Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | Apr. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'BTU INTERNATIONAL INC | ' |
Entity Central Index Key | '0000840883 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 9,556,889 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $11,210 | $13,991 |
Accounts receivable, less allowance of $1,215 and $1,280 at March 30, 2014 and December 31, 2013 | 10,367 | 11,370 |
Inventories | 10,170 | 9,831 |
Other current assets | 886 | 1,126 |
Total current assets | 32,633 | 36,318 |
Property, plant and equipment, net | 3,080 | 3,386 |
Other assets, net | 1,178 | 626 |
Total assets | 36,891 | 40,330 |
Current liabilities | ' | ' |
Current portion of long-term debt | 371 | 367 |
Accounts payable | 6,272 | 5,408 |
Deferred revenue | 368 | 2,052 |
Accrued expenses | 5,513 | 6,361 |
Total current liabilities | 12,524 | 14,188 |
Long-term debt, less current portion | 7,125 | 7,219 |
Other long-term liabilities | 8 | 14 |
Total liabilities | 19,657 | 21,421 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $1.00 par value-5,000,000 shares authorized; no shares issued or outstanding | ' | ' |
Common stock, $0.01 par value - 25,000,000 shares authorized; 10,924,856 shares issued and 9,556,889 shares outstanding at March 30, 2014 and 10,924,856 shares issued and 9,556,889 shares outstanding at December 31, 2013 | 109 | 109 |
Additional paid in capital | 52,348 | 52,204 |
Accumulated deficit | -32,639 | -30,853 |
Treasury stock, at cost, 1,367,967 shares at March 30, 2014 and December 31, 2013 | -4,990 | -4,990 |
Accumulated other comprehensive income | 2,406 | 2,439 |
Total stockholders' equity | 17,234 | 18,909 |
Total liabilities and stockholders' equity | $36,891 | $40,330 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance | $1,215 | $1,280 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 10,924,856 | 10,924,856 |
Common stock, shares outstanding | 9,556,889 | 9,556,889 |
Treasury stock, shares | 1,367,967 | 1,367,967 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $11,685 | $10,503 |
Costs of goods sold | 7,526 | 7,773 |
Gross profit | 4,159 | 2,730 |
Operating expenses: | ' | ' |
Selling, general and administrative | 4,610 | 4,653 |
Research, development and engineering | 1,211 | 1,134 |
Operating loss | -1,662 | -3,057 |
Interest income | 11 | 12 |
Interest expense | -85 | -113 |
Foreign exchange income (loss) | 15 | -76 |
Other income | 4 | 41 |
Loss before provision (benefit) for income taxes | -1,717 | -3,193 |
Provision (benefit) for income taxes | 69 | -69 |
Net loss | ($1,786) | ($3,124) |
Loss per share: | ' | ' |
Basic | ($0.19) | ($0.33) |
Diluted | ($0.19) | ($0.33) |
Weighted average number of shares outstanding: | ' | ' |
Basic shares | 9,556,889 | 9,530,972 |
Effect of dilutive options | ' | ' |
Diluted shares | 9,556,889 | 9,530,972 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Comprehensive loss is calculated as follows: | ' | ' |
Net loss | ($1,786) | ($3,124) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | -33 | 6 |
Comprehensive loss | ($1,819) | ($3,118) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2013 | $18,909 | $109 | $52,204 | ($30,853) | ($4,990) | $2,439 |
Beginning Balance, shares at Dec. 31, 2013 | ' | 10,925 | ' | ' | 1,368 | ' |
Net loss | -1,786 | ' | ' | -1,786 | ' | ' |
Stock-based compensation | 144 | ' | 144 | ' | ' | ' |
Translation adjustment | -33 | ' | ' | ' | ' | -33 |
Ending Balance at Mar. 30, 2014 | $17,234 | $109 | $52,348 | ($32,639) | ($4,990) | $2,406 |
Ending Balance, shares at Mar. 30, 2014 | ' | 10,925 | ' | ' | 1,368 | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,786) | ($3,124) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 321 | 526 |
Provision for bad debts | 74 | 129 |
Provision for inventory obsolescence | 106 | 1,199 |
Gain on sale of property, plant and equipment | ' | -51 |
Stock-based compensation | 144 | 170 |
Deferred taxes | ' | -137 |
Net change in operating assets and liabilities: | ' | ' |
Accounts receivable | 896 | 1,860 |
Inventories | -481 | -1,234 |
Other current assets | 221 | -908 |
Deferred revenue | -1,683 | -61 |
Other assets | -563 | -40 |
Accounts payable | 890 | 652 |
Accrued expenses | -828 | -702 |
Other long-term liabilities | -6 | ' |
Net cash used in operating activities | -2,695 | -1,721 |
Cash flows provided by (used in) investing activities: | ' | ' |
Proceeds from sale of property, plant and equipment | ' | 57 |
