Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | Jul. 23, 2015 | |
Entity Registrant Name | IXYS CORP /DE/ | |
Entity Central Index Key | 945,699 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 31,938,482 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Trading Symbol | IXYS |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 118,216 | $ 121,164 |
Restricted cash | 370 | 266 |
Accounts receivable, net of allowances of $2,428 at June 30, 2015 and $2,768 at March 31, 2015 | 41,855 | 41,042 |
Inventories | 83,062 | 82,005 |
Prepaid expenses and other current assets | 3,590 | 3,413 |
Deferred income taxes | 7,062 | 7,077 |
Total current assets | 254,155 | 254,967 |
Property, plant and equipment, net | 44,371 | 42,545 |
Intangible assets, net | 11,327 | 10,384 |
Goodwill | 42,776 | 27,375 |
Deferred income taxes | 25,084 | 24,880 |
Other assets | 13,671 | 13,704 |
Total assets | 391,384 | 373,855 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 152 | 464 |
Current portion of loans payable | 48,262 | 45,790 |
Accounts payable | 13,967 | 12,675 |
Accrued expenses and other current liabilities | 22,983 | 19,865 |
Total current liabilities | 85,364 | 78,794 |
Long term loans, net of current portion | 6,291 | 3,433 |
Pension liabilities | 17,514 | 17,232 |
Other long term liabilities | 7,262 | 7,095 |
Total liabilities | $ 116,431 | $ 106,554 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: Authorized: 5,000,000 shares; none issued and outstanding | ||
Common stock, $0.01 par value: Authorized: 80,000,000 shares; 38,168,708 issued and 31,938,482 outstanding at June 30, 2015 and 38,116,884 issued and 31,674,782 outstanding at March 31, 2015 | $ 382 | $ 381 |
Additional paid-in capital | 210,942 | 209,707 |
Treasury stock, at cost: 6,230,226 common shares at June 30, 2015 and 6,442,102 common shares at March 31, 2015 | (54,968) | (56,833) |
Retained earnings | 139,110 | 137,134 |
Accumulated other comprehensive loss | (20,513) | (23,088) |
Total stockholders’ equity | 274,953 | 267,301 |
Total liabilities and stockholders' equity | $ 391,384 | $ 373,855 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 2,428 | $ 2,768 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, issued (in shares) | 38,168,708 | 38,116,884 |
Common stock, outstanding (in shares) | 31,938,482 | 31,674,782 |
Treasury stock, shares (in shares) | 6,230,226 | 6,442,102 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net revenues | $ 82,047 | $ 88,080 |
Cost of goods sold | 56,445 | 63,080 |
Gross profit | 25,602 | 25,000 |
Operating expenses: | ||
Research, development and engineering | 7,683 | 7,250 |
Selling, general and administrative | 10,636 | 10,764 |
Amortization of acquired intangible assets | 1,579 | 1,707 |
Total operating expenses | 19,898 | 19,721 |
Operating income | 5,704 | 5,279 |
Other income (expense): | ||
Interest income | 47 | 47 |
Interest expense | (314) | (410) |
Other income (expense), net | (790) | 208 |
Income before income tax provision | 4,647 | 5,124 |
Provision for income tax | (1,662) | (1,549) |
Net income | $ 2,985 | $ 3,575 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.09 | $ 0.11 |
Diluted (in dollars per share) | 0.09 | 0.11 |
Cash dividends per common share (in dollars per share) | $ 0.035 | $ 0.03 |
Weighted average shares used in per share calculation: | ||
Basic (in shares) | 31,746 | 31,379 |
Diluted (in shares) | 32,733 | 32,075 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 2,985 | $ 3,575 |
Foreign currency translation adjustments | 2,692 | (280) |
Changes in market value of investments: | ||
Changes in unrealized losses, net of tax benefits of $(78) and $(154) | $ (117) | (288) |
Reclassification adjustment for net (gains) realized in net income, net of taxes of $0 and $(11) | (19) | |
Net change in market value of investments | $ (117) | (307) |
Total comprehensive income | $ 5,560 | $ 2,988 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (78,000) | $ (154,000) |
Taxes on reclassification adjustment for sales of securities included in net income | $ 0 | $ (11,000) |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 2,985 | $ 3,575 |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | ||
Depreciation and amortization | 3,784 | 4,809 |
Provision for receivable allowances | 1,407 | 2,617 |
Net change in inventory provision | 300 | 865 |
Stock-based compensation | 739 | 681 |
Loss on investments | 147 | 12 |
Foreign currency adjustments on intercompany amounts and other non-cash items | 248 | (169) |
Changes in operating assets and liabilities, net of business acquired: | ||
Accounts receivable | (630) | (2,999) |
Inventories | 611 | (3,943) |
Prepaid expenses and other current assets | (516) | 5,453 |
Other assets | (263) | 930 |
Accounts payable | 609 | 330 |
Accrued expenses and other liabilities | 329 | 2,320 |
Pension liabilities | (301) | (320) |
Net cash provided by operating activities | 9,449 | 14,161 |
Cash flows from investing activities: | ||
Change in restricted cash | (5) | (611) |
Purchase of business, net of cash and cash equivalents acquired | (14,571) | (2,297) |
Purchases of property and equipment | $ (3,696) | (3,423) |
Proceeds from sale of investments | 54 | |
Net cash used in investing activities | $ (18,272) | (6,277) |
Cash flows from financing activities: | ||
Principal payments on capital lease obligations | (321) | (676) |
Repayments of loans and notes payable | $ (449) | (296) |
Installment payment for business acquisition | $ (15,000) | |
Proceeds from loans | $ 3,317 | |
Proceeds from employee equity plans | $ 2,468 | $ 811 |
Payment of cash dividends to stockholders | (943) | |
Net cash provided by (used in) financing activities | $ 5,015 | (16,104) |
Effect of exchange rate fluctuations on cash and cash equivalents | 860 | (59) |
Net decrease in cash and cash equivalents | (2,948) | (8,279) |
Cash and cash equivalents at beginning of period | 121,164 | 98,438 |
Cash and cash equivalents at end of period | $ 118,216 | $ 90,159 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of IXYS Corporation and its wholly-owned subsidiaries. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management’s most difficult judgments include, but are not limited to, revenue reserves, inventory valuation, accounting for income taxes, and allocation of purchase price in business combinations. All significant intercompany transactions have been eliminated in consolidation. All adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair statement of the results for the interim periods have been made. The condensed balance sheet as of March 31, 2015 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, 2015, or fiscal 2015, 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 Pron
