Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Period End Date | 30-Jun-14 | ' |
Entity Registrant Name | 'QUMU CORP | ' |
Entity Central Index Key | '0000892482 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 8,756,016 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,556 | $37,725 |
Marketable securities | 24,466 | 13,233 |
Receivables, net of allowance for doubtful accounts of $20 and $20, respectively | 8,921 | 3,458 |
Inventories | 159 | 120 |
Prepaid income taxes | 961 | 1,356 |
Prepaid expenses and other current assets | 3,371 | 1,816 |
Current assets from discontinued operations | 14,106 | 14,066 |
Total current assets | 67,540 | 71,774 |
Property and equipment, net of accumulated depreciation of $1,534 and $1,208, respectively | 1,436 | 1,379 |
Intangible assets, net of amortization of $2,138 and $1,546, respectively | 7,633 | 8,225 |
Deferred income taxes - non-current | 85 | 85 |
Other assets - non-current | 3,291 | 3,288 |
Non-current assets from discontinued operations | 4,022 | 4,420 |
Total assets | 84,007 | 89,171 |
Current liabilities: | ' | ' |
Trade accounts payable | 2,721 | 2,057 |
Accrued compensation | 3,846 | 4,999 |
Other accrued expenses | 274 | 202 |
Deferred revenue | 4,263 | 3,905 |
Other current liabilities | 24 | 25 |
Current liabilities from discontinued operations | 13,698 | 11,865 |
Total current liabilities | 24,826 | 23,053 |
Non-current liabilities: | ' | ' |
Deferred revenue - non-current | 1,648 | 265 |
Income taxes payable - non-current | 117 | 116 |
Other non-current liabilities | 456 | 519 |
Non-current liabilities from discontinued operations | 2,172 | 2,637 |
Total non-current liabilities | 4,393 | 3,537 |
Total liabilities | 29,219 | 26,590 |
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 8,755,060 and 8,674,029, respectively | 88 | 87 |
Additional paid-in capital | 59,448 | 58,411 |
Retained earnings (accumulated deficit) | -4,825 | 3,921 |
Accumulated other comprehensive income | 77 | 162 |
Total stockholders' equity | 54,788 | 62,581 |
Total liabilities and stockholders' equity | $84,007 | $89,171 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts and sales returns | $20 | $20 |
Property and equipment, accumulated depreciation and amortization | 1,534 | 1,208 |
Intangible assets accumulated amortization | $2,138 | $1,546 |
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 | 8,755,060 | 8,674,029 |
Common stock, shares outstanding | 8,755,060 | 8,674,029 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Software licenses and appliances | $4,714 | $2,208 | $5,910 | $4,268 |
Service | 3,690 | 2,621 | 6,423 | 4,910 |
Total revenues | 8,404 | 4,829 | 12,333 | 9,178 |
Cost of revenues: | ' | ' | ' | ' |
Software licenses and appliances | 1,464 | 399 | 2,236 | 1,166 |
Service | 2,778 | 1,056 | 4,545 | 2,056 |
Total cost of revenues | 4,242 | 1,455 | 6,781 | 3,222 |
Gross profit | 4,162 | 3,374 | 5,552 | 5,956 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2,264 | 2,241 | 4,288 | 4,551 |
Selling, general and administrative | 7,421 | 5,013 | 13,938 | 10,583 |
Amortization of purchased intangibles | 156 | 156 | 313 | 313 |
Total operating expenses | 9,841 | 7,410 | 18,539 | 15,447 |
Operating loss | -5,679 | -4,036 | -12,987 | -9,491 |
Other income (expense): | ' | ' | ' | ' |
Interest, net | 10 | 5 | 22 | 16 |
Loss on currency exchange | -6 | -11 | -23 | -3 |
Other, net | 0 | -2 | -10 | -2 |
Total other income (expense), net | 4 | -8 | -11 | 11 |
Loss before income taxes | -5,675 | -4,044 | -12,998 | -9,480 |
Income tax expense | 6 | 17 | 17 | 19 |
Net loss from continuing operations | -5,681 | -4,061 | -13,015 | -9,499 |
Net income from discontinued operations, net of tax | 864 | 2,110 | 4,269 | 3,571 |
Net loss | ($4,817) | ($1,951) | ($8,746) | ($5,928) |
Net loss from continuing operations per share | ($0.65) | ($0.47) | ($1.49) | ($1.09) |
Net income from discontinued operations per share | $0.10 | $0.25 | $0.49 | $0.41 |
Net loss per share | ($0.55) | ($0.22) | ($1) | ($0.68) |
Basic and diluted weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($4,817) | ($1,951) | ($8,746) | ($5,928) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -91 | 43 | -68 | -220 |
Change in net unrealized loss on marketable securities, net of tax | -13 | -12 | -17 | -15 |
Total other comprehensive income (loss) | -104 | 31 | -85 | -235 |
Total comprehensive loss | ($4,921) | ($1,920) | ($8,831) | ($6,163) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($8,746) | ($5,928) |
Net income from discontinued operations, net of tax | -4,269 | -3,571 |
Net loss from continuing operations | -13,015 | -9,499 |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 924 | 889 |
Deferred income tax expense | 0 | 702 |
Loss on disposal of property and equipment | 10 | 0 |
Stock-based compensation | 784 | 800 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -5,456 | 1,549 |
Inventories | -39 | 34 |
Prepaid income taxes / income taxes payable | 396 | 320 |
Prepaid expenses and other assets | -1,555 | 37 |
Trade accounts payable | 666 | -202 |
