Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Jan. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DIGI INTERNATIONAL INC. | |
Entity Central Index Key | 854775 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 24,357,747 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue: | ||
Hardware product revenue | $44,933 | $41,989 |
Service revenue | 3,790 | 5,333 |
Total revenue | 48,723 | 47,322 |
Cost of sales: | ||
Cost of hardware product | 23,112 | 20,263 |
Cost of service | 3,689 | 4,151 |
Total cost of sales | 26,801 | 24,414 |
Gross profit | 21,922 | 22,908 |
Operating expenses: | ||
Sales and marketing | 10,792 | 10,219 |
Research and development | 7,562 | 7,257 |
General and administrative | 5,188 | 4,723 |
Restructuring charges, net | 0 | 81 |
Total operating expenses | 23,542 | 22,280 |
Operating (loss) income | -1,620 | 628 |
Other income, net: | ||
Interest income | 38 | 43 |
Other income, net | 388 | 93 |
Total other income, net | 426 | 136 |
(Loss) income before income taxes | -1,194 | 764 |
Income tax (benefit) provision | -855 | 76 |
Net (loss) income | ($339) | $688 |
Net (loss) income per common share: | ||
Basic (USD per share) | ($0.01) | $0.03 |
Diluted (USD per share) | ($0.01) | $0.03 |
Weighted average common shares: | ||
Basic (shares) | 24,150 | 25,716 |
Diluted (shares) | 24,150 | 26,229 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net (loss) income | ($339) | $688 | ||
Foreign currency translation adjustment | -2,373 | 343 | ||
Change in net unrealized (loss) gain on investments | -29 | 38 | ||
Less income tax benefit (provision) | 11 | -15 | ||
Other comprehensive (loss) income, net of tax | -2,391 | [1] | 366 | [1] |
Comprehensive (loss) income | ($2,730) | $1,054 | ||
[1] | No portion of other comprehensive income (loss) was attributed to reclassification adjustments during the three month periods ended December 31, 2014 or 2013. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $45,043 | $47,490 |
Marketable securities | 32,624 | 32,898 |
Accounts receivable, net | 23,281 | 28,576 |
Inventories | 33,364 | 31,247 |
Deferred tax assets | 3,206 | 3,221 |
Other | 5,372 | 4,249 |
Total current assets | 142,890 | 147,681 |
Marketable securities, long-term | 14,600 | 11,541 |
Property, equipment and improvements, net | 13,864 | 13,231 |
Identifiable intangible assets, net | 6,061 | 6,785 |
Goodwill | 102,674 | 103,398 |
Deferred tax assets | 6,766 | 7,383 |
Other | 396 | 440 |
Total assets | 287,251 | 290,459 |
Current liabilities: | ||
Accounts payable | 12,032 | 10,451 |
Accrued compensation | 7,517 | 8,133 |
Other | 3,664 | 3,170 |
Total current liabilities | 23,213 | 21,754 |
Income taxes payable | 2,017 | 2,724 |
Deferred tax liabilities | 37 | 272 |
Other noncurrent liabilities | 600 | 411 |
Total liabilities | 25,867 | 25,161 |
Contingencies (see Note 9) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 60,000,000 shares authorized; 30,704,895 and 30,703,895 shares issued | 307 | 307 |
Additional paid-in capital | 219,419 | 218,689 |
Retained earnings | 117,477 | 117,816 |
Accumulated other comprehensive loss | -20,668 | -18,277 |
Treasury stock, at cost, 6,560,774 and 6,313,937 shares | -55,151 | -53,237 |
Total stockholders' equity | 261,384 | 265,298 |
Total liabilities and stockholders' equity | $287,251 | $290,459 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 30,704,895 | 30,703,895 |
Treasury stock, shares | 6,560,774 | 6,313,937 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities: | ||
Net (loss) income | ($339) | $688 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation of property, equipment and improvements | 752 | 897 |
Amortization of identifiable intangible assets | 770 | 952 |
Stock-based compensation | 1,184 | 1,023 |
Excess tax benefits from stock-based compensation | 0 | -20 |
Deferred income tax provision (benefit) | 412 | -506 |
Bad debt/product return provision | 30 | 22 |
Inventory obsolescence | 230 | 229 |
Restructuring charges, net | 0 | 81 |
Other | -6 | 102 |
Changes in operating assets and liabilities | 2,310 | -3,805 |
Net cash provided by (used in) operating activities | 5,343 | -337 |
Investing activities: | ||
Purchase of marketable securities | -12,135 | 0 |
Proceeds from maturities of marketable securities | 9,321 | 7,109 |
Purchase of property, equipment, improvements and certain other intangible assets | -1,469 | -975 |
Net cash (used in) provided by investing activities | -4,283 | 6,134 |
Financing activities: | ||
Excess tax benefits from stock-based compensation | 0 | 20 |
Proceeds from stock option plan transactions | 9 | 2,813 |
Proceeds from employee stock purchase plan transactions | 261 | 296 |
Purchases of common stock | -2,257 | 0 |
Net cash (used in) provided by financing activities | -1,987 | 3,129 |
Effect of exchange rate changes on cash and cash equivalents | -1,520 | 224 |
Net (decrease) increase in cash and cash equivalents | -2,447 | 9,150 |
Cash and cash equivalents, beginning of period | 47,490 | 41,320 |
Cash and cash equivalents, end of period | $45,043 | $50,470 |
Basis_of_Presentation_of_Unaud
Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements and Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANTACCOUNTING POLICIES | BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation | |
The interim unaudited condensed consolidated financial statements included in this Form 10-Q have been prepared by Digi International Inc. (the “Company,” “Digi,” “we,” “our,” or “us”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures, normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto, including (but not limited to) the summary of significant accounting policies, presented in our Annual Report on Form 10-K for the year ended September 30, 2014 as filed with the SEC (“2014 Financial Statements”). | |
The condensed consolidated financial statements presented herein reflect, in the opinion of management, all adjustments which consist only of normal, recurring adjustments necessary for a fair statement of the condensed consolidated balance sheets and condensed consolidated statements of operations, comprehensive income and cash flows for the periods presented. The condensed consolidated results of operations for any interim period are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet data were derived from our 2014 Financial Statements, but do not include all disclosures required by U.S. GAAP. | |
Recently Issued Accounting Pronouncements | |
Adopted | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This guidance relates to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The standard update provides that a liability related to an unrecognized tax benefit should be offset against same jurisdiction deferred tax assets for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. This guidance is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. We adopted this guidance during the fiscal quarter ended December 31, 2014, resulting in a reclassification of $0.4 million of unrecognized tax benefits to noncurrent deferred tax assets. | |
In March 2013, FASB issued ASU 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This guidance applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. We adopted this guidance during the fiscal quarter ended December 31, 2014. There was no impact on our condensed consolidated financial statements as we did not sell any foreign entities for which we hold a controlling financial interest. | |
Not Yet Adopted | |
In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern.” This guidance requires management to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. These amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, which for us, will be the fourth fiscal quarter ended September 30, 2017. Early adoption is permitted. While we are evaluating the impact of the adoption of ASU 2014-15, we do not expect it to have an impact on our consolidated financial statements. | |
1. BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |
In May 2014, FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This guidance provides a five-step analysis in determining when and how revenue is recognized so that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods and services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2016. We expect to adopt this guidance beginning with our fiscal quarter ended December 31, 2017. We are evaluating the impact that the adoption will have on our consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | |||||||
Basic net (loss) income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares result from dilutive common stock options and restricted stock units. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares. All potentially dilutive common equivalent shares are excluded from the calculations of net loss per diluted share due to their anti-dilutive effect for the three month period ended December 31, 2014. | ||||||||
The following table is a reconciliation of the numerators and denominators in the net (loss) income per common share calculations (in thousands, except per common share data): | ||||||||
Three months ended December 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net (loss) income | $ | (339 | ) | $ | 688 | |||
Denominator: | ||||||||
Denominator for basic net (loss) income per common share — weighted average shares outstanding | 24,150 | 25,716 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock units | — | 513 | ||||||
Denominator for diluted net (loss) income per common share — adjusted weighted average shares | 24,150 | 26,229 | ||||||
Net (loss) income per common share, basic | $ | (0.01 | ) | $ | 0.03 | |||
Net (loss) income per common share, diluted | $ | (0.01 | ) | $ | 0.03 | |||
