with the consolidated financial statements. The geographic area’s net sales amounts include intra-company product sales transactions, which are offset in the elimination line. | ||||||||||||||||||||
Financial information by geographic area is as follows: | ||||||||||||||||||||
Three Months | Fiscal Years Ended September 30, | |||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | 3,051 | $ | 5,110 | $ | 16,426 | $ | 14,619 | $ | 23,349 | ||||||||||
China | 185,372 | 227,457 | 622,475 | 829,379 | 806,504 | |||||||||||||||
Singapore | 200,222 | 194,025 | 552,557 | 754,026 | 790,867 | |||||||||||||||
Other | 1,717 | 1,709 | 23,831 | 2,706 | 377 | |||||||||||||||
Eliminations | (180,359 | ) | (216,629 | ) | (582,136 | ) | (813,086 | ) | (802,165 | ) | ||||||||||
Total | $ | 210,003 | $ | 211,672 | $ | 633,153 | $ | 787,644 | $ | 818,932 | ||||||||||
December 31, | September 30, | |||||||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||||||
Long-lived assets (property, plant and equipment and land use rights) | ||||||||||||||||||||
United States | $ | 1,114 | $ | 1,314 | $ | 2,325 | ||||||||||||||
China | 165,997 | 177,283 | 248,857 | |||||||||||||||||
Singapore | 254 | 283 | 433 | |||||||||||||||||
Other | 88 | 99 | 144 | |||||||||||||||||
Total | $ | 167,453 | $ | 178,979 | $ | 251,759 | ||||||||||||||
Net sales by geographic region based on the location of the customer is summarized below: | ||||||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 81,310 | $ | 65,964 | $ | 17,968 | $ | 26,125 | ||||||||||||
Mexico | — | — | 8,489 | 39,195 | ||||||||||||||||
Canada | 413 | 5,688 | 1,965 | 6,245 | ||||||||||||||||
China | 53,589 | 357,170 | 580,804 | 460,489 | ||||||||||||||||
Hong Kong | 25,963 | 138,795 | 136,445 | 238,412 | ||||||||||||||||
Japan | 38,258 | 45,238 | 7,750 | 29 | ||||||||||||||||
Malaysia | 214 | 1,005 | 1,569 | 7,580 | ||||||||||||||||
Other Asia-Pacific | 10,193 | 17,361 | 26,591 | 22,278 | ||||||||||||||||
Europe | 4 | 21 | 5,301 | 16,339 | ||||||||||||||||
Other | 59 | 1,911 | 762 | 2,240 | ||||||||||||||||
$ | 210,003 | $ | 633,153 | $ | 787,644 | $ | 818,932 | |||||||||||||
Sales to customers in Other Asia-Pacific noted above included Singapore, Taiwan, Vietnam and Korea. Sales to customers in Europe included France, Germany, Hungary, the Netherlands and the United Kingdom. | ||||||||||||||||||||
Significant_Concentrations
Significant Concentrations | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Risks And Uncertainties [Abstract] | ||||||||||||||||||||
Significant Concentrations | ||||||||||||||||||||
7. Significant Concentrations | ||||||||||||||||||||
Customers | ||||||||||||||||||||
For the three months ended December 31, 2014 and 2013, net sales to one of the Company’s largest Original Equipment Manufacturer (“OEM”) customers, inclusive of net sales made to its designated subcontractors, was 76% and 71%, respectively, of total net sales. For the fiscal years ended September 30, 2014, 2013 and 2012, net sales to this OEM customer were 57%, 75% and 74% of total net sales, respectively. | ||||||||||||||||||||
Net sales to another OEM customer, inclusive of net sales made to its designated subcontractors was 12% of total net sales for the three months ended December 31, 2014. Net sales to the same OEM customer were 17%, 3% and 4% for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Net sales direct to the Company’s largest customers, exclusive of OEM subcontractor relationship, which accounted for more than 10% of the Company’s net sales, and accounts receivable from such customers are presented below. The customers consist principally of major electronic companies or electronics company subcontractors. | ||||||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||||||
Net sales | ||||||||||||||||||||
Customer—7 | 10 | % | 14 | % | 3 | % | 3 | % | ||||||||||||
Customer—8 | 38 | % | 8 | % | 0 | % | 0 | % | ||||||||||||
Customer—9 | 15 | % | 7 | % | 1 | % | 1 | % | ||||||||||||
As of December 31, 2014 | As of September 30, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
Customer—7 | 20 | % | 22 | % | 1 | % | ||||||||||||||
Customer—8 | 35 | % | 24 | % | 1 | % | ||||||||||||||
Customer—9 | 9 | % | 17 | % | 3 | % | ||||||||||||||
Industry | ||||||||||||||||||||
The Company’s net sales into its largest industry sectors, as a percentage of total net sales, are presented below: | ||||||||||||||||||||
Three Months | Fiscal Years Ended September 30, | |||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Smartphones | 72 | % | 74 | % | 71 | % | 71 | % | 69 | % | ||||||||||
Tablets | 18 | % | 17 | % | 16 | % | 21 | % | 27 | % | ||||||||||
Consumer electronics | 6 | % | 6 | % | 7 | % | 7 | % | 2 | % | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 8. Commitments and Contingencies | ||||
Operating Leases | |||||
The Company leases certain of its facilities and equipment under non-cancelable operating leases which expire at various dates through 2017. Future minimum lease payments under non-cancelable operating leases at December 31, 2014 are as follows: | |||||
Year Ending December 31, | Future | ||||
Minimum | |||||
Lease | |||||
Payments | |||||
2015 | 327 | ||||
2016 | 38 | ||||
2017 | 1 | ||||
2018 | — | ||||
2019 and beyond | — | ||||
Total | $ | 366 | |||
Rental expense for the aforementioned operating leases was $186 for the three months ended December 31, 2014. Rental expense for the aforementioned operating leases was $1,277, $1,428 and $1,201 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | |||||
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 | |||||
As of December 31, 2014, the Company had outstanding purchase commitments to acquire capital assets and other materials and services of $8,791, which exclude amounts already recorded on the Consolidated Balance Sheets. | |||||
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 MFC and MFLEX Chengdu’s after-tax profit, subject to certain cumulative limits. These restrictions on net income for the three months ended December 31, 2014 was $20,170. These restrictions on net income for the fiscal years ended September 30, 2014, 2013 and 2012 were $19,824, $19,838 and $17,741, respectively. | |||||
Indemnification | |||||
In the normal course of business, the Company provides indemnification and guarantees of varying scope to customers and others. These indemnities include among other things, intellectual property indemnities to customers in connection with the sale of the Company’s products, warranty guarantees to customers related to products sold and indemnities to the Company’s directors and officers to the maximum extent permitted by Delaware law. The duration of these indemnities and guarantees varies, and, in certain cases, is indeterminate. Historically, costs related to these indemnification provisions have not been significant, and with the exception of the warranty accrual (see Note 1), no liabilities have been recorded for these indemnification provisions. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||
Stock-Based Compensation | 9. Stock-Based Compensation | |||||||||||||||||||
2014 Equity Incentive Plan | ||||||||||||||||||||
At the Company’s annual meeting of stockholders on March 5, 2014, the stockholders approved the Company’s 2014 Equity Incentive Plan (the “2014 Plan”). Upon stockholder approval of the 2014 Plan, the Company’s 2004 Stock Incentive Plan, as amended and restated to date (the “2004 Plan”) was terminated. | ||||||||||||||||||||
The 2014 Plan provides for the granting of stock options, stock appreciation rights, restricted share awards and restricted stock units to employees, directors (including non-employee directors), advisors and consultants. Grants under the 2014 Plan vest and expire based on periods determined by the Administrator, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% of the total combined voting power of all classes of the Company’s capital stock). Grants of stock options may be either incentive stock options or nonqualified stock options. | ||||||||||||||||||||
The Company’s assessment of the estimated fair value of stock options and stock appreciation rights granted is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables and the related tax impact. The Company utilizes the Black-Scholes option valuation model to estimate the fair value of stock options and stock appreciation rights granted. Expected forfeitures are estimated based on the historical turnover of the Company’s employees. The fair value of service-based restricted stock units granted is based on the closing price of the Company’s common stock on the date of grant. | ||||||||||||||||||||
The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model also requires the input of highly subjective assumptions including: | ||||||||||||||||||||
(a) | expected volatility of the Company’s common stock price, which the Company determines based on historical volatility of the Company’s common stock; | |||||||||||||||||||
(b) | expected dividends, which are zero, as the Company does not currently anticipate issuing dividends; | |||||||||||||||||||
(c) | expected term of the stock option or stock appreciation right (“SSAR”), which is estimated based on the historical stock option and SSAR exercise behavior of the Company’s employees; and | |||||||||||||||||||
(d) | risk free interest rate, which is based on observed interest rates (zero coupon U.S. Treasury debt securities) appropriate for the expected holding period. | |||||||||||||||||||
Stock Options | ||||||||||||||||||||
No stock options were granted during the three months ended December 31, 2014 and 2013 or the fiscal years ended September 30, 2014, 2013 and 2012. No unearned compensation existed as of December 31, 2014 related to stock options. As of December 31, 2014 and September 30, 2014, 15,000 stock options were outstanding and exercisable with a weighted-average exercise price of $20.81. As of December 31, 2014, the weighted-average remaining contractual life was 0.17 years. No stock options were exercised during the three months ended December 31, 2014. The aggregate intrinsic value of stock options exercised was $16 for the three months ended December 31, 2013. The aggregate intrinsic value of stock options exercised was $177, $278 and $255 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Service and Performance-Based Restricted Stock Units | ||||||||||||||||||||
During the three months ended December 31, 2014 and fiscal years ended September 30, 2014, 2013 and 2012, the Company granted service-based restricted stock units (“RSUs”) under the 2014 Plan and the 2004 Plan to certain employees (including executive officers) and directors at no cost to such individuals. 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. For such performance-based RSUs, the Company records stock-based compensation cost 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 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 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 October 22, 2014, the Company granted 289,417 performance-based RSUs (the “TSR PSUs”), which vest upon both market and performance conditions. The market condition was measured by determining the Company’s total shareholder return (“TSR”), rounded to the nearest whole number, for the three-year period beginning October 1, 2014 through December 31, 2017 versus the TSR of the Nasdaq Total Return Index (the “Index”) for the same period, using the calendar three-month average daily closing price of each on October 1, 2014 as compared to December 31, 2017. On October 22, 2014, the Company also granted 94,507 performance-based RSUs (the “Stock Price PSUs”) containing both market and performance conditions, whereby the market condition was measured by the increase in the stock price of the Company, using the previous 20 trading day average daily closing price of each on October 21, 2014 and December 31, 2015. | ||||||||||||||||||||
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 stock-based compensation expense 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 value of the TSR PSUs was calculated utilizing the following assumptions: | ||||||||||||||||||||
TSR PSUs | Nasdaq Total Return | |||||||||||||||||||
Index Benchmark | ||||||||||||||||||||
Inputs | ||||||||||||||||||||
Expected stock return/ discount rate1 | 0.88 | % | 0.88 | % | ||||||||||||||||
Dividend yield | — | — | ||||||||||||||||||
Volatility2 | 40 | % | 15 | % | ||||||||||||||||
Grant date | 10/22/14 | 10/22/14 | ||||||||||||||||||
Three-month average share price3 | $ | 10.2 | $ | 4,952.85 | ||||||||||||||||
Expected vesting period (in years) | 3.3 | N/A | ||||||||||||||||||
Correlation | 0.47 | 0.47 | ||||||||||||||||||
Fair value per share | $ | 5.57 | 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 October 1, 2014. | |||||||||||||||||||
The grant date fair value of the Stock Price PSUs was calculated utilizing the following assumptions: | ||||||||||||||||||||
Stock Price PSUs | ||||||||||||||||||||
Expected stock return/ discount rate1 | 0.2 | % | ||||||||||||||||||
Dividend yield | — | |||||||||||||||||||
Volatility2 | 35 | % | ||||||||||||||||||
Grant date | 10/22/14 | |||||||||||||||||||
20-trading day average share price3 | $ | 9.39 | ||||||||||||||||||
Expected vesting period (in years) | 1.2 | |||||||||||||||||||
Fair value per share | $ | 4.73 | ||||||||||||||||||
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 | The volatility was calculated as of fiscal year end dates for the Company. | |||||||||||||||||||
3 | The 20-trading day average share price was based on the previous 20 day average daily closing price for the Company’s common stock as of October 21, 2014. | |||||||||||||||||||
RSU activity for the three months ended December 31, 2014 is summarized as follows: | ||||||||||||||||||||
Number of | Weighted- | |||||||||||||||||||
Shares | Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested shares outstanding at September 30, 2014 | 708,469 | $ | 12.61 | |||||||||||||||||
Granted | 978,386 | 7.55 | ||||||||||||||||||
Vested | (106,990 | ) | 13.1 | |||||||||||||||||
Forfeited | (11,500 | ) | 11.52 | |||||||||||||||||
Non-vested shares outstanding at December 31, 2014 | 1,568,365 | $ | 9.43 | |||||||||||||||||
RSU details for the three months ended December 31, 2014 and 2013 as well as fiscal years ended September 30, 2014, 2013 and 2012 are summarized as follows: | ||||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Service-based RSUs granted | 594,912 | 273,372 | 326,988 | 341,583 | 191,010 | |||||||||||||||
Performance-based RSUs granted | 383,474 | 261,845 | 261,845 | 96,556 | 110,046 | |||||||||||||||
Weighted-average grant-date fair value of non-vested RSUs granted | $ | 7.55 | $ | 11.21 | $ | 11.43 | $ | 17.03 | $ | 20.31 | ||||||||||
Weighted-average fair value of RSUs vested | $ | 13.1 | $ | — | $ | 19.28 | $ | 20.4 | $ | 21.09 | ||||||||||
Aggregate intrinsic value of RSUs vested | $ | 1,161 | $ | — | $ | 1,136 | $ | 9,458 | $ | 4,017 | ||||||||||
Unearned compensation as of December 31, 2014 was $9,629 related to non-vested RSUs, which will be recognized into expense over the weighted-average remaining contractual life of the non-vested RSUs of 2.4 years. | ||||||||||||||||||||
Stock Appreciation Rights | ||||||||||||||||||||
