Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Jan. 29, 2016 | |
Entity Registrant Name | IXYS CORP /DE/ | |
Entity Central Index Key | 945,699 | |
Trading Symbol | IXYS | |
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) | 31,542,215 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 154,238 | $ 121,164 |
Restricted cash | 722 | 266 |
Accounts receivable, net | 36,180 | 41,042 |
Inventories | 89,664 | 82,005 |
Prepaid expenses and other current assets | 3,876 | 3,413 |
Total current assets | 284,680 | 247,890 |
Property, plant and equipment, net | 42,194 | 42,545 |
Intangible assets, net | 8,348 | 10,384 |
Goodwill | 42,548 | 27,375 |
Deferred income taxes | 29,750 | 31,957 |
Other assets | 13,716 | 13,704 |
Total assets | 421,236 | 373,855 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 19 | 464 |
Current portion of loans payable | 2,725 | 45,790 |
Accounts payable | 15,157 | 12,675 |
Accrued expenses and other current liabilities | 22,142 | 19,865 |
Total current liabilities | 40,043 | 78,794 |
Long term loans, net of current portion | 85,327 | 3,433 |
Pension liabilities | 16,394 | 17,232 |
Other long term liabilities | 6,450 | 7,095 |
Total liabilities | $ 148,214 | $ 106,554 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Authorized: 5,000,000 shares; none issued and outstanding | ||
Authorized: 80,000,000 shares; 38,214,158 issued and 31,542,215 outstanding at December 31, 2015 and 38,116,884 issued and 31,674,782 outstanding at March 31, 2015 | $ 382 | $ 381 |
Additional paid-in capital | 213,262 | 209,707 |
Treasury stock, at cost: 6,671,943 common shares at December 31, 2015 and 6,442,102 common shares at March 31, 2015 | (60,051) | (56,833) |
Retained earnings | 142,044 | 137,134 |
Accumulated other comprehensive loss | (22,615) | (23,088) |
Total stockholders’ equity | 273,022 | 267,301 |
Total liabilities and stockholders' equity | $ 421,236 | $ 373,855 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2015 | Mar. 31, 2015 |
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, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 38,214,158 | 38,116,884 |
Common stock, shares outstanding (in shares) | 31,542,215 | 31,674,782 |
Treasury stock, shares (in shares) | 6,671,943 | 6,442,102 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 75,133 | $ 81,326 | $ 237,437 | $ 255,841 |
Cost of goods sold | 51,104 | 55,811 | 161,794 | 179,156 |
Gross profit | 24,029 | 25,515 | 75,643 | 76,685 |
Operating expenses: | ||||
Research, development and engineering | 7,280 | 6,289 | 22,767 | 20,487 |
Selling, general and administrative | 9,158 | 10,191 | 29,595 | 31,668 |
Amortization of acquired intangible assets | 1,329 | 1,419 | 4,282 | 4,545 |
Total operating expenses | 17,767 | 17,899 | 56,644 | 56,700 |
Operating income | 6,262 | 7,616 | 18,999 | 19,985 |
Other income (expense): | ||||
Interest income | 54 | 57 | 140 | 153 |
Interest expense | (432) | (392) | (1,030) | (1,124) |
Other income (expense), net | 290 | 108 | (1,510) | 2,481 |
Income before income tax provision | 6,174 | 7,389 | 16,599 | 21,495 |
Provision for income tax | (3,888) | (767) | (8,055) | (5,551) |
Net income | $ 2,286 | $ 6,622 | $ 8,544 | $ 15,944 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.07 | $ 0.21 | $ 0.27 | $ 0.51 |
Diluted (in dollars per share) | 0.07 | 0.21 | 0.26 | 0.50 |
Cash dividends per common share (in dollars per share) | $ 0.04 | $ 0.035 | $ 0.115 | $ 0.10 |
Weighted average shares used in per share calculation: | ||||
Basic (in shares) | 31,487 | 31,585 | 31,626 | 31,488 |
Diluted (in shares) | 32,343 | 32,231 | 32,483 | 32,173 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 2,286 | $ 6,622 | $ 8,544 | $ 15,944 |
Foreign currency translation adjustments | (3,027) | (4,828) | 534 | (12,928) |
Changes in market value of investments: | ||||
Changes in unrealized loss, net of tax benefits of $(24) and $(226) for the three and nine months ended December 31, 2015, respectively, and net of tax benefits of $(151) and $(493) for the three and nine months ended December 31, 2014, respectively | (35) | (281) | (337) | (919) |
Reclassification adjustment for net losses realized in net income, net of tax expenses of $3 and $185 for the three and nine months ended December 31, 2015, respectively and net of tax expenses of $331 and $320 for the three and nine months ended December 31, 2014, respectively | 4 | 614 | 276 | 595 |
Net change in market value of investments | (31) | 333 | (61) | (324) |
Total comprehensive income (loss) | $ (772) | $ 2,127 | $ 9,017 | $ 2,692 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (24) | $ (151) | $ (226) | $ (493) |
Taxes on reclassification adjustment for sales of securities included in net income | $ 3 | $ 331 | $ 185 | $ 320 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 8,544 | $ 15,944 |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | ||
Depreciation and amortization | 10,478 | 13,231 |
Provision for receivable allowances | 4,811 | 7,264 |
Net change in inventory provision | 640 | 2,072 |
Stock-based compensation | 2,529 | 2,127 |
Loss on investments | 635 | $ 838 |
Deferred income taxes | 2,257 | |
Foreign currency adjustments on intercompany amounts and other non-cash items | 505 | $ (3,078) |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Accounts receivable | 1,667 | (1,110) |
Inventories | (7,778) | (3,941) |
Prepaid expenses and other current assets | (916) | 5,464 |
Other assets | (149) | 615 |
Accounts payable | 1,715 | (4,934) |
Accrued expenses and other liabilities | (338) | (374) |
Pension liabilities | (938) | (1,021) |
Net cash provided by operating activities | 23,662 | 33,097 |
Cash flows from investing activities: | ||
Change in restricted cash | (357) | 40 |
Purchase of businesses, net of cash and cash equivalents acquired | (14,571) | (2,297) |
Purchases of investments | (629) | (5,887) |
Purchases of property and equipment | (5,265) | (5,468) |
Changes in investments | 26 | 54 |
Net cash used in investing activities | (20,796) | (13,558) |
Cash flows from financing activities: | ||
Principal payments on capital lease obligations | (454) | (1,965) |
Repayments of loans and notes payable | $ (46,247) | (914) |
Installment payment for business acquisition | (30,000) | |
Proceeds from loans | $ 82,967 | 30,000 |
Proceeds from employee equity plans | 4,251 | $ 2,360 |
Purchases of treasury stock | (6,440) | |
Payment of cash dividends to stockholders | (3,635) | $ (2,047) |
Net cash provided by (used in) financing activities | 30,442 | (2,566) |
Effect of exchange rate fluctuations on cash and cash equivalents | (234) | (2,422) |
Net increase in cash and cash equivalents | 33,074 | 14,551 |
Cash and cash equivalents at beginning of period | 121,164 | 98,438 |
