Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Period Focus | 'Q2 |
Document Fiscal Year Focus | '2014 |
Entity Registrant Name | 'PLX TECHNOLOGY INC |
Entity Central Index Key | '0000850579 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 45,957,760 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $15,659 | $11,021 |
Short-term marketable securities | 9,900 | 8,295 |
Accounts receivable, net | 13,042 | 12,835 |
Inventories | 11,998 | 10,289 |
Other current assets | 2,235 | 2,117 |
Total current assets | 52,834 | 44,557 |
Property and equipment, net | 11,229 | 10,333 |
Goodwill | 20,461 | 20,461 |
Long-term marketable securities | 111 | 1,108 |
Other assets | 863 | 701 |
Total assets | 85,498 | 77,160 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 10,443 | 6,511 |
Accrued compensation and benefits | 3,270 | 4,050 |
Accrued commissions | 492 | 480 |
Other accrued expenses | 4,965 | 3,213 |
Total current liabilities | 19,170 | 14,254 |
Long term borrowing against line of credit | 5,000 | 5,000 |
Total liabilities | 24,170 | 19,254 |
Stockholders' Equity: | ' | ' |
Common stock, par value | 46 | 46 |
Additional paid-in capital | 194,940 | 193,391 |
Accumulated other comprehensive loss | -277 | -277 |
Accumulated deficit | -133,381 | -135,254 |
Total stockholders' equity | 61,328 | 57,906 |
Total liabilities and stockholders' equity | $85,498 | $77,160 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
Net revenues | $28,511,000 | $26,850,000 | $53,350,000 | $53,068,000 |
Cost of revenues | 11,808,000 | 11,777,000 | 21,892,000 | 22,470,000 |
Gross margin | 16,703,000 | 15,073,000 | 31,458,000 | 30,598,000 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 9,444,000 | 6,480,000 | 15,834,000 | 12,441,000 |
Selling, general and administrative | 5,844,000 | 6,804,000 | 11,941,000 | 13,223,000 |
Acquisition and restructuring related costs | 1,711,000 | ' | 1,711,000 | 291,000 |
Total operating expenses | 16,999,000 | 13,284,000 | 29,486,000 | 25,955,000 |
Income (loss) from operations | -296,000 | 1,789,000 | 1,972,000 | 4,643,000 |
Interest income (expense) and other, net | -24,000 | -55,000 | -53,000 | -126,000 |
Income (loss) from continuing operations before provision for income taxes | -320,000 | 1,734,000 | 1,919,000 | 4,517,000 |
Provision (benefit) for income taxes | -6,000 | 61,000 | 46,000 | 145,000 |
Income (loss) from continuing operations, net of tax | -314,000 | 1,673,000 | 1,873,000 | 4,372,000 |
Loss from discontinued operations, net of tax | ' | ' | ' | -57,000 |
Net income (loss) | ($314,000) | $1,673,000 | $1,873,000 | $4,315,000 |
Basic net income (loss) per share: | ' | ' | ' | ' |
Income (loss) from continuing operations | ($0.01) | $0.04 | $0.04 | $0.10 |
Loss from discontinued operations | ' | ' | ' | ' |
Net income (loss) | ($0.01) | $0.04 | $0.04 | $0.10 |
Diluted net income (loss) per share: | ' | ' | ' | ' |
Income (loss) from continuing operations | ($0.01) | $0.04 | $0.04 | $0.09 |
Loss from discontinued operations | ' | ' | ' | ' |
Net income (loss) | ($0.01) | $0.04 | $0.04 | $0.09 |
Shares used to compute basic per share amounts | 45,922 | 45,611 | 45,882 | 45,487 |
Shares used to compute diluted per share amounts | 45,922 | 46,299 | 47,154 | 46,195 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($314) | $1,673 | $1,873 | $4,315 |
Unrealized gain (loss) on marketable securities, net | ' | -1 | 2 | -1 |
Foreign currency translation adjustments | -6 | -25 | -2 | -28 |
Comprehensive net income (loss) | ($320) | $1,647 | $1,873 | $4,286 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $1,873 | $4,315 |
Adjustments to reconcile net income to net cash flows from operating activities, net of assets acquired and liabilities assumed: | ' | ' |
Depreciation and amortization | 1,020 | 1,104 |
Share-based compensation expense | 916 | 1,082 |
Write-downs of inventories | 167 | 158 |
Other non-cash items | 23 | 19 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -207 | -1,552 |
Inventories | -1,876 | -198 |
Other current assets | -118 | -987 |
Other assets | -236 | 230 |
Accounts payable | 3,932 | -4,848 |
Accrued compensation and benefits | -780 | -1,568 |
Other accrued expenses | 1,764 | 398 |
Net cash provided by (used) in operating activities | 6,478 | -1,847 |
Cash flows from investing activities: | ' | ' |
Purchases of marketable securities | -5,496 | -5,763 |
Maturities of marketable securities | 4,868 | 3,113 |
Purchase of property and equipment | -1,835 | -381 |
Net cash used in investing activities | -2,463 | -3,031 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of common stock options | 633 | 1,414 |
Taxes paid related to net share settlement of equity awards | ' | -321 |
Net cash provided by financing activities | 633 | 1,093 |
Effect of exchange rate fluctuations on cash and cash equivalents | -10 | -26 |
Net increase (decrease) in cash and cash equivalents | 4,638 | -3,811 |
Cash and cash equivalents at beginning of period | 11,021 | 14,673 |
Cash and cash equivalents at end of period | 15,659 | 10,862 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for income taxes | 162 | 98 |
Cash from income tax refunds | ' | 1 |
Cash paid for interest | $85 | $123 |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||
Basis Of Presentation | ' | |||||||||
1. Basis of Presentation | ||||||||||
The accompanying unaudited condensed consolidated financial statements of PLX Technology, Inc. and its wholly-owned subsidiaries (collectively, “PLX” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring accruals) that management considers necessary for a fair presentation of the Company’s financial position, operating results and cash flows for the interim periods presented. Operating results and cash flows for interim periods are not necessarily indicative of results for the entire year. | ||||||||||
The unaudited condensed consolidated financial statements include all of the accounts of the Company and those of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||||
This financial data should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | ||||||||||
Pending Transaction | ||||||||||
On June 23, 2014, the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) with Avago Technologies Wireless (U.S.A.) Manufacturing Inc. (“Avago”). The Merger Agreement provides for Avago to purchase all of the outstanding shares (the “Shares”) of PLX common stock, at a price of $6.50 per share. Pursuant to the terms of the Merger Agreement, Avago commenced a tender offer (the “Offer”) on July 8, 2014. | ||||||||||
Concurrently with entering into the Merger Agreement, the largest stockholder of PLX, certain senior members of the PLX management team and all of the directors of PLX, entered into a Tender and Support Agreement with Avago (the “Tender and Support Agreements”) pursuant to which they agreed, among other things, to tender all of their Shares in the Offer, unless the Merger Agreement is terminated. In aggregate, such persons own approximately 14.7% of the outstanding shares of PLX. | ||||||||||
The agreement is subject to various conditions, including, but not limited to (i) at least a majority of shares of PLX common stock then outstanding (calculated on a fully diluted basis) being tendered into the Offer, (ii) the expiration or termination of the applicable Hart-Scott-Rodino Act (“HSR Act”) waiting period and compliance with the requirements under chapter VII of the Act against Restraints of Competition of 1958 of Germany, as amended, and (iii) the absence of any Company Material Adverse Effect (as defined in the Merger Agreement) with respect to PLX’s business. | ||||||||||
The Offer will expire at midnight, New York time on August 11, 2014, the 25th business day (calculated in accordance with the rules of the Securities Exchange Act of 1934) following the commencement date of the Offer, unless extended in accordance with the terms of the Offer and the Merger Agreement and the applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”). | ||||||||||
PLX and Avago each filed a Premerger Notification and Report Form under the HSR Act with the Federal Trade Commission and the Antitrust Division in connection with the purchase of Shares in the Offer and the Merger on July 2, 2014. On July 17, 2014 at 11:59 p.m., New York City time, the required HSR Act waiting period with respect to the Offer and the Merger expired. | ||||||||||
PLX has agreed to certain restrictions on its ability to solicit and respond to any other proposals to acquire PLX. Under the Merger Agreement, PLX is prohibited from soliciting or encouraging any Competing Proposal or Competing Inquiry (each as defined in the Merger Agreement). Additionally, under the Merger Agreement, at any time on or after June 23, 2014 until the Acceptance Time (as defined in the Merger Agreement), PLX is permitted to provide information to, and engage in discussions with, third parties with respect to a written Competing Proposal if the board of directors of PLX determines in good faith after consultation with its independent financial and outside legal advisors that the Competing Proposal constitutes or would reasonably be expected to lead to a Superior Proposal (as defined in the Merger Agreement) and that failure to take such action would be reasonably likely to result in a breach of its fiduciary duties. | ||||||||||
The agreement contains certain termination rights by the Company and Avago including the Company's acceptance of a superior proposal. In the event that the Merger Agreement is terminated, the Company may, under specified circumstances, be required to pay a termination fee of $10.85 million. | ||||||||||
A copy of the Merger Agreement is attached as Exhibit 2.1 to the Form 8-K filed by PLX on June 23, 2014, to report the Merger Agreement. Additional information relating to the Merger Agreement is also included in that Form 8-K and in other filings PLX and Avago have made and will make with the SEC relating to the Merger Agreement. | ||||||||||
Use of Estimates | ||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 periods. Our significant estimates include our allowance for sales returns, obsolescence and slow moving inventory reserve, the amount of valuation allowance needed on our deferred tax assets, the useful lives of our long lived assets, the expected life and volatility inputs used to determine our stock compensation charges and the amount of our contingent liabilities. Actual results could differ from those estimates and such differences may be material to the financial statements. | ||||||||||
Accumulated Other Comprehensive Loss | ||||||||||
The changes in the components of accumulated other comprehensive loss, net of tax, reflected in the Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss), consisted of the following (in thousands): | ||||||||||
