Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Jan. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'IXYS CORP /DE/ | ' |
Entity Central Index Key | '0000945699 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 31,273,100 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $98,807 | $107,116 |
Restricted cash | 337 | 314 |
Accounts receivable, net of allowances of $3,328 at December 31, 2013 and $2,656 at March 31, 2013 | 39,854 | 37,752 |
Inventories | 93,647 | 83,829 |
Prepaid expenses and other current assets | 8,076 | 7,328 |
Deferred income taxes | 7,439 | 7,167 |
Total current assets | 248,160 | 243,506 |
Property, plant and equipment, net | 51,915 | 51,995 |
Intangible assets, net | 19,772 | 2,893 |
Goodwill | 25,164 | 0 |
Deferred income taxes | 25,193 | 24,847 |
Other assets | 10,851 | 10,235 |
Total assets | 381,055 | 333,476 |
Current liabilities: | ' | ' |
Current portion of capitalized lease obligations | 2,727 | 2,458 |
Current portion of loans payable | 1,257 | 15,956 |
Accounts payable | 13,437 | 12,822 |
Accrued expenses and other current liabilities | 49,689 | 16,992 |
Total current liabilities | 67,110 | 48,228 |
Capitalized lease obligations, net of current portion | 1,137 | 2,974 |
Long term loans, net of current portion | 20,093 | 5,459 |
Other long term liabilities | 6,865 | 6,877 |
Pension liabilities | 16,349 | 16,330 |
Total liabilities | 111,554 | 79,868 |
Commitments and contingencies (Note 17) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value: (Authorized: 5,000,000 shares; none issued and outstanding) | 0 | 0 |
Common stock, $0.01 par value: (Authorized: 80,000,000 shares; 38,016,909 issued and 31,254,100 outstanding at December 31, 2013 and 37,921,213 issued and 30,885,354 outstanding at March 31, 2013) | 380 | 379 |
Additional paid-in capital | 205,542 | 202,598 |
Treasury stock, at cost: 6,762,809 common shares at December 31, 2013 and 7,035,859 common shares at March 31, 2013 | -59,640 | -61,994 |
Retained earnings | 118,527 | 115,718 |
Accumulated other comprehensive income (loss) | 4,692 | -3,093 |
Total stockholders' equity | 269,501 | 253,608 |
Total liabilities and stockholders' equity | $381,055 | $333,476 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Accounts receivable allowance for doubtful accounts | $3,328 | $2,656 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 38,016,909 | 37,921,213 |
Common stock, shares outstanding | 31,254,100 | 30,885,354 |
Treasury stock, shares | 6,762,809 | 7,035,859 |
Statement_of_Earnings
Statement of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenues | $89,348 | $63,812 | $246,435 | $213,130 |
Cost of goods sold | 63,565 | 44,841 | 171,614 | 146,682 |
Gross profit | 25,783 | 18,971 | 74,821 | 66,448 |
Operating expenses: | ' | ' | ' | ' |
Research, development and engineering | 7,894 | 6,784 | 23,034 | 20,749 |
Selling, general and administrative | 10,028 | 9,150 | 30,654 | 29,448 |
Amortization of acquired intangible assets | 3,425 | 559 | 7,096 | 1,683 |
Total operating expenses | 21,347 | 16,493 | 60,784 | 51,880 |
Operating income | 4,436 | 2,478 | 14,037 | 14,568 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 40 | 113 | 116 | 281 |
Interest expense | -458 | -228 | -1,151 | -719 |
Other income (expense), net | -801 | -392 | -2,136 | 515 |
Income before income tax provision | 3,217 | 1,971 | 10,866 | 14,645 |
Provision for income tax | -2,665 | -782 | -4,952 | -5,092 |
Net income | $552 | $1,189 | $5,914 | $9,553 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.02 | $0.04 | $0.19 | $0.31 |
Diluted | $0.02 | $0.04 | $0.19 | $0.30 |
Cash dividends per common share | $0.03 | $0.03 | $0.09 | $0.03 |
Weighted average shares used in per share calculation: | ' | ' | ' | ' |
Basic | 31,192 | 31,005 | 31,088 | 31,222 |
Diluted | 32,032 | 31,487 | 31,838 | 31,917 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $552 | $1,189 | $5,914 | $9,553 |
Foreign currency translation adjustments | 2,151 | 2,321 | 8,066 | -346 |
Changes in unrealized loss, net of taxes of $(101) and $(119) for the three and nine months ended December 31, 2013 and net of taxes of $(668) and $(461) for the three and nine months ended December 31, 2012 | -188 | -1,241 | -224 | -856 |
Reclassification adjustment for net losses (gains) realized in net income, net of taxes of $0 and $31 for the three and nine months ended December 31, 2013 and net of taxes of $0 and $(17) for the three and nine months ended December 31, 2012 | 0 | 0 | -57 | 31 |
Net change in market value of investments | -188 | -1,241 | -281 | -825 |
Total comprehensive income | $2,515 | $2,269 | $13,699 | $8,382 |
Statement_of_Comprehensive_Inc1
Statement of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' | ' |
Taxes (benefits) on changes in unrealized gain (loss) | ($101) | ($668) | ($119) | ($461) |
Taxes (benefits) on reclassification adjustment for sales of securities included in net income | $0 | $0 | ($31) | $17 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net Income | $5,914 | $9,553 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 14,706 | 9,462 |
Provision for receivable allowances | 6,389 | 8,305 |
Net change in inventory provision | 1,392 | 878 |
Foreign currency adjustments on intercompany amounts | 760 | -366 |
Stock-based compensation | 2,033 | 2,857 |
Loss (gain) on investments and disposal of fixed assets | -256 | -13 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -6,779 | 8,037 |
Inventories | -6,665 | -2,109 |
Prepaid expenses and other current assets | -584 | 835 |
Other assets | -942 | 440 |
Accounts payable | -146 | -3,510 |
Accrued expenses and other liabilities | 2,278 | -6,381 |
Pension liabilities | -1,146 | -695 |
Net cash provided by operating activities | 16,954 | 27,293 |
Cash flows from investing activities: | ' | ' |
Change in restricted cash | -23 | 186 |
Purchase of business, net of deferred payments | -20,000 | 0 |
Purchases of investments | 0 | -4,517 |
Purchases of property and equipment | -5,813 | -6,288 |
Proceeds from sale of investments | 324 | 401 |
Net cash used in investing activities | -25,512 | -10,218 |
Cash flows from financing activities: | ' | ' |
Principal payments on capital lease obligations | -1,903 | -2,158 |
Repayments of loans and notes payable | -516 | -1,201 |
Proceeds from employee equity plans | 3,456 | 1,620 |
Purchases of treasury stock | -493 | -6,505 |
Payment of cash dividends to stockholders | -2,803 | -928 |
Net cash used in financing activities | -2,259 | -9,172 |
Effect of exchange rate fluctuations on cash and cash equivalents | 2,508 | 128 |
Net increase (decrease) in cash and cash equivalents | -8,309 | 8,031 |
Cash and cash equivalents at beginning of period | 107,116 | 98,604 |
Cash and cash equivalents at end of period | $98,807 | $106,635 |
Note_1_Unaudited_Condensed_Con
Note 1 Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
1. Unaudited Condensed Consolidated Financial Statements | |
The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of IXYS Corporation and its wholly-owned subsidiaries. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management's most difficult judgments include, but are not limited to, revenue reserves, inventory valuation, accounting for income taxes and allocation of purchase price in business combinations. All significant intercompany transactions have been eliminated in consolidation. All adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair statement of the results for the interim periods have been made. The condensed balance sheet as of March 31, 2013 has been derived from our audited balance sheet as of that date. It is recommended that the interim financial statements be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2013, or fiscal 2013, contained in our Annual Report on Form 10-K. Interim results are not necessarily indicative of the operating results expected for later quarters or the full fiscal year. |
Note_2_Recent_Accounting_Prono
Note 2 Recent Accounting Pronouncements and Accounting Changes | 9 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements and Accounting Changes [Text Block] | ' |
2. Recent Accounting Pronouncements and Accounting Changes | |
Recent Accounting Pronouncements | |
In December 2011, Financial Accounting Standards Board, or FASB, issued authoritative guidance on disclosure about offsetting assets and liabilities. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance is effective for us in the fiscal year that began on April 1, 2013 and did not have significant impact on our unaudited consolidated financial statements and disclosures. | |
In July 2012, FASB issued authoritative guidance on testing indefinite-lived intangible assets for impairment. Under the amendments in this guidance, an entity has the option to assess qualitative factors to determine whether it is more likely than not that the intangible asset is impaired. If an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, the entity is not required to take further action. If an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived asset and perform the quantitative impairment test by comparing the fair value with the carrying value. The amendments are effective for us in the fiscal year that began on April 1, 2013 and did not have any impact on our unaudited consolidated financial statements and disclosures since we do not have any indefinite-lived intangible assets; however, the amendments may affect us in the future if we acquire indefinite-lived intangible assets. | |
In February 2013, FASB issued authoritative guidance on reporting of amounts reclassified out of accumulated other comprehensive income. In addition to the current requirements for reporting net income or other comprehensive income in financial statements, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The guidance is effective for us in the fiscal year that began on April 1, 2013 and did not have material impact on our unaudited financial statements. | |
In July 2013, FASB issued authoritative guidance on the presentation of unrecognized tax benefits. This new guidance requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset in the case of a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent such a carryforward or loss is not available at the reporting date under the applicable tax law to settle any additional income taxes that would result from the disallowance of a tax position or the deferred tax asset will not be used for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. The guidance becomes effective for us in the fiscal year that begins on April 1, 2014, with early adoption permitted. We are currently evaluating the impact of the guidance on our unaudited financial statements. | |
Reclassification | |
Certain amounts in the prior periods have been reclassified to conform to the current period financial statement and footnote presentation, including an immaterial reclassification of stock-based compensation expense between cost of sales and operating expenses in the three and nine months ended December 31, 2012. These reclassifications did not affect our net income as previously reported. | |
Note_3_Business_Combination
Note 3 Business Combination | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||
3. Business Combination | ||||||||||||
On June 27, 2013, we completed the acquisition of a 4-bit and 8-bit microcontroller product line, or the Acquired MCU Business, of the System LSI Division of Samsung Electronics Co., Ltd. The acquired product line includes microcontrollers potentially useful in a number of applications, which have to date been principally used in consumer product applications. The acquisition is intended to bolster our product portfolio and empower customers to utilize products from across our multiple product lines. | ||||||||||||
The aggregate purchase price for the acquired assets is $50.0 million. The closing payment was $20.0 million and we are obligated to pay $30.0 million in two installment payments of $15.0 million each. The first installment is due on June 27, 2014 and the second installment is due on December 31, 2014. The installments bear simple interest at a variable annual rate equal to six-month LIBOR plus a 3 percentage point margin. The above deferred payments and interest are included in “Accrued expenses and other current liabilities” on our unaudited condensed consolidated balance sheets. | ||||||||||||
