Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jul. 04, 2015 | |
Entity Registrant Name | ANADIGICS INC | ||
Entity Central Index Key | 940,332 | ||
Trading Symbol | anad | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 89,792,296 | ||
Entity Public Float | $ 61 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 58,652 | $ 86,282 | $ 134,242 |
Cost of sales | 47,979 | 76,793 | 125,922 |
Gross profit | 10,673 | 9,489 | 8,320 |
Research and development expenses | 19,658 | 26,708 | 38,585 |
Selling and administrative expenses | 13,481 | 17,094 | 23,813 |
Restructuring charges | 561 | 6,098 | 1,915 |
33,700 | 49,900 | 64,313 | |
Operating loss | $ (23,027) | (40,411) | (55,993) |
Interest income | 7 | 237 | |
Interest expense | $ (83) | (303) | (82) |
Other (expense) income, net | (380) | 1,817 | 1,859 |
Net loss | $ (23,490) | $ (38,890) | $ (53,979) |
Basic and diluted loss per share (in dollars per share) | $ (0.27) | $ (0.45) | $ (0.67) |
Weighted average basic and diluted common shares outstanding used in computing loss per share (in shares) | 88,155 | 85,810 | 80,991 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (23,490) | $ (38,890) | $ (53,979) |
Other comprehensive (loss) income: | |||
Unrealized gain on marketable securities | $ 81 | 1,371 | |
Foreign currency translation adjustment | 3 | ||
Reclassification adjustment: | |||
Net recognized gain on marketable securities previously included in other comprehensive (loss) income | $ (1,728) | (1,779) | |
Comprehensive loss | $ (23,490) | $ (40,537) | $ (54,384) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Convertible Common Stock [Member] | ||
Stockholders’ equity | ||
Common Stock, Value | $ 0 | $ 0 |
Cash and cash equivalents | 6,966,000 | 18,430,000 |
Accounts receivable, net of allowance for doubtful accounts of $100 and $172 at December 31, 2015 and December 31, 2014, respectively | 5,027,000 | 5,335,000 |
Inventories | 7,227,000 | 13,844,000 |
Prepaid expenses and other current assets | $ 2,286,000 | 2,721,000 |
Assets held for sale | 335,000 | |
Total current assets | $ 21,506,000 | 40,665,000 |
Equipment and furniture | 191,046,000 | 190,718,000 |
Leasehold improvements | 46,887,000 | 46,850,000 |
Projects in process | 1,447,000 | 1,415,000 |
239,380,000 | 238,983,000 | |
Less accumulated depreciation and amortization | 229,140,000 | 221,812,000 |
10,240,000 | 17,171,000 | |
Other assets | 90,000 | 180,000 |
31,836,000 | 58,016,000 | |
Accounts payable | 3,490,000 | 5,913,000 |
Accrued liabilities | $ 3,399,000 | 3,419,000 |
Accrued restructuring costs | 904,000 | |
Bank borrowings | $ 2,500,000 | 4,000,000 |
Total current liabilities | $ 9,389,000 | 14,236,000 |
Other long-term liabilities | $ 1,122,000 | |
Commitments and contingencies | ||
Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding | ||
Common Stock, Value | $ 898,000 | $ 869,000 |
Additional paid-in capital | 645,936,000 | 642,683,000 |
Accumulated deficit | (624,125,000) | (600,635,000) |
Treasury stock at cost: 123 and 115 shares at December 31, 2015 and 2014, respectively | (262,000) | (259,000) |
Total stockholders’ equity | 22,447,000 | 42,658,000 |
$ 31,836,000 | $ 58,016,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Convertible Common Stock [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 1,000 | 1,000 |
Common Stock, Shares Issued (in shares) | 0 | 0 |
Common Stock, Shares Outstanding (in shares) | 0 | 0 |
Accounts receivable, allowance for doubtful accounts | $ 100 | $ 172 |
Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 5,000 | 5,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 144,000,000 | 144,000,000 |
Common Stock, Shares Issued (in shares) | 89,799,000 | 86,878,000 |
Treasury stock at cost: shares (in shares) | 123,000 | 115,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) | 71,853 | (115) | ||||
Balance | $ 719 | $ (259) | $ 611,279 | $ (507,766) | $ 2,052 | $ 106,025 |
Issuance of common stock in public offering, net of expenses (in shares) | 10,704 | |||||
Issuance of common stock in public offering, net of expenses | $ 107 | 19,568 | 19,675 | |||
Stock options exercised (in shares) | 70 | |||||
Stock options exercised | 132 | 132 | ||||
Shares issued under employee stock purchase plan (in shares) | 271 | |||||
Shares issued under employee stock purchase plan | $ 3 | 442 | 445 | |||
Restricted stock activity, net of forfeitures (in shares) | 1,539 | |||||
Restricted stock activity, net of forfeitures | $ 15 | (15) | ||||
Amortization of stock-based compensation | 6,516 | 6,516 | ||||
Other comprehensive income | (405) | (405) | ||||
Net loss | (53,979) | (53,979) | ||||
Balance (in shares) | 84,437 | (115) | ||||
Balance | $ 844 | $ (259) | 637,922 | (561,745) | $ 1,647 | 78,409 |
Stock options exercised (in shares) | 5 | |||||
Stock options exercised | 10 | 10 | ||||
Shares issued under employee stock purchase plan (in shares) | 158 | |||||
Shares issued under employee stock purchase plan | $ 2 | 102 | 104 | |||
Restricted stock activity, net of forfeitures (in shares) | 2,278 | |||||
Restricted stock activity, net of forfeitures | $ 23 | (23) | ||||
Amortization of stock-based compensation | 4,672 | 4,672 | ||||
Other comprehensive income | $ (1,647) | (1,647) | ||||
Net loss | (38,890) | (38,890) | ||||
Balance (in shares) | 86,878 | (115) | ||||
Balance | $ 869 | $ (259) | 642,683 | (600,635) | 42,658 | |
Shares issued under employee stock purchase plan (in shares) | 140 | |||||
Shares issued under employee stock purchase plan | $ 1 | 73 | 74 | |||
Restricted stock activity, net of forfeitures (in shares) | 2,781 | |||||
Restricted stock activity, net of forfeitures | $ 28 | (28) | ||||
Amortization of stock-based compensation | 3,208 | 3,208 | ||||
Net loss | (23,490) | (23,490) | ||||
Treasury share purchase (in shares) | (8) | |||||
Treasury share purchase | $ (3) | (3) | ||||
Balance (in shares) | 89,799 | (123) | ||||
Balance | $ 898 | $ (262) | $ 645,936 | $ (624,125) | $ 22,447 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (23,490,000) | $ (38,890,000) | $ (53,979,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 7,577,000 | 11,317,000 | 14,510,000 |
Amortization | 49,000 | 164,000 | 97,000 |
Stock based compensation | $ 3,208,000 | 4,672,000 | 6,516,000 |
Marketable securities recovery and accretion | (1,728,000) | (1,779,000) | |
(Gain) loss on disposal of equipment | $ (23,000) | 1,812,000 | (177,000) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 308,000 | 9,821,000 | (2,923,000) |
Inventories | 6,617,000 | 7,270,000 | (2,274,000) |
Prepaid expenses and other assets | 463,000 | 899,000 | (433,000) |
Accounts payable | (2,423,000) | (7,130,000) | (1,056,000) |
Accrued and other liabilities | (2,046,000) | (784,000) | (525,000) |
Net cash used in operating activities | (9,760,000) | (12,577,000) | (42,023,000) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of plant and equipment | (258,000) | (850,000) | (6,464,000) |
Proceeds from sale of equipment | $ 42,000 | $ 3,343,000 | 3,000 |
Purchases of marketable securities | (8,130,000) | ||
Proceeds from sales and redemptions of marketable securities | $ 3,528,000 | 32,563,000 | |
Net cash (used in) provided by investing activities | $ (216,000) | 6,021,000 | 17,972,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of common stock, net of related costs | 74,000 | 114,000 | $ 20,252,000 |
Proceeds from bank borrowings | 14,300,000 | 19,582,000 | |
Repayments of bank borrowings | (15,800,000) | (15,582,000) | |
Payment for financing | (59,000) | $ (75,000) | $ (203,000) |
Treasury stock repurchase | (3,000) | ||
Net cash (used in) provided by financing activities | (1,488,000) | $ 4,039,000 | $ 20,049,000 |
Net decrease in cash and cash equivalents | (11,464,000) | (2,517,000) | (4,002,000) |
Cash and cash equivalents at beginning of period | 18,430,000 | 20,947,000 | 24,949,000 |
Cash and cash equivalents at end of period | 6,966,000 | 18,430,000 | 20,947,000 |
Net taxes paid | 134,000 | 144,000 | 133,000 |
Interest paid | $ 34,000 | $ 150,000 | $ 24,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS AND BASIS OF PRESENTATION ANADIGICS, Inc. (the “Company”) is an innovator in technology, design, and manufacturing of RF semiconductor solutions for infrastructure and mobile communications and data transmission markets. The Company’s product portfolio includes line amplifiers, reverse path amplifiers, PAs, and FEICs. CATV products provide the critical link within CATV infrastructure communications networks, as well as CPE devices, such as set-top boxes and cable modems. WiFi infrastructure products enable wireless connectivity for infrastructure and multimedia applications, including access points, routers, media gateways, and set-top boxes. Wireless infrastructure products are components in 3G and 4G Small-Cell base stations, including picocells, enterprise-class femtocells, and CPE devices that help carriers expand broadband network coverage and support greater levels of data transmission. Cellular infrastructure products are also used in 3G and 4G IoT applications, including automotive, M2M, and industrial devices. WiFi mobile products are designed to enable WiFi connectivity in smartphones, tablets, notebooks, and portable gaming systems. Cellular mobile products enable 3G and 4G wireless connectivity in mobile handsets, smartphones, tablets, and notebooks. Our Foundry offering provides capacity for large-scale VCSEL wafer processing and testing. The Company designs, develops, and manufactures RFIC’s primarily using GaAs compound semiconductor substrates with various process technologies, including MESFET, pHEMT and HBT. The Company’s patented InGaP- Plus On January 15, 2016, the Company entered into an Agreement and Plan of Merger that was amended on February 1, 2016 and February 26, 2016 (as so amended, the “Merger Agreement”) with II-VI Incorporated, a Pennsylvania corporation (“II-VI”), and Regulus Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of II-VI (the “Purchaser”). Pursuant to the Merger Agreement, the Parent would acquire the Company for a purchase price of $0.85 per share pursuant to a tender offer by Purchaser that commenced on February 2, 2016 and expired on March 11, 2016, under which approximately 53% of the Company’s outstanding shares were tendered and purchased by Purchaser, and which will be followed by a merger of the Purchaser into the Company. As a result of that merger, the Company will be a wholly-owned subsidiary of II-VI. If the transactions contemplated by the Merger Agreement are consummated, the Purchaser will have acquired all of our issued and outstanding shares of common stock at a purchase price of $0.85 per share and, after making the required filings with the Securities and Exchange Commission, we would cease to be a reporting company under the Securities Exchange Act of 1934, as amended. The boards of directors of the Company, II-VI and Purchaser approved the Merger Agreement and the transactions contemplated by the II-VI Merger Agreement. There can be no assurance that a transaction will be consummated or that II-VI will not propose any adjustments to the II-VI Merger Agreement. The financial statements have been prepared assuming that the Company will continue as a going concern. The Company has historically operated at a loss and has not consistently generated sufficient cash flows from operations to cover its operating and other cash expenses. In mid-2014, the Company implemented a strategic restructuring plan (Note 2) that the Company believed would place increased emphasis on infrastructure markets, lower operating costs and position the business for improved operating results. However, unexpected declines in revenues resulted in an increase in operating losses. Therefore, the delayed improvement in infrastructure revenue is forecasted to result in operating losses into 2016, larger than those foreseen under the strategic restructuring plan and a continued deterioration in the Company’s liquidity position. Additionally, the Company did not maintain compliance with certain covenants under its revolving credit facility (Note 12). These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts or classification of liabilities that might be necessary in the event the Company cannot continue in existence. During 2015, the Company explored potential avenues for raising capital through debt or equity, but the limited options that were available would have required the Company to accept unfavorable terms that were costly and highly dilutive to the Company's stockholders. The Company's operating losses, declining cash balance and corresponding need for funding were among the key reasons that the Company's Board of Directors decided to explore the possible sale of the Company in conjunction with its plans to overcome these difficulties. As discussed in the paragraph above, the Company entered into a Merger Agreement with II-VI. In conjunction with the Merger Agreement, the Company was able to obtain a loan from II-VI to address the Company's deteriorating liquidity position (see Note 14). There can be no assurance that a transaction will be consummated or that II-VI will not propose any adjustments to the Merger Agreement. The Company will continue to aggressively pursue available sales opportunities, work with distributors and end users to grow future sales, and continue to control costs. However, even after giving consideration to the loan provided by II-VI, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management believes the ability to continue as a going concern through January 1, 2017 is dependent upon increasing infrastructure revenue, continuing to control costs to meet obligations and repay liabilities arising from normal business operations when they come due. While the Company believes in the viability of its strategy to realize revenues, there can be no assurances to that effect. The consolidated financial statements include the accounts of ANADIGICS, Inc. and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company has evaluated subsequent events and determined that, other than matters outlined in Note 14, there were no subsequent events to recognize or disclose in these consolidated financial statements. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Significant estimates that affect the financial statements include, but are not limited to: allowance for doubtful accounts, recoverability and valuation of inventories, impairment of property and equipment, warranty reserve, valuation of stock-based compensation, reserves for distributor arrangements and returns, useful lives and amortization periods and recoverability of long-lived assets. CONCENTRATION OF CREDIT RISK The Company grants trade credit to its customers, who are primarily foreign manufacturers of wireless communication devices, cable and broadcast television receivers and fiber optic communication devices. The Company performs periodic credit evaluations of its customers and generally does not require collateral. Sales and accounts receivable from customers are denominated in U.S. dollars. The Company has not experienced significant losses related to receivables from these individual customers. Net sales to individual customers and their affiliates who accounted for 10% or more of the Company’s total net sales and corresponding end application information are as follows: YEAR ENDED DECEMBER 31 2015 2014 2013 Customer (primary application) $ % $ % $ % Huawei Technologies (Infrastructure / Mobile) 12,077 21 % 18,718 22 % 15,731 12 % Richardson-RFPD (Infrastructure) 9,758 17 % <10 % <10 % <10 % <10 % Alltek Technologies (Infrastructure / Mobile) 7,314 12 % <10 % <10 % <10 % <10 % Samsung Electronics (Mobile) <10 % <10 % 22,479 26 % 54,187 40 % Murata (Mobile) <10 % <10 % <10 % <10 % 14,274 11 % Accounts receivable at December 31, 2015 and 2014 from the greater than 10% customers accounted for 41% and 66% of total accounts receivable, respectively. REVENUE RECOGNITION Revenue from product sales is recognized when title to the products is transferred to the customer, which occurs upon shipment or delivery, depending upon the terms of the sales order. The Company sells to certain distributors who are granted limited contractual rights of return and exchange and certain pre-negotiated individual product-customer price protection. Revenue from sales of products to distributors is recognized, net of allowances, upon shipment of the products to the distributors. At the time of shipment, title transfers to the distributors and payment from the distributors is due on our standard commercial terms; payment terms are not contingent upon resale of the products. Revenue is appropriately reduced for the portion of shipments subject to return, exchange or price protection. Allowances for the distributors are recorded upon shipment and calculated based on the distributors’ indicated intent, historical data, current economic conditions and contractual terms. The Company believes it can reasonably and reliably estimate allowances for credits to distributors in a timely manner. The Company charges customers for the costs of certain contractually-committed inventories that remain at the end of a product's life. Such amounts are recognized as cancellation revenue when cash is received. The value of the inventory related to cancellation revenue may, in some instances, have been reserved during prior periods in accordance with the Company’s inventory obsolescence policy. ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company establishes an allowance for doubtful accounts for estimated losses resulting from customers' failure to make payments, based upon historical experience. WARRANTY COSTS The Company provides, by a current charge to income, an amount it estimates, by examining historical returns and other information it deems critical, will be needed to cover future warranty obligations for products sold during the year. The liability for warranty costs is included in Accrued liabilities in the consolidated balance sheets. PLANT AND EQUIPMENT Plant and equipment are stated at cost. Depreciation of plant, furniture and equipment has been provided on the straight-line method over 3-7 years. Leasehold improvements are amortized and included in depreciation over the useful life of the leasehold or the life of the lease, whichever is shorter. IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. Long-lived assets held for sale are reported at the lower of cost or fair value less costs to sell. INCOME TAXES Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the income tax basis of such assets and liabilities. The Company maintains a full valuation allowance on its deferred tax assets. Accordingly, the Company has not recorded a benefit or provision for income taxes. The Company recognizes interest and penalties related to the underpayment of income taxes in income tax expense. No unrecognized tax benefits, interest or penalties were accrued at December 31, 2015 and 2014. The Company’s U.S. federal net operating losses have occurred since 1998 and as such, tax years subject to potential tax examination could apply from that date because carrying-back net operating loss opens the relevant year to audit. RESEARCH AND DEVELOPMENT COSTS The Company charges all research and development costs associated with the development of new products to expense when incurred. CASH EQUIVALENTS The Company considers all highly liquid marketable securities with a maturity of three months or less when purchased to be cash equivalents. INVENTORY Inventories are valued at the lower of cost or market ("LCM"), using the first-in, first-out method. The Company capitalizes production overhead costs to inventory on the basis of normal capacity of its production facility and in periods of abnormally low utilization charges the related expenses as a period cost in the statement of operations. In addition to LCM limitations, the Company reserves against inventory items for estimated obsolescence or unmarketable inventory. The reserve for excess and obsolete inventory is primarily based upon forecasted short-term demand for the product. Once established, these write-downs are considered permanent adjustments to the cost basis of the excess inventory. If actual demand and market conditions are less favorable than those projected by management, additional inventory write-downs may be required. In the event the Company sells inventory that had been covered by a specific inventory reserve, the sale is recorded at the actual selling price and the related cost of goods sold at the full inventory cost, net of the reserve. DEFERRED RENT Aggregate rental expense is recognized on a straight-line basis over the lease terms of operating leases that contain predetermined increases in rentals payable during the lease term. FOREIGN CURRENCY TRANSLATION The financial statements of subsidiaries outside of the United States are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. The resultant translation adjustments are included in other accumulated comprehensive income or loss. Income and expense items are translated at the average monthly rates of exchange. Gains and losses from foreign currency transactions of these subsidiaries are included in the determination of net income or loss. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised resulting in the issuance of common stock of the Company. Any dilution arising from the Company's outstanding stock awards will not be included where their effect is anti-dilutive. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of each of the following instruments approximates their carrying value because of the short maturity of these instruments: cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities. See Note 4 for additional fair value disclosures. STOCK-BASED COMPENSATION The Company has various stock-based compensation plans for employees and directors, which are described more fully in Note 10. The Company records stock compensation expense for all stock-based payment awards made to its employees and directors. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period which in most cases is the vesting period. RECLASSIFICATIONS Certain prior period amounts have been reclassified to conform to the current presentation. RECENTLY ADOPTED ACCOUNTING STANDARDS In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. The ASU became effective January 1, 2015. Adoption of this guidance did not impact our consolidated financial statements. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS In July 2015, the FASB issued ASU 2015-11, Inventory. The guidance was issued to simplify the measurement of inventory and changes the measurement from lower of cost or market to lower of cost and net realizable value. This guidance is effective for reporting periods beginning after December 15, 2016. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The guidance states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. The guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most current revenue recognition guidance. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. It also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU permits the initial application to be applied either retrospectively to each prior reporting period presented, or retrospectively with a cumulative effect adjustment made at the date of initial application. The guidance is effective for annual and interim periods beginning after December 15, 2016. In July 2015, the FASB approved a one year deferral of the effective date of this standard to December 15, 2017 and early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the transition methods and the impact of the amended guidance on its consolidated financial statements. |
Note 2 - Restructuring and Othe
Note 2 - Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 2. RESTRUCTURING AND OTHER CHARGES RESTRUCTURING During 2013, the Company implemented workforce reductions that eliminated approximately 25 positions, respectively, throughout the Company, resulting in restructuring charges of $1,915 for severance, related benefits and other costs. During 2014, the Company implemented a strategic restructuring plan to better address growth opportunities in infrastructure markets and to lower operating costs. The strategy included expanding the Company’s presence in the infrastructure space and reducing fixed costs associated with certain legacy mobile activities through a resizing of staff and manufacturing capability. As a result, the Company implemented workforce reductions that eliminated approximately 150 positions throughout the Company resulting in restructuring charges of $4,199 for severance, related benefits and other costs. During 2015, as an extension of its strategic shift to Infrastructure and migration of its business model, the Company implemented a workforce reduction that eliminated approximately 25 positions throughout the Company and recorded restructuring charges of $611 for severance, related benefits and other costs. Activity and liability balances related to the restructurings were as follows: Workforce-related Lease-related Total December 31, 2013 balance $ 245 $ - $ 245 Restructuring expense 4,002 197 4,199 Payments (3,502 ) (38 ) (3,540 ) December 31, 2014 balance $ 745 $ 159 $ 904 Restructuring expense 611 - 611 Payments (1,356 ) (159 ) (1,515 ) December 31, 201 5 balance $ - $ - $ - As part of the strategic restructuring in 2014, the Company also reviewed and identified certain surplus manufacturing fixed assets and recorded a restructuring charge of $4,201 to write down certain assets to their current market value based on proceeds expected from their sale. During the second half of 2014, the Company subsequently recorded net proceeds of $3,256 on the sale of certain assets held for sale and offset their related $2,302 net gain against Restructuring charges. During the second quarter of 2015, the Company recorded a $50 gain on the sale of an asset classified as held for sale, which was offset against Restructuring charges. The remaining assets previously held for sale were re-classified to fixed assets during the second quarter of 2015, as it was determined that such assets would not be sold in the near future. There was no impact to the results of operations as a result of this re-classification for any period presented. OTHER CHARGES During the second quarter of 2014, the Company recorded a charge of $2,080 to Cost of sales for inventory write-downs on certain excess Mobile inventory. |
Note 3 - Segments