Cash and cash equivalents at end of period | $ 154,238 | $ 112,989 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Recent Accounting Pronouncements and Accounting Changes In May 2014, the Financial Accounting Standards Board, or 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 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 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 statements line items (that is, debt issuance cost asset and the debt liability). In August 2015, FASB issued the authoritative guidance that added Securities and Exchange Commission, or SEC, content. The guidance issued in April 2015 did not directly address the manner in which debt issuance costs relating to a line of credit arrangement are treated. The SEC staff clarified that they would not object to the balance sheet presentation of such costs as an asset (i.e., a deferred charge) to be subsequently amortized ratably over the term of the line of credit arrangement, even if there are no borrowings outstanding on the underlying line of credit arrangement. We have adopted the guidance effective the quarter ended December 31, 2015 and applied the new rules to our new revolving credit agreement effective as of November 20, 2015. Based on the guidance, the debt issuance costs are presented in the balance sheet as a direct deduction from the debt liability rather than as an asset in our financial statements. There is no other significant impact from the adoption of this guidance. See Note 9, “Borrowing Arrangements” for further information regarding our credit arrangements. In July 2015, FASB issued an amendment to modify the inventory measurement guidance in Topic 330, Inventory 15, 2016 , and interim periods during the annual period. The new standard is required to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect this change to have a significant impact on our consolidated financial statements. In September 2015, FASB issued an amendment to modify the guidance related to measurement-period adjustments in Topic 805, Business Combinations 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. The new standard is required to be applied prospectively to adjustments to provisional amounts that occur after the aforementioned effective date with earlier application permitted for financial statements that have not yet been issued. We do not expect this guidance to have a significant impact on our consolidated financial statements. The impact on earnings due to measurement period adjustments will be disclosed in the relevant notes to the financial statements. In October 2015, FASB ratified a proposed Accounting Standards Update, or ASU, which requires presentation of deferred tax assets and liabilities as noncurrent in a classified balance sheet. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early application is permitted as of the beginning of any interim or annual reporting period. We adopted this accounting standard update, on a retrospective basis, during the quarter ended December 31, 2015. All deferred tax assets and liabilities as of December 31, 2015 and March 31, 2015 have been classified as noncurrent in the accompanying unaudited condensed consolidated balance sheets and the notes thereto. The adoption during this quarter resulted in a $7.1 million decrease in current deferred tax assets and a corresponding increase of an equal amount in the noncurrent deferred tax assets at December 31, 2015. Our prior period ended March 31, 2015 reflected a decrease of $7.1 million in the current deferred tax assets and a corresponding increase in the noncurrent deferred tax assets. In January 2016, FASB issued the authoritative guidance that requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. It permits early adoption as of the beginning of the fiscal year of adoption. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 9 Months Ended |
Dec. 31, 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 South 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’s 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 $248,000 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 1,497 Inventories 534 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 (2,916 ) Total identifiable net liabilities (494 ) Goodwill 15,162 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 acquired intangible assets, acquired liabilities and tax attributes. 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. 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 March 31, 2016. 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. 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 $1.0 million and $3.2 million to our unaudited condensed consolidated statements of operations for the three and nine month periods ended December 31, 2015, respectively. The net losses of RadioPulse during the same periods ended December 31, 2015 were $879,000 and $2.6 million, respectively, 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. At December 31, 2015, this goodwill balance reflected a cumulative reduction of $559,000 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 | 9 Months Ended |
Dec. 31, 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 December 31, 2015 and March 31, 2015 (in thousands): December 31, 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) Assets Money market funds (2) $ 112,307 $ 112,307 $ - $ 76,317 $ 76,317 $ - Marketable equity securities (3) 1,785 1,785 - 1,737 1,737 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total Assets Measured at Fair Value $ 114,442 $ 114,092 $ 350 $ 78,404 $ 78,054 $ 350 Liabilities Derivative liabilities (4) - - - 19 - 19 Total Liabilities Measured at Fair Value $ - $ - $ - $ 19 $ - $ 19 (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. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and our ability and intent to hold or sell the securities. Based on our review, we recognized an other than temporary impairment loss of $0 and $454,000 in marketable equity securities during the three and nine months ended December 31, 2015, respectively, and $945,000 during both the three and nine months ended December 31, 2014. From time to time, we use derivative instruments to manage exposure to changes in interest rates and currency exchange rates. The fair values of these instruments are recorded on the balance sheets. 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. We have elected not to designate these instruments as accounting hedges. 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 December 31, 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 $88.1 million and $49.2 million as of December 31, 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. The fair value of contingent consideration for a business acquisition is classified as a Level 3 estimate. See Note 3, “Business Combinations” for a discussion of fair value of contingent consideration. |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consist of the following (in thousands): December 31, 2015 March 31, 2015 (unaudited) Accounts receivable, gross $ 38,490 $ 43,810 Allowance for doubtful accounts (2,310 ) (2,768 ) Accounts receivable, net $ 36,180 $ 41,042 |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other Assets Other assets consist of the following (in thousands): December 31, March 31, 2015 2015 (unaudited) Marketable equity securities $ 1,785 $ 1,737 Auction rate preferred securities 350 350 Long-term equity investments 10,854 11,041 Other items 727 576 Total $ 13,716 $ 13,704 |
Note 7 - Inventories
Note 7 - Inventories | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. Inventories Inventories consist of the following (in thousands): December 31, March 31, 2015 2015 (unaudited) Raw materials $ 18,253 $ 17,169 Work in process 40,986 37,491 Finished goods 30,425 27,345 Total $ 89,664 $ 82,005 |
Note 8 - Accrued Expenses and O
Note 8 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Accrued Expenses and Other Current Liabilities Disclosure [Text Block] | 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): December 31, March 31, 2015 2015 (unaudited) Uninvoiced goods and services $ 9,033 $ 8,473 Compensation and benefits 5,781 6,230 Income taxes 4,378 2,459 Commissions, royalties and other 2,950 2,703 Total $ 22,142 $ 19,865 |
Note 9 - Borrowing Arrangements
Note 9 - Borrowing Arrangements | 9 Months Ended |