No SSARs were granted during the three months ended December 31, 2014 and the fiscal year ended September 30, 2014. During the fiscal years ended September 30, 2013 and 2012, the Administrator approved the grant of SSARs to be settled in Company common stock. These grants were made under the 2004 Plan to certain employees (including executive officers) at no cost to such individual. Each SSAR has a base appreciation amount that is equal to the closing price of a share of the Company’s common stock on each applicable grant date as reported on the NASDAQ Global Select Market. The SSARs granted to employees generally vest either over a period of three years with one-third vesting on each of the anniversary dates of the grant date or may vest completely on the third anniversary date of the grant date and have a contractual life of 10 years. The Company’s SSARs are treated as equity awards and are measured using the initial compensation element of the award at the time of grant and the expense is recognized over the requisite service period (the vesting period) with an exercise price equal to the stock price on the date of grant. Upon exercise, each SSAR will be settled in the Company’s common stock. Whole Company shares will be issued based on the percentage of share appreciation between the weighted-average price per share for all grant dates and the fair market value per share on the exercise date, multiplied by the number of SSARs units being exercised. Total compensation cost related to SSARs is recognized over the vesting period and is determined based on the whole number of shares issued multiplied by the grant date fair value. | ||||||||||||||||||||
The grant date fair values of the SSARs granted during each of the fiscal years ended September 30, 2013 and 2012 were estimated using the Black-Scholes valuation pricing model with the following assumptions: | ||||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||
September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 0.33 | % | 0.4 | % | ||||||||||||||||
Expected dividends | — | — | ||||||||||||||||||
Expected volatility | 40.66 | % | 51.7 | % | ||||||||||||||||
Expected term (in years) | 3.43 | 3.4 | ||||||||||||||||||
Grant date fair value | $ | 5.32 | $ | 7.25 | ||||||||||||||||
As of December 31, 2014 and September 30, 2014, 695,673 SSARs were outstanding and exercisable (with a weighted-average exercise price of $19.96). Unearned compensation as of December 31, 2014 was $0 as all SSARs were vested. No SSARs were exercised during the three months ended December 31, 2014 and 2013 as well as the fiscal years ended September 30, 2014 and 2013. The aggregate intrinsic value of SSARs exercised during the fiscal year ended September 30, 2012 was $69. | ||||||||||||||||||||
Stock-Based Compensation Expense Summary | ||||||||||||||||||||
The following table shows a summary of the stock-based compensation expense by expense type (excluding the stock-based compensation expense resulting from the change in control described below) included in the Consolidated Statements of Comprehensive Income for the three months ended December 31, 2014 and 2013 as well as fiscal years ended September 30, 2014, 2013 and 2012: | ||||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Cost of sales | $ | 99 | $ | 55 | $ | 234 | $ | 377 | $ | 456 | ||||||||||
Research and development | 99 | 73 | 325 | 478 | 357 | |||||||||||||||
Sales and marketing | 151 | 103 | 437 | 614 | 915 | |||||||||||||||
General and administrative | 777 | 390 | 2,151 | 2,561 | 3,172 | |||||||||||||||
Stock-based compensation resulting from change in control | — | — | — | 9,582 | — | |||||||||||||||
Total | $ | 1,126 | $ | 621 | $ | 3,147 | $ | 13,612 | $ | 4,900 | ||||||||||
The following table shows a summary of the stock-based compensation expense by award type (including the stock-based compensation expense of $7,932 for RSUs and $1,650 for SSARs resulting from the change in control described below) recorded for the three months ended December 31, 2014 and 2013 as well as fiscal years ended September 30, 2014, 2013 and 2012: | ||||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
RSUs | $ | 1,126 | $ | 621 | $ | 3,147 | $ | 11,245 | $ | 3,745 | ||||||||||
SSARs | — | — | — | 2,367 | 1,155 | |||||||||||||||
Total | $ | 1,126 | $ | 621 | $ | 3,147 | $ | 13,612 | $ | 4,900 | ||||||||||
Change in Control | ||||||||||||||||||||
In connection with the stock acquisition made by UE of WBL discussed in Note 1, the Company reviewed the 2004 Plan, and its Change in Control Plan dated January 18, 2012 (the “CiC Plan”), and determined that a “Change in Control,” as defined in the 2004 Plan and the CiC Plan, occurred as of May 23, 2013. As a result, the Company recorded stock-based compensation expense of $9,582 during the Company’s third fiscal quarter of 2013 related to the accelerated vesting of outstanding serviced-based RSUs and SSARs, as well as the conversion of performance-based RSUs to service-based RSUs for awards outstanding as of May 23, 2013. The expense consisted of the following: | ||||||||||||||||||||
Number of | Fiscal Year | |||||||||||||||||||
Units | Ended | |||||||||||||||||||
September 30, | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Serviced-based RSUs | 364,625 | $ | 5,330 | |||||||||||||||||
SSARs | 346,484 | 1,650 | ||||||||||||||||||
Conversion of performance-based RSUs to service-based RSUs | 266,166 | 2,602 | ||||||||||||||||||
Total | $ | 9,582 | ||||||||||||||||||
The expense was included as stock-based compensation expense resulting from change in control in the Consolidated Statements of Comprehensive Income for the fiscal year ended September 30, 2013. | ||||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | |
10. 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 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 Consolidated Balance Sheets. As of December 31, 2014, there were no outstanding foreign currency forward contracts. | |
The changes in fair value of the Company’s derivative instruments are recognized in earnings during the period of change as other income (expense), net in the Consolidated Statements of Comprehensive Income. The Company recognized gains of $0 and $414 during the three months ended December 31, 2014 and 2013, respectively, related to derivative financial instruments. The Company recognized gains of $68, $872 and $270 during the fiscal years ended September 30, 2014, 2013 and 2012, respectively, related to derivative financial instruments. |
Impairment_and_Restructuring
Impairment and Restructuring | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||
Impairment and Restructuring | 11. Impairment and Restructuring | |||||||||||||||
Fiscal Year 2014 Impairment and Restructuring | ||||||||||||||||
During the three months ended March 31, 2014, following a full review of its manufacturing footprint and in an effort to realign its manufacturing capacity and costs with expected net sales, the Company initiated its plan to consolidate its production facilities to reduce the total manufacturing floor space by approximately one-third (the “Restructuring”). As part of the Restructuring, MFLEX Chengdu, along with two satellite manufacturing facilities in Suzhou, China (one of which is a leased facility), were consolidated into the Company’s two main manufacturing plants under MFC in Suzhou. In addition, as part of the Restructuring, the Company closed MFE, which was previously located in Cambridge, United Kingdom and has reduced headcount at its other locations. | ||||||||||||||||
The Company’s manufacturing facility in Chengdu, China ceased operations and met the criteria to be classified as assets held for sale per the relevant authoritative FASB guidance as of March 31, 2014. In addition, machinery and equipment at the Chengdu location and certain machinery and equipment and other fixed assets located at facilities in Suzhou, China ceased use and met the held for sale criteria as of March 31, 2014. Furthermore, one of the Company’s satellite manufacturing facilities, in Suzhou, China, certain machinery and equipment and other property, plant and equipment located at facilities in Suzhou, China ceased use and met the held for sale criteria as of September 30, 2014. | ||||||||||||||||
Long-Lived Asset Impairment | ||||||||||||||||
Based on the Company’s Restructuring plan, the Company determined that a triggering event to test its long-lived assets for recoverability existed during the three months ended December 31, 2014 and the fiscal year ended September 30, 2014. The Company’s long-lived assets consisted primarily of property, plant and equipment and other assets. | ||||||||||||||||
Assets Held and Used | ||||||||||||||||
For assets classified as held and used, consisting of all property and equipment not held for sale, the Company compared its calculation of the undiscounted cash flows to the carrying value of the assets and concluded that no instances of impairment were identified as of December 31, 2014 and September 30, 2014. | ||||||||||||||||
Assets Held For Sale | ||||||||||||||||
For assets classified as held for sale, consisting of the Company’s manufacturing facility in Chengdu, one of the satellite facilities in Suzhou, and other property, plant and equipment in Chengdu and Suzhou, China, the Company compared the estimated fair value less costs to sell to the carrying value of the assets. If the estimated fair value less costs to sell exceeded the carrying amount, no impairment expense was recorded. However, if the estimated fair value less costs to sell was less than the carrying amount, an impairment expense of the difference was recorded. As a result, the Company concluded that certain assets held for sale were impaired, and pre-tax impairment charges of $18,241 were recorded during the fiscal year ended September 30, 2014 (of which $9,860 was related to buildings and leasehold improvements, $8,344 was related to machinery and equipment and $37 was related to other property, plant and equipment). | ||||||||||||||||
Other Restructuring-Related Costs | ||||||||||||||||
A pre-tax restructuring charge of $15,698 was recorded during the fiscal year ended September 30, 2014, which included $9,699 of one-time termination benefits, $804 of contract termination costs and $5,195 of other costs (of which $198 was non-cash). | ||||||||||||||||
December 2014 Quarter Update | ||||||||||||||||
During the three months ended December 31, 2014, the Company recorded impairment and restructuring recoveries of $(396), which consisted of asset recoveries of $(1,816), one-time termination benefits of $701 and other costs of $719. The Company completed the sale of some of the assets previously classified as assets held for sale. The Company recorded a net gain of $1,818 related to machinery and equipment, partially offset by write-downs of $2 related to other property, plant and equipment. As of December 31, 2014, the Company completed its Restructuring initiatives. | ||||||||||||||||
Restructuring Reserve Activity | ||||||||||||||||
The following table reflects the movement activity of the restructuring reserve: | ||||||||||||||||
One-Time Termination Benefits | Contract Termination Costs | Other Costs | Total Accrued Restructuring | |||||||||||||
Accrued at September 30, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Restructuring additions | 9,699 | 804 | 4,997 | 15,500 | ||||||||||||
Adjustment/foreign exchange effect | 88 | — | — | 88 | ||||||||||||
Amount paid | (9,636 | ) | (804 | ) | (337 | ) | (10,777 | ) | ||||||||
Accrued at September 30, 2014 | $ | 151 | $ | - | $ | 4,660 | $ | 4,811 | ||||||||
Restructuring additions | 701 | - | 722 | 1,423 | ||||||||||||
Adjustment/foreign exchange effect | 54 | (3 | ) | — | 51 | |||||||||||
Amount paid | (364 | ) | - | (211 | ) | (575 | ) | |||||||||
Accrued at December 31, 2014 | $ | 542 | $ | (3 | ) | $ | 5,171 | $ | 5,710 | |||||||
Fiscal Year 2013 Impairment and Restructuring | ||||||||||||||||
The Company records the excess of an acquisition’s purchase price over the fair value of the identified assets and liabilities as goodwill. The Company evaluates its goodwill balance typically during the fourth quarter of each fiscal year for impairment, or more frequently if indicators are present or changes in circumstances suggest that impairment may exist. Given the continued decline in the Company’s stock price and market capitalization below the carrying value of the Company’s net assets, as well as continued decreases in net sales, gross profit, and operating income compared with forecasted results during the third quarter of fiscal 2013, the Company considered these factors as indicators of possible impairment of goodwill as defined under the relevant FASB authoritative accounting guidance. As a result, the Company determined an interim impairment test was necessary while preparing its financial statements for the three and nine months ended June 30, 2013. | ||||||||||||||||
The Company performed the interim goodwill impairment test on its single reporting unit. Because the first phase of the goodwill impairment test (“Step 1”) indicated that the reporting unit’s carrying value exceeded its fair value, a second phase (“Step 2”) was performed. Under Step 2, for the purpose of deriving the implied fair value of goodwill, the fair value of the Company’s net assets were estimated using a discounted cash flow analysis based on the Company’s future budgets discounted using the Company’s weighted average cost of capital and market indicators, which was obtained using Level 3 fair value measurements on a non-recurring basis. To measure the amount of impairment, the implied fair value of the goodwill was then compared to the recorded goodwill. Upon completion of the impairment test, the Company determined that its goodwill was impaired and recorded a charge of $7,537 during the fiscal third quarter to fully impair its goodwill, resulting in a balance of $0 as of September 30, 2013. | ||||||||||||||||
With respect to long-lived assets which mainly consisted 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 other instances of impairment were identified as a result of the interim test as of June 30, 2013 and September 30, 2013. | ||||||||||||||||
Fiscal Year 2012 Impairment and Restructuring | ||||||||||||||||
California Restructuring | ||||||||||||||||
During the fourth fiscal quarter of 2011, the Company committed to a plan to relocate its corporate headquarters to a smaller location in Orange County, California (the “Relocation Plan”). In fiscal 2012, as a result of the Relocation Plan, the Company completed the sale of certain of its machinery and equipment and incurred relocation costs and recorded net gains of $717 during the third fiscal quarter of 2012. During the second fiscal quarter of 2012, the Company completed the sale of its corporate headquarters in Anaheim, California which was previously classified as assets held for sale as of December 31, 2011. The completion of the sale resulted in a net gain of $1,067 which was recorded during the second fiscal quarter of 2012 as a reduction of impairment and restructuring in the Consolidated Statements of Comprehensive Income. | ||||||||||||||||
Arizona Restructuring | ||||||||||||||||
The Company evaluated its Tucson, Arizona facility, consisting of land and building (the “Tucson Facility”), under the “Long-Lived Assets to Be Disposed of by Sale” classification under the relevant FASB authoritative guidance. The Tucson Facility was closed during fiscal 2008 as part of the restructuring of Aurora Optical. Based on an arms-length offer received during the second fiscal quarter of 2012, the Company recorded the Tucson Facility as assets held for sale. During the third fiscal quarter of 2012, the Company completed the sale of the Tucson Facility, which resulted in a net gain of $684 recorded during the third fiscal quarter of 2012 as a reduction of impairment and restructuring in the Consolidated Statements of Comprehensive Income. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events |