Accrued compensation | -1,153 | 193 |
Other accrued expenses and other current liabilities | 71 | -168 |
Deferred revenue | 1,741 | 298 |
Other non-current liabilities | -63 | -57 |
Net cash used in continuing operating activities | -16,689 | -5,104 |
Net cash provided by discontinued operating activities | 5,980 | 2,216 |
Net cash used in operating activities | -10,709 | -2,888 |
Cash flows from (used in) investing activities: | ' | ' |
Purchase of cost method investment | 0 | -350 |
Purchases of marketable securities | -20,251 | -15,505 |
Sales and maturities of marketable securities | 9,000 | 20,750 |
Purchases of property and equipment | -367 | -272 |
Net cash provided by (used in) continuing investing activities | -11,618 | 4,623 |
Net cash provided by (used in) discontinued investing activities | 22 | -300 |
Net cash provided by (used in) investing activities | -11,596 | 4,323 |
Cash flows from (used in) financing activities: | ' | ' |
Checks written in excess of bank balance | 74 | 0 |
Common stock repurchases to settle employee withholding liability | -52 | -47 |
Proceeds from employee stock plans | 108 | 0 |
Net cash provided by (used in) continuing financing activities | 130 | -47 |
Net cash used in discontinued financing activities | -5 | -11 |
Net cash provided by (used) in financing activities | 125 | -58 |
Effect of exchange rate changes on cash | 11 | -203 |
Net increase (decrease) in cash and cash equivalents | -22,169 | 1,174 |
Cash and cash equivalents, beginning of period | 37,725 | 28,644 |
Cash and cash equivalents, end of period | 15,556 | 29,818 |
Supplemental disclosures of net cash received during the period for: | ' | ' |
Income taxes received, net | $473 | $999 |
Basis_of_Presentation_and_Natu
Basis of Presentation and Nature Of Business | 6 Months Ended |
Jun. 30, 2014 | |
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 wholly-owned subsidiary acquired in October 2011. All intercompany accounts and transactions have been eliminated in consolidation. | |
The Company has conducted its operations through two businesses consisting of 1) its enterprise video content management software business and 2) its disc publishing business. As further described in note 2, on June 27, 2014, the Company's shareholders approved the sale of the disc publishing assets. As a result, effective June 27, 2014, the disc publishing business is classified as held for sale and qualifies for discontinued operations presentation for the three and six months ended June 30, 2014 and comparable prior-year periods. Accordingly, effective June 27, 2014, the Company has one remaining reportable segment, the enterprise video content management software business. Qumu’s enterprise video content management software business provides the tools businesses need to create, manage, secure, distribute and measure the success of their videos. Qumu helps organizations around the world realize the greatest possible value from video and other rich content they create and publish. The Company markets its products to customers in North America, Europe and Asia. | |
Change in Estimation Methodology for Establishing VSOE for Software Support Maintenance Contracts | |
Since its acquisition of Qumu, Inc. in October 2011 through December 31, 2013, the Company utilized the bell-shaped curve approach for determining vendor specific objective evidence (“VSOE”) of fair value for its software support maintenance contracts and professional services sold by its enterprise video content management software business. Because the enterprise video content management software business is rapidly growing and it is experiencing changing pricing policies, types of customers, types and levels of support offerings, and the size and scope of arrangements, management believes that the stated renewal rate set forth in its software support maintenance contracts provides better evidence for that deliverable's fair value. As a result, effective January 1, 2014, the Company establishes VSOE of fair value for its software support maintenance contracts by reference to substantive stated renewal rates within those arrangements. The bell-shaped curve approach continues to be used for professional services. | |
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. In accordance with ASC 205-20, the operating results for the three and six months ended June 30, 2014 and the financial position as of June 30, 2014 reflect the Company's disc publishing business as discontinued operations. Previously reported operating results and financial position for comparable periods in 2013 have also been restated to reflect this reclassification. 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, 2013. | |
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. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On April 24, 2014, the Company entered into an asset purchase agreement (the “asset purchase agreement”) with Equus Holdings, Inc. and Redwood Acquisition, Inc. (now known as Rimage Corporation, “Buyer”). Under the terms of the asset purchase agreement, the Company agreed to sell to Buyer all of the assets primarily used or primarily held for use in connection with its disc publishing business. Buyer also agreed to assume on the closing date certain agreements and liabilities relating to the disc publishing business and the acquired assets. | ||||||||||||||||
