Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 02, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | DSP GROUP INC /DE/ | |
Entity Central Index Key | 915,778 | |
Trading Symbol | dspg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 22,676,065 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 15,635 | $ 21,324 |
Restricted deposit | 527 | 524 |
Marketable securities and short-term deposits | 30,961 | 24,697 |
Trade receivables | 15,910 | 13,416 |
Other accounts receivable and prepaid expenses | 3,168 | 3,167 |
Inventories | 8,414 | 9,422 |
TOTAL CURRENT ASSETS | 74,615 | 72,550 |
PROPERTY AND EQUIPMENT, NET | 2,991 | 3,184 |
NON-CURRENT ASSETS: | ||
Long-term marketable securities | 76,446 | 82,669 |
Long-term prepaid expenses and lease deposits | 1,574 | 1,541 |
Deferred income taxes | 1,041 | 1,043 |
Severance pay fund | 15,136 | 15,190 |
Intangible assets, net | 2,354 | 2,779 |
Goodwill | 6,243 | 6,243 |
TOTAL NON-CURRENT ASSETS | 102,794 | 109,465 |
TOTAL ASSETS | 180,400 | 185,199 |
CURRENT LIABILITIES: | ||
Trade payables | 7,651 | 8,660 |
Accrued compensation and benefits | 6,720 | 8,699 |
Income tax accruals and payables | 1,071 | 1,232 |
Accrued expenses and other accounts payable | 2,190 | 2,888 |
TOTAL CURRENT LIABILITIES | 17,632 | 21,479 |
NON-CURRENT LIABILITIES: | ||
Deferred income taxes | 332 | 424 |
Accrued severance pay | 15,274 | 15,463 |
Accrued pensions | 912 | 883 |
TOTAL NON-CURRENT LIABILITIES | 16,518 | 16,770 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $ 0.001 par value - Authorized shares: 50,000,000 shares at March 31, 2018 and December 31, 2017; Issued and outstanding shares: 22,729,085 and 22,432,660 shares at March 31, 2018 and December 31, 2017, respectively | 23 | 22 |
Additional paid-in capital | 373,740 | 372,041 |
Treasury stock at cost | (115,731) | (118,397) |
Accumulated other comprehensive loss | (2,517) | (1,874) |
Accumulated deficit | (109,265) | (104,842) |
TOTAL STOCKHOLDERS’ EQUITY | 146,250 | 146,950 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 180,400 | $ 185,199 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 22,729,085 | 22,432,660 |
Common stock, outstanding (in shares) | 22,729,085 | 22,432,660 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenues | $ 28,111 | $ 27,933 | |
Cost of revenues (1) | [1] | 14,397 | 15,686 |
Gross profit | 13,714 | 12,247 | |
Operating expenses: | |||
Research and development, net (2) | [2] | 8,998 | 9,190 |
Sales and marketing (3) | [3] | 4,068 | 3,575 |
General and administrative (4) | [4] | 2,581 | 2,487 |
Intangible assets amortization | 425 | 425 | |
Total operating expenses | 16,072 | 15,677 | |
Operating loss | (2,358) | (3,430) | |
Financial income, net | 396 | 416 | |
Loss before taxes on income | (1,962) | (3,014) | |
Income tax benefit | 209 | 148 | |
Net loss | $ (1,753) | $ (2,866) | |
Net loss per share: | |||
Basic (in dollars per share) | $ (0.08) | $ (0.13) | |
Diluted (in dollars per share) | $ (0.08) | $ (0.13) | |
Weighted average number of shares used in per share computations of net earnings | |||
Basic (in shares) | 22,678 | 22,102 | |
Diluted (in shares) | 22,678 | 22,102 | |
[1] | Includes equity-based compensation expense in the amount of $98 and $97 for the three months ended March 31, 2018 and 2017, respectively. | ||
[2] | Includes equity-based compensation expense in the amount of $652 and $616 for the three months ended March 31, 2018 and 2017, respectively. | ||
[3] | Includes equity-based compensation expense in the amount of $406 and $300 for the three months ended March 31, 2018 and 2017, respectively. | ||
[4] | Includes equity-based compensation expense in the amount of $543 and $518 for the three months ended March 31, 2018 and 2017, respectively. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Equity-based compensation expense included in cost of revenues | $ 98 | $ 97 |
Equity-based compensation expenses included in research and development, net | 652 | 616 |
Equity-based compensation expense included in sales and marketing | 406 | 300 |
Equity-based compensation expense included in general and administrative | $ 543 | $ 518 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (1,753) | $ (2,866) |
Changes in unrealized gains/losses | (662) | 204 |
Reclassification adjustments for (gains) losses included in net loss | (2) | 47 |
Net change | (664) | 251 |
Changes in unrealized gains/losses | 143 | |
Reclassification adjustments for (gains) losses included in net loss | (75) | |
Net change | 68 | |
Amortization of actuarial loss and prior service benefit | 5 | 5 |
Net change | 5 | 5 |
Foreign currency translation adjustments, net | 16 | (9) |
Net current period other comprehensive income (loss) | (643) | 315 |
Comprehensive loss | $ (2,396) | $ (2,551) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net cash used in operating activities | $ (3,372) | $ (4,118) |
Investing activities | ||
Purchases of marketable securities | (3,277) | (3,297) |
Proceeds from maturity of marketable securities | 1,855 | 4,779 |
Proceeds from sales of marketable securities | 500 | 3,089 |
Purchases of property and equipment | (250) | (387) |
Other investing activities | (104) | |
Net cash provided by investing activities | (1,276) | 4,184 |
Financial activities | ||
Purchase of treasury stock | (1,211) | (1,313) |
Issuance of common stock and treasury stock upon exercise of stock options | 155 | 647 |
Net cash used in financing activities | (1,056) | (666) |
Decrease in cash and cash equivalents | (5,704) | (600) |
Erosion due to exchange rate differences | 18 | (1) |
Cash and cash equivalents at the beginning of the period | 21,848 | 17,822 |
Cash and cash equivalents at the end of the period | $ 16,162 | $ 17,221 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance (in shares) at Dec. 31, 2016 | 21,931,000 | |||||||
Balance at Dec. 31, 2016 | $ 22 | $ 366,121 | $ (122,632) | $ (96,112) | $ (1,852) | $ 145,547 | ||
Net loss | (2,866) | (2,866) | ||||||
Change in accumulated other comprehensive income | 315 | 315 | ||||||
Purchase of treasury stock (in shares) | (124,000) | |||||||
Purchase of treasury stock | [1] | (1,313) | (1,313) | |||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan (in shares) | 113,000 | |||||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan | [1] | 1,110 | (168) | 942 | ||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors (in shares) | 249,000 | |||||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors | [1] | 2,431 | (2,130) | 301 | ||||
Equity-based compensation | 1,531 | 1,531 | ||||||
Balance (in shares) at Mar. 31, 2017 | 22,169,000 | |||||||
Balance at Mar. 31, 2017 | $ 22 | 367,652 | (120,404) | (101,276) | (1,537) | 144,457 | ||
Balance (in shares) at Dec. 31, 2017 | 22,433,000 | |||||||
Balance at Dec. 31, 2017 | $ 22 | 372,041 | (118,397) | (104,842) | (1,874) | 146,950 | ||
Net loss | (1,753) | (1,753) | ||||||
Change in accumulated other comprehensive income | (643) | $ (643) | ||||||
Purchase of treasury stock (in shares) | (102,000) | (102,312) | ||||||
Purchase of treasury stock | [1] | (1,255) | $ (1,256) | |||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan (in shares) | 119,000 | |||||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan | [1] | 1,169 | (166) | 1,003 | ||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors (in shares) | 279,000 | |||||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors | $ 1 | 2,752 | (2,598) | 155 | ||||
Equity-based compensation | 1,699 | 1,699 | ||||||
Balance (in shares) at Mar. 31, 2018 | 22,729,000 | |||||||
Balance at Mar. 31, 2018 | $ 23 | $ 373,740 | $ (115,731) | (109,265) | $ (2,517) | 146,250 | ||
Cumulative effect adjustment on retained earnings **) | [2] | $ 94 | $ 94 | |||||
