Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 23, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | IXYS CORP /DE/ | |
Trading Symbol | IXYS | |
Entity Central Index Key | 945699 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -28 | |
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 | 31,649,158 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $112,989 | $98,438 |
Restricted cash | 297 | 337 |
Accounts receivable, net of allowances of $2,953 at December 31, 2014 and $3,013 at March 31, 2014 | 37,829 | 45,707 |
Inventories | 89,140 | 93,028 |
Prepaid expenses and other current assets | 3,169 | 9,520 |
Deferred income taxes | 7,646 | 7,975 |
Total current assets | 251,070 | 255,005 |
Property, plant and equipment, net | 45,565 | 50,569 |
Intangible assets, net | 11,802 | 16,347 |
Goodwill | 27,641 | 25,164 |
Deferred income taxes | 24,291 | 24,316 |
Other assets | 15,229 | 11,781 |
Total assets | 375,598 | 383,182 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 931 | 2,468 |
Current portion of loans payable | 45,854 | 1,028 |
Accounts payable | 10,671 | 15,684 |
Accrued expenses and other current liabilities | 19,480 | 50,166 |
Total current liabilities | 76,936 | 69,346 |
Capitalized lease obligations, net of current portion | 73 | 723 |
Long-term loans, net of current portion | 4,123 | 19,831 |
Pension liabilities | 12,966 | 15,545 |
Other long-term liabilities | 7,093 | 7,105 |
Total liabilities | 101,191 | 112,550 |
Commitments and contingencies (Note 16) | ||
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; 38,116,884 issued and 31,649,158 outstanding at December 31, 2014 and 38,016,909 issued and 31,353,819 outstanding at March 31, 2014) | 381 | 380 |
Additional paid-in capital | 208,862 | 206,290 |
Treasury stock, at cost: 6,467,726 common shares at December 31, 2014 and 6,663,090 common shares at March 31, 2014 | -57,059 | -58,782 |
Retained earnings | 130,446 | 117,715 |
Accumulated other comprehensive income (loss) | -8,223 | 5,029 |
Total stockholders' equity | 274,407 | 270,632 |
Total liabilities and stockholders' equity | $375,598 | $383,182 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ||
Accounts receivable allowance for doubtful accounts | $2,953 | $3,013 |
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 | 38,116,884 | 38,016,909 |
Common stock, shares outstanding | 31,649,158 | 31,353,819 |
Treasury stock, shares | 6,467,726 | 6,663,090 |
Statement_of_Earnings
Statement of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||||
Net revenues | $81,326 | $89,348 | $255,841 | $246,435 |
Cost of goods sold | 55,811 | 63,565 | 179,156 | 171,614 |
Gross profit | 25,515 | 25,783 | 76,685 | 74,821 |
Operating expenses: | ||||
Research, development and engineering | 6,289 | 7,894 | 20,487 | 23,034 |
Selling, general and administrative | 10,191 | 10,028 | 31,668 | 30,654 |
Amortization of acquired intangible assets | 1,419 | 3,425 | 4,545 | 7,096 |
Total operating expenses | 17,899 | 21,347 | 56,700 | 60,784 |
Operating income | 7,616 | 4,436 | 19,985 | 14,037 |
Other income (expense): | ||||
Interest income | 57 | 40 | 153 | 116 |
Interest expense | -392 | -458 | -1,124 | -1,151 |
Other income (expense), net | 108 | -801 | 2,481 | -2,136 |
Income before income tax provision | 7,389 | 3,217 | 21,495 | 10,866 |
Provision for income tax | -767 | -2,665 | -5,551 | -4,952 |
Net income | $6,622 | $552 | $15,944 | $5,914 |
Net income per share: | ||||
Basic | $0.21 | $0.02 | $0.51 | $0.19 |
Diluted | $0.21 | $0.02 | $0.50 | $0.19 |
Cash dividends per common share | $0.04 | $0.03 | $0.10 | $0.09 |
Weighted average shares used in per share calculation: | ||||
Basic | 31,585 | 31,192 | 31,488 | 31,088 |
Diluted | 32,231 | 32,032 | 32,173 | 31,838 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Income and Comprehensive Income [Abstract] | ||||
Net Income | $6,622 | $552 | $15,944 | $5,914 |
Foreign currency translation adjustments | -4,828 | 2,151 | -12,928 | 8,066 |
Changes in unrealized loss, net of tax benefits of $(151) and $(493) for the three and nine months ended December 31, 2014 and net of tax benefits of $(101) and $(119) for the three and nine months ended December 31, 2013 | -281 | -188 | -919 | -223 |
Reclassification adjustment for net losses (gains) realized in net income, net of tax expenses of $331 and $320 for the three and nine months ended December 31, 2014 and net of tax expense (benefit) of $0 and $(31) for the three and nine months ended December 31, 2013 | 614 | 0 | 595 | -58 |
Net change in market value of investments | 333 | -188 | -324 | -281 |
Total comprehensive income (loss) | $2,127 | $2,515 | $2,692 | $13,699 |
Statement_of_Comprehensive_Inc1
Statement of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Income and Comprehensive Income [Abstract] | ||||
Taxes (benefits) on changes in unrealized gain (loss) | ($151) | ($101) | ($493) | ($119) |
Taxes (benefits) on reclassification adjustment for sales of securities included in net income | $331 | $0 | $320 | ($31) |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net Income | $15,944 | $5,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 13,231 | 14,706 |
Provision for receivable allowances | 7,264 | 6,389 |
Net change in inventory provision | 2,072 | 1,392 |
Foreign currency adjustments on intercompany amounts | -3,078 | 760 |
Stock-based compensation | 2,127 | 2,033 |
Loss (gain) on investments and disposal of fixed assets | 838 | -256 |
Changes in operating assets and liabilities, net of business acquired: | ||
Accounts receivable | -1,110 | -6,779 |
Inventories | -3,941 | -6,665 |
Prepaid expenses and other current assets | 5,464 | -584 |
Other assets | 615 | -942 |
Accounts payable | -4,934 | -146 |
Accrued expenses and other liabilities | -374 | 2,278 |
Pension liabilities | -1,021 | -1,146 |
Net cash provided by (used in) operating activities | 33,097 | 16,954 |
Cash flows from investing activities: | ||
Change in restricted cash | 40 | -23 |
Purchase of business, net of cash and cash equivalents acquired and installment payments | -2,297 | -20,000 |
Purchases of investments | -5,887 | 0 |
Purchases of property and equipment | -5,468 | -5,813 |
Proceeds from sale of investments | 54 | 324 |
Net cash provided by (used in) investing activities | -13,558 | -25,512 |
Cash flows from financing activities: | ||
Principal payments on capital lease obligations | -1,965 | -1,903 |
Repayments of loans and notes payable | -914 | -516 |
Repayments of installment payment of business acquisition | -30,000 | 0 |
Proceeds from loans | 30,000 | 0 |
Proceeds from employee equity plans | 2,360 | 3,456 |
Purchases of treasury stock | 0 | -493 |
Payment of cash dividends to stockholders | -2,047 | -2,803 |
Net cash provided by (used in) financing activities | -2,566 | -2,259 |
Effect of exchange rate fluctuations on cash and cash equivalents | -2,422 | 2,508 |
Net increase (decrease) in cash and cash equivalents | 14,551 | -8,309 |
Cash and cash equivalents at beginning of period | 98,438 | 107,116 |
Cash and cash equivalents at end of period | $112,989 | $98,807 |
Note_1_Unaudited_Condensed_Con
Note 1 Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 31, 2014 | |
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. They 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, 2014 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, 2014, or fiscal 2014, 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, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements and Accounting Changes [Text Block] | 2. Recent Accounting Pronouncements and Accounting Changes |
In July 2013, the Financial Accounting Standards Board, or 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 became effective for us in the fiscal year that began on April 1, 2014 and did not have a material impact on our financial statements. | |
In April 2014, FASB issued changes to the criteria for determining which disposals are required to be presented as discontinued operations. The changes require a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when any of the following occurs: the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, the component of an entity or group or components of an entity is disposed of by sale, or the component of an entity or group of components of an entity is disposed of other than by sale. The amendments apply on a prospective basis to disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements. | |
In May 2014, FASB issued a new standard on the recognition of revenue from contracts with customers, which includes a single set of rules and criteria for revenue recognition to be used across all industries. The revenue standard's core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the entity satisfies a performance obligation. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early adoption is prohibited. Different transition methods are available — full retrospective method, retrospective with certain practical expedients, and a modified retrospective (cumulative effect) approach. We are currently evaluating the impact of the adoption of the standard on our financial statements. | |