At a special meeting of the Company's shareholders held on June 27, 2014, the Company's shareholders approved the sale of the disc publishing assets as contemplated by the asset purchase agreement. As a result, effective June 27, 2014, the disc publishing business is classified as held for sale and qualifies for discontinued operations presentation as the disc publishing business will be eliminated from ongoing operations and the Company will not have any significant continuing involvement in the operations after the disposal transaction is completed. | ||||||||||||||||
In accordance with ASC 205-20, the results of the discontinued disc publishing business have been presented as discontinued operations for the three and six months ended June 30, 2014. Previously reported results for comparable periods in 2013 have also been restated to reflect this reclassification. | ||||||||||||||||
The operational results of the disc publishing business are presented in the “Net income from discontinued operations, net of tax” line item on the Condensed Consolidated Statements of Operations. Also included in this line item for the 2014 periods are non-recurring expenses incurred by the Company in preparation for and as part of the sale of the disc publishing business, including third party transaction specific costs, one-time income tax related impacts that resulted directly from the reorganization of international legal entities to facilitate the sale and the acceleration of vesting of cash-based long-term incentive and stock-based awards payable to employees of the disc publishing business upon completion of the asset sale transaction. The described non-recurring expenses and income tax related impacts amounted to approximately $2.9 million and $3.0 million for the three and six months ended June 30, 2014, respectively. In accordance with ASC 205-20, no general corporate charges were allocated to the discontinued business. The assets and liabilities of the discontinued business are presented on the Condensed Consolidated Balance Sheets as assets and liabilities from discontinued operations. | ||||||||||||||||
Other than consolidated amounts reflecting operating results and balances for both the continuing and discontinued operations, all remaining amounts presented in the accompanying condensed consolidated financial statements and notes reflect the financial results and financial position of the Company's continuing enterprise video content management software business. | ||||||||||||||||
Revenue, operating income, income tax expense (benefit) and net income from discontinued operations were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue | $ | 15,059 | $ | 16,419 | $ | 29,922 | $ | 31,566 | ||||||||
Operating income | 1,475 | 2,177 | 4,617 | 3,636 | ||||||||||||
Income tax expense (benefit) | 498 | 36 | 438 | (21 | ) | |||||||||||
Net income from discontinued operations | $ | 864 | $ | 2,110 | $ | 4,269 | $ | 3,571 | ||||||||
The major classes of assets and liabilities from discontinued operations were as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Receivables, net | $ | 7,996 | $ | 8,778 | ||||||||||||
Inventories | 4,745 | 3,983 | ||||||||||||||
Other current assets | 1,365 | 1,305 | ||||||||||||||
Current assets from discontinued operations | 14,106 | 14,066 | ||||||||||||||
Property and equipment, net | 3,753 | 4,040 | ||||||||||||||
Intangible assets, net | 242 | 352 | ||||||||||||||
Other assets - non-current | 27 | 28 | ||||||||||||||
Non-current assets from discontinued operations | 4,022 | 4,420 | ||||||||||||||
Trade accounts payables | 2,439 | 3,225 | ||||||||||||||
Accrued compensation | 3,260 | 2,568 | ||||||||||||||
Deferred revenue | 6,310 | 5,645 | ||||||||||||||
Other current liabilities | 1,689 | 427 | ||||||||||||||
Current liabilities from discontinued operations | 13,698 | 11,865 | ||||||||||||||
Non-current liabilities from discontinued operations | $ | 2,172 | $ | 2,637 | ||||||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company granted the following stock-based awards: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 47,500 | 55,000 | 47,500 | 113,500 | |||||||||||||
Restricted stock awards and restricted stock units | 87,500 | 35,000 | 87,500 | 35,000 | |||||||||||||
The stock options granted during the six months ended June 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. | |||||||||||||||||
On May 20, 2014, the Company’s shareholders approved an amendment to the 2007 Plan to increase the number of shares authorized under the plan by 500,000 to a total of 2,230,320 shares. | |||||||||||||||||
The Company recognized the following amounts related to its share-based payment arrangements (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation cost charged against income, before income tax benefit: | |||||||||||||||||