Note 3 - Segments | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. SEGMENTS The Company has one reportable segment. Its ICs are primarily manufactured using common manufacturing facilities located in the same domestic geographic area. The method for determining what information to report is based on management’s use of financial information for the purposes of assessing performance and making operating decisions. All operating expenses and assets of the Company are combined and reviewed by the chief operating decision maker on an enterprise-wide basis, resulting in no additional discrete financial information or operating segment information. The Company’s business units share similar long term business models, research and development expenses and selling and administrative expenses. The Company has concluded at December 31, 2015 that it has only one reportable segment. The Company will re-assess its conclusions at least annually. The Company classifies its revenues based upon the end application of the product in which its ICs are used. Net sales by end application are regularly reviewed by the chief operating decision maker and are as follows: Year Ended December 31, 2015 2014 2013 Infrastructure $ 42,176 $ 39,161 $ 36,199 Mobile 16,476 47,121 98,043 Total $ 58,652 $ 86,282 $ 134,242 The Company sells to five geographic regions: Asia, Europe, Latin America, USA and Other. The geographic region is determined by the destination of the shipped product. Net sales to each of the five geographic regions are as follows: Year Ended December 31, 2015 2014 2013 Asia $ 47,149 $ 77,954 $ 125,027 Europe 1,380 1,458 1,680 Latin America 4,939 5,128 5,669 USA 5,184 1,742 1,866 Total $ 58,652 $ 86,282 $ 134,242 |
Note 4 - Fair Value
Note 4 - Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified in the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company has no financial instruments to be carried at fair value at December 31, 2015 and 2014. During the first half of 2014, our Level 2 former-auction corporate debt security and our Level 3 preferred equity action rate security (ARS) sold for $2,960 and $568, respectively, resulting in a realized gain of $1,728, which was recorded to Other (expense) income, net. During 2013, two Level 2 and one Level 3 ARS redeemed for $6,739, resulting in a realized gain of $1,684, which was recorded to Other (expense) income, net. The cost of securities sold was based upon the specific identification method. |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES Inventories consist of the following: December 31, 2015 2014 Raw materials $ 2,882 $ 4,584 Work in progress 2,224 3,052 Finished goods 2,121 6,208 Total $ 7,227 $ 13,844 |
Note 6 - Accrued Liabilities
Note 6 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. ACCRUED LIABILITIES Accrued liabilities consist of the following: December 31, 2015 2014 Accrued compensation $ 1,306 $ 1,440 Warranty reserve 82 237 Deferred Rent 561 - Other 1,450 1,742 $ 3,399 $ 3,419 Changes in the Company’s product warranty reserve are as follows: Year ended December 31 2015 2014 2013 Beginning balance $ 237 $ 383 $ 770 Additions charged to Cost of sales 111 515 554 Claims processed (266 ) (661 ) (941 ) Ending balance $ 82 $ 237 $ 383 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. COMMITMENTS AND CONTINGENCIES The Company leases manufacturing, warehousing and office space under noncancelable operating leases that expire primarily through 2016, which are renewable pursuant to lease terms. Rent expense was $1,975, $2,278, $2,350, in 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, there were no capital lease obligations outstanding. The future minimum lease payments under the noncancelable operating leases are as follows: YEAR Operating Leases 2016 2,524 2017 266 2018 130 2019 11 Thereafter - Total minimum lease payments $ 2,931 In addition to the above, at December 31, 2015, the Company had unconditional purchase obligations of approximately $833. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES There were no current and deferred components of income taxes for the years ended December 31, 2015, 2014, and 2013. Deferred tax assets require a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets may not be realized. Whereas realization of the deferred tax assets is dependent upon the timing and magnitude of future taxable income prior to the expiration of the deferred tax attributes, management began recording a full valuation allowance in 2001. The amount of the deferred tax assets considered realizable, however, could change if estimates of future taxable income during the carry-forward period are changed. Significant components of the Company’s net deferred taxes as of December 31, 2015 and 2014 are as follows: December 31, 2015 2014 Deferred tax balances Accruals/reserves $ 4,975 $ 6,709 Net operating loss carryforwards 219,243 211,749 Research and experimentation credits 14,089 14,089 Deferred rent expense 197 400 Difference in basis of plant and equipment 9,103 9,445 Valuation allowance (247,607 ) (242,392 ) Net deferred tax assets - - As of December 31, 2015, the Company had net operating loss carryforwards of approximately $640,297 for federal and $255,346 for state tax reporting purposes. The federal carryforward will begin to expire in 2019, and the state carryforwards have begun to expire. A portion of net operating loss carryforwards and tax credit carryforwards may be subject to an annual limitation regarding their utilization against taxable income in future periods due to the “change of ownership” provisions of the Internal Revenue Code and similar state provisions. A portion of these carryforwards may expire before becoming available to reduce future income tax liabilities. At December 31, 2015, $25,149 of the deferred tax asset related to net operating loss carryforwards and an equivalent amount of deferred tax asset valuation allowance represented tax benefits associated with the exercise of non-qualified stock options and vesting of restricted stock deduction over book. Such benefit, when realized, will be credited to additional paid-in capital. Included within the Company’s net operating loss tax carryforwards at December 31, 2015, the Company has excess tax benefits, related to stock-based compensation of $9,021 which are not recorded as a deferred tax asset as the amounts would not have resulted in a reduction in current taxes payable until all other tax attributes currently available to the Company were utilized. The benefit of these deductions will be recorded to additional paid-in capital at the time the tax deduction results in a reduction of current taxes payable. The earnings associated with the Company’s investment in its foreign subsidiaries are considered to be permanently invested and no provision for U.S. federal and state income taxes on those earnings or translation adjustments has been provided. The reconciliation of income tax expense computed at the U.S. federal statutory rate to the benefit from income taxes is as follows: Year Ended December 31, 2015 2014 2013 Tax at U.S. statutory rate $ (8,222 ) (35.0 )% $ (13,612 ) (35.0 )% $ (18,893 ) (35.0 )% Effect of permanent items 3 - 3 - 6 - State and foreign tax (benefit), net of federal tax effect - - (253 ) (0.6 ) (1,754 ) (3.2 ) Research and experimentation tax credits, net - - 325 0.8 (328 ) (0.6 ) Effect of tax rate change 3,404 14.5 15,183 * 39.0 - - Valuation allowance, net 5,215 22.2 (973 ) (2.5 ) 28,118 52.1 Worthless stock deduction - - - - (4,997 ) (9.3 ) Other (400 ) (1.7 ) (673 ) (1.7 ) (2,152 ) (4.0 ) (Benefit from) provision for income taxes $ - - % $ - - % $ - - % * Effect of state tax amendment N.J.S.A. 54:10A-6 which replaced a three-fraction allocation formula of the Corporation Business Tax allocation factor with a single sales fraction formula. |
Note 9 - Stockholder's Equity
Note 9 - Stockholder's Equity | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. STOCKHOLDERS' EQUITY On December 17, 1998, the Company adopted a Shareholders’ Rights Agreement dated as of December 17, 1998 (as amended by Amendment No. 1 dated as of November 30, 2000 and Amendment No. 2 dated as of October 2, 2008), by and between ANADIGICS, Inc. and Computershare, Inc., as the Rights agent (as amended, the “Rights Agreement”). Pursuant to the Rights Agreement, rights were distributed as a dividend at the rate of one right for each share of ANADIGICS, Inc. common stock, par value $0.01 per share, held by stockholders of record as of the close of business on December 31, 1998. The rights were scheduled to expire on December 17, 2018, unless earlier redeemed or exchanged, pursuant to the terms of the Rights Agreement. On April 24, 2014, the Board of Directors of the Company voted to terminate the Rights Agreement by approving an amendment (the “Amendment”) to the Rights Agreement to accelerate the final expiration date of the rights (the “Rights”) to April 25, 2014. As a result of the Amendment, as of the close of business on April 25, 2014, the Rights are no longer outstanding nor exercisable, and the Rights Agreement was effectively terminated. NASDAQ LISTING The Company’s common stock currently trades on the NASDAQ Capital Market. The Company transferred its common stock from the NASDAQ Global Market to the NASDAQ Capital Market effective December 17, 2015. On June 18, 2015, the Company received a letter from the staff of NASDAQ informing the Company that for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below $1.00, a requirement for listing on NASDAQ. The Company had until December 15, 2015 to regain compliance which would be satisfied if the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days. By transferring its common stock listing from the NASDAQ Global Market to the NASDAQ Capital Market, the Company received an additional 180 calendar compliance days, or until June 13, 2016, to regain compliance. If the Company does not regain compliance by June 13, 2016, and the NASDAQ staff could deem that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the NASDAQ staff would notify the Company that its securities would then be subject to delisting. In the event of such notification the Company may appeal the NASDAQ staff’s determination to delist its securities. MERGER AGREEMENT On January 15, 2016, the Company entered into an Agreement and Plan of Merger that was amended on February 1, 2016 and February 26, 2016 (as so amended, the “Merger Agreement”) with II-VI Incorporated, a Pennsylvania corporation (“II-VI”), and Regulus Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of II-VI (the “Purchaser”). Pursuant to the Merger Agreement, the Parent would acquire the Company for a purchase price of $0.85 per share pursuant to a tender offer by Purchaser that commenced on February 2, 2016 and expired on March 11, 2016, under which approximately 53% of the Company’s outstanding shares were tendered and purchased by Purchaser, and which will be followed by a merger of the Purchaser into the Company. As a result of that merger, the Company will be a wholly-owned subsidiary of II-VI. If the transactions contemplated by the Merger Agreement are consummated, the Purchaser will have acquired all of our issued and outstanding shares of common stock at a purchase price of $0.85 per share and, after making the required filings with the Securities and Exchange Commission, we would cease to be a reporting company under the Securities Exchange Act of 1934, as amended. The boards of directors of the Company, II-VI and Purchaser approved the Merger Agreement and the transactions contemplated by the II-VI Merger Agreement. There can be no assurance that a transaction will be consummated or that II-VI will not propose any adjustments to the II-VI Merger Agreement. |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 10. EMPLOYEE BENEFIT PLANS The Company records stock-based compensation expense for all stock-based payment awards made to our employees and directors. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period which in most cases is the vesting period. EQUITY COMPENSATION PLANS The Company has two active equity compensation plans under which equity securities are authorized for issuance to employees and/or directors and two plans (the 2005 Plan and 2005 ESPP Plan, described below) which have been terminated: ■ The 2015 Long-Term Incentive and Share Award Plan (2015 Plan, collectively with the 2005 Plan, the Plans); ■ The Amended and Restated (as of March 30, 2013) 2005 Long Term Incentive and Share Award Plan (terminated April 6, 2015) (2005 Plan); ■ The 2016 Employee Stock Purchase Plan (2016 ESP Plan, collectively with the 1995 ESP Plan, the ESP Plan); and ■ The 1995 Employee Stock Purchase Plan (terminated December 31, 2015) (1995 ESP Plan). Employees and outside directors have been granted restricted stock units and options to purchase shares of common stock under the Plans. An aggregate 10,000 and 24,850 shares of common stock were reserved for issuance under the 2015 Plan and 2005 Plan, respectively. The Plans provide for the granting of stock options, stock appreciation rights, restricted stock units and other share based awards to eligible employees and directors, as defined in the Plans. Option grants have terms of 10 years and become exercisable in varying amounts over periods of up to three years. To date, no stock appreciation rights have been granted under the Plans. The Company adopted the ESP Plan under Section 423 of the Internal Revenue Code. All full-time employees of ANADIGICS, Inc. and part-time employees, as defined in the ESP Plan, are eligible to participate in the ESP Plan. An aggregate of 5,000 shares and 6,694 shares of common stock were reserved for offering under the 2016 ESP Plan and 1995 ESP Plan, respectively. Offerings are made at the commencement of each calendar year and must be purchased by the end of that calendar year. Pursuant to the terms of the 1995 ESP Plan, shares purchased and the applicable per share price were 140 ($0.53), 158 ($0.66) and 271 ($1.64) for the years ended December 31, 2015, 2014 and 2013, respectively. Stock-based compensation expense arises from the amortization of restricted stock units, unamortized stock option grants and from the ESP Plan. The Company uses the straight-line basis in calculating stock-based compensation expense. The table below summarizes stock-based compensation by source and by financial statement line item: For years ended December 31, 2015 2014 2013 Amortization of restricted stock units $ 3,148 $ 4,528 $ 6,239 Amortization of ESP Plan 54 44 149 Amortization of stock option awards 6 100 128 Total stock-based compensation $ 3,208 $ 4,672 $ 6,516 By Financial Statement line item Cost of sales $ 668 $ 861 $ 1,041 Research and development expenses 1,339 1,744 2,118 Selling and administrative expenses 1,201 2,067 3,428 Restructuring charges - - (71 ) No tax benefits have been recorded due to the Company’s full valuation allowance position. RESTRICTED STOCK UNITS Under the Plans, the Company grants restricted stock units to its employees. The value of restricted stock units are fixed upon the date of grant and amortized over the related vesting period, primarily ranging up to three years. Restricted stock units are subject to forfeiture if employment terminates prior to vesting. The Company estimates that approximately 2.5% of its restricted stock units and stock option awards are forfeited annually (exclusive of performance-based restricted stock units and performance-based option shares, as described below). Restricted stock units do not carry voting, forfeitable dividend rights, and cannot be traded or transferred prior to vesting. Grant, vest and forfeit activity and related weighted average (WA) price per share for restricted stock units and for stock options during the period from January 1, 2013 to December 31, 2015 is presented in tabular form below: . Restricted Stock Units Stock Options Time-based Performance-based Time-based Units WA price/ unit Units WA price/ unit Issuable upon exercise WA exercise price Outstanding at January 1 , 201 5 2,790 $ 1.58 314 $ 1.87 1,219 $ 4.82 Granted 2,523 1.02 264 1.05 19 0.76 Shares vested/options exercised (2,743 ) 1.36 (37 ) 1.99 - - Forfeited/expired (300 ) 1.38 (154 ) 1.68 (291 ) 5.53 Balance at December 31, 201 5 2,270 $ 1.24 387 $ 1.38 947 $ 4.52 As of December 31, 2015, the weighted average remaining contractual life of outstanding and exercisable options was 3.3 and 3.1 years, respectively. As of December 31, 2015, the weighted average remaining vest period for outstanding restricted stock was 1.6 years. Exercisable stock options and their related weighted average exercise prices were 926 ($4.60) as of December 31, 2015. The intrinsic value of exercised options during the years ended December 31, 2015, 2014 and 2013 were $0, $1, and $14, respectively. The aggregate intrinsic value of outstanding and exercisable stock options as of December 31, 2015 was $3 and $0, respectively. In February 2015, the Company awarded 264 restricted stock units to its officers and other key employees which have market performance-based vesting conditions contingent upon the Company’s relative shareholder returns measured against defined peer group companies. The market performance-based awards will be evaluated annually in one-third increments measuring Company shareholder returns during the one, two and three year periods following the award. Company performance within the top 75th percentile tier in a measurement period would result in maximum performance attainment, while performance below the 25th-percentile results in no vesting for that period. These market performance-based restricted stock units have an average fair value of $1.05 calculated using a Monte Carlo Simulation model on the date of grant. As of December 31, 2015, these market performance-based awards were evaluated for their year one performance period, with a 65% performance achievement. As a result, 31 units forfeited, 57 units are scheduled to vest March 2016, and the remaining 176 units pending their year two and year three performance evaluation. The total fair value of restricted stock vested during the years ended December 31, 2015, 2014 and 2013 were $2,184, $3,171 and $3,052, respectively. As of December 31, 2015, there was $1,698 of unrecognized compensation expense related to unvested stock options and unvested restricted stock awards. Stock options outstanding at December 31, 2015 are summarized as follows: Range of exercise prices Outstanding Options at December 31, 2015 Weighted average remaining contractual life Weighted average exercise price Exercisable at December 31, 2015 Weighted average exercise price $0.22 - $1.93 369 3.3 $ 1.87 348 $ 1.93 $2.00 - $3.24 258 5.5 $ 3.22 258 $ 3.22 $3.65 - $8.79 58 3.3 $ 6.12 58 $ 6.12 $8.84 - $18.98 262 0.9 $ 9.19 262 $ 9.19 VALUATION FOR ESP PLAN AND STOCK OPTION AWARDS The fair value of these equity awards was estimated at the date of grant using a Black-Scholes option pricing model. The weighted average assumptions and fair values for stock-based compensation grants used for the years ended December 31, 2015, 2014 and 2013 are summarized below. Year ended December 31, 2015 2014 2013 Stock option awards: Risk-free interest rate 1.3 % 1.7 % 0.8 % Expected volatility 63 % 58 % 72 % Average expected term (in years) 5 5 5 Expected dividend yield 0 % 0 % 0 % Weighted average fair value of options granted $ 0.41 $ 0.97 $ 1.36 ESP Plan: Risk-free interest rate 0.7 % 0.3 % 0.1 % Expected volatility 126 % 72 % 51 % Average expected term 1 1 1 Expected dividend yield 0 % 0 % 0 % Weighted average fair value of purchase option $ 0.39 $ 0.28 $ 0.55 Restricted Stock Units: Weighted average grant date value, time-based $ 1.02 $ 1.48 $ 2.12 Weighted average grant date value, performance-based $ 1.05 $ 1.84 $ 2.02 The Company regularly assesses the assumptions used in its option valuation. For equity awards with an expected term of one year or less, the assumption for expected volatility is solely based on the Company’s historical volatility. For equity awards with expected terms of greater than one year, the Company used a combination of implied and historical volatility for options granted in the years ended December 31, 2015, 2014 and 2013. The expected term of the stock options is based on historical observations of employee exercise patterns combined with expectations of employee exercise behavior in the future giving consideration to the contractual terms of the stock-based awards. The risk free interest rate assumption has consistently been based on the yield at the time of grant of a U.S. Treasury security with an equivalent remaining term. The Company has never paid cash dividends and does not currently intend to pay cash dividends and has consistently assumed a 0% dividend yield. The Company also sponsors an Employee Savings and Protection Plan under Section 401(k) of the Internal Revenue Code which is available to all full-time employees. Employees can make voluntary contributions up to limitations prescribed by the Internal Revenue Code. The Company previously matched 30% of employee contributions up to 10% of their gross pay; however, as a cost reduction during the second quarter of 2014, the Company discontinued matching 401(k) contributions. The Company recorded expense relating to plan contributions of $0, $220, and $829 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 11 - Loss Per Share
Note 11 - Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. LOSS PER SHARE The reconciliation of shares used to calculate basic and diluted loss per share consists of the following: Year ended December 31, 2015 2014 2013 Weighted average common shares for basic loss per share 88,155 85,810 80,991 Effect of dilutive securities: Stock options (*) - - - Unvested restricted stock (*) - - - Adjusted weighted average shares for diluted loss per share 88,155 85,810 80,991 * Incremental shares from restricted stock and stock options are computed using the treasury stock method. Dilution arising from the Company's outstanding stock options or unvested restricted stock was not included in the years ended December 31, 2015, 2014 and 2013 as their effect was anti-dilutive. Potential dilution arising from any of the remainder of the Company's outstanding stock options or unvested restricted stock is detailed below. Such potential dilution was excluded as their effect was anti-dilutive. Year ended December 31, 2015 2014 2013 Stock options 947 1,219 1,959 Unvested restricted stock 2,657 3,104 2,872 |
Note 12 - Bank Borrowings Under
Note 12 - Bank Borrowings Under Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. BANK BORROWINGS UNDER CREDIT FACILITY On October 24, 2014 (and as modified on June 2, 2015), the Company had entered into a Loan and Security Agreement with Silicon Valley Bank (the “SVB Loan Agreement”). The SVB Loan Agreement provided the Company with a two-year revolving credit facility of $10,000 that was scheduled to expire on October 24, 2016. The SVB Loan Agreement enabled borrowings based upon 85% of eligible accounts receivable and was secured by certain insured accounts receivable and substantially all of the Company’s other assets. The SVB Loan Agreement required compliance with certain covenants, including minimum EBITDA (as defined in the SVB Loan Agreement) and quick ratio levels, in addition to certain capital expenditure limits. The interest rate on the outstanding balance under the SVB Loan Agreement was Prime plus 0.5%. The SVB Loan Agreement contained a fee for any unused portion of the facility. As of December 31, 2015, $2,500 was outstanding under the SVB Loan Agreement. The Company was not in compliance with certain covenants under the SVB Loan Agreement as of December 31, 2015. Subsequently, as explained in Note 14, all outstanding amounts due under the SVB Loan Agreement were satisfied in full on February 29, 2016 and the SVB Loan Agreement was terminated. On October 24, 2014, all outstanding amounts due under a Revolving Credit and Security Agreement (the “PNC Credit Facility”) with PNC Bank, N.A. were satisfied in full and the PNC Credit Facility was terminated. |
Note 13 - Legal Proceedings
Note 13 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 13. LEGAL PROCEEDINGS On January 26, 2016, an Anadigics shareholder named Wes Zalewski (the "Plaintiff") filed a Complaint in the Superior Court of New Jersey (Chancery Division, Somerset County), captioned Zalewski v. Anadigics, Inc., et al., No. C-12005-16 (the "New Jersey State Court Action") alleging breach of fiduciary duty on the part of Anadigics's directors and aiding and abetting of the alleged breach by defendants Anadigics, II-VI Incorporated and Regulus Acquisition Sub., Inc. (the latter two of which are referred to jointly hereinafter as "II-IV") in connection with the then proposed merger between Anadigics and II-VI at a per-share offer price of $0.66, as described in their January 15, 2016 merger agreement (the "January 15, 2016 II-VI Merger Agreement"). On February 4, 2016, Plaintiff filed an Amended Complaint in the New Jersey State Court Action. On February 8, 2016, Plaintiff filed a motion for expedited discovery in the New Jersey State Court Action ("Plaintiff's Discovery Motion") and Anadigics and the Anadigics directors (collectively, the "Anadigics Defendants") moved for an order declaring that Plaintiff was not permitted to prosecute the New Jersey State Court Action in light of an Anadigics by-law that designates the exclusive forum for such claims a state or federal court located in the State of Delaware (the "Delaware Forum By-Law Motion"). Instead of ruling on Plaintiff's Discovery Motion or the Delaware Forum By-Law Motion, the New Jersey Superior Court scheduled a conference for February 24, 2016. On February 23, 2016, II-VI removed the New Jersey State Court Action to the United States District Court for the District of New Jersey (the "New Jersey Federal Court") pursuant to the Class Action Fairness Act, 28 U.S.C. § 1332(d)(2). There, the case was assigned Civil Action No. 3:16-cv-01019-MAS-TJB. On February 24, 2016, Plaintiff filed a Motion for a Temporary Restraining Order with the New Jersey Federal Court (the "TRO Motion") seeking to enjoin II-VI's then pending tender offer for Anadigics's stock. On February 26, 2016, the last day of the publicly-announced auction process that the Anadigics Board of Directors had been conducting since November 12, 2015 (the day after Anadigics had executed a merger agreement with a bidder at a per-share offer price of $0.35), Anadigics executed an amended merger agreement with II-VI (the "February 26, 2016 II-VI Merger Agreement") at a per-share offer price of $0.85. On March 2, 2016, the Anadigics Defendants filed a brief and a supporting affidavit in opposition to Plaintiff's TRO Motion. On that same date, II-VI filed a brief in opposition to Plaintiff's TRO Motion. Also on March 2, 2016, Plaintiff filed a brief in opposition to the Delaware Forum By-Law Motion. On March 3, 2016, Plaintiff's counsel notified respective counsel for the defendants that Plaintiff had decided to withdraw his pending TRO Motion, withdraw his opposition to the Delaware Forum By-Law Motion, and consent to the transfer of the action to the United States District Court for the District of Delaware (the "Delaware Federal Court"). Plaintiff's counsel also indicated Plaintiff intended to seek a so-called "mootness fee" based on the disclosure made by Anadigics in Amendment No. 7 to the Schedule 14D-9 filed by the Company on February 29, 2016. On March 4, 2016, the parties submitted to the New Jersey Federal Court a Stipulation and Proposed Order that, among other things, memorialized the concessions made by Plaintiff on March 3, 2016, including Plaintiff's agreement to forgo seeking to enjoin the merger transaction contemplated in the February 26, 2016 II-VI Merger Agreement or the tender offer in connection therewith. The New Jersey Federal Court adopted and entered the Stipulation and Order on March 4, 2016 and transferred the action to the Delaware Federal Court, where it has been currently assigned Civil Action No. 16-cv-136 (UNA). Pursuant to the March 4, 2016 Order, defendants have until April 15, 2016 to respond to Plaintiff's Amended Complaint. Because the aforementioned litigation, which is in a preliminary stage, does not specify alleged monetary damages, the Company is unable to reasonably estimate any possible range of loss, if any, to the Company in connection therewith. The Company is also a party to ordinary course litigation arising out of the operation of our business. The Company believes that the ultimate resolution of such ordinary course litigation should not have a material adverse effect on its consolidated financial condition or results of operations. |