Three Months Ended June 30, 2014 | ||||||||||
Unrealized gain | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at April 1, 2014 | $ | 1 | $ | -272 | $ | -271 | ||||
Other comprehensive loss before reclassifications | - | -6 | -6 | |||||||
Balance at June 30, 2014 | $ | 1 | $ | -278 | $ | -277 | ||||
Six Months Ended June 30, 2014 | ||||||||||
Unrealized gain (loss) | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at January 1, 2014 | $ | -1 | $ | -276 | $ | -277 | ||||
Other comprehensive income (loss) before reclassifications | 2 | -2 | - | |||||||
Balance at June 30, 2014 | $ | 1 | $ | -278 | $ | -277 | ||||
Three Months Ended June 30, 2013 | ||||||||||
Unrealized gain (loss) | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at April 1, 2013 | $ | 1 | $ | -230 | $ | -229 | ||||
Other comprehensive loss before reclassifications | -1 | -25 | -26 | |||||||
Balance at June 30, 2013 | $ | - | $ | -255 | $ | -255 | ||||
Six Months Ended June 30, 2013 | ||||||||||
Unrealized gain (loss) | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at January 1, 2013 | $ | 1 | $ | -227 | $ | -226 | ||||
Other comprehensive loss before reclassifications | -1 | -28 | -29 | |||||||
Balance at June 30, 2013 | $ | - | $ | -255 | $ | -255 | ||||
There were no amounts reclassified from accumulated other comprehensive loss in the three and six months ended June 30, 2014 and 2013. | ||||||||||
Revenue Recognition | ||||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery or customer acceptance, where applicable, has occurred, the fee is fixed or determinable and collection is reasonably assured. | ||||||||||
Revenue from product sales to direct customers and distributors is recognized upon shipment and transfer of risk of loss, if the Company believes collection is reasonably assured and all other revenue recognition criteria are met. The Company assesses the probability of collection based on a number of factors, including past transaction history and the customer’s creditworthiness. At the end of each reporting period, the sufficiency of allowances for doubtful accounts is assessed based on the age of the receivable and the individual customer’s creditworthiness. | ||||||||||
The Company offers pricing protection to two distributors whereby the Company supports the distributor’s resale product margin on certain products held in the distributor’s inventory. The Company analyzes current requests for credit in process, also known as ship and debits, historical rates and amounts of credits issued and inventory at the distributor to determine the ending sales reserve required for this program. The Company also offers stock rotation rights to two distributors such that they can return up to a total of 5% of products purchased every six months in exchange for other PLX products of equal value. The Company analyzes inventory at distributors, current stock rotation requests and past experience to determine the ending sales reserve required at each reporting period. Provisions for reserves are charged directly against revenue and the related reserves are recorded as a reduction to accounts receivable. | ||||||||||
Recent Accounting Pronouncements | ||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles (“GAAP”). Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for annual reporting periods beginning after December 15, 2016. Early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements. | ||||||||||
Discontinued Operations | ||||||||||
On September 20, 2012, the Company completed the sale of its physical layer 10GBase-T integrated circuit (“PHY”) family of products pursuant to an Asset Purchase Agreement between the Company and Aquantia Corporation dated September 14, 2012. On July 6, 2012, the Company had also entered into an Asset Purchase Agreement (the “Entropic APA”) with Entropic Communications, Inc., pursuant to which the Company completed the sale of its digital channel stacking switch product line within the PHY product family, including certain assets exclusively related to the product line. The operations of the PHY related business have been segregated from continuing operations and are presented as discontinued operations in the Company’s consolidated statement of operations for all periods presented. | ||||||||||
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||
2. Share-Based Compensation | |||||||||||||||||||
Equity Incentive Plans | |||||||||||||||||||
In May 2008, the Company’s stockholders approved the 2008 Equity Incentive Plan (“2008 Plan”). The 2008 Plan was amended by the Company’s stockholders in May 2010 to increase the number of shares reserved for issuance under the Plan by 1,500,000 shares. In May 2011, the 2008 Plan was amended again by the Company’s stockholders to increase the number of shares reserved for issuance under the Plan by 2,300,000 shares. Under the 2008 Plan, there is currently authorized for issuance and available for awards an aggregate of 5,000,000 shares of the Company’s common stock, plus up to an additional 2,407,369 shares that otherwise would have reverted to the share reserve of the Company’s prior incentive plan, the Company’s 1999 Stock Incentive Plan, subject to an overall, aggregate share reserve limit of 7,407,369 shares. Awards under the 2008 Plan may include stock options, restricted stock, stock appreciation rights, performance awards, restricted stock units (“RSUs”) and other awards, provided that with respect to full value awards, such as restricted stock or restricted stock units, no more than 300,000 shares may be issued in the form of full value awards during the term of the 2008 Plan. Awards under the 2008 Plan may be made to the Company’s officers and other employees, its board members and consultants that it hires. Generally, options vest over a four-year period and expire no more than seven years after the date of grant. The 2008 Plan has a term of ten years. | |||||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||||
In January 2009, the Company established the PLX Technology, Inc. Employee Stock Ownership Plan (the “ESOP”). The ESOP is a non-leveraged, tax-qualified defined contribution retirement plan that is non-contributory. PLX regular employees (other than nonresident aliens with no U.S.-source income, employees covered by a collective bargaining agreement, leased employees and employees of a non-participating subsidiary of PLX) who are at least 18 years old and have worked for PLX for at least 12 consecutive months are eligible to participate in the ESOP. The Company makes cash contributions equal to a percentage of eligible compensation that is determined annually by the Board of Directors. Compensation costs are recorded based on the cash contribution amounts. Eligible compensation is limited to $150,000. The contributions are used to purchase common stock of the Company. Since the adoption of the ESOP, the Company has made annual contributions of 2% of each employee's eligible compensation up to a maximum of $3,000 for any single employee (2% of $150,000 of eligible compensation). In accordance with the Avago merger agreement, the Company ceased contributing to the plan after the June 2014 contribution. Eligible participants receive a share allocation at the end of the plan year based on the contributions plus an additional allocation for forfeitures that occurred during the plan year. The shares and forfeitures are allocated to each ESOP participant who is employed on the last day of the ESOP Plan Year (December 31) in the same proportion that the compensation (up to the $150,000 limit) of each ESOP participant bears to the eligible compensation of all ESOP participants. | |||||||||||||||||||
Share-Based Compensation Expense | |||||||||||||||||||
The fair value of share-based awards is calculated using the Black-Scholes option pricing model, which requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. | |||||||||||||||||||
The weighted-average fair value of share-based compensation to employees is based on the multiple option valuation approach. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of share-based compensation awards to employees is amortized using the straight-line method over the vesting period of the awards. The weighted-average fair value calculations are based on the following weighted average assumptions: | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 1.51% | 1.01% | 1.53% | 0.84% | |||||||||||||||
Expected volatility | 50.10% | 58.60% | 52.20% | 60.60% | |||||||||||||||
Expected life (years) | 4.56 | 4.34 | 4.56 | 4.34 | |||||||||||||||
Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. | |||||||||||||||||||
Expected Life: The Company’s expected life represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected life is based on the observed and expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive an employee behavioral pattern used to forecast expected exercise patterns. | |||||||||||||||||||
Expected Volatility: The Company believes that historical volatility best represents expected volatility due to the lack of market data consistently available to calculate implied volatility. The historical volatility is based on the weekly closing prices of its common stock over a period equal to the expected term of the option and is a strong indicator of the expected future volatility. | |||||||||||||||||||
These factors could change in the future, which would affect the share-based compensation expense in future periods. | |||||||||||||||||||
As share-based compensation expense recognized in the unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||||
The following tables show total share-based compensation and employee stock ownership plan expenses recorded for the three and six months ended June 30, 2014 and 2013, included in the respective line items of the Condensed Consolidated Statements of Operations (in thousands): | |||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||||||||||||||
Stock Options | Stock Options | ||||||||||||||||||
and RSUs | ESOP | Total | and RSUs | ESOP | Total | ||||||||||||||
Cost of revenues | $ | 12 | $ | 2 | $ | 14 | $ | 22 | $ | 5 | $ | 27 | |||||||
Research and development | 168 | 51 | 219 | 320 | 120 | 440 | |||||||||||||
Selling, general and administrative | 274 | 28 | 302 | 575 | 79 | 654 | |||||||||||||
Total share-based compensation expense | $ | 454 | $ | 81 | $ | 535 | $ | 917 | $ | 204 | $ | 1,121 | |||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||
Stock Options | Stock Options | ||||||||||||||||||
and RSUs | ESOP | Total | and RSUs | ESOP | Total | ||||||||||||||
Cost of revenues | $ | 11 | $ | 3 | $ | 14 | $ | -12 | $ | 3 | $ | -9 | |||||||
Research and development | 143 | 48 | 191 | 306 | 110 | 416 | |||||||||||||
Selling, general and administrative | 334 | 28 | 362 | 842 | 83 | 925 | |||||||||||||
Discontinued operations (1) | - | - | - | -54 | - | -54 | |||||||||||||
