Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | CLEARONE INC | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 840715 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 9,116,029 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $10,865 | $7,440 |
Marketable securities | 7,314 | 6,994 |
Receivables, net of allowance for doubtful accounts of $79 and $58, respectively | 8,593 | 9,916 |
Inventories | 13,869 | 12,766 |
Distributor channel inventories | 1,540 | 1,698 |
Deferred income taxes | 3,824 | 3,824 |
Prepaid expenses and other assets | 1,267 | 2,143 |
Total current assets | 47,272 | 44,781 |
Long-term marketable securities | 18,133 | 19,162 |
Long-term inventories, net | 690 | 876 |
Property and equipment, net | 1,901 | 2,039 |
Intangibles, net | 7,581 | 7,896 |
Goodwill | 12,724 | 12,724 |
Deferred income taxes | 1,265 | 1,265 |
Other assets | 115 | 117 |
Total assets | 89,681 | 88,860 |
Current liabilities: | ||
Accounts payable | 3,854 | 3,057 |
Accrued liabilities | 2,508 | 2,694 |
Deferred product revenue | 4,684 | 5,004 |
Total current liabilities | 11,046 | 10,755 |
Deferred rent | 222 | 248 |
Other long-term liabilities | 1,304 | 1,841 |
Total liabilities | 12,572 | 12,844 |
Shareholders' equity: | ||
Common stock, par value $0.001, 50,000,000 shares authorized, 9,111,790 and 9,097,827 shares issued and outstanding | 9 | 9 |
Additional paid-in capital | 45,204 | 44,939 |
Accumulated other comprehensive (loss) | -133 | -8 |
Retained earnings | 32,029 | 31,076 |
Total shareholders' equity | 77,109 | 76,016 |
Total liabilities and shareholders' equity | $89,681 | $88,860 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $79 | $58 |
Common Stock: | ||
Par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, sharse issued (in shares) | 9,111,790 | 9,097,827 |
Common stock, shares outstanding (in shares) | 9,111,790 | 9,097,827 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $13,586 | $12,708 |
Cost of goods sold | 5,124 | 5,006 |
Gross profit | 8,462 | 7,702 |
Operating expenses: | ||
Sales and marketing | 2,622 | 2,737 |
Research and product development | 1,941 | 2,241 |
General and administrative | 2,000 | 1,968 |
Total operating expenses | 6,563 | 6,946 |
Operating income | 1,899 | 756 |
Other income, net | 104 | 81 |
Income before income taxes | 2,003 | 837 |
Provision for income taxes | 731 | 352 |
Net income | 1,272 | 485 |
Basic earnings per common share | $0.14 | $0.05 |
Diluted earnings per common share | $0.13 | $0.05 |
Basic weighted average shares outstanding | 9,100,107 | 9,082,546 |
Diluted weighted average shares outstanding | 9,508,479 | 9,558,941 |
Other comprehensive income: | ||
Unrealized gain on available-for-sale securities, net of tax | 55 | 73 |
Change in foreign currency translation adjustment | -180 | 0 |
Comprehensive income | $1,147 | $558 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $1,272 | $485 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization expense | 521 | 324 |
Amortization of deferred rent | -23 | -21 |
Stock-based compensation expense | 238 | 84 |
Provision for (recoveries of) doubtful accounts, net | 21 | -27 |
Write-down of inventory to net realizable value | 47 | 416 |
Loss on disposal of assets | 0 | 2 |
Tax benefit from exercise of stock options | -7 | -87 |
Changes in operating assets and liabilities: | ||
Receivables | 1,205 | 853 |
Inventories | -806 | 40 |
Deferred income taxes | 0 | 44 |
Prepaid expenses and other assets | 877 | 886 |
Accounts payable | 820 | 178 |
Accrued liabilities | -832 | 210 |
Income taxes payable | 338 | 235 |
Deferred product revenue | -291 | -51 |
Other long-term liabilities | 537 | 0 |
Net cash provided by operating activities | 2,843 | 3,571 |
Cash flows from investing activities: | ||
Payment towards business acquisitions | 0 | -13,060 |
Purchase of property and equipment | -76 | -249 |
Purchase of patents | 0 | -90 |
Proceeds from maturities and sales of marketable securities | 2,376 | 0 |
Purchases of marketable securities | -1,612 | -780 |
Net cash provided by (used in) investing activities | 688 | -14,179 |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 20 | 1,021 |
Tax benefits from stock options | 7 | 87 |
Stock registration costs | 0 | -55 |
Net cash provided by financing activities | 27 | 1,053 |
Effect of exchange rate changes on cash and cash equivalents | -133 | 0 |
Net increase (decrease) in cash and cash equivalents | 3,425 | -9,555 |
Cash and cash equivalents at the beginning of the period | 7,440 | 17,192 |
Cash and cash equivalents at the end of the period | 10,865 | 7,637 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 881 | 29 |
Stock issued for acquisitions | $0 | $1,679 |
Business_Description_Basis_of_
Business Description, Basis of Presentation and Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Business Description, Basis of Presentation and Significant Accounting Policies | ||
1 | Business Description, Basis of Presentation and Significant Accounting Policies | |
Business Description: | ||
ClearOne, Inc. and its subsidiaries (collectively, “ClearOne” or the “Company”) are a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability. | ||
Basis of Presentation: | ||
