Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May. 23, 2016 | Sep. 30, 2015 | |
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) | 31,383,024 | ||
Entity Public Float | $ 274,130,959 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 155,806 | $ 121,164 |
Restricted cash | 277 | 266 |
Accounts receivable, net | 38,440 | 41,042 |
Inventories | 89,604 | 82,005 |
Prepaid expenses and other current assets | 4,203 | 3,413 |
Total current assets | 288,330 | 247,890 |
Property, plant and equipment, net | 42,623 | 42,545 |
Intangible assets, net | 7,607 | 10,384 |
Goodwill | 42,355 | 27,375 |
Deferred income taxes | 28,024 | 31,957 |
Other assets | 13,762 | 13,704 |
Total assets | $ 422,701 | 373,855 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 464 | |
Current portion of loans payable | $ 1,804 | 45,790 |
Accounts payable | 11,416 | 12,675 |
Accrued expenses and other current liabilities | 21,290 | 19,865 |
Total current liabilities | 34,510 | 78,794 |
Long term loans, net of current portion | 85,253 | 3,433 |
Pension liabilities | 16,307 | 17,232 |
Other long term liabilities | 7,336 | 7,095 |
Total liabilities | $ 143,406 | $ 106,554 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: Authorized: 5,000,000 shares; none issued and outstanding | ||
Common stock, $0.01 par value: Authorized: 80,000,000 shares; 38,214,158 issued and 31,375,524 outstanding at March 31, 2016 and 38,116,884 issued and 31,674,782 outstanding at March 31, 2015 | $ 382 | $ 381 |
Additional paid-in capital | 214,045 | 209,707 |
Treasury stock, at cost: 6,838,634 common shares at March 31, 2016 and 6,442,102 common shares at March 31, 2015 | (61,845) | (56,833) |
Retained earnings | 146,979 | 137,134 |
Accumulated other comprehensive loss | (20,266) | (23,088) |
Total stockholders’ equity | 279,295 | 267,301 |
Total liabilities and stockholders' equity | $ 422,701 | $ 373,855 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2016 | 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) | 31,375,524 | 31,674,782 |
Treasury stock, shares (in shares) | 6,838,634 | 6,442,102 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net revenues | $ 317,209 | $ 338,767 | $ 336,330 |
Cost of goods sold | 217,451 | 236,802 | 236,120 |
Gross profit | 99,758 | 101,965 | 100,210 |
Operating expenses | |||
Research, development and engineering | 29,986 | 26,667 | 30,884 |
Selling, general and administrative | 38,384 | 41,810 | 41,983 |
Amortization of acquired intangible assets | 5,555 | 5,978 | 10,521 |
Total operating expenses | 73,925 | 74,455 | 83,388 |
Operating income | 25,833 | 27,510 | 16,822 |
Other income (expense) | |||
Interest income | 212 | 240 | 157 |
Interest expense | (1,641) | (1,397) | (1,579) |
Other income (expense), net | (915) | 4,077 | (1,941) |
Income before income tax provision | 23,489 | 30,430 | 13,459 |
Provision for income tax | (8,748) | (6,690) | (7,413) |
Net income | $ 14,741 | $ 23,740 | $ 6,046 |
Net income per share | |||
Basic (in dollars per share) | $ 0.47 | $ 0.75 | $ 0.19 |
Diluted (in dollars per share) | 0.46 | 0.74 | 0.19 |
Cash dividends per common share (in dollars per share) | $ 0.155 | $ 0.135 | $ 0.12 |
Weighted average shares used in per share calculation | |||
Basic (in shares) | 31,579 | 31,531 | 31,146 |
Diluted (in shares) | 32,381 | 32,239 | 31,916 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net income | $ 14,741 | $ 23,740 | $ 6,046 |
Foreign currency translation adjustments | 2,938 | (24,112) | 7,553 |
Changes in market value of investments: | |||
Changes in unrealized gains (losses), net of tax expenses (benefits) of $(231) in 2016, $(825) in 2015 and $196 in 2014 | (362) | (1,536) | 361 |
Reclassification adjustment for net losses (gains) realized in net income, net of tax benefits (expenses) of $182 in 2016, $655 in 2015 and $(52) in 2014 | 273 | 1,218 | (96) |
Net changes in market value of investments | (89) | (318) | 265 |
Changes in accumulated net actuarial income (loss): | |||
Changes in accumulated net actuarial income (loss), net of tax expenses (benefits) of $(634) in 2016, $(960) in 2015 and $8 in 2014 | (71) | (3,830) | 89 |
Reclassification adjustment for net losses realized in net income, net of tax benefits of $393 in 2016, $36 in 2015 and $21 in 2014 | 44 | 143 | 215 |
Net changes in defined benefit plan accumulated net actuarial income (loss) | (27) | (3,687) | 304 |
Net current period other comprehensive income (loss) | 2,822 | (28,117) | 8,122 |
Total comprehensive income (loss) | $ 17,563 | $ (4,377) | $ 14,168 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (231) | $ (825) | $ 196 |
Taxes on reclassification adjustment for sales of securities included in net income | 182 | 655 | (52) |
Other comprehensive (income) loss, pension and other postretirement benefit plans, before reclassification adjustments, tax expenses (benefits) | (634) | (960) | 8 |