Total share-based compensation expense | $ | 488 | $ | 79 | $ | 567 | $ | 1,082 | $ | 196 | $ | 1,278 | |||||||
-1 | Recorded in loss from discontinued operations in the Condensed Consolidated Statements of Operations. | ||||||||||||||||||
A summary of option activity under the Company’s stock equity plans during the six months ended June 30, 2014 is as follows: | |||||||||||||||||||
Weighted Average | |||||||||||||||||||
Remaining | Aggregate | ||||||||||||||||||
Number of | Weighted Average | Contractual Term | Intrinsic | ||||||||||||||||
Options | Shares | Exercise Price | (in years) | Value | |||||||||||||||
Outstanding at December 31, 2013 | 4,652,563 | $ | 4.26 | 4.09 | $ | 11,427,206 | |||||||||||||
Granted | 852,380 | 6.01 | |||||||||||||||||
Exercised | -166,591 | 3.80 | |||||||||||||||||
Cancelled | -220,825 | 8.31 | |||||||||||||||||
Outstanding at June 30, 2014 | 5,117,527 | $ | 4.39 | 4.24 | $ | 10,763,856 | |||||||||||||
Exercisable at June 30, 2014 | 3,031,329 | $ | 3.92 | 3.10 | $ | 7,848,111 | |||||||||||||
The Black-Scholes weighted average fair values of options granted during the three months ended June 30, 2014 and 2013 were $2.55 and $2.12, respectively. | |||||||||||||||||||
The Black-Scholes weighted average fair values of options granted during the six months ended June 30, 2014 and 2013 were $2.56 and $2.17, respectively. | |||||||||||||||||||
The following table summarizes ranges of outstanding and exercisable options as of June 30, 2014: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Remaining | Weighted | Weighted | |||||||||||||||||
Contractual Term | Average | Average | |||||||||||||||||
Range of Exercise Prices | Number | (in years) | Exercise Price | Number | Exercise Price | ||||||||||||||
$1.80-$3.35 | 1,092,092 | 2.13 | $ | 2.30 | 1,013,638 | $ | 2.25 | ||||||||||||
$3.36-$4.10 | 1,085,569 | 3.98 | 3.92 | 737,903 | 3.88 | ||||||||||||||
$4.11-$4.84 | 1,094,724 | 5.68 | 4.59 | 360,320 | 4.59 | ||||||||||||||
$4.85-$5.94 | 1,079,638 | 4.21 | 5.34 | 638,804 | 4.93 | ||||||||||||||
$5.95-$11.99 | 765,504 | 5.61 | 6.42 | 280,664 | 6.87 | ||||||||||||||
Total | 5,117,527 | 4.24 | $ | 4.39 | 3,031,329 | $ | 3.92 | ||||||||||||
The total intrinsic value of options exercised during the three and six months ended June 30, 2014 was $0.2 million and $0.4 million respectively. For same periods in 2013, the total intrinsic value of options exercised was $0.1 million and $0.4 million, respectively. The fair value of options vested during the three and six months ended June 30, 2014 was approximately $0.9 million and $1.5 million, respectively. As of June 30, 2014, total unrecognized compensation costs related to nonvested stock options including estimated forfeitures was $2.4 million which is expected to be recognized as expense over a weighted average period of approximately 1.5 years. | |||||||||||||||||||
The following table summarizes the activity for our nonvested restricted stock units (“RSUs”) during the six months ended June 30, 2014: | |||||||||||||||||||
Nonvested Restricted Stock Units | |||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||
Shares | Grant-Date Fair Value | ||||||||||||||||||
31-Dec-13 | - | $ | - | ||||||||||||||||
Granted | 10,000 | $ | 5.94 | ||||||||||||||||
30-Jun-14 | 10,000 | $ | 5.94 | ||||||||||||||||
As of June 30, 2014, total unrecognized compensation cost related to nonvested RSUs was $53,000 which is expected to be recognized as expense over a weighted average period of approximately 3.60 years. | |||||||||||||||||||
Inventories
Inventories | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
3. Inventories | |||||||
Inventories are valued at the lower of cost (first-in, first-out method) or market (net realizable value). Inventories were as follows (in thousands): | |||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Work-in-process | $ | 5,835 | $ | 5,561 | |||
Finished goods | 6,163 | 4,728 | |||||
Total | $ | 11,998 | $ | 10,289 | |||
The Company evaluates the need for potential inventory write downs by considering a combination of factors including the life of the product, sales history, obsolescence, sales forecasts and expected sales prices. | |||||||
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Net Income (Loss) Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
4. Net Income (Loss) Per Share | |||||||||||||
The Company uses the treasury stock method to calculate the weighted average shares used in the diluted earnings per share. The following table sets forth the computation of basic and diluted income (loss) per share from continuing operations (in thousands, except per share data): | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Income (loss) from continuing operations | $ | -314 | $ | 1,673 | $ | 1,873 | $ | 4,372 | |||||
Weighted average shares outstanding - basic | 45,922 | 45,611 | 45,882 | 45,487 | |||||||||
Dilutive effect of stock options and RSUs | - | 688 | 1,272 | 708 | |||||||||
Weighted average shares outstanding - diluted | 45,922 | 46,299 | 47,154 | 46,195 | |||||||||
Basic income (loss) per share from continuing operations | $ | -0.01 | $ | 0.04 | $ | 0.04 | $ | 0.10 | |||||
Diluted income (loss) per share from continuing operations | $ | -0.01 | $ | 0.04 | $ | 0.04 | $ | 0.09 | |||||
As the Company incurred a net loss for the three month period ended June 30, 2014, the effect of dilutive securities, totaling 5.1 million shares has been excluded from the computation of diluted loss per share, as its impact would be anti-dilutive. Weighted average employee stock options to purchase approximately 0.7 million shares for the six month period ended June 30, 2014 were outstanding, but were not included in the computation of diluted earnings per share as the exercise price of the options was greater than the average share price of the Company’s stock or the number of shares assumed to be repurchased using the proceeds of unrecognized compensation expense and exercise prices was greater than the weighted average number of shares underlying outstanding option and, therefore, the effect would have been anti-dilutive. Dilutive securities are comprised of options to purchase common stock and RSUs | |||||||||||||
Weighted average employee stock options to purchase approximately 2.7 million and 2.2 million shares for the three and six month periods ended June 30, 2013, respectively, were outstanding, but were not included in the computation of diluted earnings per share as the exercise price of the options was greater than the average share price of the Company’s stock or the number of shares assumed to be repurchased using the proceeds of unrecognized compensation expense and exercise prices was greater than the weighted average number of shares underlying outstanding option and, therefore, the effect would have been anti-dilutive. | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
5. Fair Value Measurements | |||||||||||||
The accounting guidance for fair value measurements provides a framework for measuring fair value and expands related disclosures. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The guidance also establishes a hierarchy which requires an entity to maximize the use of observable inputs, when available. The guidance requires fair value measurement be classified and disclosed in one of the following three categories: | |||||||||||||
Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the level 1 category is based on quoted prices that are readily and regularly available in an active market. | |||||||||||||
Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based upon quoted prices in markets that are not active and incorporate available trade, bid and other market information. | |||||||||||||
Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. | |||||||||||||
The fair value of financial assets and liabilities measured on a recurring basis is as follows (in thousands): | |||||||||||||
Fair Value Measurement as of Reporting Date Using | |||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant | |||||||||||
for Identical Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||||||
30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Money market funds | $ | 185 | $ | 185 | $ | - | $ | - | |||||
Certificate of deposit | 8,616 | - | 8,616 | - | |||||||||
Marketable securities | 1,488 | - | 1,488 | - | |||||||||
Total | $ | 10,289 | $ | 185 | $ | 10,104 | $ | - | |||||
Fair Value Measurement as of Reporting Date Using | |||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant | |||||||||||
for Identical Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Money market funds | $ | 1 | $ | 1 | $ | - | $ | - | |||||
Certificate of deposit | 7,555 | - | 7,555 | - | |||||||||
Marketable securities | 2,716 | - | 2,716 | - | |||||||||
Total | $ | 10,272 | $ | 1 | $ | 10,271 | $ | - | |||||
The fair value of the Company’s money-market funds classified as Level 1 is valued using prices in active markets. The fair values of the Company’s investments classified as Level 2 are valued using inputs that include actual trade data, benchmark yields, broker/dealer quotes and other similar data. These inputs are obtained from quoted market prices, independent pricing vendors or other sources. | |||||||||||||
Investments
Investments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||
Investments | ' | ||||||||||||||||||
6. Investments | |||||||||||||||||||
As of June 30, 2014, the Company’s securities consisted of certificate of deposits and debt securities and were designated as available-for-sale. Available-for-sale securities are carried at fair value, based on quoted market prices or prices quoted in markets that are not active, with unrealized gains and losses reported in a separate component of stockholders’ equity. The amortized cost of debt securities is adjusted for the amortization of premiums and the accretion of discounts to maturity, both of which are included in interest income. Realized gains and losses are recorded on the specific identification method. | |||||||||||||||||||
The fair value of available-for-sale investments is as follows (in thousands): | |||||||||||||||||||
30-Jun-14 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||
Cost | Gain | Loss | Fair Value | ||||||||||||||||
Certificate of deposit | $ | 8,616 | $ | 1 | $ | -1 | $ | 8,616 | |||||||||||
Marketable securities: | |||||||||||||||||||
Municipal bonds | 982 | 1 | - | 983 | |||||||||||||||
US treasury and government agencies securities | 505 | - | - | 505 | |||||||||||||||
Total | $ | 10,103 | $ | 2 | $ | -1 | $ | 10,104 | |||||||||||
Less amounts classified as cash equivalents | -93 | ||||||||||||||||||
Total short and long-term available-for-sale investments | $ | 10,011 | |||||||||||||||||
Contractual maturity dates for investments: | |||||||||||||||||||