Stock options | $ | 207 | $ | 219 | $ | 415 | $ | 525 | |||||||||
Restricted stock and restricted stock units | 228 | 134 | 369 | 275 | |||||||||||||
Total stock-based compensation | $ | 435 | $ | 353 | $ | 784 | $ | 800 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation cost included in: | |||||||||||||||||
Cost of revenues | $ | 11 | $ | 5 | $ | 18 | $ | 11 | |||||||||
Operating expenses | 424 | 348 | 766 | 789 | |||||||||||||
Total stock-based compensation | $ | 435 | $ | 353 | $ | 784 | $ | 800 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
As of June 30, 2014 and December 31, 2013, the Company’s liability for gross unrecognized tax benefits totaled $1,054,000 and $1,036,000, respectively (excluding interest and penalties). Total accrued interest and penalties relating to unrecognized tax benefits amounted to $21,000 and $18,000 on a gross basis at June 30, 2014 and December 31, 2013, 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 | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Marketable Securities | ' | |||||||||||||||
Marketable Securities | ||||||||||||||||
Marketable securities consisted of the following (in thousands): | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 24,500 | $ | — | $ | (34 | ) | $ | 24,466 | |||||||
Total marketable securities | $ | 24,500 | $ | — | $ | (34 | ) | $ | 24,466 | |||||||
December 31, 2013 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 13,250 | $ | — | $ | (17 | ) | $ | 13,233 | |||||||
Total marketable securities | $ | 13,250 | $ | — | $ | (17 | ) | $ | 13,233 | |||||||
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 June 30, 2014 and December 31, 2013 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 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Finished goods and demonstration equipment | $ | 120 | $ | 108 | ||||
Purchased parts and subassemblies | 39 | 12 | ||||||
Total inventories | $ | 159 | $ | 120 | ||||
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Changes in the Company’s intangible assets consisted of the following (in thousands): | |||||||||||||
30-Jun-14 | Useful Life | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||
Customer relationships | 10 | $ | 2,982 | $ | (522 | ) | $ | 2,460 | |||||
Developed technology | 6 | 3,357 | (979 | ) | 2,378 | ||||||||
In-process research and development | 6 | 1,310 | (390 | ) | 920 | ||||||||
Trademarks / trade names | 15 | 2,122 | (247 | ) | 1,875 | ||||||||
Total intangible assets, net | $ | 9,771 | $ | (2,138 | ) | $ | 7,633 | ||||||
31-Dec-13 | Useful Life | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||
Customer relationships | 10 | $ | 2,982 | $ | (373 | ) | $ | 2,609 | |||||
Developed technology | 6 | 3,357 | (699 | ) | 2,658 | ||||||||
In-process research and development | 6 | 1,310 | (297 | ) | 1,013 | ||||||||
Trademarks / trade names | 15 | 2,122 | (177 | ) | 1,945 | ||||||||
Total intangible assets, net | $ | 9,771 | $ | (1,546 | ) | $ | 8,225 | ||||||
Amortization expense associated with the developed technology included in cost of product revenues was $140,000 and $280,000 for the each of the three and six months ended June 30, 2014 and 2013, respectively. Amortization expense associated with other acquired intangible assets included in operating expenses as “Amortization of purchased intangibles” was $156,000 and $313,000 for each of the three and six months ended June 30, 2014 and 2013, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 and December 31, 2013, respectively (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
June 30, | Active Markets | Inputs | Inputs | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 24,466 | $ | 24,466 | $ | — | $ | — | ||||||||
Total assets | $ | 24,466 | $ | 24,466 | $ | — | $ | — | ||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
December 31, | Active Markets | Inputs | Inputs | |||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 13,233 | $ | 13,233 | $ | — | $ | — | ||||||||
Total assets | $ | 13,233 | $ | 13,233 | $ | — | $ | — | ||||||||
Certificates of deposit 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 have maturity dates within one year from the Company’s date of purchase and trade in active markets. |
Common_Stock_Repurchases_and_D
Common Stock Repurchases and Dividends | 6 Months Ended |
Jun. 30, 2014 | |
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 did not repurchase any shares of its common stock during the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, the Company had 778,365 shares available for repurchase under the authorizations. | |
The Company did not declare or pay any dividends during the six months ended June 30, 2014 and 2013, respectively. |
Computation_of_Net_Loss_From_C
Computation of Net Loss From Continuing Operations Per Share of Common Stock | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Net Loss From Continuing Operations Per Share of Common Stock | ' | |||||||||||||||
Computation of Net Loss From Continuing Operations Per Share of Common Stock | ||||||||||||||||