The fiscal year for ClearOne is the 12 months ending on December 31st. The consolidated financial statements include the accounts of ClearOne and its subsidiaries. All significant inter-company accounts and transactions have been eliminated. | ||
These accompanying interim condensed consolidated financial statements for the three months ended March 31, 2015 and 2014, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are not audited. Certain information and footnote disclosures that are usually included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been either condensed or omitted in accordance with SEC rules and regulations. The accompanying consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial position as of March 31, 2015 and December 31, 2014, the results of operations for the three months ended March 31, 2015 and 2014, and the statements of cash flows for the three months ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results for a full-year period. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. | ||
Significant Accounting Policies: | ||
The significant accounting policies were described in Note 1 to the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. There have been no changes to these policies during the three months ended March 31, 2015 that are of significance or potential significance to the Company. | ||
Recent Accounting Pronouncements: | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company on January 1, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per common share: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 1,272 | $ | 485 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding | 9,100,107 | 9,082,546 | ||||||
Dilutive common stock equivalents using treasury stock method | 408,372 | 476,395 | ||||||
Diluted weighted average shares outstanding | 9,508,479 | 9,558,941 | ||||||
Basic earnings per common share | $ | 0.14 | $ | 0.05 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.05 | ||||
Weighted average options outstanding | 1,037,137 | 1,044,208 | ||||||
Anti-dilutive options not included in the computations | 268,709 | 116,000 | ||||||
Business_Combinations
Business Combinations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination Disclosure [Text Block] | Business Combination | |||||||
Acquisition of Sabine | ||||||||
On March 7, 2014, the Company completed the acquisition of Sabine, Inc. ("Sabine") through a stock purchase agreement ("SPA"). Sabine manufactures, designs and sells Sacom professional wireless microphone systems for live and installed audio. It also makes FBX Feedback Exterminator for reliable automatic feedback control. With the addition of Sabine, ClearOne will have reliable and exclusive access to the wireless microphones that are a critical component of ClearOne’s complete microphone portfolio. | ||||||||
Pursuant to the SPA, the Company (i) paid initial consideration of $8,141 in cash, (ii) accrued for possible additional earn-out payments over the next two years, estimated to be $657, and (iii) issued 150,000 shares of restricted common stock of the Company, valued at $1,679 (determined on the basis of the closing market price of the Company's stock on the acquisition date). The purchase price was paid out of cash on hand. The SPA contains representations, warranties and indemnifications customary for a transaction of this type. | ||||||||
The following table summarizes the consideration paid for the acquisition: | ||||||||
Consideration | ||||||||
Cash | $ | 8,141 | ||||||
Common stock | 1,679 | |||||||
Contingent consideration | 657 | |||||||
Total | $ | 10,477 | ||||||
The fair values of Sabine assets acquired and liabilities assumed are based on the information that was available during the measurement period of twelve months from the date of acquisition. The fair value of identified assets and liabilities acquired and goodwill is as follows: | ||||||||
Fair value | ||||||||
Cash | $ | 125 | ||||||
Accounts receivable | 255 | |||||||
Inventories | 844 | |||||||
Prepaid and other | 105 | |||||||
Intangibles | 3,970 | |||||||
Property, plant and equipment | 292 | |||||||
Other long-term assets | 11 | |||||||
Goodwill | 5,510 | |||||||
Deferred tax asset | 245 | |||||||
Trade accounts payable | (420 | ) | ||||||
Accrued liabilities | (405 | ) | ||||||
Stock registration costs | (55 | ) | ||||||
Total | $ | 10,477 | ||||||
The goodwill of $5,510 related to the acquisition of Sabine is composed of expected synergies in utilizing Sabine technology in ClearOne product offerings, reduction in future combined research and development expenses, and intangible assets including acquired workforce that do not qualify for separate recognition. The goodwill balance of $5,510 related to the acquisition of Sabine is expected to be deductible for tax purposes. | ||||||||
Supplemental Pro Forma Information: | ||||||||
1) Revenue and net loss from the Sabine business from March 8, 2014 to March 31, 2014 were $84 and $163 respectively. | ||||||||
2) Revenue and earnings of the combined entity as though the business combination occurred as of January 1, 2014 were as follows: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenue | $ | 13,586 | $ | 12,977 | ||||
Earnings | 1,272 | 244 | ||||||