As of December 31, 2013, we have incurred $403,000 in legal and consulting costs related to the acquisition. The costs incurred have been fully expensed and are included in “Selling, general and administrative expenses”, or SG&A expenses, on our unaudited condensed consolidated statements of operations. | ||||||||||||
The following table summarizes the values of the assets acquired at the acquisition date. | ||||||||||||
Purchase Price Allocation | ||||||||||||
Inventories | $ | 800 | ||||||||||
Property, plant and equipment | 36 | |||||||||||
Identifiable intangible assets | 24,000 | |||||||||||
Total identifiable net assets | 24,836 | |||||||||||
Goodwill | 25,164 | |||||||||||
Total purchase price | $ | 50,000 | ||||||||||
Identifiable intangible assets consisted of developed intellectual property, customer relationships, contract backlog and a noncompetition agreement. The valuation of the acquired intangibles was classified as a level 3 measurement under the fair value measurement guidance, because the valuation was based on significant unobservable inputs and involved management judgment and assumptions about market participants and pricing. In determining fair value of the acquired intangible assets, we determined the appropriate unit of measure, the exit market and the highest and best use for the assets. The income approach and cost approach were used to estimate the fair value. The income approach indicates the fair value of an asset based on the value of the cash flows that the asset can be expected to generate in the future through a discounted cash flow method. The income approach was used to determine the fair values of developed intellectual property, noncompetition agreement, contract backlog and customer relationships. We utilized a weighted average cost of capital rate of approximately 19% to value these intangibles using the income approach. The inventory and tangible fixed assets were valued using the cost approach, which approximates the fair value. The goodwill will not be deductible for tax purposes. | ||||||||||||
We received the necessary financial information, including the audited financials of the Acquired MCU Business, during the September 2013 quarter. We completed our review of the financial information received, the fair value calculations and the related assumptions during the September 2013 quarter. As a result of the review, we decreased the fair value of the identifiable intangible assets and increased the fair value of goodwill by approximately $25.0 million, respectively. | ||||||||||||
The Acquired MCU Business contributed revenues of $17.3 million and $24.5 million in our unaudited consolidated statements of operations for the three and nine months ended December 31, 2013. As the Acquired MCU Business is fully integrated within our existing operations we are not able to calculate and report the net income contribution specific to the Acquired MCU Business. | ||||||||||||
Supplemental Pro Forma Financial Information | ||||||||||||
The following pro forma summary gives effect to the acquisition of the Acquired MCU Business as if it had occurred at the beginning of fiscal 2013. The pro forma financial information reflects the business combination accounting effects resulting from this acquisition including our amortization charges from acquired intangible assets, the acquisition related expenses and the interest expenses on deferred payments of the acquisition. The summary is provided for illustrative purposes only and is not necessarily indicative of the consolidated results of operations for future periods. | ||||||||||||
The Acquired MCU Business's fiscal year ended on December 31, while our fiscal year ends on March 31. As such, the financial information of the Acquired MCU Business is included in the following unaudited pro forma table so as to align with the reporting periods of our fiscal quarters. In the following unaudited pro forma table, the financial information for the three months ended December 31, 2013 includes the historical results of IXYS Corporation for the three months ended December 31, 2013; the financial information for the nine months ended December 31, 2013 includes the historical results of IXYS Corporation for the nine months ended December 31, 2013 and the historical results of the Acquired MCU Business for the three months ended March 31, 2013; the financial information for the three and nine months ended December 31, 2012 includes the historical results of IXYS Corporation for the three and nine months ended December 31, 2012 and the historical results of the Acquired MCU Business for the three and nine months ended September 30, 2012 (in thousands, except per share data): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(unaudited) | (unaudited) | |||||||||||
Pro forma net revenues | $ | 89,348 | $ | 83,871 | $ | 270,333 | $ | 277,685 | ||||
Pro forma net income | $ | 2,817 | $ | 2,386 | $ | 12,972 | $ | 14,247 | ||||
Pro forma net income per share (basic) | $ | 0.09 | $ | 0.08 | $ | 0.42 | $ | 0.46 | ||||
Pro forma net income per share (diluted) | $ | 0.09 | $ | 0.08 | $ | 0.41 | $ | 0.45 |
Note_4_Fair_Value
Note 4 Fair Value | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
4. Fair Value | |||||||||||||||||||||
We account for certain assets and liabilities at fair value. In determining fair value, we consider its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of nonperformance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: | |||||||||||||||||||||
Level 1 — Quoted prices for identical instruments in active markets. | |||||||||||||||||||||
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |||||||||||||||||||||
Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of December 31, 2013 and March 31, 2013 (in thousands): | |||||||||||||||||||||
December 31, 2013 (1) | March 31, 2013 (1) | ||||||||||||||||||||
Fair Value Measured at | Fair Value Measured at | ||||||||||||||||||||
Reporting Date Using | Reporting Date Using | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||
Money market funds (2) | $ | 57,023 | $ | 57,023 | $ | - | $ | 67,959 | $ | 67,959 | $ | - | |||||||||
Marketable equity securities (3) | 3,449 | 3,449 | - | 4,116 | 4,116 | - | |||||||||||||||
Auction rate preferred securities (3) | 350 | - | 350 | 350 | - | 350 | |||||||||||||||
Derivative liabilities (4) | -136 | - | -136 | -198 | - | -198 | |||||||||||||||
Total | $ | 60,686 | $ | 60,472 | $ | 214 | $ | 72,227 | $ | 72,075 | $ | 152 | |||||||||
-1 | We did not have any recurring assets whose fair value was measured using significant unobservable inputs. | ||||||||||||||||||||
-2 | Included in "Cash and cash equivalents" on our unaudited condensed consolidated balance sheets. | ||||||||||||||||||||
-3 | Included in "Other assets" on our unaudited condensed consolidated balance sheets. | ||||||||||||||||||||
-4 | Included in "Accrued expenses and other current liabilities" on our unaudited condensed consolidated balance sheets. | ||||||||||||||||||||
We measure our marketable securities and derivative contracts at fair value. Marketable securities are valued using the quoted market prices and are therefore classified as Level 1 estimates. | |||||||||||||||||||||
From time to time, we use derivative instruments to manage exposures to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not to designate these instruments as accounting hedges. The changes in the fair value of these instruments are recorded in the current period's statement of operations and are included in other income (expense), net. All of our derivative instruments are traded on over-the-counter markets where quoted market prices are not readily available. For those derivatives, we measure fair value using prices obtained from the counterparties with whom we have traded. The counterparties price the derivatives based on models that use primarily market observable inputs, such as yield curves and option volatilities. Accordingly, we classify these derivatives as Level 2. See Note 9, “Borrowing and Deferred Payment Arrangements” for further information regarding the terms of the derivative contract. | |||||||||||||||||||||
Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs including historical redemptions received from the ARPS issuers. All of our ARPS have AAA credit ratings, are 100% collateralized and continue to pay interest in accordance with their contractual terms. Additionally, the collateralized asset value ranges exceed the value of our ARPS by approximately 300 percent. Accordingly, the remaining ARPS balance is categorized as Level 2 for fair value measurement in accordance with the authoritative guidance provided by FASB and was recorded at full par value on the unaudited condensed consolidated balance sheets as of December 31, 2013 and March 31, 2013. We currently believe that the ARPS values are not impaired and as such, no impairment has been recognized against the investment. If future auctions fail to materialize and the credit rating of the issuers deteriorates, we may be required to record an impairment charge against the value of our ARPS. | |||||||||||||||||||||
Cash and cash equivalents are recognized and measured at fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. | |||||||||||||||||||||
Our indebtedness for borrowed money and our installment payment obligations approximate fair value, as the interest rates either adjust according to the market rates or the interest rates approximate the market rates. The estimated fair value of these items was approximately $51.9 million and $21.4 million as of December 31, 2013 and March 31, 2013, respectively. Our indebtedness for borrowed money, which primarily consists of loans from banks, as well as our installment payment obligations, which primarily consist of the deferred payments for our Acquired MCU Business, are categorized as Level 2 for fair value measurement. See Note 11, “Pension Plans” for a discussion of pension liabilities. |
Note_5_Other_Assets
Note 5 Other Assets | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Assets Noncurrent Disclosure [Abstract] | ' | ||||||
Other Assets Disclosure [Text Block] | ' | ||||||
5. Other Assets | |||||||
Other assets consist of the following (in thousands): | |||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
(unaudited) | |||||||
Marketable equity securities | $ | 3,449 | $ | 4,116 | |||
Auction rate preferred securities | 350 | 350 | |||||
Long term equity investments | 5,727 | 5,449 | |||||
Other items | 1,325 | 320 | |||||
Total | $ | 10,851 | $ | 10,235 | |||
Note_6_Inventories
Note 6 Inventories | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory Net [Abstract] | ' | ||||||
Inventory Disclosure [Text Block] | ' | ||||||
6. Inventories | |||||||
Inventories consist of the following (in thousands): | |||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
(unaudited) | |||||||
Raw materials | $ | 20,950 | $ | 17,349 | |||
Work in process | 44,683 | 41,036 | |||||
Finished goods | 28,014 | 25,444 | |||||
Total | $ | 93,647 | $ | 83,829 | |||
Note_7_Accrued_Expenses_and_Ot
Note 7 Accrued Expenses and Other Current Liabilities | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ||||||
Accrued Expenses and Other Current Liabilities [Text Block] | ' | ||||||
7. Accrued Expenses and Other Current Liabilities | |||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
(unaudited) | |||||||
Uninvoiced goods and services | $ | 9,384 | $ | 8,204 | |||
Compensation and benefits | 5,933 | 5,950 | |||||
Short term installment payment obligation | 30,528 | - | |||||
Commission, royalties and other | 3,844 | 2,838 | |||||
Total | $ | 49,689 | $ | 16,992 | |||
Note_8_Goodwill_and_Intangible
Note 8 Goodwill and Intangible Assets | 9 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||
8. Goodwill and Intangible Assets | |||||||||||
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in connection with our Acquired MCU Business. The acquisition resulted in goodwill of $25.2 million. Identified intangible assets resulting from the acquisition based on our valuation consisted of the following (in thousands): | |||||||||||
Estimated | |||||||||||
Fair Value | Amortization | Useful Life | |||||||||
(In thousands) | Method | (In months) | |||||||||
Developed intellectual property | $ | 11,504 | Straight-line | 60 | |||||||
Customer relationships | 6,920 | Accelerated | 36 | ||||||||
Contract backlog | 5,155 | Straight-line | 9 | ||||||||
Noncompetition agreement | 421 | Straight-line | 60 | ||||||||
Total | $ | 24,000 | |||||||||