Note 2 - Recent Accounting Pronouncements and Accounting Changes | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Recent Accounting Pronouncements and Accounting Changes In April 2014, the Financial Accounting Standards Board, or 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. 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 expect this guidance to have an impact on our financial statements only in the event of a future disposition which meets the criteria. 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, 2017, including interim periods during the annual period. Early adoption is prohibited for annual periods commencing before December 15, 2016. 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 consolidated financial statements including selection of the transition method. 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 do not believe that the adoption of this guidance will have any material impact on our financial position or results of operations. In April 2015, FASB issued the authoritative guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The guidance will be effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods during the annual period, with early adoption permitted for financial statements that have not been previously issued. The new standard is required to be applied retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). We do not expect this guidance to have a significant impact on our consolidated financial statements. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations RadioPulse, Inc. On May 1, 2015, we acquired RadioPulse, Inc., or RadioPulse. Based in Seoul, Korea, RadioPulse is a fabless semiconductor company that develops, manufactures and sells wireless network technology solutions based on the ZigBee protocol, which combines microcontrollers and radio frequency devices. RadioPulse’s solutions are designed to enable a broad range of power-sensitive applications in the industrial, medical, consumer, smart grid and Internet of Things, or IoT, markets. RadioPulse offers a complementary product portfolio to IXYS’ product lines. At closing, we paid cash consideration of $14.7 million. The consideration may also include earnout payments aggregating up to $6.0 million payable over three years. The earnout payments are subject to certain financial thresholds related to net revenues, gross profit and net income. Based on our preliminary valuation the fair value of the liability for the earnout payment is estimated to be nil. In connection with the acquisition, we incurred and expensed $241,000 in legal and consulting costs and $249,000 in acquisition related compensation costs. The following table summarizes the preliminary values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Preliminary Purchase Consideration Allocation (unaudited) Cash, restricted cash and cash equivalents $ 196 Accounts receivable 1,026 Inventories 532 Property, plant and equipment 24 Prepaid expenses and other current assets 616 Identifiable intangible assets 2,523 Short-term borrowings (2,354 ) Accounts payable (614 ) Accruals and other liabilities (2,633 ) Total identifiable net liabilities (684 ) Goodwill 15,352 Total purchase consideration $ 14,668 Identifiable intangible assets consisted of developed intellectual property, in-process research and development expenses, customer relationships, and contract backlog. The value reflected in the table represents the preliminary purchase price allocation. We are in the process of completing the valuation of the acquired intangible assets, review and valuation of acquired liabilities and the tax attributes. We did not recognize any liability with respect to the contingent consideration based upon our preliminary analysis. We expect to complete the purchase price allocation by December 31, 2015. Identified intangible assets resulting from the RadioPulse acquisition based on our preliminary valuation consisted of the following (in thousands): Estimated Fair Value Amortization Useful Life (In thousands) Method (In months) (unaudited) Developed intellectual property $ 643 Straight-line 60 In-process research and development expenses (1) 598 Straight-line 60 Customer relationships 1,153 Accelerated 36 Contract backlog 129 Straight-line 6 Total $ 2,523 (1) Amortization will start after the completion of the research and development activities of the related projects. The preliminary valuation of the acquired intangibles was classified as a level 3 measurement under the fair value measurement guidance, because the preliminary valuation was based on significant unobservable inputs and involved management judgment and assumptions about market participants and pricing. In determining the preliminary 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, in-process research and development expenses, 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 RadioPulse. The goodwill is not deductible for tax purposes. RadioPulse contributed net revenues of $1.3 million in our unaudited condensed consolidated statements of operations for the three months ended June 30, 2015. The net loss of RadioPulse during the quarter ended June 30, 2015 was $1.2 million based on the preliminary purchase consideration valuation. The financial statements of RadioPulse were immaterial compared to our financial statements and therefore pro-forma financial statements have not been separately presented. 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 of approximately $204,000. The acquisition resulted in a goodwill of $2.8 million and we assumed debt of $723,000. The goodwill balance as of June 30, 2015 reflected a cumulative reduction of $520,000 caused by changes in the foreign exchange translation rate. This acquisition was not significant to our unaudited condensed consolidated financial statements. |
Note 4 - Fair Value
Note 4 - Fair Value | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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. Fair Value Measurements on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of June 30, 2015 and March 31, 2015 (in thousands): June 30, 2015 (1) March 31, 2015 (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) $ 76,027 $ 76,027 $ - $ 76,317 $ 76,317 $ - Marketable equity securities (3) 1,545 1,545 - 1,737 1,737 - Auction rate preferred securities (3) 350 - 350 350 - 350 Derivative liabilities (4) - - - (19 ) - (19 ) Total $ 77,922 $ 77,572 $ 350 $ 78,385 $ 78,054 $ 331 (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. 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. 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 June 30, 2015 and March 31, 2015. 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 amounts that approximate fair value in our unaudited condensed 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 debt, which primarily consists of loans from banks, 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 our debt was approximately $54.6 million and $49.2 million as of June 30, 2015 and March 31, 2015, respectively. Our debt is categorized as Level 2 for fair value measurement. Our pension liabilities, net of plan assets approximated fair value. See Note 10, “Pension Plans” for a discussion of pension liabilities. Fair value of contingent consideration towards business acquisition is classified as Level 3 estimate. See Note 3, “Business Combinations” for a discussion of fair value of contingent consideration. |
