Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'QUMU CORP | ' |
Entity Central Index Key | '0000892482 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 8,681,314 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $32,108 | $28,644 |
Marketable securities | 16,242 | 21,496 |
Receivables, net of allowance for doubtful accounts and sales returns of $176 and $241, respectively | 13,045 | 13,055 |
Inventories | 4,550 | 6,036 |
Prepaid income taxes | 3,589 | 3,851 |
Prepaid expenses and other current assets | 3,116 | 2,628 |
Deferred income taxes - current | 58 | 240 |
Total current assets | 72,708 | 75,950 |
Property and equipment, net of accumulated depreciation and amortization of $15,496 and $14,399, respectively | 5,524 | 5,966 |
Intangible assets, net of amortization of $1,923 and $858, respectively | 8,927 | 9,964 |
Deferred income taxes - non-current | 88 | 606 |
Other assets - non-current | 3,287 | 3,077 |
Total assets | 90,534 | 95,563 |
Current liabilities: | ' | ' |
Trade accounts payable | 4,764 | 5,192 |
Accrued compensation | 5,851 | 4,789 |
Other accrued expenses | 804 | 838 |
Deferred revenue | 10,193 | 8,941 |
Other current liabilities | 31 | 47 |
Total current liabilities | 21,643 | 19,807 |
Long-term liabilities: | ' | ' |
Deferred revenue - non-current | 3,231 | 4,374 |
Income taxes payable - non-current | 113 | 95 |
Other non-current liabilities | 635 | 660 |
Total long-term liabilities | 3,979 | 5,129 |
Total liabilities | 25,622 | 24,936 |
Commitments and contingencies (Note 11) | ' | ' |
Total Qumu stockholders’ equity | ' | ' |
Preferred stock, $0.01 par value, authorized 250,000 shares, no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 29,750,000 shares, issued and outstanding 8,661,314 and 8,653,932, respectively | 87 | 87 |
Additional paid-in capital | 58,033 | 56,706 |
Retained earnings | 6,670 | 13,615 |
Accumulated other comprehensive income (loss) | 122 | 116 |
Total Qumu stockholders' equity | 64,912 | 70,524 |
Noncontrolling interest | 0 | 103 |
Total stockholders' equity | 64,912 | 70,627 |
Total liabilities and stockholders' equity | $90,534 | $95,563 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts and sales returns | $176 | $241 |
Property and equipment, accumulated depreciation and amortization | 15,496 | 14,399 |
Intangible assets accumulated amortization | $1,923 | $858 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 29,750,000 | 29,750,000 |
Common stock, shares issued | 8,661,314 | 8,653,932 |
Common stock, shares outstanding | 8,661,314 | 8,653,932 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Product | $15,302 | $16,647 | $45,036 | $46,227 |
Service | 5,771 | 4,302 | 16,781 | 12,467 |
Total revenues | 21,073 | 20,949 | 61,817 | 58,694 |
Cost of revenues: | ' | ' | ' | ' |
Product | 8,195 | 8,685 | 23,192 | 24,011 |
Service | 2,956 | 2,126 | 9,019 | 6,675 |
Total cost of revenues | 11,151 | 10,811 | 32,211 | 30,686 |
Gross profit | 9,922 | 10,138 | 29,606 | 28,008 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2,774 | 2,958 | 9,356 | 8,957 |
Selling, general and administrative | 8,044 | 9,077 | 26,687 | 27,139 |
Amortization of purchased intangibles | 158 | 284 | 471 | 795 |
Goodwill and Intangible Asset Impairment | 0 | 29,548 | 0 | 29,548 |
Total operating expenses | 10,976 | 41,867 | 36,514 | 66,439 |
Operating loss | -1,054 | -31,729 | -6,908 | -38,431 |
Other income (expense): | ' | ' | ' | ' |
Interest, net | 9 | 27 | 24 | 48 |
Loss on currency exchange | 25 | 23 | -190 | -62 |
Other, net | 2 | 14 | 2 | 14 |
Total other income (expense), net | 36 | 64 | -164 | 0 |
Loss before income taxes | -1,018 | -31,665 | -7,072 | -38,431 |
Income tax expense (benefit) | -1 | 11,184 | -2 | 9,008 |
Net loss | -1,017 | -42,849 | -7,070 | -47,439 |
Net loss attributable to the noncontrolling interest | 0 | 81 | 125 | 216 |
Net loss attributable to Qumu | ($1,017) | ($42,768) | ($6,945) | ($47,223) |
Net loss per basic share | ($0.12) | ($4.23) | ($0.80) | ($4.64) |
Net loss per diluted share | ($0.12) | ($4.23) | ($0.80) | ($4.64) |
Basic weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 |
Diluted weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($1,017) | ($42,849) | ($7,070) | ($47,439) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 234 | 143 | 14 | -45 |
Change in net unrealized loss on marketable securities, net of tax | 6 | -4 | -8 | -10 |
Total other comprehensive income (loss) | 240 | 139 | 6 | -55 |
Total comprehensive loss | -777 | -42,710 | -7,064 | -47,494 |
Net loss attributable to the noncontrolling interest | 0 | -81 | -125 | -216 |
Foreign currency translation adjustments attributable to the noncontrolling interest | 0 | 0 | 1 | 2 |
Comprehensive loss attributable to the noncontrolling interest | 0 | -81 | -124 | -214 |
Comprehensive loss attributable to Qumu | ($777) | ($42,629) | ($6,940) | ($47,280) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($7,070) | ($47,439) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Goodwill and Intangible Asset Impairment | 0 | 29,548 |
Depreciation and amortization | 2,320 | 3,397 |
Deferred income tax expense | 703 | 9,039 |
Loss on disposal of property and equipment | 27 | 46 |
Stock-based compensation | 1,378 | 1,630 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | 1,669 | -298 |
Inventories | 1,463 | 429 |
Prepaid income taxes / income taxes payable | 281 | -311 |
Prepaid expenses and other assets | -328 | -384 |
Trade accounts payable | -164 | 545 |
Accrued compensation | 869 | 341 |
Other accrued expenses and other current liabilities | 152 | -171 |
Deferred revenue | -1,579 | 1,283 |
Other long-term liabilities | -89 | 669 |
Net cash used in operating activities | -368 | -1,676 |
Cash flows from investing activities: | ' | ' |
Purchase of cost method investment | -350 | 0 |
Purchases of marketable securities | -19,505 | -39,502 |
Sales and maturities of marketable securities | 24,750 | 9,500 |
Issuances of notes receivable | 0 | -500 |
Purchases of property and equipment | -874 | -2,187 |
Proceeds from sale of property and equipment | 1 | 2 |
Net cash provided by (used in) investing activities | 4,022 | -32,687 |
Cash flows from financing activities: | ' | ' |
Payments for Repurchase of Common Stock | 0 | -1,350 |
Common stock repurchases to settle employee withholding liability | -53 | -28 |
Payments of dividends | 0 | -5,180 |
Principal payments on capital lease obligations | -17 | -15 |
Proceeds from Stock Plans | 4 | 0 |
Payments to Noncontrolling Interests | -50 | 0 |
Net cash used in financing activities | -116 | -6,573 |
Effect of exchange rate changes on cash | -74 | -19 |
Net increase (decrease) in cash and cash equivalents | 3,464 | -40,955 |
Cash and cash equivalents, beginning of period | 28,644 | 70,161 |
Cash and cash equivalents, end of period | 32,108 | 29,206 |
Supplemental disclosures of net cash paid (received) during the period for: | ' | ' |
Income taxes | ($992) | $256 |
Basis_Of_Presentation_And_Natu
Basis Of Presentation And Nature Of Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation And Nature Of Business | ' |
Basis of Presentation and Nature of Business | |
The consolidated financial statements include the accounts of Qumu Corporation, its subsidiaries, and prior to July 3, 2013, its majority-owned joint venture, collectively hereinafter referred to as “Qumu” or the “Company.” All references to Qumu, Inc. shall mean the Company's subsidiary located in San Bruno, California. All intercompany accounts and transactions have been eliminated in consolidation. | |