In August 2014, FASB issued a new standard on the disclosure of uncertainties about an entity's ability to continue as a going concern. The guidance seeks to define management's responsibility to decide whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early application is permitted. We are currently evaluating the impact of the adoption of the standard on our financial statements. | |
In November 2014, FASB issued a new standard on pushdown accounting in business acquisitions. The standard provides guidance on whether and at what threshold an acquired entity that is a business can apply pushdown accounting in its separate financial statements. This standard was effective for us on November 18, 2014 and the adoption of the standard did not have significant impact on our financial statements. | |
Note_3_Business_Combinations
Note 3 Business Combinations | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | 3. Business Combinations | ||||||||
Acquired MCU Business | |||||||||
On June 27, 2013, we completed the acquisition of an 8-bit microcontroller product line, or the Acquired MCU Business, from 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 was 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 was $50.0 million. The closing payment was $20.0 million and we were obligated to pay $30.0 million in two installment payments of $15.0 million each. The first installment and interest were paid on June 26, 2014 and the second installment and interest were paid on December 23, 2014. The installment payments and interest were included in “Accrued expenses and other current liabilities” on our March 31, 2014 condensed consolidated balance sheet. | |||||||||
We incurred $403,000 in legal and consulting costs related to the acquisition in fiscal 2014. The costs incurred were fully expensed and 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 (in thousands): | |||||||||
Purchase Price Allocation | |||||||||
(unaudited) | |||||||||
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 non-competition 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, the non-competition agreement, contract backlog and customer relationships. The goodwill arising from the acquisition was largely attributable to the synergies expected to be realized after our acquisition and integration of the Acquired MCU Business. The goodwill is not deductible for tax purposes. | |||||||||
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) | |||||||
(unaudited) | |||||||||
Developed intellectual property | $ | 11,504 | Straight-line | 60 | |||||
Customer relationships | 6,920 | Accelerated | 36 | ||||||
Contract backlog | 5,155 | Straight-line | 9 | ||||||
Non-competition agreement | 421 | Straight-line | 60 | ||||||
Total | $ | 24,000 | |||||||
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 installment 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 financial 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 financial results of IXYS Corporation for the nine months ended December 31, 2013 and the historical financial results of the Acquired MCU Business for the three months ended March 31, 2013 (in thousands, except per share data): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
31-Dec-13 | 31-Dec-13 | ||||||||
(unaudited) | (unaudited) | ||||||||
Pro forma net revenues | $ | 89,348 | $ | 270,333 | |||||
Pro forma net income | $ | 2,817 | $ | 12,972 | |||||
Pro forma net income per share (basic) | $ | 0.09 | $ | 0.42 | |||||
Pro forma net income per share (diluted) | $ | 0.09 | $ | 0.41 | |||||
Other Acquisition | |||||||||
In the quarter ended June 30, 2014, we completed a business acquisition for a cash consideration of $2.3 million, net of cash acquired. The acquisition resulted in a preliminary goodwill of $2.8 million and we assumed debt of $723,000. The goodwill balance as of December 31, 2014 reflected a cumulative reduction of $304,000 caused by changes in the foreign exchange translation rate. This acquisition was not significant to our unaudited condensed consolidated financial statements for the current period. As of December 31, 2014, we are in the process of reviewing the fair value calculation prior to finalizing the purchase price allocation during the quarter ended March 31, 2015. The finalization of the valuation is not expected to have a material effect on our consolidated financial position. | |||||||||
Equity Investment | |||||||||
On December 12, 2014, we acquired 24.3% of the outstanding common shares of Automated Technology (Phil.), Inc., or ATEC, for a purchase price of $5.9 million. ATEC is a supplier located in the Philippines that provides assembly and test services and the acquisition is part of a vertical integration strategy. The investment is accounted for by the equity method and is included in “Other assets” on our unaudited condensed consolidated balance sheet. | |||||||||
The investment was initially recorded at cost. Subsequent periodic adjustments to cost will be made to record our share in the operating results of ATEC, subsequent cash contributions and distributions and our share of the differences between the fair value and carrying cost of assets acquired and liabilities assumed. Due to the short period between the investment and the quarter-end, we did not recognize any equity income or loss during the quarter ended December 31, 2014. As of December 31, 2014, based on the unaudited financial statements of ATEC, ATEC had total assets of $23.2 million and total liabilities of $7.4 million. | |||||||||
We incurred approximately $14,000 in legal and consulting expense for the transaction. The costs incurred were expensed and included in “Selling, general and administrative expenses” on our unaudited condensed consolidated statements of operations. |
Note_4_Fair_Value
Note 4 Fair Value | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 non-performance. 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, 2014 and March 31, 2014 (in thousands): | |||||||||||||||||||||
December 31, 2014 (1) | March 31, 2014 (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) | $ | 71,303 | $ | 71,303 | $ | - | $ | 59,706 | $ | 59,706 | $ | - | |||||||||
Marketable equity securities (3) | 2,692 | 2,692 | - | 4,158 | 4,158 | - | |||||||||||||||
Auction rate preferred securities (3) | 350 | - | 350 | 350 | - | 350 | |||||||||||||||
Derivative liabilities (4) | -42 | - | -42 | -112 | - | -112 | |||||||||||||||
Total | $ | 74,303 | $ | 73,995 | $ | 308 | $ | 64,102 | $ | 63,864 | $ | 238 | |||||||||
-1 | We did not have any recurring fair value measurements of assets or liabilities 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. All of the marketable equity securities are subject to a periodic impairment review. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and, our ability and intent to hold or sell the securities. Based on our review, we recognized an other than temporary impairment loss of $945,000 in marketable equity securities during the quarter ended December 31, 2014. | |||||||||||||||||||||
From time to time, we use derivative instruments to manage exposure 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 Installment 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 credit ratings of at least AA, 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 was 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, 2014 and March 31, 2014. 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 pension liabilities, net of plan assets approximate fair value. See Note 10, “Pension Plans” for a discussion of pension liabilities. Our indebtedness for borrowed money and our installment payment obligations at March 31, 2014 approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. The estimated fair value of these items was approximately $50.0 million and $51.6 million as of December 31, 2014 and March 31, 2014, respectively. Our indebtedness for borrowed money, which primarily consists of loans from banks, and our installment payment obligations at March 31, 2014, which consisted of the installment payments for our Acquired MCU Business, are categorized as Level 2 for fair value measurement. |
Note_5_Other_Assets
Note 5 Other Assets | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Assets [Abstract] | |||||||
Other Assets Disclosure [Text Block] | 5. Other Assets | ||||||
Other assets consist of the following (in thousands): | |||||||
December 31, | March 31, | ||||||
2014 | 2014 | ||||||
(unaudited) | |||||||
Marketable equity securities | $ | 2,692 | $ | 4,158 | |||
Auction rate preferred securities | 350 | 350 | |||||
Long-term equity method investments | 11,369 | 5,921 | |||||
Other items | 818 | 1,352 | |||||
Total | $ | 15,229 | $ | 11,781 | |||
Our marketable equity securities and ARPS are classified as available-for-sale-securities. During the quarter ended December 31, 2014, we recognized an other than temporary impairment of $945,000 in our investments in marketable equity securities. The impairment loss was included in “Other income (expenses), net” on our unaudited condensed consolidated statements of operations. See Note 4, “Fair Value” for further information regarding our evaluation of marketable equity securities. | |||||||