Basic net loss from continuing operations per common share is determined by dividing net loss from continuing operations 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 1,755,000 and 1,768,000 for the three and six months ended June 30, 2014, respectively, have been excluded from the computation of diluted weighted average common shares as their effect is anti-dilutive. Stock options and restricted stock units to acquire weighted average common shares of 1,773,000 and 1,920,000 for the three and six months ended June 30, 2013, respectively, have been excluded from the computation of diluted weighted average common shares as their effect is anti-dilutive. | ||||||||||||||||
The Company calculates net loss per share pursuant to the two-class method, which requires all outstanding unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) to be considered participating securities and included in the computation of basic and diluted earnings per share using the two-class method. The Company included in its computation of weighted average shares outstanding approximately 89,000 and 94,000 weighted average outstanding shares of unvested restricted stock deemed to be participating securities for the three months ended June 30, 2014 and 2013, respectively. The Company included in its computation of weighted average shares outstanding approximately 78,000 and 94,000 weighted average outstanding shares of unvested restricted stock deemed to be participating securities for the six months ended June 30, 2014 and 2013, respectively. The following table identifies the components of net loss per basic and diluted share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Shares outstanding at end of period | 8,755 | 8,674 | 8,755 | 8,674 | ||||||||||||
Basic weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 | ||||||||||||
Dilutive effect of stock options and restricted stock units | — | — | — | — | ||||||||||||
Total diluted weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 | ||||||||||||
Net loss from continuing operations | $ | (5,681 | ) | $ | (4,061 | ) | $ | (13,015 | ) | $ | (9,499 | ) | ||||
Net loss from continuing operations per basic and diluted share | $ | (0.65 | ) | $ | (0.47 | ) | $ | (1.49 | ) | $ | (1.09 | ) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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 | 6 Months Ended |
Jun. 30, 2014 | |
Investments, All Other Investments [Abstract] | ' |
Investment In Software Company | ' |
Investment in Software Company | |
At June 30, 2014 and December 31, 2013, Qumu held an investment totaling $3.1 million in convertible preferred stock of Briefcam, Ltd. (“Briefcam”), a privately-held Israeli company that develops video synopsis technology to augment security and surveillance systems to facilitate review of surveillance video. Qumu also holds warrants to purchase additional Briefcam preferred stock in the same series and at the same price as its invested preferred shares. Qumu’s investment in Briefcam represents a minority ownership interest of less than 20%. The investment 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. Qumu monitors BriefCam's results of operations, business plan and capital raising activities, and is not aware of any events or circumstances that would indicate an other than temporary decline in the carrying value of its investment. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
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. The Company adopted ASU No. 2013-11 on January 1, 2014 and its adoption did not have a material impact on the Company’s financial position or results of operations. | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statement (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" which changes the criteria and requires additional disclosures for reporting discontinued operations. The amendments in ASU 2014-08 are effective for all disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company does not expect that its adoption of ASU 2014-08 will have a material impact on its financial statements or disclosures in its financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On July 1, 2014, the Company and Equus Holdings, Inc. (“Buyer”) completed the transactions contemplated by the asset purchase agreement (see Note 2), resulting in the sale by the Company of all of the assets primarily used in or primarily held for use in connection with its disc publishing business and the assumption by Buyer of certain agreements and liabilities of the disc publishing business. As contemplated by the asset purchase agreement, on July 1, 2014, the Company also entered into a mutual transition services agreement with Buyer and entered into a lease agreement with Buyer for the lease from Buyer of a portion of the property located at 7725 Washington Avenue South, Minneapolis, MN 55439. | |