For the three months ended December 31, 2014 and 2013, there were 5,676,561 and 2,699,776 potentially dilutive shares, respectively, related to stock options to purchase common shares that were not included in the above computation of diluted earnings per common share. This is because the options’ exercise prices were greater than the average market price of our common shares. In addition, due to the net loss for the three months ended December 31, 2014, there were 312 thousand common stock options and restricted stock units that were not included in the above computation of diluted earnings per share. |
Selected_Balance_Sheet_Data
Selected Balance Sheet Data | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Selected Balance Sheet Data [Abstract] | ||||||||
SELECTED BALANCE SHEET DATA | SELECTED BALANCE SHEET DATA | |||||||
(in thousands) | ||||||||
December 31, 2014 | September 30, 2014 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 23,629 | $ | 28,943 | ||||
Less allowance for doubtful accounts | 348 | 367 | ||||||
$ | 23,281 | $ | 28,576 | |||||
Inventories: | ||||||||
Raw materials | $ | 28,165 | $ | 26,402 | ||||
Work in process | 486 | 315 | ||||||
Finished goods | 4,713 | 4,530 | ||||||
$ | 33,364 | $ | 31,247 | |||||
Inventories are stated at the lower of cost or market value, with cost determined using the first-in, first-out method. |
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES | |||||||||||||||
Our marketable securities consist of certificates of deposit, corporate bonds and government municipal bonds. We analyze our available-for-sale marketable securities for impairment on an ongoing basis. When we perform this analysis, we consider factors such as the length of time and extent to which the securities have been in an unrealized loss position and the trend of any unrealized losses. We also consider whether an unrealized loss is a temporary loss or an other-than-temporary loss based on factors such as: (a) whether we have the intent to sell the security, (b) whether it is more likely than not that we will be required to sell the security before its anticipated recovery, or (c) permanent impairment due to bankruptcy or insolvency. | ||||||||||||||||
In order to estimate the fair value for each security in our investment portfolio, we obtain quoted market prices and trading activity for each security where available. We obtain relevant information from our investment advisor and, if warranted, also may review the financial solvency of certain security issuers. As of December 31, 2014, 33 of our 72 securities that we held were trading below our amortized cost basis. We determined each decline in value to be temporary based upon the above described factors. We expect to realize the fair value of these securities, plus accrued interest, either at the time of maturity or when the security is sold. All of our current holdings are classified as available-for-sale marketable securities and are recorded at fair value on our consolidated balance sheet with the unrealized gains and losses recorded in accumulated other comprehensive loss. All of our current marketable securities will mature in less than one year and our non-current marketable securities will mature in less than three years. During the three months ended December 31, 2014 and 2013, we received proceeds from our available-for-sale marketable securities of $9.3 million and $7.1 million, respectively. | ||||||||||||||||
At December 31, 2014 our marketable securities were (in thousands): | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value (1) | |||||||||||||
Cost (1) | Gains | Losses | ||||||||||||||
Current marketable securities: | ||||||||||||||||
Corporate bonds | $ | 23,409 | $ | — | $ | (34 | ) | $ | 23,375 | |||||||
Commercial paper | 5,997 | — | (1 | ) | 5,996 | |||||||||||
Certificates of deposit | 3,251 | 2 | — | 3,253 | ||||||||||||
Current marketable securities | 32,657 | 2 | (35 | ) | 32,624 | |||||||||||
Non-current marketable securities: | ||||||||||||||||
Corporate bonds | 5,122 | — | (18 | ) | 5,104 | |||||||||||
Certificates of deposit | 9,506 | 16 | (26 | ) | 9,496 | |||||||||||
Non-current marketable securities | 14,628 | 16 | (44 | ) | 14,600 | |||||||||||
Total marketable securities | $ | 47,285 | $ | 18 | $ | (79 | ) | $ | 47,224 | |||||||
-1 | Included in amortized cost and fair value is purchased and accrued interest of $163. | |||||||||||||||
4. MARKETABLE SECURITIES (CONTINUED) | ||||||||||||||||
At September 30, 2014 our marketable securities were (in thousands): | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value (1) | |||||||||||||
Cost (1) | Gains | Losses | ||||||||||||||
Current marketable securities: | ||||||||||||||||
Corporate bonds | $ | 24,668 | $ | 1 | $ | (22 | ) | $ | 24,647 | |||||||
Commercial paper | 3,998 | — | (1 | ) | 3,997 | |||||||||||
Certificates of deposit | 4,252 | 2 | — | 4,254 | ||||||||||||
Current marketable securities | 32,918 | 3 | (23 | ) | 32,898 | |||||||||||
Non-current marketable securities: | ||||||||||||||||
Corporate bonds | 2,051 | — | (4 | ) | 2,047 | |||||||||||
Certificates of deposit | 9,502 | 14 | (22 | ) | 9,494 | |||||||||||
Non-current marketable securities | 11,553 | 14 | (26 | ) | 11,541 | |||||||||||
Total marketable securities | $ | 44,471 | $ | 17 | $ | (49 | ) | $ | 44,439 | |||||||
-1 | Included in amortized cost and fair value is purchased and accrued interest of $213. | |||||||||||||||
The following tables show the fair values and gross unrealized losses of our available-for-sale marketable securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category (in thousands): | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Less than 12 Months | More than 12 Months | |||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||
Corporate bonds | $ | 28,324 | $ | (52 | ) | $ | — | $ | — | |||||||
Commercial paper | 1,997 | (1 | ) | — | — | |||||||||||
Certificates of deposit | 2,975 | (25 | ) | 499 | (1 | ) | ||||||||||
Total | $ | 33,296 | $ | (78 | ) | $ | 499 | $ | (1 | ) | ||||||
September 30, 2014 | ||||||||||||||||
Less than 12 Months | More than 12 Months | |||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||
Corporate bonds | $ | 23,475 | $ | (26 | ) | $ | — | $ | — | |||||||
Commercial paper | 3,998 | (1 | ) | — | — | |||||||||||
Certificates of deposit | 2,980 | (20 | ) | 748 | (2 | ) | ||||||||||
Total | $ | 30,453 | $ | (47 | ) | $ | 748 | $ | (2 | ) | ||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. This standard also establishes a hierarchy for inputs used in measuring fair value. This standard maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||
5. FAIR VALUE MEASUREMENTS (CONTINUED) | ||||||||||||||||
The hierarchy is broken down into the following three levels: | ||||||||||||||||
• | Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||
• | Level 3 — Inputs are unobservable for the asset or liability and their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 may also include certain investment securities for which there is limited market activity or a decrease in the observability of market pricing for the investments, such that the determination of fair value requires significant judgment or estimation. | |||||||||||||||
Fair value is applied to financial assets such as our marketable securities, which are classified and accounted for as available-for-sale. These items are stated at fair value at each reporting period using the above guidance. | ||||||||||||||||
The following tables provide information by level for financial assets that are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2014 using: | ||||||||||||||||
Total carrying | Quoted price in | Significant other | Significant | |||||||||||||
value at | active markets | observable inputs | unobservable inputs | |||||||||||||
31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market | $ | 7,851 | $ | 7,851 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities: | ||||||||||||||||
Corporate bonds | 28,479 | — | 28,479 | — | ||||||||||||
Commercial paper | 5,996 | — | 5,996 | — | ||||||||||||
Certificates of deposit | 12,749 | — | 12,749 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 55,075 | $ | 7,851 | $ | 47,224 | $ | — | ||||||||
measured at fair value | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
September 30, 2014 using: | ||||||||||||||||
Total carrying | Quoted price in | Significant other | Significant | |||||||||||||
value at | active markets | observable inputs | unobservable inputs | |||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market | $ | 19,630 | $ | 19,630 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities: | ||||||||||||||||
Corporate bonds | 26,694 | — | 26,694 | — | ||||||||||||
Commercial paper | 3,997 | — | 3,997 | — | ||||||||||||
Certificates of deposit | 13,748 | — | 13,748 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 64,069 | $ | 19,630 | $ | 44,439 | $ | — | ||||||||
measured at fair value | ||||||||||||||||
Our money market funds, which have been determined to be cash equivalents, are measured at fair value using quoted market prices in active markets for identical assets and are therefore classified as Level 1 assets. We value our Level 2 assets using | ||||||||||||||||
5. FAIR VALUE MEASUREMENTS (CONTINUED) | ||||||||||||||||
inputs that are based on market indices of similar assets within an active market. There were no transfers into or out of our Level 2 financial assets during the three months ended December 31, 2014. | ||||||||||||||||
We did not purchase or sell any Level 3 financial assets during the three months ended December 31, 2014. | ||||||||||||||||
The use of different assumptions, applying different judgment to matters that inherently are subjective and changes in future market conditions could result in different estimates of fair value of our securities, currently and in the future. If market conditions deteriorate, we may incur impairment charges for securities in our investment portfolio. |
Goodwill_and_Other_Identifiabl