On December 12, 2014, we invested $5.9 million to subscribe 24.3% of the outstanding common shares of ATEC. The investment was accounted for using the equity method. |
Note_6_Inventories
Note 6 Inventories | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory Net [Abstract] | |||||||
Inventory Disclosure [Text Block] | 6. Inventories | ||||||
Inventories consist of the following (in thousands): | |||||||
December 31, | March 31, | ||||||
2014 | 2014 | ||||||
(unaudited) | |||||||
Raw materials | $ | 21,577 | $ | 19,957 | |||
Work in process | 40,181 | 44,165 | |||||
Finished goods | 27,382 | 28,906 | |||||
Total | $ | 89,140 | $ | 93,028 | |||
Note_7_Accrued_Expenses_and_Ot
Note 7 Accrued Expenses and Other Current Liabilities | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ||||||||
Accrued Expenses and Other Current Liabilities Disclosure [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, | |||||||
2014 | 2014 | |||||||
(unaudited) | ||||||||
Uninvoiced goods and services | $ | 9,427 | $ | 9,098 | ||||
Compensation and benefits | 4,962 | 6,880 | ||||||
Income taxes | 2,589 | - | ||||||
Short-term installment payment obligations | - | 30,781 | ||||||
Commission, royalties and other | 2,502 | 3,407 | ||||||
Total | $ | 19,480 | $ | 50,166 | ||||
Note_8_Goodwill_and_Intangible
Note 8 Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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 acquisitions. The acquisition of the Acquired MCU Business was completed on June 27, 2013 and resulted in goodwill of $25.2 million. We recorded preliminary goodwill of $2.8 million related to a small acquisition completed during the quarter ended June 30, 2014. The goodwill balance as of December 31, 2014 reflected a cumulative reduction of $304,000 caused by changes in the foreign exchange translation rate. | |||||||||||||||||||
The components in identified intangible assets of our company as of December 31, 2014 and March 31, 2014 were as follows (in thousands): | |||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Developed intellectual property | $ | 16,304 | $ | 7,309 | $ | 8,995 | $ | 16,304 | $ | 4,984 | $ | 11,320 | |||||||
Customer relationships | 13,020 | 10,714 | 2,306 | 13,020 | 8,695 | 4,325 | |||||||||||||
Contract backlog | 7,155 | 7,155 | - | 7,155 | 7,155 | - | |||||||||||||
Other intangible assets | 1,608 | 1,107 | 501 | 1,608 | 906 | 702 | |||||||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 26,285 | $ | 11,802 | $ | 38,087 | $ | 21,740 | $ | 16,347 |
Note_9_Borrowing_and_Installme
Note 9 Borrowing and Installment Payment Arrangements | 9 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. Borrowing and Installment 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, 2014, the outstanding principal under the credit agreement was $45.0 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, 2014 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, 2014, we complied with all of these financial covenants. | |
The credit agreement also includes a $3.0 million letter of credit subfacility. See Note 16, “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, 2014 was €3.7 million, or $4.5 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 on the loan as of December 31, 2014 was 2.69%. The swap 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 $203,000, 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, 2014, 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 Installment Payments | |
We were obligated to pay $30.0 million in two installment payments of $15.0 million each as partial purchase price for the Acquired MCU Business. The first installment and interest were paid on June 26, 2014 and the second installment and interest were paid on December 23, 2014. The installment payments and interest accrual were included in “Accrued expenses and other current liabilities” on our March 31, 2014 condensed consolidated balance sheet. | |
Loans Assumed from Business Acquisition | |
We assumed loans of approximately $723,000 related to an acquisition completed during the quarter ended June 30, 2014. The assumed borrowings were non-interest loans from government agencies to support the research and development activities with maturity dates varying from fiscal 2017 to fiscal 2021, other than a loan of $99,000 that we paid off during the quarter ended September 30, 2014. |
Note_10_Pension_Plans
Note 10 Pension Plans | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Abstract] | |||||||||||||||||||||||||||
Pension Plans [Text Block] | 10. Pension Plans | ||||||||||||||||||||||||||
We maintain three defined benefit pension plans: one for United Kingdom employees, one for 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 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 is held by a separate legal entity. As of December 31, 2014, the German defined benefit plan was completely unfunded. We expect to contribute approximately $1.1 million to the United Kingdom and the Philippines plans in the fiscal year ending March 31, 2015. 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, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Service cost | $ | 26 | $ | 27 | $ | 78 | $ | 82 | |||||||||||||||||||
Interest cost on projected benefit obligation | 443 | 479 | 1,383 | 1,398 | |||||||||||||||||||||||
Expected return on plan assets | -469 | -428 | -1,460 | -1,248 | |||||||||||||||||||||||
Recognized actuarial loss | 17 | 59 | 53 | 172 | |||||||||||||||||||||||
Net periodic pension expense | $ | 17 | $ | 137 | $ | 54 | $ | 404 | |||||||||||||||||||
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, 2014 and March 31, 2014, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands): | |||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Cash and cash funds | $ | 2,612 | $ | - | $ | - | $ | 2,612 | $ | 1,523 | $ | - | $ | - | $ | 1,523 | |||||||||||
Currency contracts | - | -15 | - | -15 | - | -4 | - | -4 | |||||||||||||||||||
Equity | 19,061 | 581 | 6 | 19,648 | 20,946 | 439 | 2 | 21,387 | |||||||||||||||||||
Fixed interest | 743 | 6,030 | 1 | 6,774 | 749 | 5,323 | 1 | 6,073 | |||||||||||||||||||
Mortgage backed securities | - | 16 | - | 16 | - | 15 | - | 15 | |||||||||||||||||||
Swaps and other | - | 121 | - | 121 | 1 | 18 | - | 19 | |||||||||||||||||||
Total | $ | 22,416 | $ | 6,733 | $ | 7 | $ | 29,156 | $ | 23,219 | $ | 5,791 | $ | 3 | $ | 29,013 | |||||||||||
Note_11_Employee_Equity_Incent
Note 11 Employee Equity Incentive Plans | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. 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 non-employee 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 non-employee 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. | ||||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||
The Board of Directors has approved the Amended and Restated 1999 Employee Stock Purchase Plan, or the Purchase Plan, and reserved a total of 1,550,000 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. During the nine months ended December 31, 2014, there were 99,975 shares purchased under the Purchase Plan, leaving approximately 337,515 shares available for purchase under the Purchase 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 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Cost of goods sold | $ | 110 | $ | 101 | $ | 320 | $ | 350 | ||||||||||||||||||
Research, development and engineering | 224 | 247 | 602 | 703 | ||||||||||||||||||||||
Selling, general and administrative expenses | 415 | 344 | 1,205 | 980 | ||||||||||||||||||||||
Stock-based compensation effect in income before taxes | 749 | 692 | 2,127 | 2,033 | ||||||||||||||||||||||
Provision for income taxes (1) | 262 | 242 | 744 | 712 | ||||||||||||||||||||||
Net stock-based compensation effects in net income | $ | 487 | $ | 450 | $ | 1,383 | $ | 1,321 | ||||||||||||||||||
________________ | ||||||||||||||||||||||||||
-1 | Calculated at the U.S. statutory federal income tax rate of 35% in fiscal 2015 and fiscal 2014. | |||||||||||||||||||||||||
During the nine months ended December 31, 2014, 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, 2014, approximately $5.1 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 2.6 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, 2014 and 2013, 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, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Weighted average estimated fair | ||||||||||||||||||||||||||
value of grant per share | na | na | $ | 5.54 | $ | 4.95 | $ | 2.9 | $ | 2.94 | $ | 2.9 | $ | 2.75 | ||||||||||||
Risk-free interest rate | na | na | 1.80% | 1.90% | 0.10% | 0.10% | 0.10% | 0.10% | ||||||||||||||||||
Expected term in years | na | na | 6.3 | 6.1 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Volatility | na | na | 52.20% | 55.50% | 38.70% | 35.00% | 36.90% | 37.00% | ||||||||||||||||||
Dividend yield | na | na | 1.01% | 0% | 1.05% | 0% | 1.06% | 0% | ||||||||||||||||||
(1) No stock options were granted during the quarters ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||
Activity with respect to outstanding stock options for the nine months ended December 31, 2014 was as follows: | ||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Number of | Exercise Price | Intrinsic Value (1) | ||||||||||||||||||||||||