Less than one year: | 9,900 | ||||||||||||||||||
One to two years: | 111 | ||||||||||||||||||
$ | 10,011 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||
Cost | Gain | Loss | Fair Value | ||||||||||||||||
Certificate of deposit | $ | 7,557 | $ | - | $ | -2 | $ | 7,555 | |||||||||||
Marketable securities: | |||||||||||||||||||
Municipal bonds | 2,125 | 1 | - | 2,126 | |||||||||||||||
US treasury and government agencies securities | 590 | - | - | 590 | |||||||||||||||
Total | $ | 10,272 | $ | 1 | $ | -2 | $ | 10,271 | |||||||||||
Less amounts classified as cash equivalents | -868 | ||||||||||||||||||
Total short and long-term available-for-sale investments | $ | 9,403 | |||||||||||||||||
Contractual maturity dates for investments: | |||||||||||||||||||
Less than one year: | 8,295 | ||||||||||||||||||
One to two years: | 1,108 | ||||||||||||||||||
$ | 9,403 | ||||||||||||||||||
The following tables show the gross unrealized losses and fair value for investments in an unrealized loss position as of June 30, 2014 and December 31, 2013, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): | |||||||||||||||||||
30-Jun-14 | |||||||||||||||||||
Less than 12 Months | 12 months or Greater | Total | |||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||
Certificate of deposit | $ | 833 | $ | -1 | $ | - | $ | - | $ | 833 | $ | -1 | |||||||
Total | $ | 833 | $ | -1 | $ | - | $ | - | $ | 833 | $ | -1 | |||||||
31-Dec-13 | |||||||||||||||||||
Less than 12 Months | 12 months or Greater | Total | |||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||
Certificate of deposit | $ | 1,956 | $ | -2 | $ | - | $ | - | $ | 1,956 | $ | -2 | |||||||
Total | $ | 1,956 | $ | -2 | $ | - | $ | - | $ | 1,956 | $ | -2 | |||||||
The Company reviews its available for sale investments for impairment at the end of each period. Investments in debt securities are considered impaired when the fair value of the debt security is below its amortized cost. If an impairment exists and the Company determines it has intent to sell the debt security or if it is more likely than not that it will be required to sell the debt security before recovery of its amortized cost basis, an other-than-temporary impairment loss is recognized in earnings to write the debt security down to its fair value. However, even if the Company does not expect to sell the debt security, it must evaluate expected cash flows to be received and determine if a credit loss exists. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in earnings. Amounts relating to factors other than credit losses are recognized in other comprehensive income. The Company did not record any other-than-temporary write-downs in the accompanying financial statements. | |||||||||||||||||||
Acquisition_And_Restructuring_
Acquisition And Restructuring Costs | 6 Months Ended |
Jun. 30, 2014 | |
Acquisition And Restructuring Costs [Abstract] | ' |
Acquisition And Restructuring Costs | ' |
7. Acquisition and Restructuring Costs | |
For the three and six months ended June 30, 2014 the Company recorded $1.7 million of acquisition costs, primarily for outside legal and investment banking fees associated with the pending Avago acquisition of PLX. These expenses were included in operating expenses under acquisition and restructuring related costs in the Company’s Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2014. | |
For the six months ended June 30, 2013, the Company recorded $0.3 million of severance and benefit related costs, included in acquisition and restructuring related costs in the Condensed Consolidated Statement of Operations, related to the termination of 4 employees worldwide as part of the restructuring of SG&A activities as a result of the 2012 divestiture of the PHY business. As of December 31, 2013 all of the severance and benefit accruals were paid. | |
For the six months ended June 30, 2013, the Company recorded $12,000 of outside legal and accounting costs associated with the wrap up of the IDT acquisition activities, which were terminated in December 2012. These expenses were also included in operating expenses under acquisition and restructuring related costs in the Company’s Condensed Consolidated Statement of Operations. | |
Segments_Of_An_Enterprise_And_
Segments Of An Enterprise And Related Information | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segments Of An Enterprise And Related Information [Abstract] | ' | ||||||||||||
Segments Of An Enterprise And Related Information | ' | ||||||||||||
8. Segments of an Enterprise and Related Information | |||||||||||||
The Company has one operating segment, the sale of semiconductor devices. The Chief Executive Officer has been identified as the Chief Operating Decision Maker (“CODM”) because he has final authority over resource allocation decisions and performance assessment. The CODM does not receive discrete financial information about individual components of the Company’s business. The majority of the Company’s assets are located in the United States. | |||||||||||||
Revenues from continuing operations by geographic region based on customer location were as follows (in thousands): | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenues: | |||||||||||||
China | $ | 7,246 | $ | 7,752 | $ | 13,420 | $ | 14,788 | |||||
Taiwan | 5,923 | 4,816 | 11,009 | 8,926 | |||||||||
United States | 5,050 | 4,944 | 9,806 | 10,777 | |||||||||
Germany | 2,600 | 2,399 | 5,617 | 4,806 | |||||||||
Singapore | 3,236 | 4,632 | 6,058 | 9,100 | |||||||||
Other Asia Pacific | 3,995 | 2,002 | 6,683 | 3,804 | |||||||||
Europe, Middle East and Africa | 290 | 204 | 441 | 648 | |||||||||
The Americas - excluding United States | 171 | 101 | 316 | 219 | |||||||||
Total | $ | 28,511 | $ | 26,850 | $ | 53,350 | $ | 53,068 | |||||
There were no direct end customers that accounted for more than 10% of net revenues. Sales to the following distributors accounted for 10% or more of net revenues from continuing operations: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Excelpoint Systems Pte Ltd | 27% | 32% | 27% | 33% | |||||||||
Avnet, Inc. | 23% | 22% | 24% | 24% | |||||||||
Answer Technology, Inc. | 16% | 14% | 15% | 13% | |||||||||
There were no direct end customers that accounted for more than 10% or more of the total accounts receivable balance. The following distributors accounted for 10% or more of the total accounts receivable balance: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Excelpoint Systems Pte Ltd | 34% | 39% | |||||||||||
Answer Technology, Inc. | 23% | 19% | |||||||||||
Line_Of_Credit
Line Of Credit | 6 Months Ended |
Jun. 30, 2014 | |
Line Of Credit [Abstract] | ' |
Line Of Credit | ' |
9. Line of Credit | |
On September 30, 2011, the Company entered into an agreement with Silicon Valley Bank to establish a two-year $10.0 million revolving loan facility. On April 22, 2013, the agreement was amended to increase the facility to $15.0 million and extend the maturity date to September 30, 2015. The facility provides for revolving advances based on a borrowing-base formula tied to the Company’s receivables and also provides for month-end and fiscal quarter-end advances beyond the borrowing-base formula subject to certain limitations and requirements. Borrowings under the credit facility bear interest at rates equal to the prime rate announced from time to time in The Wall Street Journal. As of June 30, 2014 the prime rate was 3.25%. The facility also provides for commitment, unused facility and letter-of-credit fees. The facility is secured by liens on the Company’s personal property assets except for intellectual property, which is subject to a negative pledge against encumbrance. As of June 30, 2014 there is $5.0 million outstanding against the facility. In addition, the Company issued an irrevocable letter of credit of $0.8 million against the facility for the bond issued as a result of the judgment in the Internet Machines litigation. Borrowing availability as of June 30, 2014 was $9.2 million. Interest payments are paid monthly with principal due at maturity. | |
The facility is subject to certain financial covenants for EBITDA, as defined in the agreement, and a monthly quick ratio computation (PLX’s cash, investments and accounts receivable divided by current liabilities). The Company was in compliance with all financial covenants associated with this facility as of June 30, 2014. | |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
10. Commitments and Contingencies | |
Internet Machines Litigation | |
To date, Internet Machines LLC ("Internet Machines") has filed three separate lawsuits against PLX. The first suit was filed on February 2, 2010, which has been served on PLX, entitled Internet Machines LLC v. Alienware Corporation, et al., in the United States District Court for the Eastern District of Texas, Tyler Division (the “First Suit”). This First Suit alleges infringement by PLX and the other defendants in the lawsuit of two patents held by Internet Machines. The complaint in the lawsuit seeks unspecified compensatory damages, treble damages and attorneys' fees, as well as injunctive relief against further infringement of Internet Machines' patents. On May 14, 2010, the Company filed its answer to the live complaint and asserted counterclaims, seeking declaratory judgments of non-infringement and invalidity of the patents-in-suit. On December 6, 2010, the Court held a case-management conference and subsequently entered a scheduling order in this matter, and set the trial for February 2012. | |
On February 21, 2012, through February 29, 2012, the claims and defenses asserted in the First Suit were tried to a seven-member jury in the United States District Court for the Eastern District of Texas, Tyler Division. On February 29, 2012, the jury returned its verdict, finding the patents-in-suit valid and infringed and awarded money damages against PLX in the amount of $1.0 million. On June 19, 2013, the Court issued its ruling on the post-verdict motions filed by the parties and entered an appealable judgment, affirming the jury’s findings of validity and infringement. The judgment entered by the Court further affirmed the monetary award found by the jury. On July 17, 2013, the Company filed a notice of appeal with the Court and on October 7, 2013 it filed the appeal brief, appealing the judgment to the United States Court of Appeals for the Federal Circuit. The Company intends to continue to vigorously seek reversal of the jury’s verdict and the Court’s judgment on appeal. | |