Identified intangible assets of our company consisted of the following as of December 31, 2013 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 16,304 | $ | 4,208 | $ | 12,096 | |||||
Customer relationships | 13,020 | 7,830 | 5,190 | ||||||||
Contract backlog | 7,155 | 5,437 | 1,718 | ||||||||
Other intangible assets | 1,608 | 840 | 768 | ||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 18,315 | $ | 19,772 | |||||
Identified intangible assets of our company consisted of the following as of March 31, 2013 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 4,800 | $ | 2,458 | $ | 2,342 | |||||
Customer relationships | 6,100 | 6,100 | - | ||||||||
Contract backlog | 2,000 | 2,000 | - | ||||||||
Other intangible assets | 1,187 | 636 | 551 | ||||||||
Total identifiable intangible assets | $ | 14,087 | $ | 11,194 | $ | 2,893 |
Note_9_Borrowing_and_Deferred_
Note 9 Borrowing and Deferred Payment Arrangements | 9 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
9. Borrowing and Deferred Payment Arrangements | |
Bank of the West | |
On December 6, 2013, we entered into an Amended and Restated Credit Agreement with Bank of the West, or BOTW, for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement are due and payable on November 30, 2015. Borrowings may be repaid and re-borrowed at any time during the term of the credit agreement. The obligations are guaranteed by two of our subsidiaries. At December 31, 2013, the outstanding principal balance under the credit agreement was $15.0 million. | |
The credit agreement provides different interest rate alternatives under which we may borrow funds. We may elect to borrow based on LIBOR plus a margin, an alternative base rate plus a margin or a floating rate plus a margin. The margin can range from 0.75% to 2.5%, depending on interest rate alternatives and on our leverage of liabilities to effective tangible net worth. The effective interest rate as of December 31, 2013 was 1.92%. An unused commitment fee is also payable. It ranges from 0.25% to 0.625%, depending on leverage. | |
The credit agreement is subject to a set of financial covenants, including minimum effective tangible net worth, the ratio of cash, cash equivalents and accounts receivable to current liabilities, profitability, a leverage ratio and a minimum amount of U.S. domestic cash on hand. At December 31, 2013, we complied with all of these financial covenants. | |
The credit agreement also includes a $3.0 million letter of credit subfacility. See Note 17, “Commitments and Contingencies” for further information regarding the terms of the subfacility. | |
IKB Deutsche Industriebank | |
On June 10, 2005, IXYS Semiconductor GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB Deutsche Industriebank. This loan is partially collateralized by a security interest in our facility in Lampertheim, Germany and is expected to be paid in full on June 30, 2020. The outstanding balance at December 31, 2013 was €4.5 million, or $6.2 million. | |
The interest rate on the loan is determined by adding the then effective three month Euribor rate and a margin. The margin can range from 0.7% to 1.25%, depending on the calculation of a ratio of indebtedness to cash flow for our German subsidiary. In June 2010, we entered into an interest rate swap agreement commencing June 30, 2010. The swap agreement has a fixed interest rate of 1.99% and expires on June 30, 2015. The effective interest rate as of December 31, 2013 was 2.69%. It is not designated as a hedge in the financial statements. See Note 4, “Fair Value” for further information regarding the derivative contract. | |
During each fiscal quarter, a principal payment of €167,000, or about $230,000, and a payment of accrued interest are required. Financial covenants for a ratio of indebtedness to cash flow, a ratio of equity to total assets and a minimum stockholders' equity for the German subsidiary must be satisfied for the loan to remain in good standing. The loan may be prepaid in whole or in part at the end of a fiscal quarter without penalty. At December 31, 2013, we complied with the financial covenants. The loan is partially collateralized by a security interest in the facility owned by our company in Lampertheim, Germany. | |
Acquired MCU Business Deferred Payments | |
We are obligated to pay $30.0 million in two installment payments of $15.0 million each. The first installment is due on June 27, 2014 and the second installment is due on December 31, 2014. The installments bear simple interest at a variable annual rate equal to six-month LIBOR plus a 3 percentage point margin. The above deferred payments and interest accruals are included in “Accrued expenses and other current liabilities” on our unaudited condensed consolidated balance sheets. The effective interest rate of the deferred payments as of December 31, 2013 was 3.42%. |
Note_10_Restructuring_Charges
Note 10 Restructuring Charges | 9 Months Ended | ||
Dec. 31, 2013 | |||
Restructuring Charges [Abstract] | ' | ||
Restructuring Charges Disclosure [Text Block] | ' | ||
10. Restructuring Charges | |||
In the quarter ended September 30, 2009, we initiated plans to restructure our European manufacturing and assembly operations to align them to current market conditions. The plans primarily involved the termination of employees and centralization of certain positions. Costs related to termination of employees represented severance payments and benefits. | |||
The costs in connection with the restructuring plans in Europe have been included under “Restructuring charges” in our unaudited condensed consolidated statements of operations. The restructuring accrual as of December 31, 2013 was included under “Accrued expenses and other current liabilities” on our unaudited condensed consolidated balance sheets. During the quarter ended December 31, 2013, the remaining accrual of $73,000 was credited to SG&A expenses. | |||
Restructuring activity as of and for the three and nine months ended December 31, 2013 was as follows (in thousands): | |||
Severance and Related Benefits | |||
Balance at March 31, 2013 | $ | 69 | |
Charges | - | ||
Cash payments | - | ||
Currency translation adjustment | 1 | ||
Balance at June 30, 2013 | 70 | ||
Charges | - | ||
Cash payments | - | ||
Currency translation adjustment | 3 | ||
Balance at September 30, 2013 | 73 | ||
Charges | -73 | ||
Cash payments | - | ||
Currency translation adjustment | - | ||
Balance at December 31, 2013 | $ | - |
Note_11_Pension_Plans
Note 11 Pension Plans | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Pension Plans [Text Block] | ' | ||||||||||||||||||||||||||
11. Pension Plans | |||||||||||||||||||||||||||
We maintain three defined benefit pension plans: one for certain United Kingdom employees, one for certain German employees, and one for Philippine employees. We deposit funds for these plans, consistent with the requirements of local law, with investment management companies, insurance companies, banks or trustees and/or accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. The German plan was held by a separate legal entity. As of December 31, 2013, the German defined benefit plan was completely unfunded. We expect to contribute approximately $978,000 to the United Kingdom and the Philippines plans in the fiscal year ending March 31, 2014. This contribution is primarily contractual. | |||||||||||||||||||||||||||
The net periodic pension expense includes the following components (in thousands): | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Service cost | $ | 27 | $ | 25 | $ | 82 | $ | 74 | |||||||||||||||||||
Interest cost on projected benefit obligation | 479 | 478 | 1,398 | 1,417 | |||||||||||||||||||||||
Expected return on plan assets | -427 | -385 | -1,245 | -1,143 | |||||||||||||||||||||||
Recognized actuarial loss | 61 | 42 | 177 | 126 | |||||||||||||||||||||||
Net periodic pension expense | $ | 140 | $ | 160 | $ | 412 | $ | 474 | |||||||||||||||||||
Information on Plan Assets | |||||||||||||||||||||||||||
We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of December 31, 2013 and March 31, 2013, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands): | |||||||||||||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash funds | $ | 918 | $ | - | $ | - | $ | 918 | $ | 669 | $ | - | $ | - | $ | 669 | |||||||||||
Currency contracts | - | 23 | - | 23 | - | -15 | - | -15 | |||||||||||||||||||
Equity | 21,495 | - | 2 | 21,497 | 18,411 | 3 | 6 | 18,420 | |||||||||||||||||||
Fixed interest | 1,227 | 4,763 | 1 | 5,991 | 1,479 | 4,525 | 2 | 6,006 | |||||||||||||||||||
Mortgage backed securities | - | 14 | - | 14 | - | 11 | - | 11 | |||||||||||||||||||
Swaps | - | 7 | - | 7 | 2 | 37 | -1 | 38 | |||||||||||||||||||
Total | $ | 23,640 | $ | 4,807 | $ | 3 | $ | 28,450 | $ | 20,561 | $ | 4,561 | $ | 7 | $ | 25,129 | |||||||||||
Note_12_Employee_Equity_Incent
Note 12 Employee Equity Incentive Plans | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||
12. Employee Equity Incentive Plans | ||||||||||||||||||||||||||
Stock Purchase and Stock Option Plans | ||||||||||||||||||||||||||
The 2009 Equity Incentive Plan, the 2011 Equity Incentive Plan and the 2013 Equity Incentive Plan | ||||||||||||||||||||||||||
On September 10, 2009, our stockholders approved the 2009 Equity Incentive Plan, or the 2009 Plan, under which 900,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On September 16, 2011, our stockholders approved the 2011 Equity Incentive Plan, or the 2011 Plan, under which 600,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On August 30, 2013, our stockholders approved the 2013 Equity Incentive Plan, or the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. The 2009 Plan, the 2011 Plan and the 2013 Plan are referred to as the Plans. | ||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||
Under the Plans, nonqualified and incentive stock options may be granted to employees, consultants and non-employee directors. Generally, the per share exercise price shall not be less than 100% of the fair market value of a share on the grant date. The Board of Directors has the full power to determine the provisions of each option issued under the Plans. While we may grant options that become exercisable at different times or within different periods, we have primarily granted options that vest over four years. The options, once granted, expire ten years from the date of grant. | ||||||||||||||||||||||||||
Stock Awards | ||||||||||||||||||||||||||
Stock awards, denominated restricted stock under the 2009 Plan and the 2011 Plan, may be granted to any employee, director or consultant under the Plans. Pursuant to a stock award, we will issue shares of common stock. Shares that are subject to restriction will be released from restriction if certain requirements, including continued performance of services, are met. | ||||||||||||||||||||||||||
Stock Appreciation Rights | ||||||||||||||||||||||||||
Awards of stock appreciation rights, or SARs, may be granted to employees, consultants and nonemployee directors pursuant to the Plans. A SAR is payable on the difference between the market price at the time of exercise and the exercise price at the date of grant. In any event, the exercise price of a SAR shall not be less than 100% of the fair market value of a share on the grant date and shall expire no later than ten years from the grant date. Upon exercise, the holder of a SAR shall be entitled to receive payment either in cash or a number of shares by dividing such cash amount by the fair market value of a share on the exercise date. | ||||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||||
Restricted stock units, denominated performance units in the 2009 Plan, may be granted to employees, consultants and nonemployee directors under the Plans. Each restricted stock unit shall have a value equal to the fair market value of one share. After the applicable performance period has ended, the holder will be entitled to receive a payment, either in cash or in the form of shares, based on the number of restricted stock units earned over the performance period, to be determined as a function of the extent to which the corresponding performance goals or other vesting provisions have been achieved. | ||||||||||||||||||||||||||
Zilog 2004 Omnibus Stock Incentive Plan | ||||||||||||||||||||||||||