In February 2015, the Company completed the sale of a satellite facility in Suzhou, China that was classified as Assets held for sale on the Company’s Consolidated Balance Sheet as of December 31, 2014. The facility sold for RMB 38,300 ($6,259 as of December 31, 2014), which will result in a gain of approximately $1,100. |
Quarterly_Financial_Summary
Quarterly Financial Summary | 3 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Summary | Quarterly Financial Summary | |||||||||||||||||||||||||||||||
The following table presents the Company’s unaudited quarterly consolidated income statement data for its previous eight quarters. These quarterly results include all adjustments consisting of normal recurring adjustments that the Company considers necessary for the fair presentation for the quarters presented and are not necessarily indicative of the operating results for any future period. | ||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | 2012 | |||||||||||||||||||||||||
Net sales | $ | 172,884 | $ | 130,804 | $ | 117,793 | $ | 211,672 | $ | 188,254 | $ | 136,066 | $ | 173,674 | $ | 289,650 | ||||||||||||||||
Cost of sales | 155,340 | 138,023 | 130,765 | 209,176 | 194,308 | 140,312 | 189,207 | 264,947 | ||||||||||||||||||||||||
Gross profit (loss) | 17,544 | (7,219 | ) | (12,972 | ) | 2,496 | (6,054 | ) | (4,246 | ) | (15,533 | ) | 24,703 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 1,270 | 1,720 | 1,496 | 1,455 | 1,964 | 1,997 | 1,782 | 2,033 | ||||||||||||||||||||||||
Sales and marketing | 4,207 | 4,547 | 4,353 | 5,908 | 5,795 | 5,676 | 4,712 | 6,537 | ||||||||||||||||||||||||
General and administrative | 4,281 | 4,163 | 3,634 | 3,343 | 4,504 | 2,647 | 4,295 | 5,672 | ||||||||||||||||||||||||
Stock-based compensation expense resulting from change in control | — | — | — | — | — | 9,582 | — | — | ||||||||||||||||||||||||
Impairment and restructuring | 780 | 8,361 | 24,798 | — | — | 7,537 | — | — | ||||||||||||||||||||||||
Total operating expenses | 10,538 | 18,791 | 34,281 | 10,706 | 12,263 | 27,439 | 10,789 | 14,242 | ||||||||||||||||||||||||
Operating income (loss) | 7,006 | (26,010 | ) | (47,253 | ) | (8,210 | ) | (18,317 | ) | (31,685 | ) | (26,322 | ) | 10,461 | ||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||||||||
Interest income | 400 | 170 | 246 | 209 | 323 | 248 | 86 | 70 | ||||||||||||||||||||||||
Interest expense | (139 | ) | (19 | ) | (217 | ) | (122 | ) | (126 | ) | (112 | ) | (138 | ) | (111 | ) | ||||||||||||||||
Other income (expense), net | 375 | 711 | 116 | 296 | 774 | 73 | 170 | (15 | ) | |||||||||||||||||||||||
Income (loss) before income taxes | 7,642 | (25,148 | ) | (47,108 | ) | (7,827 | ) | (17,346 | ) | (31,476 | ) | (26,204 | ) | 10,405 | ||||||||||||||||||
(Provision for) benefit from income taxes | (1,719 | ) | (3,612 | ) | (5,308 | ) | (1,452 | ) | (1,125 | ) | (53 | ) | 2,325 | (2,057 | ) | |||||||||||||||||
Net income (loss) | $ | 5,923 | $ | (28,760 | ) | $ | (52,416 | ) | $ | (9,279 | ) | $ | (18,471 | ) | $ | (31,529 | ) | $ | (23,879 | ) | $ | 8,348 | ||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.25 | $ | (1.19 | ) | $ | (2.18 | ) | $ | (0.39 | ) | $ | (0.77 | ) | $ | (1.32 | ) | $ | (1.00 | ) | $ | 0.35 | ||||||||||
Diluted | $ | 0.24 | $ | (1.19 | ) | $ | (2.18 | ) | $ | (0.39 | ) | $ | (0.77 | ) | $ | (1.32 | ) | $ | (1.00 | ) | $ | 0.35 | ||||||||||
Schedule_II_Consolidated_Valua
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves | MULTI-FINELINE ELECTRONIX, INC. | ||||||||||||||||
SCHEDULE II— | |||||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, 2014 | |||||||||||||||||
AND FISCAL YEARS ENDED SEPTEMBER 30, 2014, 2013 AND 2012 | |||||||||||||||||
(In Thousands) | |||||||||||||||||
Accounts Receivable Allowance and | Balance at | Additions | Deductions | Balance at | |||||||||||||
Bad Debt Reserves | Beginning of Period | Charged to | (Write-offs) | End of Period | |||||||||||||
Operations | |||||||||||||||||
Three Months Ended December 31, 2014 | $ | 3,983 | $ | 3,363 | $ | (4,220 | ) | $ | 3,126 | ||||||||
Fiscal Year Ended September 30, 2014 | $ | 4,281 | $ | 10,817 | $ | (11,115 | ) | $ | 3,983 | ||||||||
Fiscal Year Ended September 30, 2013 | $ | 2,254 | $ | 16,567 | $ | (14,540 | ) | $ | 4,281 | ||||||||
Fiscal Year Ended September 30, 2012 | $ | 2,402 | $ | 2,787 | $ | (2,935 | ) | $ | 2,254 | ||||||||
Valuation Allowance | Balance at | Additions | Deductions | Balance at | |||||||||||||
on Deferred Tax Assets | Beginning of Period | Charged to | (Write-offs) | End of Period | |||||||||||||
Operations | |||||||||||||||||
Three Months Ended December 31, 2014 | $ | 42,611 | $ | 321 | $ | (1,538 | ) | $ | 41,394 | ||||||||
Fiscal Year Ended September 30, 2014 | $ | 22,536 | $ | 20,224 | $ | (149 | ) | $ | 42,611 | ||||||||
Fiscal Year Ended September 30, 2013 | $ | 12,334 | $ | 10,926 | $ | (724 | ) | $ | 22,536 | ||||||||
Fiscal Year Ended September 30, 2012 | $ | 12,527 | $ | 761 | $ | (954 | ) | $ | 12,334 | ||||||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Description of the Company | Description of the Company | |||||||||||||||||||
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 61%, 61% and 62% of the Company’s outstanding common stock as of December 31, 2014, September 30, 2014 and September 30, 2013, respectively. 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 stockholders. | ||||||||||||||||||||
Change in Fiscal Year End | Change in Fiscal Year End | |||||||||||||||||||
On August 4, 2014, the Board of Directors of the Company approved a change in the Company’s fiscal year end from September 30 to December 31. As a result of this change, the Company is filing a Transition Report on Form 10-K for the three-month transition period ended December 31, 2014. References to any of the Company’s fiscal years mean the fiscal year ending September 30 of that calendar year. Financial information in these notes with respect to the three months ended December 31, 2013 is unaudited. | ||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation | |||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has three wholly owned subsidiaries located in China: MFLEX Suzhou Co., Ltd. (“MFC”), formerly known as Multi-Fineline Electronix (Suzhou No. 2) Co., Ltd. (“MFC2”) and into which Multi-Fineline Electronix (Suzhou) Co., Ltd (“MFC1” which we are in the process of de-registering) was merged in fiscal 2010, 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 Arizona: Aurora Optical, Inc. (“Aurora Optical”), which was dissolved in September 2012; 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. | ||||||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used, including, but not limited to, those related to inventories, income taxes, accounts receivable allowance and warranty. Actual results could differ from those estimates. | ||||||||||||||||||||
Cash Equivalents | Cash Equivalents | |||||||||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2014, September 30, 2014 and September 30, 2013. | ||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||
Per Financial Accounting Standards Board (“FASB”) authoritative guidance, the Company classifies and discloses the fair value of certain of its assets and liabilities in one of the following three categories: | ||||||||||||||||||||
Level 1: quoted market prices in active markets for identical assets and liabilities | ||||||||||||||||||||
Level 2: observable market based inputs or unobservable inputs that are corroborated by market data | ||||||||||||||||||||
Level 3: unobservable inputs that are not corroborated by market data | ||||||||||||||||||||
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 FASB authoritative accounting guidance were as follows: | ||||||||||||||||||||
Fair Value Measurements of Assets and Liabilities | ||||||||||||||||||||
on a Recurring Basis as of December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 18,208 | $ | — | $ | — | ||||||||||||||
$ | 18,208 | $ | — | $ | — | |||||||||||||||
Fair Value Measurements of Assets and Liabilities | ||||||||||||||||||||
on a Recurring Basis as of September 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 19,118 | $ | — | $ | — | ||||||||||||||
$ | 19,118 | $ | — | $ | — | |||||||||||||||
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 | $ | — | |||||||||||||||
As of December 31, 2014, assets held for sale were measured at fair value on a non-recurring basis. Based on the relevant FASB authoritative guidance, the carrying value of assets held for sale was written down to $11,387 as of December 31, 2014 (refer to Note 11). The fair value of the assets was determined using Level 3 unobservable inputs not corroborated by market data, consisting of third-party offers for assets held for sale. Below is a summary of the Company’s assets measured at fair value on a non-recurring basis as of December 31, 2014 and September 30, 2014: | ||||||||||||||||||||
Fair Value Measurements of Assets | ||||||||||||||||||||
on a Non-Recurring Basis as of | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Building and equipment (assets held for sale) | $ | — | $ | — | $ | 11,387 | ||||||||||||||
$ | — | $ | — | $ | 11,387 | |||||||||||||||
Fair Value Measurements of Assets | ||||||||||||||||||||
on a Non-Recurring Basis as of | ||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Building and equipment (assets held for sale) | $ | — | $ | — | $ | 12,219 | ||||||||||||||
$ | — | $ | — | $ | 12,219 | |||||||||||||||
No assets or liabilities were measured at fair value on a non-recurring basis as of September 30, 2013. | ||||||||||||||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | |||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation or the equivalent government body in other countries, and accounts receivable. Credit risk exists because the Company’s flexible printed circuit boards and related component assemblies were sold to a limited number of customers during the reporting periods herein (refer to Note 7). The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management’s expectations. | ||||||||||||||||||||
Accounts Receivable | Accounts Receivable | |||||||||||||||||||
The Company records revenues in accordance with the terms of the sale, which is generally at shipment. Accounts receivable are recorded at the invoiced amount, and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable, and the allowance is determined based on historical write-off experience as well as specific identification of credit issues with invoices. The Company reviews the allowance for doubtful accounts monthly (or more often, as necessary), and past due balances over a specified amount are reviewed individually for collectability. All other balances are reviewed on an aggregate basis. Account balances are charged against the allowance if and when the Company determines it is probable that the receivable will not be collected. The Company does not have any off-balance sheet credit exposure related to its customers. | ||||||||||||||||||||
Inventories | Inventories | |||||||||||||||||||
Inventories are stated at the lower of cost or market, with cost being determined on a first-in, first-out basis. The Company records write-downs for excess and obsolete inventory based on historical usage and expected future product demand. | ||||||||||||||||||||
Restricted Cash | Restricted Cash | |||||||||||||||||||
The Company held Chinese Renminbi (“RMB”) 3,200 as of December 31, 2014 and September 30, 2014, (which were approximately $523 and $520, respectively) of cash restricted due to customs deposit requirements in China, which was segregated from cash and cash equivalents and included within other current assets. The restriction is expected to cease within twelve months. | ||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||||||||||||||||||||
Buildings and building improvement | 20 - 39 years | |||||||||||||||||||
Machinery and equipment | 3 -10 years | |||||||||||||||||||
Furniture and fixtures | 3 - 5 years | |||||||||||||||||||
Computers and capitalized software | 3 - 5 years | |||||||||||||||||||
Leasehold improvements | Shorter of 15 years or life of lease | |||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets, including any cash flows upon their eventual disposition, to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. | ||||||||||||||||||||
Land Use Rights | Land Use Rights | |||||||||||||||||||
Land use rights include long-term leaseholds of land for the Company’s facilities located in China. The Company paid an upfront fee for use of the land use rights and amortizes the expense through expiration. | ||||||||||||||||||||
Long-Lived Asset Impairment | Long-Lived Asset Impairment | |||||||||||||||||||
The Company tests its long-lived assets for impairment whenever circumstances or events may affect the recoverability of long-lived assets. To determine if an impairment exists, the Company first determines whether there has been a change in the use or circumstance related to the assets and whether a held and used or held for sale impairment model should be used to evaluate the assets or asset group for impairment. | ||||||||||||||||||||
If the assets are classified as held and used, the Company utilizes the forecasted undiscounted cash flows related to the asset group and compares the result to the carrying value. If the forecasted undiscounted cash flows exceed the carrying value, there is no impairment. To develop the forecasted undiscounted cash flows, the Company utilizes a number of estimates and assumptions including the internally developed business assumptions used to compute the forecasted cash flows and related terminal cash flows. If the assets meet the criteria for held for sale classification, the Company determines the estimated fair value for the assets less the applicable disposal costs and compares this value to the carrying value of the long-lived assets. If this value exceeds the carrying value, there is no impairment. In determining these fair value estimates, the Company considers internally generated information and information obtained from discussions with market participants. The determination of fair value requires significant judgment both by the Company and outside experts engaged to assist in this process, if any. Refer to Note 11 for further details. | ||||||||||||||||||||
Goodwill | Goodwill | |||||||||||||||||||
The Company records the assets acquired and liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase price recorded as goodwill. Valuation of intangible assets entails significant estimates and assumptions including, but not limited to, determining the timing and expected costs to complete development projects, estimating future cash flows from product sales, developing appropriate discount rates, estimating probability rates for the successful completion of development projects, continuation of customer relationships and renewal of customer contracts, and approximating the useful lives of the intangible assets acquired. | ||||||||||||||||||||
The Company reviewed the recoverability of the carrying value of goodwill on an annual basis typically during its fourth fiscal quarter, or more frequently when an event occurred or circumstances changed to indicate that an impairment of goodwill had possibly occurred. At June 30, 2013, the Company performed an interim goodwill impairment test on its single reporting unit. Upon completion of the impairment test, the Company determined that its goodwill was impaired and recorded a charge of $7,537 during the fiscal third quarter of 2013 to fully impair its goodwill, resulting in a balance of $0 as of September 30, 2013. Refer to Note 11 for further details. | ||||||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||||||