Shares | Per Share | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||
Balance at March 31, 2014 | 5,201,635 | $ | 10.22 | |||||||||||||||||||||||
Options granted | 249,000 | $ | 11.83 | |||||||||||||||||||||||
Options exercised | -313,750 | $ | 8.59 | $ | 1,231 | |||||||||||||||||||||
Options cancelled | -75,250 | $ | 11.37 | |||||||||||||||||||||||
Options expired | -74,500 | $ | 11.17 | |||||||||||||||||||||||
Balance at December 31, 2014 | 4,987,135 | $ | 10.37 | |||||||||||||||||||||||
Exercisable at December 31, 2014 | 3,828,885 | $ | 10.16 | |||||||||||||||||||||||
Exercisable at March 31, 2014 | 3,865,885 | $ | 10 | |||||||||||||||||||||||
-1 | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note_12_Accumulated_Other_Comp
Note 12 Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | 12. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
The components and the changes in accumulated other comprehensive income (loss), net of tax, for the three months ended December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||
Foreign Currency | Unrealized Gains (Losses) on Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
(unaudited) | |||||||||||||||
Balance as of March 31, 2014 | $ | 10,535 | $ | 325 | $ | -5,831 | $ | 5,029 | |||||||
Other comprehensive income (loss) | |||||||||||||||
before reclassifications | -12,928 | -919 | - | -13,847 | |||||||||||
Net losses (gains) reclassified from | |||||||||||||||
accumulated other comprehensive | |||||||||||||||
income | - | 595 | - | 595 | |||||||||||
Net current period other comprehensive | |||||||||||||||
income (loss) | -12,928 | -324 | - | -13,252 | |||||||||||
Balance as of December 31, 2014 | $ | -2,393 | $ | 1 | $ | -5,831 | $ | -8,223 | |||||||
Foreign Currency | Unrealized Gains (Losses) on Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
(unaudited) | |||||||||||||||
Balance as of March 31, 2013 | $ | 2,982 | $ | 60 | $ | -6,135 | $ | -3,093 | |||||||
Other comprehensive income (loss) | |||||||||||||||
before reclassifications | 8,066 | -223 | - | 7,843 | |||||||||||
Net losses (gains) reclassified from | |||||||||||||||
accumulated other comprehensive | |||||||||||||||
income | - | -58 | - | -58 | |||||||||||
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 | |||||||
The amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Impacted Line Item on Consolidated Statements of Operations | |||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Net gain on investments | $ | - | $ | - | $ | 30 | $ | 89 | Other income (expense), net | ||||||
Impairment of marketable securities | -945 | - | -945 | - | Other income (expense), net | ||||||||||
Subtotal | -945 | - | -915 | 89 | Income before income tax provision | ||||||||||
Tax impact | 331 | - | 320 | -31 | Provision for income tax | ||||||||||
Total reclassifications for the period | $ | -614 | $ | - | $ | -595 | $ | 58 | Income before income tax provision |
Note_13_Computation_of_Earning
Note 13 Computation of Earnings Per Share | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 13. 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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Net income | $ | 6,622 | $ | 552 | $ | 15,944 | $ | 5,914 | |||||
Weighted average shares - basic | 31,585 | 31,192 | 31,488 | 31,088 | |||||||||
Weighted average shares - diluted | 32,231 | 32,032 | 32,173 | 31,838 | |||||||||
Net income per share - basic | $ | 0.21 | $ | 0.02 | $ | 0.51 | $ | 0.19 | |||||
Net income per share - diluted | $ | 0.21 | $ | 0.02 | $ | 0.5 | $ | 0.19 | |||||
Diluted weighted average shares includes approximately 646,000 and 840,000 common equivalent shares from stock options for the three months ended December 31, 2014 and 2013, and approximately 685,000 and 750,000 common equivalent shares from stock options for the nine months ended December 31, 2014 and 2013. | |||||||||||||
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, 2014, there were outstanding weighted average options to purchase 2,687,092 and 2,557,883 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, 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. These options could dilute earnings per share in future periods if the market price of the common stock increases. |
Note_14_Segment_and_Geographic
Note 14 Segment and Geographic Information | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 14. 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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
United States | $ | 20,506 | $ | 21,959 | $ | 64,512 | $ | 66,043 | |||||
Europe and the Middle East | |||||||||||||
France | 2,208 | 1,097 | 5,957 | 3,729 | |||||||||
Germany | 7,720 | 7,376 | 24,195 | 24,538 | |||||||||
Italy | 1,189 | 1,280 | 3,571 | 3,274 | |||||||||
Russia | 1,621 | 717 | 4,482 | 2,096 | |||||||||
Sweden | 1,138 | 1,142 | 3,732 | 3,810 | |||||||||
United Kingdom | 4,752 | 4,177 | 15,953 | 14,924 | |||||||||
Other | 6,020 | 7,145 | 19,913 | 21,062 | |||||||||
Asia Pacific | |||||||||||||
China | 20,949 | 27,631 | 61,831 | 62,572 | |||||||||
Japan | 1,675 | 1,238 | 5,637 | 4,644 | |||||||||
Korea | 4,661 | 5,503 | 16,789 | 12,807 | |||||||||
Malaysia | 1,197 | 881 | 4,319 | 2,504 | |||||||||
Singapore | 2,753 | 3,048 | 8,823 | 8,792 | |||||||||
Other | 2,671 | 2,631 | 8,514 | 6,720 | |||||||||
Rest of the World | |||||||||||||
India | 1,150 | 1,147 | 3,779 | 3,694 | |||||||||
Other | 1,116 | 2,376 | 3,834 | 5,226 | |||||||||
Total | $ | 81,326 | $ | 89,348 | $ | 255,841 | $ | 246,435 | |||||
The following table sets forth net revenues for each of our product groups for the three and nine months ended December 31, 2014 and 2013 (in thousands): | |||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Power semiconductors | $ | 52,245 | $ | 52,688 | $ | 165,993 | $ | 164,074 | |||||
Integrated circuits | 23,484 | 31,155 | 70,804 | 65,755 | |||||||||
Systems and RF power semiconductors | 5,597 | 5,505 | 19,044 | 16,606 | |||||||||
Total | $ | 81,326 | $ | 89,348 | $ | 255,841 | $ | 246,435 | |||||
For the three and nine months ended December 31, 2014, a distributor accounted for 10.3% and 10.0% of our net revenues, respectively. For the nine months ended December 31, 2013, this distributor accounted for 11.4% of our net revenues. For the nine months ended December 31, 2014 and 2013, another distributor accounted for 10.6% and 10.2% of our net revenues, respectively. |
Note_15_Income_Taxes
Note 15 Income Taxes | 9 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 15. Income Taxes |
For the three and nine months ended December 31, 2014, we recorded income tax provisions of $767,000 and $5.6 million, reflecting effective tax rates of 10.4% and 25.8%, respectively. 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, 2014, the effective tax rates were affected by changes in estimates of annual income in domestic and foreign jurisdictions. 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. | |
Note_16_Commitments_and_Contin
Note 16 Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies |
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. 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. 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, 2014, the outstanding principal under the credit agreement was $45.0 million. See Note 9, “Borrowing and Installment Payment Arrangements” for further information regarding the terms of the credit agreement. | |
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, 2014 and March 31, 2014. |
Note_17_Subsequent_Events
Note 17 Subsequent Events | 9 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 17. Subsequent Events |
On February 2, 2015, we signed an agreement to acquire RadioPulse, Inc., or RadioPulse. The purchase price consists of up to $16.5 million in cash and up to $6.0 million of earnout payments during the next three years. RadioPulse is a Korean semiconductor company that focuses on wireless connectivity in various market applications. During the year ended December 31, 2014, RadioPulse's revenues were approximately $7.9 million. The acquisition is expected to be consummated by March 31, 2015. |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Financial Statements (Policy) | 9 Months Ended |
Dec. 31, 2014 | |
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. They 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, 2014 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, 2014, or fiscal 2014, 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. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policy) | 9 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements Policy [Policy Text Block] | In July 2013, the Financial Accounting Standards Board, or 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 became effective for us in the fiscal year that began on April 1, 2014 and did not have a material impact on our financial statements. |