Purchases of property, plant and equipment | -10 | -53 |
Net cash provided by (used in) investing activities | -10 | 4 |
Cash flows from financing activities: | ' | ' |
Principal payments under loan and capital lease agreements | -90 | -96 |
Net cash used in financing activities | -90 | -96 |
Effects of exchange rates on cash | 14 | -21 |
Net decrease in cash and cash equivalents | -2,781 | -1,834 |
Cash and cash equivalents, beginning of period | 13,991 | 20,218 |
Cash and cash equivalents, end of period | 11,210 | 18,384 |
Cash paid during the periods for: | ' | ' |
Interest | 73 | 99 |
Income taxes | $375 | $400 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
The condensed consolidated balance sheet, financial information and related disclosures as of December 31, 2013 have been derived from the Company’s consolidated financial statements, which have been audited as of that date. The condensed consolidated balance sheet as of March 30, 2014 and the related condensed consolidated statements of operations and comprehensive loss for the three months ended March 30, 2014 and March 31, 2013 are unaudited. The condensed consolidated statement of stockholders’ equity and consolidated statements of cash flows for the three months ended March 30, 2014 and March 31, 2013 are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of such financial statements have been included. Such adjustments consisted only of normal recurring items. Interim results are not necessarily indicative of results for any other period or for the full year. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the footnotes contained in the Company’s consolidated financial statements as of and for the year ended December 31, 2013, together with the auditors’ report, included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (SEC). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
(2) Summary of Significant Accounting Policies | |
The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC. | |
Subsequent Events – The Company evaluated subsequent events through the time of issuance of these condensed consolidated financial statements. The Company is not aware of any significant events that occurred subsequent to the balance sheet date, but prior to the filing of this report that would have a material impact on its condensed consolidated financial statements. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
(3) Inventories | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Raw materials and manufactured components | $ | 5,548 | $ | 6,010 | |||||
Work-in-process | 3,149 | 2,459 | |||||||
Finished goods | 1,473 | 1,362 | |||||||
Total inventory | $ | 10,170 | $ | 9,831 | |||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
(4) Accrued Expenses | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
( $ in thousands) | |||||||||
Accrued commissions | $ | 844 | $ | 1,086 | |||||
Accrued warranty | 322 | 379 | |||||||
Accrued taxes | 1,598 | 1,858 | |||||||
Accrued audit | 365 | 419 | |||||||
Accrued legal | 1,428 | 1,430 | |||||||
Accrued bonus | 10 | 85 | |||||||
Payroll and payroll taxes | 568 | 688 | |||||||
Accrued cost of sales | 185 | 142 | |||||||
Other | 193 | 274 | |||||||
$ | 5,513 | $ | 6,361 | ||||||
Warranty | |||||||||
The Company provides standard warranty coverage for labor for 12 months and special extended material-only coverage on certain products. The Company estimates and records an accrual for anticipated warranty claims based on sales. The accrual for warranty claims covers the estimated costs of material, labor and travel. Actual warranty claims incurred are charged to the accrual. Factors that affect the Company’s product warranty accrual include the number of installed units, the anticipated cost of warranty repairs and historical and anticipated rates of warranty claims. | |||||||||
The following table reflects changes in the Company’s accrued warranty account during the three months ended March 30, 2014 (in thousands): | |||||||||
Three Months Ended | |||||||||
30-Mar-14 | |||||||||
Beginning balance, December 31, 2013 | $ | 379 | |||||||
Plus: accruals related to new sales | 92 | ||||||||
Less: warranty claims incurred and reserve adjustment | (149 | ) | |||||||
Ending balance, March 30, 2014 | $ | 322 | |||||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
(5) Debt | |||||||||
Long-term debt at March 30, 2014 and December 31, 2013 consisted of: | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Mortgage note payable, interest rate of 4.43% | $ | 7,496 | $ | 7,586 | |||||