The Company’s revenues, which the Company refers to as net sales, net of accounts receivable allowance, refunds and credits, are generated primarily from the sale of flexible printed circuit boards and related component assemblies, which are sold to original equipment manufacturers and electronic manufacturing services providers to be included in other electronic products. The Company recognizes revenue when there is persuasive evidence of an arrangement with the customer that states a fixed or determinable sales price, when title and risk of loss transfers, when delivery of the product has occurred in accordance with the terms of the sale and collectability of the related accounts receivable is reasonably assured. The Company does not have any post-shipment obligations (e.g., installation or training) or multiple-element arrangements. The Company’s remaining obligation to its customer after delivery is limited to warranty on its product. | ||||||||||||||||||||
All non-income government-assessed taxes (sales and value added taxes) collected from customers and remitted to governmental agencies are recorded on a net basis (excluded from net sales) in the accompanying consolidated financial statements. Such taxes are recorded in accrued liabilities until they are remitted to the appropriate governmental agencies. | ||||||||||||||||||||
Product Warranty Accrual | Product Warranty Accrual | |||||||||||||||||||
The Company typically warrants its products for up to 36 months. The standard warranty requires the Company to replace defective products returned to the Company at no cost to the customer. The Company records an estimate for warranty related costs at the time revenue is recognized based on historical amounts incurred for warranty expense and historical warranty return rates as well as an evaluation of the expected future warranty return rates. If actual warranty return rates differ from the estimated trends based on our historical experience, the Company may adjust the warranty accrual to reflect the actual results. The warranty accrual is included in accrued liabilities in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||
Changes in the product warranty accrual for the three months ended December 31, 2014 and fiscal years ended September 30, 2014, 2013 and 2012, were as follows: | ||||||||||||||||||||
Balance at | Warranty | Provision for | Balance at | |||||||||||||||||
Beginning | Expenditures | Estimated | End | |||||||||||||||||
of Period | Warranty Cost | of Period | ||||||||||||||||||
Three Months Ended December 31, 2014 | $ | 997 | $ | (467 | ) | $ | 483 | $ | 1,013 | |||||||||||
Fiscal Year Ended September 30, 2014 | $ | 1,076 | $ | (4,570 | ) | $ | 4,491 | $ | 997 | |||||||||||
Fiscal Year Ended September 30, 2013 | $ | 346 | $ | (3,469 | ) | $ | 4,199 | $ | 1,076 | |||||||||||
Fiscal Year Ended September 30, 2012 | $ | 279 | $ | (991 | ) | $ | 1,058 | $ | 346 | |||||||||||
Research and Development | Research and Development | |||||||||||||||||||
Research and development costs are incurred in the development of new products and processes, including significant improvements and refinements to existing products and processes and are expensed as incurred. | ||||||||||||||||||||
Restructuring Charges | Restructuring Charges | |||||||||||||||||||
The Company recognizes restructuring charges related to plans to close or consolidate duplicate manufacturing and administrative facilities. In connection with these activities, the Company records restructuring charges for employee termination and relocation costs and other exit-related costs. | ||||||||||||||||||||
The recognition of restructuring charges requires making certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned exit activity. To the extent that actual results differ from these estimates and assumptions, the Company may be required to revise the estimates of future liabilities, requiring the recognition of additional restructuring charges or the reduction of liabilities already recognized. Such changes to previously estimated amounts may be material to the consolidated financial statements. At the end of each reporting period, the Company evaluates the remaining accrued balances to ensure that no excess accruals are retained and the utilization of the provisions are for their intended purpose in accordance with developed exit plans. During the three months ended December 31, 2014, the Company recorded restructuring charges of $1,420. During the fiscal years ended September 30, 2014, 2013 and 2012, the Company recorded restructuring charges (recoveries) of $15,698, $0 and $(2,468), respectively. Refer to Note 11 for further details. | ||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||
Income taxes are computed using the asset and liability method. Under this method, deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the tax bases and financial reporting amounts of existing assets and liabilities. Valuation allowances are established when it is more likely than not that such deferred tax assets will not be realized. The Company does not file a consolidated return with its foreign wholly owned subsidiaries. | ||||||||||||||||||||
The Company has a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefit in income tax expense. | ||||||||||||||||||||
Foreign Currency | Foreign Currency | |||||||||||||||||||
The functional currency of the Company’s foreign subsidiaries is either the local currency or if the predominant transaction currency is the U.S. dollar, then the U.S. dollar will be the functional currency. Balances are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and an average exchange rate for each period for income statement amounts. Currency translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity. | ||||||||||||||||||||
Foreign currency transactions occur primarily when there is a receivable or payable denominated in other than the respective entity’s functional currency. The Company records the changes in the exchange rate for these transactions in the Consolidated Statements of Comprehensive Income. For the three months ended December 31, 2014, foreign exchange transaction gains and losses were included in other income (expense), net and were net gains of $75. For the fiscal years ended September 30, 2014, 2013 and 2012, they were net gains (losses) of $605, $348 and $(69), respectively. | ||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||
The Company’s derivative financial instruments are designated to economically hedge the exposure of future cash flows denominated in non-U.S. dollar currency. Derivative financial instruments are measured at fair value and are recorded in the Consolidated Balance Sheets as either assets or liabilities. Changes in the fair value of the derivative financial instruments are recorded each period in the Consolidated Statements of Comprehensive Income, depending on whether the derivative instruments are designated as part of the hedge transaction, and if so, the type of hedge transaction. | ||||||||||||||||||||
The Company evaluates its derivative financial instruments as either cash flow hedges (forecasted transactions), fair value hedges (changes in fair value related to recognized assets or liabilities) or derivative financial instruments that do not qualify for hedge accounting. To qualify for hedge accounting, a derivative financial instrument must be highly effective in mitigating the designated risk of the hedged item. For derivative financial instruments that do not qualify for hedge accounting, changes in the fair value are reported in current period earnings. | ||||||||||||||||||||
The Company designates its derivative financial instruments as non-hedge derivatives and records its foreign currency forward contracts as either assets or liabilities in the Consolidated Balance Sheets. Changes in the fair value of the derivative financial instruments that arise due to fluctuations in the forward exchange rates are recognized in earnings each period as other income (expense), net in the Consolidated Statements of Comprehensive Income. Realized gains (losses) are recognized at maturity as other income (expense), net in the Consolidated Statements of Comprehensive Income. The cash flows from derivative financial instruments are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. Refer to Note 10 for further information on derivative financial instruments. | ||||||||||||||||||||
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation | |||||||||||||||||||
The Company recognizes stock-based compensation expense for all stock-based payment arrangements, net of an estimated forfeiture rate and generally recognizes expense for those shares expected to vest over the requisite service period of the award. For stock options and stock appreciation rights, the Company determines the grant date fair value using the Black-Scholes option-pricing model which requires the input of certain assumptions, including the expected life of the stock-based payment awards, stock price volatility and interest rates. For the service-based restricted stock units, the Company determines the fair value using the closing price of the Company’s common stock on the date of grant. For the performance-based restricted stock units, the Company determines the fair value using a Monte Carlo simulation model based on the underlying common stock closing price as of the grant performance date, the expected term, stock price volatility, and risk-free interest rates. | ||||||||||||||||||||
Net Income Per Share-Basic and Diluted | Net Income Per Share—Basic and Diluted | |||||||||||||||||||
Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. The impact of potentially dilutive securities is determined using the treasury stock method. | ||||||||||||||||||||
The following table presents a reconciliation of basic and diluted shares: | ||||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,267,567 | 24,083,932 | 24,122,843 | 23,897,651 | 23,782,540 | |||||||||||||||
Dilutive effect of potential common shares | 356,801 | — | — | — | 294,939 | |||||||||||||||
Diluted weighted-average number of common and potential common shares outstanding | 24,624,368 | 24,083,932 | 24,122,843 | 23,897,651 | 24,077,479 | |||||||||||||||
Potential common shares excluded from the per share computations their inclusion would be anti-dilutive | 721,098 | 811,774 | 897,201 | 903,263 | 372,530 | |||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||||||||||
During May 2014, the FASB issued revised authoritative guidance that requires a reporting entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The amendment is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the impact of its pending adoption of this guidance on its financial position, results of operations and cash flows. | ||||||||||||||||||||
During July 2013, the FASB issued revised authoritative guidance that requires the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in the financial statements when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (which was October 1, 2014 for the Company). The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During February 2013, the FASB issued revised authoritative guidance that requires the presentation in a single location, either in a note or parenthetically on the face of the financial statements, of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This guidance is effective prospectively for annual periods beginning after December 15, 2012 (which was October 1, 2013 for the Company). The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During July 2012, the FASB issued revised authoritative guidance that is intended to reduce the cost and complexity of the impairment test for indefinite-lived intangible assets by providing an entity with the option to first assess qualitatively whether it is necessary to perform the impairment test that is currently in place. An entity would not be required to quantitatively calculate the fair value of an indefinite-lived intangible asset unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. The amendments are effective for interim and annual periods beginning after September 15, 2012 (which was October 1, 2012 for the Company). The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During December 2011, the FASB issued revised authoritative guidance that requires an entity to disclose information about offsetting and related arrangements on its financial position. This includes the effect or potential effect of rights of offset associated with an entity’s recognized assets and recognized liabilities and requires improved information about financial instruments and derivative instruments that are subject to an enforceable master netting arrangement or similar arrangement. During January 2013, the FASB issued an amendment to this guidance, which limits the scope to derivatives, repurchase agreements and securities lending transactions. The amendments are effective for annual periods beginning on or after January 1, 2013 (which was October 1, 2013 for the Company) and retrospective disclosure is required for all comparative periods presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During June 2011, the FASB issued revised authoritative guidance that requires all non-owner changes in stockholder’s equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income and the total of comprehensive income. The amendments were effective for annual periods beginning after December 15, 2011 (which was October 1, 2012 for the Company) and were applied retrospectively. The guidance was adopted by the Company in fiscal 2012 and did not have a material impact on its consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
During May 2011, the FASB issued revised authoritative guidance that resulted in common principles and requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value” in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments were effective for interim and annual periods beginning after December 15, 2011 (which was January 1, 2012 for the Company) and were to be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||||||||||||||||||||
Reclassifications | Reclassifications | |||||||||||||||||||
During the fourth fiscal quarter of 2012, the Company effectively changed its accounting policy with regard to freight out costs. Freight out costs were previously classified as cost of sales but, going forward, are classified as sales and marketing. For the nine months ended June 30, 2012, freight out costs of $2,164 were included in cost of sales. For the three months ended September 30, 2012, freight out costs of $880 were included in sales and marketing. Given the immateriality of these costs, the Company prospectively began reflecting freight out costs in sales and marketing beginning July 1, 2012. The Company evaluated the materiality of such change from both a quantitative and qualitative basis and concluded that reclassification of such costs on a prior year basis was immaterial and, accordingly, did not reclassify such costs that were previously included in cost of sales for periods previously reported prior to the change. For the fiscal year ended September 30, 2013, freight out costs of $2,706 were included in sales and marketing. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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 FASB authoritative accounting guidance were as follows: | |||||||||||||||||||