The purchase price paid to the Company on the closing date was approximately $20.0 million with an additional $2.3 million placed in an escrow account to support the Company’s indemnification obligations under the asset purchase agreement for a fifteen-month escrow period. As described in the asset purchase agreement, the purchase price is subject to adjustment for the actual cash held by certain subsidiaries at the closing date, the actual difference between net book value at the closing date and the target net book value amount, and the actual EBITDA of the disc publishing business from June 1, 2014 through the closing date. Any adjustments required by the asset purchase agreement will be paid in cash following the closing. An anticipated gain on the sale of the disc publishing business ranging from $14 million to $19 million will be recorded during the third quarter of 2014, and reported as part of discontinued operations. This amount excludes the impact of transaction related expenses recorded through June 30, 2014. The Company expects to utilize existing U.S. net operating losses to offset the taxable impact of the gain on sale. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued operations net income and major classes of assets and liabilities | ' | |||||||||||||||
Revenue, operating income, income tax expense (benefit) and net income from discontinued operations were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue | $ | 15,059 | $ | 16,419 | $ | 29,922 | $ | 31,566 | ||||||||
Operating income | 1,475 | 2,177 | 4,617 | 3,636 | ||||||||||||
Income tax expense (benefit) | 498 | 36 | 438 | (21 | ) | |||||||||||
Net income from discontinued operations | $ | 864 | $ | 2,110 | $ | 4,269 | $ | 3,571 | ||||||||
The major classes of assets and liabilities from discontinued operations were as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Receivables, net | $ | 7,996 | $ | 8,778 | ||||||||||||
Inventories | 4,745 | 3,983 | ||||||||||||||
Other current assets | 1,365 | 1,305 | ||||||||||||||
Current assets from discontinued operations | 14,106 | 14,066 | ||||||||||||||
Property and equipment, net | 3,753 | 4,040 | ||||||||||||||
Intangible assets, net | 242 | 352 | ||||||||||||||
Other assets - non-current | 27 | 28 | ||||||||||||||
Non-current assets from discontinued operations | 4,022 | 4,420 | ||||||||||||||
Trade accounts payables | 2,439 | 3,225 | ||||||||||||||
Accrued compensation | 3,260 | 2,568 | ||||||||||||||
Deferred revenue | 6,310 | 5,645 | ||||||||||||||
Other current liabilities | 1,689 | 427 | ||||||||||||||
Current liabilities from discontinued operations | 13,698 | 11,865 | ||||||||||||||
Non-current liabilities from discontinued operations | $ | 2,172 | $ | 2,637 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule Of Share-Based Payment Arrangements | ' | ||||||||||||||||
The Company granted the following stock-based awards: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 47,500 | 55,000 | 47,500 | 113,500 | |||||||||||||
Restricted stock awards and restricted stock units | 87,500 | 35,000 | 87,500 | 35,000 | |||||||||||||
Schedule of Allocation of Share-based Compensation Costs by Plan | ' | ||||||||||||||||
The Company recognized the following amounts related to its share-based payment arrangements (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation cost charged against income, before income tax benefit: | |||||||||||||||||
Stock options | $ | 207 | $ | 219 | $ | 415 | $ | 525 | |||||||||
Restricted stock and restricted stock units | 228 | 134 | 369 | 275 | |||||||||||||
Total stock-based compensation | $ | 435 | $ | 353 | $ | 784 | $ | 800 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation cost included in: | |||||||||||||||||
Cost of revenues | $ | 11 | $ | 5 | $ | 18 | $ | 11 | |||||||||
Operating expenses | 424 | 348 | 766 | 789 | |||||||||||||
Total stock-based compensation | $ | 435 | $ | 353 | $ | 784 | $ | 800 | |||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Schedule Of Marketable Securities | ' | |||||||||||||||
Marketable securities consisted of the following (in thousands): | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 24,500 | $ | — | $ | (34 | ) | $ | 24,466 | |||||||
Total marketable securities | $ | 24,500 | $ | — | $ | (34 | ) | $ | 24,466 | |||||||
December 31, 2013 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 13,250 | $ | — | $ | (17 | ) | $ | 13,233 | |||||||
Total marketable securities | $ | 13,250 | $ | — | $ | (17 | ) | $ | 13,233 | |||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule Of Inventories | ' | |||||||
Inventories consisted of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Finished goods and demonstration equipment | $ | 120 | $ | 108 | ||||
Purchased parts and subassemblies | 39 | 12 | ||||||
Total inventories | $ | 159 | $ | 120 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||
Changes In Intangible Assets | ' | ||||||||||||
Changes in the Company’s intangible assets consisted of the following (in thousands): | |||||||||||||
30-Jun-14 | Useful Life | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||
Customer relationships | 10 | $ | 2,982 | $ | (522 | ) | $ | 2,460 | |||||
Developed technology | 6 | 3,357 | (979 | ) | 2,378 | ||||||||