[1] | Represents an amount lower than $1. | |||||||
[2] | Resulting from adoption of ASC 606. |
Note A - Basis of Presentation
Note A - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information and with the instructions to Form 10 10 X. not three March 31, 2018 not may December 31, 2018. 10 December 31, 2017. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2017, 10 March 16, 2018, Recent ly Adopted Accounting Pronouncements . In May 2014, 2014 09, 606 2014 09” January 1, 2018, 606, 606” 606 not 2018 606 2017 605, 605 606 March 31, 2018 $94. Under ASC 606, The Company determines revenue recognition through the following steps: ● identification of the contract with a customer; ● identification of the performance obligations in the contract; ● determination of the transaction price; ● allocation of the transaction price to the performance obligations in the contract; and ● recognition of revenue when, or as, the Company satisfies a performance obligation. The Company’s contracts with customers for the sale of products generally include one In accordance with the ASC 606 606 For the three months ended March 31, 2018 As Reported Prior to Adoption of ASC 606 Effect of Change Income statement Revenues $ 28,111 $ 27,157 $ 954 Cost of revenues 14,397 14,017 380 Gross margin: 13,714 13,140 574 Operating expenses: Research and development, net 8,998 8,998 - Sales and marketing 4,068 4,015 53 General and administrative 2,581 2,581 - Intangible assets amortization 425 425 - Total operating expenses: 16,072 16,019 53 Operating loss: (2,358 ) (2,879 ) 521 Financial income 396 396 - Income (loss) before taxes on income (1,962 ) (2,483 ) 521 Taxes on income 209 209 - Net income (1,753 ) (2,274 ) 521 March 31, 2018 As Reported Prior to Adoption of ASC 606 Effect of Change Balance Sheet Assets Trade receivables $ 15,910 $ 14,884 $ 1,026 Inventories 8,414 8,812 (398 ) Other accounts receivable and prepaid expenses 3,168 3,226 (58 ) Liabilities Accrued expenses and other accounts payable (2,190 ) (2,235 ) (45 ) Equity Accumulated deficit (109,265 ) (109,880 ) 615 In August 2016, 2016 15, 230 2016 15” 2016 15 zero 2016 15 January 1, 2018, not In November 2016, 2016 18, 230 December 15, 2017. January 1, 2018. Recent Accounting Pronouncements . In February 2016, 2016 02 842 not twelve twelve 842 840. January 1, 2019, January 1, 2019 Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Note B - Inventories
Note B - Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B—INVENTORIES Inventories are stated at the lower of cost or market value. The Company periodically evaluates the quantities on hand relative to current and historical selling prices, and historical and projected sales volume. Based on these evaluations, provisions are made in each period to write inventory down to its net realizable value. Inventories are composed of the following: March 3 1 , 201 8 December 31, 201 7 (Unaudited) (Audited) Work-in-process $ 4,370 $ 3,577 Finished goods 4,044 5,845 $ 8,414 $ 9,422 Inventory write-off amounted to $49 $59 three March 31, 2018 2017, |
Note C - Net Earnings (Loss) Pe
Note C - Net Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE C—NET EARNINGS (LOSS) PER SHARE Basic net earnings (loss) per share are computed based on the weighted average number of shares of common stock outstanding during the period. For the same periods, diluted net earnings (loss) per share further include the effect of dilutive stock options, stock appreciation rights and restricted share units outstanding during the period, all in accordance with FASB ASC No. 260 Three months ended March 31, 201 8 201 7 (Unaudited) Net loss $ (1,753 ) $ (2,866 ) Loss per share: Basic $ (0.08 ) $ (0.13 ) Diluted $ (0.08 ) $ (0.13 ) Weighted average number of shares of common stock outstanding during the period used to compute basic net loss per share (in thousands) 22,678 22,102 Incremental shares attributable to exercise of outstanding options, stock appreciation rights and restricted stock units (assuming proceeds would be used to purchase treasury stock) (in thousands) - - Weighted average number of shares of common stock used to compute diluted net loss per share (in thousands) 22,678 22,102 |
Note D - Marketable Securities
Note D - Marketable Securities and Time Deposits | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE D — MARKETABLE SECURITIES and time deposits The Company accounts for investments in marketable securities in accordance with FASB ASC No.320 10 The Company classifies marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of taxes, reported in other comprehensive income. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and interest are included in financial income, net. Interest and dividends on securities are included in financial income, net. The following is a summary of available-for-sale securities at March 31, 2018 December 31, 2017: Amortized cost Unrealized losses, net Fair value March 31, 201 8 December 31, 201 7 March 31, 201 8 December 31, 201 7 March 31, 201 8 December 31, 201 7 (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) Short-term deposits 5,465 $ 5,481 $ - $ - $ 5,465 $ 5,481 Long-term deposits 5,041 5,013 - - 5,041 5,013 U.S. GSE securities 23,059 22,359 (434 ) (315 ) 22,625 22,044 Corporate obligations 75,715 75,722 (1,439 ) (894 ) 74,276 74,828 $ 109,280 $ 108,575 $ (1,873 ) $ (1,209 ) $ 107,407 $ 107,366 The amortized cost of marketable debt securities and term deposits at March 31, 2018, Unrealized gains (losses) Amortized cost Gains Losses Fair value Due in one year or less $ 31,048 $ 1 $ (88 ) $ 30,961 Due after one year to five years 78,232 1 (1,787 ) 76,446 $ 109,280 $ 2 $ (1,875 ) $ 107,407 The actual maturity dates may may Management believes that as of March 31, 2018, no The unrealized losses related to corporate obligations were primarily due to changes in interest rates. Because the Company does not not not may not March 31, 2018. The total fair value of marketable securities with outstanding unrealized losses as of March 31, 2018 $93,813, $1,875. $1,875 March 31, 2018, $1,319 12 $556 12 Proceeds from maturity of available-for-sale marketable securities during the three March 31, 2018 2017 $1,855 $4,779, three March 31, 2018 2017 $500 $3,089, three March 31, 2018 $2 three March 31, 2017 $47. Marketable securities are periodically reviewed for impairment. If management concludes that any marketable security is impaired, management determines whether such impairment is other-than-temporary. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value and the potential recovery period, and the Company’s intent to sell, or whether it is more likely than not |
Note E - Taxes on Income
Note E - Taxes on Income | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE e—TAXES ON Income The effective tax rate used in computing the provision for income taxes is based on projected fiscal year income before taxes, including estimated income by tax jurisdiction. The total amount of net unrecognized tax benefits was $1,132 $1,273 March 31, 2018 December 31, 2017, March 31, 2018 December 31, 2017, $80 $68, The Company intends to permanently reinvest earnings of its foreign operations and its current operating plans do not not may |
Note F - Significant Customers