Fair Value Measurements of Assets and Liabilities | ||||||||||||||||||||
on a Recurring Basis as of December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 18,208 | $ | — | $ | — | ||||||||||||||
$ | 18,208 | $ | — | $ | — | |||||||||||||||
Fair Value Measurements of Assets and Liabilities | ||||||||||||||||||||
on a Recurring Basis as of September 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (cash and cash equivalents) | $ | 19,118 | $ | — | $ | — | ||||||||||||||
$ | 19,118 | $ | — | $ | — | |||||||||||||||
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 | $ | — | |||||||||||||||
Schedule of Assets Held For Sale Measured at Fair Value on Nonrecurring Basis | Below is a summary of the Company’s assets measured at fair value on a non-recurring basis as of December 31, 2014 and September 30, 2014: | |||||||||||||||||||
Fair Value Measurements of Assets | ||||||||||||||||||||
on a Non-Recurring Basis as of | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Building and equipment (assets held for sale) | $ | — | $ | — | $ | 11,387 | ||||||||||||||
$ | — | $ | — | $ | 11,387 | |||||||||||||||
Fair Value Measurements of Assets | ||||||||||||||||||||
on a Non-Recurring Basis as of | ||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Building and equipment (assets held for sale) | $ | — | $ | — | $ | 12,219 | ||||||||||||||
$ | — | $ | — | $ | 12,219 | |||||||||||||||
Straight-Line Method Over Estimated Useful Lives of Assets | Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | |||||||||||||||||||
Buildings and building improvement | 20 - 39 years | |||||||||||||||||||
Machinery and equipment | 3 -10 years | |||||||||||||||||||
Furniture and fixtures | 3 - 5 years | |||||||||||||||||||
Computers and capitalized software | 3 - 5 years | |||||||||||||||||||
Leasehold improvements | Shorter of 15 years or life of lease | |||||||||||||||||||
Changes in the Product Warranty Accrual | Changes in the product warranty accrual for the three months ended December 31, 2014 and fiscal years ended September 30, 2014, 2013 and 2012, were as follows: | |||||||||||||||||||
Balance at | Warranty | Provision for | Balance at | |||||||||||||||||
Beginning | Expenditures | Estimated | End | |||||||||||||||||
of Period | Warranty Cost | of Period | ||||||||||||||||||
Three Months Ended December 31, 2014 | $ | 997 | $ | (467 | ) | $ | 483 | $ | 1,013 | |||||||||||
Fiscal Year Ended September 30, 2014 | $ | 1,076 | $ | (4,570 | ) | $ | 4,491 | $ | 997 | |||||||||||
Fiscal Year Ended September 30, 2013 | $ | 346 | $ | (3,469 | ) | $ | 4,199 | $ | 1,076 | |||||||||||
Fiscal Year Ended September 30, 2012 | $ | 279 | $ | (991 | ) | $ | 1,058 | $ | 346 | |||||||||||
Reconciliation of Basic and Diluted Shares | The following table presents a reconciliation of basic and diluted shares: | |||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,267,567 | 24,083,932 | 24,122,843 | 23,897,651 | 23,782,540 | |||||||||||||||
Dilutive effect of potential common shares | 356,801 | — | — | — | 294,939 | |||||||||||||||
Diluted weighted-average number of common and potential common shares outstanding | 24,624,368 | 24,083,932 | 24,122,843 | 23,897,651 | 24,077,479 | |||||||||||||||
Potential common shares excluded from the per share computations their inclusion would be anti-dilutive | 721,098 | 811,774 | 897,201 | 903,263 | 372,530 | |||||||||||||||
Composition_of_Certain_Balance1
Composition of Certain Balance Sheet Components (Tables) | 3 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||||||||
Components of Inventories, Net of Applicable Write-Down | Inventories, net of applicable write-downs, were composed of the following: | |||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Raw materials and supplies | $ | 19,268 | $ | 23,430 | $ | 27,080 | ||||||
Work-in-progress | 15,713 | 20,871 | 20,965 | |||||||||
Finished goods | 30,646 | 31,697 | 38,808 | |||||||||
$ | 65,627 | $ | 75,998 | $ | 86,853 | |||||||
Components of Property, Plant and Equipment | Property, plant, and equipment, net, were composed of the following: | |||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Building | $ | 50,450 | $ | 50,175 | $ | 68,679 | ||||||
Machinery and equipment | 334,539 | 334,013 | 406,010 | |||||||||
Computers and capitalized software | 13,328 | 12,819 | 13,014 | |||||||||
Leasehold improvements | 1,290 | 1,496 | 14,145 | |||||||||
Construction-in-progress | 598 | 2,533 | 5,307 | |||||||||
$ | 400,205 | $ | 401,036 | $ | 507,155 | |||||||
Accumulated depreciation and amortization | (235,860 | ) | (225,148 | ) | (263,099 | ) | ||||||
$ | 164,345 | $ | 175,888 | $ | 244,056 | |||||||
Components of Other Current Liabilities | Other current liabilities were composed of the following: | |||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Wages and compensation | $ | 13,855 | $ | 13,785 | $ | 16,822 | ||||||
Restructuring expenses¹ | 5,710 | 4,811 | — | |||||||||
Current portion of liabilities on uncertain tax positions2 | 12,524 | — | — | |||||||||
Other accrued expenses | 10,608 | 11,444 | 14,637 | |||||||||
$ | 42,697 | $ | 30,040 | $ | 31,459 | |||||||
1 | Refer to Note 11 for further information on the Company’s impairment and restructuring activities during the three months ended December 31, 2014 and fiscal year ended September 30, 2014. | |||||||||||
2 | Refer to Note 4 for further information on the Company’s income taxes. | |||||||||||
Components of Other Long-term Liabilities | Other long-term liabilities were composed of the following: | |||||||||||
December 31, | September 30, | |||||||||||
2014 | 2014 | 2013 | ||||||||||
Liabilities on uncertain tax positions¹ | $ | 7,933 | $ | 17,824 | $ | 17,316 | ||||||
Other | 3,245 | 3,447 | 1,747 | |||||||||
$ | 11,178 | $ | 21,271 | $ | 19,063 | |||||||
1 | Refer to Note 4 for further information on the Company’s income taxes. | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
United States and Foreign Income (Loss) Before Taxes | United States and foreign income (loss) before taxes were as follows: | |||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||
United States | $ | 307 | $ | (27,556 | ) | $ | (3,544 | ) | $ | 2,184 | ||||||
Foreign | 20,052 | (44,885 | ) | (61,077 | ) | 33,517 | ||||||||||
$ | 20,359 | $ | (72,441 | ) | $ | (64,621 | ) | $ | 35,701 | |||||||
Provision for Income Taxes | The provision for income taxes consisted of the following components: | |||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | 406 | $ | (3,321 | ) | $ | 578 | $ | 1,407 | |||||||
State | 27 | (676 | ) | 18 | 391 | |||||||||||
Foreign | 3,495 | 8,584 | 3,186 | 6,717 | ||||||||||||
$ | 3,928 | $ | 4,587 | $ | 3,782 | $ | 8,515 | |||||||||
Deferred: | ||||||||||||||||
Federal | $ | (154 | ) | $ | 3,619 | $ | (1,855 | ) | $ | 400 | ||||||
State | (3 | ) | 988 | 34 | (59 | ) | ||||||||||
Foreign | 613 | 2,897 | (1,051 | ) | (2,640 | ) | ||||||||||
456 | 7,504 | (2,872 | ) | (2,299 | ) | |||||||||||
$ | 4,384 | $ | 12,091 | $ | 910 | $ | 6,216 | |||||||||
Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) were composed of the following: | |||||||||||||||
December 31, | September 30, | |||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss | $ | 33,492 | $ | 34,138 | $ | 20,359 | ||||||||||
Inventories | 322 | 251 | 520 | |||||||||||||
Depreciation | 9,832 | 8,783 | 5,985 | |||||||||||||
Stock-based compensation | 2,660 | 2,761 | 3,018 | |||||||||||||
Asset impairment | 16 | 393 | 137 | |||||||||||||
Accrued expenses | 1,675 | 2,373 | 6,337 | |||||||||||||
Allowance for doubtful accounts | 443 | 428 | 451 | |||||||||||||
Warranty reserve | 251 | 249 | 227 | |||||||||||||
Capital loss carryforward | — | — | — | |||||||||||||
Investments | 155 | 156 | 174 | |||||||||||||
Foreign tax credits | 567 | 1,494 | 902 | |||||||||||||
Amortization | 1,882 | 1,910 | 2,233 | |||||||||||||
Other | 35 | 32 | — | |||||||||||||
Subtotal deferred tax assets | 51,330 | 52,968 | 40,343 | |||||||||||||
Valuation allowance | (41,394 | ) | (42,611 | ) | (22,536 | ) | ||||||||||
Total deferred tax assets | 9,936 | 10,357 | 17,807 | |||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Deferred revenue | 302 | 267 | 170 | |||||||||||||
Other | — | — | 43 | |||||||||||||
Total deferred tax liabilities | 302 | 267 | 213 | |||||||||||||
Net deferred tax assets | $ | 9,634 | $ | 10,090 | $ | 17,594 | ||||||||||
Benefit from (Provision for) Income Taxes Differs from Amount Obtained by Applying Statutory Tax Rate | The benefit from (provision for) income taxes differs from the amount obtained by applying the statutory tax rate as follows: | |||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||
Provision for income taxes at statutory rate | 34 | % | 34 | % | 34 | % | 35 | % | ||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||
State taxes, net of federal benefit | 0 | (0.9 | ) | — | 0.3 | |||||||||||
Foreign rate variance | (24.6 | ) | (14.9 | ) | (18.0 | ) | (23.0 | ) | ||||||||
Nondeductible expenses | 0.7 | (0.6 | ) | (1.3 | ) | 0.8 | ||||||||||
Nontaxable income | — | 12.8 | — | — | ||||||||||||
Return to provision adjustments | (0.5 | ) | (0.1 | ) | 1.2 | 0.2 | ||||||||||
Tax contingency reserve | 12.8 | (7.9 | ) | (0.6 | ) | 3.6 | ||||||||||
Valuation allowance | (2.4 | ) | (38.9 | ) | (16.3 | ) | 0.2 | |||||||||
Other | 1.5 | (0.2 | ) | (0.4 | ) | 0.3 | ||||||||||
21.5 | % | (16.7 | )% | (1.4 | )% | 17.4 | % | |||||||||
Net Income Proforma of Company | Had the Company not received the tax incentive for its operations in Asia, net income for the fiscal year ended September 30, 2012 would have been decreased to the pro forma amounts as illustrated below: | |||||||||||||||
Fiscal Year Ended | ||||||||||||||||
September 31, 2012 | ||||||||||||||||
Net income, as reported | $ | 29,485 | ||||||||||||||
Additional tax in China and Singapore | (780 | ) | ||||||||||||||
Pro forma net income | $ | 28,705 | ||||||||||||||
Net income per share: | ||||||||||||||||
Basic, as reported | $ | 1.24 | ||||||||||||||
Basic, pro forma | $ | 1.21 | ||||||||||||||
Diluted, as reported | $ | 1.22 | ||||||||||||||
Diluted, pro forma | $ | 1.19 | ||||||||||||||
Amounts of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: | |||||||||||||||
31-Dec-14 | 30-Sep-14 | 30-Sep-13 | ||||||||||||||
Unrecognized tax benefits at beginning of the period | $ | 24,143 | $ | 15,425 | $ | 15,423 | ||||||||||
Increases for positions taken in current period | — | 9,526 | 2 | |||||||||||||
Increases for positions taken in prior period | 1,966 | 6,268 | — | |||||||||||||
Decreases for positions settled with taxing authorities | — | (7,075 | ) | — | ||||||||||||
Decreases for expiration of statute of limitations | — | (1 | ) | |||||||||||||
Unrecognized tax benefits at end of the period | $ | 26,109 | $ | 24,143 | $ | 15,425 | ||||||||||
Lines_of_Credit_Tables
Lines of Credit (Tables) | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Summary of the Lines of Credit | A summary of the lines of credit is as follows: | |||||||||||||||||||||||
Amounts Available at | Amounts Outstanding at | |||||||||||||||||||||||
31-Dec-14 | September 30, | September 30, | 31-Dec-14 | September 30, | September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Line of credit (BA) | $ | 30,000 | $ | 30,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Line of credit (ABC) | 32,685 | 32,507 | 32,531 | — | — | — | ||||||||||||||||||
Line of credit (CCB) | 49,028 | 48,761 | 48,796 | — | — | — | ||||||||||||||||||
Line of credit (BC) | — | — | 11,000 | — | — | — | ||||||||||||||||||
Line of credit (JPM) | — | — | 50,000 | — | — | — | ||||||||||||||||||
$ | 111,713 | $ | 111,268 | $ | 142,327 | $ | — | $ | — | $ | — | |||||||||||||
Segment_Information_and_Geogra1
Segment Information and Geographic Data (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Financial Information by Geographic Segment | Financial information by geographic area is as follows: | |||||||||||||||||||
Three Months | Fiscal Years Ended September 30, | |||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | 3,051 | $ | 5,110 | $ | 16,426 | $ | 14,619 | $ | 23,349 | ||||||||||
China | 185,372 | 227,457 | 622,475 | 829,379 | 806,504 | |||||||||||||||
Singapore | 200,222 | 194,025 | 552,557 | 754,026 | 790,867 | |||||||||||||||
Other | 1,717 | 1,709 | 23,831 | 2,706 | 377 | |||||||||||||||
Eliminations | (180,359 | ) | (216,629 | ) | (582,136 | ) | (813,086 | ) | (802,165 | ) | ||||||||||
Total | $ | 210,003 | $ | 211,672 | $ | 633,153 | $ | 787,644 | $ | 818,932 | ||||||||||
December 31, | September 30, | |||||||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||||||
Long-lived assets (property, plant and equipment and land use rights) | ||||||||||||||||||||
United States | $ | 1,114 | $ | 1,314 | $ | 2,325 | ||||||||||||||
China | 165,997 | 177,283 | 248,857 | |||||||||||||||||
Singapore | 254 | 283 | 433 | |||||||||||||||||
Other | 88 | 99 | 144 | |||||||||||||||||
Total | $ | 167,453 | $ | 178,979 | $ | 251,759 | ||||||||||||||
Net Sales by Geographic Region Based On Location of the Customer | Net sales by geographic region based on the location of the customer is summarized below: | |||||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 81,310 | $ | 65,964 | $ | 17,968 | $ | 26,125 | ||||||||||||
Mexico | — | — | 8,489 | 39,195 | ||||||||||||||||
Canada | 413 | 5,688 | 1,965 | 6,245 | ||||||||||||||||
China | 53,589 | 357,170 | 580,804 | 460,489 | ||||||||||||||||
Hong Kong | 25,963 | 138,795 | 136,445 | 238,412 | ||||||||||||||||
Japan | 38,258 | 45,238 | 7,750 | 29 | ||||||||||||||||
Malaysia | 214 | 1,005 | 1,569 | 7,580 | ||||||||||||||||
Other Asia-Pacific | 10,193 | 17,361 | 26,591 | 22,278 | ||||||||||||||||
Europe | 4 | 21 | 5,301 | 16,339 | ||||||||||||||||
Other | 59 | 1,911 | 762 | 2,240 | ||||||||||||||||
$ | 210,003 | $ | 633,153 | $ | 787,644 | $ | 818,932 | |||||||||||||
Significant_Concentrations_Tab
Significant Concentrations (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Risks And Uncertainties [Abstract] | ||||||||||||||||||||
Net Sales Direct to Company's Largest Customers, Exclusive of OEM Subcontractor Relationship | Net sales direct to the Company’s largest customers, exclusive of OEM subcontractor relationship, which accounted for more than 10% of the Company’s net sales, and accounts receivable from such customers are presented below. The customers consist principally of major electronic companies or electronics company subcontractors. | |||||||||||||||||||
Three Months Ended | Fiscal Years Ended September 30, | |||||||||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||||||||
Net sales | ||||||||||||||||||||
Customer—7 | 10 | % | 14 | % | 3 | % | 3 | % | ||||||||||||
Customer—8 | 38 | % | 8 | % | 0 | % | 0 | % | ||||||||||||
Customer—9 | 15 | % | 7 | % | 1 | % | 1 | % | ||||||||||||
As of December 31, 2014 | As of September 30, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
Customer—7 | 20 | % | 22 | % | 1 | % | ||||||||||||||
Customer—8 | 35 | % | 24 | % | 1 | % | ||||||||||||||
Customer—9 | 9 | % | 17 | % | 3 | % | ||||||||||||||
Company's Sales into its Largest Industry Sectors | The Company’s net sales into its largest industry sectors, as a percentage of total net sales, are presented below: | |||||||||||||||||||
Three Months | Fiscal Years Ended September 30, | |||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Smartphones | 72 | % | 74 | % | 71 | % | 71 | % | 69 | % | ||||||||||
Tablets | 18 | % | 17 | % | 16 | % | 21 | % | 27 | % | ||||||||||
Consumer electronics | 6 | % | 6 | % | 7 | % | 7 | % | 2 | % | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases at December 31, 2014 are as follows: | ||||