Note 14 - Subsequent Event
Note 14 - Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. SUBSEQUENT EVENTS On January 15, 2016, the Company entered into an Agreement and Plan of Merger that was amended on February 1, 2016 and February 26, 2016 (as so amended, the “Merger Agreement”) with II-VI Incorporated, a Pennsylvania corporation (“II-VI”), and Regulus Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of II-VI (the “Purchaser”). Pursuant to the Merger Agreement, the Parent would acquire the Company for a purchase price of $0.85 per share pursuant to a tender offer by Purchaser that commenced on February 2, 2016 and expired on March 11, 2016, under which approximately 53% of the Company’s outstanding shares were tendered and purchased by Purchaser, and which will be followed by a merger of the Purchaser into the Company. As a result of that merger, the Company will be a wholly-owned subsidiary of II-VI. If the transactions contemplated by the Merger Agreement are consummated, the Purchaser will have acquired all of our issued and outstanding shares of common stock at a purchase price of $0.85 per share and, after making the required filings with the Securities and Exchange Commission, we would cease to be a reporting company under the Securities Exchange Act of 1934, as amended. The boards of directors of the Company, II-VI and Purchaser approved the Merger Agreement and the transactions contemplated by the II-VI Merger Agreement. There can be no assurance that a transaction will be consummated or that II-VI will not propose any adjustments to the II-VI Merger Agreement. In connection with the Merger Agreement, the Company’s existing equity compensation plans discussed in Note 10 will be terminated. On February 26, 2016, the Company entered into a Loan and Security Agreement with Parent (the “II-VI Loan Agreement”). The II-VI Loan Agreement provides the Company with a one-year credit facility of $10,000 that expires on February 26, 2017, unless the maturity is accelerated due to the closing of the Merger or the termination of the Merger Agreement in a circumstance that requires payment of the Termination Fee. The II-VI Loan Agreement enables initial borrowings of $3,500 and is secured by substantially all of the Company’s assets. The II-VI Loan Agreement requires compliance with certain covenants, in addition to certain capital expenditure limits. The interest rate on the outstanding balance under the II-VI Loan Agreement is 95% of the sum of (a) the Prime Rate plus (b) 0.5%. On February 29, 2016, in conjunction with its entry into the II-VI Loan Agreement, the Company and Silicon Valley Bank (“SVB”) terminated the Loan and Security Agreement dated October 24, 2014 between the Company and SVB by mutual agreement and all outstanding amounts due under the SVB Loan and Security Agreement were satisfied in full. |
Note 15 - Quarterly Financial D
Note 15 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. QUARTERLY FINANCIAL DATA (UNAUDITED) 2015 and 2014 Quarterly Financial Data The following table sets forth certain unaudited results of operations for each quarter during 2015 and 2014. The unaudited information has been prepared on the same basis as the audited consolidated financial statements and includes all adjustments which management considers necessary for a fair presentation of the financial data shown. The operating results for any quarter are not necessarily indicative of the results to be attained for any future period. Basic and diluted loss per share are computed independently for each of the periods presented. Accordingly, the sum of the quarterly loss per share may not agree to the total for the year (in thousands, except for per share data). Quarter Ended 2015 2014 Dec. 31 Oct. 3 July 4 Apr. 4 Dec. 31 Sep. 27 June 28 Mar. 29 Net sales $ 12,287 $ 12,123 $ 15,796 $ 18,446 $ 20,879 $ 18,871 $ 23,261 $ 23,271 Cost of sales 10,223 10,495 12,823 14,438 17,139 16,038 22,616 21,000 Gross profit 2,064 1,628 2,973 4,008 3,740 2,833 645 2,271 Research and development expenses 4,689 4,695 5,063 5,211 5,270 5,600 7,262 8,576 Selling and administrative expense 3,078 3,080 3,520 3,803 3,640 3,792 4,536 5,126 Restructuring charges - - 561 - 133 105 4,409 1,451 Operating loss (5,703 ) (6,147 ) (6,171 ) (5,006 ) (5,303 ) (6,664 ) (15,562 ) (12,882 ) Interest income - - - - - 1 1 5 Interest expense (28 ) (20 ) (19 ) (16 ) (134 ) (76 ) (60 ) (33 ) Other income, net (399 ) 12 10 (3 ) - 70 587 1,160 Net loss $ (6,130 ) $ (6,155 ) $ (6,180 ) $ (5,025 ) $ (5,437 ) $ (6,669 ) $ (15,034 ) $ (11,750 ) Net loss per share: Basic $ (0.07 ) $ (0.07 ) $ (0.07 ) $ (0.06 ) $ (0.06 ) $ (0.08 ) $ (0.18 ) $ (0.14 ) Diluted $ (0.07 ) $ (0.07 ) $ (0.07 ) $ (0.06 ) $ (0.06 ) $ (0.08 ) $ (0.18 ) $ (0.14 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II--VALUATION AND QUALIFYING ACCOUNTS Description (Dollars in Thousands) Balance at beginning of period Additions charged to costs and expenses Deductions Balance at end of period Year ended December 31, 2015: Deducted from asset account: Allowance for doubtful accounts $ 172 $ - (72 )(1) $ 100 Reserve for excess and obsolete inventory 6,691 525 (1,110 )(2) 6,106 Year ended December 31, 2014: Deducted from asset account: Allowance for doubtful accounts $ 172 $ - - $ 172 Reserve for excess and obsolete inventory 3,978 3,010 (297 )(2) 6,691 Year ended December 31, 2013: Deducted from asset account: Allowance for doubtful accounts $ 172 $ - - $ 172 Reserve for excess and obsolete inventory 5,887 122 (2,031 )(2) 3,978 (1) Reduction to allowance for doubtful accounts offset to Selling and Administrative expenses on the Company’s consolidated financial statements of operations. (2) Inventory write-offs to the reserve account. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | NATURE OF OPERATIONS AND BASIS OF PRESENTATION ANADIGICS, Inc. (the “Company”) is an innovator in technology, design, and manufacturing of RF semiconductor solutions for infrastructure and mobile communications and data transmission markets. The Company’s product portfolio includes line amplifiers, reverse path amplifiers, PAs, and FEICs. CATV products provide the critical link within CATV infrastructure communications networks, as well as CPE devices, such as set-top boxes and cable modems. WiFi infrastructure products enable wireless connectivity for infrastructure and multimedia applications, including access points, routers, media gateways, and set-top boxes. Wireless infrastructure products are components in 3G and 4G Small-Cell base stations, including picocells, enterprise-class femtocells, and CPE devices that help carriers expand broadband network coverage and support greater levels of data transmission. Cellular infrastructure products are also used in 3G and 4G IoT applications, including automotive, M2M, and industrial devices. WiFi mobile products are designed to enable WiFi connectivity in smartphones, tablets, notebooks, and portable gaming systems. Cellular mobile products enable 3G and 4G wireless connectivity in mobile handsets, smartphones, tablets, and notebooks. Our Foundry offering provides capacity for large-scale VCSEL wafer processing and testing. The Company designs, develops, and manufactures RFIC’s primarily using GaAs compound semiconductor substrates with various process technologies, including MESFET, pHEMT and HBT. The Company’s patented InGaP- Plus On January 15, 2016, the Company entered into an Agreement and Plan of Merger that was amended on February 1, 2016 and February 26, 2016 (as so amended, the “Merger Agreement”) with II-VI Incorporated, a Pennsylvania corporation (“II-VI”), and Regulus Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of II-VI (the “Purchaser”). Pursuant to the Merger Agreement, the Parent would acquire the Company for a purchase price of $0.85 per share pursuant to a tender offer by Purchaser that commenced on February 2, 2016 and expired on March 11, 2016, under which approximately 53% of the Company’s outstanding shares were tendered and purchased by Purchaser, and which will be followed by a merger of the Purchaser into the Company. As a result of that merger, the Company will be a wholly-owned subsidiary of II-VI. If the transactions contemplated by the Merger Agreement are consummated, the Purchaser will have acquired all of our issued and outstanding shares of common stock at a purchase price of $0.85 per share and, after making the required filings with the Securities and Exchange Commission, we would cease to be a reporting company under the Securities Exchange Act of 1934, as amended. The boards of directors of the Company, II-VI and Purchaser approved the Merger Agreement and the transactions contemplated by the II-VI Merger Agreement. There can be no assurance that a transaction will be consummated or that II-VI will not propose any adjustments to the II-VI Merger Agreement. The financial statements have been prepared assuming that the Company will continue as a going concern. The Company has historically operated at a loss and has not consistently generated sufficient cash flows from operations to cover its operating and other cash expenses. In mid-2014, the Company implemented a strategic restructuring plan (Note 2) that the Company believed would place increased emphasis on infrastructure markets, lower operating costs and position the business for improved operating results. However, unexpected declines in revenues resulted in an increase in operating losses. Therefore, the delayed improvement in infrastructure revenue is forecasted to result in operating losses into 2016, larger than those foreseen under the strategic restructuring plan and a continued deterioration in the Company’s liquidity position. Additionally, the Company did not maintain compliance with certain covenants under its revolving credit facility (Note 12). These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts or classification of liabilities that might be necessary in the event the Company cannot continue in existence. During 2015, the Company explored potential avenues for raising capital through debt or equity, but the limited options that were available would have required the Company to accept unfavorable terms that were costly and highly dilutive to the Company's stockholders. The Company's operating losses, declining cash balance and corresponding need for funding were among the key reasons that the Company's Board of Directors decided to explore the possible sale of the Company in conjunction with its plans to overcome these difficulties. As discussed in the paragraph above, the Company entered into a Merger Agreement with II-VI. In conjunction with the Merger Agreement, the Company was able to obtain a loan from II-VI to address the Company's deteriorating liquidity position (see Note 14). There can be no assurance that a transaction will be consummated or that II-VI will not propose any adjustments to the Merger Agreement. The Company will continue to aggressively pursue available sales opportunities, work with distributors and end users to grow future sales, and continue to control costs. However, even after giving consideration to the loan provided by II-VI, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management believes the ability to continue as a going concern through January 1, 2017 is dependent upon increasing infrastructure revenue, continuing to control costs to meet obligations and repay liabilities arising from normal business operations when they come due. While the Company believes in the viability of its strategy to realize revenues, there can be no assurances to that effect. The consolidated financial statements include the accounts of ANADIGICS, Inc. and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company has evaluated subsequent events and determined that, other than matters outlined in Note 14, there were no subsequent events to recognize or disclose in these consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Significant estimates that affect the financial statements include, but are not limited to: allowance for doubtful accounts, recoverability and valuation of inventories, impairment of property and equipment, warranty reserve, valuation of stock-based compensation, reserves for distributor arrangements and returns, useful lives and amortization periods and recoverability of long-lived assets. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK The Company grants trade credit to its customers, who are primarily foreign manufacturers of wireless communication devices, cable and broadcast television receivers and fiber optic communication devices. The Company performs periodic credit evaluations of its customers and generally does not require collateral. Sales and accounts receivable from customers are denominated in U.S. dollars. The Company has not experienced significant losses related to receivables from these individual customers. Net sales to individual customers and their affiliates who accounted for 10% or more of the Company’s total net sales and corresponding end application information are as follows: YEAR ENDED DECEMBER 31 2015 2014 2013 Customer (primary application) $ % $ % $ % Huawei Technologies (Infrastructure / Mobile) 12,077 21 % 18,718 22 % 15,731 12 % Richardson-RFPD (Infrastructure) 9,758 17 % <10 % <10 % <10 % <10 % Alltek Technologies (Infrastructure / Mobile) 7,314 12 % <10 % <10 % <10 % <10 % Samsung Electronics (Mobile) <10 % <10 % 22,479 26 % 54,187 40 % Murata (Mobile) <10 % <10 % <10 % <10 % 14,274 11 % Accounts receivable at December 31, 2015 and 2014 from the greater than 10% customers accounted for 41% and 66% of total accounts receivable, respectively. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION Revenue from product sales is recognized when title to the products is transferred to the customer, which occurs upon shipment or delivery, depending upon the terms of the sales order. The Company sells to certain distributors who are granted limited contractual rights of return and exchange and certain pre-negotiated individual product-customer price protection. Revenue from sales of products to distributors is recognized, net of allowances, upon shipment of the products to the distributors. At the time of shipment, title transfers to the distributors and payment from the distributors is due on our standard commercial terms; payment terms are not contingent upon resale of the products. Revenue is appropriately reduced for the portion of shipments subject to return, exchange or price protection. Allowances for the distributors are recorded upon shipment and calculated based on the distributors’ indicated intent, historical data, current economic conditions and contractual terms. The Company believes it can reasonably and reliably estimate allowances for credits to distributors in a timely manner. The Company charges customers for the costs of certain contractually-committed inventories that remain at the end of a product's life. Such amounts are recognized as cancellation revenue when cash is received. The value of the inventory related to cancellation revenue may, in some instances, have been reserved during prior periods in accordance with the Company’s inventory obsolescence policy. |
Allowance for Doubtful Accounts [Policy Text Block] | ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company establishes an allowance for doubtful accounts for estimated losses resulting from customers' failure to make payments, based upon historical experience. |
Standard Product Warranty, Policy [Policy Text Block] | WARRANTY COSTS The Company provides, by a current charge to income, an amount it estimates, by examining historical returns and other information it deems critical, will be needed to cover future warranty obligations for products sold during the year. The liability for warranty costs is included in Accrued liabilities in the consolidated balance sheets. |
Property, Plant and Equipment, Policy [Policy Text Block] | PLANT AND EQUIPMENT Plant and equipment are stated at cost. Depreciation of plant, furniture and equipment has been provided on the straight-line method over 3-7 years. Leasehold improvements are amortized and included in depreciation over the useful life of the leasehold or the life of the lease, whichever is shorter. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. Long-lived assets held for sale are reported at the lower of cost or fair value less costs to sell. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the income tax basis of such assets and liabilities. The Company maintains a full valuation allowance on its deferred tax assets. Accordingly, the Company has not recorded a benefit or provision for income taxes. The Company recognizes interest and penalties related to the underpayment of income taxes in income tax expense. No unrecognized tax benefits, interest or penalties were accrued at December 31, 2015 and 2014. The Company’s U.S. federal net operating losses have occurred since 1998 and as such, tax years subject to potential tax examination could apply from that date because carrying-back net operating loss opens the relevant year to audit. |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT COSTS The Company charges all research and development costs associated with the development of new products to expense when incurred. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH EQUIVALENTS The Company considers all highly liquid marketable securities with a maturity of three months or less when purchased to be cash equivalents. |
Inventory, Policy [Policy Text Block] | INVENTORY Inventories are valued at the lower of cost or market ("LCM"), using the first-in, first-out method. The Company capitalizes production overhead costs to inventory on the basis of normal capacity of its production facility and in periods of abnormally low utilization charges the related expenses as a period cost in the statement of operations. In addition to LCM limitations, the Company reserves against inventory items for estimated obsolescence or unmarketable inventory. The reserve for excess and obsolete inventory is primarily based upon forecasted short-term demand for the product. Once established, these write-downs are considered permanent adjustments to the cost basis of the excess inventory. If actual demand and market conditions are less favorable than those projected by management, additional inventory write-downs may be required. In the event the Company sells inventory that had been covered by a specific inventory reserve, the sale is recorded at the actual selling price and the related cost of goods sold at the full inventory cost, net of the reserve. |
Deferred Charges, Policy [Policy Text Block] | DEFERRED RENT Aggregate rental expense is recognized on a straight-line basis over the lease terms of operating leases that contain predetermined increases in rentals payable during the lease term. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | FOREIGN CURRENCY TRANSLATION The financial statements of subsidiaries outside of the United States are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. The resultant translation adjustments are included in other accumulated comprehensive income or loss. Income and expense items are translated at the average monthly rates of exchange. Gains and losses from foreign currency transactions of these subsidiaries are included in the determination of net income or loss. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised resulting in the issuance of common stock of the Company. Any dilution arising from the Company's outstanding stock awards will not be included where their effect is anti-dilutive. |
Fair Value Measurement, Policy [Policy Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of each of the following instruments approximates their carrying value because of the short maturity of these instruments: cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities. See Note 4 for additional fair value disclosures. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK-BASED COMPENSATION The Company has various stock-based compensation plans for employees and directors, which are described more fully in Note 10. The Company records stock compensation expense for all stock-based payment awards made to its employees and directors. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period which in most cases is the vesting period. |
Reclassification, Policy [Policy Text Block] | RECLASSIFICATIONS Certain prior period amounts have been reclassified to conform to the current presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENTLY ADOPTED ACCOUNTING STANDARDS In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. The ASU became effective January 1, 2015. Adoption of this guidance did not impact our consolidated financial statements. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS In July 2015, the FASB issued ASU 2015-11, Inventory. The guidance was issued to simplify the measurement of inventory and changes the measurement from lower of cost or market to lower of cost and net realizable value. This guidance is effective for reporting periods beginning after December 15, 2016. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The guidance states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. The guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most current revenue recognition guidance. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. It also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU permits the initial application to be applied either retrospectively to each prior reporting period presented, or retrospectively with a cumulative effect adjustment made at the date of initial application. The guidance is effective for annual and interim periods beginning after December 15, 2016. In July 2015, the FASB approved a one year deferral of the effective date of this standard to December 15, 2017 and early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the transition methods and the impact of the amended guidance on its consolidated financial statements. |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | YEAR ENDED DECEMBER 31 2015 2014 2013 Customer (primary application) $ % $ % $ % Huawei Technologies (Infrastructure / Mobile) 12,077 21 % 18,718 22 % 15,731 12 % Richardson-RFPD (Infrastructure) 9,758 17 % <10 % <10 % <10 % <10 % Alltek Technologies (Infrastructure / Mobile) 7,314 12 % <10 % <10 % <10 % <10 % Samsung Electronics (Mobile) <10 % <10 % 22,479 26 % 54,187 40 % Murata (Mobile) <10 % <10 % <10 % <10 % 14,274 11 % |
Note 2 - Restructuring and Ot26
Note 2 - Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Workforce-related Lease-related Total December 31, 2013 balance $ 245 $ - $ 245 Restructuring expense 4,002 197 4,199 Payments (3,502 ) (38 ) (3,540 ) December 31, 2014 balance $ 745 $ 159 $ 904 Restructuring expense 611 - 611 Payments (1,356 ) (159 ) (1,515 ) December 31, 201 5 balance $ - $ - $ - |
Note 3 - Segments (Tables)
Note 3 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2015 2014 2013 Infrastructure $ 42,176 $ 39,161 $ 36,199 Mobile 16,476 47,121 98,043 Total $ 58,652 $ 86,282 $ 134,242 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, 2015 2014 2013 Asia $ 47,149 $ 77,954 $ 125,027 Europe 1,380 1,458 1,680 Latin America 4,939 5,128 5,669 USA 5,184 1,742 1,866 Total $ 58,652 $ 86,282 $ 134,242 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2015 2014 Raw materials $ 2,882 $ 4,584 Work in progress 2,224 3,052 Finished goods 2,121 6,208 Total $ 7,227 $ 13,844 |
Note 6 - Accrued Liabilities (T
Note 6 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2015 2014 Accrued compensation $ 1,306 $ 1,440 Warranty reserve 82 237 Deferred Rent 561 - Other 1,450 1,742 $ 3,399 $ 3,419 |
Schedule of Product Warranty Liability [Table Text Block] | Year ended December 31 2015 2014 2013 Beginning balance $ 237 $ 383 $ 770 Additions charged to Cost of sales 111 515 554 Claims processed (266 ) (661 ) (941 ) Ending balance $ 82 $ 237 $ 383 |
Note 7 - Commitments and Cont30
Note 7 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | YEAR Operating Leases 2016 2,524 2017 266 2018 130 2019 11 Thereafter - Total minimum lease payments $ 2,931 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 Deferred tax balances Accruals/reserves $ 4,975 $ 6,709 Net operating loss carryforwards 219,243 211,749 Research and experimentation credits 14,089 14,089 Deferred rent expense 197 400 Difference in basis of plant and equipment 9,103 9,445 Valuation allowance (247,607 ) (242,392 ) Net deferred tax assets - - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2015 2014 2013 Tax at U.S. statutory rate $ (8,222 ) (35.0 )% $ (13,612 ) (35.0 )% $ (18,893 ) (35.0 )% Effect of permanent items 3 - 3 - 6 - State and foreign tax (benefit), net of federal tax effect - - (253 ) (0.6 ) (1,754 ) (3.2 ) Research and experimentation tax credits, net - - 325 0.8 (328 ) (0.6 ) Effect of tax rate change 3,404 14.5 15,183 * 39.0 - - Valuation allowance, net 5,215 22.2 (973 ) (2.5 ) 28,118 52.1 Worthless stock deduction - - - - (4,997 ) (9.3 ) Other (400 ) (1.7 ) (673 ) (1.7 ) (2,152 ) (4.0 ) (Benefit from) provision for income taxes $ - - % $ - - % $ - - % |
Note 10 - Employee Benefit Pl32
Note 10 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For years ended December 31, 2015 2014 2013 Amortization of restricted stock units $ 3,148 $ 4,528 $ 6,239 Amortization of ESP Plan 54 44 149 Amortization of stock option awards 6 100 128 Total stock-based compensation $ 3,208 $ 4,672 $ 6,516 By Financial Statement line item Cost of sales $ 668 $ 861 $ 1,041 Research and development expenses 1,339 1,744 2,118 Selling and administrative expenses 1,201 2,067 3,428 Restructuring charges - - (71 ) |