Note F - Significant Customers | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Customers Disclosure [Text Block] | NOTE f—SIGNIFICANT CUSTOMERS The Company sells its products primarily through distributors and directly to original equipment manufacturers (OEMs) and original design manufacturers (ODMs) who incorporate the Company’s products into consumer products. The Company’s future performance will depend, in part, on the continued success of its distributors in marketing and selling its products. The loss of the Company’s distributors and the Company’s inability to obtain satisfactory replacements in a timely manner may The following table represents the Company’s sales, as a percentage of the Company’s total revenues, for the three March 31, 2018 2017, Three months ended March 31, Major c ustomers/ d istributors 201 8 201 7 Ascend Technology Inc. ¹ ³ 26 % 21 % VTech Holdings Ltd. 25 % 30 % Nexty Electronics Corporation (previously named Tomen Electronics Corporation)¹ ² 11 % 12 % ¹ Distributor. ² Nexty Electronics sells the Company’s products to a limited number of customers; however none 10% three March 31, 2018 2017. ³ Ascend Technology sells the Company’s products to a limited number of customers; however none 10% three March 31, 2018 2017 |
Note G - Derivative Instruments
Note G - Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE G—DERIVATIVE INSTRUMENTS The Company accounts for derivative instruments in accordance with FASB. ASC No. 815 815" To protect against the increase in value of forecasted foreign currency cash flows resulting from salary and lease payments of its Israeli facilities denominated in the Israeli currency, the New Israeli Shekels ("NIS"), during the year, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll and lease payments denominated in NIS for a period of one twelve 815 In accordance with ASC 815, March 31, 2018, no The effect of derivative instruments in cash flow hedging transactions on income and other comprehensive income ("OCI") for the three March 31, 2018 2017 Gains on Derivatives Recognized in OCI for the three months ended March 31, Unaudited 201 8 201 7 Foreign exchange forward and option contracts $ - $ 143 Gains ( l osses) r eclassified from OCI into i ncome for the three months ended March 31 , Unaudited Location 201 8 201 7 Foreign exchange forward and option contracts Operating expenses $ - $ 75 |
Note H - Contingencies
Note H - Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE h—CONTINGENCIES From time to time, the Company may may may third no |
Note I - Equity-based Compensat
Note I - Equity-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE i—EQUITY-BASED COMPENSATION Grants for the three March 31, 2018 March 31, 2017: The weighted average estimated fair value of employee restricted stock units (“RSUs”) granted during the three March 31, 2018 2017 $11.27 $9.51 3.70% 3.59% three March 31, 2018 2017, The weighted-average estimated fair value of employee stock options and stock appreciation rights ("SARs") granted during the three March 31, 2018 2017 $4.75 $2.97 Three months ended March 31, 201 8 2017 Volatility 46.24 % 37.69 % Risk-free interest rate 2.40 % 2.24 % Dividend yield 0 % 0 % Pre-vest cancellation rate 2.29 % 4.03 % Post-vest cancellation rate 3.40 % 3.45 % Suboptimal exercise factor 1.61 1.33 The expected life of employee stock options and SARs is impacted by all of the underlying assumptions used in the Company’s model. The binomial model assumes that employees’ exercise behavior is a function of the remaining contractual life of the stock option or SAR and the extent to which the stock option or SAR is in-the-money ( i.e. two three March 31, 2018 2017 6.27 4.24 Employee stock benefit plans As of March 31, 2018, two may three no may one March 31, 2018, 591,000 142,000 The table below presents a summary of information relating to the Company’s stock option, RSU and SAR grants pursuant to its equity incentive plans: Number of Options/SARs/ RSUs Weighted average exercise price Weighted average remaining contractual term (years) (3) Aggregate value (*) in thousands in thousands Outstanding at December 31, 2017 1,992 $ 5.02 Options granted 48 12.50 RSUs granted 513 - Options / SARs / RSUs cancelled/forfeited/expired (12 ) 8.91 Options / SARs exercised and RSUs vested (329 ) $ 2.39 Outstanding at March 31, 2018 (1) 2,212 $ 4.38 4.87 $ 16,502 Exercisable at March 31, 2018 (2) 814 $ 8.70 4.41 $ 2,585 (*) Calculation of aggregate intrinsic value is based on the share price of the Company’s common stock on March 31, 2018 ( $11.80 ( 1 2,120,000 March 31, 2018. January 1, 2012 50% ( 2 793,000 March 31, 2018. ( 3 not Additional information about stock options, SARs and RSUs outstanding and exercisable at March 31, 2018 $11.80 March 31, 2018) Exercisable Unexercisable Total Exercise prices Number of Options/ SARs / RSUs (in thousands) Weighted average exercise price Number of Options/ SARs / RSUs (in thousands) Weighted average exercise price Number of Options/ SARs / RSUs (in thousands) Weighted average exercise price Less than $11.80 766 $ 8.42 1,333 $ 1.35 2,098 $ 3.93 Above $11.80 48 $ 13.05 66 $ 12.45 114 $ 12.70 Total 814 $ 8.70 1,399 $ 1.88 2,212 $ 4.38 The Company’s aggregate equity-based compensation expense for the three March 31, 2018 2017 $1,699 $1,531, As of March 31, 2018, $8,389 2018 2022. |
Note J - Pension Liability
Note J - Pension Liability | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE j—Pension Liability The information in this note represents the net periodic pension and post-retirement benefit costs and related components in accordance with FASB ASC No. 715 three March 31, 2017 2016 March 31, 201 8 201 7 Components of net periodic benefit cost: Service cost and amortization of loss $ 6 $ 6 Interest cost 4 3 Net periodic benefit cost $ 10 $ 9 The net pension liability as of March 31, 2018 $912. |
Note K - Fair Value Measurement
Note K - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE k—FAIR VALUE MEASUREMENTS Assets and l iabilities m easured at f air v alue on a r ecurring b asis: The Company measures its cash equivalents, short-term deposits, marketable securities and foreign currency derivative contracts at fair value. Cash equivalents, short-term deposits and marketable securities are classified within Level 1 2 2 The following table provides information by value level for assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2018: Balance as of Fair v alue m easurements March 31, 201 8 Level 1 Level 2 Level 3 Description Assets Cash equivalents Money market mutual funds $ 1,245 $ 1,245 - - Short-term marketable securities: Corporate debt securities $ 23,161 - $ 23,161 - U.S. GSE securities $ 2,335 $ 2,335 Long-term marketable securities: U.S. GSE securities $ 20,290 - $ 20,290 - Corporate debt securities $ 51,115 - $ 51,115 - The following table provides information by value level for assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2017. Balance as of Fair value measurements Description December 31, 201 7 Level 1 Level 2 Level 3 Assets Cash equivalents Money market mutual funds $ 2,998 $ 2,998 - - Short-term marketable securities U.S. GSE securities $ 786 - $ 786 - Corporate debt securities $ 18,430 - $ 18,430 - Long-term marketable securities U.S. GSE securities $ 21,258 - $ 21,258 - Corporate debt securities $ 56,398 - $ 56,398 - In addition to the assets and liabilities described above, the Company’s financial instruments also include cash and cash equivalents, restricted and short-term deposits, trade receivables, other accounts receivable, trade payables, accrued expenses and other payables. The fair value of these financial instruments was not March 31, 2018 |
Note L - Stockholders' Equity
Note L - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE l—STOCKHOLDERS’ EQUITY During the first three 2018, 102,312 $12.28 $1,256. March 31, 2018, 645,698 Repurchases of common stock are accounted for as treasury stock, and result in a reduction of stockholders’ equity. The Company reissues treasury shares pursuant to its stock purchase plan, upon exercise of options and upon vesting of restricted stock units. Reissuance of treasury shares is accounted for in accordance with ASC No. 505 30 During the first three 2018, 398,000 1993 |
Note M - Segment Information