The Zilog 2004 Omnibus Stock Incentive Plan, or the Zilog 2004 Plan, was approved by the stockholders of Zilog in 2004, and was amended and approved by the stockholders of Zilog in 2007. In connection with the acquisition of Zilog, our Board of Directors approved assumption of the Zilog 2004 Plan. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog may receive grants under the Zilog 2004 Plan. Under the 2004 Plan, incentive stock options, non-statutory stock options, or restricted shares may be granted. At the time of the assumption of the Zilog 2004 Plan by our company, up to 652,963 shares of our common stock were available for grant under the plan. | ||||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||
In May 1999, the Board of Directors approved the 1999 Employee Stock Purchase Plan, or the Purchase Plan, and reserved 500,000 shares of common stock for issuance under the Purchase Plan. Under the Purchase Plan, all eligible employees may purchase our common stock at a price equal to 85% of the lower of the fair market value at the beginning of the offer period or the semi-annual purchase date. Stock purchases are limited to 15% of an employee's eligible compensation. On July 31, 2007 and July 9, 2010, the Board of Directors amended the Purchase Plan and on each occasion reserved an additional 350,000 shares of common stock for issuance under the Purchase Plan. During the nine months ended December 31, 2013, there were 98,865 shares purchased under the Purchase Plan, leaving approximately 87,490 shares available for purchase under the plan in the future. | ||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||
The following table summarizes the effects of stock-based compensation charges (in thousands): | ||||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
Statement of Operations Classifications | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Cost of goods sold | $ | 101 | $ | 88 | $ | 350 | $ | 318 | ||||||||||||||||||
Research, development and engineering | 247 | 252 | 703 | 815 | ||||||||||||||||||||||
Selling, general and administrative expenses | 344 | 386 | 980 | 1,724 | ||||||||||||||||||||||
Stock-based compensation effect in income before taxes | 692 | 726 | 2,033 | 2,857 | ||||||||||||||||||||||
Provision for income taxes (1) | 242 | 254 | 712 | 1,000 | ||||||||||||||||||||||
Net stock-based compensation effects in net income | $ | 450 | $ | 472 | $ | 1,321 | $ | 1,857 | ||||||||||||||||||
________________ | ||||||||||||||||||||||||||
-1 | Estimated at an income tax rate of 35% in fiscal 2014 and fiscal 2013. | |||||||||||||||||||||||||
During the nine months ended December 31, 2013, the unaudited condensed consolidated statements of operations and cash flows do not reflect any tax benefit for the tax deduction from option exercises and other awards. As of December 31, 2013, approximately $5.2 million in stock-based compensation is to be recognized for unvested stock options granted under our equity incentive plans. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.5 years. | ||||||||||||||||||||||||||
The Black-Scholes option pricing model is used to estimate the fair value of options granted under our equity incentive plans and rights to acquire stock granted under our stock purchase plan. The weighted average estimated fair values of employee stock option grants and rights granted under the 1999 Employee Stock Purchase Plan, as well as the weighted average assumptions that were used in calculating such values during the nine months ended December 31, 2013 and 2012, were based on estimates at the date of grant as follows: | ||||||||||||||||||||||||||
Stock Options (1) | Purchase Plan | |||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | |||||||||||||||||||||||
Ended December 31, | Ended December 31, | Ended December 31, | Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Weighted average estimated fair | ||||||||||||||||||||||||||
value of grant per share | $ | na | $ | na | $ | 4.95 | $ | 5.21 | $ | 2.94 | $ | 2.81 | $ | 2.75 | $ | 3.22 | ||||||||||
Risk-free interest rate | na | na | 1.90% | 1.00% | 0.10% | 0.10% | 0.10% | 0.20% | ||||||||||||||||||
Expected term in years | na | na | 6.1 | 6.3 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Volatility | na | na | 55.50% | 55.40% | 35.00% | 46.00% | 37.00% | 46.40% | ||||||||||||||||||
Dividend yield | na | na | 0% | 0% | 0% | 0% | 0% | 0% | ||||||||||||||||||
(1) No stock options were granted during the quarters ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Activity with respect to outstanding stock options for the nine months ended December 31, 2013 was as follows: | ||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Number of | Exercise Price | Intrinsic Value (1) | ||||||||||||||||||||||||
Shares | Per Share | |||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||
Balance at March 31, 2013 | 5,327,473 | $ | 10.04 | |||||||||||||||||||||||
Options granted | 239,000 | $ | 9.27 | |||||||||||||||||||||||
Options exercised | -323,050 | $ | 7.87 | $ | 1,168 | |||||||||||||||||||||
Options cancelled | -34,000 | $ | 11.42 | |||||||||||||||||||||||
Options expired | -6,500 | $ | 9.96 | |||||||||||||||||||||||
Balance at December 31, 2013 | 5,202,923 | $ | 10.13 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 4,061,923 | $ | 10 | |||||||||||||||||||||||
Exercisable at March 31, 2013 | 4,065,473 | $ | 9.74 | |||||||||||||||||||||||
-1 | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note_13_Accumulated_Other_Comp
Note 13 Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | ' | |||||||||||||
13. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
The components and the changes in accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): | ||||||||||||||
Foreign Currency | Unrealized Gains (Losses) on Securities (1) | Defined Benefit Pension Plans (2) | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance as of March 31, 2013 | $ | 2,982 | $ | 60 | $ | -6,135 | $ | -3,093 | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | 8,066 | -224 | - | 7,842 | ||||||||||
Net gain reclassified from | ||||||||||||||
accumulated other comprehensive | ||||||||||||||
income | - | -57 | - | -57 | ||||||||||
Net current period other comprehensive | ||||||||||||||
income (loss) | 8,066 | -281 | - | 7,785 | ||||||||||
Balance as of December 31, 2013 | $ | 11,048 | $ | -221 | $ | -6,135 | $ | 4,692 | ||||||
(1) Net of taxes of $(119) at December 31, 2013 and $31 at March 31, 2013. | ||||||||||||||
(2) Net of taxes of $(1,941). | ||||||||||||||
The amounts reclassified out of accumulated other comprehensive income (loss) for the nine months ended December 31, 2013 are as follows (in thousands): | ||||||||||||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Impacted Line Item on Consolidated Income Statements | ||||||||||||
Net gain on investments | $ | 88 | Other income (expense), net | |||||||||||
-31 | Provision for income tax | |||||||||||||
Net of tax | $ | 57 |
Note_14_Computation_of_Earning
Note 14 Computation of Earnings Per Share | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
14. Computation of Earnings per Share | |||||||||||||
Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Net income | $ | 552 | $ | 1,189 | $ | 5,914 | $ | 9,553 | |||||
Weighted average shares - basic | 31,192 | 31,005 | 31,088 | 31,222 | |||||||||
Weighted average shares - diluted | 32,032 | 31,487 | 31,838 | 31,917 | |||||||||
Net income per share - basic | $ | 0.02 | $ | 0.04 | $ | 0.19 | $ | 0.31 | |||||
Net income per share - diluted | $ | 0.02 | $ | 0.04 | $ | 0.19 | $ | 0.3 | |||||
Diluted weighted average shares includes approximately 840,000 and 482,000 common equivalent shares from stock options for the three months ended December 31, 2013 and 2012, and approximately 750,000 and 695,000 common equivalent shares from stock options for the nine months ended December 31, 2013 and 2012. | |||||||||||||
Basic net income available per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. During the three and nine months ended December 31, 2013, there were outstanding weighted average options to purchase 3,002,055 and 2,780,263 shares, respectively, that were not included in the computation of diluted net income per share since the exercise prices of the options exceeded the market price of the common stock. During the three and nine months ended December 31, 2012, there were outstanding weighted average options to purchase 3,355,738 and 2,627,911 shares, respectively, that were not included in the computation of diluted net income per share since the exercise prices of the options exceeded the market price of the common stock. These options could dilute earnings per share in future periods if the market price of the common stock increases. |
Note_15_Segment_and_Geographic
Note 15 Segment and Geographic Information | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
15. Segment and Geographic Information | |||||||||||||
We have a single operating segment. This operating segment is comprised of semiconductor products used primarily in power-related applications. While we have separate legal subsidiaries with discrete financial information, we have one chief operating decision maker with highly integrated businesses. Our net revenues by major geographic area (based on destination) were as follows (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
United States | $ | 21,959 | $ | 19,431 | $ | 66,043 | $ | 64,594 | |||||
Europe and the Middle East | |||||||||||||
France | 1,097 | 1,138 | 3,729 | 3,836 | |||||||||
Germany | 7,376 | 7,433 | 24,538 | 24,036 | |||||||||
Italy | 1,280 | 798 | 3,274 | 2,729 | |||||||||
Sweden | 1,142 | 1,115 | 3,810 | 3,540 | |||||||||
Switzerland | 919 | 952 | 3,033 | 2,603 | |||||||||
United Kingdom | 4,177 | 5,465 | 14,924 | 19,018 | |||||||||
Other | 6,943 | 6,154 | 20,125 | 19,624 | |||||||||
Asia Pacific | |||||||||||||
China | 27,631 | 9,699 | 62,572 | 33,669 | |||||||||
Japan | 1,238 | 1,348 | 4,644 | 4,893 | |||||||||
Korea | 5,503 | 1,746 | 12,807 | 6,071 | |||||||||
Malaysia | 881 | 1,108 | 2,504 | 3,557 | |||||||||
Singapore | 3,048 | 2,287 | 8,792 | 7,441 | |||||||||
Other | 2,631 | 2,235 | 6,720 | 7,386 | |||||||||
Rest of the World | |||||||||||||
India | 1,147 | 1,251 | 3,694 | 4,523 | |||||||||
Other | 2,376 | 1,652 | 5,226 | 5,610 | |||||||||
Total | $ | 89,348 | $ | 63,812 | $ | 246,435 | $ | 213,130 | |||||
The following table sets forth net revenues for each of our product groups for the three and nine months ended December 31, 2013 and 2012 (in thousands): | |||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Power semiconductors | $ | 52,688 | $ | 45,011 | $ | 164,074 | $ | 152,796 | |||||
Integrated circuits | 31,155 | 13,401 | 65,755 | 44,100 | |||||||||
Systems and RF power semiconductors | 5,505 | 5,400 | 16,606 | 16,234 | |||||||||
Total | $ | 89,348 | $ | 63,812 | $ | 246,435 | $ | 213,130 | |||||
For the nine months ended December 31, 2013, two distributors accounted for 11.4% and 10.2% of our net revenues, respectively. For the three and nine months ended December 31, 2012, one distributor accounted for 13.6% and 13.3% of our net revenues, respectively. For the nine months ended December 31, 2012, another distributor accounted for 10.5% of our net revenues. |
Note_16_Income_Taxes
Note 16 Income Taxes | 9 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
16. Income Taxes | |
For the three and nine months ended December 31, 2013, we recorded income tax provisions of $2.7 million and $5.0 million, reflecting effective tax rates of 82.8% and 45.6%, respectively. For the three and nine months ended December 31, 2012, we recorded income tax provisions of $782,000 and $5.1 million, reflecting effective tax rates of 39.7% and 34.8%, respectively. For the three and nine months ended December 31, 2013, the effective tax rates were affected by changes in estimates of annual income in domestic and foreign jurisdictions and certain discrete items. For the three and nine months ended December 31, 2012, the effective tax rates were affected by changes in estimates of annual income in domestic and foreign jurisdictions. | |
Note_17_Commitments_and_Contin
Note 17 Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
17. Commitments and Contingencies | |
Legal Proceedings | |
We are currently involved in a variety of legal matters that arise in the normal course of business. Based on information currently available, management does not believe that the ultimate resolution of these matters will have a material adverse effect on our financial condition, results of operations and cash flows. Were an unfavorable ruling to occur, there exists the possibility of a material adverse impact on the results of operations of the period in which the ruling occurs. | |