Internet Machines' second lawsuit, which has also been served on PLX, was filed on October 17, 2010, again in the United States District Court for the Eastern District of Texas, Tyler Division (the “Second Suit”). This Second Suit, entitled Internet Machines LLC v. ASUS Computer International, et al., alleges infringement by PLX of another patent held by Internet Machines. The complaint also asserts infringement claims against a separate group of defendants not named in the first Internet Machines lawsuit, and accuses those defendants of infringing the two patents asserted against PLX in the First Suit, as well as the additional patent listed in this Second Suit. The complaint in the lawsuit seeks unspecified compensatory damages, treble damages and attorneys' fees, as well as injunctive relief against further infringement of Internet Machines' patents. On December 28, 2010, the Company filed its answer to the live complaint in the second lawsuit and asserted counterclaims, seeking declaratory judgments of non-infringement and invalidity of the patents-in-suit. | |
On May 17, 2011, Internet Machines filed a third lawsuit entitled Internet Machines LLC v. Avnet, Inc., et al., again in the United States District Court for the Eastern District of Texas, Tyler Division (the “Third Suit”). The third lawsuit has been served on PLX and alleges that PLX infringes a fourth patent held by Internet Machines. This lawsuit also accuses a new group of defendants of infringing each of Internet Machines' patents at issue in the First and Second Suits, as well as the fourth patent asserted against PLX in this Third Suit. The complaint in the Third Suit seeks unspecified compensatory damages, treble damages and attorneys' fees, as well as injunctive relief against further infringement of Internet Machines' patents. On September 27, 2011, the Company filed its answer to the live complaint and asserted counterclaims, seeking declaratory judgments of non-infringement and invalidity of the patents-in-suit. | |
On January 20, 2012, the Court entered an order consolidating the Second and Third Suits into one action. The Court further ordered that the schedule entered in the Third Suit would govern the consolidated action. As a result, the consolidated action was originally set for trial in February 2013. | |
On March 25, 2011, a related entity, Internet Machines MC LLC, filed a lawsuit against PLX, entitled Internet Machines MC LLC v. PLX Technology, Inc., et al., in the United States District Court for the Eastern District of Texas, Marshall Division. Internet Machines MC LLC, however, did not serve the initial complaint on PLX. Instead, on August 26, 2011, Internet Machines MC LLC filed a first amended complaint, which has now been served on PLX, alleging infringement by PLX and the other defendants in the lawsuit of one patent held by Internet Machines MC LLC. The complaint in this lawsuit seeks unspecified compensatory damages, treble damages and attorneys' fees, as well as injunctive relief against further infringement of Internet Machines MC LLC's patents. On November 11, 2011, the Company filed its answer to the live complaint and asserted counterclaims, seeking declaratory judgments of non-infringement and invalidity of the patents-in-suit. On March 5, 2012, the Court held an initial case-management conference in this matter. The Court entered a scheduling order in this matter, and trial was originally set for July 2013. | |
On September 4, 2012, the Court entered an order staying the Second and Third Suits and the lawsuit brought by Internet Machines MC LLC discussed in the preceding paragraph. Pursuant to the Court’s order, those lawsuits are stayed until a final non-appealable judgment is entered in the First Suit, again styled Internet Machines LLC v. Alienware Corp., et al., Cause No. 6:10-CV-023, in the United States District Court for the Eastern District of Texas. While it is not possible to determine the ultimate outcome of these suits, the Company believes that it has meritorious defenses with respect to the claims asserted against it and intends to vigorously defend its position, but it is unable to estimate a range of possible loss, if any. | |
As a result of the jury’s February 29, 2012 verdict on the First Suit, the Company accrued $1.0 million as of December 31, 2011. Based on the June 19, 2013 Court’s ruling, the Company accrued an additional $0.9 million. As noted above, the Company has filed an appeal of the jury’s verdict and the Court’s judgment issued in the First Suit. The Company will continue to accrue royalties, under the Court’s direction, until the appeal is finalized. A change in the ruling as a result of that appeal could change the estimated liability in the period in which the outcome of the appeal is known. | |
Litigation Relating to the Merger Transaction with Avago | |
Since the announcement of the Merger Agreement on June 23, 2014, nine putative class action lawsuits have been filed by shareholders against the Company, its directors and/or Avago challenging the transactions contemplated by the Merger Agreement. See Note 1 under the caption “Pending Transaction” for more information on the Merger Agreement. | |
Four lawsuits were filed in the Superior Court for the State of California, County of Santa Clara, captioned Cox v. PLX Technology Inc. et al.; Ellis v. PLX Technology Inc. et al.; Golden v. PLX Technology, Inc. et al.; and Abdallah v. PLX Technology, Inc. et al. (the “California Actions”). On July 17, 2014, the parties lodged stipulated requests to consolidate the California actions under the caption In re PLX Technology, Inc. S’holder Litig. and appoint lead plaintiff and counsel. That same day, the parties lodged a stipulated request to stay the California Actions pending resolution of related actions filed in the Delaware Court of Chancery, described below. Those stipulations await court approval. | |
Five lawsuits were filed in the Delaware Court of Chancery, captioned Varghese v. PLX Technology, Inc. et al.; Feinstein v. PLX Technology, Inc. et al.; Price v. PLX Technology et al.; Cox v. Avago Technologies Wireless (U.S.A), Inc. et al.; and Cohn v. Salameh et al. (the “Delaware Actions”). On July 21, 2014, the court granted a stipulated order consolidating the Delaware Actions under the caption In re PLX Technology, Inc. Stockholders Litigation, Consol. appointing lead plaintiffs and lead counsel, and designating the complaint filed in Cox as the operative complaint for the consolidated action. | |
The complaints allege, among other things, that the Company’s directors breached their fiduciary duties to the Company’s stockholders by seeking to sell the Company for an inadequate price, pursuant to an unfair process, and by agreeing to preclusive deal protections in the Merger Agreement. Plaintiffs also allege that the Company, Potomac Capital Partners II, L.P., Parent and the Purchaser aided and abetted the alleged fiduciary breaches. Plaintiffs finally allege that the 14D-9 recommendation statement filed by the Company contains false and misleading statements and/or omits material information necessary to inform the shareholder vote. The complaints seek, among other things, equitable relief to enjoin the consummation of the proposed transaction contemplated by the Merger Agreement, and attorneys’ fees and costs. | |
Other Litigation | |
From time to time, the Company is involved in claims and legal proceedings that arise in the ordinary course of business. Any claims or proceedings against the Company, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time, result in the diversion of significant operational resources, or require the Company to enter into royalty or licensing agreements which, if required, may not be available on terms favorable to the Company or at all. If management believes that a loss arising from these matters is probable and can be reasonably estimated, the Company will record a reserve for the loss. | |
Long Term Contracts | |
The Company entered into a license agreement with a third party IP provider, effective April 30, 2014, to license its PCI Express Gen 4 IP. The license allows the Company to develop three products within four years of its acceptance of the final deliverable. The license fee of $5.5 million is payable in installments based on specific milestones and is subject to royalty payments. | |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
11. Income Taxes | |
A provision for income tax from continuing operations of $46,000 has been recorded for the six month period ended June 30, 2014, compared to a provision of $145,000 for the same period in 2013. Income tax expense for the six months ended June 30, 2014 and 2013 is a result of applying the estimated annual effective tax rate to cumulative profit before taxes. | |
Due to operating losses incurred, the Company created a full valuation allowance as of December 2002 for deferred tax assets. As of June 30, 2014, a valuation allowance continues to be recorded for the net deferred tax asset based on management’s assessment that the realization of deferred tax assets is uncertain due to the history of losses, the variability of operating results and the inability to conclude that it is more likely than not that sufficient taxable income would be generated in future periods to realize those deferred tax assets. The Company will maintain a full valuation allowance until sufficient positive evidence exists to support a reversal of the valuation allowance. As of December 31, 2013, the Company has a valuation allowance against net deferred assets of $67.2 million. Other than the estimated usage of the Company’s net operating losses for the year, there were no material changes in the amount of net deferred assets during the six months ended June 30, 2014 | |
The Company intends to review on a quarterly basis the conclusions reached about the appropriate amount of its deferred income tax asset valuation allowance and expects a significant benefit to be recorded in the period the valuation allowance reversal is recorded and a significantly higher effective tax rate in periods following the valuation allowance reversal. | |
As of December 31, 2013, the Company had unrecognized tax benefits of approximately $5.9 million of which none, if recognized, would result in a reduction of the Company’s effective tax rate. There were no material changes in the amount of unrecognized tax benefits during the six months ended June 30, 2014. Future changes in the balance of unrecognized tax benefits will have no impact on the effective tax rate as they are subject to a full valuation allowance. The Company does not believe the amount of its unrecognized tax benefits will significantly change within the next twelve months. | |