Less - current portion of long-term debt | 371 | 367 | |||||||
Long-Term debt, less current portion | $ | 7,125 | $ | 7,219 | |||||
Mortgage Note | |||||||||
On March 30, 2006, the Company entered into a $10 million mortgage note secured by its real property in Billerica, Massachusetts, which had an initial maturity date of December 23, 2015. On September 9, 2010, the Company signed a First Loan Modification Agreement relating to the mortgage note, which reduced the annual interest rate from 6.84% to 5.50% and the monthly payment from $76,280 to $69,000. | |||||||||
On September 26, 2013, the Company signed a Second Loan Modification Agreement relating to the mortgage note, which extended the maturity date from December 23, 2015 to September 26, 2023. The modification also reduced the annual interest rate from 5.50% to 4.43% through September 26, 2018, at which time the interest rate will be adjusted to a per annum fixed rate equal to the aggregate of the Federal Home Loan Board (FHLB) Five Year Classic Advance Rate plus two hundred forty basis points. The current monthly payment was reduced from $69,000 to $57,997. The mortgage note had an outstanding balance on March 30, 2014 of approximately $7.5 million. All outstanding principal and accrued and unpaid interest will be due and payable on the maturity date. | |||||||||
Letters of Credit | |||||||||
On August 31, 2009, the Company entered into a pledge and assignment agreement with a bank. The bank agrees, at the Company’s request, to issue letters of credit in the bank’s name and the Company agrees to cash collateralize letters of credit via restricted cash deposits at the bank. As of March 30, 2014, the value of the outstanding letters of credit issued by the bank for the Company and cash collateralized by the Company was $253,422. This restricted cash value is included in the Company’s balance sheet in other current assets. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended |
Mar. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Share | ' |
(6) Net Loss Per Share | |
Basic earnings per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the weighted-average number of common shares and potentially dilutive securities outstanding during the period, using the treasury stock method. Potentially dilutive securities include outstanding stock options and unvested restricted stock units (RSUs). Due to their anti-dilutive effect, approximately 1,443,842 and 1,322,496 options to purchase common stock were excluded from the calculation of diluted loss per share for the three months ended March 30, 2014 and March 31, 2013, respectively. However, these potentially dilutive securities could become dilutive in future periods. |
Accounting_for_StockBased_Comp
Accounting for Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Accounting for Stock-Based Compensation | ' | ||||||||||||||||
(7) Accounting for Stock-Based Compensation | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company accounts for share-based compensation in accordance with the provisions of SFAS No. 123R, Share-Based Payment (now codified as FASB ASC Topic 718, Compensation-Stock Compensation (“ASC 718”)). This statement establishes standards for accounting for transactions in which an entity exchanges its equity instruments for goods or services. The Company’s stock option compensation expense was $124,980 and $159,193 for the three months ended March 30, 2014 and March 31, 2013, respectively. These amounts do not include expense related to restricted stock awards or the employee stock purchase plan. | |||||||||||||||||
The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including a risk-free market interest rate, expected dividend yield of the underlying common stock, expected option life and expected volatility in the market value of the underlying common stock. The Company is also required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Historical data is used to estimate pre- vesting forfeitures and record stock-based compensation expense only for those awards that are expected to vest. Accordingly, awards ultimately expected to vest have been reduced by an annualized estimated forfeiture rate of 4%. | |||||||||||||||||