Basic earnings per common share | $ | 0.14 | $ | 0.03 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.03 | ||||
3) There were no material, nonrecurring pro forma adjustments directly attributable to the acquisition included in this Supplemental Pro Forma Information. | ||||||||
Acquisition of Spontania Business of Spain-based Dialcom Networks, S.L. | ||||||||
On April 1, 2014 ClearOne, Inc. closed on the acquisition of the Spontania business of Spain-based Dialcom Networks, S.L. The Spontania cloud-based service empowers customers to deploy HD video conferencing, web collaboration, and more with equipment most businesses have and use every day - video-conferencing endpoints, desktops, laptops, web browsers, tablets, and smartphones. With Spontania there is no hardware investment and the service operates off of a reservation-less model, enabling on-demand video communications from virtually anywhere, anytime, with anyone on any device. | ||||||||
The aggregate purchase price under the terms of the transaction was approximately €3.66 million in cash (approximately US$5.1 million ), after certain closing adjustments. ClearOne did not assume any debt or cash. The cash purchase price was paid out of cash on hand. The addition of this technology was an integral part of the company’s strategy to build an all-inclusive video collaboration portfolio. | ||||||||
The fair value of identified assets and liabilities acquired from the Spontania acquisition was as follows: | ||||||||
Fair value | ||||||||
Intangibles | $ | 1,335 | ||||||
Property and equipment | 47 | |||||||
Goodwill | 3,741 | |||||||
Accrued liabilities | (71 | ) | ||||||
Total | $ | 5,052 | ||||||
The goodwill of $3,741 relates to the acquisition of Spontania cloud-based technology and intangible assets including acquired workforce that does not qualify for separate recognition. The goodwill of $3,741 from the Spontania acquisition is expected to be deductible for tax purposes. | ||||||||
Supplemental Pro Forma Information: | ||||||||
Revenue and earnings of the combined entity as though the business combination occurred as of January 1, 2014 is not available. The Spontania business was part of a business unit of Dialcom Networks, S.L., and thus separate stand-alone financial information for Spontania is not available. | ||||||||
Acquisition Expenses: | ||||||||
During the period ended March 31, 2015, the company incurred $70 in total acquisition related expenses for the Sabine and Spontania acquisitions, all of which are categorized under general and administrative expenses in the Consolidated Statement of Operations. | ||||||||
Retroactive Restatement: | ||||||||
Following the completion of the valuation process for the acquisition of Sabine we reported intangible amortization to reflect the final adjusted values on Form 10-K for the year ended December 31, 2014. For the quarter ended March 31, 2015 we reported amortization based on the final intangible items. For the comparative quarter ended March 31, 2014 we have restated net income to reflect the inclusion of the revised amortization applicable to that period. Net income changed from $490 originally reported for the three months ended March 31, 2014 to $485. The reported retained earnings balance of $29,482 at March 31, 2014 under the restatement would be $29,477. The restatement did not result in a reportable change to earnings per share for the period. |
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||||||||||
The Company has classified its marketable securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income/loss in stockholders' equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. | ||||||||||||||||||||||||
The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | |||||||||||||||||||||
holding | holding | |||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Corporate bonds and notes | $ | 19,220 | $ | 162 | $ | (48 | ) | $ | 19,334 | |||||||||||||||
Municipal bonds | 6,079 | 36 | (2 | ) | 6,113 | |||||||||||||||||||
Total available-for-sale securities | $ | 25,299 | $ | 198 | $ | (50 | ) | $ | 25,447 | |||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | |||||||||||||||||||||
holding | holding | |||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Corporate bonds and notes | $ | 19,804 | $ | 89 | $ | (55 | ) | $ | 19,838 | |||||||||||||||
Municipal bonds | 6,292 | 28 | (2 | ) | 6,318 | |||||||||||||||||||
Total available-for-sale securities | $ | 26,096 | $ | 117 | $ | (57 | ) | $ | 26,156 | |||||||||||||||
Maturities of marketable securities classified as available-for-sale securities were as follows at March 31, 2015: | ||||||||||||||||||||||||
Amortized | Estimated | |||||||||||||||||||||||
cost | fair value | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Due within one year | $ | 7,327 | $ | 7,314 | ||||||||||||||||||||
Due after one year through five years | 17,611 | 17,771 | ||||||||||||||||||||||
Due after five years through ten years | 361 | 362 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 25,299 | $ | 25,447 | ||||||||||||||||||||
Debt securities in an unrealized loss position as of March 31, 2015 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value. The available-for-sale marketable securities in a gross unrealized loss position as of March 31, 2015 are summarized as follows: | ||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | ||||||||||||||||||||||