Note M - Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE M SEGMENT INFORMATION Description of segments: The Company operates under three The Company's segment information has been prepared in accordance with ASC 280, The Company's operating segments are as follows: Home, Office and SmartVoice. The classification of the Company’s business segments is based on a number of factors that management uses to evaluate, view and run its business operations, which include, but are not A description of the types of products provided by each business segment is as follows: Home - Wireless chipset solutions for converged communication at home. Such solutions include integrated circuits targeted for cordless phones sold in retail or supplied by telecommunication service providers, home gateway devices supplied by telecommunication service providers which integrate the DECT/CAT-iq functionality, integrated circuits addressing home automation applications, as well as fixed-mobile convergence solutions. During 2017, 10% 50% 60% first three 2018 2017, 15% first three 2018 2017. Office - Comprehensive solution for Voice-over-IP (VoIP) office products, including office solutions that offer businesses of all sizes low-cost VoIP terminals with converged voice and data applications. Revenues from the Company’s VoIP products represented 30% 24% first three 2018 2017, No 10% first three 2018 2017. SmartVoice - Products for the SmartVoice market that provides voice activation and recognition, voice enhancement, always-on and far-end noise elimination targeted for mobile phone, mobile headsets and other devices that incorporate the Company’s noise suppression and voice quality enhancement HDClear technology. Revenues from the Company’s HDClear products represented 6% 1% first three 2018 2017, No 10% first three 2018 2017. Segment data: The Company derives the results of its business segments directly from its internal management reporting system and by using certain allocation methods. The accounting policies the Company uses to derive business segment results are substantially the same as those the Company uses for consolidation of its financial statements. The CODM measures the performance of each business segment based on several metrics, including earnings from operations. The CODM uses these results, in part, to evaluate the performance of, and to assign resources to, each of the business segments. The Company does not Selected operating results information for each business segment was as follows for the three March 31, 2018 2017: Revenues Income (loss) from operations Three months ended March 31, 201 8 2017 201 8 201 7 Home $ 18,181 $ 20,955 $ 3,807 $ 3,342 Office 8,353 6,599 2,152 614 SmartVoice 1,577 379 (5,674 ) (5,017 ) Total $ 28,111 $ 27,933 $ 285 $ (1,061 ) The reconciliation of segment operating results information to the Company’s consolidated financial information was as follows: Three months ended March 31 , 201 8 201 7 Loss from operations $ 285 $ (1,061 ) Unallocated corporate, general and administrative expenses (519 ) (413 ) Equity-based compensation expenses (1,699 ) (1,531 ) Intangible assets amortization expenses (425 ) (425 ) Financial income, net 396 416 Total consolidated loss before taxes $ (1,962 ) $ (3,014 ) |
Note N - Accumulated Other Comp
Note N - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE N —ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income for the three March 31, 2018: Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on components of defined benefit plans Unrealized losses on foreign currency translation Total Beginning balance $ (1,209 ) $ - $ (409 ) $ (256 ) $ (1,874 ) Other comprehensive income (loss) before reclassifications (662 ) - - 16 (646 ) Losses (gains) reclassified from accumulated other comprehensive income (loss) (2 ) - 5 - 3 Net current period other comprehensive income (loss) (664 ) - 5 16 (643 ) Ending balance $ (1,873 ) $ - $ (404 ) $ (240 ) $ (2,517 ) The following table provides details about reclassifications out of accumulated other comprehensive income for the three March 31, 2018: Details about a ccumulated o ther c omprehensive i ncome ( l oss) c omponents Losses ( g ains ) reclassified from a ccumulated o ther c omprehensive i ncome ( l oss) Affected l ine i tem in the s tatement of i ncome Gains on available-for-sale marketable securities $ (2) Financial income, net - Provision for income taxes (2) Total, net of income taxes Gains on cash flow hedges - Research and development - Sales and marketing - General and administrative - Total, before income taxes - Provision for income taxes - Total, net of income taxes Losses on components of defined benefit plans 3 Research and development 2 Sales and marketing 5 Total, before income taxes - Provision for income taxes 5 Total, net of income taxes Total reclassifications for the period $ 3 Total, net of income taxes |
Note O - Government Grants
Note O - Government Grants | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Government Grants [Text Block] | NOTE O GOVERNMENT GRANTS Government grants received by the Company’s Israeli subsidiary relating to categories of operating expenditures are credited to the consolidated statements of income during the period during which the expenditure to which they relate is charged. Royalty and non-royalty-bearing grants from the Israeli Innovation Authority ("IIA") for funding certain approved research and development projects are recognized at the time when the Company’s Israeli subsidiary is entitled to such grants, on the basis of the related costs incurred, and are included as a deduction from research and development expenses, net. The Company recorded grants in the amount of $0.5 $0.1 three March 31, 2018 2017, The Company’s Israeli subsidiary is obligated to pay royalties amounting to 5% may not may six third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent ly Adopted Accounting Pronouncements . In May 2014, 2014 09, 606 2014 09” January 1, 2018, 606, 606” 606 not 2018 606 2017 605, 605 606 March 31, 2018 $94. Under ASC 606, The Company determines revenue recognition through the following steps: ● identification of the contract with a customer; ● identification of the performance obligations in the contract; ● determination of the transaction price; ● allocation of the transaction price to the performance obligations in the contract; and ● recognition of revenue when, or as, the Company satisfies a performance obligation. The Company’s contracts with customers for the sale of products generally include one In accordance with the ASC 606 606 For the three months ended March 31, 2018 As Reported Prior to Adoption of ASC 606 Effect of Change Income statement Revenues $ 28,111 $ 27,157 $ 954 Cost of revenues 14,397 14,017 380 Gross margin: 13,714 13,140 574 Operating expenses: Research and development, net 8,998 8,998 - Sales and marketing 4,068 4,015 53 General and administrative 2,581 2,581 - Intangible assets amortization 425 425 - Total operating expenses: 16,072 16,019 53 Operating loss: (2,358 ) (2,879 ) 521 Financial income 396 396 - Income (loss) before taxes on income (1,962 ) (2,483 ) 521 Taxes on income 209 209 - Net income (1,753 ) (2,274 ) 521 March 31, 2018 As Reported Prior to Adoption of ASC 606 Effect of Change Balance Sheet Assets Trade receivables $ 15,910 $ 14,884 $ 1,026 Inventories 8,414 8,812 (398 ) Other accounts receivable and prepaid expenses 3,168 3,226 (58 ) Liabilities Accrued expenses and other accounts payable (2,190 ) (2,235 ) (45 ) Equity Accumulated deficit (109,265 ) (109,880 ) 615 In August 2016, 2016 15, 230 2016 15” 2016 15 zero 2016 15 January 1, 2018, not In November 2016, 2016 18, 230 December 15, 2017. January 1, 2018. Recent Accounting Pronouncements . In February 2016, 2016 02 842 not twelve twelve 842 840. January 1, 2019, January 1, 2019 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Note A - Basis of Presentatio25