The Company is subject to taxation in the United States and various state and foreign jurisdictions. The tax years 2009 through 2012 remain open to examination by the federal and most state tax authorities. Net operating loss and tax credit carryforwards generated in prior periods remain open to examination. | |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Basis Of Presentation [Abstract] | ' |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 periods. Our significant estimates include our allowance for sales returns, obsolescence and slow moving inventory reserve, the amount of valuation allowance needed on our deferred tax assets, the useful lives of our long lived assets, the expected life and volatility inputs used to determine our stock compensation charges and the amount of our contingent liabilities. Actual results could differ from those estimates and such differences may be material to the financial statements. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery or customer acceptance, where applicable, has occurred, the fee is fixed or determinable and collection is reasonably assured. | |
Revenue from product sales to direct customers and distributors is recognized upon shipment and transfer of risk of loss, if the Company believes collection is reasonably assured and all other revenue recognition criteria are met. The Company assesses the probability of collection based on a number of factors, including past transaction history and the customer’s creditworthiness. At the end of each reporting period, the sufficiency of allowances for doubtful accounts is assessed based on the age of the receivable and the individual customer’s creditworthiness. | |
The Company offers pricing protection to two distributors whereby the Company supports the distributor’s resale product margin on certain products held in the distributor’s inventory. The Company analyzes current requests for credit in process, also known as ship and debits, historical rates and amounts of credits issued and inventory at the distributor to determine the ending sales reserve required for this program. The Company also offers stock rotation rights to two distributors such that they can return up to a total of 5% of products purchased every six months in exchange for other PLX products of equal value. The Company analyzes inventory at distributors, current stock rotation requests and past experience to determine the ending sales reserve required at each reporting period. Provisions for reserves are charged directly against revenue and the related reserves are recorded as a reduction to accounts receivable. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles (“GAAP”). Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for annual reporting periods beginning after December 15, 2016. Early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements. | |
Discontinued Operations | ' |
Discontinued Operations | |
On September 20, 2012, the Company completed the sale of its physical layer 10GBase-T integrated circuit (“PHY”) family of products pursuant to an Asset Purchase Agreement between the Company and Aquantia Corporation dated September 14, 2012. On July 6, 2012, the Company had also entered into an Asset Purchase Agreement (the “Entropic APA”) with Entropic Communications, Inc., pursuant to which the Company completed the sale of its digital channel stacking switch product line within the PHY product family, including certain assets exclusively related to the product line. The operations of the PHY related business have been segregated from continuing operations and are presented as discontinued operations in the Company’s consolidated statement of operations for all periods presented. | |
Basis_Of_Presentation_Tables
Basis Of Presentation (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||
Schedule Of Accumulated Comprehensive Loss | ' | |||||||||
Three Months Ended June 30, 2014 | ||||||||||
Unrealized gain | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at April 1, 2014 | $ | 1 | $ | -272 | $ | -271 | ||||
Other comprehensive loss before reclassifications | - | -6 | -6 | |||||||
Balance at June 30, 2014 | $ | 1 | $ | -278 | $ | -277 | ||||
Six Months Ended June 30, 2014 | ||||||||||
Unrealized gain (loss) | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at January 1, 2014 | $ | -1 | $ | -276 | $ | -277 | ||||
Other comprehensive income (loss) before reclassifications | 2 | -2 | - | |||||||
Balance at June 30, 2014 | $ | 1 | $ | -278 | $ | -277 | ||||
Three Months Ended June 30, 2013 | ||||||||||
Unrealized gain (loss) | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at April 1, 2013 | $ | 1 | $ | -230 | $ | -229 | ||||
Other comprehensive loss before reclassifications | -1 | -25 | -26 | |||||||
Balance at June 30, 2013 | $ | - | $ | -255 | $ | -255 | ||||
Six Months Ended June 30, 2013 | ||||||||||
Unrealized gain (loss) | Foreign currency | |||||||||
on marketable securities | translation adjustments | Total | ||||||||
Balance at January 1, 2013 | $ | 1 | $ | -227 | $ | -226 | ||||
Other comprehensive loss before reclassifications | -1 | -28 | -29 | |||||||
Balance at June 30, 2013 | $ | - | $ | -255 | $ | -255 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||||
Schedule Of Weighted-Average Fair Value Calculations Based On Weighted Average Assumptions | ' | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 1.51% | 1.01% | 1.53% | 0.84% | |||||||||||||||
Expected volatility | 50.10% | 58.60% | 52.20% | 60.60% | |||||||||||||||
Expected life (years) | 4.56 | 4.34 | 4.56 | 4.34 | |||||||||||||||
Schedule Of Share-Based Compensation And Employee Stock Ownership Plan Expenses | ' | ||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||||||||||||||
Stock Options | Stock Options | ||||||||||||||||||
and RSUs | ESOP | Total | and RSUs | ESOP | Total | ||||||||||||||
Cost of revenues | $ | 12 | $ | 2 | $ | 14 | $ | 22 | $ | 5 | $ | 27 | |||||||
Research and development | 168 | 51 | 219 | 320 | 120 | 440 | |||||||||||||
Selling, general and administrative | 274 | 28 | 302 | 575 | 79 | 654 | |||||||||||||
Total share-based compensation expense | $ | 454 | $ | 81 | $ | 535 | $ | 917 | $ | 204 | $ | 1,121 | |||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||
Stock Options | Stock Options | ||||||||||||||||||
and RSUs | ESOP | Total | and RSUs | ESOP | Total | ||||||||||||||
Cost of revenues | $ | 11 | $ | 3 | $ | 14 | $ | -12 | $ | 3 | $ | -9 | |||||||
Research and development | 143 | 48 | 191 | 306 | 110 | 416 | |||||||||||||
Selling, general and administrative | 334 | 28 | 362 | 842 | 83 | 925 | |||||||||||||
Discontinued operations (1) | - | - | - | -54 | - | -54 | |||||||||||||
Total share-based compensation expense | $ | 488 | $ | 79 | $ | 567 | $ | 1,082 | $ | 196 | $ | 1,278 | |||||||
-1 | Recorded in loss from discontinued operations in the Condensed Consolidated Statements of Operations. | ||||||||||||||||||
Summary Of Stock Option Activity | ' | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Remaining | Aggregate | ||||||||||||||||||
Number of | Weighted Average | Contractual Term | Intrinsic | ||||||||||||||||
Options | Shares | Exercise Price | (in years) | Value | |||||||||||||||
Outstanding at December 31, 2013 | 4,652,563 | $ | 4.26 | 4.09 | $ | 11,427,206 | |||||||||||||
Granted | 852,380 | 6.01 | |||||||||||||||||
Exercised | -166,591 | 3.80 | |||||||||||||||||
Cancelled | -220,825 | 8.31 | |||||||||||||||||
Outstanding at June 30, 2014 | 5,117,527 | $ | 4.39 | 4.24 | $ | 10,763,856 | |||||||||||||
Exercisable at June 30, 2014 | 3,031,329 | $ | 3.92 | 3.10 | $ | 7,848,111 | |||||||||||||
Summary Of Ranges Of Outstanding And Exercisable Options | ' | ||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Remaining | Weighted | Weighted | |||||||||||||||||
Contractual Term | Average | Average | |||||||||||||||||
Range of Exercise Prices | Number | (in years) | Exercise Price | Number | Exercise Price | ||||||||||||||
$1.80-$3.35 | 1,092,092 | 2.13 | $ | 2.30 | 1,013,638 | $ | 2.25 | ||||||||||||
$3.36-$4.10 | 1,085,569 | 3.98 | 3.92 | 737,903 | 3.88 | ||||||||||||||
$4.11-$4.84 | 1,094,724 | 5.68 | 4.59 | 360,320 | 4.59 | ||||||||||||||
$4.85-$5.94 | 1,079,638 | 4.21 | 5.34 | 638,804 | 4.93 | ||||||||||||||
$5.95-$11.99 | 765,504 | 5.61 | 6.42 | 280,664 | 6.87 | ||||||||||||||
Total | 5,117,527 | 4.24 | $ | 4.39 | 3,031,329 | $ | 3.92 | ||||||||||||
Summary Of Activity For Nonvested Restricted Stock Units | ' | ||||||||||||||||||
Nonvested Restricted Stock Units | |||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||
Shares | Grant-Date Fair Value | ||||||||||||||||||
31-Dec-13 | - | $ | - | ||||||||||||||||
Granted | 10,000 | $ | 5.94 | ||||||||||||||||
30-Jun-14 | 10,000 | $ | 5.94 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Schedule Of Inventories | ' | ||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Work-in-process | $ | 5,835 | $ | 5,561 | |||
Finished goods | 6,163 | 4,728 | |||||
Total | $ | 11,998 | $ | 10,289 | |||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Net Income (Loss) Per Share [Abstract] | ' | ||||||||||||
Computation Of Basic And Diluted Net Income (Loss) Per Share | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Income (loss) from continuing operations | $ | -314 | $ | 1,673 | $ | 1,873 | $ | 4,372 | |||||
Weighted average shares outstanding - basic | 45,922 | 45,611 | 45,882 | 45,487 | |||||||||
Dilutive effect of stock options and RSUs | - | 688 | 1,272 | 708 | |||||||||
Weighted average shares outstanding - diluted | 45,922 | 46,299 | 47,154 | 46,195 | |||||||||
Basic income (loss) per share from continuing operations | $ | -0.01 | $ | 0.04 | $ | 0.04 | $ | 0.10 | |||||
Diluted income (loss) per share from continuing operations | $ | -0.01 | $ | 0.04 | $ | 0.04 | $ | 0.09 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule Of Fair Value Of Financial Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||
Fair Value Measurement as of Reporting Date Using | |||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant | |||||||||||
for Identical Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||||||
30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Money market funds | $ | 185 | $ | 185 | $ | - | $ | - | |||||
Certificate of deposit | 8,616 | - | 8,616 | - | |||||||||
Marketable securities | 1,488 | - | 1,488 | - | |||||||||
Total | $ | 10,289 | $ | 185 | $ | 10,104 | $ | - | |||||
Fair Value Measurement as of Reporting Date Using | |||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant | |||||||||||
for Identical Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Money market funds | $ | 1 | $ | 1 | $ | - | $ | - | |||||
Certificate of deposit | 7,555 | - | 7,555 | - | |||||||||
Marketable securities | 2,716 | - | 2,716 | - | |||||||||
Total | $ | 10,272 | $ | 1 | $ | 10,271 | $ | - | |||||
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||
Schedule Of Fair Value Of Available-For-Sale Investments | ' | ||||||||||||||||||
30-Jun-14 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||
Cost | Gain | Loss | Fair Value | ||||||||||||||||
Certificate of deposit | $ | 8,616 | $ | 1 | $ | -1 | $ | 8,616 | |||||||||||
Marketable securities: | |||||||||||||||||||
Municipal bonds | 982 | 1 | - | 983 | |||||||||||||||