Dec. 31, 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 were due and payable on November 30, 2015. On November 20, 2015, we entered into a Revolving Credit Agreement with a syndicate of banks for a revolving line of credit of $125.0 million. The agent for the banks is BOTW. The obligations are guaranteed by four of our subsidiaries. The loan is collateralized by a Contingent Collateral Agreement, under which the assets of the parent company and the four subsidiaries could be subject to security interests for the benefit of the banks in the event of a loan default. The Revolving Credit Agreement expires on November 20, 2017. 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 or an alternative base 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 applicable interest rate as of December 31, 2015 was 2.42%. An unused commitment fee is also payable. It ranges from 0.25% to 0.625% annually, depending on leverage. The terms of the facility impose restrictions on the Company’s ability to undertake certain transactions, to create liens on assets and to incur subsidiary indebtedness. In addition, the credit agreement is subject to a set of financial covenants, including minimum effective tangible net worth, the ratio of cash, cash equivalents and accounts receivable to current liabilities, profitability, a leverage ratio and a minimum amount of U.S. domestic cash on hand. At December 31, 2015, we complied with all of these financial covenants. As of December 31, 2015, we borrowed $80.0 million under this credit facility and repaid the outstanding principal balance from the previous agreement of $45 million. In relation to the execution of the credit agreement, we incurred loan costs of $371,000. Those costs were deferred as debt issuance costs and amortized over the two-year life of the credit agreement. As of December 31, 2015, $21,000 was recognized as interest expense and the unamortized balance of the debt issuance costs was $350,000. The debt issuance costs are presented in the balance sheet as a direct deduction from the debt liability rather than as an asset in our financial statements. The credit agreement also includes a $10.0 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 $253,000, 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 December 31, 2015, the outstanding principal balance was €5.8 million, or about $6.3 million, and 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. The outstanding principal on these loans was $1.7 million as of December 31, 2015. 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 | 9 Months Ended |
Dec. 31, 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 the United Kingdom and Philippine plans with financial institutions and make payments to former German employees directly. We accrue for the unfunded portion of obligations. As of December 31, 2015, the German defined benefit plan was completely unfunded and we accrued for its obligations. 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. We expect to contribute approximately $994,000 to the United Kingdom and Philippines plans in the fiscal year ending March 31, 2016. The measurement date for the projected benefit obligations and the plan assets is March 31. The net periodic pension expense includes the following components (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Service cost $ 25 $ 26 $ 76 $ 78 Interest cost on projected benefit obligation 364 443 1,103 1,383 Expected return on plan assets (432 ) (469 ) (1,312 ) (1,460 ) Recognized actuarial loss 44 17 134 53 Net periodic pension expense $ 1 $ 17 $ 1 $ 54 Information on Plan Assets We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of December 31, 2015 and March 31, 2015, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands): December 31, 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 $ 1,608 $ - $ - $ 1,608 $ 2,588 $ - $ - $ 2,588 Currency contracts - (72 ) - (72 ) - (30 ) - (30 ) Equity 4,011 - - 4,011 19,997 652 7 20,656 Fixed interest 1,173 12,470 1 13,644 861 5,887 1 6,749 Mutual funds - 8,948 - 8,948 - - - - Mortgage-backed securities - 34 - 34 - 16 - 16 Swaps and other - 233 - 233 2 133 - 135 Total $ 6,792 $ 21,613 $ 1 $ 28,406 $ 23,448 $ 6,658 $ 8 $ 30,114 |
Note 11 - Employee Equity Incen
Note 11 - Employee Equity Incentive Plans | 9 Months Ended |
Dec. 31, 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 Plan. Each restricted stock unit shall have a value equal to the fair market value of one share. After the applicable performance period has ended, the holder will be entitled to receive a payment, either in cash or in the form of shares, based on the number of restricted stock units earned over the performance period, to be determined as a function of the extent to which the corresponding performance goals or other vesting provisions have been achieved. Employee Stock Purchase Plan The Board of Directors has approved the Amended and Restated 1999 Employee Stock Purchase Plan, or the Purchase Plan, and reserved a total of 1,550,000 shares of common stock for issuance under the Purchase Plan. Under the Purchase Plan, all eligible employees may purchase our common stock at a price equal to 85% of the lower of the fair market value at the beginning of the offer period or the semi-annual purchase date. Stock purchases are limited to 15% of an employee’s eligible compensation. During the nine months ended December 31, 2015, there were 97,274 shares purchased under the Purchase Plan, leaving 240,241 shares available for purchase under the Purchase Plan in the future. Stock-Based Compensation The following table summarizes the effects of stock-based compensation charges (in thousands): Three Months Ended December 31, Nine Months Ended December 31, Statement of Operations Classifications 2015 2014 2015 2014 (unaudited) (unaudited) Cost of goods sold $ 125 $ 110 $ 371 $ 320 Research, development and engineering expenses (1) 242 224 1,032 602 Selling, general and administrative expenses 471 415 1,374 1,205 Stock-based compensation effect in income before taxes 838 749 2,777 2,127 Provision for income taxes (2) 293 262 972 744 Net stock-based compensation effects in net income $ 545 $ 487 $ 1,805 $ 1,383 (1) Includes acquisition-related compensation expenses of $249,000 during the nine months ended December 31, 2015. (2) Calculated at the U.S. statutory federal income tax rate of 35% in fiscal 2016 and 2015. During the nine months ended December 31, 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 December 31, 2015, approximately $7.4 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 3 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 and nine months ended December 31, 2015 and 2014, were based on estimates at the date of grant as follows: Stock Options (1) Purchase Plan (2) Three Months Ended December 31, Nine Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) Weighted average estimated fair value of grant per share na na $ 4.83 $ 5.54 $ 3.54 $ 2.90 Risk-free interest rate na na 1.8 % 1.8 % 0.1 % 0.1 % Expected term in years na na 6.45 6.30 0.50 0.50 Volatility na na 44.9 % 52.2 % 48.2 % 36.9 % Dividend yield na na 1.2 % 1.0 % 1.2 % 1.1 % (1) No stock options were granted during the quarters ended December 31, 2015 and 2014. (2) Under the stock purchase plan, rights to purchase shares are only granted during the first and third quarters of each fiscal year. Activity with respect to outstanding stock options for the nine months ended December 31, 2015 was as follows: Weighted Average Number of Exercise Price Intrinsic Value (1) Shares Per Share (unaudited) (000 ) Balance at March 31, 2015 4,942,511 $ 10.37 Options granted 1,124,000 $ 11.72 Options exercised (369,826 ) $ 9.11 $ 1,484 Options cancelled (2,500 ) $ 12.13 Options expired (434,788 ) $ 14.68 Balance at December 31, 2015 5,259,397 $ 10.39 Exercisable at December 31, 2015 3,499,063 $ 9.88 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) | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. Accumulated Other Comprehensive Income (Loss) The components and the changes in accumulated other comprehensive loss, net of tax, for the nine months ended December 31, 2015 and 2014 were as follows (in thousands): Nine Months Ended December 31, 2015 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2015 $ (13,577 ) $ 7 $ (9,518 ) $ (23,088 ) Other comprehensive income (loss) before reclassifications 534 (337 ) - 197 Net loss reclassified from accumulated other comprehensive income (loss) - 276 - 276 Net current period other comprehensive income (loss) 534 (61 ) - 473 Balance as of December 31, 2015 $ (13,043 ) $ (54 ) $ (9,518 ) $ (22,615 ) Nine Months Ended December 31, 2014 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2014 $ 10,535 $ 325 $ (5,831 ) $ 5,029 Other comprehensive income (loss) before reclassifications (12,928 ) (919 ) - (13,847 ) Net gain reclassified from accumulated other comprehensive income (loss) - 595 - 595 Net current period other comprehensive income (loss) (12,928 ) (324 ) - (13,252 ) Balance as of December 31, 2014 $ (2,393 ) $ 1 $ (5,831 ) $ (8,223 ) The amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended December 31, 2015 and 2014 are as follows (in thousands): Accumulated Other Comprehensive Income (loss) Components Amounts Reclassified from Accumulated Other Comprehensive Income (loss) Impacted Line Item on Unaudited Condensed Consolidated Income Statements Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Net gain (loss) on investments $ (7 ) $ - $ (7 ) $ 30 Other income (expense), net Impairment of marketable securities - (945 ) (454 ) (945 ) Other income (expense), net Tax impact 3 331 185 320 Provision for income tax Total reclassifications for the period $ (4 ) $ (614 ) $ (276 ) $ (595 ) Income after income tax provision |
Note 13 - Computation of Earnin
Note 13 - Computation of Earnings per Share | 9 Months Ended |
Dec. 31, 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 Nine Months Ended December 31, December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Net income $ 2,286 $ 6,622 $ 8,544 $ 15,944 Weighted average shares - basic 31,487 31,585 31,626 31,488 Weighted average shares - diluted 32,343 32,231 32,483 32,173 Net income per share - basic $ 0.07 $ 0.21 $ 0.27 $ 0.51 Net income per share - diluted $ 0.07 $ 0.21 $ 0.26 $ 0.50 Diluted weighted average shares included approximately 856,000 and 646,000 common equivalent shares from stock options for the three months ended December 31, 2015 and 2014, respectively, and approximately 857,000 and 685,000 common equivalent shares from stock options for the nine months ended December 31, 2015 and 2014, respectively. 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 and nine months ended December 31, 2015, there were outstanding weighted average options to purchase 2,047,000 and 1,620,807 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. During the three and nine months ended December 31, 2014, there were outstanding weighted average options to purchase 2,687,092 and 2,557,883 shares, respectively, that were not included in the computation of diluted net income per share since the exercise prices of the options exceeded the market price of the common stock 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 | 9 Months Ended |
Dec. 31, 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 Nine Months Ended December 31, December 31, 2015 2014 2015 2014 (unaudited) (unaudited) United States $ 18,334 $ 20,506 $ 57,784 $ 64,512 Europe and the Middle East France 2,382 2,208 6,724 5,957 Germany 7,201 7,720 24,123 24,195 Italy 758 1,189 2,991 3,571 Russia 2,178 1,621 2,896 4,482 Sweden 422 1,138 1,701 3,732 United Kingdom 3,686 4,752 10,400 15,953 Other 5,798 6,020 18,889 19,913 Asia Pacific China 19,090 20,949 60,378 61,831 Japan 1,451 1,675 7,175 5,637 Korea 5,360 4,661 17,585 16,789 Malaysia 689 1,197 3,253 4,319 Singapore 3,112 2,753 9,249 8,823 Thailand 997 996 3,032 3,023 Other 1,686 1,675 4,777 5,491 Rest of the World India 1,095 1,150 3,136 3,779 Other 894 1,116 3,344 3,834 Total $ 75,133 $ 81,326 $ 237,437 $ 255,841 The following table sets forth net revenues for each of our product groups for the three and nine months ended December 31, 2015 and 2014 (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Power semiconductors $ 51,196 $ 52,245 $ 159,607 $ 165,993 Integrated circuits 18,749 23,484 63,257 70,804 Systems and RF power semiconductors 5,188 5,597 14,573 19,044 Total $ 75,133 $ 81,326 $ 237,437 $ 255,841 For the three and nine months ended December 31, 2015, one distributor accounted for 13.9% and 12.0% of our net revenues, respectively. For the three and nine months ended December 31, 2014, this distributor accounted for 10.3% and 10.0% of our net revenues, respectively. For the nine months ended December 31, 2014, another distributor accounted for 10.6% of our net revenues. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes For the three and nine months ended December 31, 2015, we recorded income tax provisions of $3.9 million and $8.1 million, reflecting effective tax rates of 63.0% and 48.5%, respectively. For the three and nine months ended December 31, 2014, we recorded income tax provisions of $767,000 and $5.6 million, reflecting effective tax rates of 10.4% and 25.8%, respectively. During the three and nine months ended December 31, 2015, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. We recorded a reversal of a deferred tax asset that was overstated in the amount of $2.3 million in the financial statements for the fiscal year ended March 31, 2012, as well as the balance sheets for the fiscal years thereafter and the interim periods within those years and through September 30, 2015. We identified the overstatement. This adjustment was partially offset by a reduction of $893,000 of tax expense relating to an overstatement in income tax reserves for the financial statements for the fiscal year ended March 31, 2015 and the balance sheets of the interim periods in the current year through September 30, 2015. The out-of-period adjustments did not have any impact on our cash flow statements in any of the reporting periods. We believe that these out-of-period adjustments are not material to our financial statements for the relevant years, including our current fiscal year. For the three and nine months ended December 31, 2015, the effective tax rates were also affected by losses that could not be offset against other profits in certain jurisdictions with lower tax rates and by estimates of annual income in domestic and foreign jurisdictions. For the three and nine months ended December 31, 2014, the effective tax rates were affected by changes in estimates of annual income in domestic and foreign jurisdictions and certain discrete items. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies Bank of the West On November 20, 2015, we entered into an Amended and Restated Credit Agreement with a syndicate of banks, whose agent is BOTW for a revolving line of credit of $125.0 million. All amounts owed under the credit agreement are due and payable on November 20, 2017. Borrowings may be repaid and re-borrowed at any time during the term of the credit agreement. The obligations are guaranteed by four of our subsidiaries. The loan is collateralized by a Contingent Collateral Agreement, under which the assets of the parent company and the four subsidiaries could be subject to security interests for the benefit of the banks in the event of a loan default. The credit agreement includes a letter of credit subfacility, under which the lenders agree to issue letters of credit of up to $10.0 million. However, borrowing under this subfacility is limited to the extent of availability under the $125.0 million revolving line of credit. At December 31, 2015, the outstanding principal under the credit agreement was $80.0 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 the potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of December 31, 2015 and March 31, 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 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 May 2014, the