Goodwill and Other Identifiable Intangible Assets, Net | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS, NET | GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS, NET | |||||||||||||||||||||||
Amortizable identifiable intangible assets were (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | |||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | |||||||||||||||||||
carrying | amort. | carrying | amort. | |||||||||||||||||||||
amount | amount | |||||||||||||||||||||||
Purchased and core technology | $ | 45,645 | $ | (45,079 | ) | $ | 566 | $ | 45,952 | $ | (45,162 | ) | $ | 790 | ||||||||||
License agreements | 2,440 | (2,440 | ) | — | 2,440 | (2,440 | ) | — | ||||||||||||||||
Patents and trademarks | 11,751 | (10,052 | ) | 1,699 | 11,667 | (9,799 | ) | 1,868 | ||||||||||||||||
Customer relationships | 18,670 | (15,497 | ) | 3,173 | 18,894 | (15,445 | ) | 3,449 | ||||||||||||||||
Non-compete agreements | 1,100 | (477 | ) | 623 | 1,100 | (422 | ) | 678 | ||||||||||||||||
Order backlog | — | — | — | 360 | (360 | ) | — | |||||||||||||||||
Total | $ | 79,606 | $ | (73,545 | ) | $ | 6,061 | $ | 80,413 | $ | (73,628 | ) | $ | 6,785 | ||||||||||
Amortization expense was $0.8 million and $1.0 million for the three month periods ended December 31, 2014 and 2013, respectively. Amortization expense is recorded on our consolidated statements of operations within cost of sales and in general and administrative expense. | ||||||||||||||||||||||||
Estimated amortization expense related to identifiable intangible assets for the remainder of fiscal 2015 and the five succeeding fiscal years is (in thousands): | ||||||||||||||||||||||||
2015 nine months | $ | 2,152 | ||||||||||||||||||||||
2016 | 1,822 | |||||||||||||||||||||||
2017 | 935 | |||||||||||||||||||||||
2018 | 492 | |||||||||||||||||||||||
2019 | 438 | |||||||||||||||||||||||
2020 | 168 | |||||||||||||||||||||||
The changes in the carrying amount of goodwill are (in thousands): | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Beginning balance, October 1 | $ | 103,398 | $ | 103,569 | ||||||||||||||||||||
Foreign currency translation adjustment | (724 | ) | 349 | |||||||||||||||||||||
Ending balance, December 31 | $ | 102,674 | $ | 103,918 | ||||||||||||||||||||
Goodwill is tested for impairment on an annual basis as of June 30, or more frequently if events or circumstances occur which could indicate impairment. The calculation of goodwill impairment requires us to make assumptions about the fair value of our one reporting unit, which historically has been approximated by using our market capitalization plus a control premium. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. | ||||||||||||||||||||||||
6. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS, NET (CONTINUED) | ||||||||||||||||||||||||
Our test for potential goodwill impairment is a two-step approach. We estimate the fair value for our one reporting unit by comparing its fair value (market capitalization plus control premium) to our carrying value. If the carrying value of the reporting unit exceeds its estimated fair value, the second step of the goodwill impairment analysis requires us to measure the amount of the impairment loss. An impairment loss is calculated by comparing the implied fair value of the goodwill to its carrying amount. To calculate the implied fair value of goodwill, the fair value of the reporting unit’s assets and liabilities, excluding goodwill, is estimated. The excess of the fair value of the reporting unit over the amount assigned to its assets and liabilities, excluding goodwill, is the implied fair value of the reporting unit’s goodwill. | ||||||||||||||||||||||||
At June 30, 2014, our market capitalization was $235.8 million compared to our carrying value of $273.0 million. Our market capitalization plus our estimated control premium of 35% (discussed in the paragraphs below) resulted in a fair value in excess of our carrying value by a margin of 17%. We concluded that no impairment was indicated and we were not required to complete the second step of the goodwill impairment analysis. No goodwill impairment charges were recorded. | ||||||||||||||||||||||||
In June 2014, we performed a control premium study to determine the appropriate control premium to include in the calculation of fair value. We used a third party valuation firm to assist us in performing this control premium analysis. In order to estimate the range of control premiums appropriate for us, the following three methodologies were used: (1) analysis of individual transactions within our industry; (2) analysis of industry-wide data, and (3) analysis of global transaction data. Individual transactions in the Communication Equipment or Technology Hardware, Storage and Peripherals industries were used to find transactions of target companies that operated in similar markets and shared similar operating characteristics with us. Transaction screening criteria included selection of transactions with the following characteristics: | ||||||||||||||||||||||||
•At least 50 percent of a target company’s equity sought by an acquirer, | ||||||||||||||||||||||||
•Target company considered operating (not in bankruptcy), | ||||||||||||||||||||||||
•Target company had publicly traded stock outstanding at the transaction date, and | ||||||||||||||||||||||||
•Transactions announced between June 30, 2009 and the valuation date. | ||||||||||||||||||||||||
In analyzing industry-wide data, transactions in the following three industries were identified that encompassed the products offered by us: Office Equipment and Computer Hardware, Communications, and Computer, Supplies and Services. Finally, control premiums were considered for both domestic and international transactions. The control premium analysis resulted in a range of control premium of 30 percent to 40 percent. We reviewed the data and concluded that a 35 percent control premium best represented the amount an investor would likely pay, over and above market capitalization, in order to obtain a controlling interest given the economic conditions at that time. | ||||||||||||||||||||||||
If our stock price or control premium declines, the first step of our goodwill impairment analysis may fail. We have identified factors that could result in additional interim goodwill impairment testing. For example, we would perform the second step of the impairment testing if our stock price fell below certain thresholds for a significant period of time, or if our control premium significantly decreased. Events or circumstances may occur that could negatively impact our stock price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. In addition, our control premium could decline due to changes in economic conditions in the technology industry, in the financial markets or more generally. An impairment could have a material effect on our consolidated balance sheet and results of operations. We have had no goodwill impairment losses since the adoption of Accounting Standards Codification (ASC) 350, Intangibles-Goodwill and Others, in fiscal 2003. |
Income_Taxes
Income Taxes | 3 Months Ended | |||
Dec. 31, 2014 | ||||
Income Tax Disclosure [Abstract] | ||||
INCOME TAXES | INCOME TAXES | |||
Income tax benefit was $0.9 million for the three months ended December 31, 2014. Tax benefits specific to the three months ended December 31, 2014 primarily include $0.5 million resulting from the reinstatement of the research and development tax credit for calendar year 2014 and the reversal of tax reserves due to the expiration of statutes of limitation from U.S. and foreign tax jurisdictions. For the three month period ended December 31, 2014, our effective tax rates before items specific to the period were less than the U.S. statutory rate due primarily to mix of income between jurisdictions having lower statutory tax rates than the U.S. | ||||
Income tax provision was $0.1 million for the three months ended December 31, 2013. Tax benefits specific to the period of $0.2 million related to the reversal of reserves due to the expiration of statutes of limitation from U.S. and foreign tax jurisdictions. For the three month period ended December 31, 2013, our effective tax rates before items specific to the period were more than the statutory rate primarily due to reserves for unrecognized tax benefits and state income taxes, in excess of domestic tax benefits. | ||||
7. INCOME TAXES (CONTINUED) | ||||
Our effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and related statutory tax rate in each jurisdiction, and tax benefits specific to the period, such as settlements of audits. We expect that we may record other benefits or expenses in the future that are specific to a particular quarter, based on expiration of statutes of limitation, the completion of tax audits, or legislation that is enacted for both U.S. and foreign jurisdictions. | ||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is (in thousands): | ||||
Unrecognized tax benefits as of September 30, 2014 | $ | 2,301 | ||
Increases related to: | ||||
Prior year income tax positions | 50 | |||
Decreases related to: | ||||
Prior year income tax positions | (203 | ) | ||
Expiration of statute of limitations | (139 | ) | ||
Unrecognized tax benefits as of December 31, 2014 | $ | 2,009 | ||
The total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate is $2.1 million. We expect the total amounts of unrecognized tax benefits will decrease by approximately $0.4 million over the next 12 months. | ||||
Of the $2.0 million of unrecognized tax benefits, $1.6 million is included in non-current income taxes payable and $0.4 million is included with non-current deferred tax assets on the condensed consolidated balance sheet at December 31, 2014. | ||||
