Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CSCD | |
Entity Registrant Name | CASCADE MICROTECH INC | |
Entity Central Index Key | 864559 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,586,118 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $34,079 | $38,107 |
Short-term marketable securities | 6,854 | 1,626 |
Restricted cash | 54 | 61 |
Accounts receivable, net of allowances of $213 and $208 | 21,197 | 20,763 |
Inventories | 24,723 | 24,642 |
Prepaid expenses and other | 4,584 | 4,454 |
Deferred income taxes | 3,013 | 3,027 |
Total Current Assets | 94,504 | 92,680 |
Fixed assets, net of accumulated depreciation of $28,910 and $28,407 | 9,196 | 8,100 |
Goodwill | 11,419 | 12,823 |
Purchased intangible assets, net of accumulated amortization of $5,609 and $5,324 | 10,748 | 12,572 |
Deferred income taxes | 1,573 | 1,262 |
Other assets | 838 | 944 |
Total Assets | 128,278 | 128,381 |
Current Liabilities: | ||
Accounts payable | 9,297 | 7,505 |
Deferred revenue | 1,750 | 2,070 |
Accrued liabilities | 7,391 | 9,505 |
Total Current Liabilities | 18,438 | 19,080 |
Deferred revenue | 296 | 329 |
Other long-term liabilities | 1,624 | 1,511 |
Total Liabilities | 20,358 | 20,920 |
Shareholders' Equity: | ||
Common stock, $0.01 par value. Authorized 100,000 shares; issued and outstanding: 16,550 and 16,466 | 166 | 165 |
Additional paid-in capital | 112,126 | 111,480 |
Accumulated other comprehensive loss | -5,488 | -3,127 |
Retained earnings (accumulated deficit) | 1,116 | -1,057 |
Total Shareholders' Equity | 107,920 | 107,461 |
Total Liabilities and Shareholders' Equity | $128,278 | $128,381 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $213 | $208 |
Fixed assets, accumulated depreciation | 28,910 | 28,407 |
Purchased intangible assets, accumulated amortization | $5,609 | $5,324 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 16,550 | 16,466 |
Common stock, shares outstanding | 16,550 | 16,466 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $31,742 | $33,685 |
Cost of sales | 14,720 | 17,412 |
Gross profit | 17,022 | 16,273 |
Operating expenses: | ||
Research and development | 3,676 | 3,241 |
Selling, general and administrative | 10,547 | 10,430 |
Total operating expenses | 14,223 | 13,671 |
Income from operations | 2,799 | 2,602 |
Other income (expense): | ||
Interest income (expense), net | -14 | 2 |
Other, net | 231 | -69 |
Total other income (expense), net | 217 | -67 |
Income before income taxes | 3,016 | 2,535 |
Income tax expense | 843 | 943 |
Net income | $2,173 | $1,592 |
Basic net income per share | $0.13 | $0.10 |
Diluted net income per share | $0.13 | $0.10 |
Shares used in per share calculations: | ||
Basic | 16,523 | 16,242 |
Diluted | 17,037 | 16,679 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $2,173 | $1,592 |
Other comprehensive income (loss): | ||
Unrealized holding gains | 2 | |
Change in cumulative translation adjustment | -2,363 | 14 |
Total other comprehensive income (loss) | -2,361 | 14 |
Comprehensive income (loss) | ($188) | $1,606 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $2,173 | $1,592 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation | 750 | 829 |
Amortization | 647 | 785 |
Stock-based compensation | 587 | 449 |
Loss on write-down or disposal of long-lived assets | 63 | |
Deferred income taxes | 39 | -4 |
(Increase) decrease in: | ||
Accounts receivable, net | -653 | 4,878 |
Inventories | 498 | -499 |
Prepaid expenses and other | -160 | -502 |
Increase (decrease) in: | ||
Accounts payable | 619 | -36 |
Deferred revenue | -353 | -445 |
Accrued and other long-term liabilities | -1,636 | 303 |
Net cash provided by operating activities | 2,511 | 7,413 |
Cash flows from investing activities: | ||
Purchase of marketable securities | -5,829 | -629 |
Proceeds from sale of marketable securities | 603 | 2,171 |
Decrease in restricted cash | 251 | |
Purchase of fixed assets | -543 | -513 |
Proceeds from sale of fixed assets | 10 | |
Cash paid for acquisitions, net of cash acquired | -226 | |
Net cash provided by (used in) investing activities | -5,769 | 1,064 |
Cash flows from financing activities: | ||
Withholding taxes paid on net settlement of vested restricted stock units | -217 | -174 |
Proceeds from issuances of common stock | 277 | 280 |
Cash paid for repurchase of common stock | -817 | |
Net cash provided by (used in) financing activities | 60 | -711 |
Effect of exchange rate changes on cash and cash equivalents | -830 | 7 |
Increase (decrease) in cash and cash equivalents | -4,028 | 7,773 |
Cash and cash equivalents: | ||
Beginning of period | 38,107 | 17,172 |
End of period | 34,079 | 24,945 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net | 1,744 | 146 |
Supplemental disclosure of non-cash information: | ||
Payable for fixed assets | 1,442 | |
Transfer to inventory from fixed assets | $213 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation |
The condensed consolidated financial information included herein has been prepared by Cascade Microtech, Inc. without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 2014 is derived from our 2014 Annual Report on Form 10-K. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2014 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 2. Inventories | ||||||||