Note A - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | For the three months ended March 31, 2018 As Reported Prior to Adoption of ASC 606 Effect of Change Income statement Revenues $ 28,111 $ 27,157 $ 954 Cost of revenues 14,397 14,017 380 Gross margin: 13,714 13,140 574 Operating expenses: Research and development, net 8,998 8,998 - Sales and marketing 4,068 4,015 53 General and administrative 2,581 2,581 - Intangible assets amortization 425 425 - Total operating expenses: 16,072 16,019 53 Operating loss: (2,358 ) (2,879 ) 521 Financial income 396 396 - Income (loss) before taxes on income (1,962 ) (2,483 ) 521 Taxes on income 209 209 - Net income (1,753 ) (2,274 ) 521 March 31, 2018 As Reported Prior to Adoption of ASC 606 Effect of Change Balance Sheet Assets Trade receivables $ 15,910 $ 14,884 $ 1,026 Inventories 8,414 8,812 (398 ) Other accounts receivable and prepaid expenses 3,168 3,226 (58 ) Liabilities Accrued expenses and other accounts payable (2,190 ) (2,235 ) (45 ) Equity Accumulated deficit (109,265 ) (109,880 ) 615 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 3 1 , 201 8 December 31, 201 7 (Unaudited) (Audited) Work-in-process $ 4,370 $ 3,577 Finished goods 4,044 5,845 $ 8,414 $ 9,422 |
Note C - Net Earnings (Loss) 27
Note C - Net Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 201 8 201 7 (Unaudited) Net loss $ (1,753 ) $ (2,866 ) Loss per share: Basic $ (0.08 ) $ (0.13 ) Diluted $ (0.08 ) $ (0.13 ) Weighted average number of shares of common stock outstanding during the period used to compute basic net loss per share (in thousands) 22,678 22,102 Incremental shares attributable to exercise of outstanding options, stock appreciation rights and restricted stock units (assuming proceeds would be used to purchase treasury stock) (in thousands) - - Weighted average number of shares of common stock used to compute diluted net loss per share (in thousands) 22,678 22,102 |
Note D - Marketable Securitie28
Note D - Marketable Securities and Time Deposits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized cost Unrealized losses, net Fair value March 31, 201 8 December 31, 201 7 March 31, 201 8 December 31, 201 7 March 31, 201 8 December 31, 201 7 (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) Short-term deposits 5,465 $ 5,481 $ - $ - $ 5,465 $ 5,481 Long-term deposits 5,041 5,013 - - 5,041 5,013 U.S. GSE securities 23,059 22,359 (434 ) (315 ) 22,625 22,044 Corporate obligations 75,715 75,722 (1,439 ) (894 ) 74,276 74,828 $ 109,280 $ 108,575 $ (1,873 ) $ (1,209 ) $ 107,407 $ 107,366 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Unrealized gains (losses) Amortized cost Gains Losses Fair value Due in one year or less $ 31,048 $ 1 $ (88 ) $ 30,961 Due after one year to five years 78,232 1 (1,787 ) 76,446 $ 109,280 $ 2 $ (1,875 ) $ 107,407 |
Note F - Significant Customers
Note F - Significant Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three months ended March 31, Major c ustomers/ d istributors 201 8 201 7 Ascend Technology Inc. ¹ ³ 26 % 21 % VTech Holdings Ltd. 25 % 30 % Nexty Electronics Corporation (previously named Tomen Electronics Corporation)¹ ² 11 % 12 % |
Note G - Derivative Instrumen30
Note G - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Gains on Derivatives Recognized in OCI for the three months ended March 31, Unaudited 201 8 201 7 Foreign exchange forward and option contracts $ - $ 143 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Gains ( l osses) r eclassified from OCI into i ncome for the three months ended March 31 , Unaudited Location 201 8 201 7 Foreign exchange forward and option contracts Operating expenses $ - $ 75 |
Note I - Equity-based Compens31
Note I - Equity-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, 201 8 2017 Volatility 46.24 % 37.69 % Risk-free interest rate 2.40 % 2.24 % Dividend yield 0 % 0 % Pre-vest cancellation rate 2.29 % 4.03 % Post-vest cancellation rate 3.40 % 3.45 % Suboptimal exercise factor 1.61 1.33 |
Share-based Compensation, Activity [Table Text Block] | Number of Options/SARs/ RSUs Weighted average exercise price Weighted average remaining contractual term (years) (3) Aggregate value (*) in thousands in thousands Outstanding at December 31, 2017 1,992 $ 5.02 Options granted 48 12.50 RSUs granted 513 - Options / SARs / RSUs cancelled/forfeited/expired (12 ) 8.91 Options / SARs exercised and RSUs vested (329 ) $ 2.39 Outstanding at March 31, 2018 (1) 2,212 $ 4.38 4.87 $ 16,502 Exercisable at March 31, 2018 (2) 814 $ 8.70 4.41 $ 2,585 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Exercisable Unexercisable Total Exercise prices Number of Options/ SARs / RSUs (in thousands) Weighted average exercise price Number of Options/ SARs / RSUs (in thousands) Weighted average exercise price Number of Options/ SARs / RSUs (in thousands) Weighted average exercise price Less than $11.80 766 $ 8.42 1,333 $ 1.35 2,098 $ 3.93 Above $11.80 48 $ 13.05 66 $ 12.45 114 $ 12.70 Total 814 $ 8.70 1,399 $ 1.88 2,212 $ 4.38 |
Note J - Pension Liability (Tab
Note J - Pension Liability (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | March 31, 201 8 201 7 Components of net periodic benefit cost: Service cost and amortization of loss $ 6 $ 6 Interest cost 4 3 Net periodic benefit cost $ 10 $ 9 |
Note K - Fair Value Measureme33
Note K - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Balance as of Fair v alue m easurements March 31, 201 8 Level 1 Level 2 Level 3 Description Assets Cash equivalents Money market mutual funds $ 1,245 $ 1,245 - - Short-term marketable securities: Corporate debt securities $ 23,161 - $ 23,161 - U.S. GSE securities $ 2,335 $ 2,335 Long-term marketable securities: U.S. GSE securities $ 20,290 - $ 20,290 - Corporate debt securities $ 51,115 - $ 51,115 - Balance as of Fair value measurements Description December 31, 201 7 Level 1 Level 2 Level 3 Assets Cash equivalents Money market mutual funds $ 2,998 $ 2,998 - - Short-term marketable securities U.S. GSE securities $ 786 - $ 786 - Corporate debt securities $ 18,430 - $ 18,430 - Long-term marketable securities U.S. GSE securities $ 21,258 - $ 21,258 - Corporate debt securities $ 56,398 - $ 56,398 - |
Note M - Segment Information (T
Note M - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues Income (loss) from operations Three months ended March 31, 201 8 2017 201 8 201 7 Home $ 18,181 $ 20,955 $ 3,807 $ 3,342 Office 8,353 6,599 2,152 614 SmartVoice 1,577 379 (5,674 ) (5,017 ) Total $ 28,111 $ 27,933 $ 285 $ (1,061 ) |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three months ended March 31 , 201 8 201 7 Loss from operations $ 285 $ (1,061 ) Unallocated corporate, general and administrative expenses (519 ) (413 ) Equity-based compensation expenses (1,699 ) (1,531 ) Intangible assets amortization expenses (425 ) (425 ) Financial income, net 396 416 Total consolidated loss before taxes $ (1,962 ) $ (3,014 ) |
Note N - Accumulated Other Co35
Note N - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on components of defined benefit plans Unrealized losses on foreign currency translation Total Beginning balance $ (1,209 ) $ - $ (409 ) $ (256 ) $ (1,874 ) Other comprehensive income (loss) before reclassifications (662 ) - - 16 (646 ) Losses (gains) reclassified from accumulated other comprehensive income (loss) (2 ) - 5 - 3 Net current period other comprehensive income (loss) (664 ) - 5 16 (643 ) Ending balance $ (1,873 ) $ - $ (404 ) $ (240 ) $ (2,517 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about a ccumulated o ther c omprehensive i ncome ( l oss) c omponents Losses ( g ains ) reclassified from a ccumulated o ther c omprehensive i ncome ( l oss) Affected l ine i tem in the s tatement of i ncome Gains on available-for-sale marketable securities $ (2) Financial income, net - Provision for income taxes (2) Total, net of income taxes Gains on cash flow hedges - Research and development - Sales and marketing - General and administrative - Total, before income taxes - Provision for income taxes - Total, net of income taxes Losses on components of defined benefit plans 3 Research and development 2 Sales and marketing 5 Total, before income taxes - Provision for income taxes 5 Total, net of income taxes Total reclassifications for the period $ 3 Total, net of income taxes |