Year Ending December 31, | Future | ||||
Minimum | |||||
Lease | |||||
Payments | |||||
2015 | 327 | ||||
2016 | 38 | ||||
2017 | 1 | ||||
2018 | — | ||||
2019 and beyond | — | ||||
Total | $ | 366 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||
Grant Date Fair Values of Awards | ||||||||||||||||||||
The grant date fair value of the TSR PSUs was calculated utilizing the following assumptions: | ||||||||||||||||||||
TSR PSUs | Nasdaq Total Return | |||||||||||||||||||
Index Benchmark | ||||||||||||||||||||
Inputs | ||||||||||||||||||||
Expected stock return/ discount rate1 | 0.88 | % | 0.88 | % | ||||||||||||||||
Dividend yield | — | — | ||||||||||||||||||
Volatility2 | 40 | % | 15 | % | ||||||||||||||||
Grant date | 10/22/14 | 10/22/14 | ||||||||||||||||||
Three-month average share price3 | $ | 10.2 | $ | 4,952.85 | ||||||||||||||||
Expected vesting period (in years) | 3.3 | N/A | ||||||||||||||||||
Correlation | 0.47 | 0.47 | ||||||||||||||||||
Fair value per share | $ | 5.57 | 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 October 1, 2014. | |||||||||||||||||||
The grant date fair value of the Stock Price PSUs was calculated utilizing the following assumptions: | ||||||||||||||||||||
Stock Price PSUs | ||||||||||||||||||||
Expected stock return/ discount rate1 | 0.2 | % | ||||||||||||||||||
Dividend yield | — | |||||||||||||||||||
Volatility2 | 35 | % | ||||||||||||||||||
Grant date | 10/22/14 | |||||||||||||||||||
20-trading day average share price3 | $ | 9.39 | ||||||||||||||||||
Expected vesting period (in years) | 1.2 | |||||||||||||||||||
Fair value per share | $ | 4.73 | ||||||||||||||||||
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 | The volatility was calculated as of fiscal year end dates for the Company. | |||||||||||||||||||
3 | The 20-trading day average share price was based on the previous 20 day average daily closing price for the Company’s common stock as of October 21, 2014. | |||||||||||||||||||
Restricted Stock Units Activity | RSU activity for the three months ended December 31, 2014 is summarized as follows: | |||||||||||||||||||
Number of | Weighted- | |||||||||||||||||||
Shares | Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested shares outstanding at September 30, 2014 | 708,469 | $ | 12.61 | |||||||||||||||||
Granted | 978,386 | 7.55 | ||||||||||||||||||
Vested | (106,990 | ) | 13.1 | |||||||||||||||||
Forfeited | (11,500 | ) | 11.52 | |||||||||||||||||
Non-vested shares outstanding at December 31, 2014 | 1,568,365 | $ | 9.43 | |||||||||||||||||
Restricted Stock Units Details | ||||||||||||||||||||
RSU details for the three months ended December 31, 2014 and 2013 as well as fiscal years ended September 30, 2014, 2013 and 2012 are summarized as follows: | ||||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Service-based RSUs granted | 594,912 | 273,372 | 326,988 | 341,583 | 191,010 | |||||||||||||||
Performance-based RSUs granted | 383,474 | 261,845 | 261,845 | 96,556 | 110,046 | |||||||||||||||
Weighted-average grant-date fair value of non-vested RSUs granted | $ | 7.55 | $ | 11.21 | $ | 11.43 | $ | 17.03 | $ | 20.31 | ||||||||||
Weighted-average fair value of RSUs vested | $ | 13.1 | $ | — | $ | 19.28 | $ | 20.4 | $ | 21.09 | ||||||||||
Aggregate intrinsic value of RSUs vested | $ | 1,161 | $ | — | $ | 1,136 | $ | 9,458 | $ | 4,017 | ||||||||||
Grant Date Fair Value of SSARs Granted | The grant date fair values of the SSARs granted during each of the fiscal years ended September 30, 2013 and 2012 were estimated using the Black-Scholes valuation pricing model with the following assumptions: | |||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||
September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 0.33 | % | 0.4 | % | ||||||||||||||||
Expected dividends | — | — | ||||||||||||||||||
Expected volatility | 40.66 | % | 51.7 | % | ||||||||||||||||
Expected term (in years) | 3.43 | 3.4 | ||||||||||||||||||
Grant date fair value | $ | 5.32 | $ | 7.25 | ||||||||||||||||
Summary of Compensation Cost | The following table shows a summary of the stock-based compensation expense by expense type (excluding the stock-based compensation expense resulting from the change in control described below) included in the Consolidated Statements of Comprehensive Income for the three months ended December 31, 2014 and 2013 as well as fiscal years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Cost of sales | $ | 99 | $ | 55 | $ | 234 | $ | 377 | $ | 456 | ||||||||||
Research and development | 99 | 73 | 325 | 478 | 357 | |||||||||||||||
Sales and marketing | 151 | 103 | 437 | 614 | 915 | |||||||||||||||
General and administrative | 777 | 390 | 2,151 | 2,561 | 3,172 | |||||||||||||||
Stock-based compensation resulting from change in control | — | — | — | 9,582 | — | |||||||||||||||
Total | $ | 1,126 | $ | 621 | $ | 3,147 | $ | 13,612 | $ | 4,900 | ||||||||||
Summary of Stock-Based Compensation Expense by Award Type | The following table shows a summary of the stock-based compensation expense by award type (including the stock-based compensation expense of $7,932 for RSUs and $1,650 for SSARs resulting from the change in control described below) recorded for the three months ended December 31, 2014 and 2013 as well as fiscal years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||
Three Months Ended December 31, | Fiscal Years Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
RSUs | $ | 1,126 | $ | 621 | $ | 3,147 | $ | 11,245 | $ | 3,745 | ||||||||||
SSARs | — | — | — | 2,367 | 1,155 | |||||||||||||||
Total | $ | 1,126 | $ | 621 | $ | 3,147 | $ | 13,612 | $ | 4,900 | ||||||||||
Summary of Expense Related to Restricted Stock Units and Stock Appreciation Rights | The expense consisted of the following: | |||||||||||||||||||
Number of | Fiscal Year | |||||||||||||||||||
Units | Ended | |||||||||||||||||||
September 30, | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Serviced-based RSUs | 364,625 | $ | 5,330 | |||||||||||||||||
SSARs | 346,484 | 1,650 | ||||||||||||||||||
Conversion of performance-based RSUs to service-based RSUs | 266,166 | 2,602 | ||||||||||||||||||
Total | $ | 9,582 | ||||||||||||||||||
Impairment_and_Restructuring_T
Impairment and Restructuring (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||
Activity of Restructuring Reserve | The following table reflects the movement activity of the restructuring reserve: | |||||||||||||||
One-Time Termination Benefits | Contract Termination Costs | Other Costs | Total Accrued Restructuring | |||||||||||||
Accrued at September 30, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Restructuring additions | 9,699 | 804 | 4,997 | 15,500 | ||||||||||||
Adjustment/foreign exchange effect | 88 | — | — | 88 | ||||||||||||
Amount paid | (9,636 | ) | (804 | ) | (337 | ) | (10,777 | ) | ||||||||
Accrued at September 30, 2014 | $ | 151 | $ | - | $ | 4,660 | $ | 4,811 | ||||||||
Restructuring additions | 701 | - | 722 | 1,423 | ||||||||||||
Adjustment/foreign exchange effect | 54 | (3 | ) | — | 51 | |||||||||||
Amount paid | (364 | ) | - | (211 | ) | (575 | ) | |||||||||
Accrued at December 31, 2014 | $ | 542 | $ | (3 | ) | $ | 5,171 | $ | 5,710 | |||||||
Quarterly_Financial_Summary_Ta
Quarterly Financial Summary (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Summary | The following table presents the Company’s unaudited quarterly consolidated income statement data for its previous eight quarters. These quarterly results include all adjustments consisting of normal recurring adjustments that the Company considers necessary for the fair presentation for the quarters presented and are not necessarily indicative of the operating results for any future period. | |||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | 2012 | |||||||||||||||||||||||||
Net sales | $ | 172,884 | $ | 130,804 | $ | 117,793 | $ | 211,672 | $ | 188,254 | $ | 136,066 | $ | 173,674 | $ | 289,650 | ||||||||||||||||
Cost of sales | 155,340 | 138,023 | 130,765 | 209,176 | 194,308 | 140,312 | 189,207 | 264,947 | ||||||||||||||||||||||||
Gross profit (loss) | 17,544 | (7,219 | ) | (12,972 | ) | 2,496 | (6,054 | ) | (4,246 | ) | (15,533 | ) | 24,703 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 1,270 | 1,720 | 1,496 | 1,455 | 1,964 | 1,997 | 1,782 | 2,033 | ||||||||||||||||||||||||
Sales and marketing | 4,207 | 4,547 | 4,353 | 5,908 | 5,795 | 5,676 | 4,712 | 6,537 | ||||||||||||||||||||||||
General and administrative | 4,281 | 4,163 | 3,634 | 3,343 | 4,504 | 2,647 | 4,295 | 5,672 | ||||||||||||||||||||||||
Stock-based compensation expense resulting from change in control | — | — | — | — | — | 9,582 | — | — | ||||||||||||||||||||||||
Impairment and restructuring | 780 | 8,361 | 24,798 | — | — | 7,537 | — | — | ||||||||||||||||||||||||
Total operating expenses | 10,538 | 18,791 | 34,281 | 10,706 | 12,263 | 27,439 | 10,789 | 14,242 | ||||||||||||||||||||||||
Operating income (loss) | 7,006 | (26,010 | ) | (47,253 | ) | (8,210 | ) | (18,317 | ) | (31,685 | ) | (26,322 | ) | 10,461 | ||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||||||||
Interest income | 400 | 170 | 246 | 209 | 323 | 248 | 86 | 70 | ||||||||||||||||||||||||
Interest expense | (139 | ) | (19 | ) | (217 | ) | (122 | ) | (126 | ) | (112 | ) | (138 | ) | (111 | ) | ||||||||||||||||
Other income (expense), net | 375 | 711 | 116 | 296 | 774 | 73 | 170 | (15 | ) | |||||||||||||||||||||||
Income (loss) before income taxes | 7,642 | (25,148 | ) | (47,108 | ) | (7,827 | ) | (17,346 | ) | (31,476 | ) | (26,204 | ) | 10,405 | ||||||||||||||||||
(Provision for) benefit from income taxes | (1,719 | ) | (3,612 | ) | (5,308 | ) | (1,452 | ) | (1,125 | ) | (53 | ) | 2,325 | (2,057 | ) | |||||||||||||||||
Net income (loss) | $ | 5,923 | $ | (28,760 | ) | $ | (52,416 | ) | $ | (9,279 | ) | $ | (18,471 | ) | $ | (31,529 | ) | $ | (23,879 | ) | $ | 8,348 | ||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.25 | $ | (1.19 | ) | $ | (2.18 | ) | $ | (0.39 | ) | $ | (0.77 | ) | $ | (1.32 | ) | $ | (1.00 | ) | $ | 0.35 | ||||||||||
Diluted | $ | 0.24 | $ | (1.19 | ) | $ | (2.18 | ) | $ | (0.39 | ) | $ | (0.77 | ) | $ | (1.32 | ) | $ | (1.00 | ) | $ | 0.35 | ||||||||||
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | CNY | Cost of sales | Sales and marketing | Sales and marketing | China | Cayman | Singapore | Malaysia | England | Arizona | Korea | Netherlands | |
USD ($) | USD ($) | USD ($) | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | ||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||||||||||||||
Percentage of shares owned by affiliates and subsidiaries of WBL Corporation Limited | 61.00% | 61.00% | 62.00% | |||||||||||||||
Number of wholly owned subsidiaries | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||
Assets held for sale | $11,387 | $12,219 | ||||||||||||||||
Assets measured at fair value on a non-recurring basis | 0 | |||||||||||||||||
Liabilities measured at fair value on a non-recurring basis | 0 | |||||||||||||||||
Cash restricted due to customs deposit | 523 | 520 | 3,200 | 3,200 | ||||||||||||||
Expected restriction cash, cease | 12 months | |||||||||||||||||
Impairments of goodwill | 7,537 | 0 | ||||||||||||||||
Warranty of products | 36 months | |||||||||||||||||
Restructuring asset (recoveries) impairments for long-lived assets | 1,420 | 15,698 | 0 | -2,468 | ||||||||||||||
Income tax examination likelihood of realization on settlement percentage | greater than 50 percent | |||||||||||||||||
Foreign exchange transaction gains and losses were included in other income (expense) | 75 | 605 | 348 | -69 | ||||||||||||||
Freight out costs | $2,164 | $880 | $2,706 |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value net assets liabilities, Total | $18,208 | $19,118 | $14,141 |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value net assets liabilities, Total | 145 | ||
Level 2 | Forward contracts | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Forward contracts (other current assets) | 179 | ||
Forward contracts (accrued liabilities) | -34 | ||
Money market funds | Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Money market funds (cash and cash equivalents) | $18,208 | $19,118 | $14,141 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies - Schedule of Assets Held For Sale Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | $11,387 | $12,219 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | $11,387 | $12,219 |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies - Straight-Line Method Over Estimated Useful Lives of Assets (Detail) | 3 Months Ended |
Dec. 31, 2014 | |
Buildings and building improvement | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Buildings and building improvement | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 39 years |
Machinery and equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Machinery and equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 10 years |
Furniture and fixtures | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Furniture and fixtures | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Computers and capitalized software | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Computers and capitalized software | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Leasehold improvements | |
Property Plant And Equipment [Line Items] | |
Leasehold improvements | Shorter of 15 years or life of lease |
Basis_of_Presentation_and_Sign7
Basis of Presentation and Significant Accounting Policies - Changes in the Product Warranty Accrual (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantees [Abstract] | ||||
Beginning Balance | $997 | $1,076 | $346 | $279 |
Warranty Expenditures | -467 | -4,570 | -3,469 | -991 |
Provision for Estimated Warranty Cost | 483 | 4,491 | 4,199 | 1,058 |
Ending Balance | $1,013 | $997 | $1,076 | $346 |
Basis_of_Presentation_and_Sign8
Basis of Presentation and Significant Accounting Policies - Reconciliation of Basic and Diluted Shares (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted Average Number Of Shares Outstanding Diluted Disclosure Items [Abstract] | |||||
Basic weighted-average number of common shares outstanding | 24,267,567 | 24,083,932 | 24,122,843 | 23,897,651 | 23,782,540 |
Dilutive effect of potential common shares | 356,801 | 294,939 | |||
Diluted weighted-average number of common and potential common shares outstanding | 24,624,368 | 24,083,932 | 24,122,843 | 23,897,651 | 24,077,479 |
Potential common shares excluded from the per share computations their inclusion would be anti-dilutive | 721,098 | 811,774 | 897,201 | 903,263 | 372,530 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ||||
Leased land | 12,000 | |||
WBL Corporation Limited | ||||
Related Party Transaction [Line Items] | ||||
Related party transactions rent expense to related party subsidiaries | $54 | $224 | $204 | $133 |
Composition_of_Certain_Balance2
Composition of Certain Balance Sheet Components - Components of Inventories, Net of Applicable Write-Down (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $19,268 | $23,430 | $27,080 |
Work-in-progress | 15,713 | 20,871 | 20,965 |
Finished goods | 30,646 | 31,697 | 38,808 |
Inventories, net | $65,627 | $75,998 | $86,853 |
Composition_of_Certain_Balance3
Composition of Certain Balance Sheet Components - Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $400,205 | $401,036 | $507,155 |
Accumulated depreciation and amortization | -235,860 | -225,148 | -263,099 |
Property, plant and equipment, net | 164,345 | 175,888 | 244,056 |
Building | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 50,450 | 50,175 | 68,679 |