(In thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||
fair value | unrealized | fair value | unrealized | fair value | unrealized | |||||||||||||||||||
holding | holding | holding | ||||||||||||||||||||||
losses | losses | losses | ||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Corporate bonds and notes | $ | 1,127 | $ | (26 | ) | $ | 2,533 | $ | (22 | ) | $ | 3,660 | $ | (48 | ) | |||||||||
Municipal bonds | — | — | 433 | (2 | ) | 433 | (2 | ) | ||||||||||||||||
$ | 1,127 | $ | (26 | ) | $ | 2,966 | $ | (24 | ) | $ | 4,093 | $ | (50 | ) | ||||||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Intangible Assets | Intangible Assets | |||||||||
Intangible assets as of March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||||
Estimated useful lives | 31-Mar-15 | 31-Dec-14 | ||||||||
Tradename | 7 years | $ | 555 | $ | 555 | |||||
Patents and technological know-how | 10 years | 5,850 | 5,850 | |||||||
Proprietary software | 3 to 15 years | 4,341 | 4,341 | |||||||
Other | 5 years | 324 | 324 | |||||||
11,070 | 11,070 | |||||||||
Accumulated amortization | (3,489 | ) | (3,174 | ) | ||||||
$ | 7,581 | $ | 7,896 | |||||||
The amortization of intangible assets for the three months ended March 31, 2015 and March 31, 2014 was as follows: | ||||||||||
Three months ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Amortization of intangible assets | $ | 315 | $ | 169 | ||||||
The estimated future amortization expense of intangible assets is as follows: | ||||||||||
Years ending December 31, | ||||||||||
2015 (remainder) | $ | 943 | ||||||||
2016 | 1,121 | |||||||||
2017 | 925 | |||||||||
2018 | 851 | |||||||||
2019 | 778 | |||||||||
Thereafter | 2,963 | |||||||||
$ | 7,581 | |||||||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories, net of reserves, as of March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Current: | ||||||||
Raw materials | $ | 3,071 | $ | 3,056 | ||||
Finished goods | 12,338 | 11,408 | ||||||
$ | 15,409 | $ | 14,464 | |||||
Long-term: | ||||||||
Raw materials | $ | 70 | $ | 59 | ||||
Finished goods | 620 | 817 | ||||||
$ | 690 | $ | 876 | |||||
Long-term inventory represents inventory held in excess of our current (next 12 months) requirements based on our recent sales and forecasted level of sales. We expect to sell the above inventory, net of reserves, at or above the stated cost and believe that no loss will be incurred on its sale. | ||||||||
Current finished goods include consigned inventory in the amounts of approximately $1,540 and $1,698 as of March 31, 2015 and December 31, 2014, respectively. Consigned inventory represents inventory at distributors and other customers where revenue recognition criteria have not yet been achieved. | ||||||||
The following table summarizes the losses incurred on valuation of inventory at lower of cost or market value and write-off of obsolete inventory during the three months ended March 31, 2015 and 2014, respectively. | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Net loss (gain) on valuation of inventory and write-off of obsolete inventory | $ | 47 | $ | 416 | ||||
ShareBased_Payments
Share-Based Payments | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Shareholders' Equity and Share-based Payments [Abstract] | ||||||||
Share-Based Compensation | Share-based Compensation | |||||||
Share-based compensation expense has been recorded as follows: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Cost of goods sold | $ | 5 | $ | 2 | ||||
Sales and marketing | 40 | 20 | ||||||
Research and product development | 33 | 11 | ||||||
General and administrative | 160 | 51 | ||||||
$ | 238 | $ | 84 | |||||
As of March 31, 2015, the total remaining unrecognized compensation cost related to non-vested stock options, net of forfeitures, was approximately $1,084, which will be recognized over a weighted average period of 2.55 years. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Shareholders' Equity | Shareholders’ Equity | |||||||
The following table summarizes the change in shareholders’ equity during the three months ended March 31, 2015 and 2014, respectively: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Balance at the beginning of the period | $ | 76,016 | $ | 70,335 | ||||
Net income during the period | 1,272 | 485 | ||||||
Share-based compensation | 238 | 84 | ||||||
Tax benefit - stock option exercise | 7 | 87 | ||||||
Exercise of stock options | 20 | 1,021 | ||||||
Dividends | (319 | ) | — | |||||
Stock issued for acquisitions | — | 1,679 | ||||||
Unrealized gain or loss on investments, net of tax | 55 | 73 | ||||||
Foreign currency translation adjustment | (180 | ) | — | |||||
Balance at end of the period | $ | 77,109 | $ | 73,764 | ||||
On April 28, 2015, the company announced a quarterly cash dividend of $0.035 per share to be paid on May 15, 2015 to shareholders of record as of May 4, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
The fair value of the Company's financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: | |||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||
Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. This category generally includes U.S. Government and agency securities; municipal securities; mutual funds and securities sold and not yet settled. | |||||||||||||||||
Level 3 - Unobservable inputs. | |||||||||||||||||
The substantial majority of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. The following table sets forth the fair value of the financial instruments re-measured by the Company as of March 31, 2015 and December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Corporate bonds and notes | $ | — | $ | 19,334 | $ | — | $ | 19,334 | |||||||||
Municipal bonds | — | 6,113 | — | 6,113 | |||||||||||||
Total | $ | — | $ | 25,447 | $ | — | $ | 25,447 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
31-Dec-14 | |||||||||||||||||
Corporate bonds and notes | $ | — | $ | 19,838 | $ | — | $ | 19,838 | |||||||||
Municipal bonds | — | 6,318 | — | 6,318 | |||||||||||||
Total | $ | — | $ | 26,156 | $ | — | $ | 26,156 | |||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company's forecasted effective tax rate at March 31, 2015 is 35.8%, a 3.8% increase from the 32.0% effective tax rate recorded at December 31, 2014. The forecasted effective tax rate of 35.8% excludes jurisdictions for which no benefit from forecasted current year losses is anticipated. Including losses from such jurisdictions results in a forecasted effective tax rate of 36.1%. Our forecasted effective tax rate could fluctuate significantly on a quarterly basis and could change, to the extent that earnings in countries with tax rates that differ from that of the U.S. differ, from amounts anticipated at March 31, 2015. | |
After discrete tax expense of $2, the effective tax rate for the quarter ended March 31, 2015 is 36.5%. The discrete tax expense is primarily attributable to interest and penalties related to unrecognized tax benefits. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 28, 2015, the company announced a quarterly cash dividend of $0.035 per share to be paid on May 15, 2015 to shareholders of record as of May 4, 2015. |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per common share: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 1,272 | $ | 485 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding | 9,100,107 | 9,082,546 | ||||||
Dilutive common stock equivalents using treasury stock method | 408,372 | 476,395 | ||||||
Diluted weighted average shares outstanding | 9,508,479 | 9,558,941 | ||||||
Basic earnings per common share | $ | 0.14 | $ | 0.05 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.05 | ||||
Weighted average options outstanding | 1,037,137 | 1,044,208 | ||||||
Anti-dilutive options not included in the computations | 268,709 | 116,000 | ||||||
Business_Combinations_Business
Business Combinations Business Acquisitions, Fair Value of Assets and Liabilities Acquired (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Sabine, Inc. [Member] | ||||
Business Acquisitions, Consideration Transferred [Line Items] | ||||
Business Acquisitions, Assets and Liabilities Acquired [Table Text Block] | The fair value of identified assets and liabilities acquired and goodwill is as follows: | |||
Fair value | ||||
Cash | $ | 125 | ||
Accounts receivable | 255 | |||
Inventories | 844 | |||
Prepaid and other | 105 | |||
Intangibles | 3,970 | |||
Property, plant and equipment | 292 | |||
Other long-term assets | 11 | |||
Goodwill | 5,510 | |||
Deferred tax asset | 245 | |||
Trade accounts payable | (420 | ) | ||
Accrued liabilities | (405 | ) | ||
Stock registration costs | (55 | ) | ||
Total | $ | 10,477 | ||
Spontania [Member] | ||||
Business Acquisitions, Consideration Transferred [Line Items] | ||||
Business Combinations, Fair Value of Assets and Liabilities Acquired [Table Text Block] | The fair value of identified assets and liabilities acquired from the Spontania acquisition was as follows: | |||
Fair value | ||||
Intangibles | $ | 1,335 | ||
Property and equipment | 47 | |||
Goodwill | 3,741 | |||
Accrued liabilities | (71 | ) | ||
Total | $ | 5,052 | ||
Business_Combinations_Business1
Business Combinations Business Acquisitions, Pro Forma Information (Tables) (Sabine, Inc. [Member]) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Sabine, Inc. [Member] | ||||||||
Business Combinations, Pro Forma Information [Line Items] | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Revenue and earnings of the combined entity as though the business combination occurred as of January 1, 2014 were as follows: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenue | $ | 13,586 | $ | 12,977 | ||||
Earnings | 1,272 | 244 | ||||||
Basic earnings per common share | $ | 0.14 | $ | 0.03 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.03 | ||||
Business_Combinations_Business2
Business Combinations Business Acquisitions, Consideration Transferred (Tables) (Sabine, Inc. [Member]) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Sabine, Inc. [Member] | ||||
Business Acquisitions, Consideration Transferred [Line Items] | ||||
Business Acquisitions, Consideration Transferred [Table Text Block] | The following table summarizes the consideration paid for the acquisition: | |||
Consideration | ||||
Cash | $ | 8,141 | ||
Common stock | 1,679 | |||
Contingent consideration | 657 | |||