Inventories are stated at the lower of cost or market, and include materials, labor and manufacturing overhead. Demonstration goods, which are included as a component of finished goods, represent inventory that is used for customer demonstration purposes. This inventory is typically sold after 12 to 18 months. We analyze the carrying value of our inventory quarterly, considering a combination of factors including, but not limited to, the following: forecasted sales or usage, historical usage rates, estimated service period, product end-of-life dates, estimated current and future market values, service inventory requirements and new product introductions. We estimate market value based on factors including, but not limited to, replacement cost and estimated resale value with declines in value below cost being recorded quarterly as a component of cost of sales, therefore establishing a new cost basis for the inventory. | |||||||||
Inventory charges were as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Inventory charges | $ | 100 | $ | 454 | |||||
Inventories consisted of the following (in thousands): | |||||||||
March 31, | December 31 | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 14,415 | $ | 14,120 | |||||
Work-in-process | 2,942 | 3,809 | |||||||
Finished goods | 7,366 | 6,713 | |||||||
$ | 24,723 | $ | 24,642 | ||||||
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income Per Share | Note 3. Net Income Per Share | ||||||||
The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Shares used to calculate basic net income per share | 16,523 | 16,242 | |||||||
Dilutive effect of outstanding stock options and restricted stock units (“RSUs”) | 514 | 437 | |||||||
Shares used to calculate diluted net income per share | 17,037 | 16,679 | |||||||
Securities not considered as they would have been antidilutive | 886 | 1,056 | |||||||
Product_Warranty
Product Warranty | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Product Warranty | Note 4. Product Warranty | ||||||||
We estimate a liability for costs to repair or replace products under warranty for periods ranging from 90 days to one year when the related product revenue is recognized. The liability for product warranties is calculated as a percentage of sales. The percentage is based on historical product repair costs. The liability for product warranties is included in Accrued liabilities on our Condensed Consolidated Balance Sheets. | |||||||||
Product warranty activity was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Warranty accrual, beginning of period | $ | 797 | $ | 745 | |||||
Reductions for warranty charges | (355 | ) | (264 | ) | |||||
Additions to warranty reserve | 379 | 261 | |||||||
Warranty accrual, end of period | $ | 821 | $ | 742 | |||||
Goodwill_and_Purchased_Intangi
Goodwill and Purchased Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Purchased Intangible Assets | Note 5. Goodwill and Purchased Intangible Assets | ||||||||
Goodwill | |||||||||
The change in goodwill was as follows (in thousands): | |||||||||
Three Months | Year Ended | ||||||||
Ended | December 31, | ||||||||
March 31, 2015 | 2014 | ||||||||
Balance, beginning of period | $ | 12,823 | $ | 14,471 | |||||
Effect of exchange rate changes | (1,404 | ) | (1,648 | ) | |||||
Balance, end of period | $ | 11,419 | $ | 12,823 | |||||
Intangible Assets | |||||||||
Intangible assets, net included the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Purchased Intangible Assets | |||||||||
Customer relationships | $ | 3,973 | $ | 4,323 | |||||
Core technology | 11,418 | 12,481 | |||||||
Trademarks and tradenames | 966 | 1,092 | |||||||
16,357 | 17,896 | ||||||||
Less accumulated amortization | (5,609 | ) | (5,324 | ) | |||||
$ | 10,748 | $ | 12,572 | ||||||
Patents | |||||||||
Patents | $ | 4,632 | $ | 4,632 | |||||
Less accumulated amortization | (4,586 | ) | (4,540 | ) | |||||
$ | 46 | $ | 92 | ||||||
Intangible asset amortization is a component of Selling, general and administrative expense and was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Intangible amortization | $ | 647 | $ | 785 | |||||
The estimated amortization of intangible assets is as follows over the next five years and thereafter (in thousands): | |||||||||
Remainder of 2015 | $ | 1,776 | |||||||
2016 | 2,106 | ||||||||
2017 | 2,088 | ||||||||
2018 | 2,010 | ||||||||
2019 | 1,562 | ||||||||
Thereafter | 1,252 | ||||||||
$ | 10,794 | ||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | Note 6. Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accrued compensation and benefits | $ | 3,147 | $ | 3,606 | |||||
Accrued sales taxes and VAT | 668 | 276 | |||||||
Accrued income taxes | 286 | 1,628 | |||||||
Accrued warranty | 821 | 797 | |||||||
Payable to seller related to our acquisition of ATT Advanced Temperature Test Systems GmbH (“ATT Systems”) | 404 | 456 | |||||||
Accrued restructuring costs | 1,371 | 1,959 | |||||||
Other | 694 | 783 | |||||||
$ | 7,391 | $ | 9,505 | ||||||
StockBased_Compensation_and_St
Stock-Based Compensation and Stock-Based Plans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Compensation and Stock-Based Plans | Note 7. Stock-Based Compensation and Stock-Based Plans | ||||||||