Qumu’s enterprise content distribution software business provides the tools businesses need to create, manage, secure, distribute and measure the success of their videos and other rich content they create and publish. Qumu’s disc publishing business supplies customers in North America, Europe and Asia with industry-leading solutions that label, archive, distribute and protect content on CDs, DVDs and Blu-ray Discs. | |
In September 2013, the Board of Directors of Rimage Corporation approved a change in its name from Rimage Corporation to Qumu Corporation (Nasdaq: QUMU). The name change became effective on September 16, 2013. | |
The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to such rules and regulations, certain financial information and footnote disclosures normally included in a complete set of financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. Operating results for these interim periods are not necessarily indicative of results to be expected for the entire year, due to seasonal, operating and other factors. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2012. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates on items such as allowance for doubtful accounts and sales returns, inventory provisions, asset impairment charges, deferred tax asset valuation allowances, accruals for uncertain tax positions and warranty accruals. These estimates and assumptions are based on management’s best judgment. Management evaluates estimates and assumptions on an ongoing basis using its technical knowledge, historical experience and other factors, including consideration of the impact of the current economic environment. Management believes its assumptions are reasonable and adjusts such estimates and assumptions when facts and circumstances change. Illiquid credit markets, volatile equity, foreign currency and energy markets, and declines in business and consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any required changes in those estimates will be reflected in the financial statements in future periods. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company granted 53,998 and 167,498 stock options during the three and nine months ended September 30, 2013, respectively, and granted 3,000 and 72,740 stock options during the comparable prior-year periods. The stock options granted during the nine months ended September 30, 2013 included 50,000 non-qualified options granted outside of any shareholder-approved plan to a newly hired senior management level employee as an inducement to accept employment with the Company. The non-qualified options granted outside a shareholder-approved plan were structured to mirror the terms of the options granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder-approved plan, and are subject to a stock option agreement between the Company and the employee. | |||||||||||||||||
In September 2013, the Company completed an offer to exchange certain outstanding options to active non-executive employees. Eligible outstanding options were those that were granted before September 4, 2012 and had an exercise price of $13.50 per share or higher. Eligible employees participating in the exchange offer received new options determined by applying exchange ratios set forth in the exchange offer. The exchange ratios were calculated on an approximate “value-for-value” basis, meaning that the exchange ratios were intended to result in the grant of new options with an aggregate fair value approximately equal to the aggregate fair value of the eligible options they replace. The new options, which were issued under and subject to the terms of the Company's 2007 Plan, will all expire on the later of (i) the expiration date of the surrendered options for which they were exchanged or (ii) the third anniversary of the exchange date, September 19, 2016, subject to earlier expiration upon termination of employee services. New options granted in the option exchange will not be vested on their date of grant regardless of whether the surrendered option was fully vested. The new options granted to employees under the offer will not vest at all until the first anniversary of the date of grant. At that time, each new option granted will then vest as to that portion of the underlying shares that would be vested under the original vesting schedule of the eligible options that had been exchanged. Approximately 182,000 outstanding options were exchanged for approximately 29,000 new option awards. Options granted pursuant to the exchange offer have an exercise price of $11.87 per share, the closing price of the Company's common stock on September 19, 2013. The exchange offer was considered a modification but did not result in a charge or other financial statement impact. | |||||||||||||||||
The Company granted 35,000 restricted stock units during the nine months ended September 30, 2013. The Company did not grant restricted stock awards or restricted stock units during the three months ended September 30, 2013. The Company granted 2,800 and 66,924 restricted stock awards and restricted stock units during the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
The Company recognized the following amounts related to its share-based payment arrangements (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock-based compensation cost charged against income, before income tax benefit: | |||||||||||||||||
Stock options | $ | 247 | $ | 310 | $ | 895 | $ | 1,068 | |||||||||
Restricted stock and restricted stock units | 140 | 181 | 483 | 562 | |||||||||||||
Total stock-based compensation | $ | 387 | $ | 491 | $ | 1,378 | $ | 1,630 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock-based compensation cost included in: | |||||||||||||||||
Cost of revenues | $ | 31 | $ | 31 | $ | 108 | $ | 103 | |||||||||
Operating expenses | 356 | 460 | 1,270 | 1,527 | |||||||||||||
Total stock-based compensation | $ | 387 | $ | 491 | $ | 1,378 | $ | 1,630 | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
As of September 30, 2013 and December 31, 2012, the Company’s liability for gross unrecognized tax benefits totaled $1,036,000 and $1,017,000, respectively (excluding interest and penalties). Total accrued interest and penalties relating to unrecognized tax benefits amounted to $18,000 and $16,000 on a gross basis at September 30, 2013 and December 31, 2012, respectively. The Company does not currently expect significant changes in the amount of unrecognized tax benefits during the next twelve months. |
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Marketable Securities | ' | |||||||||||||||
Marketable Securities | ||||||||||||||||
Marketable securities consisted of the following (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 8,750 | $ | — | $ | (7 | ) | $ | 8,743 | |||||||
Treasury bills | 7,500 | — | (1 | ) | 7,499 | |||||||||||
Total marketable securities | $ | 16,250 | $ | — | $ | (8 | ) | $ | 16,242 | |||||||
December 31, 2012 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 6,500 | $ | — | $ | (1 | ) | $ | 6,499 | |||||||
Treasury bills | 14,996 | 1 | — | 14,997 | ||||||||||||
Total marketable securities | $ | 21,496 | $ | 1 | $ | (1 | ) | $ | 21,496 | |||||||