Bank of the West | |
On December 6, 2013, we entered into an Amended and Restated Credit Agreement with BOTW for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement are due and payable on November 30, 2015. | |
The credit agreement includes a letter of credit subfacility, under which BOTW agrees to issue letters of credit of up to $3.0 million. However, borrowing under this subfacility is limited to the extent of availability under the $50.0 million revolving line of credit. At December 31, 2013, the outstanding principal balance under the credit agreement was $15.0 million. See Note 9, “Borrowing and Deferred Payment Arrangements” for further information regarding the terms of the credit agreement. | |
Acquired MCU Business Deferred Payments | |
We are obligated to pay $30.0 million in two installment payments of $15.0 million each. The first installment is due on June 27, 2014 and the second installment is due on December 31, 2014. See Note 3, “Business Combination” and Note 9, “Borrowing and Deferred Payment Arrangements” for further information regarding the acquisition and the payment information. | |
Other Commitments and Contingencies | |
On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of December 31, 2013 and March 31, 2013. |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Financial Statements (Policy) | 9 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting [Policy Text Block] | ' |
The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of IXYS Corporation and its wholly-owned subsidiaries. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management's most difficult judgments include, but are not limited to, revenue reserves, inventory valuation, accounting for income taxes and allocation of purchase price in business combinations. All significant intercompany transactions have been eliminated in consolidation. All adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair statement of the results for the interim periods have been made. The condensed balance sheet as of March 31, 2013 has been derived from our audited balance sheet as of that date. It is recommended that the interim financial statements be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2013, or fiscal 2013, contained in our Annual Report on Form 10-K. Interim results are not necessarily indicative of the operating results expected for later quarters or the full fiscal year. |
Fair_Value_Policy
Fair Value (Policy) | 9 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
We account for certain assets and liabilities at fair value. In determining fair value, we consider its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of nonperformance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: | |
Level 1 — Quoted prices for identical instruments in active markets. | |
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |
Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. | |
We measure our marketable securities and derivative contracts at fair value. Marketable securities are valued using the quoted market prices and are therefore classified as Level 1 estimates. | |
From time to time, we use derivative instruments to manage exposures to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not to designate these instruments as accounting hedges. The changes in the fair value of these instruments are recorded in the current period's statement of operations and are included in other income (expense), net. All of our derivative instruments are traded on over-the-counter markets where quoted market prices are not readily available. For those derivatives, we measure fair value using prices obtained from the counterparties with whom we have traded. The counterparties price the derivatives based on models that use primarily market observable inputs, such as yield curves and option volatilities. Accordingly, we classify these derivatives as Level 2. | |
Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs including historical redemptions received from the ARPS issuers. | |
Cash and cash equivalents are recognized and measured at fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. | |
Our indebtedness for borrowed money and our installment payment obligations approximate fair value, as the interest rates either adjust according to the market rates or the interest rates approximate the market rates. |
Pension_Plans_Policy
Pension Plans (Policy) | 9 Months Ended |
Dec. 31, 2013 | |
Pension and Other Postretirement Benefits Disclosure [Abstract] | ' |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | ' |
We maintain three defined benefit pension plans: one for certain United Kingdom employees, one for certain German employees, and one for Philippine employees. We deposit funds for these plans, consistent with the requirements of local law, with investment management companies, insurance companies, banks or trustees and/or accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. The German plan was held by a separate legal entity. |
Employee_Equity_Incentive_Plan
Employee Equity Incentive Plans (Policy) | 9 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock Purchase and Stock Option Plans | |
The 2009 Equity Incentive Plan, the 2011 Equity Incentive Plan and the 2013 Equity Incentive Plan | |
On September 10, 2009, our stockholders approved the 2009 Equity Incentive Plan, or the 2009 Plan, under which 900,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On September 16, 2011, our stockholders approved the 2011 Equity Incentive Plan, or the 2011 Plan, under which 600,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On August 30, 2013, our stockholders approved the 2013 Equity Incentive Plan, or the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. The 2009 Plan, the 2011 Plan and the 2013 Plan are referred to as the Plans. | |
Stock Options | |
Under the Plans, nonqualified and incentive stock options may be granted to employees, consultants and non-employee directors. Generally, the per share exercise price shall not be less than 100% of the fair market value of a share on the grant date. The Board of Directors has the full power to determine the provisions of each option issued under the Plans. While we may grant options that become exercisable at different times or within different periods, we have primarily granted options that vest over four years. The options, once granted, expire ten years from the date of grant. | |
Stock Awards | |
Stock awards, denominated restricted stock under the 2009 Plan and the 2011 Plan, may be granted to any employee, director or consultant under the Plans. Pursuant to a stock award, we will issue shares of common stock. Shares that are subject to restriction will be released from restriction if certain requirements, including continued performance of services, are met. | |
Stock Appreciation Rights | |
Awards of stock appreciation rights, or SARs, may be granted to employees, consultants and nonemployee directors pursuant to the Plans. A SAR is payable on the difference between the market price at the time of exercise and the exercise price at the date of grant. In any event, the exercise price of a SAR shall not be less than 100% of the fair market value of a share on the grant date and shall expire no later than ten years from the grant date. Upon exercise, the holder of a SAR shall be entitled to receive payment either in cash or a number of shares by dividing such cash amount by the fair market value of a share on the exercise date. | |
Restricted Stock Units | |
Restricted stock units, denominated performance units in the 2009 Plan, may be granted to employees, consultants and nonemployee directors under the Plans. Each restricted stock unit shall have a value equal to the fair market value of one share. After the applicable performance period has ended, the holder will be entitled to receive a payment, either in cash or in the form of shares, based on the number of restricted stock units earned over the performance period, to be determined as a function of the extent to which the corresponding performance goals or other vesting provisions have been achieved. | |
Zilog 2004 Omnibus Stock Incentive Plan | |
The Zilog 2004 Omnibus Stock Incentive Plan, or the Zilog 2004 Plan, was approved by the stockholders of Zilog in 2004, and was amended and approved by the stockholders of Zilog in 2007. In connection with the acquisition of Zilog, our Board of Directors approved assumption of the Zilog 2004 Plan. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog may receive grants under the Zilog 2004 Plan. Under the 2004 Plan, incentive stock options, non-statutory stock options, or restricted shares may be granted. | |
Employee Stock Purchase Plan | |
Under the Purchase Plan, all eligible employees may purchase our common stock at a price equal to 85% of the lower of the fair market value at the beginning of the offer period or the semi-annual purchase date. Stock purchases are limited to 15% of an employee's eligible compensation. | |
Stock-Based Compensation | |
The Black-Scholes option pricing model is used to estimate the fair value of options granted under our equity incentive plans and rights to acquire stock granted under our stock purchase plan. |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share (Policy) | 9 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share, Policy [Policy Text Block] | ' |
Basic net income available per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. |
Segment_and_Geographic_Informa
Segment and Geographic Information (Policy) | 9 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Segment Reporting, Policy [Policy Text Block] | ' |
We have a single operating segment. This operating segment is comprised of semiconductor products used primarily in power-related applications. While we have separate legal subsidiaries with discrete financial information, we have one chief operating decision maker with highly integrated businesses. |
Note_3_Business_Combination_Ta
Note 3 Business Combination (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Schedule of Business Combination Recognized Identifiable Assets Acquired, Goodwill and Liabilities Assumed, Net [Table Text Block] | ' | |||||||||||
Purchase Price Allocation | ||||||||||||
Inventories | $ | 800 | ||||||||||
Property, plant and equipment | 36 | |||||||||||
Identifiable intangible assets | 24,000 | |||||||||||
Total identifiable net assets | 24,836 | |||||||||||
Goodwill | 25,164 | |||||||||||
Total purchase price | $ | 50,000 | ||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(unaudited) | (unaudited) | |||||||||||
Pro forma net revenues | $ | 89,348 | $ | 83,871 | $ | 270,333 | $ | 277,685 | ||||
Pro forma net income | $ | 2,817 | $ | 2,386 | $ | 12,972 | $ | 14,247 | ||||
Pro forma net income per share (basic) | $ | 0.09 | $ | 0.08 | $ | 0.42 | $ | 0.46 | ||||
Pro forma net income per share (diluted) | $ | 0.09 | $ | 0.08 | $ | 0.41 | $ | 0.45 |
Note_4_Fair_Value_Tables
Note 4 Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
December 31, 2013 (1) | March 31, 2013 (1) | ||||||||||||||||||||
Fair Value Measured at | Fair Value Measured at | ||||||||||||||||||||
Reporting Date Using | Reporting Date Using | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||
Money market funds (2) | $ | 57,023 | $ | 57,023 | $ | - | $ | 67,959 | $ | 67,959 | $ | - | |||||||||
Marketable equity securities (3) | 3,449 | 3,449 | - | 4,116 | 4,116 | - | |||||||||||||||
Auction rate preferred securities (3) | 350 | - | 350 | 350 | - | 350 | |||||||||||||||
Derivative liabilities (4) | -136 | - | -136 | -198 | - | -198 | |||||||||||||||
Total | $ | 60,686 | $ | 60,472 | $ | 214 | $ | 72,227 | $ | 72,075 | $ | 152 | |||||||||
-1 | We did not have any recurring assets whose fair value was measured using significant unobservable inputs. | ||||||||||||||||||||
-2 | Included in "Cash and cash equivalents" on our unaudited condensed consolidated balance sheets. | ||||||||||||||||||||
-3 | Included in "Other assets" on our unaudited condensed consolidated balance sheets. | ||||||||||||||||||||
-4 | Included in "Accrued expenses and other current liabilities" on our unaudited condensed consolidated balance sheets. |
Note_5_Other_Assets_Tables
Note 5 Other Assets (Tables) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Assets Noncurrent Disclosure [Abstract] | ' | ||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
(unaudited) | |||||||