Financial Accounting Standards Board, or 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 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 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 statements line items (that is, debt issuance cost asset and the debt liability). In August 2015, FASB issued the authoritative guidance that added Securities and Exchange Commission, or SEC, content. The guidance issued in April 2015 did not directly address the manner in which debt issuance costs relating to a line of credit arrangement are treated. The SEC staff clarified that they would not object to the balance sheet presentation of such costs as an asset (i.e., a deferred charge) to be subsequently amortized ratably over the term of the line of credit arrangement, even if there are no borrowings outstanding on the underlying line of credit arrangement. We have adopted the guidance effective the quarter ended December 31, 2015 and applied the new rules to our new revolving credit agreement effective as of November 20, 2015. Based on the guidance, the debt issuance costs are presented in the balance sheet as a direct deduction from the debt liability rather than as an asset in our financial statements. There is no other significant impact from the adoption of this guidance. See Note 9, “Borrowing Arrangements” for further information regarding our credit arrangements. In July 2015, FASB issued an amendment to modify the inventory measurement guidance in Topic 330, Inventory 15, 2016 , and interim periods during the annual period. The new standard is required to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect this change to have a significant impact on our consolidated financial statements. In September 2015, FASB issued an amendment to modify the guidance related to measurement-period adjustments in Topic 805, Business Combinations 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. The new standard is required to be applied prospectively to adjustments to provisional amounts that occur after the aforementioned effective date with earlier application permitted for financial statements that have not yet been issued. We do not expect this guidance to have a significant impact on our consolidated financial statements. The impact on earnings due to measurement period adjustments will be disclosed in the relevant notes to the financial statements. In October 2015, FASB ratified a proposed Accounting Standards Update, or ASU, which requires presentation of deferred tax assets and liabilities as noncurrent in a classified balance sheet. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early application is permitted as of the beginning of any interim or annual reporting period. We adopted this accounting standard update, on a retrospective basis, during the quarter ended December 31, 2015. All deferred tax assets and liabilities as of December 31, 2015 and March 31, 2015 have been classified as noncurrent in the accompanying unaudited condensed consolidated balance sheets and the notes thereto. The adoption during this quarter resulted in a $7.1 million decrease in current deferred tax assets and a corresponding increase of an equal amount in the noncurrent deferred tax assets at December 31, 2015. Our prior period ended March 31, 2015 reflected a decrease of $7.1 million in the current deferred tax assets and a corresponding increase in the noncurrent deferred tax assets. In January 2016, FASB issued the authoritative guidance that requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. It permits early adoption as of the beginning of the fiscal year of adoption. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements. |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 9 Months Ended |
Dec. 31, 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 1,497 Inventories 534 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 (2,916 ) Total identifiable net liabilities (494 ) Goodwill 15,162 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) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 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) Assets Money market funds (2) $ 112,307 $ 112,307 $ - $ 76,317 $ 76,317 $ - Marketable equity securities (3) 1,785 1,785 - 1,737 1,737 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total Assets Measured at Fair Value $ 114,442 $ 114,092 $ 350 $ 78,404 $ 78,054 $ 350 Liabilities Derivative liabilities (4) - - - 19 - 19 Total Liabilities Measured at Fair Value $ - $ - $ - $ 19 $ - $ 19 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2015 March 31, 2015 (unaudited) Accounts receivable, gross $ 38,490 $ 43,810 Allowance for doubtful accounts (2,310 ) (2,768 ) Accounts receivable, net $ 36,180 $ 41,042 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, March 31, 2015 2015 (unaudited) Marketable equity securities $ 1,785 $ 1,737 Auction rate preferred securities 350 350 Long-term equity investments 10,854 11,041 Other items 727 576 Total $ 13,716 $ 13,704 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, March 31, 2015 2015 (unaudited) Raw materials $ 18,253 $ 17,169 Work in process 40,986 37,491 Finished goods 30,425 27,345 Total $ 89,664 $ 82,005 |
Note 8 - Accrued Expenses and30
Note 8 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | December 31, March 31, 2015 2015 (unaudited) Uninvoiced goods and services $ 9,033 $ 8,473 Compensation and benefits 5,781 6,230 Income taxes 4,378 2,459 Commissions, royalties and other 2,950 2,703 Total $ 22,142 $ 19,865 |
Note 10 - Pension Plans (Tables
Note 10 - Pension Plans (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Service cost $ 25 $ 26 $ 76 $ 78 Interest cost on projected benefit obligation 364 443 1,103 1,383 Expected return on plan assets (432 ) (469 ) (1,312 ) (1,460 ) Recognized actuarial loss 44 17 134 53 Net periodic pension expense $ 1 $ 17 $ 1 $ 54 |
Defined Benefit Plan Plan Assets Fair Value [Table Text Block] | December 31, 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 $ 1,608 $ - $ - $ 1,608 $ 2,588 $ - $ - $ 2,588 Currency contracts - (72 ) - (72 ) - (30 ) - (30 ) Equity 4,011 - - 4,011 19,997 652 7 20,656 Fixed interest 1,173 12,470 1 13,644 861 5,887 1 6,749 Mutual funds - 8,948 - 8,948 - - - - Mortgage-backed securities - 34 - 34 - 16 - 16 Swaps and other - 233 - 233 2 133 - 135 Total $ 6,792 $ 21,613 $ 1 $ 28,406 $ 23,448 $ 6,658 $ 8 $ 30,114 |
Note 11 - Employee Equity Inc32
Note 11 - Employee Equity Incentive Plans (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, Statement of Operations Classifications 2015 2014 2015 2014 (unaudited) (unaudited) Cost of goods sold $ 125 $ 110 $ 371 $ 320 Research, development and engineering expenses (1) 242 224 1,032 602 Selling, general and administrative expenses 471 415 1,374 1,205 Stock-based compensation effect in income before taxes 838 749 2,777 2,127 Provision for income taxes (2) 293 262 972 744 Net stock-based compensation effects in net income $ 545 $ 487 $ 1,805 $ 1,383 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options (1) Purchase Plan (2) Three Months Ended December 31, Nine Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) Weighted average estimated fair value of grant per share na na $ 4.83 $ 5.54 $ 3.54 $ 2.90 Risk-free interest rate na na 1.8 % 1.8 % 0.1 % 0.1 % Expected term in years na na 6.45 6.30 0.50 0.50 Volatility na na 44.9 % 52.2 % 48.2 % 36.9 % Dividend yield na na 1.2 % 1.0 % 1.2 % 1.1 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Exercise Price Intrinsic Value (1) Shares Per Share (unaudited) (000 ) Balance at March 31, 2015 4,942,511 $ 10.37 Options granted 1,124,000 $ 11.72 Options exercised (369,826 ) $ 9.11 $ 1,484 Options cancelled (2,500 ) $ 12.13 Options expired (434,788 ) $ 14.68 Balance at December 31, 2015 5,259,397 $ 10.39 Exercisable at December 31, 2015 3,499,063 $ 9.88 Exercisable at March 31, 2015 3,942,261 $ 10.20 |