Marketable securities are classified as either short-term or long-term in the condensed consolidated balance sheet based on their effective maturity date. All marketable securities as of September 30, 2013 and December 31, 2012 have original maturities ranging from three to 12 months and are classified as available-for-sale. Available-for-sale securities are recorded at fair value and any unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive income until realized. See Note 8, “Fair Value Measurements,” for a discussion of inputs used to measure the fair value of the Company’s available-for-sale securities. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Finished goods and demonstration equipment | $ | 1,743 | $ | 2,677 | ||||
Purchased parts and subassemblies | 2,807 | 3,359 | ||||||
Total inventories | $ | 4,550 | $ | 6,036 | ||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill And Intangible Assets | ' | ||||||||||||||||
Changes in the Company’s intangible assets consisted of the following (in thousands): | |||||||||||||||||
Useful Life | December 31, | Additions/ | Other Net | September 30, | |||||||||||||
2012 | Amortization | Adjustments | 2013 | ||||||||||||||
Customer relationships | 10 | $ | 2,982 | $ | — | $ | — | $ | 2,982 | ||||||||
Developed technology | 6 | 3,357 | — | — | 3,357 | ||||||||||||
In-process research and development | 6 | 1,310 | — | — | 1,310 | ||||||||||||
Trademarks / trade names | 15 | 2,122 | — | — | 2,122 | ||||||||||||
Software | 5 | 1,051 | — | 28 | 1,079 | ||||||||||||
10,822 | — | 28 | 10,850 | ||||||||||||||
Less accumulated amortization | (858 | ) | (1,050 | ) | (15 | ) | (1,923 | ) | |||||||||
Total intangible assets, net | $ | 9,964 | $ | (1,050 | ) | $ | 13 | $ | 8,927 | ||||||||
Amortization expense associated with the developed technology and software intangible assets included in cost of product revenues was $194,000 and $580,000 for the three and nine months ended September 30, 2013, respectively, compared to $269,000 and $805,000 for the three and nine months ended September 30, 2012. Amortization expense associated with other acquired intangible assets included in operating expenses as “Amortization of purchased intangibles,” was $158,000 and $471,000 for the three and nine months ended September 30, 2013, respectively, compared to $284,000 and $795,000 for the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
The Company's cumulative goodwill impairment losses are as follows (in thousands): | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Gross Carrying Amount | Cumulative Impairment Losses | Gross Carrying Amount | Cumulative Impairment Losses | ||||||||||||||
Goodwill | $ | 22,218 | $ | (22,218 | ) | $ | 22,218 | $ | (22,218 | ) | |||||||
On October 10, 2011, Qumu Corporation completed the acquisition of Qumu, Inc. and recognized $22.2 million of goodwill and $18.9 million of intangible assets attributable to the Company’s enterprise content distribution software segment. During the three months ended September 30, 2012, the Company recorded a $22.2 million goodwill and $7.3 million intangible asset impairment charge associated with its enterprise content distribution software segment. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivatives | ' | |||||||||||||||||
Derivatives | ||||||||||||||||||
The Company enters into forward foreign exchange contracts principally to hedge intercompany receivables denominated in Euros and Japanese Yen arising from sales to its subsidiaries in Germany and Japan, respectively. The Company’s foreign exchange contracts do not qualify for hedge accounting. As a result, gains or losses related to mark-to-market adjustments on forward foreign exchange contracts are recognized as other income or expense in the Consolidated Statements of Operations during the period in which the instruments are outstanding. The fair value of forward foreign exchange contracts represents the amount the Company would receive or pay to terminate the forward exchange contracts at the reporting date and is recorded in other current assets or other current liabilities depending on whether the net amount is a gain or a loss. The Company does not utilize financial instruments for trading or other speculative purposes. | ||||||||||||||||||
As the Company’s foreign exchange agreement is subject to a master netting arrangement, the Company’s policy is to record the fair value of outstanding foreign exchange contracts as other current assets or other current liabilities, based on whether outstanding contracts are in a net gain or loss position, respectively. See Note 8, “Fair Value Measurements,” for additional information regarding the fair value measurements of derivative instruments related to foreign currency exchange contracts. | ||||||||||||||||||
As of September 30, 2013, the Company had one outstanding foreign exchange contract with a notional amount totaling approximately $333,000. This contract matures during 2013 and bears an exchange rate of 1.3267 U.S. Dollars per Euro. As of September 30, 2013, the fair value of foreign exchange contracts resulted in a gross and net gain position of approximately $6,500, which is recorded in other current assets. | ||||||||||||||||||
As of December 31, 2012, the Company had one outstanding foreign exchange contract with a notional amount totaling approximately $144,000. This contract matured during 2013 and bears an exchange rate of 1.2617 U.S. Dollars per Euro. As of December 31, 2012, the fair value of foreign exchange contracts resulted in a gross and net loss position of $8,300, which is recorded in other current liabilities. | ||||||||||||||||||
Realized and unrealized gains or losses on derivative instruments related to foreign currency exchange contracts and their location on the Company’s Condensed Consolidated Statements of Operations are as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Derivative Instrument | Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign exchange contracts | Gain (loss) on currency exchange | $ | 4 | $ | (23 | ) | $ | (70 | ) | $ | (113 | ) | ||||||
The net gains or losses from foreign exchange contracts reflected above were largely offset by the underlying transaction net gains and losses arising from the foreign currency exposures to which these contracts relate. | ||||||||||||||||||
The gross fair market value of derivative instruments related to foreign currency exchange contracts and their location on the Company’s Condensed Consolidated Balance Sheets are as follows as of September 30, 2013 and December 31, 2012, respectively (in thousands): | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Derivative Instrument | Location | September 30, | Location | September 30, | ||||||||||||||
2013 | 2013 | |||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 6 | Other current liabilities | $ | — | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Derivative Instrument | Location | December 31, | Location | December 31, | ||||||||||||||
2012 | 2012 | |||||||||||||||||
Foreign exchange contracts | Other current assets | $ | — | Other current liabilities | $ | 8 | ||||||||||||
The Company enters into its foreign exchange contracts with a single counterparty, a financial institution. The Company manages its concentration of counterparty risk associated with foreign exchange contracts by periodically assessing relevant information such as the counterparty’s current financial statements, credit agency reports and/or credit references. To further mitigate credit risk, the Company’s Foreign Exchange Agreement with its counterparty includes a master netting arrangement, which allows netting of asset and liability positions of outstanding foreign exchange contracts if settlement were required. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