Note 5 - Other Assets
Note 5 - Other Assets | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 5. Other Assets Other assets consist of the following (in thousands): June 30, March 31, 2015 2015 (unaudited) Marketable equity securities $ 1,545 $ 1,737 Auction rate preferred securities 350 350 Long-term equity investments 11,042 11,041 Other items 734 576 Total $ 13,671 $ 13,704 |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consist of the following (in thousands): June 30, March 31, 2015 2015 (unaudited) Raw materials $ 16,571 $ 17,169 Work in process 37,408 37,491 Finished goods 29,083 27,345 Total $ 83,062 $ 82,005 |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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): June 30, March 31, 2015 2015 (unaudited) Uninvoiced goods and services $ 9,135 $ 8,473 Compensation and benefits 7,820 6,230 Income taxes 3,434 2,459 Commissions, royalties and other 2,594 2,703 Total $ 22,983 $ 19,865 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in connection with our acquisitions. We recorded goodwill of $2.8 million related to an acquisition completed during fiscal 2015 and the goodwill balance as of June 30, 2015 reflected changes in the foreign exchange translation rate. In May 2015, we completed the acquisition of RadioPulse and recorded preliminary goodwill of $15.4 million. Identified intangible assets of our company consisted of the following as of June 30, 2015, including preliminary values for the intangible assets acquired in the RadioPulse acquisition (in thousands): Gross Intangible Assets Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 16,947 $ 8,881 $ 8,066 Customer relationships 14,173 11,963 2,210 In-process research and development expenses 598 - 598 Contract backlog 7,284 7,198 86 Other intangible assets 1,608 1,241 367 Total identifiable intangible assets $ 40,610 $ 29,283 $ 11,327 Identified intangible assets of our company consisted of the following as of March 31, 2015 (in thousands): Gross Intangible Assets Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 16,304 $ 8,084 $ 8,220 Customer relationships 13,020 11,290 1,730 Contract backlog 7,155 7,155 - Other intangible assets 1,608 1,174 434 Total identifiable intangible assets $ 38,087 $ 27,703 $ 10,384 |
Note 9 - Borrowing Arrangements
Note 9 - Borrowing Arrangements | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Borrowing 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 June 30, 2015, 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 June 30, 2015 was 1.94%. 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 June 30, 2015, 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, or IKB. At March 31, 2015, the outstanding principal balance was €3.5 million, or about $3.8 million. In April 2015, we replaced the loan with a new loan from IKB. Under the new agreement, we borrowed €6.5 million, or about $7.0 million at the time. The loan has a term ending March 31, 2022 and bears a fixed annual interest rate of 1.75%. Each fiscal quarter a principal payment of €232,000, or about $257,000, 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 with a modest penalty. The loan is collateralized by a security interest in the facility in Lampertheim, Germany. At June 30, 2015, we complied with all of these financial covenants. Loans Assumed from Business Acquisitions We assumed loans of approximately $2.4 million related to the acquisition of RadioPulse. These loans are primarily short-term facilities from financial institutions and carry a weighted average interest rate of 4.9%. The loans are repayable on or before April 1, 2016. The facilities have been partially secured by bank deposits which are classified as restricted cash on our unaudited condensed consolidated balance sheets. 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 bearing 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 | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [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/or accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. The German plan is held by a separate legal entity. As of June 30, 2015, the German defined benefit plan was completely unfunded. We expect to contribute approximately $994,000 to the United Kingdom and the Philippines plans in the fiscal year ending March 31, 2016. This contribution is primarily contractual. The net periodic pension expense includes the following components (in thousands): Three Months Ended June 30, 2015 2014 (unaudited) Service cost $ 26 $ 26 Interest cost on projected benefit obligation 368 473 Expected return on plan assets (438 ) (497 ) Recognized actuarial loss 45 18 Net periodic pension expense $ 1 $ 20 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 June 30, 2015 and March 31, 2015, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands): June 30, 2015 March 31, 2015 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (unaudited) (unaudited) Cash and cash funds $ 2,798 $ - $ - $ 2,798 $ 2,588 $ - $ - $ 2,588 Currency contracts - 38 - 38 - (30 ) - (30 ) Equity 20,814 43 14 20,871 19,997 652 7 20,656 Fixed interest 1,042 5,739 - 6,781 861 5,887 1 6,749 Mortgage-backed securities - 14 - 14 - 16 - 16 Swaps and other - 82 - 82 2 133 - 135 Total $ 24,654 $ 5,916 $ 14 $ 30,584 $ 23,448 $ 6,658 $ 8 $ 30,114 |
Note 11 - Employee Equity Incen
Note 11 - Employee Equity Incentive Plans | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 the 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 three months ended June 30, 2015, there were 51,824 shares purchased under the Purchase Plan, leaving approximately 285,691 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 June 30, Statement of Operations Classifications 2015 2014 (unaudited) Cost of goods sold $ 122 $ 108 Research, development and engineering (1) 460 189 Selling, general and administrative expenses 406 384 Stock-based compensation effect in income before taxes 988 681 Provision for income taxes (2) 346 238 Net stock-based compensation effects in net income $ 642 $ 443 (1) Includes acquisition related compensation expenses of $249,000 during the quarter ended June 30, 2015. (2) Calculated at the U.S. statutory federal income tax rate of 35% in fiscal 2016 and 2015. During the three months ended June 30, 2015, 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 June 30, 2015, approximately $5.5 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 2.9 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 Purchase Plan, as well as the weighted average assumptions that were used in calculating such values during the three months ended June 30, 2015 and 2014, were based on estimates at the date of grant as follows: Stock Options (1) Purchase Plan Three Months Three Months Ended June 30, Ended June 30, 2015 2014 2015 2014 (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ 6.32 $ na $ 3.15 $ 2.90 Risk-free interest rate 2.0 % na 0.1 % 0.1 % Expected term in years 6.75 na 1.00 0.50 Volatility 50.7 % na 33.7 % 34.5 % Dividend yield 1.01 % na 1.11 % 1.06 % (1) No