Note 12 - Accumulated Other C33
Note 12 - Accumulated Other Comprehensive (Loss) (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Nine Months Ended December 31, 2015 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2015 $ (13,577 ) $ 7 $ (9,518 ) $ (23,088 ) Other comprehensive income (loss) before reclassifications 534 (337 ) - 197 Net loss reclassified from accumulated other comprehensive income (loss) - 276 - 276 Net current period other comprehensive income (loss) 534 (61 ) - 473 Balance as of December 31, 2015 $ (13,043 ) $ (54 ) $ (9,518 ) $ (22,615 ) Nine Months Ended December 31, 2014 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2014 $ 10,535 $ 325 $ (5,831 ) $ 5,029 Other comprehensive income (loss) before reclassifications (12,928 ) (919 ) - (13,847 ) Net gain reclassified from accumulated other comprehensive income (loss) - 595 - 595 Net current period other comprehensive income (loss) (12,928 ) (324 ) - (13,252 ) Balance as of December 31, 2014 $ (2,393 ) $ 1 $ (5,831 ) $ (8,223 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income (loss) Components Amounts Reclassified from Accumulated Other Comprehensive Income (loss) Impacted Line Item on Unaudited Condensed Consolidated Income Statements Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Net gain (loss) on investments $ (7 ) $ - $ (7 ) $ 30 Other income (expense), net Impairment of marketable securities - (945 ) (454 ) (945 ) Other income (expense), net Tax impact 3 331 185 320 Provision for income tax Total reclassifications for the period $ (4 ) $ (614 ) $ (276 ) $ (595 ) Income after income tax provision |
Note 13 - Computation of Earn34
Note 13 - Computation of Earnings per Share (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Net income $ 2,286 $ 6,622 $ 8,544 $ 15,944 Weighted average shares - basic 31,487 31,585 31,626 31,488 Weighted average shares - diluted 32,343 32,231 32,483 32,173 Net income per share - basic $ 0.07 $ 0.21 $ 0.27 $ 0.51 Net income per share - diluted $ 0.07 $ 0.21 $ 0.26 $ 0.50 |
Note 14 - Segment and Geograp35
Note 14 - Segment and Geographic Information (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2015 2014 2015 2014 (unaudited) (unaudited) United States $ 18,334 $ 20,506 $ 57,784 $ 64,512 Europe and the Middle East France 2,382 2,208 6,724 5,957 Germany 7,201 7,720 24,123 24,195 Italy 758 1,189 2,991 3,571 Russia 2,178 1,621 2,896 4,482 Sweden 422 1,138 1,701 3,732 United Kingdom 3,686 4,752 10,400 15,953 Other 5,798 6,020 18,889 19,913 Asia Pacific China 19,090 20,949 60,378 61,831 Japan 1,451 1,675 7,175 5,637 Korea 5,360 4,661 17,585 16,789 Malaysia 689 1,197 3,253 4,319 Singapore 3,112 2,753 9,249 8,823 Thailand 997 996 3,032 3,023 Other 1,686 1,675 4,777 5,491 Rest of the World India 1,095 1,150 3,136 3,779 Other 894 1,116 3,344 3,834 Total $ 75,133 $ 81,326 $ 237,437 $ 255,841 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Power semiconductors $ 51,196 $ 52,245 $ 159,607 $ 165,993 Integrated circuits 18,749 23,484 63,257 70,804 Systems and RF power semiconductors 5,188 5,597 14,573 19,044 Total $ 75,133 $ 81,326 $ 237,437 $ 255,841 |
Note 2 - Recent Accounting Pr36
Note 2 - Recent Accounting Pronouncements and Accounting Changes (Details Textual) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2015 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | Reclassification from Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 7.1 | $ 7.1 |
Note 3 - Business Combination37
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | May. 01, 2015 | Dec. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 |
RadioPulse [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 14,700 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 6,000 | |||||
Business Combination, Contingent Consideration Arrangements, Earnout Payment Period | 3 years | |||||
Business Acquisition, Transaction Costs | $ 248 | |||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249 | $ 249 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 1,000 | 3,200 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (879) | (2,600) | ||||
Other Acquisition [Member] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,300 | |||||
Cash Acquired from Acquisition | 204 | |||||
Goodwill, Acquired During Period | 2,800 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 723 | |||||
Goodwill, Translation Adjustments | $ (559) | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 14,571 | $ 2,297 |
Note 3 - Business Combination38
Note 3 - Business Combinations - Purchase Price Allocation (Details) $ in Thousands | May. 01, 2015USD ($) |
RadioPulse [Member] | |
Cash, restricted cash and cash equivalents | $ 196 |
Accounts receivable | 1,497 |
Inventories | 534 |
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 | (2,916) |
Total identifiable net liabilities | (494) |
Goodwill | 15,162 |
Total purchase consideration | $ 14,668 |
Note 3 - Business Combination39
Note 3 - Business Combinations - Acquired Finite-Lived Intangible Assets (Details) $ in Thousands | May. 01, 2015USD ($) | |
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 | [1] |
Finite-Lived Intangible Assets, Amortization Method | Straight-line | [1] |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years | [1] |
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 | |
[1] | Amortization will start after the completion of the research and development activities of the related projects. |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 945 | $ 454 | $ 945 | |
Auction Rate Preferred Securities Percentage Collateralized | 100.00% | 100.00% | |||
Collateralized Asset Value Exceeding Value of ARPS Percentage | 300.00% | 300.00% | |||
Debt, Long-term and Short-term, Combined Amount | $ 88,100 | $ 88,100 | $ 49,200 |
Note 4 - Fair Value - Assets an
Note 4 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Money market funds | [1],[2] | $ 112,307 | $ 76,317 |
Marketable equity securities | [2],[3] | $ 1,785 | $ 1,737 |
Auction rate preferred securities | [2],[3] | ||
Total Assets Measured at Fair Value | [2] | $ 114,092 | $ 78,054 |
Liabilities | |||
Derivative liabilities | [2],[4] | ||
Total Liabilities Measured at Fair Value | [2] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets | |||
Money market funds | [1],[2] | ||
Marketable equity securities | [2],[3] | ||
Auction rate preferred securities | [2],[3] | $ 350 | $ 350 |
Total Assets Measured at Fair Value | [2] | $ 350 | 350 |
Liabilities | |||
Derivative liabilities | [2],[4] | 19 | |
Total Liabilities Measured at Fair Value | [2] | 19 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Money market funds | [1],[2] | $ 112,307 | 76,317 |
Marketable equity securities | [2],[3] | 1,785 | 1,737 |
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total Assets Measured at Fair Value | [2] | $ 114,442 | 78,404 |
Liabilities | |||
Derivative liabilities | [2],[4] | 19 | |
Total Liabilities Measured at Fair Value | [2] | 19 | |
Marketable equity securities | $ 1,785 | 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 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts receivable, gross | $ 38,490 | $ 43,810 |
Allowance for doubtful accounts | (2,310) | (2,768) |
Accounts receivable, net | $ 36,180 | $ 41,042 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Marketable equity securities | $ 1,785 | $ 1,737 |
Auction rate preferred securities | 350 | 350 |
Long-term equity investments | 10,854 | 11,041 |
Other items | 727 | 576 |
Total | $ 13,716 | $ 13,704 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Raw materials | $ 18,253 | $ 17,169 |
Work in process | 40,986 | 37,491 |
Finished goods | 30,425 | 27,345 |
Total | $ 89,664 | $ 82,005 |
Note 8 - Accrued Expenses and45