A hierarchy for inputs used in measuring fair value is in place that distinguishes market data between observable independent market inputs and unobservable market assumptions by the reporting entity. | ||||||||||||||||
The hierarchy is intended to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available. Three levels within the hierarchy may be used to measure fair value: | ||||||||||||||||
• | Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||||||
• | Level 2: Inputs include data points that are observable such as 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) such as interest rates and yield curves that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||
• | Level 3: Inputs are generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect an entity’s own estimates of assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis and the fair value hierarchy utilized to determine such fair values is as follows at September 30, 2013 and December 31, 2012, respectively (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
September 30, | Active Markets | Inputs | Inputs | |||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities: | ||||||||||||||||
Certificates of deposit | $ | 8,743 | $ | 8,743 | $ | — | $ | — | ||||||||
Treasury bills | 7,499 | 7,499 | — | — | ||||||||||||
Total marketable securities | 16,242 | 16,242 | — | — | ||||||||||||
Foreign currency forward exchange contracts | 6 | — | 6 | — | ||||||||||||
Total assets | $ | 16,248 | $ | 16,242 | $ | 6 | $ | — | ||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
December 31, | Active Markets | Inputs | Inputs | |||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities: | ||||||||||||||||
Certificates of deposit | $ | 6,499 | $ | 6,499 | $ | — | $ | — | ||||||||
Treasury bills | 14,997 | 14,997 | — | — | ||||||||||||
Total assets | $ | 21,496 | $ | 21,496 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 8 | $ | — | $ | 8 | $ | — | ||||||||
Total liabilities | $ | 8 | $ | — | $ | 8 | $ | — | ||||||||
Marketable securities are classified as Level 1 in the above table and are carried at fair value based on quoted market prices. The Company uses quoted market prices as all of the certificates of deposit and treasury bills have maturity dates within one year from the Company’s date of purchase and trade in active markets. | ||||||||||||||||
Foreign currency forward exchange contracts are classified as Level 2 in the above table and are carried at fair value based on significant other observable market inputs, in this case, quoted foreign currency exchange rates. Such valuation represents the amount the Company would receive or pay to terminate the forward exchange contracts at the reporting date. |
Common_Stock_Repurchases_And_D
Common Stock Repurchases And Dividends | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Common Stock Repurchases And Dividends | ' |
Common Stock Repurchases and Dividends | |
Since October 2010, the Company’s Board of Directors has approved common stock repurchases of up to 3,500,000 shares. Shares may be purchased at prevailing market prices in the open market or in private transactions, subject to market conditions, share price, trading volume and other factors. The repurchase program has been funded to date using cash on hand. The Company repurchased 65,176 and 164,792 shares of its common stock during the three and nine months ended September 30, 2012, respectively. The Company did not repurchase any shares of its common stock during the three or nine months ended September 30, 2013. As of September 30, 2013, the Company had 778,365 shares available for repurchase under the authorizations. | |
The Company declared and paid dividends of $1.7 million and $5.2 million during the three and nine months ended September 30, 2012, respectively. The Company did not declare or pay any dividends during the three or nine months ended September 30, 2013. |
Computation_Of_Net_Income_Loss
Computation Of Net Income (Loss) Per Share Of Common Stock | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation Of Net Loss Per Share Of Common Stock | ' | |||||||||||||||
Computation of Net Loss Per Share of Common Stock | ||||||||||||||||
Basic net loss per common share is determined by dividing net loss by the basic weighted average number of shares of common stock outstanding. Diluted net loss per common share includes the potentially dilutive effect of common shares issued in connection with outstanding stock options using the treasury stock method and the dilutive impact of restricted stock units. Stock options and restricted stock units to acquire weighted average common shares of 1,838,000 and 1,894,000 for the three and nine months ended September 30, 2013, respectively, have been excluded from the computation of diluted weighted average shares outstanding as their effect is anti-dilutive. Stock options to acquire weighted average common shares of 1,737,000 and 1,757,000 for the three and nine months ended September 30, 2012, respectively, have been excluded from the computation of diluted weighted average common shares as their effect is anti-dilutive. The following table identifies the components of net loss per basic and diluted share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Shares outstanding at end of period | 8,661 | 10,060 | 8,661 | 10,060 | ||||||||||||
Basic weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 | ||||||||||||
Dilutive effect of stock options and restricted stock units | — | — | — | — | ||||||||||||
Total diluted weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 | ||||||||||||
Net loss attributable to Qumu | $ | (1,017 | ) | $ | (42,768 | ) | $ | (6,945 | ) | $ | (47,223 | ) | ||||
Basic net loss per common share | $ | (0.12 | ) | $ | (4.23 | ) | $ | (0.80 | ) | $ | (4.64 | ) | ||||
Diluted net loss per common share | $ | (0.12 | ) | $ | (4.23 | ) | $ | (0.80 | ) | $ | (4.64 | ) |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
The Company is exposed to a number of asserted and unasserted claims encountered in the normal course of business. Legal costs related to loss contingencies are expensed as incurred. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company’s financial position or results of operations. |
Investment_In_Software_Company
Investment In Software Company | 9 Months Ended |
Sep. 30, 2013 | |
Investments, All Other Investments [Abstract] | ' |
Investment In Software Company | ' |
Investment in Software Company | |
As of December 31, 2012, Qumu Corporation's investment in BriefCam aggregated $2.8 million, consisting of $2.3 million in convertible preferred stock and a $500,000 convertible note receivable, resulting in a minority interest of less than 20%. BriefCam is a privately-held Israeli company that develops video synopsis technology to augment security and surveillance systems to facilitate review of surveillance video. On January 16, 2013, the Company converted the aforementioned $500,000 note receivable into BriefCam's convertible preferred stock and concurrently participated in an additional round of funding of BriefCam's preferred stock issuance with a cash investment of approximately $350,000. In connection with the conversion of the note receivable and additional investment in BriefCam, the Company received warrants to purchase additional preferred stock in the same series and at the same price as the investment made in January 2013. Qumu's total investment in BriefCam of $3.1 million as of September 30, 2013 continues to represent a minority ownership of less than 20%. Qumu's investment in BriefCam of $3.1 million and $2.8 million at September 30, 2013 and December 31, 2012, respectively, is included in other non-current assets in the Condensed Consolidated Balance Sheets. | |