In-process research and development | 6 | 1,310 | (390 | ) | 920 | ||||||||
Trademarks / trade names | 15 | 2,122 | (247 | ) | 1,875 | ||||||||
Total intangible assets, net | $ | 9,771 | $ | (2,138 | ) | $ | 7,633 | ||||||
31-Dec-13 | Useful Life | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||
Customer relationships | 10 | $ | 2,982 | $ | (373 | ) | $ | 2,609 | |||||
Developed technology | 6 | 3,357 | (699 | ) | 2,658 | ||||||||
In-process research and development | 6 | 1,310 | (297 | ) | 1,013 | ||||||||
Trademarks / trade names | 15 | 2,122 | (177 | ) | 1,945 | ||||||||
Total intangible assets, net | $ | 9,771 | $ | (1,546 | ) | $ | 8,225 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 and December 31, 2013, respectively (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
June 30, | Active Markets | Inputs | Inputs | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 24,466 | $ | 24,466 | $ | — | $ | — | ||||||||
Total assets | $ | 24,466 | $ | 24,466 | $ | — | $ | — | ||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
December 31, | Active Markets | Inputs | Inputs | |||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 13,233 | $ | 13,233 | $ | — | $ | — | ||||||||
Total assets | $ | 13,233 | $ | 13,233 | $ | — | $ | — | ||||||||
Computation_of_Net_Loss_From_C1
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Shares outstanding at end of period | 8,755 | 8,674 | 8,755 | 8,674 | ||||||||||||
Basic weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 | ||||||||||||
Dilutive effect of stock options and restricted stock units | — | — | — | — | ||||||||||||
Total diluted weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 | ||||||||||||
Net loss from continuing operations | $ | (5,681 | ) | $ | (4,061 | ) | $ | (13,015 | ) | $ | (9,499 | ) | ||||
Net loss from continuing operations per basic and diluted share | $ | (0.65 | ) | $ | (0.47 | ) | $ | (1.49 | ) | $ | (1.09 | ) |
Basis_of_Presentation_and_Natu1
Basis of Presentation and Nature Of Business (Details) | 0 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 26, 2014 | |
segment | Business | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of reportable segments | 1 | 2 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (Disc Publishing, USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Disc Publishing | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Costs to sell a business | $2.90 | $3 |
Discontinued_Operations_Net_In
Discontinued Operations (Net Income from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net income from discontinued operations | $864 | $2,110 | $4,269 | $3,571 |
Disc Publishing | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net revenue | 15,059 | 16,419 | 29,922 | 31,566 |
Operating income | 1,475 | 2,177 | 4,617 | 3,636 |
Income tax expense (benefit) | 498 | 36 | 438 | -21 |
Net income from discontinued operations | $864 | $2,110 | $4,269 | $3,571 |
Discontinued_Operations_Major_
Discontinued Operations (Major Assets and Liabilities of Discontinued Operations) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Non-current assets from discontinued operations | $4,022 | $4,420 |
Current liabilities from discontinued operations | 13,698 | 11,865 |
Non-current liabilities from discontinued operations | 2,172 | 2,637 |
Disc Publishing | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Receivables, net | 7,996 | 8,778 |
Inventories | 4,745 | 3,983 |
Other current assets | 1,365 | 1,305 |
Current assets from discontinued operations | 14,106 | 14,066 |
Property and equipment, net | 3,753 | 4,040 |
Intangible assets, net | 242 | 352 |
Other assets - non-current | 27 | 28 |
Non-current assets from discontinued operations | 4,022 | 4,420 |
Trade accounts payables | 2,439 | 3,225 |
Accrued compensation | 3,260 | 2,568 |
Deferred revenue | 6,310 | 5,645 |
Other current liabilities | 1,689 | 427 |
Current liabilities from discontinued operations | 13,698 | 11,865 |
Non-current liabilities from discontinued operations | $2,172 | $2,637 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 6 Months Ended | 0 Months Ended |
Jun. 30, 2013 | 20-May-14 | |
Non-Qualified Options | 2007 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of options granted | 50,000 | ' |
Number of additional shares authorized | ' | 500,000 |
Number of shares authorized | ' | 2,230,320 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock-based Awards Granted) (Details) (2007 Plan) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted (in shares) | 47,500 | 55,000 | 47,500 | 113,500 |
Restricted stock and restricted stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock awards and restricted stock units granted (in shares) | 87,500 | 35,000 | 87,500 | 35,000 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Allocation of Share-Based Compensation Costs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation cost charged against income, before income tax benefit | $435 | $353 | $784 | $800 |
Stock-based compensation cost included in: | ' | ' | ' | ' |