Machinery and equipment | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 334,539 | 334,013 | 406,010 |
Computers and capitalized software | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 13,328 | 12,819 | 13,014 |
Leasehold improvements | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,290 | 1,496 | 14,145 |
Construction-in-progress | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $598 | $2,533 | $5,307 |
Composition_of_Certain_Balance4
Composition of Certain Balance Sheet Components - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property Plant And Equipment [Abstract] | |||||
Depreciation | $14,674 | $12,703 | $50,933 | $57,187 | $52,249 |
Composition_of_Certain_Balance5
Composition of Certain Balance Sheet Components - Components of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Payables And Accruals [Abstract] | |||
Wages and compensation | $13,855 | $13,785 | $16,822 |
Restructuring expenses | 5,710 | 4,811 | |
Current portion of liabilities on uncertain tax positions | 12,524 | ||
Other accrued expenses | 10,608 | 11,444 | 14,637 |
Other current liabilities | $42,697 | $30,040 | $31,459 |
Composition_of_Certain_Balance6
Composition of Certain Balance Sheet Components - Components of Other Long-term Liabilities (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Other Liabilities Disclosure [Abstract] | |||
Liabilities on uncertain tax positions | $7,933 | $17,824 | $17,316 |
Other | 3,245 | 3,447 | 1,747 |
Total other long-term liabilities | $11,178 | $21,271 | $19,063 |
Income_Taxes_United_States_and
Income Taxes - United States and Foreign Income (Loss) Before Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||||||||||
United States | $307 | ($27,556) | ($3,544) | $2,184 | ||||||||
Foreign | 20,052 | -44,885 | -61,077 | 33,517 | ||||||||
Income (loss) before income taxes | $20,359 | $7,642 | ($25,148) | ($47,108) | ($7,827) | ($17,346) | ($31,476) | ($26,204) | $10,405 | ($72,441) | ($64,621) | $35,701 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current: | ||||||||||||
Federal | $406 | ($3,321) | $578 | $1,407 | ||||||||
State | 27 | -676 | 18 | 391 | ||||||||
Foreign | 3,495 | 8,584 | 3,186 | 6,717 | ||||||||
Current Income Tax Expense (Benefit) | 3,928 | 4,587 | 3,782 | 8,515 | ||||||||
Deferred: | ||||||||||||
Federal | -154 | 3,619 | -1,855 | 400 | ||||||||
State | -3 | 988 | 34 | -59 | ||||||||
Foreign | 613 | 2,897 | -1,051 | -2,640 | ||||||||
Deferred Income Tax Expense (Benefit), Total | 456 | 7,504 | -2,872 | -2,299 | ||||||||
Income Tax Expense (Benefit), Continuing Operations | $4,384 | $1,719 | $3,612 | $5,308 | $1,452 | $1,125 | $53 | ($2,325) | $2,057 | $12,091 | $910 | $6,216 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Net operating loss | $33,492 | $34,138 | $20,359 |
Inventories | 322 | 251 | 520 |
Depreciation | 9,832 | 8,783 | 5,985 |
Stock-based compensation | 2,660 | 2,761 | 3,018 |
Asset impairment | 16 | 393 | 137 |
Accrued expenses | 1,675 | 2,373 | 6,337 |
Allowance for doubtful accounts | 443 | 428 | 451 |
Warranty reserve | 251 | 249 | 227 |
Investments | 155 | 156 | 174 |
Foreign tax credits | 567 | 1,494 | 902 |
Amortization | 1,882 | 1,910 | 2,233 |
Other | 35 | 32 | |
Subtotal deferred tax assets | 51,330 | 52,968 | 40,343 |
Valuation allowance | -41,394 | -42,611 | -22,536 |
Total deferred tax assets | 9,936 | 10,357 | 17,807 |
Deferred tax liabilities: | |||
Deferred revenue | 302 | 267 | 170 |
Other | 43 | ||
Total deferred tax liabilities | 302 | 267 | 213 |
Net deferred tax assets | $9,634 | $10,090 | $17,594 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes Disclosure [Line Items] | ||||||||||||
Valuation allowance | $41,394 | $42,611 | $22,536 | $42,611 | $22,536 | |||||||
Decrease in valuation allowance | -1,217 | |||||||||||
Undistributed earnings foreign subsidiaries | 124,743 | 104,022 | 152,302 | 104,022 | 152,302 | 217,255 | ||||||
Provision for taxes | 4,384 | 1,719 | 3,612 | 5,308 | 1,452 | 1,125 | 53 | -2,325 | 2,057 | 12,091 | 910 | 6,216 |
Unrecognized deferred tax liability | 18,500 | |||||||||||
Liability for income taxes associated with uncertain tax positions, Gross | 26,109 | 24,143 | 15,425 | 24,143 | 15,425 | 15,423 | ||||||
Liability for income taxes associated with uncertain tax positions that would have impact effective tax rate | 17,510 | 15,187 | 15,187 | |||||||||
Additional liability for income taxes associated with uncertain tax positions taken in prior period | 1,966 | 6,268 | ||||||||||
Interest accrued | 309 | 545 | 624 | 545 | 624 | |||||||
Recognized liability | 2,746 | 2,437 | 2,437 | |||||||||
Chinese Tax Authority | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Liabilities to pay based on assessment of the tax authority | 12,524 | |||||||||||
Federal Tax Authority | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Net operating loss carry forwards loss expiration date | 2034 | |||||||||||
Operating loss carry forwards | 24,007 | 25,038 | 0 | 25,038 | 0 | |||||||
State and Local Jurisdiction | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Net operating loss carry forwards loss expiration date | 2030 | |||||||||||
Operating loss carry forwards | 9,403 | 9,468 | 2,779 | 9,468 | 2,779 | |||||||
Foreign Tax Authority | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Net operating loss carry forwards loss expiration date | 2019 | |||||||||||
Operating loss carry forwards | 186,241 | 192,606 | 114,077 | 192,606 | 114,077 | |||||||
Foreign tax credit carry forwards | 567 | |||||||||||
Foreign tax credit carry forwards expiration date | 2022 | |||||||||||
Foreign Tax Authority | Minimum | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Income tax, year under examination | 2005 | |||||||||||
Foreign Tax Authority | Maximum | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Income tax, year under examination | 2011 | |||||||||||
Foreign Tax Authority | MFLEX UK Limited | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Operating loss carry forwards | 23,479 | 23,479 | ||||||||||
U.S. Federal and State Tax Authority | ||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||
Provision for taxes | $0 |
Income_Taxes_Benefit_from_Prov
Income Taxes - Benefit from (Provision for) Income Taxes Differs from Amount Obtained by Applying Statutory Tax Rate (Detail) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ||||
Provision for income taxes at statutory rate | 34.00% | 34.00% | 34.00% | 35.00% |
Increase (decrease) in taxes resulting from: | ||||
State taxes, net of federal benefit | 0.00% | -0.90% | 0.30% | |
Foreign rate variance | -24.60% | -14.90% | -18.00% | -23.00% |
Nondeductible expenses | 0.70% | -0.60% | -1.30% | 0.80% |
Nontaxable income | 12.80% | |||
Return to provision adjustments | -0.50% | -0.10% | 1.20% | 0.20% |
Tax contingency reserve | 12.80% | -7.90% | -0.60% | 3.60% |
Valuation allowance | -2.40% | -38.90% | -16.30% | 0.20% |
Other | 1.50% | -0.20% | -0.40% | 0.30% |
Total | 21.50% | -16.70% | -1.40% | 17.40% |
Income_Taxes_Net_Income_Profor
Income Taxes - Net Income Proforma of Company (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||||||||||
Net income, as reported | $15,975 | $5,923 | ($28,760) | ($52,416) | ($9,279) | ($18,471) | ($31,529) | ($23,879) | $8,348 | ($84,532) | ($65,531) | $29,485 |
Additional tax in China and Singapore | -780 | |||||||||||
Pro forma net income | $28,705 | |||||||||||
Net income per share: | ||||||||||||
Basic, as reported | $0.66 | $0.25 | ($1.19) | ($2.18) | ($0.39) | ($0.77) | ($1.32) | ($1) | $0.35 | ($3.50) | ($2.74) | $1.24 |
Basic, pro forma | $1.21 | |||||||||||
Diluted, as reported | $0.65 | $0.24 | ($1.19) | ($2.18) | ($0.39) | ($0.77) | ($1.32) | ($1) | $0.35 | ($3.50) | ($2.74) | $1.22 |
Diluted, pro forma | $1.19 |
Income_Taxes_Amounts_of_Unreco
Income Taxes - Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of the period | $24,143 | $15,425 | $15,423 |
Increases for positions taken in current period | 9,526 | 2 | |
Increases for positions taken in prior period | 1,966 | 6,268 | |
Decreases for positions settled with taxing authorities | -7,075 | ||
Decreases for expiration of statute of limitations | -1 | ||
Unrecognized tax benefits at end of the period | $26,109 | $24,143 | $15,425 |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Dec. 31, 2014 | Jul. 31, 2013 | Dec. 31, 2014 | 31-May-13 | Dec. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Bank of America | Bank of America | Bank of America | Bank of America | Bank of America | Agricultural Bank of China | Agricultural Bank of China | China Construction Bank | China Construction Bank | Bank of China | Bank of China | J P Morgan Chase Bank | J P Morgan Chase Bank | J P Morgan Chase Bank | |
USD ($) | Minimum | Minimum | Maximum | Maximum | USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | USD ($) | |||
LIBOR or SIBOR | Basis Rate | LIBOR or SIBOR | Basis Rate | |||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Borrowing capacity under Line of Credit Agreement | $30,000 | $32,685 | 200,000 | $49,028 | 300,000 | $11,000 | $50,000 | |||||||
Revolving credit facility, term | 3 years | 3 years | ||||||||||||
Loan interest rate spread | 1.25% | 0.75% | 2.75% | 2.75% | ||||||||||
Line of credit, maturity date | 30-Jul-16 | 5-May-16 | 5-Feb-14 | 5-Feb-14 | ||||||||||
Line of credit, amount outstanding | $0 |
Lines_of_Credit_Summary_of_the
Lines of Credit - Summary of the Lines of Credit (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit, Amount Available | $111,713 | $111,268 | $142,327 | |
Bank of America | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit, Amount Available | 30,000 | 30,000 | ||
Agricultural Bank of China | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit, Amount Available | 32,685 | 32,507 | 32,531 | |
China Construction Bank | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit, Amount Available | 49,028 | 48,761 | 48,796 | |
Bank of China | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit, Amount Available | 11,000 | |||
J P Morgan Chase Bank | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit, Amount Available | 50,000 | |||
Line of credit, amount outstanding | $0 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 1 |
Number of reporting unit | 1 |
Number of geographical segment | 4 |
Segment_Information_and_Geogra2
Segment Information and Geographic Data - Financial Information by Geographic Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $210,003 | $172,884 | $130,804 | $117,793 | $211,672 | $188,254 | $136,066 | $173,674 | $289,650 | $633,153 | $787,644 | $818,932 |
Long-lived assets (property, plant and equipment and land use rights) | 167,453 | 178,979 | 251,759 | 178,979 | 251,759 | |||||||
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 81,310 | 65,964 | 17,968 | 26,125 | ||||||||
China | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 53,589 | 357,170 | 580,804 | 460,489 | ||||||||
Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 59 | 1,911 | 762 | 2,240 | ||||||||
Reportable Geographical Components | United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 3,051 | 5,110 | 16,426 | 14,619 | 23,349 | |||||||
Long-lived assets (property, plant and equipment and land use rights) | 1,114 | 1,314 | 2,325 | 1,314 | 2,325 | |||||||
Reportable Geographical Components | China | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 185,372 | 227,457 | 622,475 | 829,379 | 806,504 | |||||||
Long-lived assets (property, plant and equipment and land use rights) | 165,997 | 177,283 | 248,857 | 177,283 | 248,857 | |||||||
Reportable Geographical Components | Singapore | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 200,222 | 194,025 | 552,557 | 754,026 | 790,867 | |||||||
Long-lived assets (property, plant and equipment and land use rights) | 254 | 283 | 433 | 283 | 433 | |||||||
Reportable Geographical Components | Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,717 | 1,709 | 23,831 | 2,706 | 377 | |||||||
Long-lived assets (property, plant and equipment and land use rights) | 88 | 99 | 144 | 99 | 144 | |||||||
Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | ($180,359) | ($216,629) | ($582,136) | ($813,086) | ($802,165) |
Segment_Information_and_Geogra3
Segment Information and Geographic Data - Net Sales by Geographic Region Based On Location of the Customer (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales Information [Line Items] | ||||||||||||
Net sales | $210,003 | $172,884 | $130,804 | $117,793 | $211,672 | $188,254 | $136,066 | $173,674 | $289,650 | $633,153 | $787,644 | $818,932 |
United States | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 81,310 | 65,964 | 17,968 | 26,125 | ||||||||
Mexico | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 8,489 | 39,195 | ||||||||||
Canada | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 413 | 5,688 | 1,965 | 6,245 | ||||||||
China | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 53,589 | 357,170 | 580,804 | 460,489 | ||||||||
Hong Kong | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 25,963 | 138,795 | 136,445 | 238,412 | ||||||||
Japan | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 38,258 | 45,238 | 7,750 | 29 | ||||||||
Malaysia | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 214 | 1,005 | 1,569 | 7,580 | ||||||||
Other Asia-Pacific | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 10,193 | 17,361 | 26,591 | 22,278 | ||||||||
Europe | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | 4 | 21 | 5,301 | 16,339 | ||||||||
Other | ||||||||||||
Sales Information [Line Items] | ||||||||||||
Net sales | $59 | $1,911 | $762 | $2,240 |
Significant_Concentration_Addi
Significant Concentration - Additional Information (Detail) (Customer Concentration Risk, Sales) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
OEM Customer 1 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 76.00% | 71.00% | 57.00% | 75.00% | 74.00% |
OEM Customer 2 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12.00% | 17.00% | 3.00% | 4.00% |
Significant_Concentration_Net_
Significant Concentration - Net Sales Direct to Company's Largest Customers, Exclusive of OEM Subcontractor Relationship (Detail) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Sales | Customer Concentration Risk | Customer-7 | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.00% | 14.00% | 3.00% | 3.00% |
Sales | Customer Concentration Risk | Customer-8 | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 38.00% | 8.00% | 0.00% | 0.00% |
Sales | Customer Concentration Risk | Customer-9 | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 15.00% | 7.00% | 1.00% | 1.00% |
Accounts receivable | Credit Concentration Risk | Customer-7 | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 20.00% | 22.00% | 1.00% | |
Accounts receivable | Credit Concentration Risk | Customer-8 | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 35.00% | 24.00% | 1.00% | |
Accounts receivable | Credit Concentration Risk | Customer-9 | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 9.00% | 17.00% | 3.00% |
Significant_Concentration_Comp
Significant Concentration - Company's Sales into its Largest Industry Sectors (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Smartphones | |||||
Sales Concentration [Line Items] | |||||
Percentage of net sales to largest industry sectors | 72.00% | 74.00% | 71.00% | 71.00% | 69.00% |
Tablets | |||||
Sales Concentration [Line Items] | |||||
Percentage of net sales to largest industry sectors | 18.00% | 17.00% | 16.00% | 21.00% | 27.00% |
Consumer electronics | |||||
Sales Concentration [Line Items] | |||||
Percentage of net sales to largest industry sectors | 6.00% | 6.00% | 7.00% | 7.00% | 2.00% |