US treasury and government agencies securities | 505 | - | - | 505 | |||||||||||||||
Total | $ | 10,103 | $ | 2 | $ | -1 | $ | 10,104 | |||||||||||
Less amounts classified as cash equivalents | -93 | ||||||||||||||||||
Total short and long-term available-for-sale investments | $ | 10,011 | |||||||||||||||||
Contractual maturity dates for investments: | |||||||||||||||||||
Less than one year: | 9,900 | ||||||||||||||||||
One to two years: | 111 | ||||||||||||||||||
$ | 10,011 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||
Cost | Gain | Loss | Fair Value | ||||||||||||||||
Certificate of deposit | $ | 7,557 | $ | - | $ | -2 | $ | 7,555 | |||||||||||
Marketable securities: | |||||||||||||||||||
Municipal bonds | 2,125 | 1 | - | 2,126 | |||||||||||||||
US treasury and government agencies securities | 590 | - | - | 590 | |||||||||||||||
Total | $ | 10,272 | $ | 1 | $ | -2 | $ | 10,271 | |||||||||||
Less amounts classified as cash equivalents | -868 | ||||||||||||||||||
Total short and long-term available-for-sale investments | $ | 9,403 | |||||||||||||||||
Contractual maturity dates for investments: | |||||||||||||||||||
Less than one year: | 8,295 | ||||||||||||||||||
One to two years: | 1,108 | ||||||||||||||||||
$ | 9,403 | ||||||||||||||||||
Schedule Of Gross Unrealized Losses And Fair Value For Investments In An Unrealized Loss Position | ' | ||||||||||||||||||
30-Jun-14 | |||||||||||||||||||
Less than 12 Months | 12 months or Greater | Total | |||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||
Certificate of deposit | $ | 833 | $ | -1 | $ | - | $ | - | $ | 833 | $ | -1 | |||||||
Total | $ | 833 | $ | -1 | $ | - | $ | - | $ | 833 | $ | -1 | |||||||
31-Dec-13 | |||||||||||||||||||
Less than 12 Months | 12 months or Greater | Total | |||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||
Certificate of deposit | $ | 1,956 | $ | -2 | $ | - | $ | - | $ | 1,956 | $ | -2 | |||||||
Total | $ | 1,956 | $ | -2 | $ | - | $ | - | $ | 1,956 | $ | -2 | |||||||
Segments_Of_An_Enterprise_And_1
Segments Of An Enterprise And Related Information (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segments Of An Enterprise And Related Information [Abstract] | ' | ||||||||||||
Schedule Of Revenues By Geographic Region Based On Customer Location | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenues: | |||||||||||||
China | $ | 7,246 | $ | 7,752 | $ | 13,420 | $ | 14,788 | |||||
Taiwan | 5,923 | 4,816 | 11,009 | 8,926 | |||||||||
United States | 5,050 | 4,944 | 9,806 | 10,777 | |||||||||
Germany | 2,600 | 2,399 | 5,617 | 4,806 | |||||||||
Singapore | 3,236 | 4,632 | 6,058 | 9,100 | |||||||||
Other Asia Pacific | 3,995 | 2,002 | 6,683 | 3,804 | |||||||||
Europe, Middle East and Africa | 290 | 204 | 441 | 648 | |||||||||
The Americas - excluding United States | 171 | 101 | 316 | 219 | |||||||||
Total | $ | 28,511 | $ | 26,850 | $ | 53,350 | $ | 53,068 | |||||
Schedule Of Percentage Of Net Revenues Accounted As Sales To Distributors | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Excelpoint Systems Pte Ltd | 27% | 32% | 27% | 33% | |||||||||
Avnet, Inc. | 23% | 22% | 24% | 24% | |||||||||
Answer Technology, Inc. | 16% | 14% | 15% | 13% | |||||||||
Schedule Of Percentage Of Total Accounts Receivable Balance Accounted To Distributors | ' | ||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Excelpoint Systems Pte Ltd | 34% | 39% | |||||||||||
Answer Technology, Inc. | 23% | 19% | |||||||||||
Basis_Of_Presentation_Narrativ
Basis Of Presentation (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 23, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
item | |||||
Basis Of Presentation Disclosure [Line Items] | ' | ' | ' | ' | ' |
Termination fee | $10,850,000 | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | $0 | $0 | $0 | $0 |
Number of distributors who have pricing protection | ' | ' | ' | 2 | ' |
Number of distributors with stock rotation rights | ' | ' | ' | 2 | ' |
Percentage of purchased products that can be returned under stock rotation rights | ' | ' | ' | 5.00% | ' |
Largest Stockholder, Certain Members Of Management Team And All Directors Of Company [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation Disclosure [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage | 14.70% | ' | ' | ' | ' |
Avago [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation Disclosure [Line Items] | ' | ' | ' | ' | ' |
Stock price | $6.50 | ' | ' | ' | ' |
Basis_Of_Presentation_Schedule
Basis Of Presentation (Schedule Of Accumulated Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Unrealized Gain (Loss) On Marketable Securities [Member] | Unrealized Gain (Loss) On Marketable Securities [Member] | Unrealized Gain (Loss) On Marketable Securities [Member] | Unrealized Gain (Loss) On Marketable Securities [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | |||||
Basis Of Presentation Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ($271) | ($229) | ($226) | ($277) | $1 | ($1) | $1 | $1 | ($272) | ($230) | ($276) | ($227) |
Other comprehensive income (loss) before reclassifications net of tax | -6 | -26 | -29 | ' | -1 | 2 | -1 | ' | -6 | -25 | -2 | -28 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | ($277) | ($255) | ($255) | ($277) | ' | $1 | ' | $1 | ($278) | ($255) | ($278) | ($255) |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | 31-May-10 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
2008 Equity Incentive Plan [Member] | May 2010 Amendment [Member] | May 2011 Amendment [Member] | ESOP [Member] | Equity Option [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in number of shares reserved for issuance | ' | ' | ' | ' | ' | 1,500,000 | 2,300,000 | ' | ' | ' |
Aggregate shares of common stock authorized and available for awards, prior to 1999 Equity Plan eligible shares | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Additional shares potentially available which would revert back to the 1999 Equity Plan | ' | ' | ' | ' | 2,407,369 | ' | ' | ' | ' | ' |
Aggregate share reserve limit under 2008 Equity Plan | ' | ' | ' | ' | 7,407,369 | ' | ' | ' | ' | ' |
Number of shares that may be issued in the form of full value | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' |
Award vesting period, years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Award expiration period, years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' |
Term of plan, years | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
ESOP eligible annual compensation limit | ' | ' | ' | ' | ' | ' | ' | $150,000 | ' | ' |
ESOP annual salary contribution, percentage | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
ESOP maximum annual contribution per employee | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' |
Total intrinsic value of options exercised | 200,000 | 100,000 | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' |
Fair value of options vested | 900,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation costs related to nonvested stock options including estimated forfeitures | 2,400,000 | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average period, years | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | '3 years 7 months 6 days |
Total unrecognized compensation cost related to nonvested RSUs | $53,000 | ' | $53,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted | $2.55 | $2.12 | $2.56 | $2.17 | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Weighted-Average Fair Value Calculations Based On Weighted Average Assumptions) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-Based Compensation [Abstract] | ' | ' | ' | ' |
Risk-free interest rate | 1.51% | 1.01% | 1.53% | 0.84% |
Expected volatility | 50.10% | 58.60% | 52.20% | 60.60% |
Expected life (years) | '4 years 6 months 22 days | '4 years 4 months 2 days | '4 years 6 months 22 days | '4 years 4 months 2 days |
ShareBased_Compensation_Schedu1
Share-Based Compensation (Schedule Of Share-Based Compensation And Employee Stock Ownership Plan Expenses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | $535 | $567 | $1,121 | $1,278 | |
Stock Options And Restricted Stock Units [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 454 | 488 | 917 | 1,082 | |
Employee Stock Ownership Plan [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 81 | 79 | 204 | 196 | |
Cost Of Revenues [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 14 | 14 | 27 | -9 | |
Cost Of Revenues [Member] | Stock Options And Restricted Stock Units [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 12 | 11 | 22 | -12 | |
Cost Of Revenues [Member] | Employee Stock Ownership Plan [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 2 | 3 | 5 | 3 | |
Research And Development [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 219 | 191 | 440 | 416 | |
Research And Development [Member] | Stock Options And Restricted Stock Units [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 168 | 143 | 320 | 306 | |
Research And Development [Member] | Employee Stock Ownership Plan [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 51 | 48 | 120 | 110 | |
Selling, General And Administrative [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 302 | 362 | 654 | 925 | |
Selling, General And Administrative [Member] | Stock Options And Restricted Stock Units [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 274 | 334 | 575 | 842 | |
Selling, General And Administrative [Member] | Employee Stock Ownership Plan [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | 28 | 28 | 79 | 83 | |
Discontinued Operations [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | ' | ' | ' | -54 | [1] |
Discontinued Operations [Member] | Stock Options And Restricted Stock Units [Member] | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | |
Total share-based compensation expense | ' | ' | ' | ($54) | [1] |
[1] | Recorded in loss from discontinued operations in the Condensed Consolidated Statements of Operations. |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Share-Based Compensation [Abstract] | ' | ' |
Number of Shares, Outstanding, Beginning Balance | 4,652,563 | ' |
Number of Shares, Granted | 852,380 | ' |
Number of Shares, Exercised | -166,591 | ' |
Number of Shares, Cancelled | -220,825 | ' |
Number of Shares, Outstanding, Ending Balance | 5,117,527 | 4,652,563 |
Number of Shares, Exercisable at September 30, 2013 | 3,031,329 | ' |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $4.26 | ' |
Weighted Average Exercise Price, Granted | $6.01 | ' |
Weighted Average Exercise Price, Exercised | $3.80 | ' |
Weighted Average Exercise Price, Cancelled | $8.31 | ' |
Weighted Average Exercise Price, Outstanding, Ending Balance | $4.39 | $4.26 |
Weighted Average Exercise Price, Exercisable at September 30, 2013 | $3.92 | ' |