Stock-based compensation was included in our Condensed Consolidated Statements of Operations as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cost of sales | $ | 27 | $ | 58 | |||||
Research and development | 64 | 64 | |||||||
Selling, general and administrative | 496 | 327 | |||||||
$ | 587 | $ | 449 | ||||||
Stock Incentive Plans | |||||||||
Stock option activity for the first three months of 2015 was as follows: | |||||||||
Stock Options | Weighted | ||||||||
Outstanding | Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2014 | 916,779 | $ | 6.1 | ||||||
Granted | 82,300 | 14.34 | |||||||
Exercised | (52,497 | ) | 5.25 | ||||||
Forfeited | (100 | ) | 14.38 | ||||||
Outstanding at March 31, 2015 | 946,482 | 6.86 | |||||||
RSU activity for the first three months of 2015 was as follows: | |||||||||
RSUs | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Per Share | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2014 | 395,724 | $ | 8.83 | ||||||
Granted – time-based | 62,050 | 14.34 | |||||||
Granted – performance-based | 49,000 | 14.34 | |||||||
Vested | (46,727 | ) | 8.18 | ||||||
Forfeited | (6,687 | ) | 9.4 | ||||||
Outstanding at March 31, 2015 | 453,360 | 10.24 | |||||||
The performance-based RSUs will vest if new product revenue as a percentage of total revenue meets a certain target for the second half of 2017. If the target is met, the performance-based RSUs will be earned and vested in the first quarter of 2018 at between 50% and 100% of the total granted based upon the target achievement level. Stock-based compensation expense is recognized over the vesting period based on our determination of the probability of the awards being earned. As of March 31, 2015, we determined that the target was not probable of achievement and accordingly, no expense was recognized. | |||||||||
As of March 31, 2015, total unrecognized stock-based compensation related to outstanding, but unvested, stock options and RSUs was $4.9 million, which will be recognized over the weighted average remaining vesting period of 2.5 years. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting | Note 8. Segment Reporting | ||||||||||||||||
The segment data below is presented in the same manner that management currently organizes the segments for assessing certain performance trends. Our Chief Operating Decision Maker monitors the revenue streams and the operating income of our Systems segment and our Probes segment. We do not track our assets on a segment level, and, accordingly, that information is not provided. | |||||||||||||||||
Revenue and operating income information by segment was as follows (dollars in thousands): | |||||||||||||||||
Systems | Probes | Corporate | Total | ||||||||||||||
Unallocated | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Revenue | $ | 17,470 | $ | 14,272 | $ | — | $ | 31,742 | |||||||||
Gross profit | $ | 8,494 | $ | 8,528 | $ | — | $ | 17,022 | |||||||||
Gross margin | 48.6 | % | 59.8 | % | — | 53.6 | % | ||||||||||
Income (loss) from operations | $ | 1,496 | $ | 5,087 | $ | (3,784 | ) | $ | 2,799 | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Revenue | $ | 21,435 | $ | 12,250 | $ | — | $ | 33,685 | |||||||||
Gross profit | $ | 9,198 | $ | 7,075 | $ | — | $ | 16,273 | |||||||||
Gross margin | 42.9 | % | 57.8 | % | — | 48.3 | % | ||||||||||
Income (loss) from operations | $ | 1,748 | $ | 4,426 | $ | (3,572 | ) | $ | 2,602 | ||||||||
No customer accounted for 10% or greater of our total revenue in the three-month periods ended March 31, 2015 or 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 9. Fair Value Measurements | ||||||||||||||||
Various inputs are used in determining the fair value of our financial assets and liabilities and are summarized into three broad categories: | |||||||||||||||||
• | Level 1 – quoted prices in active markets for identical securities; | ||||||||||||||||
• | Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk, etc.; and | ||||||||||||||||
• | Level 3 – significant unobservable inputs, including our own assumptions in determining fair value. | ||||||||||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | |||||||||||||||||
The disclosures related to our financial assets and (liabilities) that are reported at fair value on a recurring basis are as follows (in thousands): | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Fair Value | Input Level | Fair Value | Input Level | ||||||||||||||
Marketable securities – corporate equities | $ | 6 | Level 1 | $ | 6 | Level 1 | |||||||||||
Marketable securities – corporate obligations | $ | 5,579 | Level 2 | $ | 1,620 | Level 2 | |||||||||||
Marketable securities – U.S. treasury securities | $ | 1,269 | Level 2 | $ | — | Level 2 | |||||||||||
Forward sale contracts for Japanese yen | $ | 3,495 | Level 2 | $ | 2,510 | Level 2 | |||||||||||
Forward purchase contract for euro | $ | 858 | Level 2 | $ | 726 | Level 2 | |||||||||||
Forward sale contract for euro | $ | 21,377 | Level 2 | $ | 22,056 | Level 2 | |||||||||||
The fair value of our marketable securities is determined based on quoted market prices for similar or identical securities. Any unrealized gain or loss is recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. | |||||||||||||||||