stock options were granted during the quarter ended June 30, 2014. Activity with respect to outstanding stock options for the three months ended June 30, 2015 was as follows: Weighted Average Number of Exercise Price Intrinsic Value (000) (1) Shares Per Share (unaudited) Balance at March 31, 2015 4,942,511 $ 10.37 Options granted 293,000 $ 13.37 Options exercised (211,876 ) $ 9.30 $ 1,040 Options cancelled (2,500 ) $ 12.13 Options expired (432,788 ) $ 14.70 Balance at June 30, 2015 4,588,347 $ 10.20 Exercisable at June 30, 2015 3,387,597 $ 9.73 Exercisable at March 31, 2015 3,942,261 $ 10.20 (1) Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive (Loss) | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income Loss [Text Block] | 12. Accumulated Other Comprehensive (Loss) The components and the changes in accumulated other comprehensive loss, net of tax, for the three months ended June 30, 2015 and 2014 were as follows (in thousands): Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss) (unaudited) Balance as of March 31, 2015 $ (13,577 ) $ 7 $ (9,518 ) $ (23,088 ) Other comprehensive income (loss) before reclassifications 2,692 (117 ) - 2,575 Net current period other comprehensive income (loss) 2,692 (117 ) - 2,575 Balance as of June 30, 2015 $ (10,885 ) $ (110 ) $ (9,518 ) $ (20,513 ) Foreign Currency Unrealized Gains on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (unaudited) Balance as of March 31, 2014 $ 10,535 $ 325 $ (5,831 ) $ 5,029 Other comprehensive (loss) before reclassifications (280 ) (288 ) - (568 ) Net (gains) reclassified from accumulated other comprehensive income - (19 ) - (19 ) Net current period other comprehensive (loss) (280 ) (307 ) - (587 ) Balance as of June 30, 2014 $ 10,255 $ 18 $ (5,831 ) $ 4,442 The amounts reclassified out of accumulated other comprehensive income (loss) for the three months ended June 30, 2015 and 2014 are as follows (in thousands): Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Impacted Line Item on Unaudited Condensed Consolidated Income Statements Three Months Ended June 30, 2015 2014 (unaudited) Net gain on investments $ - $ 30 Other income (expense), net Tax impact - (11 ) Provision for income tax Total reclassifications for the period $ - $ 19 Income before income tax provision |
Note 13 - Computation of Earnin
Note 13 - Computation of Earnings per Share | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 June 30, 2015 2014 (unaudited) Net income $ 2,985 $ 3,575 Weighted average shares - basic 31,746 31,379 Weighted average shares - diluted 32,733 32,075 Net income per share - basic $ 0.09 $ 0.11 Net income per share - diluted $ 0.09 $ 0.11 Diluted weighted average shares included approximately 987,000 and 696,000 common equivalent shares from stock options for the three months ended June 30, 2015 and 2014. 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 using the treasury stock method. During the three months ended June 30, 2015 and 2014, there were outstanding options to purchase 868,702 and 2,630,332 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 and thus their inclusion would be anti-dilutive. These options could dilute earnings per share in future periods if the market price of the common stock increases. |
Note 14 - Segment and Geographi
Note 14 - Segment and Geographic Information | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segment and Geographic Information We have a single operating segment and reportable segment. We design develop, manufacture and market high performance semiconductor products. Our Chief Executive Officer and our President, together, have been identified as the chief operating decision makers. Our chief operating decision makers review financial information presented as one operating segment for the purpose of making decisions, allocating resources and assessing financial performance. Our net revenues by major geographic area (based on destination) were as follows (in thousands): Three Months Ended June 30, 2015 2014 (unaudited) United States $ 20,133 $ 22,504 Europe and the Middle East France 2,040 1,852 Germany 8,077 8,449 Italy 1,264 1,473 Sweden 705 1,285 United Kingdom 3,220 5,379 Other 6,687 7,787 Asia Pacific China 21,235 20,402 Japan 3,322 1,801 Korea 6,136 6,439 Malaysia 1,242 1,632 Singapore 3,117 3,157 Thailand 1,043 1,045 Other 1,484 2,113 Rest of the World India 1,132 1,249 Other 1,210 1,513 Total $ 82,047 $ 88,080 The following table sets forth net revenues for each of our product groups for the three months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, 2015 2014 (unaudited) Power semiconductors $ 54,978 $ 57,968 Integrated circuits 22,484 23,882 Systems and RF power semiconductors 4,585 6,230 Total $ 82,047 $ 88,080 For both three months ended June 30, 2015 and 2014, one distributor accounted for 10.7% of our net revenues in each period. For the three months ended June 30, 2014, another distributor accounted for 10.4% of our net revenues. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes For the three months ended June 30, 2015 and 2014, we recorded income tax provisions of $1.7 million and $1.5 million, reflecting effective tax rates of 35.8% and 30.2%, respectively. Our effective tax rate for quarter ended June 30, 2015 was affected by non-benefitted losses incurred in certain tax jurisdictions. For both periods, the effective tax rates reflected estimates of annual income in domestic and foreign jurisdictions, as adjusted by certain tax items. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 June 30, 2015, the outstanding principal under the credit agreement was $45.0 million. See Note 9, “Borrowing 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 June 30, 2015 and March 31, 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of IXYS Corporation and its wholly-owned subsidiaries. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management’s most difficult judgments include, but are not limited to, revenue reserves, inventory valuation, accounting for income taxes, and allocation of purchase price in business combinations. All significant intercompany transactions have been eliminated in consolidation. All adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair statement of the results for the interim periods have been made. The condensed balance sheet as of March 31, 2015 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, 2015, or fiscal 2015, 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, Policy [Policy Text Block] | In April 2014, the Financial Accounting Standards Board, or 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. 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 expect this guidance to have an impact on our financial statements only in the event of a future disposition which meets the criteria. 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, 2017, including interim periods during the annual period. Early adoption is prohibited for annual periods commencing before December 15, 2016. 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 consolidated financial statements including selection of the transition method. 