Other comprehensive (income) loss, reclassification adjustment from AOCI, pension and other postretirement benefit plans, tax benefits (expenses) | $ 393 | $ 36 | $ 21 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Mar. 31, 2013 | 37,921 | 7,036 | |||
Balances at Mar. 31, 2013 | $ 202,977 | $ (61,994) | $ 115,718 | $ (3,093) | $ 253,608 |
Net income | $ 6,046 | 6,046 | |||
Other comprehensive income | $ 8,122 | 8,122 | |||
Stock-based compensation | $ 2,785 | 2,785 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others (in shares) | 96 | ||||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | $ 908 | 908 | |||
Purchase of treasury stock (in shares) | 60 | ||||
Purchase of treasury stock | $ (602) | (602) | |||
Re-issuance of treasury stock under stock compensation plans (in shares) | (433) | ||||
Re-issuance of treasury stock under stock compensation plans | $ 3,814 | $ (305) | 3,509 | ||
Dividend | (3,744) | (3,744) | |||
Balances (in shares) at Mar. 31, 2014 | 38,017 | 6,663 | |||
Balances at Mar. 31, 2014 | $ 206,670 | $ (58,782) | 117,715 | $ 5,029 | 270,632 |
Net income | $ 23,740 | 23,740 | |||
Other comprehensive income | $ (28,117) | (28,117) | |||
Stock-based compensation | $ 2,867 | 2,867 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others (in shares) | 100 | ||||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | $ 551 | 551 | |||
Re-issuance of treasury stock under stock compensation plans (in shares) | (221) | ||||
Re-issuance of treasury stock under stock compensation plans | $ 1,949 | $ (58) | 1,891 | ||
Dividend | (4,263) | (4,263) | |||
Balances (in shares) at Mar. 31, 2015 | 38,117 | 6,442 | |||
Balances at Mar. 31, 2015 | $ 210,088 | $ (56,833) | 137,134 | $ (23,088) | 267,301 |
Net income | $ 14,741 | 14,741 | |||
Other comprehensive income | $ 2,822 | 2,822 | |||
Stock-based compensation | $ 3,343 | 3,343 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others (in shares) | 97 | ||||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | $ 996 | 996 | |||
Purchase of treasury stock (in shares) | 772 | ||||
Purchase of treasury stock | $ (8,352) | (8,352) | |||
Re-issuance of treasury stock under stock compensation plans (in shares) | (375) | ||||
Re-issuance of treasury stock under stock compensation plans | $ 3,340 | 3,340 | |||
Dividend | $ (4,896) | (4,896) | |||
Balances (in shares) at Mar. 31, 2016 | 38,214 | 6,839 | |||
Balances at Mar. 31, 2016 | $ 214,427 | $ (61,845) | $ 146,979 | $ (20,266) | $ 279,295 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 14,741 | $ 23,740 | $ 6,046 |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | |||
Depreciation and amortization | 13,981 | 17,311 | 21,274 |
Provision for receivable allowances | 6,795 | 8,935 | 8,563 |
Write-down of marketable equity securities | 454 | 1,903 | 7 |
Net change in inventory provision | 1,576 | 2,852 | 1,724 |
Stock-based compensation | 3,343 | 2,867 | 2,785 |
Deferred income taxes | $ 3,768 | 1,340 | (551) |
Tax impacts due to employee equity incentive plans | (105) | (152) | |
Foreign currency adjustments on intercompany amounts and other non-cash items | $ 214 | (5,033) | 312 |
Changes in operating assets and liabilities, net of business acquired: | |||
Accounts receivable | (2,238) | (7,342) | (14,755) |
Inventories | (7,702) | (2,203) | (6,296) |
Prepaid expenses and other current assets | (1,219) | 5,103 | (5,518) |
Other assets | (101) | 828 | (968) |
Accounts payable | (2,173) | (2,646) | 2,067 |
Accrued expenses and other liabilities | (693) | 2,058 | 5,698 |
Pension liabilities | (1,153) | (1,414) | (907) |
Net cash provided by operating activities | 29,593 | 48,194 | 19,329 |
Cash flows from investing activities: | |||
Change in restricted cash | 88 | 71 | (23) |
Purchase of businesses, net of cash and cash equivalents acquired and installment payments | (14,571) | (2,297) | $ (20,000) |
Purchases of investments | (629) | (5,887) | |
Purchases of plant and equipment | (7,110) | (7,018) | $ (7,623) |
Proceeds from sale of investments | 26 | 54 | 512 |
Net cash used in investing activities | (22,196) | (15,077) | (27,134) |
Cash flows from financing activities: | |||
Principal payments on capital lease obligations | (472) | (2,414) | (2,570) |
Repayments of loans and notes payable | $ (47,606) | (1,144) | $ (1,000) |
Installment payments for business acquisition | (30,000) | ||
Proceeds from loans | $ 82,967 | 30,000 | |
Tax impacts due to employee equity incentive plans | $ 105 | $ 152 | |
Purchases of treasury stock | $ (8,352) | (602) | |
Payments of cash dividends to stockholders | (4,896) | $ (4,263) | (3,744) |
Proceeds from employee equity plans | 4,336 | 2,587 | 4,420 |
Net cash provided by (used in) financing activities | 25,977 | (5,129) | (3,344) |
Effect of exchange rate fluctuations on cash and cash equivalents | 1,268 | (5,262) | 2,471 |