The fair value of our forward contracts is based on quoted market prices for similar securities and is used for the purpose of determining any gain or loss on our foreign currency positions. We do not record the full value of the forward contracts on our Condensed Consolidated Balance Sheets. We record the net unrealized gain or loss in our Condensed Consolidated Statements of Operations as a component of Other income (expense). | |||||||||||||||||
The carrying values of Cash and cash equivalents, Restricted cash, Accounts receivable, Prepaid expenses and other, Accounts payable and Accrued liabilities approximate fair value due to their short maturities. | |||||||||||||||||
No changes were made to our valuation techniques during the first quarter of 2015. |
Stock_Repurchase_Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stock Repurchase Program | Note 10. Stock Repurchase Program |
In November 2012, our Board of Directors authorized a stock repurchase program under which up to $2.0 million of our common stock could be repurchased from time to time in the open market or in privately negotiated transactions. In May 2014, our Board of Directors authorized an increase to the stock repurchase program of an additional $2.0 million. We did not repurchase any shares during the first quarter of 2015. As of March 31, 2015, $2.5 million remained available for stock repurchases under the program. This program does not have an expiration date. |
Restructuring
Restructuring | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring | Note 11. Restructuring | ||||||||||||||||||||
Accrued restructuring at March 31, 2015 relates to the consolidation of certain manufacturing, research and development operations, and the reorganization of business operations and the sales channel in Europe. | |||||||||||||||||||||
The following tables summarize the charges, expenditures and write-offs and adjustments related to our restructuring accruals (in thousands): | |||||||||||||||||||||
Three Months Ended | Beginning | Charged to | Expenditures | Write-Offs | Ending | ||||||||||||||||
March 31, 2015 | Accrued | Expense, | and | Accrued | |||||||||||||||||
Liability | Net | Adjustments | Liability | ||||||||||||||||||
Termination and severance related | $ | 308 | $ | 68 | $ | (218 | ) | $ | — | $ | 158 | ||||||||||
Factory transition | — | 50 | (50 | ) | — | — | |||||||||||||||
Lease abandonment | 1,651 | — | (438 | ) | — | 1,213 | |||||||||||||||
$ | 1,959 | $ | 118 | $ | (706 | ) | $ | — | $ | 1,371 | |||||||||||
Three Months Ended | Beginning | Charged to | Expenditures | Write-Offs | Ending | ||||||||||||||||
March 31, 2014 | Accrued | Expense, | and | Accrued | |||||||||||||||||
Liability | Net | Adjustments | Liability | ||||||||||||||||||
Lease abandonment | $ | 2,129 | $ | — | $ | (289 | ) | $ | — | $ | 1,840 | ||||||||||
We expect all accrued restructuring costs will be paid by the end of 2015. |
Recent_Accounting_Guidance
Recent Accounting Guidance | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | Note 12. Recent Accounting Guidance |
ASU 2015-02 | |
In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810).” ASU 2015-02 amends guidance regarding the consolidation of certain legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We do not expect the adoption of ASU 2015-02 to have any effect on our financial position, results of operations or cash flows. | |
ASU 2015-01 | |
In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20).” ASU 2015-01 simplifies income statement presentation by eliminating the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of ASU 2015-01 will not have any effect on our financial position, results of operations or cash flows. | |
ASU 2014-16 | |
In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (Topic 815).” ASU 2014-16 addresses whether the host contract in a hybrid financial instrument issued in the form of a share should be accounted for as debt or equity. ASU 2014-16 is effective for annual periods and interim periods beginning after December 15, 2015. We do not currently have issued, nor are we investors in, hybrid financial instruments. Accordingly, we do not expect the adoption of ASU 2014-16 to have any effect on our financial position, results of operations or cash flows. | |
ASU 2014-12 | |
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718).” ASU 2014-12 addresses accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 indicates that, in such situations, the performance target should be treated as a performance condition and, accordingly, the performance target should not be reflected in estimating the grant-date fair value of the award. Instead, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 is effective for annual periods and interim periods beginning after December 15, 2015. We do not expect the adoption of ASU 2014-12 to have a material effect on our financial position, results of operations or cash flows. | |