Schedule of Nonvested Share Activity [Table Text Block] | . Restricted Stock Units Stock Options Time-based Performance-based Time-based Units WA price/ unit Units WA price/ unit Issuable upon exercise WA exercise price Outstanding at January 1 , 201 5 2,790 $ 1.58 314 $ 1.87 1,219 $ 4.82 Granted 2,523 1.02 264 1.05 19 0.76 Shares vested/options exercised (2,743 ) 1.36 (37 ) 1.99 - - Forfeited/expired (300 ) 1.38 (154 ) 1.68 (291 ) 5.53 Balance at December 31, 201 5 2,270 $ 1.24 387 $ 1.38 947 $ 4.52 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Range of exercise prices Outstanding Options at December 31, 2015 Weighted average remaining contractual life Weighted average exercise price Exercisable at December 31, 2015 Weighted average exercise price $0.22 - $1.93 369 3.3 $ 1.87 348 $ 1.93 $2.00 - $3.24 258 5.5 $ 3.22 258 $ 3.22 $3.65 - $8.79 58 3.3 $ 6.12 58 $ 6.12 $8.84 - $18.98 262 0.9 $ 9.19 262 $ 9.19 |
Schedule Of Share Based Payment Award Stock Option Awards And Employee Stock Purchase Plan Valuation Assumptions [Table Text Block] | Year ended December 31, 2015 2014 2013 Stock option awards: Risk-free interest rate 1.3 % 1.7 % 0.8 % Expected volatility 63 % 58 % 72 % Average expected term (in years) 5 5 5 Expected dividend yield 0 % 0 % 0 % Weighted average fair value of options granted $ 0.41 $ 0.97 $ 1.36 ESP Plan: Risk-free interest rate 0.7 % 0.3 % 0.1 % Expected volatility 126 % 72 % 51 % Average expected term 1 1 1 Expected dividend yield 0 % 0 % 0 % Weighted average fair value of purchase option $ 0.39 $ 0.28 $ 0.55 Restricted Stock Units: Weighted average grant date value, time-based $ 1.02 $ 1.48 $ 2.12 Weighted average grant date value, performance-based $ 1.05 $ 1.84 $ 2.02 |
Note 11 - Loss Per Share (Table
Note 11 - Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2015 2014 2013 Weighted average common shares for basic loss per share 88,155 85,810 80,991 Effect of dilutive securities: Stock options (*) - - - Unvested restricted stock (*) - - - Adjusted weighted average shares for diluted loss per share 88,155 85,810 80,991 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year ended December 31, 2015 2014 2013 Stock options 947 1,219 1,959 Unvested restricted stock 2,657 3,104 2,872 |
Note 15 - Quarterly Financial34
Note 15 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended 2015 2014 Dec. 31 Oct. 3 July 4 Apr. 4 Dec. 31 Sep. 27 June 28 Mar. 29 Net sales $ 12,287 $ 12,123 $ 15,796 $ 18,446 $ 20,879 $ 18,871 $ 23,261 $ 23,271 Cost of sales 10,223 10,495 12,823 14,438 17,139 16,038 22,616 21,000 Gross profit 2,064 1,628 2,973 4,008 3,740 2,833 645 2,271 Research and development expenses 4,689 4,695 5,063 5,211 5,270 5,600 7,262 8,576 Selling and administrative expense 3,078 3,080 3,520 3,803 3,640 3,792 4,536 5,126 Restructuring charges - - 561 - 133 105 4,409 1,451 Operating loss (5,703 ) (6,147 ) (6,171 ) (5,006 ) (5,303 ) (6,664 ) (15,562 ) (12,882 ) Interest income - - - - - 1 1 5 Interest expense (28 ) (20 ) (19 ) (16 ) (134 ) (76 ) (60 ) (33 ) Other income, net (399 ) 12 10 (3 ) - 70 587 1,160 Net loss $ (6,130 ) $ (6,155 ) $ (6,180 ) $ (5,025 ) $ (5,437 ) $ (6,669 ) $ (15,034 ) $ (11,750 ) Net loss per share: Basic $ (0.07 ) $ (0.07 ) $ (0.07 ) $ (0.06 ) $ (0.06 ) $ (0.08 ) $ (0.18 ) $ (0.14 ) Diluted $ (0.07 ) $ (0.07 ) $ (0.07 ) $ (0.06 ) $ (0.06 ) $ (0.08 ) $ (0.18 ) $ (0.14 ) |
Schedule II - Valuation and Q35
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Description (Dollars in Thousands) Balance at beginning of period Additions charged to costs and expenses Deductions Balance at end of period Year ended December 31, 2015: Deducted from asset account: Allowance for doubtful accounts $ 172 $ - (72 )(1) $ 100 Reserve for excess and obsolete inventory 6,691 525 (1,110 )(2) 6,106 Year ended December 31, 2014: Deducted from asset account: Allowance for doubtful accounts $ 172 $ - - $ 172 Reserve for excess and obsolete inventory 3,978 3,010 (297 )(2) 6,691 Year ended December 31, 2013: Deducted from asset account: Allowance for doubtful accounts $ 172 $ - - $ 172 Reserve for excess and obsolete inventory 5,887 122 (2,031 )(2) 3,978 |
Note 1 - Summary of Significa36
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Feb. 02, 2016 | |
Subsequent Event [Member] | II-VI [Member] | Business Acquired under the Merger Agreement [Member] | |||
Business Acquisition, Share Price | $ 0.85 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 53.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 41.00% | 66.00% | |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
Note 1 - Concentration of Credi
Note 1 - Concentration of Credit Risk (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Huawei Technologies [Member] | |||
Net sales, amount | $ 12,077 | $ 18,718 | $ 15,731 |
Concentration Risk, Percentage | 21.00% | 22.00% | 12.00% |
Richardson-RFPD [Member] | |||
Net sales, amount | $ 9,758 | ||
Concentration Risk, Percentage | 17.00% | ||
Alltek Technologies [Member] | |||
Net sales, amount | $ 7,314 | ||
Concentration Risk, Percentage | 12.00% | ||
Samsung Electronics [Member] | |||
Net sales, amount | $ 22,479 | $ 54,187 | |
Concentration Risk, Percentage | 26.00% | 40.00% | |
Murata [Member] | |||
Net sales, amount | $ 14,274 | ||
Concentration Risk, Percentage | 11.00% |
Note 2 - Restructuring and Ot38
Note 2 - Restructuring and Other Charges (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Jul. 04, 2015USD ($) | Apr. 04, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Oct. 03, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Employee Severance [Member] | |||||||||||||
Restructuring Charges | $ 611 | $ 4,199 | $ 1,915 | ||||||||||
Asset Write Downs [Member] | |||||||||||||
Restructuring Charges | $ 4,201 | ||||||||||||
Assets Held for Sale [Member] | |||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 3,256 | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 50 | $ 2,302 | |||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 25 | 150 | 25 | ||||||||||
Restructuring Charges | $ 561 | $ 133 | $ 105 | $ 4,409 | $ 1,451 | $ 561 | $ 6,098 | $ 1,915 | |||||
Inventory Write-down | $ 2,080 |
Note 2 - Activity and Liability
Note 2 - Activity and Liability Balances Related to Restructuring (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Workforce Related [Member] | |||||||
Balance | $ 745,000 | $ 245,000 | $ 745,000 | $ 245,000 | |||
Restructuring Charges | 611,000 | 4,002,000 | |||||
Payments | (1,356,000) | (3,502,000) | |||||
Balance | $ 0 | $ 745,000 | 0 | 745,000 | $ 245,000 | ||
Lease Related [Member] | |||||||
Balance | 159,000 | 0 | 159,000 | 0 | |||
Restructuring Charges | 0 | 197,000 | |||||
Payments | (159,000) | (38,000) | |||||
Balance | 0 | 159,000 | 0 | 159,000 | 0 | ||
Workforce and Lease Related Restructuring [Member] | |||||||
Balance | 904,000 | 245,000 | 904,000 | 245,000 | |||
Restructuring Charges | 611,000 | 4,199,000 | |||||
Payments | (1,515,000) | (3,540,000) | |||||
Balance | $ 0 | 904,000 | 0 | 904,000 | 245,000 | ||
Balance | $ 904,000 | 904,000 | |||||
Restructuring Charges | 133,000 | $ 1,451,000 | $ 561,000 | 6,098,000 | $ 1,915,000 | ||
Balance | $ 904,000 | $ 904,000 |
Note 3 - Segments (Details Text
Note 3 - Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Number of Reportable Segments | 1 |
Number of Geographical Regions | 5 |
Note 3 - Revenues Based Upon En
Note 3 - Revenues Based Upon End Application of Product (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Infrastructure [Member] | |||
Segment revenue | $ 42,176 | $ 39,161 | $ 36,199 |
Mobile [Member] | |||
Segment revenue | 16,476 | 47,121 | 98,043 |
Segment revenue | $ 58,652 | $ 86,282 | $ 134,242 |
Note 3 - Revenue from External
Note 3 - Revenue from External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asia [Member] | |||
Segment revenue | $ 47,149 | $ 77,954 | $ 125,027 |
Europe [Member] | |||
Segment revenue | 1,380 | 1,458 | 1,680 |
Latin America [Member] | |||
Segment revenue | 4,939 | 5,128 | 5,669 |
UNITED STATES | |||
Segment revenue | 5,184 | 1,742 | 1,866 |
Segment revenue | $ 58,652 | $ 86,282 | $ 134,242 |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Jun. 28, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Corporate Debt Securities [Member] | ||||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 2,960,000 | |||
Auction Rate Preferred Securities [Member] | Other Income [Member] | ||||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 6,739,000 | |||
Gain (Loss) on Sale of Debt Investments | $ 1,684,000 | |||
Auction Rate Preferred Securities [Member] | ||||
Proceeds from Sale of Available-for-sale Securities, Equity | 568,000 | |||
Nonoperating Income (Expense) [Member] | ||||
Gain (Loss) on Sale of Equity Investments | $ 1,728,000 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Auction Rate Securities Redeemed | 2 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Auction Rate Securities Redeemed | 1 | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 5 - Summary of Inventories
Note 5 - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Raw materials | $ 2,882 | $ 4,584 |
Work in progress | 2,224 | 3,052 |
Finished goods | 2,121 | 6,208 |
Total | $ 7,227 | $ 13,844 |
Note 6 - Summary of Accrued Lia
Note 6 - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued compensation | $ 1,306 | $ 1,440 |
Warranty reserve | 82 | $ 237 |
Deferred Rent | 561 | |
Other | 1,450 | $ 1,742 |
$ 3,399 | $ 3,419 |
Note 6 - Product Warranty Reser
Note 6 - Product Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Beginning balance | $ 237 | $ 383 | $ 770 |
Additions charged to Cost of sales | 111 | 515 | 554 |
Claims processed | (266) | (661) | (941) |
Ending balance | $ 82 | $ 237 | $ 383 |
Note 7 - Commitments and Cont47
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases, Rent Expense, Net | $ 1,975,000 | $ 2,278,000 | $ 2,350,000 |
Capital Lease Obligations | 0 | $ 0 | |
Recorded Unconditional Purchase Obligation | $ 833,000 |
Note 7 - Future Minimum Rental
Note 7 - Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 2,524 |
2,017 | 266 |
2,018 | 130 |
2,019 | $ 11 |
Thereafter | |
Total minimum lease payments | $ 2,931 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | $ 640,297,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 255,346,000 | ||
Current Income Tax Expense (Benefit) | 0 | $ 0 | $ 0 |
Deferred Income Tax Expense (Benefit) | 0 | $ 0 | $ 0 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 25,149,000 | ||
Operating Loss Carryforwards, Excess Tax Benefits Related to Stock-based Compensation not Recorded as DeferredTax Asset | $ 9,021,000 |
Note 8 - Significant Components
Note 8 - Significant Components of the Company's Net Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accruals/reserves | $ 4,975 | $ 6,709 |
Net operating loss carryforwards | 219,243 | 211,749 |
Research and experimentation credits | 14,089 | 14,089 |
Deferred rent expense | 197 | 400 |
Difference in basis of plant and equipment | 9,103 | 9,445 |
Valuation allowance | $ (247,607) | $ (242,392) |
Net deferred tax assets |
Note 8 - Reconciliation of Inco
Note 8 - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Tax at U.S. statutory rate | $ (8,222) | $ (13,612) | $ (18,893) | |
Tax at U.S. statutory rate | (35.00%) | (35.00%) | (35.00%) | |
Effect of permanent items | $ 3 | $ 3 | $ 6 | |
Effect of permanent items | ||||
State and foreign tax (benefit), net of federal tax effect | $ (253) | $ (1,754) | ||
State and foreign tax (benefit), net of federal tax effect | (0.60%) | (3.20%) | ||
Research and experimentation tax credits, net | $ 325 | $ (328) | ||
Research and experimentation tax credits, net | 0.80% | (0.60%) | ||
Effect of tax rate change | $ 3,404 | $ 15,183 | [1] | |
Effect of tax rate change | 14.50% | 39.00% | ||
Valuation allowance, net | $ 5,215 | $ (973) | $ 28,118 | |
Valuation allowance, net | 22.20% | (2.50%) | 52.10% | |
Worthless stock deduction | $ (4,997) | |||
Worthless stock deduction | (9.30%) | |||
Other | $ (400) | $ (673) | $ (2,152) | |
Other | (1.70%) | (1.70%) | (4.00%) | |
(Benefit from) provision for income taxes | ||||
(Benefit from) provision for income taxes | ||||
[1] | Effect of state tax amendment N.J.S.A. 54:10A-6 which replaced a three-fraction allocation formula of the Corporation Business Tax allocation factor with a single sales fraction formula. |
Note 9 - Stockholder's Equity (
Note 9 - Stockholder's Equity (Details Textual) - $ / shares | Aug. 11, 2014 | Dec. 17, 1998 | Feb. 02, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
II-VI [Member] | Subsequent Event [Member] | Business Acquired under the Merger Agreement [Member] | |||||
Business Acquisition, Share Price | $ 0.85 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 53.00% | ||||
Number of Rights Distributed as Dividend per Share | 1 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Bid Price Consecutive Days | 10 days | ||||
Period to Regain Compliance with NASDAQ | 180 days |
Note 10 - Employee Benefit Pl53
Note 10 - Employee Benefit Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | The Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||
Restricted Stock Units (RSUs) [Member] | Officers And Key Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 264,000 | ||||