Note A - Basis of Presentatio36
Note A - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 94 | [1] |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 94 | [1] |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 94 | |
[1] | Resulting from adoption of ASC 606. |
Note A - Basis of Presentatio37
Note A - Basis of Presentation and Summary of Significant Accounting Policies - Impact of New Standard on Consolidated Balance Sheet and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Revenues | $ 28,111 | $ 27,933 | ||
Cost of revenues | [1] | 14,397 | 15,686 | |
Gross margin: | 13,714 | 12,247 | ||
Research and development | [2] | 8,998 | 9,190 | |
Sales and marketing | [3] | 4,068 | 3,575 | |
General and administrative | [4] | 2,581 | 2,487 | |
Intangible assets amortization | 425 | 425 | ||
Total operating expenses: | 16,072 | 15,677 | ||
Operating loss: | (2,358) | (3,430) | ||
Gains on available-for-sale marketable securities | 396 | 416 | ||
Income (loss) before taxes on income | (1,962) | (3,014) | ||
Taxes on income | 209 | 148 | ||
Net income | (1,753) | $ (2,866) | ||
Assets | ||||
Trade receivables | 15,910 | $ 13,416 | ||
Inventories | 8,414 | 9,422 | ||
Other accounts receivable and prepaid expenses | 3,168 | 3,167 | ||
Liabilities | ||||
Accrued expenses and other accounts payable | (2,190) | (2,888) | ||
STOCKHOLDERS’ EQUITY: | ||||
Accumulated deficit | (109,265) | $ (104,842) | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenues | 27,157 | |||
Cost of revenues | 14,017 | |||
Gross margin: | 13,140 | |||
Research and development | 8,998 | |||
Sales and marketing | 4,015 | |||
General and administrative | 2,581 | |||
Intangible assets amortization | 425 | |||
Total operating expenses: | 16,019 | |||
Operating loss: | (2,879) | |||
Gains on available-for-sale marketable securities | 396 | |||
Income (loss) before taxes on income | (2,483) | |||
Taxes on income | 209 | |||
Net income | (2,274) | |||
Assets | ||||
Trade receivables | 14,884 | |||
Inventories | 8,812 | |||
Other accounts receivable and prepaid expenses | 3,226 | |||
Liabilities | ||||
Accrued expenses and other accounts payable | (2,235) | |||
STOCKHOLDERS’ EQUITY: | ||||
Accumulated deficit | (109,880) | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenues | 954 | |||
Cost of revenues | 380 | |||
Gross margin: | 574 | |||
Research and development | ||||
Sales and marketing | 53 | |||
General and administrative | ||||
Intangible assets amortization | ||||
Total operating expenses: | 53 | |||
Operating loss: | 521 | |||
Gains on available-for-sale marketable securities | ||||
Income (loss) before taxes on income | 521 | |||
Taxes on income | ||||
Net income | 521 | |||
Assets | ||||
Trade receivables | 1,026 | |||
Inventories | (398) | |||
Other accounts receivable and prepaid expenses | (58) | |||
Liabilities | ||||
Accrued expenses and other accounts payable | (45) | |||
STOCKHOLDERS’ EQUITY: | ||||
Accumulated deficit | $ 615 | |||
[1] | Includes equity-based compensation expense in the amount of $98 and $97 for the three months ended March 31, 2018 and 2017, respectively. | |||
[2] | Includes equity-based compensation expense in the amount of $652 and $616 for the three months ended March 31, 2018 and 2017, respectively. | |||
[3] | Includes equity-based compensation expense in the amount of $406 and $300 for the three months ended March 31, 2018 and 2017, respectively. | |||
[4] | Includes equity-based compensation expense in the amount of $543 and $518 for the three months ended March 31, 2018 and 2017, respectively. |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Inventory Write-down | $ 49 | $ 59 |
Note B - Inventories - Componen
Note B - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Work-in-process | $ 4,370 | $ 3,577 |
Finished goods | 4,044 | 5,845 |
$ 8,414 | $ 9,422 |
Note C - Net Earnings (Loss) 40
Note C - Net Earnings (Loss) Per Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (1,753) | $ (2,866) |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.08) | $ (0.13) |
Diluted (in dollars per share) | $ (0.08) | $ (0.13) |
Basic (in shares) | 22,678 | 22,102 |
Incremental shares attributable to exercise of outstanding options, stock appreciation rights and restricted stock units (assuming proceeds would be used to purchase treasury stock) (in thousands) (in shares) | ||
Weighted average number of shares of common stock used to compute diluted net loss per share (in thousands) (in shares) | 22,678 | 22,102 |
Note D - Marketable Securitie41
Note D - Marketable Securities and Time Deposits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 93,813 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | 1,875 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,319 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 556 | |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 1,855 | $ 4,779 |
Proceeds from Sale of Available-for-sale Securities, Total | 500 | 3,089 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 2 | $ (47) |
Corporate Debt Securities [Member] | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 |
Note D - Marketable Securitie42
Note D - Marketable Securities and Time Deposits - Marketable Securities and Time Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Marketable securities and time deposits, amortized cost | $ 109,280 | $ 108,575 |
Marketable securities and time deposits, unrealized gains (losses), net | (1,873) | (1,209) |
Marketable securities and time deposits, estimated fair value | 107,407 | 107,366 |
Short-term Deposits [Member] | ||
Marketable securities and time deposits, amortized cost | 5,465 | 5,481 |
Marketable securities and time deposits, unrealized gains (losses), net | ||
Marketable securities and time deposits, estimated fair value | 5,465 | 5,481 |
Long-Term Deposit [Member] | ||
Marketable securities and time deposits, amortized cost | 5,041 | 5,013 |
Marketable securities and time deposits, unrealized gains (losses), net | ||
Marketable securities and time deposits, estimated fair value | 5,041 | 5,013 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable securities and time deposits, amortized cost | 23,059 | 22,359 |
Marketable securities and time deposits, unrealized gains (losses), net | (434) | (315) |
Marketable securities and time deposits, estimated fair value | 22,625 | 22,044 |
Corporate Debt Securities [Member] | ||
Marketable securities and time deposits, amortized cost | 75,715 | 75,722 |
Marketable securities and time deposits, unrealized gains (losses), net | (1,439) | (894) |
Marketable securities and time deposits, estimated fair value | $ 74,276 | $ 74,828 |
Note D - Marketable Securitie43
Note D - Marketable Securities and Time Deposits - Marketable Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Marketable debt securities, amortized cost | $ 109,280 | $ 108,575 |
Marketable debt securities, estimated fair value | 107,407 | $ 107,366 |
Debt Securities [Member] | ||
Marketable debt securities, amortized cost | 109,280 | |
Marketable debt securities, unrealized gains | 2 | |
Marketable debt securities, unrealized losses | (1,875) | |