ASU 2014-09 | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and the International Accounting Standards Board. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2016. On April 1, 2015, the FASB tentatively agreed to propose a one-year deferral of the effective date for ASU 2014-09, but would permit all entities to adopt the standard as of the original effective date for public business entities (i.e., annual periods beginning after December 15, 2016, and interim periods therein). The FASB expects to issue an Exposure Draft for this issue in the near term. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Basis of presentation, policy | The condensed consolidated financial information included herein has been prepared by Cascade Microtech, Inc. without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 2014 is derived from our 2014 Annual Report on Form 10-K. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2014 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. | |||
Inventories, policy | Inventories are stated at the lower of cost or market, and include materials, labor and manufacturing overhead. Demonstration goods, which are included as a component of finished goods, represent inventory that is used for customer demonstration purposes. This inventory is typically sold after 12 to 18 months. We analyze the carrying value of our inventory quarterly, considering a combination of factors including, but not limited to, the following: forecasted sales or usage, historical usage rates, estimated service period, product end-of-life dates, estimated current and future market values, service inventory requirements and new product introductions. We estimate market value based on factors including, but not limited to, replacement cost and estimated resale value with declines in value below cost being recorded quarterly as a component of cost of sales, therefore establishing a new cost basis for the inventory. | |||
Product Warranty | We estimate a liability for costs to repair or replace products under warranty for periods ranging from 90 days to one year when the related product revenue is recognized. The liability for product warranties is calculated as a percentage of sales. The percentage is based on historical product repair costs. The liability for product warranties is included in Accrued liabilities on our Condensed Consolidated Balance Sheets. | |||
Segment reporting, policy | The segment data below is presented in the same manner that management currently organizes the segments for assessing certain performance trends. Our Chief Operating Decision Maker monitors the revenue streams and the operating income of our Systems segment and our Probes segment. We do not track our assets on a segment level, and, accordingly, that information is not provided. | |||
Fair value measurements, policy | Various inputs are used in determining the fair value of our financial assets and liabilities and are summarized into three broad categories: | |||
• | Level 1 – quoted prices in active markets for identical securities; | |||
• | Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk, etc.; and | |||
• | Level 3 – significant unobservable inputs, including our own assumptions in determining fair value. | |||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | ||||
Fair value of marketable securities, policy | The fair value of our marketable securities is determined based on quoted market prices for similar or identical securities. Any unrealized gain or loss is recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. | |||
The fair value of our forward contracts is based on quoted market prices for similar securities and is used for the purpose of determining any gain or loss on our foreign currency positions. We do not record the full value of the forward contracts on our Condensed Consolidated Balance Sheets. We record the net unrealized gain or loss in our Condensed Consolidated Statements of Operations as a component of Other income (expense). |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Charges | Inventory charges were as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Inventory charges | $ | 100 | $ | 454 | |||||
Inventories | Inventories consisted of the following (in thousands): | ||||||||
March 31, | December 31 | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 14,415 | $ | 14,120 | |||||
Work-in-process | 2,942 | 3,809 | |||||||
Finished goods | 7,366 | 6,713 | |||||||
$ | 24,723 | $ | 24,642 | ||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Basic and Diluted Net Income Per Share | The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Shares used to calculate basic net income per share | 16,523 | 16,242 | |||||||
Dilutive effect of outstanding stock options and restricted stock units (“RSUs”) | 514 | 437 | |||||||
Shares used to calculate diluted net income per share | 17,037 | 16,679 | |||||||
Securities not considered as they would have been antidilutive | 886 | 1,056 | |||||||
Product_Warranty_Tables
Product Warranty (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Product Warranty Activity | Product warranty activity was as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Warranty accrual, beginning of period | $ | 797 | $ | 745 | |||||
Reductions for warranty charges | (355 | ) | (264 | ) | |||||
Additions to warranty reserve | 379 | 261 | |||||||
Warranty accrual, end of period | $ | 821 | $ | 742 | |||||
Goodwill_and_Purchased_Intangi1
Goodwill and Purchased Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Change in Goodwill | The change in goodwill was as follows (in thousands): | ||||||||
Three Months | Year Ended | ||||||||