Note 8 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Uninvoiced goods and services | $ 9,033 | $ 8,473 |
Compensation and benefits | 5,781 | 6,230 |
Income taxes | 4,378 | 2,459 |
Commissions, royalties and other | 2,950 | 2,703 |
Total | $ 22,142 | $ 19,865 |
Note 9 - Borrowing Arrangemen46
Note 9 - Borrowing Arrangements (Details Textual) € in Thousands, $ in Thousands | Nov. 20, 2015USD ($) | Apr. 01, 2015EUR (€) | Dec. 06, 2013USD ($) | Jun. 10, 2005EUR (€) | Sep. 30, 2014USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | May. 01, 2015USD ($) | Apr. 01, 2015USD ($) | Mar. 31, 2015EUR (€) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 10, 2005USD ($) |
Bank of West Amended and Restated Credit Agreement December Six Two Thousand and Thirteen [Member] | |||||||||||||||
Line of Credit Facility, Initiation Date | Dec. 6, 2013 | ||||||||||||||
Line of Credit Facility, Expiration Date | Nov. 30, 2015 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||
Repayments of Lines of Credit | $ 45,000 | ||||||||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | Minimum [Member] | |||||||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 0.75% | 0.75% | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.25% | |||||||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | Maximum [Member] | |||||||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 2.50% | 2.50% | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.625% | 0.625% | |||||||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | |||||||||||||||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | ||||||||||||||
Line of Credit Facility, Expiration Date | Nov. 20, 2017 | ||||||||||||||
Debt Instrument, Term | 2 years | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.42% | 2.42% | |||||||||||||
Long-term Line of Credit | $ 80,000 | ||||||||||||||
Deferred Finance Costs, Net | 371 | 350 | |||||||||||||
Amortization of Financing Costs | $ 21 | ||||||||||||||
Available Credit Line for Letter of Credit | $ 10,000 | 10,000 | |||||||||||||
IKB Deutsche Industrial Bank Loan Payable [Member] | |||||||||||||||
Debt Instrument, Issuance Date | Jun. 10, 2005 | ||||||||||||||
Debt Instrument, Face Amount | € 10,000 | $ 12,200 | |||||||||||||
Long-term Debt, Gross | € 3,500 | $ 3,800 | |||||||||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | |||||||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | ||||||||||||||
Debt Instrument, Face Amount | € 6,500 | $ 7,000 | |||||||||||||
Long-term Debt, Gross | € 5,800 | 6,300 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | |||||||||||||
Debt Instrument, Periodic Payment, Principal | € 232 | 253 | |||||||||||||
Notes Payable, Other Payables [Member] | RadioPulse [Member] | |||||||||||||||
Long-term Debt, Gross | $ 1,700 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 2,400 | ||||||||||||||
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 | ||||||||||||||
Repayments of Debt | $ 99 | ||||||||||||||
Repayments of Debt | $ 46,247 | $ 914 |
Note 10 - Pension Plans (Detail
Note 10 - Pension Plans (Details Textual) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015 | |
United Kingdom and the Philippines Plans [Member] | Scenario, Forecast [Member] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 994 | |
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 | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Service cost | $ 25 | $ 26 | $ 76 | $ 78 |
Interest cost on projected benefit obligation | 364 | 443 | 1,103 | 1,383 |
Expected return on plan assets | (432) | (469) | (1,312) | (1,460) |
Recognized actuarial loss | 44 | 17 | 134 | 53 |
Net periodic pension expense | $ 1 | $ 17 | $ 1 | $ 54 |
Note 10 - Pension Plans - Infor
Note 10 - Pension Plans - Information on Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,608 | $ 2,588 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,011 | $ 19,997 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,173 | $ 861 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 1 [Member] | Other Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2 | |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 6,792 | $ 23,448 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ (72) | $ (30) |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 652 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 12,470 | $ 5,887 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,948 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 34 | $ 16 |
Fair Value, Inputs, Level 2 [Member] | Other Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 233 | 133 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 21,613 | $ 6,658 |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 7 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1 | $ 1 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 3 [Member] | Other Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1 | $ 8 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,608 | 2,588 |
Foreign Exchange Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | (72) | (30) |
Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 4,011 | 20,656 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13,644 | $ 6,749 |
Mutual Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,948 | |
Collateralized Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 34 | $ 16 |
Other Contract [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 233 | 135 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 28,406 | $ 30,114 |
Note 11 - Employee Equity Inc50
Note 11 - Employee Equity Incentive Plans (Details Textual) - USD ($) $ in Thousands | May. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 30, 2013 | Sep. 16, 2011 | Sep. 10, 2009 |
Employee Stock Purchase Plan 1999 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | 85.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,550,000 | 1,550,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 15.00% | 15.00% | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 97,274 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 240,241 | 240,241 | ||||||
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 | |||||||
Equity Incentive Plans Total [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,400 | $ 7,400 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||
RadioPulse [Member] | ||||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249 | $ 249 | ||||||
Estimated Statutory Income Tax Rate | 35.00% | 35.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 1,124,000 |
Note 11 - Employee Equity Inc51
Note 11 - Employee Equity Incentive Plans - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cost of Sales [Member] | |||||
Stock-based Compensation Effect in Income before Taxes | $ 125 | $ 110 | $ 371 | $ 320 | |
Research and Development Expense [Member] | |||||
Stock-based Compensation Effect in Income before Taxes | [1] | 242 | 224 | 1,032 | 602 |
Selling, General and Administrative Expenses [Member] | |||||
Stock-based Compensation Effect in Income before Taxes | 471 | 415 | 1,374 | 1,205 | |
Stock-based Compensation Effect in Income before Taxes | 838 | 749 | 2,777 | 2,127 | |
Provision for income taxes | [2] | 293 | 262 | 972 | 744 |
Net stock-based compensation effects in net income | $ 545 | $ 487 | $ 1,805 | $ 1,383 | |
[1] | Includes acquisition-related compensation expenses of $249,000 during the nine months ended December 31, 2015. | ||||
[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 | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Employee Stock Option [Member] | |||
Weighted average estimated fair value of grant per share (in dollars per share) | [1] | $ 4.83 | $ 5.54 |
Risk-free interest rate | [1] | 1.80% | 1.80% |
Expected term in years | [1] | 6 years 164 days | 6 years 109 days |
Volatility | [1] | 44.90% | 52.20% |