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 do not believe that the adoption of this guidance will have any material impact on our financial position or results of operations. In April 2015, FASB issued the authoritative guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The guidance will be effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods during the annual period, with early adoption permitted for financial statements that have not been previously issued. The new standard is required to be applied retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). We do not expect this guidance to have a significant impact on our consolidated financial statements. |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Purchase Consideration Allocation (unaudited) Cash, restricted cash and cash equivalents $ 196 Accounts receivable 1,026 Inventories 532 Property, plant and equipment 24 Prepaid expenses and other current assets 616 Identifiable intangible assets 2,523 Short-term borrowings (2,354 ) Accounts payable (614 ) Accruals and other liabilities (2,633 ) Total identifiable net liabilities (684 ) Goodwill 15,352 Total purchase consideration $ 14,668 |
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 $ 643 Straight-line 60 In-process research and development expenses (1) 598 Straight-line 60 Customer relationships 1,153 Accelerated 36 Contract backlog 129 Straight-line 6 Total $ 2,523 |
Note 4 - Fair Value (Tables)
Note 4 - Fair Value (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2015 (1) March 31, 2015 (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) $ 76,027 $ 76,027 $ - $ 76,317 $ 76,317 $ - Marketable equity securities (3) 1,545 1,545 - 1,737 1,737 - Auction rate preferred securities (3) 350 - 350 350 - 350 Derivative liabilities (4) - - - (19 ) - (19 ) Total $ 77,922 $ 77,572 $ 350 $ 78,385 $ 78,054 $ 331 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, March 31, 2015 2015 (unaudited) Marketable equity securities $ 1,545 $ 1,737 Auction rate preferred securities 350 350 Long-term equity investments 11,042 11,041 Other items 734 576 Total $ 13,671 $ 13,704 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, March 31, 2015 2015 (unaudited) Raw materials $ 16,571 $ 17,169 Work in process 37,408 37,491 Finished goods 29,083 27,345 Total $ 83,062 $ 82,005 |
Note 7 - Accrued Expenses and29
Note 7 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | June 30, March 31, 2015 2015 (unaudited) Uninvoiced goods and services $ 9,135 $ 8,473 Compensation and benefits 7,820 6,230 Income taxes 3,434 2,459 Commissions, royalties and other 2,594 2,703 Total $ 22,983 $ 19,865 |
Note 8 - Goodwill and Intangi30
Note 8 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Intangible Assets Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 16,947 $ 8,881 $ 8,066 Customer relationships 14,173 11,963 2,210 In-process research and development expenses 598 - 598 Contract backlog 7,284 7,198 86 Other intangible assets 1,608 1,241 367 Total identifiable intangible assets $ 40,610 $ 29,283 $ 11,327 Gross Intangible Assets Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 16,304 $ 8,084 $ 8,220 Customer relationships 13,020 11,290 1,730 Contract backlog 7,155 7,155 - Other intangible assets 1,608 1,174 434 Total identifiable intangible assets $ 38,087 $ 27,703 $ 10,384 |
Note 10 - Pension Plans (Tables
Note 10 - Pension Plans (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended June 30, 2015 2014 (unaudited) Service cost $ 26 $ 26 Interest cost on projected benefit obligation 368 473 Expected return on plan assets (438 ) (497 ) Recognized actuarial loss 45 18 Net periodic pension expense $ 1 $ 20 |
Defined Benefit Plan Plan Assets Fair Value [Table Text Block] | June 30, 2015 March 31, 2015 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (unaudited) (unaudited) Cash and cash funds $ 2,798 $ - $ - $ 2,798 $ 2,588 $ - $ - $ 2,588 Currency contracts - 38 - 38 - (30 ) - (30 ) Equity 20,814 43 14 20,871 19,997 652 7 20,656 Fixed interest 1,042 5,739 - 6,781 861 5,887 1 6,749 Mortgage-backed securities - 14 - 14 - 16 - 16 Swaps and other - 82 - 82 2 133 - 135 Total $ 24,654 $ 5,916 $ 14 $ 30,584 $ 23,448 $ 6,658 $ 8 $ 30,114 |
Note 11 - Employee Equity Inc32
Note 11 - Employee Equity Incentive Plans (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended June 30, Statement of Operations Classifications 2015 2014 (unaudited) Cost of goods sold $ 122 $ 108 Research, development and engineering (1) 460 189 Selling, general and administrative expenses 406 384 Stock-based compensation effect in income before taxes 988 681 Provision for income taxes (2) 346 238 Net stock-based compensation effects in net income $ 642 $ 443 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options (1) Purchase Plan Three Months Three Months Ended June 30, Ended June 30, 2015 2014 2015 2014 (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ 6.32 $ na $ 3.15 $ 2.90 Risk-free interest rate 2.0 % na 0.1 % 0.1 % Expected term in years 6.75 na 1.00 0.50 Volatility 50.7 % na 33.7 % 34.5 % Dividend yield 1.01 % na 1.11 % 1.06 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Exercise Price Intrinsic Value (000) (1) Shares Per Share (unaudited) Balance at March 31, 2015 4,942,511 $ 10.37 Options granted 293,000 $ 13.37 Options exercised (211,876 ) $ 9.30 $ 1,040 Options cancelled (2,500 ) $ 12.13 Options expired (432,788 ) $ 14.70 Balance at June 30, 2015 4,588,347 $ 10.20 Exercisable at June 30, 2015 3,387,597 $ 9.73 Exercisable at March 31, 2015 3,942,261 $ 10.20 |
Note 12 - Accumulated Other C33
Note 12 - Accumulated Other Comprehensive (Loss) (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss) (unaudited) Balance as of March 31, 2015 $ (13,577 ) $ 7 $ (9,518 ) $ (23,088 ) Other comprehensive income (loss) before reclassifications 2,692 (117 ) - 2,575 Net current period other comprehensive income (loss) 2,692 (117 ) - 2,575 Balance as of June 30, 2015 $ (10,885 ) $ (110 ) $ (9,518 ) $ (20,513 ) Foreign Currency Unrealized Gains on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (unaudited) Balance as of March 31, 2014 $ 10,535 $ 325 $ (5,831 ) $ 5,029 Other comprehensive (loss) before reclassifications (280 ) (288 ) - (568 ) Net (gains) reclassified from accumulated other comprehensive income - (19 ) - (19 ) Net current period other comprehensive (loss) (280 ) (307 ) - (587 ) Balance as of June 30, 2014 $ 10,255 $ 18 $ (5,831 ) $ 4,442 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Impacted Line Item on Unaudited Condensed Consolidated Income Statements Three Months Ended June 30, 2015 2014 (unaudited) Net gain on investments $ - $ 30 Other income (expense), net Tax impact - (11 ) Provision for income tax Total reclassifications for the period $ - $ 19 Income before income tax provision |
Note 13 - Computation of Earn34
Note 13 - Computation of Earnings per Share (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2015 2014 (unaudited) Net income $ 2,985 $ 3,575 Weighted average shares - basic 31,746 31,379 Weighted average shares - diluted 32,733 32,075 Net income per share - basic $ 0.09 $ 0.11 Net income per share - diluted $ 0.09 $ 0.11 |