Ended | December 31, | ||||||||
March 31, 2015 | 2014 | ||||||||
Balance, beginning of period | $ | 12,823 | $ | 14,471 | |||||
Effect of exchange rate changes | (1,404 | ) | (1,648 | ) | |||||
Balance, end of period | $ | 11,419 | $ | 12,823 | |||||
Intangible Assets, Net | Intangible assets, net included the following (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Purchased Intangible Assets | |||||||||
Customer relationships | $ | 3,973 | $ | 4,323 | |||||
Core technology | 11,418 | 12,481 | |||||||
Trademarks and tradenames | 966 | 1,092 | |||||||
16,357 | 17,896 | ||||||||
Less accumulated amortization | (5,609 | ) | (5,324 | ) | |||||
$ | 10,748 | $ | 12,572 | ||||||
Patents | |||||||||
Patents | $ | 4,632 | $ | 4,632 | |||||
Less accumulated amortization | (4,586 | ) | (4,540 | ) | |||||
$ | 46 | $ | 92 | ||||||
Intangible Asset Amortization | Intangible asset amortization is a component of Selling, general and administrative expense and was as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Intangible amortization | $ | 647 | $ | 785 | |||||
Estimated Amortization of Intangible Assets | The estimated amortization of intangible assets is as follows over the next five years and thereafter (in thousands): | ||||||||
Remainder of 2015 | $ | 1,776 | |||||||
2016 | 2,106 | ||||||||
2017 | 2,088 | ||||||||
2018 | 2,010 | ||||||||
2019 | 1,562 | ||||||||
Thereafter | 1,252 | ||||||||
$ | 10,794 | ||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accrued compensation and benefits | $ | 3,147 | $ | 3,606 | |||||
Accrued sales taxes and VAT | 668 | 276 | |||||||
Accrued income taxes | 286 | 1,628 | |||||||
Accrued warranty | 821 | 797 | |||||||
Payable to seller related to our acquisition of ATT Advanced Temperature Test Systems GmbH (“ATT Systems”) | 404 | 456 | |||||||
Accrued restructuring costs | 1,371 | 1,959 | |||||||
Other | 694 | 783 | |||||||
$ | 7,391 | $ | 9,505 | ||||||
StockBased_Compensation_and_St1
Stock-Based Compensation and Stock-Based Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Compensation Included in Consolidated Statements of Operations | Stock-based compensation was included in our Condensed Consolidated Statements of Operations as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cost of sales | $ | 27 | $ | 58 | |||||
Research and development | 64 | 64 | |||||||
Selling, general and administrative | 496 | 327 | |||||||
$ | 587 | $ | 449 | ||||||
Stock Option Activity | Stock Incentive Plans | ||||||||
Stock option activity for the first three months of 2015 was as follows: | |||||||||
Stock Options | Weighted | ||||||||
Outstanding | Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2014 | 916,779 | $ | 6.1 | ||||||
Granted | 82,300 | 14.34 | |||||||
Exercised | (52,497 | ) | 5.25 | ||||||
Forfeited | (100 | ) | 14.38 | ||||||
Outstanding at March 31, 2015 | 946,482 | 6.86 | |||||||
Summary of Restricted Stock Units Activity | RSU activity for the first three months of 2015 was as follows: | ||||||||
RSUs | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Per Share | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2014 | 395,724 | $ | 8.83 | ||||||
Granted – time-based | 62,050 | 14.34 | |||||||
Granted – performance-based | 49,000 | 14.34 | |||||||
Vested | (46,727 | ) | 8.18 | ||||||
Forfeited | (6,687 | ) | 9.4 | ||||||
Outstanding at March 31, 2015 | 453,360 | 10.24 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Revenue and Operating Income Information by Segment | Revenue and operating income information by segment was as follows (dollars in thousands): | ||||||||||||||||
Systems | Probes | Corporate | Total | ||||||||||||||
Unallocated | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Revenue | $ | 17,470 | $ | 14,272 | $ | — | $ | 31,742 | |||||||||
Gross profit | $ | 8,494 | $ | 8,528 | $ | — | $ | 17,022 | |||||||||
Gross margin | 48.6 | % | 59.8 | % | — | 53.6 | % | ||||||||||
Income (loss) from operations | $ | 1,496 | $ | 5,087 | $ | (3,784 | ) | $ | 2,799 | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Revenue | $ | 21,435 | $ | 12,250 | $ | — | $ | 33,685 | |||||||||
Gross profit | $ | 9,198 | $ | 7,075 | $ | — | $ | 16,273 | |||||||||
Gross margin | 42.9 | % | 57.8 | % | — | 48.3 | % | ||||||||||
Income (loss) from operations | $ | 1,748 | $ | 4,426 | $ | (3,572 | ) | $ | 2,602 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Assets and (Liabilities) Measured on Recurring Basis | The disclosures related to our financial assets and (liabilities) that are reported at fair value on a recurring basis are as follows (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Fair Value | Input Level | Fair Value | Input Level | ||||||||||||||
Marketable securities – corporate equities | $ | 6 | Level 1 | $ | 6 | Level 1 | |||||||||||
Marketable securities – corporate obligations | $ | 5,579 | Level 2 | $ | 1,620 | Level 2 | |||||||||||
Marketable securities – U.S. treasury securities | $ | 1,269 | Level 2 | $ | — | Level 2 | |||||||||||
Forward sale contracts for Japanese yen | $ | 3,495 | Level 2 | $ | 2,510 | Level 2 | |||||||||||
Forward purchase contract for euro | $ | 858 | Level 2 | $ | 726 | Level 2 | |||||||||||
Forward sale contract for euro | $ | 21,377 | Level 2 | $ | 22,056 | Level 2 |