Marketable equity securities | $ | 3,449 | $ | 4,116 | |||
Auction rate preferred securities | 350 | 350 | |||||
Long term equity investments | 5,727 | 5,449 | |||||
Other items | 1,325 | 320 | |||||
Total | $ | 10,851 | $ | 10,235 | |||
Note_6_Inventories_Tables
Note 6 Inventories (Tables) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory Net [Abstract] | ' | ||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
(unaudited) | |||||||
Raw materials | $ | 20,950 | $ | 17,349 | |||
Work in process | 44,683 | 41,036 | |||||
Finished goods | 28,014 | 25,444 | |||||
Total | $ | 93,647 | $ | 83,829 | |||
Note_7_Accrued_Expenses_and_Ot1
Note 7 Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
(unaudited) | |||||||
Uninvoiced goods and services | $ | 9,384 | $ | 8,204 | |||
Compensation and benefits | 5,933 | 5,950 | |||||
Short term installment payment obligation | 30,528 | - | |||||
Commission, royalties and other | 3,844 | 2,838 | |||||
Total | $ | 49,689 | $ | 16,992 | |||
Note_8_Goodwill_and_Intangible1
Note 8 Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||||||
Estimated | |||||||||||
Fair Value | Amortization | Useful Life | |||||||||
(In thousands) | Method | (In months) | |||||||||
Developed intellectual property | $ | 11,504 | Straight-line | 60 | |||||||
Customer relationships | 6,920 | Accelerated | 36 | ||||||||
Contract backlog | 5,155 | Straight-line | 9 | ||||||||
Noncompetition agreement | 421 | Straight-line | 60 | ||||||||
Total | $ | 24,000 | |||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||
Identified intangible assets of our company consisted of the following as of December 31, 2013 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 16,304 | $ | 4,208 | $ | 12,096 | |||||
Customer relationships | 13,020 | 7,830 | 5,190 | ||||||||
Contract backlog | 7,155 | 5,437 | 1,718 | ||||||||
Other intangible assets | 1,608 | 840 | 768 | ||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 18,315 | $ | 19,772 | |||||
Identified intangible assets of our company consisted of the following as of March 31, 2013 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 4,800 | $ | 2,458 | $ | 2,342 | |||||
Customer relationships | 6,100 | 6,100 | - | ||||||||
Contract backlog | 2,000 | 2,000 | - | ||||||||
Other intangible assets | 1,187 | 636 | 551 | ||||||||
Total identifiable intangible assets | $ | 14,087 | $ | 11,194 | $ | 2,893 |
Note_10_Restructuring_Charges_
Note 10 Restructuring Charges (Tables) | 9 Months Ended | ||
Dec. 31, 2013 | |||
Restructuring Charges [Abstract] | ' | ||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||
Severance and Related Benefits | |||
Balance at March 31, 2013 | $ | 69 | |
Charges | - | ||
Cash payments | - | ||
Currency translation adjustment | 1 | ||
Balance at June 30, 2013 | 70 | ||
Charges | - | ||
Cash payments | - | ||
Currency translation adjustment | 3 | ||
Balance at September 30, 2013 | 73 | ||
Charges | -73 | ||
Cash payments | - | ||
Currency translation adjustment | - | ||
Balance at December 31, 2013 | $ | - |
Note_11_Pension_Plans_Tables
Note 11 Pension Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Service cost | $ | 27 | $ | 25 | $ | 82 | $ | 74 | |||||||||||||||||||
Interest cost on projected benefit obligation | 479 | 478 | 1,398 | 1,417 | |||||||||||||||||||||||
Expected return on plan assets | -427 | -385 | -1,245 | -1,143 | |||||||||||||||||||||||
Recognized actuarial loss | 61 | 42 | 177 | 126 | |||||||||||||||||||||||
Net periodic pension expense | $ | 140 | $ | 160 | $ | 412 | $ | 474 | |||||||||||||||||||
Defined Benefit Plan, Plan Assets Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash funds | $ | 918 | $ | - | $ | - | $ | 918 | $ | 669 | $ | - | $ | - | $ | 669 | |||||||||||
Currency contracts | - | 23 | - | 23 | - | -15 | - | -15 | |||||||||||||||||||
Equity | 21,495 | - | 2 | 21,497 | 18,411 | 3 | 6 | 18,420 | |||||||||||||||||||
Fixed interest | 1,227 | 4,763 | 1 | 5,991 | 1,479 | 4,525 | 2 | 6,006 | |||||||||||||||||||
Mortgage backed securities | - | 14 | - | 14 | - | 11 | - | 11 | |||||||||||||||||||
Swaps | - | 7 | - | 7 | 2 | 37 | -1 | 38 | |||||||||||||||||||
Total | $ | 23,640 | $ | 4,807 | $ | 3 | $ | 28,450 | $ | 20,561 | $ | 4,561 | $ | 7 | $ | 25,129 | |||||||||||
Note_12_Employee_Equity_Incent1
Note 12 Employee Equity Incentive Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
Statement of Operations Classifications | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Cost of goods sold | $ | 101 | $ | 88 | $ | 350 | $ | 318 | ||||||||||||||||||
Research, development and engineering | 247 | 252 | 703 | 815 | ||||||||||||||||||||||
Selling, general and administrative expenses | 344 | 386 | 980 | 1,724 | ||||||||||||||||||||||
Stock-based compensation effect in income before taxes | 692 | 726 | 2,033 | 2,857 | ||||||||||||||||||||||
Provision for income taxes (1) | 242 | 254 | 712 | 1,000 | ||||||||||||||||||||||
Net stock-based compensation effects in net income | $ | 450 | $ | 472 | $ | 1,321 | $ | 1,857 | ||||||||||||||||||
________________ | ||||||||||||||||||||||||||
-1 | Estimated at an income tax rate of 35% in fiscal 2014 and fiscal 2013. | |||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Fair Value Assumptions and Methodology [Table Text Block] | ' | |||||||||||||||||||||||||
Stock Options (1) | Purchase Plan | |||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | |||||||||||||||||||||||
Ended December 31, | Ended December 31, | Ended December 31, | Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Weighted average estimated fair | ||||||||||||||||||||||||||
value of grant per share | $ | na | $ | na | $ | 4.95 | $ | 5.21 | $ | 2.94 | $ | 2.81 | $ | 2.75 | $ | 3.22 | ||||||||||
Risk-free interest rate | na | na | 1.90% | 1.00% | 0.10% | 0.10% | 0.10% | 0.20% | ||||||||||||||||||
Expected term in years | na | na | 6.1 | 6.3 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Volatility | na | na | 55.50% | 55.40% | 35.00% | 46.00% | 37.00% | 46.40% | ||||||||||||||||||
Dividend yield | na | na | 0% | 0% | 0% | 0% | 0% | 0% | ||||||||||||||||||
(1) No stock options were granted during the quarters ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options Activity [Table Text Block] | ' | |||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Number of | Exercise Price | Intrinsic Value (1) | ||||||||||||||||||||||||
Shares | Per Share | |||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||
Balance at March 31, 2013 | 5,327,473 | $ | 10.04 | |||||||||||||||||||||||
Options granted | 239,000 | $ | 9.27 | |||||||||||||||||||||||
Options exercised | -323,050 | $ | 7.87 | $ | 1,168 | |||||||||||||||||||||
Options cancelled | -34,000 | $ | 11.42 | |||||||||||||||||||||||
Options expired | -6,500 | $ | 9.96 | |||||||||||||||||||||||
Balance at December 31, 2013 | 5,202,923 | $ | 10.13 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 4,061,923 | $ | 10 | |||||||||||||||||||||||
Exercisable at March 31, 2013 | 4,065,473 | $ | 9.74 | |||||||||||||||||||||||
-1 | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note_13_Accumulated_Other_Comp1
Note 13 Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
The components and the changes in accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): | ||||||||||||||
Foreign Currency | Unrealized Gains (Losses) on Securities (1) | Defined Benefit Pension Plans (2) | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance as of March 31, 2013 | $ | 2,982 | $ | 60 | $ | -6,135 | $ | -3,093 | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | 8,066 | -224 | - | 7,842 | ||||||||||
Net gain reclassified from | ||||||||||||||
accumulated other comprehensive | ||||||||||||||
income | - | -57 | - | -57 | ||||||||||
Net current period other comprehensive | ||||||||||||||
income (loss) | 8,066 | -281 | - | 7,785 | ||||||||||
Balance as of December 31, 2013 | $ | 11,048 | $ | -221 | $ | -6,135 | $ | 4,692 | ||||||
(1) Net of taxes of $(119) at December 31, 2013 and $31 at March 31, 2013. | ||||||||||||||
(2) Net of taxes of $(1,941). | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||
The amounts reclassified out of accumulated other comprehensive income (loss) for the nine months ended December 31, 2013 are as follows (in thousands): | ||||||||||||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Impacted Line Item on Consolidated Income Statements | ||||||||||||
Net gain on investments | $ | 88 | Other income (expense), net | |||||||||||
-31 | Provision for income tax | |||||||||||||
Net of tax | $ | 57 |
Note_14_Computation_of_Earning1
Note 14 Computation of Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Net income | $ | 552 | $ | 1,189 | $ | 5,914 | $ | 9,553 | |||||
Weighted average shares - basic | 31,192 | 31,005 | 31,088 | 31,222 | |||||||||
Weighted average shares - diluted | 32,032 | 31,487 | 31,838 | 31,917 | |||||||||
Net income per share - basic | $ | 0.02 | $ | 0.04 | $ | 0.19 | $ | 0.31 | |||||
Net income per share - diluted | $ | 0.02 | $ | 0.04 | $ | 0.19 | $ | 0.3 |
Note_15_Segment_and_Geographic1
Note 15 Segment and Geographic Information (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Revenue from External Customers by Geographic Area [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
United States | $ | 21,959 | $ | 19,431 | $ | 66,043 | $ | 64,594 | |||||
Europe and the Middle East | |||||||||||||
France | 1,097 | 1,138 | 3,729 | 3,836 | |||||||||
Germany | 7,376 | 7,433 | 24,538 | 24,036 | |||||||||
Italy | 1,280 | 798 | 3,274 | 2,729 | |||||||||
Sweden | 1,142 | 1,115 | 3,810 | 3,540 | |||||||||
Switzerland | 919 | 952 | 3,033 | 2,603 | |||||||||
United Kingdom | 4,177 | 5,465 | 14,924 | 19,018 | |||||||||
Other | 6,943 | 6,154 | 20,125 | 19,624 | |||||||||
Asia Pacific | |||||||||||||
China | 27,631 | 9,699 | 62,572 | 33,669 | |||||||||
Japan | 1,238 | 1,348 | 4,644 | 4,893 | |||||||||
Korea | 5,503 | 1,746 | 12,807 | 6,071 | |||||||||
Malaysia | 881 | 1,108 | 2,504 | 3,557 | |||||||||
Singapore | 3,048 | 2,287 | 8,792 | 7,441 | |||||||||
Other | 2,631 | 2,235 | 6,720 | 7,386 | |||||||||
Rest of the World | |||||||||||||
India | 1,147 | 1,251 | 3,694 | 4,523 | |||||||||
Other | 2,376 | 1,652 | 5,226 | 5,610 | |||||||||
Total | $ | 89,348 | $ | 63,812 | $ | 246,435 | $ | 213,130 | |||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Power semiconductors | $ | 52,688 | $ | 45,011 | $ | 164,074 | $ | 152,796 | |||||
Integrated circuits | 31,155 | 13,401 | 65,755 | 44,100 | |||||||||
Systems and RF power semiconductors | 5,505 | 5,400 | 16,606 | 16,234 | |||||||||
Total | $ | 89,348 | $ | 63,812 | $ | 246,435 | $ | 213,130 |
Note_3_Business_Combination_Na
Note 3 Business Combination (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Jun. 27, 2013 | |
N | |||
Business Combinations [Abstract] | ' | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | 'System LSI Division of Samsung Electronics Co., Ltd. | ' |
Business Acquisition, Description of Acquired Entity | ' | 'The acquired product line includes microcontrollers potentially useful in a number of applications, which have to date been principally used in consumer product applications. | ' |
Business Combination, Reason for Business Combination | ' | 'The acquisition is intended to bolster our product portfolio and empower customers to utilize products from across our multiple product lines. | ' |
Business Acquisition, Effective Date of Acquisition | ' | 27-Jun-13 | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | $50,000,000 |
Business Acquisition, Cost of Acquired Entity, Cash Paid at Closing Date | ' | ' | 20,000,000 |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Total | 30,000,000 | 30,000,000 | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Each Installment | 15,000,000 | 15,000,000 | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Number of Installment Payments | ' | 2 | ' |
Business Acquisition, Cost of Acquired Entity, Due Date of First Installment Payment | ' | 27-Jun-14 | ' |
Business Acquisition, Cost of Acquired Entity, Due Date of Second Installment Payment | ' | 31-Dec-14 | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Description of Variable Rate Basis | ' | 'six-month LIBOR | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Basis Spread on Variable Rate | 3.00% | 3.00% | ' |
Business Combination Acquisition Related Costs | ' | 403,000 | ' |
Discount Rate Assumed in Applying Income Approach | 19.00% | 19.00% | ' |