Expected volatilities are based on the weighted average historical volatility of the Company’s common stock for the expected life of the option. The Company has significant historical data to help evaluate the expected lives of options in developing its assumption. The risk-free interest rate is based upon quoted market yields for United States Treasury debt securities with a term approximating the expected life of the options. The expected dividend yield is based upon the Company’s history of not issuing dividends and management’s current expectation of the same. | |||||||||||||||||
The following table summarizes the stock option activity during the three months ended March 30, 2014: | |||||||||||||||||
Shares | Weighted- | Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Term | ||||||||||||||||
Options | |||||||||||||||||
Outstanding at December 31, 2013 | 1,408,692 | $ | 5.3 | ||||||||||||||
Forfeited/Cancelled | (9,700 | ) | $ | 2.89 | |||||||||||||
Outstanding at March 30, 2014 | 1,398,992 | $ | 5.32 | 3.35 | $ | 226,196 | |||||||||||
Exercisable at March 30, 2014 | 980,732 | $ | 6.01 | 2.47 | $ | 73,942 | |||||||||||
No options were granted or exercised during the three-month periods ended March 30, 2014 and March 31, 2013, respectively. | |||||||||||||||||
As of March 30, 2014, there was $494,862 of total unrecognized compensation cost related to non-vested options granted under the Company’s option plans. That cost is expected to be recognized over a weighted-average period of 1.24 years. No options vested during the three-month period ended March 30, 2014. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
There were no restricted stock units granted and no restricted stock units vested during the three-month periods ended March 30, 2014 and March 31, 2013, respectively. The Company recorded compensation expense of $16,042 and $6,036 during the three-month period ended March 30, 2014 and March 31, 2013, respectively, related to restricted stock units. As of March 30, 2014, there was $77,382 of unrecognized compensation costs related to grants of restricted stock units and these grants have a remaining life of 1.31 years. |
Revenue_Recognition
Revenue Recognition | 3 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Revenue Recognition | ' |
(8) Revenue Recognition | |
For the three months ended March 30, 2014, and March 31, 2013, respectively, there was no revenue recognized using the percentage of completion method. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Fair Value Disclosures [Abstract] | ' | |||
Fair Value of Financial Instruments | ' | |||
(9) Fair Value of Financial Instruments | ||||
In accordance with the requirements of FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), the Company groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||
• | Level 1 - Valuation is based upon quoted market price for identical instruments traded in active markets. | |||
• | Level 2 - Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||
• | Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques. | |||
In accordance with the requirements of ASC 820, it is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. | ||||
The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short-term nature. Long-term debt is also reported at carrying value and approximates fair value as the interest rate on the mortgage note payable of 4.43% approximates the current market interest rate. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting | ' | ||||||||
(10) Segment Reporting | |||||||||
Segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company operates as a single business segment called Thermal Processing Capital Equipment. | |||||||||
The Thermal Processing Capital Equipment segment consists of designing, manufacturing, selling and servicing thermal processing equipment and related process controls for use in the electronics, alternative energy, automotive and other industries. This business segment includes the supply of solder reflow systems used for surface mount applications in printed circuit board assembly. Thermal processing equipment is used in low temperature curing/encapsulation, hybrid integrated circuit manufacturing, integrated circuit packaging and sealing, and processing multi-chip modules. In addition, thermal processing equipment is used for solar cell processing, sintering nuclear fuel for commercial power generation, brazing and sintering of ceramics and powdered metals, and depositing precise thin film coatings. The business segment’s customers are multinational original equipment manufacturers and contract manufacturing companies. | |||||||||