Total | $ | 10,477 | ||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | |||||||||||||||||||||
holding | holding | |||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Corporate bonds and notes | $ | 19,220 | $ | 162 | $ | (48 | ) | $ | 19,334 | |||||||||||||||
Municipal bonds | 6,079 | 36 | (2 | ) | 6,113 | |||||||||||||||||||
Total available-for-sale securities | $ | 25,299 | $ | 198 | $ | (50 | ) | $ | 25,447 | |||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | |||||||||||||||||||||
holding | holding | |||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Corporate bonds and notes | $ | 19,804 | $ | 89 | $ | (55 | ) | $ | 19,838 | |||||||||||||||
Municipal bonds | 6,292 | 28 | (2 | ) | 6,318 | |||||||||||||||||||
Total available-for-sale securities | $ | 26,096 | $ | 117 | $ | (57 | ) | $ | 26,156 | |||||||||||||||
Available-for-sale Securities | Maturities of marketable securities classified as available-for-sale securities were as follows at March 31, 2015: | |||||||||||||||||||||||
Amortized | Estimated | |||||||||||||||||||||||
cost | fair value | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Due within one year | $ | 7,327 | $ | 7,314 | ||||||||||||||||||||
Due after one year through five years | 17,611 | 17,771 | ||||||||||||||||||||||
Due after five years through ten years | 361 | 362 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 25,299 | $ | 25,447 | ||||||||||||||||||||
Debt securities in an unrealized loss position as of March 31, 2015 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value. The available-for-sale marketable securities in a gross unrealized loss position as of March 31, 2015 are summarized as follows: | ||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | ||||||||||||||||||||||
(In thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||
fair value | unrealized | fair value | unrealized | fair value | unrealized | |||||||||||||||||||
holding | holding | holding | ||||||||||||||||||||||
losses | losses | losses | ||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Corporate bonds and notes | $ | 1,127 | $ | (26 | ) | $ | 2,533 | $ | (22 | ) | $ | 3,660 | $ | (48 | ) | |||||||||
Municipal bonds | — | — | 433 | (2 | ) | 433 | (2 | ) | ||||||||||||||||
$ | 1,127 | $ | (26 | ) | $ | 2,966 | $ | (24 | ) | $ | 4,093 | $ | (50 | ) | ||||||||||
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Schedule of Intangible Assets | Intangible assets as of March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||
Estimated useful lives | 31-Mar-15 | 31-Dec-14 | ||||||||
Tradename | 7 years | $ | 555 | $ | 555 | |||||
Patents and technological know-how | 10 years | 5,850 | 5,850 | |||||||
Proprietary software | 3 to 15 years | 4,341 | 4,341 | |||||||
Other | 5 years | 324 | 324 | |||||||
11,070 | 11,070 | |||||||||
Accumulated amortization | (3,489 | ) | (3,174 | ) | ||||||
$ | 7,581 | $ | 7,896 | |||||||
Schedule of Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense of intangible assets is as follows: | |||||||||
Years ending December 31, | ||||||||||
2015 (remainder) | $ | 943 | ||||||||
2016 | 1,121 | |||||||||
2017 | 925 | |||||||||
2018 | 851 | |||||||||
2019 | 778 | |||||||||
Thereafter | 2,963 | |||||||||
$ | 7,581 | |||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of inventory, net of reserves | Inventories, net of reserves, as of March 31, 2015 and December 31, 2014 consisted of the following: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Current: | ||||||||
Raw materials | $ | 3,071 | $ | 3,056 | ||||
Finished goods | 12,338 | 11,408 | ||||||
$ | 15,409 | $ | 14,464 | |||||
Long-term: | ||||||||
Raw materials | $ | 70 | $ | 59 | ||||
Finished goods | 620 | 817 | ||||||
$ | 690 | $ | 876 | |||||
Schedule of Non-Current Inventory Valuation Losses | The following table summarizes the losses incurred on valuation of inventory at lower of cost or market value and write-off of obsolete inventory during the three months ended March 31, 2015 and 2014, respectively. | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Net loss (gain) on valuation of inventory and write-off of obsolete inventory | $ | 47 | $ | 416 | ||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Shareholders' Equity and Share-based Payments [Abstract] | ||||||||
Schedule of share-based compensation expense | Share-based compensation expense has been recorded as follows: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Cost of goods sold | $ | 5 | $ | 2 | ||||
Sales and marketing | 40 | 20 | ||||||
Research and product development | 33 | 11 | ||||||
General and administrative | 160 | 51 | ||||||
$ | 238 | $ | 84 | |||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Schedule of Shareholders' Equity | The following table summarizes the change in shareholders’ equity during the three months ended March 31, 2015 and 2014, respectively: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Balance at the beginning of the period | $ | 76,016 | $ | 70,335 | ||||
Net income during the period | 1,272 | 485 | ||||||
Share-based compensation | 238 | 84 | ||||||
Tax benefit - stock option exercise | 7 | 87 | ||||||
Exercise of stock options | 20 | 1,021 | ||||||
Dividends | (319 | ) | — | |||||
Stock issued for acquisitions | — | 1,679 | ||||||