Restricted Stock Units (RSUs) [Member] | Scenario, Forecast [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.05 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 31,000 | ||||
Number of Awards Scheduled to Vest Pending Future Performance Evaluations | 176,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,184,000 | $ 3,171,000 | $ 3,052,000 | ||
Stock Options and RSUs [Member] | |||||
Estimated Annual Forfeiture Rate | 2.50% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 219 days | ||||
Unvested Stock Options and Unvested Restricted Stock Awards [Member] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,698,000 | ||||
2015 Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 10,000,000 | ||||
The 2005 Long-Term Incentive and Share Award Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 24,850,000 | ||||
The 2016 ESP Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 5,000,000 | ||||
The 1995 ESP Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 6,694,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 140,000 | 158,000 | 271,000 | ||
Employee Stock Purchase Plan (ESPP), Weighted Average Purchase Price Per Share | $ 0.53 | $ 0.66 | $ 1.64 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | ||||
Number Of Equity Compensation Plans | 2 | ||||
Number of Equity Compensation Plans Terminated | 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 109 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 36 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 926,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.60 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 1,000 | $ 14,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | ||||
Market Performance-based Awards, Performance Achievement | 65.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 30.00% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 0 | $ 220,000 | $ 829,000 |
Note 10 - Allocation of Share-b
Note 10 - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | 228 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2031 | |
Restricted Stock Units (RSUs) [Member] | |||
Stock-based compensation | $ 3,148 | $ 4,528 | $ 6,239 |
Restructuring charges | (3,148) | (4,528) | (6,239) |
Employee Stock Purchase Plan [Member] | |||
Stock-based compensation | 54 | 44 | 149 |
Restructuring charges | (54) | (44) | (149) |
Employee Stock Option [Member] | |||
Stock-based compensation | 6 | 100 | 128 |
Restructuring charges | (6) | (100) | (128) |
Cost of Sales [Member] | |||
Stock-based compensation | 668 | 861 | 1,041 |
Restructuring charges | (668) | (861) | (1,041) |
Research and Development Expense [Member] | |||
Stock-based compensation | 1,339 | 1,744 | 2,118 |
Restructuring charges | (1,339) | (1,744) | (2,118) |
Selling, General and Administrative Expenses [Member] | |||
Stock-based compensation | 1,201 | 2,067 | 3,428 |
Restructuring charges | $ (1,201) | $ (2,067) | (3,428) |
Restructuring Charges [Member] | |||
Stock-based compensation | 71 | ||
Restructuring charges | (71) | ||
Stock-based compensation | $ 3,208 | $ 4,672 | 6,516 |
Restructuring charges | $ (3,208) | $ (4,672) | $ (6,516) |
Note 10 - Summary of Stock Opti
Note 10 - Summary of Stock Option and Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Time Based Restricted Stock Units RSUs [Member] | ||
Balance, Restricted Stock Shares (in shares) | 2,790 | |
Balance, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,523 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.02 | $ 1.48 |
Shares Vested, Restricted Stock Shares (in shares) | (2,743) | |
Shares Vested, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.36 | |
Forfeited/expired, Restricted Stock Shares (in shares) | (300) | |
Forfeited/expired, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.38 | |
Balance, Restricted Stock Shares (in shares) | 2,270 | 2,790 |
Balance, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.24 | $ 1.58 |
Performance Base Restricted Stock Units RSUs [Member] | ||
Balance, Restricted Stock Shares (in shares) | 314 | |
Balance, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 264 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.05 | $ 1.84 |
Shares Vested, Restricted Stock Shares (in shares) | (37) | |
Shares Vested, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.99 | |
Forfeited/expired, Restricted Stock Shares (in shares) | (154) | |
Forfeited/expired, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.68 | |
Balance, Restricted Stock Shares (in shares) | 387 | 314 |
Balance, Restricted Stock Weighted Average per Share (in dollars per share) | $ 1.38 | $ 1.87 |
Time Based Stock Options [Member] | ||
Balance, Stock Options Shares (in shares) | 1,219 | |
Balance, Stock Options Weighted Average Exercise Price (in dollars per share) | $ 4.82 | |
Granted, Stock Options Shares (in shares) | 19 | |
Granted, Stock Options Weighted Average Exercise Price (in dollars per share) | $ 0.76 | |
Options Exercised, Stock Options Shares (in shares) | ||
Options Exercised, Stock Options Weighted Average Exercise Price (in dollars per share) | ||
Forfeited/expired, Stock Options Shares (in shares) | (291) | |
Forfeited/expired, Stock Options Weighted Average Exercise Price (in dollars per share) | $ 5.53 | |
Balance, Stock Options Shares (in shares) | 947 | 1,219 |
Balance, Stock Options Weighted Average Exercise Price (in dollars per share) | $ 4.52 | $ 4.82 |
Note 10 - Summary of Outstandin
Note 10 - Summary of Outstanding Stock Options by Price Range (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Range One [Member] | |
Range of exercise prices minimum (in dollars per share) | $ 0.22 |
Range of exercise prices maximum (in dollars per share) | $ 1.93 |
Outstanding options (in Shares) (in shares) | shares | 369 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 109 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 1.87 |
Exercisable (in Shares) (in shares) | shares | 348 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 1.93 |
Range Two [Member] | |
Range of exercise prices minimum (in dollars per share) | 2 |
Range of exercise prices maximum (in dollars per share) | $ 3.24 |
Outstanding options (in Shares) (in shares) | shares | 258 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 182 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.22 |
Exercisable (in Shares) (in shares) | shares | 258 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 3.22 |
Range Three [Member] | |
Range of exercise prices minimum (in dollars per share) | 3.65 |
Range of exercise prices maximum (in dollars per share) | $ 8.79 |
Outstanding options (in Shares) (in shares) | shares | 58 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 109 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 6.12 |
Exercisable (in Shares) (in shares) | shares | 58 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 6.12 |
Range Four [Member] | |
Range of exercise prices minimum (in dollars per share) | 8.84 |
Range of exercise prices maximum (in dollars per share) | $ 18.98 |
Outstanding options (in Shares) (in shares) | shares | 262 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 328 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 9.19 |
Exercisable (in Shares) (in shares) | shares | 262 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 9.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 109 days |
Note 10 - Weighted Average Assu
Note 10 - Weighted Average Assumptions and Fair Values for Stock-based Compensation Grants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | |||
Stock option awards: | |||
Risk-free interest rate | 1.30% | 1.70% | 0.80% |
Expected volatility | 63.00% | 58.00% | 72.00% |
Average expected term (in years) | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Weighted average fair value of options granted (in dollars per share) | $ 0.41 | $ 0.97 | $ 1.36 |
Employee Stock Purchase Plan [Member] | |||
Stock option awards: | |||
Risk-free interest rate | 0.70% | 0.30% | 0.10% |
Expected volatility | 126.00% | 72.00% | 51.00% |
Average expected term (in years) | 1 year | 1 year | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Weighted average fair value of options granted (in dollars per share) | $ 0.39 | $ 0.28 | $ 0.55 |
Time Based Restricted Stock Units RSUs [Member] | |||
Restricted Stock Units: | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 1.02 | 1.48 | 2.12 |
Performance Base Restricted Stock Units RSUs [Member] | |||
Restricted Stock Units: | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.05 | $ 1.84 | $ 2.02 |
Note 11 - Reconciliation of Ear
Note 11 - Reconciliation of Earnings (Loss) Per Share, Basic and Diluted (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Employee Stock Option [Member] | ||||
Effect of dilutive securities (in shares) | [1] | 0 | 0 | 0 |
Unvested Restricted Shares And Units [Member] | ||||
Effect of dilutive securities (in shares) | [1] | 0 | 0 | 0 |
Weighted average common shares for basic loss per share (in shares) | 88,155,000 | 85,810,000 | 80,991,000 | |
Adjusted weighted average shares for diluted loss per share (in shares) | 88,155,000 | 85,810,000 | 80,991,000 | |
[1] | Incremental shares from restricted stock and stock options are computed using the treasury stock method. |
Note 11 - Antidilutive Securiti
Note 11 - Antidilutive Securities Excluded from Earnings (Loss) Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | |||
Anti-dilutive securities (in shares) | 947 | 1,219 | 1,959 |
Unvested Restricted Shares And Units [Member] | |||
Anti-dilutive securities (in shares) | 2,657 | 3,104 | 2,872 |
Note 12 - Bank Borrowings Und60
Note 12 - Bank Borrowings Under Credit Facility (Details Textual) - Revolving Credit Facility [Member] - SVB Loan Agreement Member - USD ($) $ in Millions | Oct. 24, 2014 | Dec. 31, 2015 |
Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Line of Credit Facility, Expiration Date | Oct. 24, 2014 | |
Debt Instrument, Term | 2 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 | |
Line Of Credit Facility Percent Of Eligible Accounts Receivable | 85.00% | |
Long-term Line of Credit | $ 2.5 |
Note 13 - Legal Proceedings (De
Note 13 - Legal Proceedings (Details Textual) - Subsequent Event [Member] - $ / shares | Feb. 26, 2016 | Feb. 25, 2016 | Feb. 02, 2016 | Jan. 15, 2016 |
The "january 15, 2016 II-VI Merger Agreement [Member] | II-VI [Member] | Wes Zalewski VS. Anadigics, Inc [Member] | Business Acquired under the Merger Agreement [Member] | ||||
Business Acquisition, Share Price | $ 0.66 | |||
Merger Agreement with a Bidder [Member] | ||||
Business Acquisition, Share Price | $ 0.35 | |||
The "February 26, 2016 II-VI Merger Agreement [Member] | ||||
Business Acquisition, Share Price | $ 0.85 | |||
II-VI [Member] | Business Acquired under the Merger Agreement [Member] | ||||
Business Acquisition, Share Price | $ 0.85 |
Note 14 - Subsequent Event (Det
Note 14 - Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 26, 2016 | Feb. 02, 2016 |
II-VI [Member] | Business Acquired under the Merger Agreement [Member] | ||
Business Acquisition, Share Price | $ 0.85 | |
Business Acquisition, Percentage of Voting Interests Acquired | 53.00% | |
II-VI Loan Agreement [Member] | Parent [Member] | ||
Debt Agreement Maximum Borrowing Capacity | $ 10 | |
Long-term Debt | $ 3.5 | |
Percentage of Sum of (a) the Prime Rate plus (B) .5% in Interest Rate Calculation | 95.00% |
Note 15 - Quarterly Financial63
Note 15 - Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Oct. 03, 2015 | |
Segment revenue | $ 12,287 | $ 15,796 | $ 18,446 | $ 20,879 | $ 18,871 | $ 23,261 | $ 23,271 | $ 12,123 |
Cost of sales | 10,223 | 12,823 | 14,438 | 17,139 | 16,038 | 22,616 | 21,000 | 10,495 |
Gross profit | 2,064 | 2,973 | 4,008 | 3,740 | 2,833 | 645 | 2,271 | 1,628 |
Research and development expenses | 4,689 | 5,063 | 5,211 | 5,270 | 5,600 | 7,262 | 8,576 | 4,695 |
Selling and administrative expense | $ 3,078 | 3,520 | $ 3,803 | 3,640 | 3,792 | 4,536 | 5,126 | $ 3,080 |
Restructuring Charges | 561 | 133 | 105 | 4,409 | 1,451 | |||
Operating loss | $ (5,703) | $ (6,171) | $ (5,006) | $ (5,303) | (6,664) | (15,562) | (12,882) | $ (6,147) |
Interest income | 1 | 1 | 5 | |||||
Interest expense | $ (28) | $ (19) | $ (16) | $ (134) | (76) | (60) | (33) | $ (20) |
Other income, net | (399) | 10 | (3) | 70 | 587 | 1,160 | 12 | |
Net loss | $ (6,130) | $ (6,180) | $ (5,025) | $ (5,437) | $ (6,669) | $ (15,034) | $ (11,750) | $ (6,155) |
Basic (in dollars per share) | $ (0.07) | $ (0.07) | $ (0.06) | $ (0.06) | $ (0.08) | $ (0.18) | $ (0.14) | $ (0.07) |
Diluted (in dollars per share) | $ (0.07) | $ (0.07) | $ (0.06) | $ (0.06) | $ (0.08) | $ (0.18) | $ (0.14) | $ (0.07) |
Schedule II - Valuation and Q64
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Allowance for Doubtful Accounts [Member] | |||||
Balance at beginning of period | $ 172,000 | $ 172,000 | $ 172,000 | ||
Additions charged to costs and expenses | 0 | 0 | 0 | ||
Deductions | (72,000) | [1] | 0 | 0 | |
Balance at end of period | 100,000 | 172,000 | 172,000 | ||
Reserve for Excess and Obsolete Inventory [Member] | |||||
Balance at beginning of period | 6,691,000 | 3,978,000 | 5,887,000 | ||
Additions charged to costs and expenses | 525,000 | 3,010,000 | 122,000 | ||
Deductions | [2] | (1,110,000) | (297,000) | (2,031,000) | |
Balance at end of period | $ 6,106,000 | $ 6,691,000 | $ 3,978,000 | ||
[1] | Reduction to allowance for doubtful accounts offset to Selling and Administrative expenses on the Company’s consolidated financial statements of operations. | ||||
[2] | Inventory write-offs to the reserve account. |