Commitment_and_Contingencies_F
Commitment and Contingencies - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $327 |
2016 | 38 |
2017 | 1 |
Total | $366 |
Commitment_and_Contingencies_A
Commitment and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ||||
Rental expense for the aforementioned operating leases | $186 | $1,277 | $1,428 | $1,201 |
Outstanding purchase commitments to acquire capital assets and other materials and services | 8,791 | |||
Percentage of restricted after-tax profits from paying cash dividends | 10.00% | |||
Restrictions on net income | 20,170 | 19,824 | 19,838 | 17,741 |
Liabilities of indemnification provisions | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 22, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Ownership percentage of incentive stock options | 10.00% | |||||||
Stock options granted | 0 | 0 | 0 | 0 | 0 | |||
Unearned compensation related to stock options | $0 | $0 | ||||||
Options outstanding and exercisable | 15,000 | 15,000 | 15,000 | |||||
Weighted-average exercise price | $20.81 | $20.81 | $20.81 | |||||
Weighted-average remaining contractual life | 2 months 1 day | |||||||
Stock options exercised | 0 | |||||||
Aggregate intrinsic value of stock options exercised | 16,000 | 177,000 | 278,000 | 255,000 | ||||
Performance-based restricted stock units granted | 978,386 | |||||||
SSARs, outstanding | 1,568,365 | 1,568,365 | 708,469 | |||||
Weighted-average exercise price, SSARs outstanding | $9.43 | $9.43 | $12.61 | |||||
SSARs, exercised | 106,990 | |||||||
Stock-based compensation expenses included in RSUs and SSARs resulting from change in control | 1,126,000 | 621,000 | 3,147,000 | 13,612,000 | 4,900,000 | |||
Stock-based compensation expense resulting from change in control | 9,582,000 | 9,582,000 | ||||||
Restricted Stock Unit Service-Based | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of hypothetical shares | 1 | |||||||
Performance-based restricted stock units granted | 594,912 | 273,372 | 326,988 | 341,583 | 191,010 | |||
Restricted Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
RSUs Vesting period | one-third | |||||||
Unearned compensation related to non-vested RSUs | 9,629,000 | 9,629,000 | ||||||
Unearned compensation related to non-vested RSUs, weighted-average remaining contractual life (in years) | 2 years 4 months 24 days | |||||||
Restricted Stock Unit Performance-Based | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Probability threshold | 70.00% | |||||||
Performance-based restricted stock units granted | 383,474 | 261,845 | 261,845 | 96,556 | 110,046 | |||
Restricted Stock Unit Performance-Based | TSR PSUs | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance-based restricted stock units granted | 289,417 | |||||||
Restricted Stock Unit Performance-Based | Stock Price PSUs | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance-based restricted stock units granted | 94,507 | |||||||
Stock Appreciation Rights (SARs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Performance-based restricted stock units granted | 0 | 0 | ||||||
Unearned compensation related to non-vested RSUs | 0 | 0 | ||||||
Unearned compensation related to non-vested RSUs, weighted-average remaining contractual life (in years) | 10 years | |||||||
RSUs Vesting period | one-third | |||||||
SSARs, outstanding | 695,673 | 695,673 | 695,673 | |||||
SSARs, exercisable | 695,673 | 695,673 | 695,673 | |||||
Weighted-average exercise price, SSARs outstanding | $19.96 | $19.96 | $19.96 | |||||
Weighted-average exercise price, SSARs exercisable | $19.96 | $19.96 | $19.96 | |||||
SSARs, exercised | 0 | 0 | 0 | 0 | ||||
Aggregate intrinsic value of SSARs exercised | 69,000 | |||||||
Stock-based compensation expenses included in RSUs and SSARs resulting from change in control | 1,650,000 | |||||||
Stock-based compensation expense resulting from change in control | 1,650,000 | |||||||
Restricted Stock Units RSU | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expenses included in RSUs and SSARs resulting from change in control | $7,932,000 |
StockBased_Compensation_Grant_
Stock-Based Compensation - Grant Date Fair Values of Awards (Detail) (USD $) | 3 Months Ended |
Dec. 31, 2014 | |
TSR PSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected stock return/ discount rate | 0.88% |
Volatility | 40.00% |
Grant date | 22-Oct-14 |
Three-month average share price | $10.20 |
Expected vesting period (in years) | 3 years 3 months 18 days |
Correlation | 47.00% |
Fair value per share | $5.57 |
Nasdaq Total Return Index Benchmark Inputs | TSR PSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected stock return/ discount rate | 0.88% |
Volatility | 15.00% |
Grant date | 22-Oct-14 |
Three-month average share price | $4,952.85 |
Correlation | 47.00% |
Stock Price PSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected stock return/ discount rate | 0.20% |
Volatility | 35.00% |
Grant date | 22-Oct-14 |
Three-month average share price | $9.39 |
Expected vesting period (in years) | 1 year 2 months 12 days |
Fair value per share | $4.73 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Units Activity (Detail) (USD $) | 3 Months Ended |
Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Non-vested shares outstanding, Beginning Balance | 708,469 |
Number of Shares, Granted | 978,386 |
Number of Shares, Vested | -106,990 |
Number of Shares, Forfeited | -11,500 |
Number of Shares, Non-vested shares outstanding, Ending Balance | 1,568,365 |
Weighted-Average Grant-Date Fair Value of non-vested shares outstanding, Beginning Balance | $12.61 |
Weighted-Average Grant-Date Fair Value, Granted | $7.55 |
Weighted-Average Grant-Date Fair Value, Vested | $13.10 |
Weighted-Average Grant-Date Fair Value, Forfeited | $11.52 |
Weighted-Average Exercise Price, SSARs outstanding, Ending Balance | $9.43 |
StockBased_Compensation_Restri1
Stock-Based Compensation - Restricted Stock Units Details (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Shares, Granted | 978,386 | ||||
Weighted-average grant-date fair value of non-vested RSUs granted | 7.55 | ||||
Weighted-average fair value of RSUs vested | 13.1 | ||||
Restricted Stock Unit Service-Based | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Shares, Granted | 594,912 | 273,372 | 326,988 | 341,583 | 191,010 |
Restricted Stock Unit Performance-Based | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Shares, Granted | 383,474 | 261,845 | 261,845 | 96,556 | 110,046 |
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average grant-date fair value of non-vested RSUs granted | 7.55 | 11.21 | 11.43 | 17.03 | 20.31 |
Weighted-average fair value of RSUs vested | 13.1 | 19.28 | 20.4 | 21.09 | |
Aggregate intrinsic value of RSUs vested | 1,161 | 1,136 | 9,458 | 4,017 |
StockBased_Compensation_Grant_1
Stock-Based Compensation - Grant Date Fair Value of SSARs Granted (Detail) (Stock Appreciation Rights (SARs), USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Appreciation Rights (SARs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.33% | 0.40% |
Expected volatility | 40.66% | 51.70% |
Expected term (in years) | 3 years 5 months 5 days | 3 years 4 months 24 days |
Grant date fair value | $5.32 | $7.25 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Compensation Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Total | $1,126 | $621 | $3,147 | $13,612 | $4,900 |
Cost of sales | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Total | 99 | 55 | 234 | 377 | 456 |
Research and development | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Total | 99 | 73 | 325 | 478 | 357 |
Sales and marketing | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Total | 151 | 103 | 437 | 614 | 915 |
General and administrative | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Total | 777 | 390 | 2,151 | 2,561 | 3,172 |
Stock-based compensation resulting from change in control | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Total | $9,582 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $1,126 | $621 | $3,147 | $13,612 | $4,900 |
Restricted Stock Units RSU | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 1,126 | 621 | 3,147 | 11,245 | 3,745 |
Stock Appreciation Rights (SARs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $2,367 | $1,155 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Expense Related to Restricted Stock Units and Stock Appreciation Rights (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total | $9,582 | $9,582 |
Service-based RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Units, Share | 364,625 | |
Total | 5,330 | |
Stock Appreciation Rights (SARs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Units, Share | 346,484 | |
Total | 1,650 | |
Conversion of performance-based RSUs to service-based RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Units, Share | 266,166 | |
Total | $2,602 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (Foreign Currency Amount, USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Number of foreign currency forward contracts outstanding | 0 | ||||
Notional Contract Value in USD | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Net gains due to changes in fair value of derivative financial instruments | $0 | $414 | $68 | $872 | $270 |
Impairment_and_Restructuring_A
Impairment and Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Restructuring Cost And Reserve [Line Items] | |||||||||||
Asset impairments | $18,241 | ||||||||||
Pre-tax restructuring charges | 15,698 | ||||||||||
One-time termination benefits | 701 | 9,699 | |||||||||
Contract termination cost | 804 | ||||||||||
Other restructuring costs | 5,195 | ||||||||||
Other restructuring costs non-cash | 198 | ||||||||||
Impairment and restructuring (recoveries) expenses | -396 | 780 | 8,361 | 24,798 | 7,537 | 33,939 | 7,537 | -2,468 | |||
Asset (recoveries) impairments | -1,816 | 18,241 | 7,537 | -2,468 | |||||||
Other costs | 719 | ||||||||||
Net gains on sale of machinery and equipment | 1,818 | ||||||||||
Goodwill impairment charges | 7,537 | 0 | |||||||||
Net gain on sale of corporate headquarters | 264 | 1,058 | 1,571 | 1,702 | 516 | ||||||
Anaheim California | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Net gains on sale of machinery and equipment | 717 | ||||||||||
Net gain on sale of corporate headquarters | 1,067 | ||||||||||
Arizona | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Impairment and restructuring gain | 684 | ||||||||||
Land use rights and buildings | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Asset impairments | 9,860 | ||||||||||
Machinery and equipment | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Asset impairments | 8,344 | ||||||||||
Other property, plant and equipment | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Asset impairments | $2 | $37 |
Impairment_and_Restructuring_A1
Impairment and Restructuring - Activity of Restructuring Reserve (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Restructuring Cost And Reserve [Line Items] | ||
Accrued, Beginning balance | $4,811 | |
Restructuring additions | 1,423 | 15,500 |
Adjustment/foreign exchange effect | 51 | 88 |
Amount paid | -575 | -10,777 |
Accrued, Ending balance | 5,710 | 4,811 |
One-Time Termination Benefits | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrued, Beginning balance | 151 | |
Restructuring additions | 701 | 9,699 |
Adjustment/foreign exchange effect | 54 | 88 |
Amount paid | -364 | -9,636 |
Accrued, Ending balance | 542 | 151 |
Contract Termination | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring additions | 804 | |
Adjustment/foreign exchange effect | -3 | |
Amount paid | -804 | |
Accrued, Ending balance | -3 | |
Other Restructuring | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrued, Beginning balance | 4,660 | |
Restructuring additions | 722 | 4,997 |
Amount paid | -211 | -337 |
Accrued, Ending balance | $5,171 | $4,660 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Feb. 12, 2015 | Feb. 12, 2015 |
USD ($) | USD ($) | China | Subsequent Event | Subsequent Event | |
Satellite Facility in Suzhou | China | China | |||
USD ($) | Satellite Facility in Suzhou | Satellite Facility in Suzhou | |||
USD ($) | CNY | ||||
Subsequent Event [Line Items] | |||||
Proceeds from sale of assets | 38,300 | ||||
Assets held for sale | 11,387 | 12,219 | 6,259 | ||
Net gains on sale of machinery and equipment | $1,818 | $1,100 |
Quarterly_Financial_Summary_Sc
Quarterly Financial Summary - Schedule of Quarterly Financial Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $210,003 | $172,884 | $130,804 | $117,793 | $211,672 | $188,254 | $136,066 | $173,674 | $289,650 | $633,153 | $787,644 | $818,932 |
Cost of sales | 179,516 | 155,340 | 138,023 | 130,765 | 209,176 | 194,308 | 140,312 | 189,207 | 264,947 | 633,304 | 788,774 | 736,241 |
Gross profit (loss) | 30,487 | 17,544 | -7,219 | -12,972 | 2,496 | -6,054 | -4,246 | -15,533 | 24,703 | -151 | -1,130 | 82,691 |
Operating expenses: | ||||||||||||
Research and development | 1,397 | 1,270 | 1,720 | 1,496 | 1,455 | 1,964 | 1,997 | 1,782 | 2,033 | 5,941 | 7,776 | 7,615 |
Sales and marketing | 4,819 | 4,207 | 4,547 | 4,353 | 5,908 | 5,795 | 5,676 | 4,712 | 6,537 | 19,015 | 22,720 | 24,457 |
General and administrative | 4,675 | 4,281 | 4,163 | 3,634 | 3,343 | 4,504 | 2,647 | 4,295 | 5,672 | 15,421 | 17,118 | 19,839 |
Stock-based compensation expense resulting from change in control | 9,582 | 9,582 | ||||||||||
Impairment and restructuring | -396 | 780 | 8,361 | 24,798 | 7,537 | 33,939 | 7,537 | -2,468 | ||||
Total operating expenses | 10,495 | 10,538 | 18,791 | 34,281 | 10,706 | 12,263 | 27,439 | 10,789 | 14,242 | 74,316 | 64,733 | 49,443 |
Operating income (loss) | 19,992 | 7,006 | -26,010 | -47,253 | -8,210 | -18,317 | -31,685 | -26,322 | 10,461 | -74,467 | -65,863 | 33,248 |
Other income (expense), net: | ||||||||||||
Interest income | 239 | 400 | 170 | 246 | 209 | 323 | 248 | 86 | 70 | 1,025 | 727 | 1,352 |
Interest expense | -71 | -139 | -19 | -217 | -122 | -126 | -112 | -138 | -111 | -497 | -487 | -555 |
Other income (expense), net | 199 | 375 | 711 | 116 | 296 | 774 | 73 | 170 | -15 | 1,498 | 1,002 | 1,656 |
Income (loss) before income taxes | 20,359 | 7,642 | -25,148 | -47,108 | -7,827 | -17,346 | -31,476 | -26,204 | 10,405 | -72,441 | -64,621 | 35,701 |
Provision for income taxes | -4,384 | -1,719 | -3,612 | -5,308 | -1,452 | -1,125 | -53 | 2,325 | -2,057 | -12,091 | -910 | -6,216 |
Net income (loss) | $15,975 | $5,923 | ($28,760) | ($52,416) | ($9,279) | ($18,471) | ($31,529) | ($23,879) | $8,348 | ($84,532) | ($65,531) | $29,485 |
Net income (loss) per share: | ||||||||||||
Basic | $0.66 | $0.25 | ($1.19) | ($2.18) | ($0.39) | ($0.77) | ($1.32) | ($1) | $0.35 | ($3.50) | ($2.74) | $1.24 |
Diluted | $0.65 | $0.24 | ($1.19) | ($2.18) | ($0.39) | ($0.77) | ($1.32) | ($1) | $0.35 | ($3.50) | ($2.74) | $1.22 |
Schedule_II_Consolidated_Valua1
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounts Receivable Allowance and Bad Debt Reserves | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $3,983 | $4,281 | $2,254 | $2,402 |
Additions Charged to Operations | 3,363 | 10,817 | 16,567 | 2,787 |
Deductions (Write-offs) | -4,220 | -11,115 | -14,540 | -2,935 |
Balance at End of Period | 3,126 | 3,983 | 4,281 | 2,254 |
Valuation Allowance on Deferred Tax Assets | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 42,611 | 22,536 | 12,334 | 12,527 |
Additions Charged to Operations | 321 | 20,224 | 10,926 | 761 |
Deductions (Write-offs) | -1,538 | -149 | -724 | -954 |
Balance at End of Period | $41,394 | $42,611 | $22,536 | $12,334 |