Because Qumu's ownership interest is less than 20% and it has no other rights or privileges that enable it to exercise significant influence over the operating and financial policies of BriefCam, Qumu accounts for this equity investment using the cost method. Through its seat on BriefCam's board of directors, Qumu monitors BriefCam's results of operations and business plan, and is not aware of any events or circumstances that would indicate a decline in the carrying value of its investment. |
Segments
Segments | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segments | ' | |||||||||||||
Segments | ||||||||||||||
The Company has two reportable segments: disc publishing and enterprise content distribution software. The Company's disc publishing segment supplies customers in North America, Europe and Asia with industry-leading solutions that archive, distribute and protect content on CDs, DVDs and Blu-ray Discs. The Company’s enterprise content distribution software segment enables online distribution of content through live and on-demand streaming video as well as secure push-based content delivery to tablets, smart phones and personal computers through its enterprise video communications product line, acquired as part of the acquisition of Qumu, Inc. | ||||||||||||||
Management evaluates segment performance based on revenue and operating income (loss). The measurement of operating income (loss) excludes interest income and expense, other non-operating items and income taxes. The operating income (loss) for the Company’s enterprise content distribution software and disc publishing segments include all the direct costs of each business. Beginning with the first quarter of fiscal 2013, the measurement of operating income (loss) by segment includes an allocation of corporate expenses incurred to support each reportable segment. Previously reported amounts included all corporate and other unallocated expenses in the disc publishing segment, a portion of which were incurred to support the enterprise content distribution segment. The Company revised the amounts previously reported as operating income (loss) by segment to align to the current period's presentation. This realignment resulted in $689,000 and $1,984,000 of corporate and other unallocated expenses being allocated from the disc publishing segment to the enterprise content distribution software segment for the three and nine months ended September 30, 2012, respectively, and had no effect on previously reported consolidated net sales or consolidated operating income (loss). The Company has not provided specific asset information by segment, as it is not regularly provided to the Company’s chief operating decision maker for review at a segment specific level. | ||||||||||||||
Net revenue and operating income (loss) were as follows (in thousands): | ||||||||||||||
Reportable Segments | Disc | Enterprise Content Distribution Software | Total | |||||||||||
Publishing | ||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||
Revenues | $ | 16,690 | $ | 4,383 | $ | 21,073 | ||||||||
Operating income (loss) | 2,552 | (3,606 | ) | (1) | (1,054 | ) | ||||||||
Three months ended September 30, 2012 | ||||||||||||||
Revenues | $ | 18,189 | $ | 2,760 | $ | 20,949 | ||||||||
Operating income (loss) | 2,431 | (34,160 | ) | (2) | (31,729 | ) | ||||||||
Nine months ended September 30, 2013 | ||||||||||||||
Revenues | $ | 48,256 | $ | 13,561 | $ | 61,817 | ||||||||
Operating income (loss) | 4,641 | (11,549 | ) | (1) | (6,908 | ) | ||||||||
Nine months ended September 30, 2012 | ||||||||||||||
Revenues | $ | 53,176 | $ | 5,518 | $ | 58,694 | ||||||||
Operating income (loss) | 5,799 | (44,230 | ) | (2) | (38,431 | ) | ||||||||
(1) | Operating loss for the enterprise content distribution software segment for the three and nine months ended September 30, 2013 includes amortization expense of $0.3 million and $0.9 million, respectively, for amortization of intangible assets established as part of the acquisition of Qumu, Inc. | |||||||||||||
(2) | Operating loss for the enterprise content distribution software segment for the three and nine months ended September 30, 2012 includes recognized asset impairment charges of $22.2 million of goodwill and $7.3 million of other intangible assets. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The guidance is effective for annual and interim periods beginning after December 15, 2012. The Company adopted ASU 2013-02 on January 1, 2013 and its adoption did not have a material impact on the Company’s financial position or results of operations. | |
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. ASU 2013-11 requires an entity to net its liability for unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating losses or similar tax loss carryforwards, or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available as of the reporting date to settle any additional income taxes resulting from disallowance of the uncertain tax position or the entity does not intend to use these carryforwards for this purpose. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2013 and interim periods within those years. This new guidance is not expected to have a material impact on the Company’s financial position or results of operations. |
Noncontrolling_Interest_Notes
Noncontrolling Interest (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Noncontrolling Interest | ' | ||||||||||||||||
Noncontrolling Interest | |||||||||||||||||
Effective July 3, 2013, the Company received approval from the Chinese government to increase its majority interest in Rimage Information Technology (Shanghai) Co., Ltd. ("RIT") from 51% to 100% by acquiring the remaining common stock from Taiwan Electronic Data Processing for $50,000. The acquisition of the additional shares in RIT was accounted for as an equity transaction in accordance with the accounting standards on noncontrolling interests outlined in ASC 810. As a result of the shares acquired, RIT is now a 100% owned subsidiary of Qumu. The Company continues to consolidate the financial statements of RIT with its consolidated financial statements; however, commencing on July 3, 2013, there is no noncontrolling interest. | |||||||||||||||||
The following table sets forth the changes in noncontrolling interest (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of period | $ | (21 | ) | $ | 227 | $ | 103 | $ | 360 | ||||||||
Net loss attributable to noncontrolling interest | — | (81 | ) | (125 | ) | (216 | ) | ||||||||||
Foreign currency translation attributable to noncontrolling interest | — | — | 1 | 2 | |||||||||||||
Purchase of noncontrolling interest in consolidated subsidiary | 21 | — | 21 | — | |||||||||||||
Balance at end of period | $ | — | $ | 146 | $ | — | $ | 146 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule Of Share-Based Payment Arrangements | ' | ||||||||||||||||
The Company recognized the following amounts related to its share-based payment arrangements (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock-based compensation cost charged against income, before income tax benefit: | |||||||||||||||||
Stock options | $ | 247 | $ | 310 | $ | 895 | $ | 1,068 | |||||||||
Restricted stock and restricted stock units | 140 | 181 | 483 | 562 | |||||||||||||
Total stock-based compensation | $ | 387 | $ | 491 | $ | 1,378 | $ | 1,630 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock-based compensation cost included in: | |||||||||||||||||