Tangible long-lived assets by geographic location are as follows: | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
United States | $ | 2,670 | $ | 2,889 | |||||
Asia Pacific | 410 | 497 | |||||||
$ | 3,080 | $ | 3,386 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events – The Company evaluated subsequent events through the time of issuance of these condensed consolidated financial statements. The Company is not aware of any significant events that occurred subsequent to the balance sheet date, but prior to the filing of this report that would have a material impact on its condensed consolidated financial statements. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Raw materials and manufactured components | $ | 5,548 | $ | 6,010 | |||||
Work-in-process | 3,149 | 2,459 | |||||||
Finished goods | 1,473 | 1,362 | |||||||
Total inventory | $ | 10,170 | $ | 9,831 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
( $ in thousands) | |||||||||
Accrued commissions | $ | 844 | $ | 1,086 | |||||
Accrued warranty | 322 | 379 | |||||||
Accrued taxes | 1,598 | 1,858 | |||||||
Accrued audit | 365 | 419 | |||||||
Accrued legal | 1,428 | 1,430 | |||||||
Accrued bonus | 10 | 85 | |||||||
Payroll and payroll taxes | 568 | 688 | |||||||
Accrued cost of sales | 185 | 142 | |||||||
Other | 193 | 274 | |||||||
$ | 5,513 | $ | 6,361 | ||||||
Schedule of Changes in Company's Accrued Warranty Account | ' | ||||||||
The following table reflects changes in the Company’s accrued warranty account during the three months ended March 30, 2014 (in thousands): | |||||||||
Three Months Ended | |||||||||
30-Mar-14 | |||||||||
Beginning balance, December 31, 2013 | $ | 379 | |||||||
Plus: accruals related to new sales | 92 | ||||||||
Less: warranty claims incurred and reserve adjustment | (149 | ) | |||||||
Ending balance, March 30, 2014 | $ | 322 | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
Long-term debt at March 30, 2014 and December 31, 2013 consisted of: | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
Mortgage note payable, interest rate of 4.43% | $ | 7,496 | $ | 7,586 | |||||
Less - current portion of long-term debt | 371 | 367 | |||||||
Long-Term debt, less current portion | $ | 7,125 | $ | 7,219 | |||||
Accounting_for_StockBased_Comp1
Accounting for Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes the stock option activity during the three months ended March 30, 2014: | |||||||||||||||||
Shares | Weighted- | Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Term | ||||||||||||||||
Options | |||||||||||||||||
Outstanding at December 31, 2013 | 1,408,692 | $ | 5.3 | ||||||||||||||
Forfeited/Cancelled | (9,700 | ) | $ | 2.89 | |||||||||||||
Outstanding at March 30, 2014 | 1,398,992 | $ | 5.32 | 3.35 | $ | 226,196 | |||||||||||
Exercisable at March 30, 2014 | 980,732 | $ | 6.01 | 2.47 | $ | 73,942 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Tangible Long-lived Assets by Geographic Location | ' | ||||||||
Tangible long-lived assets by geographic location are as follows: | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in thousands) | |||||||||
United States | $ | 2,670 | $ | 2,889 | |||||
Asia Pacific | 410 | 497 | |||||||
$ | 3,080 | $ | 3,386 | ||||||
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials and manufactured components | $5,548 | $6,010 |
Work-in-process | 3,149 | 2,459 |
Finished goods | 1,473 | 1,362 |
Total inventory | $10,170 | $9,831 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued commissions | $844 | $1,086 |
Accrued warranty | 322 | 379 |
Accrued taxes | 1,598 | 1,858 |
Accrued audit | 365 | 419 |
Accrued legal | 1,428 | 1,430 |
Accrued bonus | 10 | 85 |
Payroll and payroll taxes | 568 | 688 |
Accrued cost of sales | 185 | 142 |
Other | 193 | 274 |
Accrued expenses | $5,513 | $6,361 |
Accrued_Expenses_Additional_In
Accrued Expenses - Additional Information (Detail) | 3 Months Ended |
Mar. 30, 2014 | |
Other Liabilities Disclosure [Abstract] | ' |
Term of standard warranty coverage for labor | 'The Company provides standard warranty coverage for labor for 12 months |
Standard product warranty for parts and labor period | '12 months |
Accrued_Expenses_Schedule_of_C
Accrued Expenses - Schedule of Changes in Company's Accrued Warranty Account (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Other Liabilities Disclosure [Abstract] | ' |
Beginning balance | $379 |
Plus: accruals related to new sales | 92 |