In April 2014, FASB issued changes to the criteria for determining which disposals are required to be presented as discontinued operations. The changes require a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when any of the following occurs: the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, the component of an entity or group or components of an entity is disposed of by sale, or the component of an entity or group of components of an entity is disposed of other than by sale. The amendments apply on a prospective basis to disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements. | |
In May 2014, FASB issued a new standard on the recognition of revenue from contracts with customers, which includes a single set of rules and criteria for revenue recognition to be used across all industries. The revenue standard's core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the entity satisfies a performance obligation. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early adoption is prohibited. Different transition methods are available — full retrospective method, retrospective with certain practical expedients, and a modified retrospective (cumulative effect) approach. We are currently evaluating the impact of the adoption of the standard on our financial statements. | |
In August 2014, FASB issued a new standard on the disclosure of uncertainties about an entity's ability to continue as a going concern. The guidance seeks to define management's responsibility to decide whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early application is permitted. We are currently evaluating the impact of the adoption of the standard on our financial statements. | |
In November 2014, FASB issued a new standard on pushdown accounting in business acquisitions. The standard provides guidance on whether and at what threshold an acquired entity that is a business can apply pushdown accounting in its separate financial statements. This standard was effective for us on November 18, 2014 and the adoption of the standard did not have significant impact on our financial statements. | |
Fair_Value_Policy
Fair Value (Policy) | 9 Months Ended |
Dec. 31, 2014 | |
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 non-performance. 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 exposure 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 at March 31, 2014 approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. |
Pension_Plans_Policy
Pension Plans (Policy) | 9 Months Ended |
Dec. 31, 2014 | |
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 United Kingdom employees, one for 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 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 is held by a separate legal entity. |
Employee_Equity_Incentive_Plan
Employee Equity Incentive Plans (Policy) | 9 Months Ended |
Dec. 31, 2014 | |
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 non-employee 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 non-employee 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. | |
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, 2014 | |
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, 2014 | |
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_Combinations_T
Note 3 Business Combinations (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Business Combination Recognized Identifiable Assets Acquired, Goodwill and Liabilities Assumed, Net [Table Text Block] | Purchase Price Allocation | ||||||||
(unaudited) | |||||||||
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 | |||||||
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) | |||||||
(unaudited) | |||||||||
Developed intellectual property | $ | 11,504 | Straight-line | 60 | |||||
Customer relationships | 6,920 | Accelerated | 36 | ||||||
Contract backlog | 5,155 | Straight-line | 9 | ||||||
Non-competition agreement | 421 | Straight-line | 60 | ||||||
Total | $ | 24,000 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended | Nine Months Ended | |||||||
31-Dec-13 | 31-Dec-13 | ||||||||
(unaudited) | (unaudited) | ||||||||
Pro forma net revenues | $ | 89,348 | $ | 270,333 | |||||
Pro forma net income | $ | 2,817 | $ | 12,972 | |||||
Pro forma net income per share (basic) | $ | 0.09 | $ | 0.42 | |||||
Pro forma net income per share (diluted) | $ | 0.09 | $ | 0.41 |
Note_4_Fair_Value_Tables
Note 4 Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2014 (1) | March 31, 2014 (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) | $ | 71,303 | $ | 71,303 | $ | - | $ | 59,706 | $ | 59,706 | $ | - | |||||||||
Marketable equity securities (3) | 2,692 | 2,692 | - | 4,158 | 4,158 | - | |||||||||||||||
Auction rate preferred securities (3) | 350 | - | 350 | 350 | - | 350 | |||||||||||||||
Derivative liabilities (4) | -42 | - | -42 | -112 | - | -112 | |||||||||||||||
Total | $ | 74,303 | $ | 73,995 | $ | 308 | $ | 64,102 | $ | 63,864 | $ | 238 | |||||||||
-1 | We did not have any recurring fair value measurements of assets or liabilities 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, 2014 | |||||||
Other Assets [Abstract] | |||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, | March 31, | |||||
2014 | 2014 | ||||||
(unaudited) | |||||||
Marketable equity securities | $ | 2,692 | $ | 4,158 | |||
Auction rate preferred securities | 350 | 350 | |||||
Long-term equity method investments | 11,369 | 5,921 | |||||
Other items | 818 | 1,352 | |||||
Total | $ | 15,229 | $ | 11,781 | |||
Note_6_Inventories_Tables
Note 6 Inventories (Tables) | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory Net [Abstract] | |||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | March 31, | |||||
2014 | 2014 | ||||||
(unaudited) | |||||||
Raw materials | $ | 21,577 | $ | 19,957 | |||
Work in process | 40,181 | 44,165 | |||||
Finished goods | 27,382 | 28,906 | |||||
Total | $ | 89,140 | $ | 93,028 | |||
Note_7_Accrued_Expenses_and_Ot1
Note 7 Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ||||||||
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | December 31, | March 31, | ||||||
2014 | 2014 | |||||||
(unaudited) | ||||||||
Uninvoiced goods and services | $ | 9,427 | $ | 9,098 | ||||
Compensation and benefits | 4,962 | 6,880 | ||||||
Income taxes | 2,589 | - | ||||||
Short-term installment payment obligations | - | 30,781 | ||||||
Commission, royalties and other | 2,502 | 3,407 | ||||||
Total | $ | 19,480 | $ | 50,166 | ||||
Note_8_Goodwill_and_Intangible1
Note 8 Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Developed intellectual property | $ | 16,304 | $ | 7,309 | $ | 8,995 | $ | 16,304 | $ | 4,984 | $ | 11,320 | |||||||
Customer relationships | 13,020 | 10,714 | 2,306 | 13,020 | 8,695 | 4,325 | |||||||||||||
Contract backlog | 7,155 | 7,155 | - | 7,155 | 7,155 | - | |||||||||||||
Other intangible assets | 1,608 | 1,107 | 501 | 1,608 | 906 | 702 | |||||||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 26,285 | $ | 11,802 | $ | 38,087 | $ | 21,740 | $ | 16,347 |
Note_10_Pension_Plans_Tables
Note 10 Pension Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Service cost | $ | 26 | $ | 27 | $ | 78 | $ | 82 | |||||||||||||||||||
Interest cost on projected benefit obligation | 443 | 479 | 1,383 | 1,398 | |||||||||||||||||||||||
Expected return on plan assets | -469 | -428 | -1,460 | -1,248 | |||||||||||||||||||||||
Recognized actuarial loss | 17 | 59 | 53 | 172 | |||||||||||||||||||||||
Net periodic pension expense | $ | 17 | $ | 137 | $ | 54 | $ | 404 | |||||||||||||||||||
Defined Benefit Plan, Plan Assets Fair Value [Table Text Block] | |||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Cash and cash funds | $ | 2,612 | $ | - | $ | - | $ | 2,612 | $ | 1,523 | $ | - | $ | - | $ | 1,523 | |||||||||||
Currency contracts | - | -15 | - | -15 | - | -4 | - | -4 | |||||||||||||||||||
Equity | 19,061 | 581 | 6 | 19,648 | 20,946 | 439 | 2 | 21,387 | |||||||||||||||||||
Fixed interest | 743 | 6,030 | 1 | 6,774 | 749 | 5,323 | 1 | 6,073 | |||||||||||||||||||
Mortgage backed securities | - | 16 | - | 16 | - | 15 | - | 15 | |||||||||||||||||||
Swaps and other | - | 121 | - | 121 | 1 | 18 | - | 19 | |||||||||||||||||||
Total | $ | 22,416 | $ | 6,733 | $ | 7 | $ | 29,156 | $ | 23,219 | $ | 5,791 | $ | 3 | $ | 29,013 | |||||||||||
Note_11_Employee_Equity_Incent1
Note 11 Employee Equity Incentive Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Cost of goods sold | $ | 110 | $ | 101 | $ | 320 | $ | 350 | ||||||||||||||||||
Research, development and engineering | 224 | 247 | 602 | 703 | ||||||||||||||||||||||
Selling, general and administrative expenses | 415 | 344 | 1,205 | 980 | ||||||||||||||||||||||
Stock-based compensation effect in income before taxes | 749 | 692 | 2,127 | 2,033 | ||||||||||||||||||||||
Provision for income taxes (1) | 262 | 242 | 744 | 712 | ||||||||||||||||||||||
Net stock-based compensation effects in net income | $ | 487 | $ | 450 | $ | 1,383 | $ | 1,321 | ||||||||||||||||||
________________ | ||||||||||||||||||||||||||
-1 | Calculated at the U.S. statutory federal income tax rate of 35% in fiscal 2015 and fiscal 2014. | |||||||||||||||||||||||||
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, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Weighted average estimated fair | ||||||||||||||||||||||||||
value of grant per share | na | na | $ | 5.54 | $ | 4.95 | $ | 2.9 | $ | 2.94 | $ | 2.9 | $ | 2.75 | ||||||||||||
Risk-free interest rate | na | na | 1.80% | 1.90% | 0.10% | 0.10% | 0.10% | 0.10% | ||||||||||||||||||