Cost of revenues | $ | 31 | $ | 31 | $ | 108 | $ | 103 | |||||||||
Operating expenses | 356 | 460 | 1,270 | 1,527 | |||||||||||||
Total stock-based compensation | $ | 387 | $ | 491 | $ | 1,378 | $ | 1,630 | |||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Schedule Of Marketable Securities | ' | |||||||||||||||
Marketable securities consisted of the following (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 8,750 | $ | — | $ | (7 | ) | $ | 8,743 | |||||||
Treasury bills | 7,500 | — | (1 | ) | 7,499 | |||||||||||
Total marketable securities | $ | 16,250 | $ | — | $ | (8 | ) | $ | 16,242 | |||||||
December 31, 2012 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 6,500 | $ | — | $ | (1 | ) | $ | 6,499 | |||||||
Treasury bills | 14,996 | 1 | — | 14,997 | ||||||||||||
Total marketable securities | $ | 21,496 | $ | 1 | $ | (1 | ) | $ | 21,496 | |||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule Of Inventories | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Finished goods and demonstration equipment | $ | 1,743 | $ | 2,677 | ||||
Purchased parts and subassemblies | 2,807 | 3,359 | ||||||
Total inventories | $ | 4,550 | $ | 6,036 | ||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Changes In Intangible Assets | ' | ||||||||||||||||
Changes in the Company’s intangible assets consisted of the following (in thousands): | |||||||||||||||||
Useful Life | December 31, | Additions/ | Other Net | September 30, | |||||||||||||
2012 | Amortization | Adjustments | 2013 | ||||||||||||||
Customer relationships | 10 | $ | 2,982 | $ | — | $ | — | $ | 2,982 | ||||||||
Developed technology | 6 | 3,357 | — | — | 3,357 | ||||||||||||
In-process research and development | 6 | 1,310 | — | — | 1,310 | ||||||||||||
Trademarks / trade names | 15 | 2,122 | — | — | 2,122 | ||||||||||||
Software | 5 | 1,051 | — | 28 | 1,079 | ||||||||||||
10,822 | — | 28 | 10,850 | ||||||||||||||
Less accumulated amortization | (858 | ) | (1,050 | ) | (15 | ) | (1,923 | ) | |||||||||
Total intangible assets, net | $ | 9,964 | $ | (1,050 | ) | $ | 13 | $ | 8,927 | ||||||||
Schedule of Goodwill and Cumulative Impairment Losses | ' | ||||||||||||||||
The Company's cumulative goodwill impairment losses are as follows (in thousands): | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Gross Carrying Amount | Cumulative Impairment Losses | Gross Carrying Amount | Cumulative Impairment Losses | ||||||||||||||
Goodwill | $ | 22,218 | $ | (22,218 | ) | $ | 22,218 | $ | (22,218 | ) | |||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule Of Realized And Unrealized Gains Or Losses On Derivative Instruments | ' | |||||||||||||||||
Realized and unrealized gains or losses on derivative instruments related to foreign currency exchange contracts and their location on the Company’s Condensed Consolidated Statements of Operations are as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Derivative Instrument | Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign exchange contracts | Gain (loss) on currency exchange | $ | 4 | $ | (23 | ) | $ | (70 | ) | $ | (113 | ) | ||||||
Schedule Of Fair Market Value Of Derivative Instruments | ' | |||||||||||||||||
The gross fair market value of derivative instruments related to foreign currency exchange contracts and their location on the Company’s Condensed Consolidated Balance Sheets are as follows as of September 30, 2013 and December 31, 2012, respectively (in thousands): | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Derivative Instrument | Location | September 30, | Location | September 30, | ||||||||||||||
2013 | 2013 | |||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 6 | Other current liabilities | $ | — | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Derivative Instrument | Location | December 31, | Location | December 31, | ||||||||||||||
2012 | 2012 | |||||||||||||||||
Foreign exchange contracts | Other current assets | $ | — | Other current liabilities | $ | 8 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis | ' | |||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis and the fair value hierarchy utilized to determine such fair values is as follows at September 30, 2013 and December 31, 2012, respectively (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
September 30, | Active Markets | Inputs | Inputs | |||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities: | ||||||||||||||||
Certificates of deposit | $ | 8,743 | $ | 8,743 | $ | — | $ | — | ||||||||
Treasury bills | 7,499 | 7,499 | — | — | ||||||||||||
Total marketable securities | 16,242 | 16,242 | — | — | ||||||||||||
Foreign currency forward exchange contracts | 6 | — | 6 | — | ||||||||||||
Total assets | $ | 16,248 | $ | 16,242 | $ | 6 | $ | — | ||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
December 31, | Active Markets | Inputs | Inputs | |||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities: | ||||||||||||||||
Certificates of deposit | $ | 6,499 | $ | 6,499 | $ | — | $ | — | ||||||||
Treasury bills | 14,997 | 14,997 | — | — | ||||||||||||
Total assets | $ | 21,496 | $ | 21,496 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 8 | $ | — | $ | 8 | $ | — | ||||||||
Total liabilities | $ | 8 | $ | — | $ | 8 | $ | — | ||||||||
Computation_Of_Net_Income_Loss1
Computation Of Net Income (Loss) Per Share Of Common Stock (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Components Of Net Income (Loss) Per Basic And Diluted Share | ' | |||||||||||||||
The following table identifies the components of net loss per basic and diluted share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Shares outstanding at end of period | 8,661 | 10,060 | 8,661 | 10,060 | ||||||||||||
Basic weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 | ||||||||||||
Dilutive effect of stock options and restricted stock units | — | — | — | — | ||||||||||||
Total diluted weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 | ||||||||||||
Net loss attributable to Qumu | $ | (1,017 | ) | $ | (42,768 | ) | $ | (6,945 | ) | $ | (47,223 | ) | ||||
Basic net loss per common share | $ | (0.12 | ) | $ | (4.23 | ) | $ | (0.80 | ) | $ | (4.64 | ) | ||||
Diluted net loss per common share | $ | (0.12 | ) | $ | (4.23 | ) | $ | (0.80 | ) | $ | (4.64 | ) |
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule Of Net Revenue And Operating Income (Loss) | ' | |||||||||||||
Net revenue and operating income (loss) were as follows (in thousands): | ||||||||||||||
Reportable Segments | Disc | Enterprise Content Distribution Software | Total | |||||||||||
Publishing | ||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||
Revenues | $ | 16,690 | $ | 4,383 | $ | 21,073 | ||||||||
Operating income (loss) | 2,552 | (3,606 | ) | (1) | (1,054 | ) | ||||||||
Three months ended September 30, 2012 | ||||||||||||||
Revenues | $ | 18,189 | $ | 2,760 | $ | 20,949 | ||||||||
Operating income (loss) | 2,431 | (34,160 | ) | (2) | (31,729 | ) | ||||||||
Nine months ended September 30, 2013 | ||||||||||||||
Revenues | $ | 48,256 | $ | 13,561 | $ | 61,817 | ||||||||
Operating income (loss) | 4,641 | (11,549 | ) | (1) | (6,908 | ) | ||||||||
Nine months ended September 30, 2012 | ||||||||||||||
Revenues | $ | 53,176 | $ | 5,518 | $ | 58,694 | ||||||||
Operating income (loss) | 5,799 | (44,230 | ) | (2) | (38,431 | ) | ||||||||
(1) | Operating loss for the enterprise content distribution software segment for the three and nine months ended September 30, 2013 includes amortization expense of $0.3 million and $0.9 million, respectively, for amortization of intangible assets established as part of the acquisition of Qumu, Inc. | |||||||||||||