Business Combination ProForma Information Revenue of Acquiree Since Acquisition Date, Actual | 17,300,000 | 24,500,000 | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | ' | -25,000,000 | ' |
Goodwill, Purchase Accounting Adjustments | ' | $25,000,000 | ' |
Note_3_Business_Combination_De
Note 3 Business Combination (Details) (USD $) | Dec. 31, 2013 | Jun. 27, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Business Acquisition, Purchase Price Allocation [Abstract] | ' | ' | ' |
Inventories | ' | $800 | ' |
Property, Plant and Equipment | ' | 36 | ' |
Identifiable Intangible Assets | ' | 24,000 | ' |
Total Identifiable Net Assets | ' | 24,836 | ' |
Goodwill | 25,164 | 25,164 | 0 |
Total purchase price | ' | $50,000 | ' |
Note_3_Business_Combination_De1
Note 3 Business Combination (Details) (Pro Forma) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $89,348 | $83,871 | $270,333 | $277,685 |
Business Acquisition, Pro Forma Net Income | $2,817 | $2,386 | $12,972 | $14,247 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.09 | $0.08 | $0.42 | $0.46 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.09 | $0.08 | $0.41 | $0.45 |
Note_4_Fair_Value_Narratives_D
Note 4 Fair Value (Narratives) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 |
Auction Market Preferred Securities [Abstract] | ' | ' |
Collateralized Asset Value Exceeding Value of ARPS Percentage | 300.00% | ' |
Auction Rate Preferred Securities, Credit Ratings | 'AAA | ' |
Auction Rate Preferred Securities, Percentage Collateralized | 100.00% | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Fair Value | $51.90 | $21.40 |
Note_4_Fair_Value_Details
Note 4 Fair Value (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Marketable Equity Securities | $3,449 | $4,116 | ||
Auction Rate Preferred Securities | 350 | 350 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money Market Funds | 57,023 | [1],[2] | 67,959 | [1],[2] |
Marketable Equity Securities | 3,449 | [1],[3] | 4,116 | [1],[3] |
Auction Rate Preferred Securities | 350 | [1],[3] | 350 | [1],[3] |
Derivative Liabilities | -136 | [1],[4] | -198 | [1],[4] |
Fair Value, Net Asset (Liability) | 60,686 | [1] | 72,227 | [1] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money Market Funds | 57,023 | [1],[2] | 67,959 | [1],[2] |
Marketable Equity Securities | 3,449 | [1],[3] | 4,116 | [1],[3] |
Fair Value, Net Asset (Liability) | 60,472 | [1] | 72,075 | [1] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Auction Rate Preferred Securities | 350 | [1],[3] | 350 | [1],[3] |
Derivative Liabilities | -136 | [1],[4] | -198 | [1],[4] |
Fair Value, Net Asset (Liability) | $214 | [1] | $152 | [1] |
[1] | We did not have any recurring assets whose fair value was measured using significant unobservable inputs. | |||
[2] | Included in "Cash and cash equivalents" on our unaudited condensed consolidated balance sheets. | |||
[3] | Included in "Other assets" on our unaudited condensed consolidated balance sheets. | |||
[4] | Included in "Accrued expenses and other current liabilities" on our unaudited condensed consolidated balance sheets. |
Note_5_Other_Assets_Details
Note 5 Other Assets (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets Noncurrent Disclosure [Abstract] | ' | ' |
Marketable Equity Securities | $3,449 | $4,116 |
Auction Rate Preferred Securities | 350 | 350 |
Long Term Equity Investments | 5,727 | 5,449 |
Other Items | 1,325 | 320 |
Other Assets, Total | $10,851 | $10,235 |
Note_6_Inventories_Details
Note 6 Inventories (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw Materials | $20,950 | $17,349 |
Work in Process | 44,683 | 41,036 |
Finished Goods | 28,014 | 25,444 |
Inventory Net, Total | $93,647 | $83,829 |
Note_7_Accrued_Expenses_and_Ot2
Note 7 Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ' |
Uninvoiced Goods and Services | $9,384 | $8,204 |
Compensation and Benefits | 5,933 | 5,950 |
Short Term Installment Payment Obligation | 30,528 | 0 |
Commission, Royalties and Other | 3,844 | 2,838 |
Accrued Liabilities Current, Total | $49,689 | $16,992 |
Note_8_Goodwill_and_Intangible2
Note 8 Goodwill and Intangible Assets (Narratives) (Details) (USD $) | Dec. 31, 2013 | Jun. 27, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Goodwill Line Items | ' | ' | ' |
Goodwill | $25,164 | $25,164 | $0 |
Note_8_Goodwill_and_Intangible3
Note 8 Goodwill and Intangible Assets (Acquired Finite-Lived Intangible Assets) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value | $24,000 |
Developed Intellectual Property [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value | 11,504 |
Finite-Lived Intangible Assets, Amortization Method | 'Straight-line |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | '60 months |
Customer Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value | 6,920 |
Finite-Lived Intangible Assets, Amortization Method | 'Accelerated |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | '36 months |
Contract Backlog [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value | 5,155 |
Finite-Lived Intangible Assets, Amortization Method | 'Straight-line |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | '9 months |
Noncompetition Agreement [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value | $421 |
Finite-Lived Intangible Assets, Amortization Method | 'Straight-line |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | '60 months |
Note_8_Goodwill_and_Intangible4
Note 8 Goodwill and Intangible Assets (Finite-Lived Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | $38,087 | $14,087 |
Accumulated Amortization | 18,315 | 11,194 |
Net Intangible Assets | 19,772 | 2,893 |
Developed Intellectual Property [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 16,304 | 4,800 |
Accumulated Amortization | 4,208 | 2,458 |
Net Intangible Assets | 12,096 | 2,342 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 13,020 | 6,100 |
Accumulated Amortization | 7,830 | 6,100 |
Net Intangible Assets | 5,190 | 0 |
Contract Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 7,155 | 2,000 |
Accumulated Amortization | 5,437 | 2,000 |
Net Intangible Assets | 1,718 | 0 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 1,608 | 1,187 |
Accumulated Amortization | 840 | 636 |
Net Intangible Assets | $768 | $551 |
Note_9_Borrowing_and_Deferred_1
Note 9 Borrowing and Deferred Payment Arrangements (Narratives) (Details) | 9 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | IKB Deutshe Industriebank Loan Payable [Member] | IKB Deutshe Industriebank Loan Payable [Member] | Minimum [Member] | Maximum [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | |
N | USD ($) | EUR (€) | IKB Deutshe Industriebank Loan Payable [Member] | IKB Deutshe Industriebank Loan Payable [Member] | USD ($) | Minimum [Member] | Maximum [Member] | |
Acquisition Deferred Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Total | $30,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Each Installment | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Number of Installment Payments | 2 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Due Date of First Installment Payment | 27-Jun-14 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Due Date of Second Installment Payment | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Description of Variable Rate Basis | 'six-month LIBOR | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Basis Spread on Variable Rate | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Interest Rate at Period End | 3.42% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | 6-Dec-13 | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | 30-Nov-15 | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | 15,000,000 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 50,000,000 | ' | ' |
Line of Credit Facility, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 0.75% | 2.50% |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | 1.92% | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | 0.25% | 0.63% |
Available Credit Line for Letter of Credit | ' | ' | ' | ' | ' | 3,000,000 | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 12,200,000 | 10,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | 10-Jun-05 | 10-Jun-05 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | 30-Jun-20 | 30-Jun-20 | ' | ' | ' | ' | ' |
Debt Instrument, Payment Terms | ' | 'each fiscal quarter | 'each fiscal quarter | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | 'three month Euribor rate | 'three month Euribor rate | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 0.70% | 1.25% | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | 230,000 | 167,000 | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | $6,200,000 | € 4,500,000 | ' | ' | ' | ' | ' |
Derivative, Inception Date | ' | 30-Jun-10 | 30-Jun-10 | ' | ' | ' | ' | ' |
Derivative, Maturity Date | ' | 30-Jun-15 | 30-Jun-15 | ' | ' | ' | ' | ' |
Derivative, Swaption Interest Rate | ' | 1.99% | 1.99% | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | 2.69% | 2.69% | ' | ' | ' | ' | ' |
Note_10_Restructuring_Charges_1
Note 10 Restructuring Charges (Narratives) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and Related Activities, Description | ' In the quarter ended September 30, 2009, we initiated plans to restructure our European manufacturing and assembly operations to align them to current market conditions. The plans primarily involved the termination of employees and centralization of certain positions. Costs related to termination of employees represented severance payments and benefits. | ' | ' |
Restructuring and Related Activities, Completion Date | 31-Dec-13 | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | ($73) | $0 | $0 |
Note_10_Restructuring_Charges_2
Note 10 Restructuring Charges (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Reserve Balance, Beginning Balance | $73 | $70 | $69 |
Charges | -73 | 0 | 0 |
Cash Payments | 0 | 0 | 0 |
Currency Translation Adjustment | 0 | 3 | 1 |
Reserve Balance, Ending Balance | $0 | $73 | $70 |
Note_11_Pension_Plans_Narrativ
Note 11 Pension Plans (Narratives) (Details) (USD $) | 3 Months Ended |
Dec. 31, 2013 | |
N | |
Pension and Other Postretirement Benefits Disclosure [Abstract] | ' |
Number of Defined Benefit Plans | 3 |
Defined Benefit Plan, Measurement Date | 'March 31 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $978,000 |
Note_11_Pension_Plans_Net_Peri
Note 11 Pension Plans (Net Periodic Pension Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service Cost | $27 | $25 | $82 | $74 |
Interest Cost on Projected Benefit Obligation | 479 | 478 | 1,398 | 1,417 |
Expected Return on Plan Assets | -427 | -385 | -1,245 | -1,143 |
Recognized Actuarial Loss | 61 | 42 | 177 | 126 |
Net Periodic Pension Expense | $140 | $160 | $412 | $474 |
Note_11_Pension_Plans_Informat
Note 11 Pension Plans (Information on Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $28,450 | $25,129 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23,640 | 20,561 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,807 | 4,561 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 7 |
Cash and Cash Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 918 | 669 |
Cash and Cash Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 918 | 669 |
Currency Contracts [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23 | -15 |
Currency Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23 | -15 |
Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 21,497 | 18,420 |
Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 21,495 | 18,411 |
Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 3 |
Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 6 |
Fixed Interest [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5,991 | 6,006 |
Fixed Interest [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,227 | 1,479 |
Fixed Interest [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,763 | 4,525 |
Fixed Interest [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 2 |
Mortgage Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 14 | 11 |
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 14 | 11 |
Swaps [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 38 |
Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 2 |
Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 37 |
Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | ($1) |
Note_12_Employee_Equity_Incent2
Note 12 Employee Equity Incentive Plans (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Plan 2013 Approved on August 30, 2013 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | 2,000,000 |