We recognize interest and penalties related to income tax matters in income tax expense. During both the three month periods ended December 31, 2014 and 2013, there were insignificant amounts of interest and penalties related to income tax matters in income tax expense. Accrued interest and penalties related to unrecognized tax benefits was $0.4 million at both December 31, 2014 and September 30, 2014. Our non-current income taxes payable on our condensed consolidated balance sheet includes accrued interest and penalties in addition to the unrecognized tax benefits of $1.6 million at December 31, 2014. | ||||
At December 31, 2014, we had approximately $25.0 million of accumulated undistributed foreign earnings, for which we have not accrued additional U.S. tax. Our policy is to reinvest earnings of our foreign subsidiaries indefinitely to fund current operations and provide for future international expansion opportunities, and only to repatriate earnings to the extent that U.S. taxes have already been recorded. Although we have no current need to do so, if we change our assertion that we do not intend to repatriate additional undistributed foreign earnings for cash requirements in the United States, we would have to accrue applicable taxes. The amount of any taxes and the application of any tax credits would be determined based on the income tax laws at the time of such repatriation. Under current tax laws, we estimate the unrecognized deferred tax liability to be in the range of $0.5 million to $1.5 million. | ||||
We operate in multiple tax jurisdictions, including the U.S. and other jurisdictions outside of the U.S. Accordingly, we must determine the appropriate allocation of income to each of these jurisdictions. This determination requires us to make several estimates and assumptions. Tax audits associated with the allocation of this income, and other complex issues, may require an extended period of time to resolve and may result in adjustments to our income tax balances in those years that are material to our consolidated balance sheet and results of operations. We are no longer subject to income tax examination for tax years prior to fiscal 2009, except for certain refund claims applicable to fiscal 2009, in the case of U.S. federal tax authorities and prior to fiscal 2008 for non-U.S. income tax authorities. For state taxing authorities, most notably in Minnesota, California and Texas, we are no longer subject to income tax examination for tax years generally before fiscal 2009. |
Product_Warranty_Obligation
Product Warranty Obligation | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||||||
PRODUCT WARRANTY OBLIGATION | PRODUCT WARRANTY OBLIGATION | |||||||||||||||
In general, we warrant our products to be free from defects in material and workmanship under normal use and service. The warranty periods generally range from one to five years. We typically have the option to either repair or replace products we deem defective with regard to material or workmanship. Estimated warranty costs are accrued in the period that the related revenue is recognized based upon an estimated average per unit repair or replacement cost applied to the estimated number of units under warranty. These estimates are based upon historical warranty incidents and are evaluated on an ongoing basis to ensure the adequacy of the warranty accrual. | ||||||||||||||||
8. PRODUCT WARRANTY OBLIGATION (CONTINUED) | ||||||||||||||||
The following table summarizes the activity associated with the product warranty accrual (in thousands) and is included on our Condensed Consolidated Balance Sheets within current liabilities: | ||||||||||||||||
Balance at | Warranties | Settlements | Balance at | |||||||||||||
Period | 1-Oct | issued | made | December 31 | ||||||||||||
Three months ended December 31, 2014 | $ | 862 | $ | 291 | $ | (203 | ) | $ | 950 | |||||||
Three months ended December 31, 2013 | $ | 1,063 | $ | 146 | $ | (196 | ) | $ | 1,013 | |||||||
We are not responsible for, and do not warrant that, custom software versions, created by original equipment manufacturer (OEM) customers based upon our software source code, will function in a particular way, will conform to any specifications or are fit for any particular purpose. Further, we do not indemnify these customers from any third-party liability as it relates to or arises from any customization or modifications made by the OEM customer. |
Contingencies
Contingencies | 3 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES |
In the normal course of business, we are subject to various claims and litigation. There can be no assurance that any claims by third parties, if proven to have merit, will not materially adversely affect our business, liquidity or financial condition. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | |||||||||||
Stock-based awards were granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) during the three months ended December 31, 2014. During the three months ended December 31, 2013, stock-based awards were granted under the 2013 Omnibus Incentive Plan, which expired during the second quarter of fiscal 2014. Upon stockholder approval of the 2014 Plan, we no longer grant awards under any prior plan. The authority to grant options under the 2014 Plan and set other terms and conditions rests with the Compensation Committee of the Board of Directors. | ||||||||||||
The 2014 Plan authorizes the issuance of up to 2,250,000 common shares in connection with awards of stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based full value awards or other stock-based awards. Eligible participants include our employees, our affiliates, non-employee directors of our Company and any consultant or advisor who is a natural person and provides services to us or our affiliates. Options that have been granted under the 2014 Plan typically vest over a four year service period and will expire if unexercised after eight years from the date of grant. Restricted stock awards (RSU's) that have been granted to Directors typically vest in one year. RSU's that have been granted to executives and employees typically vest in January over a three-year period. Awards may be granted under the 2014 Plan until January 27, 2024. Options under the 2014 Plan can be granted as either incentive stock options (ISOs) or non-statutory stock options (NSOs). The exercise price of options and the grant date price of restricted stock shall be determined by our Compensation Committee but shall not be less than the fair market value of our common stock based on the closing price on the date of grant. Upon exercise, we issue new shares of stock. Our Omnibus Incentive Plans and corresponding forms of award agreements generally have provisions allowing employees to elect to satisfy withholding obligations through the delivery of shares or having us retain a portion of shares issuable under the award. No employees elected to pay income tax withholding obligations through share reduction during the three months ended December 31, 2014 and 2013. As of December 31, 2014, there were approximately 372,572 shares available for future grants under the 2014 Plan. | ||||||||||||
Cash received from the exercise of stock options was minimal during the three months ended December 31, 2014 and $2.8 million during the three months ended December 31, 2013. The excess tax benefits from stock-based compensation were minimal during both the three months ended December 31, 2014 and 2013. | ||||||||||||
We sponsor an Employee Stock Purchase Plan (the Purchase Plan), covering all domestic employees with at least 90 days of continuous service and who are customarily employed at least 20 hours per week. The Purchase Plan allows eligible participants the right to purchase common stock on a quarterly basis at the lower of 85% of the market price at the beginning or end of each three-month offering period. Employee contributions to the Purchase Plan were $0.3 million during both the three months ended December 31, 2014 and 2013, respectively. Pursuant to the Purchase Plan, 40,950 and 35,048 common shares were issued to employees during the three months ended December 31, 2014 and 2013, respectively. Shares are issued under the Purchase Plan from treasury stock. As of December 31, 2014, 700,428 common shares were available for future issuances under the Purchase Plan. | ||||||||||||
10. STOCK-BASED COMPENSATION (CONTINUED) | ||||||||||||
Stock-based compensation expense is included in the consolidated results of operations as follows (in thousands): | ||||||||||||
Three months ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Cost of sales | $ | 106 | $ | 68 | ||||||||
Sales and marketing | 343 | 286 | ||||||||||
Research and development | 192 | 206 | ||||||||||
General and administrative | 543 | 463 | ||||||||||
Stock-based compensation before income taxes | 1,184 | 1,023 | ||||||||||
Income tax benefit | (414 | ) | (348 | ) | ||||||||
Stock-based compensation after income taxes | $ | 770 | $ | 675 | ||||||||
Stock-based compensation cost capitalized as part of inventory was immaterial as of December 31, 2014 and September 30, 2014. | ||||||||||||
The following table summarizes our stock option activity (in thousands, except per common share amounts): | ||||||||||||
Options Outstanding | Weighted Average Exercised Price | Weighted Average Contractual Term (in years) | Aggregate Intrinsic Value (1) | |||||||||
Balance at September 30, 2014 | 6,029 | $10.61 | ||||||||||
Granted | 704 | 7.82 | ||||||||||
Exercised | (1 | ) | 9.2 | |||||||||
Forfeited / Cancelled | (587 | ) | 11.55 | |||||||||
Balance at December 31, 2014 | 6,145 | $10.20 | 4.7 | $ | 2,222 | |||||||
Exercisable at December 31, 2014 | 4,502 | $10.59 | 3.7 | $ | 1,134 | |||||||
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $9.29 as of December 31, 2014, which would have been received by the option holders had all option holders exercised their options as of that date. The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. | ||||||||||||