Note 14 - Segment and Geograp35
Note 14 - Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended June 30, 2015 2014 (unaudited) United States $ 20,133 $ 22,504 Europe and the Middle East France 2,040 1,852 Germany 8,077 8,449 Italy 1,264 1,473 Sweden 705 1,285 United Kingdom 3,220 5,379 Other 6,687 7,787 Asia Pacific China 21,235 20,402 Japan 3,322 1,801 Korea 6,136 6,439 Malaysia 1,242 1,632 Singapore 3,117 3,157 Thailand 1,043 1,045 Other 1,484 2,113 Rest of the World India 1,132 1,249 Other 1,210 1,513 Total $ 82,047 $ 88,080 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, 2015 2014 (unaudited) Power semiconductors $ 54,978 $ 57,968 Integrated circuits 22,484 23,882 Systems and RF power semiconductors 4,585 6,230 Total $ 82,047 $ 88,080 |
Note 3 - Business Combination36
Note 3 - Business Combinations (Details Textual) - USD ($) | May. 01, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 |
Radio Pulse [Member] | ||||
Payments to Acquire Businesses, Gross | $ 14,700,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,000,000 | |||
Business Acquisition, Transaction Costs | 241,000 | |||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | 249,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 1,300,000 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (1,200,000) | |||
Goodwill, Acquired During Period | $ 15,400,000 | |||
Other Acquisition [Member] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,300,000 | |||
Cash Acquired from Acquisition | 204,000 | |||
Goodwill, Acquired During Period | 2,800,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 723,000 | |||
Goodwill, Translation Adjustments | $ (520,000) | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 14,571,000 | $ 2,297,000 |
Note 3 - Business Combination37
Note 3 - Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | May. 01, 2015 |
Radio Pulse [Member] | |
Cash, restricted cash and cash equivalents | $ 196 |
Accounts receivable | 1,026 |
Inventories | 532 |
Property, plant and equipment | 24 |
Prepaid expenses and other current assets | 616 |
Identifiable intangible assets | 2,523 |
Short-term borrowings | (2,354) |
Accounts payable | (614) |
Accruals and other liabilities | (2,633) |
Total identifiable net liabilities | (684) |
Goodwill | 15,352 |
Total purchase consideration | $ 14,668 |
Note 3 - Business Combination38
Note 3 - Business Combinations - Acquired Finite-Lived Intangible Assets (Details) - May. 01, 2015 - USD ($) $ in Thousands | Total |
Developed Technology Rights [Member] | |
Fair Value | $ 643 |
Finite-Lived Intangible Assets, Amortization Method | Straight-line |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years |
In Process Research and Development [Member] | |
Fair Value | $ 598 |
Finite-Lived Intangible Assets, Amortization Method | Straight-line |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years |
Customer Relationships [Member] | |
Fair Value | $ 1,153 |
Finite-Lived Intangible Assets, Amortization Method | Accelerated |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 3 years |
Order or Production Backlog [Member] | |
Fair Value | $ 129 |
Finite-Lived Intangible Assets, Amortization Method | Straight-line |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 180 days |
Fair Value | $ 2,523 |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Auction Rate Preferred Securities Percentage Collateralized | 100.00% | |
Collateralized Asset Value Exceeding Value of ARPS Percentage | 300.00% | |
Debt, Long-term and Short-term, Combined Amount | $ 54.6 | $ 49.2 |
Note 4 - Fair Value - Assets an
Note 4 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Money market funds (2) | [1],[2] | $ 76,027 | $ 76,317 |
Marketable equity securities | [2],[3] | $ 1,545 | $ 1,737 |
Auction rate preferred securities | [2],[3] | ||
Derivative liabilities (4) | [2],[4] | ||
Total | [2] | $ 77,572 | $ 78,054 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Money market funds (2) | [1],[2] | ||
Marketable equity securities | [2],[3] | ||
Auction rate preferred securities | [2],[3] | $ 350 | $ 350 |
Derivative liabilities (4) | [2],[4] | (19) | |
Total | [2] | $ 350 | 331 |
Fair Value, Measurements, Recurring [Member] | |||
Money market funds (2) | [1],[2] | 76,027 | 76,317 |
Marketable equity securities | [2],[3] | 1,545 | 1,737 |
Auction rate preferred securities | [2],[3] | $ 350 | 350 |
Derivative liabilities (4) | [2],[4] | (19) | |
Total | [2] | $ 77,922 | 78,385 |
Marketable equity securities | 1,545 | 1,737 | |
Auction rate preferred securities | $ 350 | $ 350 | |
[1] | Included in "Cash and cash equivalents" on our unaudited condensed consolidated balance sheets. | ||
[2] | We did not have any recurring fair value measurements of assets or liabilities whose fair value was measured using significant unobservable inputs. | ||
[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 - Other A
Note 5 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Marketable equity securities | $ 1,545 | $ 1,737 |
Auction rate preferred securities | 350 | 350 |
Long-term equity investments | 11,042 | 11,041 |
Other items | 734 | 576 |
Total | $ 13,671 | $ 13,704 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Raw materials | $ 16,571 | $ 17,169 |
Work in process | 37,408 | 37,491 |
Finished goods | 29,083 | 27,345 |
Total | $ 83,062 | $ 82,005 |
Note 7 - Accrued Expenses and43
Note 7 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Uninvoiced goods and services | $ 9,135 | $ 8,473 |
Compensation and benefits | 7,820 | 6,230 |
Income taxes | 3,434 | 2,459 |
Commissions, royalties and other | 2,594 | 2,703 |
Total | $ 22,983 | $ 19,865 |
Note 8 - Goodwill and Intangi44
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) | May. 01, 2015 | Jun. 30, 2014 |
Other Acquisition [Member] | ||
Goodwill, Acquired During Period | $ 2,800,000 | |
Radio Pulse [Member] | ||
Goodwill, Acquired During Period | $ 15,400,000 |
Note 8 - Goodwill and Intangi45
Note 8 - Goodwill and Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Developed Technology Rights [Member] | ||
Gross Intangible Assets | $ 16,947 | $ 16,304 |
Accumulated Amortization | 8,881 | 8,084 |
Net Intangible Assets | 8,066 | 8,220 |
Customer Relationships [Member] | ||
Gross Intangible Assets | 14,173 | 13,020 |
Accumulated Amortization | 11,963 | 11,290 |
Net Intangible Assets | 2,210 | 1,730 |
In Process Research and Development [Member] | ||
Gross Intangible Assets | $ 598 | |
Accumulated Amortization | ||
Net Intangible Assets | $ 598 | |
Order or Production Backlog [Member] | ||
Gross Intangible Assets | 7,284 | 7,155 |
Accumulated Amortization | 7,198 | $ 7,155 |
Net Intangible Assets | 86 | |
Other Intangible Assets [Member] | ||
Gross Intangible Assets | 1,608 | $ 1,608 |
Accumulated Amortization | 1,241 | 1,174 |
Net Intangible Assets | 367 | 434 |
Gross Intangible Assets | 40,610 | 38,087 |
Accumulated Amortization | 29,283 | 27,703 |
Net Intangible Assets | $ 11,327 | $ 10,384 |