Plan 2009 Approved on September 10, 2009 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | 900,000 |
Plan 2011 Approved on September 16, 2011 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | 600,000 |
Stock Options of Plans 2009 2011 and 2013 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Per Share Option Exercise Price as a Percentage of Fair Market Value on Grant Date Not Less Than | 100.00% | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years 0 months 0 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration from Award Date | 'ten years from the date of grant | ' |
Stock Appreciation Rights of Plans 2009 and 2011 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Per Share Option Exercise Price as a Percentage of Fair Market Value on Grant Date Not Less Than | 100.00% | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration from Award Date | 'no later than 10 years from the grant date | ' |
Zilog 2004 Plan [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Assumed | 652,963 | 652,963 |
Employee Stock Purchase Plan 1999 Approved in May 1999 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | 500,000 |
ESPP Discounted Purchase Price Percentage | 85.00% | 85.00% |
ESPP Purchase Period | 'semi-annual | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 15.00% | 15.00% |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | 98,865 |
Number of Employee Stock Purchase Plan Shares Available for Future Issuance | 87,490 | 87,490 |
Subsequent ESPP Purchase Approval on July 31, 2007 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | 350,000 |
Subsequent ESPP Purchase Approval on July 9, 2010 [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | 350,000 |
Equity Incentive Plans Total [Member] | ' | ' |
Employee Equity Incentive Plans [Line Items] | ' | ' |
Unrecognized Compensation Cost of Stock Option Granted | 5.2 | 5.2 |
Weighted Average Period of the Unrecognized Compensation Cost to be Recognized | '2 years 6 months 0 days | ' |
Note_12_Employee_Equity_Incent3
Note 12 Employee Equity Incentive Plans (Allocated Share-based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Stock-based Compensation Effect in Income before Taxes | $692 | $726 | $2,033 | $2,857 | ' | ' | ||||
Provision for Income Taxes | 242 | [1] | 254 | [1] | 712 | [1] | 1,000 | [1] | ' | ' |
Net Stock-based Compensation Effects on Net Income | 450 | 472 | 1,321 | 1,857 | ' | ' | ||||
Estimated Statutory Income Tax Rate | ' | ' | ' | ' | 35.00% | 35.00% | ||||
Cost of Goods Sold [Member] | ' | ' | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Stock-based Compensation Effect in Income before Taxes | 101 | 88 | 350 | 318 | ' | ' | ||||
Research, Development and Engineering [Member] | ' | ' | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Stock-based Compensation Effect in Income before Taxes | 247 | 252 | 703 | 815 | ' | ' | ||||
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Stock-based Compensation Effect in Income before Taxes | $344 | $386 | $980 | $1,724 | ' | ' | ||||
[1] | Estimated at an income tax rate of 35% in fiscal 2014 and fiscal 2013. |
Note_12_Employee_Equity_Incent4
Note 12 Employee Equity Incentive Plans (Fair Value and Assumptions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Employee Stock Option [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Line Items] | ' | ' | ' | ' | ||
Weighted Average Estimated Fair Value of Grant Per Share | ' | ' | $4.95 | [1] | $5.21 | [1] |
Risk-free Interest Rate | ' | ' | 1.90% | [1] | 1.00% | [1] |
Expected Term in Years | ' | ' | '6 years 1 month 6 days | [1] | '6 years 3 months 18 days | [1] |
Volatility | ' | ' | 55.50% | [1] | 55.40% | [1] |
Dividend Yield | ' | ' | 0.00% | [1] | 0.00% | [1] |
Employee Stock Purchase Plan 1999 [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Line Items] | ' | ' | ' | ' | ||
Weighted Average Estimated Fair Value of Grant Per Share | $2.94 | $2.81 | $2.75 | $3.22 | ||
Risk-free Interest Rate | 0.10% | 0.10% | 0.10% | 0.20% | ||
Expected Term in Years | '0 years 6 months 0 days | '0 years 6 months 0 days | '0 years 6 months 0 days | '0 years 6 months 0 days | ||
Volatility | 35.00% | 46.00% | 37.00% | 46.40% | ||
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% | ||
[1] | No Stock options were granted during the quarters ended December 31, 2013 and 2012. |
Note_12_Employee_Equity_Incent5
Note 12 Employee Equity Incentive Plans (Option Activity) (Details) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | |
Options Outstanding Intrinsic Value [Abstract] | ' | ' | |
Aggregate Intrinsic Value, Exercised | $1,168 | [1] | ' |
Share-based Compensation Arrangement by Share-based Payment Award Options Weighted Average Exercise Price Per Share [Abstract] | ' | ' | |
Options Outstanding | $10.13 | $10.04 | |
Options Granted | $9.27 | ' | |
Options Exercised | $7.87 | ' | |
Options Cancelled | $11.42 | ' | |
Options Expired | $9.96 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | |
Number of Shares, Exercisable | 4,061,923 | 4,065,473 | |
Weighted Average Exercise Price Per Share, Exercisable | $10 | $9.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | |
Number of Shares Outstanding, Beginning Balance | 5,327,473 | ' | |
Options Granted | 239,000 | ' | |
Options Exercised | -323,050 | ' | |
Options Cancelled | -34,000 | ' | |
Options Expired | -6,500 | ' | |
Number of Shares Outstanding, Ending Balance | 5,202,923 | ' | |
[1] | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note_13_Accumulated_Other_Comp2
Note 13 Accumulated Other Comprehensive Income (Loss) (AOCI Change) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Line Items] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $4,692 | ($3,093) | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | -119 | 31 | ||
Accumulated Other Comprehensive Income (Loss), Pension, Tax | -1,941 | ' | ||
Foreign Currency [Member] | ' | ' | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Line Items] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11,048 | 2,982 | ||
Other Comprehensive Income (Loss) before Reclassifications | 8,066 | ' | ||
Net Current Period Other Comprehensive Income (Loss) | 8,066 | ' | ||
Unrealized (Gains) Losses on Securities [Member] | ' | ' | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Line Items] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -221 | [1] | 60 | [1] |
Other Comprehensive Income (Loss) before Reclassifications | -224 | ' | ||
Net Losses (Gains) Reclassification from Accumulated Other Comprehensive Income (Loss) | -57 | ' | ||
Net Current Period Other Comprehensive Income (Loss) | -281 | ' | ||
Defined Benefit Pension Plans [Member] | ' | ' | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Line Items] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -6,135 | [2] | -6,135 | [2] |
Other Comprehensive Income (Loss) before Reclassifications | 0 | ' | ||
Net Current Period Other Comprehensive Income (Loss) | 0 | ' | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Line Items] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,692 | -3,093 | ||
Other Comprehensive Income (Loss) before Reclassifications | 7,842 | ' | ||
Net Losses (Gains) Reclassification from Accumulated Other Comprehensive Income (Loss) | -57 | ' | ||
Net Current Period Other Comprehensive Income (Loss) | $7,785 | ' | ||
[1] | Net of Taxes of $(119) at December 31, 2013, and $31 at March 31, 2013. | |||
[2] | Net of Taxes of $(1,941). |
Note_13_Accumulated_Other_Comp3
Note 13 Accumulated Other Comprehensive Income (Loss) (AOCI Reclass) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ' |
Gain (Loss) on Investments Reclassified out of Accumulated Other Comprehensive Income (Loss) | $88 |
Tax Effect on Gain (Loss) on Investments Reclassified out of Accumulated Other Comprehensive Income (Loss) | -31 |
Net Gain (Loss) on Investments Reclassified out of Accumulated Other Comprehensive Income (Loss) | $57 |
Note_14_Computation_of_Earning2
Note 14 Computation of Earnings Per Share (Narratives) (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 840,000 | 482,000 | 750,000 | 695,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,002,055 | 3,355,738 | 2,780,263 | 2,627,911 |
Note_14_Computation_of_Earning3
Note 14 Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income | $552 | $1,189 | $5,914 | $9,553 |
Weighted Average Shares - Basic | 31,192 | 31,005 | 31,088 | 31,222 |
Weighted Average Shares - Diluted | 32,032 | 31,487 | 31,838 | 31,917 |
Net Income Per Share - Basic | $0.02 | $0.04 | $0.19 | $0.31 |
Net Income Per Share - Diluted | $0.02 | $0.04 | $0.19 | $0.30 |
Note_15_Segment_and_Geographic2
Note 15 Segment and Geographic Information (Narratives) (Details) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
N | N | N | |
Segment Reporting [Abstract] | ' | ' | ' |
Top Customer Percentage More Than 10% of Total Revenue | 13.60% | 11.40% | 13.30% |
Second Customer Percentage More Than 10% of Total Revenue | ' | 10.20% | 10.50% |
Number of Major Customers | 1 | 2 | 2 |
Note_15_Segment_and_Geographic3
Note 15 Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | $89,348 | $63,812 | $246,435 | $213,130 |
Power Semiconductors [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 52,688 | 45,011 | 164,074 | 152,796 |
Integrated Circuits [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 31,155 | 13,401 | 65,755 | 44,100 |
System and RF Power Semiconductors [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 5,505 | 5,400 | 16,606 | 16,234 |
United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 21,959 | 19,431 | 66,043 | 64,594 |
France [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 1,097 | 1,138 | 3,729 | 3,836 |
Germany [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 7,376 | 7,433 | 24,538 | 24,036 |
Italy [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 1,280 | 798 | 3,274 | 2,729 |
Sweden [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 1,142 | 1,115 | 3,810 | 3,540 |
Switzerland [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 919 | 952 | 3,033 | 2,603 |
United Kingdom [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 4,177 | 5,465 | 14,924 | 19,018 |
China [Member] | Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 27,631 | 9,699 | 62,572 | 33,669 |
Japan [Member] | Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 1,238 | 1,348 | 4,644 | 4,893 |
Korea [Member] | Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 5,503 | 1,746 | 12,807 | 6,071 |
Malaysia [Member] | Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 881 | 1,108 | 2,504 | 3,557 |
Singapore [Member] | Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 3,048 | 2,287 | 8,792 | 7,441 |
India [Member] | Rest Of World [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 1,147 | 1,251 | 3,694 | 4,523 |
Other Geographic Regions [Member] | Europe and Middle East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 6,943 | 6,154 | 20,125 | 19,624 |
Other Geographic Regions [Member] | Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 2,631 | 2,235 | 6,720 | 7,386 |
Other Geographic Regions [Member] | Rest Of World [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | $2,376 | $1,652 | $5,226 | $5,610 |
Note_16_Income_Taxes_Narrative
Note 16 Income Taxes (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Total Income Tax Provision | $2,665 | $782 | $4,952 | $5,092 |
Effective Tax Provision Rate | 82.80% | 39.70% | 45.60% | 34.80% |
Note_17_Commitments_and_Contin1
Note 17 Commitments and Contingencies (Narratives) (Details) (USD $) | 9 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
N | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | |
Acquisition Deferred Payments [Abstract] | ' | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Total | $30 | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Each Installment | 15 | ' |
Business Acquisition, Cost of Acquired Entity, Deferred Payments, Number of Installment Payments | 2 | ' |
Business Acquisition, Cost of Acquired Entity, Due Date of First Installment Payment | 27-Jun-14 | ' |
Business Acquisition, Cost of Acquired Entity, Due Date of Second Installment Payment | 31-Dec-14 | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Initiation Date | ' | 6-Dec-13 |
Line of Credit Facility, Expiration Date | ' | 30-Nov-15 |
Line of Credit Facility, Amount Outstanding | ' | 15 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 50 |
Available Credit Line for Letter of Credit | ' | $3 |