Expected term in years | na | na | 6.3 | 6.1 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Volatility | na | na | 52.20% | 55.50% | 38.70% | 35.00% | 36.90% | 37.00% | ||||||||||||||||||
Dividend yield | na | na | 1.01% | 0% | 1.05% | 0% | 1.06% | 0% | ||||||||||||||||||
(1) No stock options were granted during the quarters ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options Activity [Table Text Block] | Weighted Average | |||||||||||||||||||||||||
Number of | Exercise Price | Intrinsic Value (1) | ||||||||||||||||||||||||
Shares | Per Share | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||
Balance at March 31, 2014 | 5,201,635 | $ | 10.22 | |||||||||||||||||||||||
Options granted | 249,000 | $ | 11.83 | |||||||||||||||||||||||
Options exercised | -313,750 | $ | 8.59 | $ | 1,231 | |||||||||||||||||||||
Options cancelled | -75,250 | $ | 11.37 | |||||||||||||||||||||||
Options expired | -74,500 | $ | 11.17 | |||||||||||||||||||||||
Balance at December 31, 2014 | 4,987,135 | $ | 10.37 | |||||||||||||||||||||||
Exercisable at December 31, 2014 | 3,828,885 | $ | 10.16 | |||||||||||||||||||||||
Exercisable at March 31, 2014 | 3,865,885 | $ | 10 | |||||||||||||||||||||||
-1 | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note_12_Accumulated_Other_Comp1
Note 12 Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
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, for the three months ended December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||
Foreign Currency | Unrealized Gains (Losses) on Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
(unaudited) | |||||||||||||||
Balance as of March 31, 2014 | $ | 10,535 | $ | 325 | $ | -5,831 | $ | 5,029 | |||||||
Other comprehensive income (loss) | |||||||||||||||
before reclassifications | -12,928 | -919 | - | -13,847 | |||||||||||
Net losses (gains) reclassified from | |||||||||||||||
accumulated other comprehensive | |||||||||||||||
income | - | 595 | - | 595 | |||||||||||
Net current period other comprehensive | |||||||||||||||
income (loss) | -12,928 | -324 | - | -13,252 | |||||||||||
Balance as of December 31, 2014 | $ | -2,393 | $ | 1 | $ | -5,831 | $ | -8,223 | |||||||
Foreign Currency | Unrealized Gains (Losses) on Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
(unaudited) | |||||||||||||||
Balance as of March 31, 2013 | $ | 2,982 | $ | 60 | $ | -6,135 | $ | -3,093 | |||||||
Other comprehensive income (loss) | |||||||||||||||
before reclassifications | 8,066 | -223 | - | 7,843 | |||||||||||
Net losses (gains) reclassified from | |||||||||||||||
accumulated other comprehensive | |||||||||||||||
income | - | -58 | - | -58 | |||||||||||
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 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Impacted Line Item on Consolidated Statements of Operations | |||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Net gain on investments | $ | - | $ | - | $ | 30 | $ | 89 | Other income (expense), net | ||||||
Impairment of marketable securities | -945 | - | -945 | - | Other income (expense), net | ||||||||||
Subtotal | -945 | - | -915 | 89 | Income before income tax provision | ||||||||||
Tax impact | 331 | - | 320 | -31 | Provision for income tax | ||||||||||
Total reclassifications for the period | $ | -614 | $ | - | $ | -595 | $ | 58 | Income before income tax provision |
Note_13_Computation_of_Earning1
Note 13 Computation of Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Net income | $ | 6,622 | $ | 552 | $ | 15,944 | $ | 5,914 | |||||
Weighted average shares - basic | 31,585 | 31,192 | 31,488 | 31,088 | |||||||||
Weighted average shares - diluted | 32,231 | 32,032 | 32,173 | 31,838 | |||||||||
Net income per share - basic | $ | 0.21 | $ | 0.02 | $ | 0.51 | $ | 0.19 | |||||
Net income per share - diluted | $ | 0.21 | $ | 0.02 | $ | 0.5 | $ | 0.19 |
Note_14_Segment_and_Geographic1
Note 14 Segment and Geographic Information (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
United States | $ | 20,506 | $ | 21,959 | $ | 64,512 | $ | 66,043 | |||||
Europe and the Middle East | |||||||||||||
France | 2,208 | 1,097 | 5,957 | 3,729 | |||||||||
Germany | 7,720 | 7,376 | 24,195 | 24,538 | |||||||||
Italy | 1,189 | 1,280 | 3,571 | 3,274 | |||||||||
Russia | 1,621 | 717 | 4,482 | 2,096 | |||||||||
Sweden | 1,138 | 1,142 | 3,732 | 3,810 | |||||||||
United Kingdom | 4,752 | 4,177 | 15,953 | 14,924 | |||||||||
Other | 6,020 | 7,145 | 19,913 | 21,062 | |||||||||
Asia Pacific | |||||||||||||
China | 20,949 | 27,631 | 61,831 | 62,572 | |||||||||
Japan | 1,675 | 1,238 | 5,637 | 4,644 | |||||||||
Korea | 4,661 | 5,503 | 16,789 | 12,807 | |||||||||
Malaysia | 1,197 | 881 | 4,319 | 2,504 | |||||||||
Singapore | 2,753 | 3,048 | 8,823 | 8,792 | |||||||||
Other | 2,671 | 2,631 | 8,514 | 6,720 | |||||||||
Rest of the World | |||||||||||||
India | 1,150 | 1,147 | 3,779 | 3,694 | |||||||||
Other | 1,116 | 2,376 | 3,834 | 5,226 | |||||||||
Total | $ | 81,326 | $ | 89,348 | $ | 255,841 | $ | 246,435 | |||||
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(unaudited) | (unaudited) | ||||||||||||
Power semiconductors | $ | 52,245 | $ | 52,688 | $ | 165,993 | $ | 164,074 | |||||
Integrated circuits | 23,484 | 31,155 | 70,804 | 65,755 | |||||||||
Systems and RF power semiconductors | 5,597 | 5,505 | 19,044 | 16,606 | |||||||||
Total | $ | 81,326 | $ | 89,348 | $ | 255,841 | $ | 246,435 |
Note_3_Business_Combinations_N
Note 3 Business Combinations (Narratives) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 12, 2014 | Jun. 27, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | |
N | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $2,297,000 | $20,000,000 | |||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | 11,369,000 | 5,921,000 | 11,369,000 | ||||
ATEC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Investment Effective Date | 12-Dec-14 | ||||||
Equity Method Investment, Ownership Percentage | 24.30% | ||||||
Equity Method Investments | 5,900,000 | ||||||
Equity Method Investment, Description of Principal Activities | ATEC is a supplier located in the Philippines that provides assembly and test services | ||||||
Equity Method Investment, Summarized Financial Information, Assets | 23,200,000 | ||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 7,400,000 | ||||||
Income (Loss) from Equity Method Investments | 0 | ||||||
Equity Investment Related Costs | 14,000 | ||||||
MCU Business [Member] | |||||||
Business Acquisition [Line Items] | |||||||
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 was 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 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 20,000,000 | ||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Total | 30,000,000 | ||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Each Installment | 15,000,000 | ||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Number of Installment Payments | 2 | ||||||
Business Acquisition, Cost of Acquired Entity, Payment Date of First Installment Payment | 26-Jun-14 | ||||||
Business Acquisition, Cost of Acquired Entity, Payment Date of Second Installment Payment | 23-Dec-14 | ||||||
Business Combination Acquisition Related Costs | 403,000 | ||||||
Goodwill, Acquired During Period | 25,164,000 | ||||||
Other Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,300,000 | ||||||
Goodwill, Acquired During Period | 2,800,000 | ||||||
Loans Assumed from Business Acquisition | 723,000 | ||||||
Goodwill, Translation Adjustments | ($304,000) |
Note_3_Business_Combinations_D
Note 3 Business Combinations (Details) (MCU Business [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 27, 2013 |
MCU Business [Member] | |
Business Acquisition [Line Items] | |
Inventories | $800 |
Property, Plant and Equipment | 36 |
Identifiable Intangible Assets | 24,000 |
Total Identifiable Net Assets | 24,836 |
Goodwill, Acquired During Period | 25,164 |
Total Purchase Price | $50,000 |
Note_3_Business_Combinations_A
Note 3 Business Combinations (Acquired Finite-Lived Intangible Assets) (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 27, 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 |
Non-competition 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_3_Business_Combinations_D1
Note 3 Business Combinations (Details) (Pro Forma) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $89,348 | $270,333 |
Business Acquisition, Pro Forma Net Income | $2,817 | $12,972 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.09 | $0.42 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.09 | $0.41 |
Note_4_Fair_Value_Narratives_D
Note 4 Fair Value (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
Auction Market Preferred Securities [Abstract] | |||
Collateralized Asset Value Exceeding Value of ARPS Percentage | 300.00% | 300.00% | |
Auction Rate Preferred Securities, Credit Ratings | at least AA | ||
Auction Rate Preferred Securities, Percentage Collateralized | 100.00% | ||
Debt Instrument [Line Items] | |||
Debt, Fair Value | $50,000,000 | $50,000,000 | $51,600,000 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Impairment of Marketable Securities | $945,000 | $945,000 |
Note_4_Fair_Value_Details