Note 9 - Borrowing Arrangemen46
Note 9 - Borrowing Arrangements (Details Textual) | Apr. 01, 2015EUR (€) | Apr. 01, 2015USD ($) | Dec. 06, 2013USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | May. 01, 2015USD ($) | Apr. 01, 2015USD ($) | Mar. 31, 2015EUR (€) | Mar. 31, 2015USD ($) | Jun. 10, 2005EUR (€) | Jun. 10, 2005USD ($) |
Bank of West Amended and Restated Credit Agreement December Six Two Thousand and Thirteen [Member] | Minimum [Member] | ||||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 0.75% | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||||
Bank of West Amended and Restated Credit Agreement December Six Two Thousand and Thirteen [Member] | Maximum [Member] | ||||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 2.50% | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.625% | |||||||||||
Bank of West Amended and Restated Credit Agreement December Six Two Thousand and Thirteen [Member] | ||||||||||||
Line of Credit Facility, Initiation Date | Dec. 6, 2013 | Dec. 6, 2013 | ||||||||||
Line of Credit Facility, Expiration Date | Nov. 30, 2015 | Nov. 30, 2015 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | $ 50,000,000 | ||||||||||
Long-term Line of Credit | $ 45,000,000 | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 1.94% | |||||||||||
Available Credit Line for Letter of Credit | $ 3,000,000 | $ 3,000,000 | ||||||||||
IKB Deutsche Industrial Bank Loan Payable [Member] | ||||||||||||
Debt Instrument, Issuance Date | Jun. 10, 2005 | |||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | |||||||||||
Debt Instrument, Face Amount | € 10,000,000 | $ 12,200,000 | ||||||||||
Long-term Debt, Gross | € 3,500,000 | $ 3,800,000 | ||||||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | ||||||||||||
Debt Instrument, Face Amount | € 6,500,000 | $ 7,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | ||||||||||
Debt Instrument, Periodic Payment, Principal | € 232,000 | $ 257,000 | ||||||||||
Notes Payable, Other Payables [Member] | Radio Pulse [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 2,400,000 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.90% | |||||||||||
Notes Payable, Other Payables [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 723,000 | |||||||||||
Repayments of Debt | $ 99,000 | |||||||||||
Repayments of Debt | $ 449,000 | $ 296,000 |
Note 10 - Pension Plans (Detail
Note 10 - Pension Plans (Details Textual) | 12 Months Ended | |
Mar. 31, 2016USD ($) | Jun. 30, 2015 | |
Scenario, Forecast [Member] | United Kingdom and the Philippines Plans [Member] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 994,000 | |
Number of Defined Benefit Plans | 3 |
Note 10 - Pension Plans - Net P
Note 10 - Pension Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Service cost | $ 26 | $ 26 |
Interest cost on projected benefit obligation | 368 | 473 |
Expected return on plan assets | (438) | (497) |
Recognized actuarial loss | 45 | 18 |
Net periodic pension expense | $ 1 | $ 20 |
Note 10 - Pension Plans - Infor
Note 10 - Pension Plans - Information on Plan Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,798 | $ 2,588 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,798 | $ 2,588 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 38 | $ (30) |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Foreign Exchange Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 38 | $ (30) |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 20,814 | 19,997 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 43 | 652 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 14 | 7 |
Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 20,871 | 20,656 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,042 | 861 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,739 | 5,887 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 6,781 | $ 6,749 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 14 | $ 16 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Collateralized Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 14 | $ 16 |
Other Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | |
Other Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 82 | $ 133 |
Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Other Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 82 | $ 135 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 24,654 | 23,448 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 5,916 | 6,658 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 14 | 8 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 30,584 | $ 30,114 |
Note 11 - Employee Equity Inc50
Note 11 - Employee Equity Incentive Plans (Details Textual) - USD ($) | May. 01, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Aug. 30, 2013 | Sep. 16, 2011 | Sep. 10, 2009 |
Plan 2009 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | |||||
Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | |||||
Plan 2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | |||||
Stock Options of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||
Stock Options of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Stock Appreciation Rights of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||
Stock Appreciation Rights of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Employee Stock Purchase Plan 1999 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,550,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 15.00% | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 51,824 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 285,691 | |||||
Equity Incentive Plans Total [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,500,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||||
Radio Pulse [Member] | ||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 293,000 | 0 | ||||
Estimated Statutory Income Tax Rate | 35.00% | 35.00% |
Note 11 - Employee Equity Inc51
Note 11 - Employee Equity Incentive Plans - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Cost of Sales [Member] | |||
Stock-based Compensation Effect in Income before Taxes | $ 122 | $ 108 | |
Research and Development Expense [Member] | |||
Stock-based Compensation Effect in Income before Taxes | [1] | 460 | 189 |
Selling, General and Administrative Expenses [Member] | |||
Stock-based Compensation Effect in Income before Taxes | 406 | 384 | |
Stock-based Compensation Effect in Income before Taxes | 988 | 681 | |
Provision for income taxes (2) | [2] | 346 | 238 |
Net stock-based compensation effects in net income | $ 642 | $ 443 | |
[1] | Includes acquisition related compensation expenses of $249,000 during the quarter ended June 30, 2015, settled in cash. | ||
[2] | Calculated at the U.S. statutory federal income tax rate of 35% in fiscal 2016 and 2015. |
Note 11 - Employee Equity Inc52
Note 11 - Employee Equity Incentive Plans - Fair Value and Assumptions (Details) - $ / shares | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Employee Stock Option [Member] | |||
Weighted average estimated fair value of grant per share (in dollars per share) | [1] | $ 6.32 | |