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Charges, Expenditures, Write-Offs and Adjustments Related to Restructuring Accruals | The following tables summarize the charges, expenditures and write-offs and adjustments related to our restructuring accruals (in thousands): | ||||||||||||||||||||
Three Months Ended | Beginning | Charged to | Expenditures | Write-Offs | Ending | ||||||||||||||||
March 31, 2015 | Accrued | Expense, | and | Accrued | |||||||||||||||||
Liability | Net | Adjustments | Liability | ||||||||||||||||||
Termination and severance related | $ | 308 | $ | 68 | $ | (218 | ) | $ | — | $ | 158 | ||||||||||
Factory transition | — | 50 | (50 | ) | — | — | |||||||||||||||
Lease abandonment | 1,651 | — | (438 | ) | — | 1,213 | |||||||||||||||
$ | 1,959 | $ | 118 | $ | (706 | ) | $ | — | $ | 1,371 | |||||||||||
Three Months Ended | Beginning | Charged to | Expenditures | Write-Offs | Ending | ||||||||||||||||
March 31, 2014 | Accrued | Expense, | and | Accrued | |||||||||||||||||
Liability | Net | Adjustments | Liability | ||||||||||||||||||
Lease abandonment | $ | 2,129 | $ | — | $ | (289 | ) | $ | — | $ | 1,840 | ||||||||||
Inventories_Additional_Informa
Inventories - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum | |
Inventory [Line Items] | |
Inventory sold period | 12 months |
Maximum | |
Inventory [Line Items] | |
Inventory sold period | 18 months |
Inventory_Charges_Detail
Inventory Charges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Inventory charges | $100 | $454 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $14,415 | $14,120 |
Work-in-process | 2,942 | 3,809 |
Finished goods | 7,366 | 6,713 |
Inventories | $24,723 | $24,642 |
Basic_and_Diluted_Net_Income_P
Basic and Diluted Net Income Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Shares used to calculate basic net income per share | 16,523 | 16,242 |
Dilutive effect of outstanding stock options and restricted stock units ("RSUs") | 514 | 437 |
Shares used to calculate diluted net income per share | 17,037 | 16,679 |
Securities not considered as they would have been antidilutive | 886 | 1,056 |
Product_Warranty_Activity_Addi
Product Warranty Activity - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum | |
Product Warranties [Line Items] | |
Product warranty period | 90 days |
Maximum | |
Product Warranties [Line Items] | |
Product warranty period | 1 year |
Product_Warranty_Activity_Deta
Product Warranty Activity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Guarantees [Abstract] | ||
Warranty accrual, beginning of period | $797 | $745 |
Reductions for warranty charges | -355 | -264 |
Additions to warranty reserve | 379 | 261 |
Warranty accrual, end of period | $821 | $742 |
Change_in_Goodwill_Detail
Change in Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of period | $12,823 | $14,471 |
Effect of exchange rate changes | -1,404 | -1,648 |
Balance, end of period | $11,419 | $12,823 |
Intangible_Assets_Net_Detail
Intangible Assets, Net (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Less accumulated amortization | ($5,609) | ($5,324) |
Total, Net | 10,748 | 12,572 |
Total, Net | 10,794 | |
Purchased Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships | 3,973 | 4,323 |
Core technology | 11,418 | 12,481 |
Trademarks and tradenames | 966 | 1,092 |
Total, Gross | 16,357 | 17,896 |
Less accumulated amortization | -5,609 | -5,324 |
Total, Net | 10,748 | 12,572 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total, Gross | 4,632 | 4,632 |
Less accumulated amortization | -4,586 | -4,540 |
Total, Net | $46 | $92 |
Intangible_Asset_Amortization_
Intangible Asset Amortization (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible amortization | $647 | $785 |
Selling, general and administrative | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible amortization | $647 | $785 |
Estimated_Amortization_of_Inta
Estimated Amortization of Intangible Assets (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $1,776 |
2016 | 2,106 |
2017 | 2,088 |
2018 | 2,010 |
2019 | 1,562 |
Thereafter | 1,252 |
Total, Net | $10,794 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Schedule of Accrued Liabilities [Line Items] | ||||
Accrued compensation and benefits | $3,147 | $3,606 | ||
Accrued sales taxes and VAT | 668 | 276 | ||
Accrued income taxes | 286 | 1,628 | ||
Accrued warranty | 821 | 797 | 742 | 745 |
Accrued restructuring costs | 1,371 | 1,959 | ||
Other | 694 | 783 | ||
Accrued liabilities | 7,391 | 9,505 | ||
Acquisition of ATT Systems | ||||
Schedule of Accrued Liabilities [Line Items] | ||||
Payable to seller related to our acquisition of ATT Advanced Temperature Test Systems GmbH ("ATT Systems") | $404 | $456 |
StockBased_Compensation_Includ
Stock-Based Compensation Included in Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $587 | $449 |
Cost of sales | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 27 | 58 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 64 | 64 |
Selling, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $496 | $327 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options Outstanding, Beginning | 916,779 |
Granted, Stock Options Outstanding | 82,300 |
Exercised, Stock Options Outstanding | -52,497 |
Forfeited, Stock Options Outstanding | -100 |