Weighted Average Remaining Contractual Term (in years), Outstanding | '4 years 2 months 27 days | '4 years 1 month 2 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at September 30, 2013 | '3 years 1 month 6 days | ' |
Aggregate Intrinsic Value, Outstanding | $10,763,856 | $11,427,206 |
Aggregate Intrinsic Value, Exercisable at September 30, 2013 | $7,848,111 | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Ranges Of Outstanding And Exercisable Options) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 5,117,527 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '4 years 2 months 27 days |
Options Outstanding, Weighted Average Exercise Price | $4.39 |
Options Exercisable, Number | 3,031,329 |
Options Exercisable, Weighted Average Exercise Price | $3.92 |
$1.80-$3.35 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower limit | $1.80 |
Range of Exercise Prices, upper limit | $3.35 |
Options Outstanding, Number | 1,092,092 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '2 years 1 month 17 days |
Options Outstanding, Weighted Average Exercise Price | $2.30 |
Options Exercisable, Number | 1,013,638 |
Options Exercisable, Weighted Average Exercise Price | $2.25 |
$3.36-$4.10 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower limit | $3.36 |
Range of Exercise Prices, upper limit | $4.10 |
Options Outstanding, Number | 1,085,569 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '3 years 11 months 23 days |
Options Outstanding, Weighted Average Exercise Price | $3.92 |
Options Exercisable, Number | 737,903 |
Options Exercisable, Weighted Average Exercise Price | $3.88 |
$4.11-$4.84 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower limit | $4.11 |
Range of Exercise Prices, upper limit | $4.84 |
Options Outstanding, Number | 1,094,724 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '5 years 8 months 5 days |
Options Outstanding, Weighted Average Exercise Price | $4.59 |
Options Exercisable, Number | 360,320 |
Options Exercisable, Weighted Average Exercise Price | $4.59 |
$4.85-$5.94 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower limit | $4.85 |
Range of Exercise Prices, upper limit | $5.94 |
Options Outstanding, Number | 1,079,638 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '4 years 2 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $5.34 |
Options Exercisable, Number | 638,804 |
Options Exercisable, Weighted Average Exercise Price | $4.93 |
$5.95-$11.99 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower limit | $5.95 |
Range of Exercise Prices, upper limit | $11.99 |
Options Outstanding, Number | 765,504 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '5 years 7 months 10 days |
Options Outstanding, Weighted Average Exercise Price | $6.42 |
Options Exercisable, Number | 280,664 |
Options Exercisable, Weighted Average Exercise Price | $6.87 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Activity For Unvested Restricted Stock Units) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-Based Compensation [Abstract] | ' |
Number of Shares, Granted | 10,000 |
Number of Shares, Ending Balance | 10,000 |
Weighted Average Grant-Date Fair Value, Granted | $5.94 |
Weighted Average Grant-Date Fair Value, Ending Balance | $5.94 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Work-in-process | $5,835 | $5,561 |
Finished goods | 6,163 | 4,728 |
Total | $11,998 | $10,289 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Income (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations | ($314) | $1,673 | $1,873 | $4,372 |
Weighted average shares outstanding - basic | 45,922,000 | 45,611,000 | 45,882,000 | 45,487,000 |
Dilutive effect of stock options and RSUs | ' | 688,000 | 1,272,000 | 708,000 |
Weighted average shares outstanding - diluted | 45,922,000 | 46,299,000 | 47,154,000 | 46,195,000 |
Basic income (loss) per share from continuing operations | ($0.01) | $0.04 | $0.04 | $0.10 |
Diluted income (loss) per share from continuing operations | ($0.01) | $0.04 | $0.04 | $0.09 |
Shares excluded from computation of diluted loss per share | 5,100,000 | 2,700,000 | 700,000 | 2,200,000 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Of Assets And Liabilities On A Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | $10,289 | $10,272 |
Quoted Prices In Active Markets For Identical Assets Or Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 185 | 1 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 10,104 | 10,271 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 185 | 1 |
Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets Or Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 185 | 1 |
Certificate Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 8,616 | 7,555 |
Certificate Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 8,616 | 7,555 |
Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 1,488 | 2,716 |
Marketable Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | $1,488 | $2,716 |
Investments_Schedule_Of_Fair_V
Investments (Schedule Of Fair Value Of Available-For-Sale Investments) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less amounts classified as cash equivalents | ($93) | ($868) |
Total short and long-term available-for-sale investments | 10,011 | 9,403 |
Contractual maturity dates for investments, Less than one year, Estimated Fair Value | 9,900 | 8,295 |
Contractual maturity dates for investments, One to two years, Estimated Fair Value | 111 | 1,108 |
Less than 12 Months, Fair Value | 833 | 1,956 |
Total, Fair Value | 833 | 1,956 |
Less than 12 Months, Unrealized Loss | -1 | -2 |
Total, Unrealized Loss | -1 | -2 |
Certificate Of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 8,616 | 7,557 |
Unrealized Gain | 1 | ' |
Unrealized Loss | -1 | -2 |
Estimated Fair Value | 8,616 | 7,555 |
Less than 12 Months, Fair Value | 833 | 1,956 |
Total, Fair Value | 833 | 1,956 |
Less than 12 Months, Unrealized Loss | -1 | -2 |
Total, Unrealized Loss | -1 | -2 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 982 | 2,125 |
Unrealized Gain | 1 | 1 |
Estimated Fair Value | 983 | 2,126 |
US Treasury And Government Agencies Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 505 | 590 |
Estimated Fair Value | 505 | 590 |
Total Bonds, Notes And Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 10,103 | 10,272 |
Unrealized Gain | 2 | 1 |
Unrealized Loss | -1 | -2 |
Estimated Fair Value | $10,104 | $10,271 |
Acquisition_And_Restructuring_1
Acquisition And Restructuring Costs (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
employee | Avago [Member] | Avago [Member] | Integrated Device Technology, Inc [Member] | ||
Acquisition And Restructuring Costs [Line Items] | ' | ' | ' | ' | ' |
Acquisition costs | ' | ' | $1,700,000 | $1,700,000 | $12,000 |
Severance and benefit related costs | ' | $300,000 | ' | ' | ' |
Number of employees terminated | 4 | ' | ' | ' | ' |
Segments_Of_An_Enterprise_And_2
Segments Of An Enterprise And Related Information (Schedule Of Revenues By Geographic Region Based On Customer Location) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | $28,511 | $26,850 | $53,350 | $53,068 |
China [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 7,246 | 7,752 | 13,420 | 14,788 |
Taiwan [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 5,923 | 4,816 | 11,009 | 8,926 |
United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 5,050 | 4,944 | 9,806 | 10,777 |
Germany [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 2,600 | 2,399 | 5,617 | 4,806 |
Singapore [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 3,236 | 4,632 | 6,058 | 9,100 |
Other Asia Pacific [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 3,995 | 2,002 | 6,683 | 3,804 |
Europe, Middle East And Africa [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | 290 | 204 | 441 | 648 |
The Americas - Excluding United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues | $171 | $101 | $316 | $219 |
Segments_Of_An_Enterprise_And_3
Segments Of An Enterprise And Related Information (Schedule Of Percentage Of Net Revenues Accounted As Sales To Distributors) (Details) (Revenue [Member]) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Excelpoint Systems Pte Ltd [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of net revenues | 27.00% | 32.00% | 27.00% | 33.00% |
Avnet, Inc. [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of net revenues | 23.00% | 22.00% | 24.00% | 24.00% |
Answer Technology, Inc. [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of net revenues | 16.00% | 14.00% | 15.00% | 13.00% |
Segments_Of_An_Enterprise_And_4
Segments Of An Enterprise And Related Information (Schedule Of Percentage Of Total Accounts Receivable Balance Accounted To Distributors) (Details) (Accounts Receivable [Member]) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Excelpoint Systems Pte Ltd [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percentage of total accounts receivable | 34.00% | 39.00% |
Answer Technology, Inc. [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percentage of total accounts receivable | 23.00% | 19.00% |
Line_Of_Credit_Details
Line Of Credit (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Apr. 22, 2013 | Sep. 30, 2011 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility term | '2 years | ' | ' |
Line of credit facility borrowing capacity | ' | $15 | $10 |
Prime rate on line of credit facility | 3.25% | ' | ' |
Line of credit facility amount outstanding | 5 | ' | ' |
Line of credit facility remaining availability | 9.2 | ' | ' |
Line of credit, expiration date | 30-Sep-15 | ' | ' |
Letter of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Irrevocable letter of credit issued | $0.80 | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 17, 2010 | Feb. 02, 2010 | Jun. 30, 2014 |
lawsuit | California [Member] | Delaware [Member] | Third Party IP Provider [Member] | Internet Machines LLC [Member] | Internet Machines LLC [Member] | Internet Machines LLC [Member] | ||||
lawsuit | lawsuit | item | item | item | lawsuit | |||||
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of alleged patent infringements | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' |
Number of lawsuits filed against entity | ' | ' | ' | 9 | 4 | 5 | ' | ' | ' | 3 |
Loss contingency | $0.90 | $1 | $1 | ' | ' | ' | ' | ' | ' | ' |
Authorized number of products available for development | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Product development period | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' |
License fee payable | ' | ' | ' | ' | ' | ' | $5.50 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Provision (benefit) for income taxes | ($6,000) | $61,000 | $46,000 | $145,000 | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | ' | ' | 67,200,000 |
Unrecognized tax benefits | ' | ' | ' | ' | 5,900,000 |
Unrecognized tax benefits that would impact the effective tax rate | $0 | ' | $0 | ' | ' |