Risk-free interest rate | [1] | 2.00% | |
Expected term in years | [1] | 6 years 273 days | |
Volatility | [1] | 50.70% | |
Dividend yield | [1] | 1.01% | |
Employee Stock Purchase Plan 1999 [Member] | |||
Weighted average estimated fair value of grant per share (in dollars per share) | $ 3.15 | $ 2.90 | |
Risk-free interest rate | 0.10% | 0.10% | |
Expected term in years | 1 year | 182 days | |
Volatility | 33.70% | 34.50% | |
Dividend yield | 1.11% | 1.06% | |
[1] | No stock options were granted during the quarters ended June 30, 2014. |
Note 11 - Employee Equity Inc53
Note 11 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | ||
Options outstanding (in shares) | 4,588,347 | |
Options outstanding (in dollars per share) | $ 10.20 | |
Options granted (in shares) | 293,000 | |
Options granted (in dollars per share) | $ 13.37 | |
Options exercised (in shares) | (211,876) | |
Options exercised (in dollars per share) | $ 9.30 | |
Options exercised | [1] | $ 1,040 |
Options cancelled (in shares) | (2,500) | |
Options cancelled (in dollars per share) | $ 12.13 | |
Options expired (in shares) | (432,788) | |
Options expired (in dollars per share) | $ 14.70 | |
Options exercisable (in shares) | 3,387,597 | |
Options exercisable (in dollars per share) | $ 9.73 | |
[1] | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 12 - Accumulated Other C54
Note 12 - Accumulated Other Comprehensive (Loss) - AOCI Change (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | $ (13,577,000) | $ 10,535,000 |
Other comprehensive income (loss) before reclassifications | 2,692,000 | $ (280,000) |
Net (gains) reclassified from accumulated other comprehensive income | ||
Net current period other comprehensive income (loss) | 2,692,000 | $ (280,000) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (10,885,000) | 10,255,000 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | 7,000 | 325,000 |
Other comprehensive income (loss) before reclassifications | (117,000) | (288,000) |
Net (gains) reclassified from accumulated other comprehensive income | (19,000) | |
Net current period other comprehensive income (loss) | (117,000) | (307,000) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (110,000) | 18,000 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (9,518,000) | $ (5,831,000) |
Other comprehensive income (loss) before reclassifications | 0 | |
Net (gains) reclassified from accumulated other comprehensive income | ||
Net current period other comprehensive income (loss) | 0 | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (9,518,000) | $ (5,831,000) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (23,088,000) | 5,029,000 |
Other comprehensive income (loss) before reclassifications | 2,575,000 | (568,000) |
Net (gains) reclassified from accumulated other comprehensive income | (19,000) | |
Net current period other comprehensive income (loss) | 2,575,000 | (587,000) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (20,513,000) | $ 4,442,000 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax | (23,088,000) | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax | $ (20,513,000) |
Note 12 - Accumulated Other C55
Note 12 - Accumulated Other Comprehensive (Loss) - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Net gain on investments | $ 30 | |
Tax impact | (11) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Total reclassifications for the period | 19 | |
Net gain on investments | $ (790) | 208 |
Tax impact | (1,662) | (1,549) |
Total reclassifications for the period | $ 2,985 | $ 3,575 |
Note 13 - Computation of Earn56
Note 13 - Computation of Earnings per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 987,000 | 696,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 868,702 | 2,630,332 |
Note 13 - Computation of Earn57
Note 13 - Computation of Earnings per Share - Computation of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 2,985 | $ 3,575 |
Weighted average shares - basic (in shares) | 31,746 | 31,379 |
Weighted average shares - diluted (in shares) | 32,733 | 32,075 |
Net income per share - basic (in dollars per share) | $ 0.09 | $ 0.11 |
Net income per share - diluted (in dollars per share) | $ 0.09 | $ 0.11 |
Note 14 - Segment and Geograp58
Note 14 - Segment and Geographic Information (Details Textual) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 2 [Member] | ||
Number of Entity Wide Revenue Major Customers | 1 | |
Concentration Risk, Percentage | 10.40% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 1 [Member] | ||
Number of Entity Wide Revenue Major Customers | 1 | 1 |
Concentration Risk, Percentage | 10.70% | 10.70% |
Number of Operating Segments | 1 | |
Number of Reportable Segments | 1 |
Note 14 - Segment and Geograp59
Note 14 - Segment and Geographic - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
UNITED STATES | ||
Net Revenues | $ 20,133 | $ 22,504 |
FRANCE | ||
Net Revenues | 2,040 | 1,852 |
GERMANY | ||
Net Revenues | 8,077 | 8,449 |
ITALY | ||
Net Revenues | 1,264 | 1,473 |
SWEDEN | ||
Net Revenues | 705 | 1,285 |
UNITED KINGDOM | ||
Net Revenues | 3,220 | 5,379 |
Other Europe and the Middle East Regions [Member] | ||
Net Revenues | 6,687 | 7,787 |
CHINA | ||
Net Revenues | 21,235 | 20,402 |
JAPAN | ||
Net Revenues | 3,322 | 1,801 |
KOREA, REPUBLIC OF | ||
Net Revenues | 6,136 | 6,439 |
MALAYSIA | ||
Net Revenues | 1,242 | 1,632 |
SINGAPORE | ||
Net Revenues | 3,117 | 3,157 |
THAILAND | ||
Net Revenues | 1,043 | 1,045 |
Other Asia Pacific Regions [Member] | ||
Net Revenues | 1,484 | 2,113 |
INDIA | ||
Net Revenues | 1,132 | 1,249 |
Other Rest of the World [Member] | ||
Net Revenues | 1,210 | 1,513 |
Net Revenues | $ 82,047 | $ 88,080 |
Note 14 - Segment and Geograp60
Note 14 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Power Semiconductors [Member] | ||
Net Revenues | $ 54,978 | $ 57,968 |
Integrated Circuits [Member] | ||
Net Revenues | 22,484 | 23,882 |
System and RF Power Semiconductors [Member] | ||
Net Revenues | 4,585 | 6,230 |
Net Revenues | $ 82,047 | $ 88,080 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Expense (Benefit) | $ 1,662 | $ 1,549 |
Effective Income Tax Rate Reconciliation, Percent | 35.80% | 30.20% |
Note 16 - Commitments and Con62
Note 16 - Commitments and Contingencies (Details Textual) - Bank of West Amended and Restated Credit Agreement December Six Two Thousand and Thirteen [Member] - USD ($) | Dec. 06, 2013 | Jun. 30, 2015 |
Line of Credit Facility, Initiation Date | Dec. 6, 2013 | Dec. 6, 2013 |
Line of Credit Facility, Expiration Date | Nov. 30, 2015 | Nov. 30, 2015 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | $ 50,000,000 |
Available Credit Line for Letter of Credit | $ 3,000,000 | 3,000,000 |
Long-term Line of Credit | $ 45,000,000 |
Uncategorized Items - ixys-2015
Label | Element | Value |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber | 4,942,511 |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice | $ 10.37 |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice | $ 10.20 |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber | 3,942,261 |