Note 4 Fair Value (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Equity Securities | $2,692 | $4,158 | ||
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 | 71,303 | [1],[2] | 59,706 | [1],[2] |
Marketable Equity Securities | 2,692 | [1],[3] | 4,158 | [1],[3] |
Auction Rate Preferred Securities | 350 | [1],[3] | 350 | [1],[3] |
Derivative Liabilities | -42 | [1],[4] | -112 | [1],[4] |
Fair Value, Net Asset (Liability) | 74,303 | [1] | 64,102 | [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 | 71,303 | [1],[2] | 59,706 | [1],[2] |
Marketable Equity Securities | 2,692 | [1],[3] | 4,158 | [1],[3] |
Fair Value, Net Asset (Liability) | 73,995 | [1] | 63,864 | [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 | -42 | [1],[4] | -112 | [1],[4] |
Fair Value, Net Asset (Liability) | $308 | [1] | $238 | [1] |
[1] | We did not have any recurring fair value measurements of assets or liabilities 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_Narratives
Note 5 Other Assets (Narratives) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 12, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $11,369 | $11,369 | $5,921 | |
ATEC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Investment Effective Date | 12-Dec-14 | |||
Equity Method Investment, Ownership Percentage | 24.30% | |||
Equity Method Investments | 5,900 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Impairment of Marketable Securities | $945 | $945 |
Note_5_Other_Assets_Details
Note 5 Other Assets (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Marketable Equity Securities | $2,692 | $4,158 |
Auction Rate Preferred Securities | 350 | 350 |
Long-term Equity Method Investments | 11,369 | 5,921 |
Other Items | 818 | 1,352 |
Other Assets, Total | $15,229 | $11,781 |
Note_6_Inventories_Details
Note 6 Inventories (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ||
Raw Materials | $21,577 | $19,957 |
Work in Process | 40,181 | 44,165 |
Finished Goods | 27,382 | 28,906 |
Inventory Net, Total | $89,140 | $93,028 |
Note_7_Accrued_Expenses_and_Ot2
Note 7 Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Uninvoiced Goods and Services | $9,427 | $9,098 |
Compensation and Benefits | 4,962 | 6,880 |
Income Taxes | 2,589 | 0 |
Short-term Installment Payment Obligations | 0 | 30,781 |
Commission, Royalties and Other | 2,502 | 3,407 |
Accrued Liabilities Current, Total | $19,480 | $50,166 |
Note_8_Goodwill_and_Intangible2
Note 8 Goodwill and Intangible Assets (Narratives) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 27, 2013 | Jun. 30, 2014 | Dec. 31, 2014 | |
MCU Business [Member] | |||
Goodwill and Intangible Assets Details [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | 27-Jun-13 | ||
Goodwill, Acquired During Period | $25,164,000 | ||
Other Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill, Translation Adjustments | -304,000 | ||
Goodwill and Intangible Assets Details [Line Items] | |||
Goodwill, Acquired During Period | $2,800,000 |
Note_8_Goodwill_and_Intangible3
Note 8 Goodwill and Intangible Assets (Finite-Lived Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $38,087 | $38,087 |
Accumulated Amortization | 26,285 | 21,740 |
Net Intangible Assets | 11,802 | 16,347 |
Developed Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 16,304 | 16,304 |
Accumulated Amortization | 7,309 | 4,984 |
Net Intangible Assets | 8,995 | 11,320 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 13,020 | 13,020 |
Accumulated Amortization | 10,714 | 8,695 |
Net Intangible Assets | 2,306 | 4,325 |
Contract Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 7,155 | 7,155 |
Accumulated Amortization | 7,155 | 7,155 |
Net Intangible Assets | 0 | 0 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 1,608 | 1,608 |
Accumulated Amortization | 1,107 | 906 |
Net Intangible Assets | $501 | $702 |
Note_9_Borrowing_and_Installme1
Note 9 Borrowing and Installment Payment Arrangements (Narratives) (Details) | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 27, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | Loan Payable [Member] | Loan Payable [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | MCU Business [Member] | Minimum [Member] | Maximum [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | |
IKB Deutshe Industriebank [Member] | IKB Deutshe Industriebank [Member] | USD ($) | USD ($) | USD ($) | Loan Payable [Member] | Loan Payable [Member] | USD ($) | Minimum [Member] | Maximum [Member] | |||
USD ($) | EUR (€) | N | IKB Deutshe Industriebank [Member] | IKB Deutshe Industriebank [Member] | ||||||||
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 | $45,000,000 | |||||||||||
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 | |||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin, an alternative base rate plus a margin or a floating rate plus a margin | |||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Total | 30,000,000 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Each Installment | 15,000,000 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Number of Installment Payments | 2 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Payment Date of First Installment Payment | 26-Jun-14 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Payment Date of Second Installment Payment | 23-Dec-14 | |||||||||||
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 | 203,000 | 167,000 | ||||||||||
Long-term Debt, Gross | 4,500,000 | 3,700,000 | ||||||||||
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, Effective Percentage | 2.69% | 2.69% | ||||||||||
Loans Assumed from Business Acquisition | 723,000 | |||||||||||
Repayments of Debt | $914,000 | $516,000 | $99,000 | |||||||||
Debt Instrument, Maturity Date, Description | from fiscal 2017 to fiscal 2021 |
Note_10_Pension_Plans_Narrativ
Note 10 Pension Plans (Narratives) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
N | |
Pension and Other Postretirement Benefits Disclosure [Abstract] | |
Number of Defined Benefit Plans | 3 |
Defined Benefit Plan, Measurement Date | 31-Mar |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $1.10 |
Note_10_Pension_Plans_Net_Peri
Note 10 Pension Plans (Net Periodic Pension Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service Cost | $26 | $27 | $78 | $82 |
Interest Cost on Projected Benefit Obligation | 443 | 479 | 1,383 | 1,398 |
Expected Return on Plan Assets | -469 | -428 | -1,460 | -1,248 |
Recognized Actuarial Loss | 17 | 59 | 53 | 172 |
Net Periodic Pension Expense | $17 | $137 | $54 | $404 |
Note_10_Pension_Plans_Informat
Note 10 Pension Plans (Information on Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $29,156 | $29,013 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 22,416 | 23,219 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,733 | 5,791 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 3 |
Cash and Cash Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,612 | 1,523 |
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 | 2,612 | 1,523 |
Currency Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | -15 | -4 |
Currency Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | -15 | -4 |
Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 19,648 | 21,387 |
Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 19,061 | 20,946 |
Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 581 | 439 |
Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 2 |
Fixed Interest [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,774 | 6,073 |
Fixed Interest [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 743 | 749 |
Fixed Interest [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,030 | 5,323 |
Fixed Interest [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 |
Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | 15 |
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | 15 |
Swaps and Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 121 | 19 |
Swaps and Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | |
Swaps and Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $121 | $18 |
Note_11_Employee_Equity_Incent2
Note 11 Employee Equity Incentive Plans (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
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] | ||
Equity Incentives Exercise Price As a Percentage of Fair Market Value on Grant Date | 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 | 10 years 0 months 0 days | |
Stock Appreciation Rights of Plans 2009 and 2011 [Member] | ||
Employee Equity Incentive Plans [Line Items] | ||
Equity Incentives Exercise Price As a Percentage of Fair Market Value on Grant Date | 100.00% | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration from Award Date | 10 years 0 months 0 days | |
Amended and Restated 1999 Employee Stock Purchase Plan [Member] | ||
Employee Equity Incentive Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,550,000 | 1,550,000 |
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 | 99,975 | |
Number of Employee Stock Purchase Plan Shares Available for Future Issuance | 337,515 | 337,515 |
Equity Incentive Plans Total [Member] | ||
Employee Equity Incentive Plans [Line Items] | ||
Unrecognized Compensation Cost of Stock Option Granted | 5.1 | 5.1 |