The total intrinsic value of all options exercised during the three months ended December 31, 2014 was minimal and during the three months ended December 31, 2013 was $0.4 million. | ||||||||||||
The table below shows the weighted average fair value, which was determined based upon the fair value of each option on the grant date utilizing the Black-Scholes option-pricing model and the related assumptions: | ||||||||||||
Three months ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Fair value of options granted (in thousands) | $ | 2,046 | $ | 3,943 | ||||||||
Weighted average per option grant date fair value | $ | 2.91 | $ | 4.44 | ||||||||
Assumptions used for option grants: | ||||||||||||
Risk free interest rate | 1.77% - 1.85% | 1.76% | ||||||||||
Expected term | 6.00 years | 6.00 years | ||||||||||
Expected volatility | 35% - 36% | 40% | ||||||||||
Weighted average volatility | 35% | 40% | ||||||||||
Expected dividend yield | 0 | 0 | ||||||||||
The fair value of each option award granted during the periods presented was estimated using the Black-Scholes option valuation model that uses the assumptions noted in the table above. Expected volatilities are based on the historical volatility of our stock. We use historical data to estimate option exercise and employee termination information within the valuation | ||||||||||||
10. STOCK-BASED COMPENSATION (CONTINUED) | ||||||||||||
model; separate groups of grantees that have similar historical exercise behaviors are considered separately for valuation purposes. The expected term of options granted is derived from the vesting period and historical information and represents the period of time that options granted are expected to be outstanding. The risk-free rate used is the zero-coupon U.S. Treasury bond rate in effect at the time of the grant whose maturity equals the expected term of the option. | ||||||||||||
We use historical data to estimate pre-vesting forfeiture rates. The pre-vesting forfeiture rate used during the three months ended December 31, 2014 was 6.0%. As of December 31, 2014 the total unrecognized compensation cost related to non-vested stock-based compensation arrangements, net of expected forfeitures, was $5.3 million and the related weighted average period over which it is expected to be recognized is approximately 3.2 years. | ||||||||||||
A summary of our non-vested restricted stock units as of December 31, 2014 and changes during the twelve months then ended is presented below (in thousands, except per common share amounts): | ||||||||||||
Number of Awards | Weighted Average Grant Date Fair Value | |||||||||||
Nonvested at September 30, 2014 | 171 | $ | 9.35 | |||||||||
Granted | 392 | $ | 7.8 | |||||||||
Forfeited | (3 | ) | $ | 7.4 | ||||||||
Nonvested at December 31, 2014 | 560 | $ | 8.27 | |||||||||
As of December 31, 2014, the total unrecognized compensation cost related to non-vested restricted stock units was $3.6 million and the related weighted average period over which it is expected to be recognized is approximately 1.8 years. |
Common_Stock_Repurchase
Common Stock Repurchase | 3 Months Ended |
Dec. 31, 2014 | |
Common Stock Repurchase [Abstract] | |
COMMON STOCK REPURCHASE | COMMON STOCK REPURCHASE |
On October 28, 2014, our Board of Directors authorized a new program to repurchase up to $15.0 million of our common stock primarily to return capital to shareholders and to support our employee stock purchase program. This new authorization began on November 1, 2014 and expires on October 31, 2015. Shares repurchased under the program may be made through the open market and privately negotiated transactions from time to time and in amounts that management deems appropriate. The amount and timing of share repurchases will depend upon market conditions and other corporate considerations. We did not repurchase shares under this program during first quarter of fiscal 2015. | |
Our prior share repurchase authorization program expired on October 31, 2014. During the month of October 2014, we repurchased 287,787 shares under this program for $2.3 million. |
Restructuring
Restructuring | 3 Months Ended |
Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING |
Fiscal 2014 Restructuring | |
On October 31, 2013, we announced our intention to restructure certain of our operations in India. The restructuring was primarily associated with cost reduction initiatives resulting in the elimination of approximately 40 engineering and sales positions in our work force. We recorded a restructuring charge of $0.2 million related to severance during the first quarter of fiscal 2014. The majority of this severance was paid during the first quarter of fiscal 2014. | |
Fiscal 2013 Restructuring | |
On September 27, 2013, we announced our intention to restructure certain of our operations in the U.S. The restructuring was primarily associated with cost reduction initiatives and resulted in the elimination of 15 positions in our work force. We recorded a restructuring charge of $0.4 million for severance during the fourth quarter of fiscal 2013. The payments associated with these charges and all the actions associated with the restructuring were completed during the first quarter of fiscal 2014. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT |
We will be exiting our operations in India in the second quarter of fiscal 2015. We anticipate that there will be a charge of $0.2 million to $0.3 million, or approximately $0.01 per diluted share, associated with this restructuring. |
Basis_of_Presentation_of_Unaud1
Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements and Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
Adopted | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This guidance relates to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The standard update provides that a liability related to an unrecognized tax benefit should be offset against same jurisdiction deferred tax assets for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. This guidance is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. We adopted this guidance during the fiscal quarter ended December 31, 2014, resulting in a reclassification of $0.4 million of unrecognized tax benefits to noncurrent deferred tax assets. | |
In March 2013, FASB issued ASU 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This guidance applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. We adopted this guidance during the fiscal quarter ended December 31, 2014. There was no impact on our condensed consolidated financial statements as we did not sell any foreign entities for which we hold a controlling financial interest. | |
Not Yet Adopted | |
In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern.” This guidance requires management to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. These amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, which for us, will be the fourth fiscal quarter ended September 30, 2017. Early adoption is permitted. While we are evaluating the impact of the adoption of ASU 2014-15, we do not expect it to have an impact on our consolidated financial statements. | |
1. BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |
In May 2014, FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This guidance provides a five-step analysis in determining when and how revenue is recognized so that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods and services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2016. We expect to adopt this guidance beginning with our fiscal quarter ended December 31, 2017. We are evaluating the impact that the adoption will have on our consolidated financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table is a reconciliation of the numerators and denominators in the net (loss) income per common share calculations (in thousands, except per common share data): | |||||||
Three months ended December 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net (loss) income | $ | (339 | ) | $ | 688 | |||
Denominator: | ||||||||
Denominator for basic net (loss) income per common share — weighted average shares outstanding | 24,150 | 25,716 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock units | — | 513 | ||||||
Denominator for diluted net (loss) income per common share — adjusted weighted average shares | 24,150 | 26,229 | ||||||
Net (loss) income per common share, basic | $ | (0.01 | ) | $ | 0.03 | |||
Net (loss) income per common share, diluted | $ | (0.01 | ) | $ | 0.03 | |||
Selected_Balance_Sheet_Data_Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Selected Balance Sheet Data [Abstract] | ||||||||
Schedule of Selected Balance Sheet Data | (in thousands) | |||||||
December 31, 2014 | September 30, 2014 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 23,629 | $ | 28,943 | ||||
Less allowance for doubtful accounts | 348 | 367 | ||||||
$ | 23,281 | $ | 28,576 | |||||
Inventories: | ||||||||
Raw materials | $ | 28,165 | $ | 26,402 | ||||
Work in process | 486 | 315 | ||||||
Finished goods | 4,713 | 4,530 | ||||||
$ | 33,364 | $ | 31,247 | |||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
Schedule of Marketable Securities | At December 31, 2014 our marketable securities were (in thousands): | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value (1) | |||||||||||||
Cost (1) | Gains | Losses | ||||||||||||||
Current marketable securities: | ||||||||||||||||
Corporate bonds | $ | 23,409 | $ | — | $ | (34 | ) | $ | 23,375 | |||||||
Commercial paper | 5,997 | — | (1 | ) | 5,996 | |||||||||||
Certificates of deposit | 3,251 | 2 | — | 3,253 | ||||||||||||
Current marketable securities | 32,657 | 2 | (35 | ) | 32,624 | |||||||||||
Non-current marketable securities: | ||||||||||||||||
Corporate bonds | 5,122 | — | (18 | ) | 5,104 | |||||||||||
Certificates of deposit | 9,506 | 16 | (26 | ) | 9,496 | |||||||||||