Dividend yield | [1] | 1.20% | 1.00% |
Employee Stock Purchase Plan 1999 [Member] | |||
Weighted average estimated fair value of grant per share (in dollars per share) | [2] | $ 3.54 | $ 2.90 |
Risk-free interest rate | [2] | 0.10% | 0.10% |
Expected term in years | [2] | 182 days | 182 days |
Volatility | [2] | 48.20% | 36.90% |
Dividend yield | [2] | 1.20% | 1.10% |
[1] | No stock options were granted during the quarter ended December 31, 2015 and 2014. | ||
[2] | Under the stock purchase plan, rights to purchase shares are only granted during the first and third quarters of each fiscal year. |
Note 11 - Employee Equity Inc53
Note 11 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Options outstanding, beginning of period (in shares) | 4,942,511 | |||
Options outstanding, beginning of period (in dollars per share) | $ 10.37 | |||
Options granted (in shares) | 0 | 1,124,000 | ||
Options granted (in dollars per share) | $ 11.72 | |||
Options exercised (in shares) | (369,826) | |||
Options exercised (in dollars per share) | $ 9.11 | |||
Options exercised, Intrinsic Value | [1] | $ 1,484 | ||
Options cancelled (in shares) | (2,500) | |||
Options cancelled (in dollars per share) | $ 12.13 | |||
Options expired (in shares) | (434,788) | |||
Options expired (in dollars per share) | $ 14.68 | |||
Options outstanding, end of period (in shares) | 5,259,397 | 5,259,397 | ||
Options outstanding, end of period (in dollars per share) | $ 10.39 | $ 10.39 | ||
Options exercisable (in shares) | 3,499,063 | 3,499,063 | 3,942,261 | |
Options exercisable (in dollars per share) | $ 9.88 | $ 9.88 | $ 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 C54
Note 12 - Accumulated Other Comprehensive (Loss) - AOCI Change (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | $ (13,577) | $ 10,535 |
Other comprehensive income (loss) before reclassifications | $ 534 | $ (12,928) |
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | $ 534 | $ (12,928) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (13,043) | (2,393) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | 7 | 325 |
Other comprehensive income (loss) before reclassifications | (337) | (919) |
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | 276 | 595 |
Net current period other comprehensive income (loss) | (61) | (324) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (54) | 1 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | $ (9,518) | $ (5,831) |
Other comprehensive income (loss) before reclassifications | ||
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | $ (9,518) | $ (5,831) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (23,088) | 5,029 |
Other comprehensive income (loss) before reclassifications | 197 | (13,847) |
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | 276 | 595 |
Net current period other comprehensive income (loss) | 473 | (13,252) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (22,615) | $ (8,223) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (23,088) | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | $ (22,615) |
Note 12 - Accumulated Other C55
Note 12 - Accumulated Other Comprehensive (Loss) - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Other income (expense), net | $ (7) | $ (7) | $ 30 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||||
Other income (expense), net | $ (945) | (454) | (945) | |
Tax impact | $ 3 | 331 | 185 | 320 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Total reclassifications for the period | (4) | (614) | (276) | (595) |
Other income (expense), net | 290 | 108 | (1,510) | 2,481 |
Tax impact | (3,888) | (767) | (8,055) | (5,551) |
Total reclassifications for the period | $ 2,286 | $ 6,622 | $ 8,544 | $ 15,944 |
Note 13 - Computation of Earn56
Note 13 - Computation of Earnings per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 856,000 | 646,000 | 857,000 | 685,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,047,000 | 2,687,092 | 1,620,807 | 2,557,883 |
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 | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 2,286 | $ 6,622 | $ 8,544 | $ 15,944 |
Weighted average shares - basic (in shares) | 31,487 | 31,585 | 31,626 | 31,488 |
Weighted average shares - diluted (in shares) | 32,343 | 32,231 | 32,483 | 32,173 |
Net income per share - basic (in dollars per share) | $ 0.07 | $ 0.21 | $ 0.27 | $ 0.51 |
Net income per share - diluted (in dollars per share) | $ 0.07 | $ 0.21 | $ 0.26 | $ 0.50 |
Note 14 - Segment and Geograp58
Note 14 - Segment and Geographic Information (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 1 [Member] | ||||
Number of Entity Wide Revenue Major Customers | 1 | 1 | 1 | 1 |
Concentration Risk, Percentage | 13.90% | 10.30% | 12.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 2 [Member] | ||||
Number of Entity Wide Revenue Major Customers | 1 | |||
Concentration Risk, Percentage | 10.60% | |||
Number of Operating Segments | 1 | 1 | 1 | 1 |
Number of Reportable Segments | 1 | 1 | 1 | 1 |
Note 14 - Segment and Geograp59
Note 14 - Segment and Geographic - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
UNITED STATES | ||||
Net Revenues | $ 18,334 | $ 20,506 | $ 57,784 | $ 64,512 |
FRANCE | ||||
Net Revenues | 2,382 | 2,208 | 6,724 | 5,957 |
GERMANY | ||||
Net Revenues | 7,201 | 7,720 | 24,123 | 24,195 |
ITALY | ||||
Net Revenues | 758 | 1,189 | 2,991 | 3,571 |
RUSSIAN FEDERATION | ||||
Net Revenues | 2,178 | 1,621 | 2,896 | 4,482 |
SWEDEN | ||||
Net Revenues | 422 | 1,138 | 1,701 | 3,732 |
UNITED KINGDOM | ||||
Net Revenues | 3,686 | 4,752 | 10,400 | 15,953 |
Other Europe and the Middle East Regions [Member] | ||||
Net Revenues | 5,798 | 6,020 | 18,889 | 19,913 |
CHINA | ||||
Net Revenues | 19,090 | 20,949 | 60,378 | 61,831 |
JAPAN | ||||
Net Revenues | 1,451 | 1,675 | 7,175 | 5,637 |
KOREA, REPUBLIC OF | ||||
Net Revenues | 5,360 | 4,661 | 17,585 | 16,789 |
MALAYSIA | ||||
Net Revenues | 689 | 1,197 | 3,253 | 4,319 |
SINGAPORE | ||||
Net Revenues | 3,112 | 2,753 | 9,249 | 8,823 |
THAILAND | ||||
Net Revenues | 997 | 996 | 3,032 | 3,023 |
Other Asia Pacific Regions [Member] | ||||
Net Revenues | 1,686 | 1,675 | 4,777 | 5,491 |
INDIA | ||||
Net Revenues | 1,095 | 1,150 | 3,136 | 3,779 |
Other Rest of the World [Member] | ||||
Net Revenues | 894 | 1,116 | 3,344 | 3,834 |
Net Revenues | $ 75,133 | $ 81,326 | $ 237,437 | $ 255,841 |
Note 14 - Segment and Geograp60
Note 14 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Power Semiconductors [Member] | ||||
Net Revenues | $ 51,196 | $ 52,245 | $ 159,607 | $ 165,993 |
Integrated Circuits [Member] | ||||
Net Revenues | 18,749 | 23,484 | 63,257 | 70,804 |
Systems and RF Power Semiconductors [Member] | ||||
Net Revenues | 5,188 | 5,597 | 14,573 | 19,044 |
Net Revenues | $ 75,133 | $ 81,326 | $ 237,437 | $ 255,841 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reduction in Tax Reserves that was Overstated [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (893) | $ (893) | ||
Reversal of Overstated Deferred Tax Asset [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 2,300 | 2,300 | ||
Tax Adjustments, Settlements, and Unusual Provisions | 1,400 | 1,400 | ||
Income Tax Expense (Benefit) | $ 3,888 | $ 767 | $ 8,055 | $ 5,551 |
Effective Income Tax Rate Reconciliation, Percent | 63.00% | 10.40% | 48.50% | 25.80% |
Note 16 - Commitments and Con62
Note 16 - Commitments and Contingencies (Details Textual) - Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] - USD ($) $ in Thousands | Nov. 20, 2015 | Dec. 31, 2015 |
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | |
Line of Credit Facility, Expiration Date | Nov. 20, 2017 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |
Available Credit Line for Letter of Credit | $ 10,000 | $ 10,000 |
Long-term Line of Credit | $ 80,000 |