Weighted Average Period of the Unrecognized Compensation Cost to be Recognized | 2 years 7 months 6 days |
Note_11_Employee_Equity_Incent3
Note 11 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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||
Stock-based Compensation Effect in Income before Taxes | $749 | $692 | $2,127 | $2,033 | ||||||
Provision for Income Taxes | 262 | [1] | 242 | [1] | 744 | [1] | 712 | [1] | ||
Net Stock-based Compensation Effects on Net Income | 487 | 450 | 1,383 | 1,321 | ||||||
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 | 110 | 101 | 320 | 350 | ||||||
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 | 224 | 247 | 602 | 703 | ||||||
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 | $415 | $344 | $1,205 | $980 | ||||||
[1] | Calculated at the U.S. statutory federal income tax rate of 35% in fiscal 2015 and fiscal 2014. |
Note_11_Employee_Equity_Incent4
Note 11 Employee Equity Incentive Plans (Fair Value and Assumptions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |||
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 | $5.54 | [1] | $4.95 | [1] | ||
Risk-free Interest Rate | 1.80% | [1] | 1.90% | [1] | ||
Expected Term in Years | 6 years 3 months 18 days | [1] | 6 years 3 months 18 days | [1] | ||
Volatility | 52.20% | [1] | 55.50% | [1] | ||
Dividend Yield | 1.00% | [1] | 0.00% | [1] | ||
Amended and Restated 1999 Employee Stock Purchase Plan [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 | $2.90 | $2.94 | $2.90 | $2.75 | ||
Risk-free Interest Rate | 0.10% | 0.10% | 0.10% | 0.10% | ||
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 | 38.70% | 35.00% | 36.90% | 37.00% | ||
Dividend Yield | 1.05% | 0.00% | 1.06% | 0.00% | ||
[1] | No Stock options were granted during the quarters ended December 31, 2014 and 2013. |
Note_11_Employee_Equity_Incent5
Note 11 Employee Equity Incentive Plans (Option Activity) (Details) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | |
Options Outstanding Intrinsic Value [Abstract] | |||
Aggregate Intrinsic Value, Exercised | $1,231 | [1] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Number of Shares, Exercisable | 3,828,885 | 3,865,885 | |
Weighted Average Exercise Price Per Share, Exercisable | $10.16 | $10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares Outstanding, Beginning Balance | 5,201,635 | ||
Options Granted | 249,000 | ||
Options Exercised | -313,750 | ||
Options Cancelled | -75,250 | ||
Options Expired | -74,500 | ||
Number of Shares Outstanding, Ending Balance | 4,987,135 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Exercise Price Per Share [Abstract] | |||
Options Outstanding | $10.37 | $10.22 | |
Options Granted | $11.83 | ||
Options Exercised | $8.59 | ||
Options Cancelled | $11.37 | ||
Options Expired | $11.17 | ||
[1] | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note_12_Accumulated_Other_Comp2
Note 12 Accumulated Other Comprehensive Income (Loss) (AOCI Change) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($8,223) | $5,029 | ||
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,393 | 11,048 | 10,535 | 2,982 |
Other Comprehensive Income (Loss) before Reclassifications | -12,928 | 8,066 | ||
Net Current Period Other Comprehensive Income (Loss) | -12,928 | 8,066 | ||
Unrealized (Gains) Losses on Securities [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1 | -221 | 325 | 60 |
Other Comprehensive Income (Loss) before Reclassifications | -919 | -223 | ||
Net Losses (Gains) Reclassified from Accumulated Other Comprehensive Income (Loss) | 595 | -58 | ||
Net Current Period Other Comprehensive Income (Loss) | -324 | -281 | ||
Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -5,831 | -6,135 | -5,831 | -6,135 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -8,223 | 4,692 | 5,029 | -3,093 |
Other Comprehensive Income (Loss) before Reclassifications | -13,847 | 7,843 | ||
Net Losses (Gains) Reclassified from Accumulated Other Comprehensive Income (Loss) | 595 | -58 | ||
Net Current Period Other Comprehensive Income (Loss) | ($13,252) | $7,785 |
Note_12_Accumulated_Other_Comp3
Note 12 Accumulated Other Comprehensive Income (Loss) (AOCI Reclass) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before Income Tax Provision | $7,389 | $3,217 | $21,495 | $10,866 |
Tax Impact | -767 | -2,665 | -5,551 | -4,952 |
Net Income (Loss) | 6,622 | 552 | 15,944 | 5,914 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Gain on Investments | 30 | 89 | ||
Impairment of Marketable Securities | -945 | -945 | ||
Income before Income Tax Provision | -945 | -915 | 89 | |
Tax Impact | 331 | 320 | -31 | |
Net Income (Loss) | ($614) | ($595) | $58 |
Note_13_Computation_of_Earning2
Note 13 Computation of Earnings Per Share (Narratives) (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 646,000 | 840,000 | 685,000 | 750,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,687,092 | 3,002,055 | 2,557,883 | 2,780,263 |
Note_13_Computation_of_Earning3
Note 13 Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ||||
Net Income | $6,622 | $552 | $15,944 | $5,914 |
Weighted Average Shares - Basic | 31,585 | 31,192 | 31,488 | 31,088 |
Weighted Average Shares - Diluted | 32,231 | 32,032 | 32,173 | 31,838 |
Net Income Per Share - Basic | $0.21 | $0.02 | $0.51 | $0.19 |
Net Income Per Share - Diluted | $0.21 | $0.02 | $0.50 | $0.19 |
Note_14_Segment_and_Geographic2
Note 14 Segment and Geographic Information (Narratives) (Details) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
N | N | N | |
Segment Reporting [Abstract] | |||
Top Customer Percentage More Than 10% of Total Revenue | 10.30% | 10.60% | 11.40% |
Second Customer Percentage More Than 10% of Total Revenue | 10.00% | 10.20% | |
Number of Major Customers | 1 | 2 | 2 |
Note_14_Segment_and_Geographic3
Note 14 Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Net Revenues | $81,326 | $89,348 | $255,841 | $246,435 |
Power Semiconductors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 52,245 | 52,688 | 165,993 | 164,074 |
Integrated Circuits [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 23,484 | 31,155 | 70,804 | 65,755 |
System and RF Power Semiconductors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 5,597 | 5,505 | 19,044 | 16,606 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 20,506 | 21,959 | 64,512 | 66,043 |
France [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 2,208 | 1,097 | 5,957 | 3,729 |
Germany [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 7,720 | 7,376 | 24,195 | 24,538 |
Italy [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,189 | 1,280 | 3,571 | 3,274 |
Russia [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,621 | 717 | 4,482 | 2,096 |
Sweden [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,138 | 1,142 | 3,732 | 3,810 |
United Kingdom [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 4,752 | 4,177 | 15,953 | 14,924 |
China [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 20,949 | 27,631 | 61,831 | 62,572 |
Japan [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,675 | 1,238 | 5,637 | 4,644 |
Korea [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 4,661 | 5,503 | 16,789 | 12,807 |
Malaysia [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,197 | 881 | 4,319 | 2,504 |
Singapore [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 2,753 | 3,048 | 8,823 | 8,792 |
India [Member] | Rest Of World [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,150 | 1,147 | 3,779 | 3,694 |
Other Geographic Regions [Member] | Europe and Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 6,020 | 7,145 | 19,913 | 21,062 |
Other Geographic Regions [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 2,671 | 2,631 | 8,514 | 6,720 |
Other Geographic Regions [Member] | Rest Of World [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | $1,116 | $2,376 | $3,834 | $5,226 |
Note_15_Income_Taxes_Narrative
Note 15 Income Taxes (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||||
Total Income Tax Provision | $767 | $2,665 | $5,551 | $4,952 |
Effective Tax Provision Rate | 10.40% | 82.80% | 25.80% | 45.60% |
Note_16_Commitments_and_Contin1
Note 16 Commitments and Contingencies (Narratives) (Details) (Bank of West Amended and Restated Credit Agreement December 6 2013 [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | |
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 | $45 |
Line of Credit Facility, Maximum Borrowing Capacity | 50 |
Available Credit Line for Letter of Credit | $3 |
Note_17_Subsequent_Events_Narr
Note 17 Subsequent Events (Narratives) (Details) (RadioPulse [Member], USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 |
RadioPulse [Member] | |||
Subsequent Event [Line Items] | |||
Subsequent Event, Date | 2-Feb-15 | ||
Business Acquisition, Name of Acquired Entity | RadioPulse, Inc., or RadioPulse | ||
Business Acquisition, Description of Acquired Entity | RadioPulse is a Korean semiconductor company that focuses on wireless connectivity in various market applications | ||
Payments to Acquire Businesses Gross | $16.50 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6 | ||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $7.90 |