Non-current marketable securities | 14,628 | 16 | (44 | ) | 14,600 | |||||||||||
Total marketable securities | $ | 47,285 | $ | 18 | $ | (79 | ) | $ | 47,224 | |||||||
-1 | Included in amortized cost and fair value is purchased and accrued interest of $163. | |||||||||||||||
4. MARKETABLE SECURITIES (CONTINUED) | ||||||||||||||||
At September 30, 2014 our marketable securities were (in thousands): | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value (1) | |||||||||||||
Cost (1) | Gains | Losses | ||||||||||||||
Current marketable securities: | ||||||||||||||||
Corporate bonds | $ | 24,668 | $ | 1 | $ | (22 | ) | $ | 24,647 | |||||||
Commercial paper | 3,998 | — | (1 | ) | 3,997 | |||||||||||
Certificates of deposit | 4,252 | 2 | — | 4,254 | ||||||||||||
Current marketable securities | 32,918 | 3 | (23 | ) | 32,898 | |||||||||||
Non-current marketable securities: | ||||||||||||||||
Corporate bonds | 2,051 | — | (4 | ) | 2,047 | |||||||||||
Certificates of deposit | 9,502 | 14 | (22 | ) | 9,494 | |||||||||||
Non-current marketable securities | 11,553 | 14 | (26 | ) | 11,541 | |||||||||||
Total marketable securities | $ | 44,471 | $ | 17 | $ | (49 | ) | $ | 44,439 | |||||||
-1 | Included in amortized cost and fair value is purchased and accrued interest of $213. | |||||||||||||||
Schedule of Unrealized Losses on Available-For-Sale Securities | The following tables show the fair values and gross unrealized losses of our available-for-sale marketable securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category (in thousands): | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Less than 12 Months | More than 12 Months | |||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||
Corporate bonds | $ | 28,324 | $ | (52 | ) | $ | — | $ | — | |||||||
Commercial paper | 1,997 | (1 | ) | — | — | |||||||||||
Certificates of deposit | 2,975 | (25 | ) | 499 | (1 | ) | ||||||||||
Total | $ | 33,296 | $ | (78 | ) | $ | 499 | $ | (1 | ) | ||||||
September 30, 2014 | ||||||||||||||||
Less than 12 Months | More than 12 Months | |||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||
Corporate bonds | $ | 23,475 | $ | (26 | ) | $ | — | $ | — | |||||||
Commercial paper | 3,998 | (1 | ) | — | — | |||||||||||
Certificates of deposit | 2,980 | (20 | ) | 748 | (2 | ) | ||||||||||
Total | $ | 30,453 | $ | (47 | ) | $ | 748 | $ | (2 | ) | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Assets Measured on Recurring Basis | The following tables provide information by level for financial assets that are measured at fair value on a recurring basis (in thousands): | |||||||||||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2014 using: | ||||||||||||||||
Total carrying | Quoted price in | Significant other | Significant | |||||||||||||
value at | active markets | observable inputs | unobservable inputs | |||||||||||||
31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market | $ | 7,851 | $ | 7,851 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities: | ||||||||||||||||
Corporate bonds | 28,479 | — | 28,479 | — | ||||||||||||
Commercial paper | 5,996 | — | 5,996 | — | ||||||||||||
Certificates of deposit | 12,749 | — | 12,749 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 55,075 | $ | 7,851 | $ | 47,224 | $ | — | ||||||||
measured at fair value | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
September 30, 2014 using: | ||||||||||||||||
Total carrying | Quoted price in | Significant other | Significant | |||||||||||||
value at | active markets | observable inputs | unobservable inputs | |||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market | $ | 19,630 | $ | 19,630 | $ | — | $ | — | ||||||||
Available-for-sale marketable securities: | ||||||||||||||||
Corporate bonds | 26,694 | — | 26,694 | — | ||||||||||||
Commercial paper | 3,997 | — | 3,997 | — | ||||||||||||
Certificates of deposit | 13,748 | — | 13,748 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 64,069 | $ | 19,630 | $ | 44,439 | $ | — | ||||||||
measured at fair value | ||||||||||||||||
Goodwill_and_Other_Identifiabl1
Goodwill and Other Identifiable Intangible Assets, Net (Tables) | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Amortizable Identifiable Intangible Assets | Amortizable identifiable intangible assets were (in thousands): | |||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | |||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | |||||||||||||||||||
carrying | amort. | carrying | amort. | |||||||||||||||||||||
amount | amount | |||||||||||||||||||||||
Purchased and core technology | $ | 45,645 | $ | (45,079 | ) | $ | 566 | $ | 45,952 | $ | (45,162 | ) | $ | 790 | ||||||||||
License agreements | 2,440 | (2,440 | ) | — | 2,440 | (2,440 | ) | — | ||||||||||||||||
Patents and trademarks | 11,751 | (10,052 | ) | 1,699 | 11,667 | (9,799 | ) | 1,868 | ||||||||||||||||
Customer relationships | 18,670 | (15,497 | ) | 3,173 | 18,894 | (15,445 | ) | 3,449 | ||||||||||||||||
Non-compete agreements | 1,100 | (477 | ) | 623 | 1,100 | (422 | ) | 678 | ||||||||||||||||
Order backlog | — | — | — | 360 | (360 | ) | — | |||||||||||||||||
Total | $ | 79,606 | $ | (73,545 | ) | $ | 6,061 | $ | 80,413 | $ | (73,628 | ) | $ | 6,785 | ||||||||||
Schedule of Estimated Amortization Expense Related to Identifiable Intangible Assets | Estimated amortization expense related to identifiable intangible assets for the remainder of fiscal 2015 and the five succeeding fiscal years is (in thousands): | |||||||||||||||||||||||
2015 nine months | $ | 2,152 | ||||||||||||||||||||||
2016 | 1,822 | |||||||||||||||||||||||
2017 | 935 | |||||||||||||||||||||||
2018 | 492 | |||||||||||||||||||||||
2019 | 438 | |||||||||||||||||||||||
2020 | 168 | |||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are (in thousands): | |||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Beginning balance, October 1 | $ | 103,398 | $ | 103,569 | ||||||||||||||||||||
Foreign currency translation adjustment | (724 | ) | 349 | |||||||||||||||||||||
Ending balance, December 31 | $ | 102,674 | $ | 103,918 | ||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||
Dec. 31, 2014 | ||||
Income Tax Disclosure [Abstract] | ||||
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is (in thousands): | |||
Unrecognized tax benefits as of September 30, 2014 | $ | 2,301 | ||
Increases related to: | ||||
Prior year income tax positions | 50 | |||
Decreases related to: | ||||
Prior year income tax positions | (203 | ) | ||
Expiration of statute of limitations | (139 | ) | ||
Unrecognized tax benefits as of December 31, 2014 | $ | 2,009 | ||
Product_Warranty_Obligation_Ta
Product Warranty Obligation (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||||||
Schedule of Product Warranty Accrual | The following table summarizes the activity associated with the product warranty accrual (in thousands) and is included on our Condensed Consolidated Balance Sheets within current liabilities: | |||||||||||||||
Balance at | Warranties | Settlements | Balance at | |||||||||||||
Period | 1-Oct | issued | made | December 31 | ||||||||||||
Three months ended December 31, 2014 | $ | 862 | $ | 291 | $ | (203 | ) | $ | 950 | |||||||
Three months ended December 31, 2013 | $ | 1,063 | $ | 146 | $ | (196 | ) | $ | 1,013 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is included in the consolidated results of operations as follows (in thousands): | |||||||||||
Three months ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Cost of sales | $ | 106 | $ | 68 | ||||||||
Sales and marketing | 343 | 286 | ||||||||||
Research and development | 192 | 206 | ||||||||||
General and administrative | 543 | 463 | ||||||||||
Stock-based compensation before income taxes | 1,184 | 1,023 | ||||||||||
Income tax benefit | (414 | ) | (348 | ) | ||||||||
Stock-based compensation after income taxes | $ | 770 | $ | 675 | ||||||||
Schedule of Stock Option Activity | The following table summarizes our stock option activity (in thousands, except per common share amounts): | |||||||||||
Options Outstanding | Weighted Average Exercised Price | Weighted Average Contractual Term (in years) | Aggregate Intrinsic Value (1) | |||||||||
Balance at September 30, 2014 | 6,029 | $10.61 | ||||||||||
Granted | 704 | 7.82 | ||||||||||
Exercised | (1 | ) | 9.2 | |||||||||
Forfeited / Cancelled | (587 | ) | 11.55 | |||||||||
Balance at December 31, 2014 | 6,145 | $10.20 | 4.7 | $ | 2,222 | |||||||
Exercisable at December 31, 2014 | 4,502 | $10.59 | 3.7 | $ | 1,134 | |||||||
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $9.29 as of December 31, 2014, which would have been received by the option holders had all option holders exercised their options as of that date. The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. | ||||||||||||
Schedule of Valuation Assumptions | The table below shows the weighted average fair value, which was determined based upon the fair value of each option on the grant date utilizing the Black-Scholes option-pricing model and the related assumptions: | |||||||||||
Three months ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Fair value of options granted (in thousands) | $ | 2,046 | $ | 3,943 | ||||||||
Weighted average per option grant date fair value | $ | 2.91 | $ | 4.44 | ||||||||
Assumptions used for option grants: | ||||||||||||
Risk free interest rate | 1.77% - 1.85% | 1.76% | ||||||||||
Expected term | 6.00 years | 6.00 years | ||||||||||
Expected volatility | 35% - 36% | 40% | ||||||||||
Weighted average volatility | 35% | 40% | ||||||||||
Expected dividend yield | 0 | 0 | ||||||||||
Schedule of Nonvested Restricted Stock Units | A summary of our non-vested restricted stock units as of December 31, 2014 and changes during the twelve months then ended is presented below (in thousands, except per common share amounts): | |||||||||||
Number of Awards | Weighted Average Grant Date Fair Value | |||||||||||