Unrealized gain or loss on investments, net of tax | 55 | 73 | ||||||
Foreign currency translation adjustment | (180 | ) | — | |||||
Balance at end of the period | $ | 77,109 | $ | 73,764 | ||||
On April 28, 2015, the company announced a quarterly cash dividend of $0.035 per share to be paid on May 15, 2015 to shareholders of record as of May 4, 2015. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the fair value of the financial instruments re-measured by the Company as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Corporate bonds and notes | $ | — | $ | 19,334 | $ | — | $ | 19,334 | |||||||||
Municipal bonds | — | 6,113 | — | 6,113 | |||||||||||||
Total | $ | — | $ | 25,447 | $ | — | $ | 25,447 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
31-Dec-14 | |||||||||||||||||
Corporate bonds and notes | $ | — | $ | 19,838 | $ | — | $ | 19,838 | |||||||||
Municipal bonds | — | 6,318 | — | 6,318 | |||||||||||||
Total | $ | — | $ | 26,156 | $ | — | $ | 26,156 | |||||||||
Business_Combinations_Business3
Business Combinations Business Combinations, Consideration Transferred (Details) (USD $) | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 07, 2014 | Apr. 01, 2014 |
Sabine, Inc. [Member] | ||
Business Acquisitions, Consideration Transferred [Line Items] | ||
Business Combination, Consideration Transferred | $10,477 | |
Sabine, Inc. [Member] | Cash [Member] | ||
Business Acquisitions, Consideration Transferred [Line Items] | ||
Business Combination, Consideration Transferred | 8,141 | |
Sabine, Inc. [Member] | Restricted Stock [Member] | ||
Business Acquisitions, Consideration Transferred [Line Items] | ||
Business Combination, Consideration Transferred | 1,679 | |
Sabine, Inc. [Member] | Reserve for Earn-out Receivable [Member] | ||
Business Acquisitions, Consideration Transferred [Line Items] | ||
Business Combination, Consideration Transferred | 657 | |
Spontania [Member] | ||
Business Acquisitions, Consideration Transferred [Line Items] | ||
Business Combination, Consideration Transferred | $5,100 | |
Restricted Stock [Member] | Sabine, Inc. [Member] | ||
Business Acquisitions, Consideration Transferred [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 150,000 |
Business_Combinations_Business4
Business Combinations Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed (Details) (USD $) | Apr. 01, 2014 | Mar. 07, 2014 |
In Thousands, unless otherwise specified | ||
Spontania [Member] | ||
Business Combinations, Fair Value of Assets and Liabilities Acquired [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $1,335 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 47 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3,741 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 71 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 5,052 | |
Sabine, Inc. [Member] | ||
Business Combinations, Fair Value of Assets and Liabilities Acquired [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 125 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 255 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 844 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 105 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 3,970 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 292 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 11 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,510 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets, Current | 245 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 420 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 405 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 55 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $10,477 |
Business_Combinations_Business5
Business Combinations Business Combinations, Pro Forma Information (Details) (Sabine, Inc. [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Sabine, Inc. [Member] | ||
Business Combinations, Pro Forma Information [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $13,586 | $12,977 |
Business Acquisition, Pro Forma Net Income (Loss) | $1,272 | $244 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.14 | $0.03 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.13 | $0.03 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $25,299 | $26,096 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 198 | 117 |
Gross unrealized holding losses | -50 | -57 |
Estimated fair value | 25,447 | 26,156 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 19,220 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 162 | |
Gross unrealized holding losses | -48 | |
Estimated fair value | 19,334 | |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,079 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 36 | |
Gross unrealized holding losses | -2 | |
Estimated fair value | $6,113 |
Marketable_Securities_Availabl
Marketable Securities - Available-for-sale Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, Amortized Cost | $7,327 | |
Due within one year, Estimated fair value | 7,314 | |
Due after one year through five years, Amortized Cost | 17,611 | |
Due after one year through five years, Estimated fair value | 17,771 | |
Due after five years through ten years, Amortized Cost | 361 | |
Due after five years through ten years, Estimated fair value | 362 | |