Marketable debt securities, estimated fair value | 107,407 | |
Debt Securities [Member] | Due in One Year or Less [Member] | ||
Marketable debt securities, amortized cost | 31,048 | |
Marketable debt securities, unrealized gains | 1 | |
Marketable debt securities, unrealized losses | (88) | |
Marketable debt securities, estimated fair value | 30,961 | |
Debt Securities [Member] | Due after One Year to Five Years [Member] | ||
Marketable debt securities, amortized cost | 78,232 | |
Marketable debt securities, unrealized gains | 1 | |
Marketable debt securities, unrealized losses | (1,787) | |
Marketable debt securities, estimated fair value | $ 76,446 |
Note E - Taxes on Income (Detai
Note E - Taxes on Income (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Unrecognized Tax Benefits, Ending Balance | $ 1,132 | $ 1,273 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 80 | $ 68 |
Note F - Significant Customer45
Note F - Significant Customers (Details Textual) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] xbrli-pure in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Customers to Which the Company's Products Are Sold Through Nexty Electronics [Member] | ||
Number of Major Customers | 0 | 0 |
Customers to Which the Company's Products Are Sold Through Ascend Technology [Member] | ||
Number of Major Customers | 0 | 0 |
Note F - Significant Customer46
Note F - Significant Customers - Sales to Major Customers (Distributors) As a Percentage of Total Revenues (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Ascend Technology Inc [Member] | |||
Concentration risk, percentage | [1],[2] | 26.00% | 21.00% |
VTech Holdings Ltd [Member] | |||
Concentration risk, percentage | 25.00% | 30.00% | |
Nexty Electronics Corporation [Member] | |||
Concentration risk, percentage | [2],[3] | 11.00% | 12.00% |
[1] | Ascend Technology sells the Company's products to a limited number of customers; however none of those customers accounted for more than 10% of the Company's total revenues for the three months periods ended March 31, 2018 and 2017 . | ||
[2] | Distributor. | ||
[3] | Nexty Electronics sells the Company's products to a limited number of customers; however none of those customers accounted for more than 10% of the Company's total revenues for the three months periods ended March 31, 2018 and 2017. |
Note G - Derivative Instrumen47
Note G - Derivative Instruments (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) |
Foreign Exchange Option [Member] | |
Price Risk Cash Flow Hedge Asset, at Fair Value | $ 0 |
Note G - Derivative Instrumen48
Note G - Derivative Instruments - Effect of Derivative Instruments in Cash Flow Hedging Transactions on Income and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Foreign Exchange Forward Contracts and Put Options [Member] | ||
Foreign exchange forward and option contracts | $ 143 |
Note G - Derivative Instrumen49
Note G - Derivative Instruments - Gains (Losses) on Derivatives Reclassified From OCI to Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Foreign Exchange Forward Contracts and Put Options [Member] | ||
Foreign exchange forward and option contracts | $ 75 |
Note I - Equity-based Compens50
Note I - Equity-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 75 Months Ended | |
Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Equity Incentive Plans from Which Future Equity Awards May Be Granted | 2 | 2 | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Expired Equity Incentive Plans | 3 | 3 | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Employee Purchase Plans | 1 | 1 | |
Allocated Share-based Compensation Expense, Total | $ | $ 1,699 | $ 1,531 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 8,389 | $ 8,389 | |
Common Stock [Member] | |||
Share Price | $ / shares | $ 11.80 | $ 11.80 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 591,000 | 591,000 | |
Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 142,000 | 142,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 11.27 | $ 9.51 | |
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Pre Vest Cancel Rate | 3.70% | 3.59% | |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.75 | $ 2.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 98 days | 4 years 87 days | |
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares to be Issued Upon Exercise of Outstanding Awards | 2,120,000 | 2,120,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant as Percentage of Company Outstanding Common Stock | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercisable, Number | 793,000 | 793,000 |
Note I - Equity-based Compens51
Note I - Equity-based Compensation - Weighted-average Fair Value Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Volatility | 46.24% | 37.69% |
Risk-free interest rate | 2.40% | 2.24% |
Dividend yield | 0.00% | 0.00% |
Pre-vest cancellation rate | 2.29% | 4.03% |
Post-vest cancellation rate | 3.40% | 3.45% |
Suboptimal exercise factor | 1.61% | 1.33% |
Note I - Equity-based Compens52
Note I - Equity-based Compensation - Stock Options, SARs and RSUs Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)$ / sharesshares | ||
Outstanding (in shares) | 1,992 | |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 5.02 | |
Options granted (in shares) | 48 | |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | $ 12.50 | |
Options / SARs / RSUs cancelled/forfeited/expired (in shares) | (12) | |
Options / SARs / RSUs cancelled/forfeited/expired, weighted average exercise price (in dollars per share) | $ / shares | $ 8.91 | |
Options / SARs exercised and RSUs vested (in shares) | (329) | |
Options / SARs exercised and RSUs vested, weighted average exercise price (in dollars per share) | $ / shares | $ 2.39 | |
Outstanding (in shares) | 2,212 | [1] |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.38 | [1] |
Outstanding, weighted average remaining contractual term (Year) | 4 years 317 days | [1],[2] |
Outstanding, aggregate value | $ | $ 16,502 | [1],[3] |
Exercisable (in shares) | 814 | [4] |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 8.70 | [4] |
Exercisable, weighted average remaining contractual term (Year) | 4 years 149 days | [2],[4] |
Exercisable, aggregate value | $ | $ 2,585 | [3],[4] |
Restricted Stock Units (RSUs) [Member] | ||
Non-option instruments granted (in shares) | 513 | |
[1] | Due to the ceiling imposed on the SAR grants, the outstanding amount above can be exercised for a maximum of 2,120,000 shares of the Company's common stock as of March 31, 2018. SAR grants made on or after January 1, 2012 are convertible for a maximum number of shares of the Company's common stock equal to 50% of the SARs subject to the grant. | |
[2] | Calculation of weighted average remaining contractual term does not include RSUs that were granted, which have indefinite contractual term. | |
[3] | Calculation of aggregate intrinsic value is based on the share price of the Company's common stock on March 31, 2018 ($11.80 per share). | |
[4] | Due to the ceiling imposed on the SAR grants, the exercisable amount above can be exercised for a maximum of 793,000 shares of the Company's common stock as of March 31, 2018. |
Note I - Equity-based Compens53
Note I - Equity-based Compensation - Company's Stock Options and SAR Units Outstanding and Exercisable (Details) shares in Thousands | Mar. 31, 2018$ / sharesshares |
Number of Options/ SARs / RSUs - Exercisable (in shares) | shares | 814 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 8.70 |
Number of Options/ SARs / RSUs - Unexercisable (in shares) | shares | 1,399 |
Weighted Average Exercise Price - Unexercisable (in dollars per share) | $ / shares | $ 1.88 |
Number of Options/ SARs / RSUs (in shares) | shares | 2,212 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 4.38 |