Stock Options Outstanding, Ending | 946,482 |
Weighted Average Exercise Price, Beginning | $6.10 |
Granted, Weighted Average Exercise Price | $14.34 |
Exercised, Weighted Average Exercise Price | $5.25 |
Forfeited, Weighted Average Exercise Price | $14.38 |
Weighted Average Exercise Price, Ending | $6.86 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Units Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units, Outstanding, Beginning balance | 395,724 |
Vested, Restricted Stock Units | -46,727 |
Forfeited, Restricted Stock Units | -6,687 |
Restricted Stock Units, Outstanding, Ending balance | 453,360 |
Weighted Average Grant Date Per Share Fair Value, Beginning balance | $8.83 |
Vested, Weighted Average Grant Date Per Share Fair Value | $8.18 |
Forfeited, Weighted Average Grant Date Per Share Fair Value | $9.40 |
Weighted Average Grant Date Per Share Fair Value, Ending balance | $10.24 |
Time-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Restricted Stock Units | 62,050 |
Granted, Weighted Average Grant Date Per Share Fair Value | $14.34 |
Performance-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Restricted Stock Units | 49,000 |
Granted, Weighted Average Grant Date Per Share Fair Value | $14.34 |
StockBased_Compensation_and_St2
Stock-Based Compensation and Stock-Based Plans - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized stock-based compensation | $4,900,000 |
Total unrecognized stock-based compensation recognition period | 2 years 6 months |
Performance-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected vesting date of RSUs if target is met | First quarter of 2018 |
Expense recognized on probable target achievement | $0 |
Minimum | Performance-based RSUs | First quarter of 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs vesting percentage if target is met | 50.00% |
Maximum | Performance-based RSUs | First quarter of 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs vesting percentage if target is met | 100.00% |
Revenue_and_Operating_Income_I
Revenue and Operating Income Information by Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $31,742 | $33,685 |
Gross profit | 17,022 | 16,273 |
Gross margin | 53.60% | 48.30% |
Income (loss) from operations | 2,799 | 2,602 |
Corporate Unallocated | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | -3,784 | -3,572 |
Systems | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,470 | 21,435 |
Gross profit | 8,494 | 9,198 |
Gross margin | 48.60% | 42.90% |
Income (loss) from operations | 1,496 | 1,748 |
Probes | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 14,272 | 12,250 |
Gross profit | 8,528 | 7,075 |
Gross margin | 59.80% | 57.80% |
Income (loss) from operations | $5,087 | $4,426 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (Customer Concentration Risk, Total Revenue) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Customer | Customer | |
Revenue, Major Customer [Line Items] | ||
Number of customers accounted for 10% or greater of our total revenue | 0 | 0 |
Minimum | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue for specified number of customer in relation to aggregate revenue | 10.00% | 10.00% |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and (Liabilities) Measured on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Forward sale contracts | Japanese yen | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | $3,495 | $2,510 |
Forward sale contracts | Euro | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 21,377 | 22,056 |
Forward purchase contract | Euro | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 858 | 726 |
Corporate equities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 6 | 6 |
Corporate obligations | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 5,579 | 1,620 |
U.S. treasury and agency securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | $1,269 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | 31-May-14 | Nov. 30, 2012 |
Equity, Class of Treasury Stock [Line Items] | |||
Value of common stock authorized for repurchase | $2 | ||
Number of shares repurchased | 0 | ||
Value of common stock remaining available for stock repurchases under the program | 2.5 | ||
Maximum | |||
Equity, Class of Treasury Stock [Line Items] | |||
Value of common stock authorized for repurchase | $2 |
Charges_Expenditures_WriteOffs
Charges, Expenditures, Write-Offs and Adjustments Related to Restructuring Accruals (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Accrued Liability | $1,959 | |
Charged to Expense, Net | 118 | |
Expenditures | -706 | |
Write-Offs and Adjustments | 0 | |
Ending Accrued Liability | 1,371 | |
Termination and severance related | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Accrued Liability | 308 | |
Charged to Expense, Net | 68 | |
Expenditures | -218 | |
Write-Offs and Adjustments | 0 | |
Ending Accrued Liability | 158 | |
Factory transition [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Charged to Expense, Net | 50 | |
Expenditures | -50 | |
Write-Offs and Adjustments | 0 | |
Lease abandonment | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Accrued Liability | 1,651 | 2,129 |
Expenditures | -438 | -289 |
Write-Offs and Adjustments | 0 | 0 |
Ending Accrued Liability | $1,213 | $1,840 |