Cost of revenues | 11 | 5 | 18 | 11 |
Operating expenses | 424 | 348 | 766 | 789 |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation cost charged against income, before income tax benefit | 207 | 219 | 415 | 525 |
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 | $228 | $134 | $369 | $275 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $1,054 | $1,036 |
Accrued interest and penalties relating to unrecognized tax benefits | $21 | $18 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Minimum | ' | ' |
Available-for-sale maturity period | '3 months | '3 months |
Maximum | ' | ' |
Available-for-sale maturity period | '12 months | '12 months |
Marketable_Securities_Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Marketable Securities [Line Items] | ' | ' |
Cost | $24,500 | $13,250 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -34 | -17 |
Fair Value | 24,466 | 13,233 |
Certificates Of Deposit | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Cost | 24,500 | 13,250 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -34 | -17 |
Fair Value | $24,466 | $13,233 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods and demonstration equipment | $120 | $108 |
Purchased parts and subassemblies | 39 | 12 |
Total inventories | $159 | $120 |
Intangible_Assets_Changes_Inta
Intangible Assets (Changes Intangible Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Cost Of Product Revenues | Cost Of Product Revenues | Cost Of Product Revenues | Cost Of Product Revenues | Customer Relationships | Customer Relationships | Developed Technology | Developed Technology | In-Process Research And Development | In-Process Research And Development | Trademarks And Trade Names | Trademarks And Trade Names | ||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '6 years | '6 years | '6 years | '6 years | '15 years | '15 years |
Gross Carrying Amount | $9,771 | ' | $9,771 | ' | $9,771 | ' | ' | ' | ' | $2,982 | $2,982 | $3,357 | $3,357 | $1,310 | $1,310 | $2,122 | $2,122 |
Accumulated Amortization | -2,138 | ' | -2,138 | ' | -1,546 | ' | ' | ' | ' | -522 | -373 | -979 | -699 | -390 | -297 | -247 | -177 |
Net | 7,633 | ' | 7,633 | ' | 8,225 | ' | ' | ' | ' | 2,460 | 2,609 | 2,378 | 2,658 | 920 | 1,013 | 1,875 | 1,945 |
Amortization expense | $156 | $156 | $313 | $313 | ' | $140 | $140 | $280 | $280 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | $24,466 | $13,233 |
Fair Value, Measurements, Recurring | Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 24,466 | 13,233 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 24,466 | 13,233 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Assets | 0 | 0 |
Certificates Of Deposit | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | 24,466 | 13,233 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | 24,466 | 13,233 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | 24,466 | 13,233 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | 0 | 0 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value | $0 | $0 |
Common_Stock_Repurchases_and_D1
Common Stock Repurchases and Dividends (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Mar. 31, 2013 | Oct. 31, 2010 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Common stock repurchases under Board authorizations | ' | ' | 3,500,000 |
Authorized shares available for repurchase | 778,365 | ' | ' |
Dividends declared | $0 | $0 | ' |
Payments of dividends | $0 | $0 | ' |
Computation_of_Net_Loss_From_C2
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Components Of Net Income (Loss) Per Basic And Diluted Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Weighted average outstanding shares of unvested restricted stock | 89 | 94 | 78 | 94 | ' |
Shares outstanding at end of period | 8,755 | 8,674 | 8,755 | 8,674 | 8,674 |
Basic weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 | ' |
Dilutive effect of stock options/restricted stock units | 0 | 0 | 0 | 0 | ' |
Total diluted weighted average shares outstanding | 8,748 | 8,687 | 8,724 | 8,685 | ' |
Net loss from continuing operations | ($5,681) | ($4,061) | ($13,015) | ($9,499) | ' |
Net loss from continuing operations per share | ($0.65) | ($0.47) | ($1.49) | ($1.09) | ' |
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 | 1,755 | 1,773 | 1,768 | 1,920 | ' |
Investment_In_Software_Company1
Investment In Software Company (Details) (BriefCam Ltd., USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cost method investments | $3.10 | $3.10 |
Maximum | ' | ' |
Minority ownership interest (less than 20%) | 20.00% | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Disc Publishing, USD $) | 0 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Subsequent Event | Subsequent Event | Subsequent Event | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |
Minimum | Maximum | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Proceeds from business divestiture | ' | $20 | ' | ' | ' |
Escrow deposit | ' | ' | 2.3 | ' | ' |
Escrow lapsed period | '15 months | ' | ' | ' | ' |
Anticipated gain on sale of business | ' | ' | ' | $14 | $19 |