Range 1 [Member] | |
Number of Options/ SARs / RSUs - Exercisable (in shares) | shares | 766 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 8.42 |
Number of Options/ SARs / RSUs - Unexercisable (in shares) | shares | 1,333 |
Weighted Average Exercise Price - Unexercisable (in dollars per share) | $ / shares | $ 1.35 |
Number of Options/ SARs / RSUs (in shares) | shares | 2,098 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.93 |
Range 2 [Member] | |
Number of Options/ SARs / RSUs - Exercisable (in shares) | shares | 48 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 13.05 |
Number of Options/ SARs / RSUs - Unexercisable (in shares) | shares | 66 |
Weighted Average Exercise Price - Unexercisable (in dollars per share) | $ / shares | $ 12.45 |
Number of Options/ SARs / RSUs (in shares) | shares | 114 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 12.70 |
Note J - Pension Liability (Det
Note J - Pension Liability (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Liability, Defined Benefit Pension Plan, Noncurrent | $ 912 | $ 883 |
Note J - Pension Liability - Co
Note J - Pension Liability - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Components of net periodic benefit cost: | ||
Service cost and amortization of loss | $ 6 | $ 6 |
Interest cost | 4 | 3 |
Net periodic benefit cost | $ 10 | $ 9 |
Note K - Fair Value Measureme56
Note K - Fair Value Measurements - Fair Value Measurements of Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Money Market Funds [Member] | ||
Money market mutual funds | $ 1,245 | $ 2,998 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market mutual funds | 1,245 | 2,998 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market mutual funds | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market mutual funds | ||
Corporate Debt Securities [Member] | ||
Short-term securities | 23,161 | 18,430 |
Long-term securities | 51,115 | 56,398 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term securities | ||
Long-term securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term securities | 23,161 | 18,430 |
Long-term securities | 51,115 | 56,398 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term securities | ||
Long-term securities | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term securities | 2,335 | 786 |
Long-term securities | 20,290 | 21,258 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term securities | ||
Long-term securities | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term securities | 2,335 | 786 |
Long-term securities | 20,290 | 21,258 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term securities | ||
Long-term securities |
Note L - Stockholders' Equity (
Note L - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Treasury Stock, Shares, Acquired | 102,312 | |
Treasury Stock Acquired, Average Cost Per Share | $ 12.28 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,256 | $ 1,313 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 645,698 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans and Exercise of Share-based Awards | 398,000 |
Note M - Segment Information (D
Note M - Segment Information (Details Textual) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Number of Reportable Segments | 3 | |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Home [Member] | Telephony [Member] | ||
Concentration Risk, Percentage | 50.00% | 60.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Home [Member] | Smart Home [Member] | ||
Concentration Risk, Percentage | 15.00% | 15.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Office [Member] | VoIP [Member] | ||
Concentration Risk, Percentage | 30.00% | 24.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | SmartVoice [Member] | HDClear [Member] | ||
Concentration Risk, Percentage | 6.00% | 1.00% |
Note M - Segment Information -
Note M - Segment Information - Selected Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 28,111 | $ 27,933 |
Loss from operations | 285 | (1,061) |
Home [Member] | ||
Revenues | 18,181 | 20,955 |
Loss from operations | 3,807 | 3,342 |
Office [Member] | ||
Revenues | 8,353 | 6,599 |
Loss from operations | 2,152 | 614 |
SmartVoice [Member] | ||
Revenues | 1,577 | 379 |
Loss from operations | $ (5,674) | $ (5,017) |
Note M - Segment Information 60
Note M - Segment Information - Reconciliation of Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Loss from operations | $ 285 | $ (1,061) |
Unallocated corporate, general and administrative expenses | (519) | (413) |
Equity-based compensation expenses | (1,699) | (1,531) |
Intangible assets amortization expenses | (425) | (425) |
Gains on available-for-sale marketable securities | 396 | 416 |
Total consolidated loss before taxes | $ (1,962) | $ (3,014) |
Note N - Accumulated Other Co61
Note N - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance | $ 146,950 | $ 145,547 |
Net current period other comprehensive income (loss) | (643) | 315 |
Balance | 146,250 | 144,457 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | (1,209) | |
Other comprehensive income (loss) before reclassifications | (662) | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (2) | |
Net current period other comprehensive income (loss) | (664) | |
Balance | (1,873) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | ||
Other comprehensive income (loss) before reclassifications | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | ||
Balance | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (409) | |
Other comprehensive income (loss) before reclassifications | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 5 | |
Net current period other comprehensive income (loss) | 5 | |
Balance | (404) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (256) | |
Other comprehensive income (loss) before reclassifications | 16 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | 16 | |
Balance | (240) | |
AOCI Attributable to Parent [Member] | ||
Balance | (1,874) | (1,852) |
Other comprehensive income (loss) before reclassifications | (646) | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 3 | |
Net current period other comprehensive income (loss) | (643) | |
Balance | $ (2,517) | $ (1,537) |
Note N - Accumulated Other Co62
Note N - Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Gains on available-for-sale marketable securities | $ 396 | $ 416 | |
Net loss | (1,753) | (2,866) | |
Research and development | [1] | 8,998 | 9,190 |
Sales and marketing | [2] | 4,068 | 3,575 |
General and administrative | [3] | 2,581 | $ 2,487 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net loss | 3 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Gains on available-for-sale marketable securities | (2) | ||
Net loss | (2) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net loss | |||
Research and development | |||
Sales and marketing | |||
General and administrative | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net loss | 5 | ||
Research and development | 3 | ||
Sales and marketing | 2 | ||
General and administrative | $ 5 | ||
[1] | Includes equity-based compensation expense in the amount of $652 and $616 for the three months ended March 31, 2018 and 2017, respectively. | ||
[2] | Includes equity-based compensation expense in the amount of $406 and $300 for the three months ended March 31, 2018 and 2017, respectively. | ||
[3] | Includes equity-based compensation expense in the amount of $543 and $518 for the three months ended March 31, 2018 and 2017, respectively. |
Note O - Government Grants (Det
Note O - Government Grants (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financial Grants in Support of Research and Development | $ 0.5 | $ 0.1 |
Financial Grants in Support of Research and Development, Royalty Obligation | 5.00% |