Nonvested at September 30, 2014 | 171 | $ | 9.35 | |||||||||
Granted | 392 | $ | 7.8 | |||||||||
Forfeited | (3 | ) | $ | 7.4 | ||||||||
Nonvested at December 31, 2014 | 560 | $ | 8.27 | |||||||||
Basis_of_Presentation_of_Unaud2
Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements and Significant Accounting Policies - (Details) (Adoption of New Accounting Guidance, Restatement Adjustment, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Adoption of New Accounting Guidance | Restatement Adjustment | |
Reclassification of unrecognized tax benefits | ($0.40) |
Increase (Decrease) in noncurrent deferred income taxes receivable | ($0.40) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ||
Net (loss) income | ($339) | $688 |
Denominator for basic net (loss) income per common share b weighted average shares outstanding | 24,150,000 | 25,716,000 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 0 | 513,000 |
Denominator for diluted net (loss) income per common share b adjusted weighted average shares | 24,150,000 | 26,229,000 |
Net (loss) income per common share, basic (USD per share) | ($0.01) | $0.03 |
Net (loss) income per common share, diluted (USD per share) | ($0.01) | $0.03 |
Potentially dilutive securities excluded from computation of earnings per share | 5,676,561 | 2,699,776 |
Excluded incremental common shares related to common stock options and restricted stock units | 312,000 |
Selected_Balance_Sheet_Data_De
Selected Balance Sheet Data (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net: | ||
Accounts receivable | $23,629 | $28,943 |
Less allowance for doubtful accounts | 348 | 367 |
Accounts receivable, net | 23,281 | 28,576 |
Inventories: | ||
Raw materials | 28,165 | 26,402 |
Work in process | 486 | 315 |
Finished goods | 4,713 | 4,530 |
Inventories | $33,364 | $31,247 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | ||
Security | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of securities below amortized cost basis | 33 | ||||
Number of securities | 72 | ||||
Proceeds from maturities of marketable securities | $9,321 | $7,109 | |||
Available-for-sale securities, amortized cost basis | 47,285 | [1] | 44,471 | [2] | |
Available-for-sale securities, unrealized gains | 18 | 17 | |||
Available-for-sale securities, unrealized losses | -79 | -49 | |||
Available-for-sale marketable securities, fair value | 47,224 | [1] | 44,439 | [2] | |
Purchased and accrued interest | 163 | 213 | |||
Fair value of available-for-sale securities in continuous unrealized loss position for less than twelve months | 33,296 | 30,453 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -78 | -47 | |||
Fair value of available-for-sale securities in continuous unrealized loss position for twelve months or longer | 499 | 748 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -1 | -2 | |||
Current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, next twelve months, maximum year mature | 1 year | ||||
Available-for-sale securities, amortized cost basis | 32,657 | [1] | 32,918 | [2] | |
Available-for-sale securities, unrealized gains | 2 | 3 | |||
Available-for-sale securities, unrealized losses | -35 | -23 | |||
Available-for-sale marketable securities, fair value | 32,624 | [1] | 32,898 | [2] | |
Non-current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, year two through five, maximum year mature | 3 years | ||||
Available-for-sale securities, amortized cost basis | 14,628 | [1] | 11,553 | [2] | |
Available-for-sale securities, unrealized gains | 16 | 14 | |||
Available-for-sale securities, unrealized losses | -44 | -26 | |||
Available-for-sale marketable securities, fair value | 14,600 | [1] | 11,541 | [2] | |
Corporate Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value of available-for-sale securities in continuous unrealized loss position for less than twelve months | 28,324 | 23,475 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -52 | -26 | |||
Fair value of available-for-sale securities in continuous unrealized loss position for twelve months or longer | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |||
Corporate Bonds | Current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, amortized cost basis | 23,409 | [1] | 24,668 | [2] | |
Available-for-sale securities, unrealized gains | 0 | 1 | |||
Available-for-sale securities, unrealized losses | -34 | -22 | |||
Available-for-sale marketable securities, fair value | 23,375 | [1] | 24,647 | [2] | |
Corporate Bonds | Non-current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, amortized cost basis | 5,122 | [1] | 2,051 | [2] | |
Available-for-sale securities, unrealized gains | 0 | 0 | |||
Available-for-sale securities, unrealized losses | -18 | -4 | |||
Available-for-sale marketable securities, fair value | 5,104 | [1] | 2,047 | [2] | |
Commercial Paper | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value of available-for-sale securities in continuous unrealized loss position for less than twelve months | 1,997 | 3,998 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -1 | -1 | |||
Fair value of available-for-sale securities in continuous unrealized loss position for twelve months or longer | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |||
Commercial Paper | Current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, amortized cost basis | 5,997 | [1] | 3,998 | [2] | |
Available-for-sale securities, unrealized gains | 0 | 0 | |||
Available-for-sale securities, unrealized losses | -1 | -1 | |||
Available-for-sale marketable securities, fair value | 5,996 | [1] | 3,997 | [2] | |
Certificates of Deposit | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value of available-for-sale securities in continuous unrealized loss position for less than twelve months | 2,975 | 2,980 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -25 | -20 | |||
Fair value of available-for-sale securities in continuous unrealized loss position for twelve months or longer | 499 | 748 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -1 | -2 | |||
Certificates of Deposit | Current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, amortized cost basis | 3,251 | [1] | 4,252 | [2] | |
Available-for-sale securities, unrealized gains | 2 | 2 | |||
Available-for-sale securities, unrealized losses | 0 | 0 | |||
Available-for-sale marketable securities, fair value | 3,253 | [1] | 4,254 | [2] | |
Certificates of Deposit | Non-current Assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, amortized cost basis | 9,506 | [1] | 9,502 | [2] | |
Available-for-sale securities, unrealized gains | 16 | 14 | |||
Available-for-sale securities, unrealized losses | -26 | -22 | |||
Available-for-sale marketable securities, fair value | $9,496 | [1] | $9,494 | [2] | |
[1] | Included in amortized cost and fair value is purchased and accrued interest of $163 | ||||
[2] | Included in amortized cost and fair value is purchased and accrued interest of $213. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | $47,224 | [1] | $44,439 | [2] |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash equivalents and marketable securities measured at fair value | 7,851 | 19,630 | ||
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash equivalents and marketable securities measured at fair value | 47,224 | 44,439 | ||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash equivalents and marketable securities measured at fair value | 0 | 0 | ||
Money Market Funds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 7,851 | 19,630 | ||
Money Market Funds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | 0 | ||
Money Market Funds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | 0 | ||
Corporate Bonds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 0 | 0 | ||
Corporate Bonds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 28,479 | 26,694 | ||
Corporate Bonds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 0 | 0 | ||
Commercial Paper | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 0 | 0 | ||
Commercial Paper | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 5,996 | 3,997 | ||
Commercial Paper | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 0 | 0 | ||
Certificates of Deposit | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 0 | 0 | ||
Certificates of Deposit | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 12,749 | 13,748 | ||
Certificates of Deposit | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash equivalents and marketable securities measured at fair value | 55,075 | 64,069 | ||
Estimate of Fair Value Measurement [Member] | Money Market Funds | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 7,851 | 19,630 | ||
Estimate of Fair Value Measurement [Member] | Corporate Bonds | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 28,479 | 26,694 | ||
Estimate of Fair Value Measurement [Member] | Commercial Paper | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | 5,996 | 3,997 | ||
Estimate of Fair Value Measurement [Member] | Certificates of Deposit | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale marketable securities | $12,749 | $13,748 | ||
[1] | Included in amortized cost and fair value is purchased and accrued interest of $163 | |||
[2] | Included in amortized cost and fair value is purchased and accrued interest of $213. |
Goodwill_and_Other_Identifiabl2
Goodwill and Other Identifiable Intangible Assets, Net (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $79,606 | $80,413 |
Accumulated amortization | -73,545 | -73,628 |
Net | 6,061 | 6,785 |
Purchased and Core Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 45,645 | 45,952 |
Accumulated amortization | -45,079 | -45,162 |
Net | 566 | 790 |
License Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,440 | 2,440 |
Accumulated amortization | -2,440 | -2,440 |
Net | 0 | 0 |
Patents and Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 11,751 | 11,667 |