Less: warranty claims incurred and reserve adjustment | -149 |
Ending balance | $322 |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Detail) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Mortgage note payable, interest rate of 4.43% | $7,496 | $7,586 |
Less-current portion of long-term debt | 371 | 367 |
Long-term debt, less current portion | $7,125 | $7,219 |
Debt_Schedule_of_LongTerm_Debt1
Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended |
Mar. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Mortgage note annual interest rate | 4.43% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 30, 2006 | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage note amount | ' | $10,000,000 |
Mortgage note payable maturity date | 23-Dec-15 | ' |
Loan modification agreement date | 9-Sep-10 | ' |
Mortgage note annual interest rate | 4.43% | ' |
Amount of mortgage loan outstanding | 7,500,000 | ' |
Letters of credit outstanding | 253,422 | ' |
Mortgage Note Payable [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage note payable maturity date | 26-Sep-23 | ' |
Mortgage note annual interest rate | 4.43% | ' |
FHLB Basis points | 2.40% | ' |
Pre Loan Modification Agreement [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage note annual interest rate | 6.84% | ' |
Monthly installment payment | 76,280 | ' |
Post Loan Modification Agreement [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage note annual interest rate | 5.50% | ' |
Monthly installment payment | 69,000 | ' |
Post Loan Modification Agreement [Member] | Mortgage Note Payable [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage note annual interest rate | 4.43% | ' |
Monthly installment payment | $57,997 | ' |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Potentially dilutive securities excluded from diluted income (loss) per share | 1,443,842 | 1,322,496 |
Accounting_for_StockBased_Comp2
Accounting for Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option compensation expense | $124,980 | $159,193 |
Annualized estimated forfeiture rate | 4.00% | ' |
Period during which cost is expected to be recognized | '1 year 2 months 27 days | ' |
Stock option, granted | 0 | 0 |
Stock option, exercised | 0 | 0 |
Stock option, vested | 0 | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to non-vested options granted | 494,862 | ' |
Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option compensation expense | 16,042 | 6,036 |
Stock option, granted | 0 | 0 |
Stock option, vested | 0 | 0 |
Unrecognized compensation grants | $77,382 | ' |
Weighted average remaining contractual life | '1 year 3 months 22 days | ' |
Accounting_for_StockBased_Comp3
Accounting for Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares, Outstanding at December 31, 2013 | 1,408,692 |
Shares, Forfeited/Cancelled | -9,700 |
Shares, Outstanding at March 30, 2014 | 1,398,992 |
Shares, Exercisable at March 30, 2014 | 980,732 |
Weighted-Average Exercise Price, Outstanding at December 31, 2013 | $5.30 |
Weighted-Average Exercise Price, Forfeited/Cancelled | $2.89 |
Weighted-Average Exercise Price, Outstanding at March 30, 2014 | $5.32 |
Weighted-Average Exercise Price, Exercisable at March 30, 2014 | $6.01 |
Average Remaining Contractual Term, Outstanding at March 30, 2014 | '3 years 4 months 6 days |
Average Remaining Contractual Term, Exercisable at March 30, 2014 | '2 years 5 months 19 days |
Aggregate Intrinsic Value, Outstanding at March 30, 2014 | $226,196 |
Aggregate Intrinsic Value, Exercisable at March 30, 2014 | $73,942 |
Revenue_Recognition_Additional
Revenue Recognition - Additional Information (Detail) (Percentage of Completion Method [Member], USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Percentage of Completion Method [Member] | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' |
Revenue recognized | $0 | $0 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Interest rate on the mortgage note payable | 4.43% |
Mortgage Note Payable [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Interest rate on the mortgage note payable | 4.43% |
Segment_Reporting_Schedule_of_
Segment Reporting - Schedule of Tangible Long-lived Assets by Geographic Location (Detail) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets, Net | $3,080 | $3,386 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets, Net | 2,670 | 2,889 |
Asia Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets, Net | $410 | $497 |