(2) | Operating loss for the enterprise content distribution software segment for the three and nine months ended September 30, 2012 includes recognized asset impairment charges of $22.2 million of goodwill and $7.3 million of other intangible assets. |
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Schedule of changes in noncontrolling interest | ' | ||||||||||||||||
The following table sets forth the changes in noncontrolling interest (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of period | $ | (21 | ) | $ | 227 | $ | 103 | $ | 360 | ||||||||
Net loss attributable to noncontrolling interest | — | (81 | ) | (125 | ) | (216 | ) | ||||||||||
Foreign currency translation attributable to noncontrolling interest | — | — | 1 | 2 | |||||||||||||
Purchase of noncontrolling interest in consolidated subsidiary | 21 | — | 21 | — | |||||||||||||
Balance at end of period | $ | — | $ | 146 | $ | — | $ | 146 | |||||||||
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Stock Options | Stock Options | Stock Options | Stock Options | Non-Qualified Options | Restricted Stock Awards And Restricted Stock Units | Restricted Stock Awards And Restricted Stock Units | Restricted Stock Awards And Restricted Stock Units | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | Second Restated 2007 Stock Incentive Plan | |
Stock Options | Stock Options | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding options exchanged for new option awards | ' | ' | ' | ' | ' | ' | ' | ' | 182,000 | ' | 29,000 |
Exercise price per share for options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.50 | $11.87 |
Number of options granted | 53,998 | 3,000 | 167,498 | 72,740 | 50,000 | 2,800 | 35,000 | 66,924 | ' | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Share-Based Payment Arrangements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation cost charged against income, before income tax benefit | $387 | $491 | $1,378 | $1,630 |
Stock-based compensation cost included in: | ' | ' | ' | ' |
Cost of revenues | 31 | 31 | 108 | 103 |
Operating expenses | 356 | 460 | 1,270 | 1,527 |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation cost charged against income, before income tax benefit | 247 | 310 | 895 | 1,068 |
Restricted Stock And Restricted Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation cost charged against income, before income tax benefit | $140 | $181 | $483 | $562 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $1,036 | $1,017 |
Accrued interest and penalties relating to unrecognized tax benefits | $18 | $16 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum | ' |
Available-for-sale maturity period | '3 months |
Maximum | ' |
Available-for-sale maturity period | '12 months |
Marketable_Securities_Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Line Items] | ' | ' |
Cost | $16,250 | $21,496 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | -8 | -1 |
Fair Value | 16,242 | 21,496 |
Certificates Of Deposit | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Cost | 8,750 | 6,500 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -7 | -1 |
Fair Value | 8,743 | 6,499 |
Treasury Bills | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Cost | 7,500 | 14,996 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | -1 | 0 |
Fair Value | $7,499 | $14,997 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods and demonstration equipment | $1,743 | $2,677 |
Purchased parts and subassemblies | 2,807 | 3,359 |
Inventories | $4,550 | $6,036 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Changes Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Finite-lived intangible assets, beginning of year | ' | ' | $10,822,000 | ' |
Finite-lived intangible assets, Additions | ' | ' | 0 | ' |
Finite-lived intangible assets, Other Net Adjustments | ' | ' | 28,000 | ' |
Finite-lived intangible assets, end of year | 10,850,000 | ' | 10,850,000 | ' |
Intangible assets accumulated amortization, beginning of year | ' | ' | -858,000 | ' |
Less accumulated amortization, Additions | ' | ' | -1,050,000 | ' |
Less accumulated amortization, Other Net Adjustments | ' | ' | -15,000 | ' |
Intangible assets accumulated amortization, end of year | -1,923,000 | ' | -1,923,000 | ' |
Total intangible assets, net, beginning of year | ' | ' | 9,964,000 | ' |
Total intangible assets, Additions/Amortization | ' | ' | -1,050,000 | ' |
Total intangible assets, Other Net Adjustments | ' | ' | 13,000 | ' |
Total intangible assets, net, end of year | 8,927,000 | ' | 8,927,000 | ' |
Amortization expense | 158,000 | 284,000 | 471,000 | 795,000 |
Cost Of Product Revenues | ' | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Amortization expense | 194,000 | 269,000 | 580,000 | 805,000 |
Customer Relationships | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible asset, Useful Life | ' | ' | '10 years | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Finite-lived intangible assets, beginning of year | ' | ' | 2,982,000 | ' |
Finite-lived intangible assets, Additions | ' | ' | 0 | ' |
Finite-lived intangible assets, Other Net Adjustments | ' | ' | 0 | ' |
Finite-lived intangible assets, end of year | 2,982,000 | ' | 2,982,000 | ' |
Developed Technology | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible asset, Useful Life | ' | ' | '6 years | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Finite-lived intangible assets, beginning of year | ' | ' | 3,357,000 | ' |
Finite-lived intangible assets, Additions | ' | ' | 0 | ' |
Finite-lived intangible assets, Other Net Adjustments | ' | ' | 0 | ' |
Finite-lived intangible assets, end of year | 3,357,000 | ' | 3,357,000 | ' |
In-Process Research And Development | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible asset, Useful Life | ' | ' | '6 years | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Finite-lived intangible assets, beginning of year | ' | ' | 1,310,000 | ' |
Finite-lived intangible assets, Additions | ' | ' | 0 | ' |
Finite-lived intangible assets, Other Net Adjustments | ' | ' | 0 | ' |
Finite-lived intangible assets, end of year | 1,310,000 | ' | 1,310,000 | ' |
Trademarks And Trade Names | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible asset, Useful Life | ' | ' | '15 years | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Finite-lived intangible assets, beginning of year | ' | ' | 2,122,000 | ' |
Finite-lived intangible assets, Additions | ' | ' | 0 | ' |
Finite-lived intangible assets, Other Net Adjustments | ' | ' | 0 | ' |
Finite-lived intangible assets, end of year | 2,122,000 | ' | 2,122,000 | ' |
Software Related To Joint Venture Entity | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible asset, Useful Life | ' | ' | '5 years | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Finite-lived intangible assets, beginning of year | ' | ' | 1,051,000 | ' |
Finite-lived intangible assets, Additions | ' | ' | 0 | ' |
Finite-lived intangible assets, Other Net Adjustments | ' | ' | 28,000 | ' |
Finite-lived intangible assets, end of year | $1,079,000 | ' | $1,079,000 | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets Changes in Goodwill (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Oct. 10, 2011 | |
Enterprise Content Distribution Software | Enterprise Content Distribution Software | |||
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill, beginning of year | $22,218,000 | ' | ' | $22,200,000 |