Total available-for-sale securities, Amortized Cost | 25,299 | 26,096 |
Total available-for-sale securities, Estimated fair value | $25,447 | $26,156 |
Business_Combination_Goodwill_
Business Combination, Goodwill and Intangibles - Intangibles (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Total finite and indefinite-lived intangible assets, gross | $11,070 | $11,070 | |
Accumulated amortization | -3,489 | -3,174 | |
Intangible assets, net (excluding goodwill) | 7,581 | 7,896 | |
Amortization of Intangible Assets | 315 | 169 | |
Tradename | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, useful life (in years) | 7 years | ||
Finite-lived intangible assets, gross | 555 | 555 | |
Patents and technological know-how | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, gross | 5,850 | 5,850 | |
Proprietary Software [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, gross | 4,341 | 4,341 | |
Other | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Finite-lived intangible assets, gross | $324 | $324 | |
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, useful life (in years) | 3 years | ||
Minimum [Member] | Tradename | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, useful life (in years) | 15 years |
Intangible_Assets_FiniteLived_
Intangible Assets Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |
2015 (remainder) | 943 |
2016 | 1,121 |
2017 | 925 |
2018 | 851 |
2019 | 778 |
Thereafter | 2,963 |
Finite-Lived Intangible Assets, Net | 7,581 |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life (in years) | 3 years |
Computer Software, Intangible Asset [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life (in years) | 15 years |
Tradename | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life (in years) | 7 years |
Tradename | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life (in years) | 5 years |
Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life (in years) | 3 years |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life (in years) | 5 years |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Inventory [Line Items] | |||
Distributor channel inventories | $1,540 | $1,698 | |
Losses incurred on valuation of inventory and write-off of obsolete inventory | 47 | 416 | |
Current: | |||
Raw materials | 3,071 | 3,056 | |
Finished goods | 12,338 | 11,408 | |
Inventoryincludingdistributorchannelinventories,net | 15,409 | 14,464 | |
Long-term: | |||
Raw materials | 70 | 59 | |
Finished Goods | 620 | 817 | |
Inventory, Noncurrent | $690 | $876 |
ShareBased_Payments_Details
Share-Based Payments (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $238,000 | $84,000 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
unrecognized compensation cost related to non-vested stock options, net of forfeitures | $1,084 | |
Outstanding, weighted average remaining contractual term (in years) | 2 years 6 months 18 days |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | 16-May-15 | 5-May-15 | Apr. 29, 2015 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period | $76,016 | $70,335 | |||
Net income | 1,272 | 485 | |||
Share-based compensation | 238 | 84 | |||
Tax benefit - stock option exercise | 7 | 87 | |||
Exercise of stock options | 20 | 1,021 | |||
Dividends | -319 | 0 | |||
Stock issued for acquisitions | 0 | 1,679 | |||
Unrealized gain or loss on investments, net of tax | 55 | 73 | |||
Foreign currency translation adjustment | -180 | 0 | |||
Balance at end of the period | $77,109 | $73,764 | |||
Subsequent Event [Member] | QuarterlyDividend-Q1 [Member] | |||||
Stockholders' Equity Note [Abstract] | |||||
Common Stock, Dividends, Per Share, Declared | $0.04 | ||||
Dividends Payable, Date to be Paid | 15-May-15 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Dividends Payable, Date of Record | 4-May-15 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | $25,447 | $26,156 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 19,334 | 19,838 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 6,113 | 6,318 |
Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 25,447 | 26,156 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 19,334 | 19,838 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 6,113 | 6,318 |
Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Fair Value Disclosure | $0 | $0 |
Income_Taxes_Income_Tax_Rates_
Income Taxes Income Tax Rates (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Income Tax Rate Disclosures [Abstract] | ||
Effective tax rate, forecasted | 35.80% | |
Effective Income Tax Rate, Continuing Operations, Forecasted Increase (Decrease) in Rate | 3.80% | |
Effective Income Tax Rate, Continuing Operations | 32.00% | |
Effective tax rate, including loss jurisdictions | 36.10% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $2 | |
Effective Tax Rate, After Discreet Benefits | 36.50% |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (QuarterlyDividend-Q1 [Member], Subsequent Event [Member], USD $) | 0 Months Ended | ||
16-May-15 | 5-May-15 | Apr. 29, 2015 | |
QuarterlyDividend-Q1 [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $0.04 | ||
Dividends Payable, Date to be Paid | 15-May-15 | ||
Dividends Payable, Date of Record | 4-May-15 |