Accumulated amortization | -10,052 | -9,799 |
Net | 1,699 | 1,868 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 18,670 | 18,894 |
Accumulated amortization | -15,497 | -15,445 |
Net | 3,173 | 3,449 |
Non-compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,100 | 1,100 |
Accumulated amortization | -477 | -422 |
Net | 623 | 678 |
Order Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 0 | 360 |
Accumulated amortization | 0 | -360 |
Net | $0 | $0 |
Goodwill_and_Other_Identifiabl3
Goodwill and Other Identifiable Intangible Assets, Net Amortization Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $770 | $952 |
2015 nine months | 2,152 | |
2016 | 1,822 | |
2017 | 935 | |
2018 | 492 | |
2019 | 438 | |
2020 | $168 |
Goodwill_and_Other_Identifiabl4
Goodwill and Other Identifiable Intangible Assets, Net Goodwill (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | |
industry | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | $103,398,000 | $103,569,000 | |||
Foreign currency translation adjustment | -724,000 | 349,000 | |||
Ending balance | 102,674,000 | 103,918,000 | |||
Goodwill [Line Items] | |||||
Market capitalization | 235,800,000 | 235,800,000 | |||
Carrying value | $273,000,000 | $261,384,000 | $265,298,000 | $273,000,000 | |
Control premium percent | 35.00% | ||||
Percent fair value in excess of carrying value of goodwill | 17.00% | 17.00% | |||
Target companies equity benchmark | 50.00% | 50.00% | |||
Number of industries encompasses similar products | 3 | 3 | |||
Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Control premium percent | 30.00% | ||||
Maximum | |||||
Goodwill [Line Items] | |||||
Control premium percent | 40.00% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Unrecognized tax benefits, beginning balance | $2,301 |
Increases related to Prior year income tax positions | 50 |
Decreases related to Prior year income tax positions | -203 |
Decreases related to Expiration of statute of limitations | -139 |
Unrecognized tax benefits, ending balance | 2,009 |
Non-current income taxes payable | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Unrecognized tax benefits, ending balance | 1,577 |
Non-current deferred tax assets | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Unrecognized tax benefits, ending balance | $432 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) provision | ($855,000) | $76,000 | |
Income tax expense (benefit) specific to the period | -500,000 | ||
Net tax benefit mostly related to research and development tax credits | -200,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 2,100,000 | ||
Expected change in unrecognized tax benefits, minimum | 400,000 | ||
Income tax penalties and interest accrued | 440,000 | 423,000 | |
Accumulated undistributed foreign earnings | 25,000,000 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Estimate of unrecognized deferred tax liability | 500,000 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Estimate of unrecognized deferred tax liability | $1,500,000 |
Product_Warranty_Obligation_De
Product Warranty Obligation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Product Warranties Disclosures [Abstract] | ||
Warranty period, minimum | 1 year | |
Warranty period, maximum | 5 years | |
Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $862 | $1,063 |
Warranties issued | 291 | 146 |
Settlements made | -203 | -196 |
Ending balance | $950 | $1,013 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from stock option plan transactions | $9,000 | $2,813,000 | |
Excess tax benefits from stock-based compensation | 0 | -20,000 | |
Total intrinsic value of all options exercised | 400,000 | ||
Forfeiture rate | 6.00% | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 8 months 12 days | ||
Total unrecognized compensation cost nonvested awards | 5,300,000 | ||
Weighted average period, unrecognized compensation cost, nonvested awards | 3 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period, unrecognized compensation cost, nonvested awards | 1 year 9 months 18 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 3,600,000 | ||
The 2014 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,250,000 | ||
Number of shares available for future grants | 372,572 | ||
The 2014 Plan | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 8 years | ||
Vesting period | 4 years | ||
The Purchase Plan | The Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of continuous days of service | 90 days | ||
Number of hours per week employed | 20 hours | ||
Percent of market value | 85.00% | ||
Offering period | 3 months | ||
Employee contributions | $261,000 | $296,000 | |
Common shares issued to employees | 40,950 | 35,048 | |
Shares available for future issuance | 700,428 | ||
Director | The 2014 Plan | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Executive Officer | The 2014 Plan | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation before income taxes | $1,184 | $1,023 |
Income tax benefit | -414 | -348 |
Stock-based compensation after income taxes | 770 | 675 |
Cost of Sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation before income taxes | 106 | 68 |
Sales and Marketing | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation before income taxes | 343 | 286 |
Research and Development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation before income taxes | 192 | 206 |
General and Administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation before income taxes | $543 | $463 |
StockBased_Compensation_Option
Stock-Based Compensation (Options and Common Shares Reserved for Grant) (Details) (Stock Options, USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
Stock Options | ||
Options Outstanding [Roll Forward] | ||
Options Outstanding, Beginning Balance | 6,029 | |
Options Outstanding, Granted | 704 | |
Options Outstanding, Exercised | -1 | |
Options Outstanding, Forfeited / Cancelled | -587 | |
Options Outstanding, Ending Balance | 6,145 | |
Options Outstanding, Exercisable | 4,502 | |
Weighted Average Exercise Price [Roll Forward] | ||
Weighted Average Exercise Price, Beginning Balance | $10.61 | |
Weighted Average Exercise Price, Granted | $7.82 | |
Weighted Average Exercise Price, Exercised | $9.20 | |
Weighted Average Exercise Price, Forfeited / Cancelled | $11.55 | |
Weighted Average Exercise Price, Ending Balance | $10.20 | |
Weighted Average Exercise Price, Exercisable | $10.59 | |
Weighted Average Remaining Contractual Term [Abstract] | ||
Weighted Average Remaining Contractual Term, Outstanding | 4 years 8 months 12 days | |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 8 months 12 days | |
Aggregate Intrinsic Value [Abstract] | ||
Aggregate Intrinsic Value, Outstanding | $2,222 | [1] |
Aggregate Intrinsic Value, Exercisable | $1,134 | [1] |
Closing Stock Price | $9.29 | |
[1] | The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $9.29 as of DecemberB 31, 2014, which would have been received by the option holders had all option holders exercised their options as of that date. The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Assumptions) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of options granted | $2,046 | $3,943 |
Weighted average per option grant date fair value | $2.91 | $4.44 |
Assumptions Used For Options Grants [Abstract] | ||
Risk free interest rate, minimum | 1.77% | 1.76% |
Risk free interest rate, maximum | 1.85% | |
Expected term | 6 years | 6 years |
Expected volatility rate, minimum | 35.00% | 40.00% |
Expected volatility rate, maximum | 36.00% | |
Weighted average volatility | 35.00% | 40.00% |
Expected dividend yield | 0.00% | 0.00% |
StockBased_Compensation_NonVes
Stock-Based Compensation (Non-Vested Options) (Details) (Restricted Stock Units, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock Units | |
Nonvested Number of Restricted Stock Units [Roll Forward] | |
Number of Restricted Stock Units, Beginning Balance | 171 |
Number of Restricted Stock Units, Granted | 392 |
Number of Restricted Stock Units, Forfeited | -3 |
Number of Restricted Stock Units, Ending Balance | 560 |
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value per Common Share [Roll Forward] | |
Restricted Stock Units, Weighted Average Grant Date Fair Value per Common Share, Beginning Balance | $9.35 |
Restricted Stock Units, Weighted Average Grant Date Fair Value per Common Share, Granted | $7.80 |
Restricted Stock Units, Weighted Average Grant Date Fair Value per Common Share, Forfeited | $7.40 |
Restricted Stock Units, Weighted Average Grant Date Fair Value per Common Share, Ending Balance | $8.27 |
Common_Stock_Repurchase_Detail
Common Stock Repurchase (Details) (USD $) | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 28, 2014 |
Common Stock Repurchase [Abstract] | ||
Stock repurchase program, authorized amount | $15 | |
Shares repurchased | 287,787 | |
Shares repurchased, value | $2.30 |
Restructuring_Details
Restructuring (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Sep. 27, 2013 | Dec. 31, 2013 | Sep. 30, 2013 |
employees | employees | |||
Fiscal 2014 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of employees eliminated | 40 | |||
Fiscal 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of employees eliminated | 15 | |||
Employee Termination Costs | Fiscal 2014 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charge | $0.20 | |||
Employee Termination Costs | Fiscal 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charge | $0.40 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event, Fiscal 2015 Restructuring, Employee Severance, USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Subsequent Event [Line Items] | |
Impact of restructuring charges per diluted share | $0.01 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | $0.20 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | $0.30 |