Cumulative Impairment Losses, beginning of year | -22,218,000 | -22,218,000 | -22,200,000 | ' |
Cumulative Impairment Losses, end of year | -22,218,000 | -22,218,000 | -22,200,000 | ' |
Goodwill, end of year | 22,218,000 | 22,218,000 | ' | 22,200,000 |
Intangible assets, net | 8,927,000 | 9,964,000 | ' | 18,900,000 |
Intangible asset impairment charge | ' | ' | $7,300,000 | ' |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative | ' | ' |
Notional amount of foreign exchange contracts | $300,000 | $144,000 |
Exchange rate, minimum | 1.3267 | 1.2617 |
Net loss on foreign exchange contracts | $6,500 | $8,300 |
Foreign Exchange Contract - Euro | ' | ' |
Derivative | ' | ' |
Number of outstanding Euro exchange contracts | 1 | 1 |
Derivatives_Schedule_Of_Realiz
Derivatives (Schedule Of Realized And Unrealized Gains Or Losses On Derivative Instruments) (Details) (Gain (Loss) On Currency Exchange, Foreign Exchange Contracts, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (Loss) On Currency Exchange | Foreign Exchange Contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized losses on derivative instruments | $4 | ($23) | ($70) | ($113) |
Derivatives_Schedule_Of_Fair_M
Derivatives (Schedule Of Fair Market Value Of Derivative Instruments) (Details) (Estimate of Fair Value, Fair Value Disclosure, Foreign Exchange Contracts, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, foreign exchange contracts | $6 | $0 |
Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, foreign exchange contracts | $0 | $8 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | $16,242 | $21,496 |
Foreign currency forward exchange contracts | 6 | 8 |
Total Assets | 16,248 | ' |
Total liabilities | ' | 8 |
Quoted Prices In Active Markets (Level 1) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 16,242 | 21,496 |
Foreign currency forward exchange contracts | 0 | 0 |
Total Assets | 16,242 | ' |
Total liabilities | ' | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Foreign currency forward exchange contracts | 6 | 8 |
Total Assets | 6 | ' |
Total liabilities | ' | 8 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Foreign currency forward exchange contracts | 0 | 0 |
Total Assets | 0 | ' |
Total liabilities | ' | 0 |
Certificates Of Deposit | Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 8,743 | 6,499 |
Certificates Of Deposit | Quoted Prices In Active Markets (Level 1) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 8,743 | 6,499 |
Certificates Of Deposit | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Certificates Of Deposit | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Treasury Bills | Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 7,499 | 14,997 |
Treasury Bills | Quoted Prices In Active Markets (Level 1) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 7,499 | 14,997 |
Treasury Bills | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Treasury Bills | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | $0 | $0 |
Common_Stock_Repurchases_And_D1
Common Stock Repurchases And Dividends (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2010 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Common stock repurchases under Board authorizations | ' | ' | ' | ' | 3,500,000 |
Authorized shares available for repurchase | 778,365 | ' | 778,365 | ' | ' |
Dividends declared | $0 | $1,700 | $0 | $5,200 | ' |
Payments of dividends | $0 | ' | $0 | $5,180 | ' |
Stock repurchased during period, shares | ' | 65,176 | ' | 164,792 | ' |
Computation_Of_Net_Income_Loss2
Computation Of Net Income (Loss) Per Share Of Common Stock (Components Of Net Income (Loss) Per Basic And Diluted Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Shares outstanding at end of period | 8,661 | 10,060 | 8,661 | 10,060 |
Basic weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 |
Dilutive effect of stock options/restricted stock units | 0 | 0 | 0 | 0 |
Total diluted weighted average shares outstanding | 8,697 | 10,112 | 8,689 | 10,168 |
Net loss | ($1,017) | ($42,768) | ($6,945) | ($47,223) |
Basic net loss per common share | ($0.12) | ($4.23) | ($0.80) | ($4.64) |
Diluted net loss per common share | ($0.12) | ($4.23) | ($0.80) | ($4.64) |
Stock Options And Restricted Stock Units | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,838 | 1,737 | 1,894 | 1,757 |
Investment_In_Software_Company1
Investment In Software Company (Details) (BriefCam Ltd., USD $) | Sep. 30, 2013 | Jan. 16, 2013 | Dec. 31, 2012 |
Cost method investments | $3,100,000 | ' | $2,800,000 |
Convertible note receivable | ' | 500,000 | 500,000 |
Preferred stock issuance with cash investment | ' | 350,000 | ' |
Maximum | ' | ' | ' |
Minority ownership interest | 20.00% | ' | 20.00% |
Convertible Preferred Stock [Member] | ' | ' | ' |
Cost method investments | ' | ' | $2,300,000 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 29, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
segment | Disc Publishing | Disc Publishing | Disc Publishing | Disc Publishing | Enterprise Content Distribution Software | Enterprise Content Distribution Software | Enterprise Content Distribution Software | Enterprise Content Distribution Software | Enterprise Content Distribution Software | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of reportable segments | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Allocation of corporate and other unallocated expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | $689,000 | ' | ' | $1,984,000 | ' | ||
Revenues | 21,073,000 | 20,949,000 | 61,817,000 | 58,694,000 | ' | 16,690,000 | 18,189,000 | 48,256,000 | 53,176,000 | 4,383,000 | ' | 2,760,000 | 13,561,000 | 5,518,000 | ||
Operating income (loss) | -1,054,000 | -31,729,000 | -6,908,000 | -38,431,000 | ' | 2,552,000 | 2,431,000 | 4,641,000 | 5,799,000 | -3,606,000 | ' | -34,160,000 | -11,549,000 | [1] | -44,230,000 | [1] |
Amortization expense | 158,000 | 284,000 | 471,000 | 795,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 900,000 | ||
Goodwill, Impairment Loss | ' | ' | $22,218,000 | ' | $22,218,000 | ' | ' | ' | ' | ' | $22,200,000 | ' | ' | ' | ||
[1] | Operating loss for the enterprise content distribution software segment for the three and nine months ended September 30, 2013 includes amortization expense of $0.3 million and $0.9 million, respectively, for amortization of intangible assets established as part of the acquisition of Qumu, Inc. (2)Â Operating loss for the enterprise content distribution software segment for the three and nine months ended September 30, 2012 includes recognized asset impairment charges of $22.2 million of goodwill and $7.3 million of other intangible assets. |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 03, 2013 | Jun. 30, 2013 |
Rimage Information Technology (Shanghai) Co., Ltd. | Rimage Information Technology (Shanghai) Co., Ltd. | |||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Ownership interest percentage in RIT prior to July 3, 2013 | ' | ' | ' | ' | ' | 51.00% |
Amount paid to acquired remaining common stock in RIT | ' | ' | ' | ' | $50 | ' |
Ownership interest percentage in RIT as of July 3, 2013 | ' | ' | ' | ' | 100.00% | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | -21 | 227 | 103 | 360 | ' | ' |
Net loss attributable to noncontrolling interest | 0 | -81 | -125 | -216 | ' | ' |
Foreign currency translation attributable to noncontrolling interest | 0 | 0 | 1 | 2 | ' | ' |
Purchase of noncontrolling interest in consolidated subsidiary | 21 | 0 | 21 | 0 | ' | ' |
Balance at end of period | $0 | $146 | $0 | $146 | ' | ' |