Net increase (decrease) in cash and cash equivalents | 34,642 | 22,726 | (8,678) |
Cash and cash equivalents at beginning of the year | 121,164 | 98,438 | 107,116 |
Cash and cash equivalents at end of the year | 155,806 | 121,164 | 98,438 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 1,992 | 2,172 | 801 |
Cash paid during the period for income taxes | $ 5,669 | $ 1,416 | $ 4,760 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 . Description of Business We design, develop, manufacture and market power semiconductors, digital and analog integrated circuits, or ICs, and systems and radio frequency, or RF, power semiconductors. Power semiconductors are used primarily in controlling energy in motor drives, power conversion including uninterruptible power supplies, or UPS, and switch mode power supplies, or SMPS, and medical electronics. Our power semiconductors convert electricity at relatively high voltage and current levels to create efficient power as required by a specific application. Our target market includes segments of the power semiconductor market that require medium to high power semiconductors, with a particular emphasis on high power semiconductors. Our power semiconductors include power metal-oxide-silicon field-effect transistors, or MOSFETs, insulated-gate bipolar transistors, or IGBTs, thyristors and rectifiers, including fast-recovery epitaxial diodes, or FREDs. Our ICs include solid state relays, or SSRs, for telecommunications applications and power management and control ICs, such as current regulators, motion controllers, digital power modulators and drivers, and microcontrollers such as embedded flash microcontrollers and 8-bit microcontrollers. Our systems include laser diode drivers, high voltage pulse generators and modulators, and high power subsystems, sometimes known as stacks, that are principally based on our high power semiconductor devices. We sell products in North America, Europe and Asia through an organization that includes direct sales personnel, independent representatives and distributors. We are headquartered in Northern California with principal operations in California, Massachusetts, Germany, the Philippines and the United Kingdom. Each site has manufacturing, research and development and sales and distribution activities. We also make use of subcontract manufacturers for fabrication of wafers and for assembly and test operations. Our fiscal years end March 31. References to any numerically identified year preceded by the word “fiscal” are references to the year ending on March 31 of such numerically identified year. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of IXYS and our wholly-owned subsidiaries after elimination of all intercompany balances and transactions. Foreign Currency Translation and Transaction The local currency is considered to be the functional currency of some of our wholly-owned international subsidiaries. Among them, IXYS Semiconductor GmbH, or IXYS GmbH, utilizes the Euro as its functional currency, while IXYS UK Westcode Limited, or IXYS UK, utilizes the British pound sterling as its functional currency. For such subsidiaries, the assets and liabilities are translated at the exchange rate in effect at year-end and the revenues and expenses are translated at average rates during the year. Adjustments resulting from the translation of these accounts of these subsidiaries into U.S. dollars are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included as a component of other income or expense. The functional currency is U.S. dollars for our other significant subsidiaries. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from our estimates. Areas where management uses subjective judgments include, but are not limited to, revenue reserves, inventory valuation, deferred income taxes and related valuation allowances, allocation of purchase price in business combinations, valuation of goodwill and identifiable intangible assets and asset impairment analysis. Revenue Recognition Revenue is recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are typically met when title to the products is passed to the buyer, which is generally when product is shipped to the customer with sale terms ex-works, or EXW, or when product is delivered to the customer with sales terms delivered duty paid, or DDP. We sell to distributors and original equipment manufacturers, or OEMs. Approximately 56.7% of our revenues in fiscal year ended March 31, 2016, or fiscal 2016, were from distributors. We provide some of our distributors with the following programs: stock rotation and ship and debit. Reserves for sales returns and allowances, including allowances for so called “ship and debit” transactions, are recorded at the time of shipment, and are based on historical levels of returns and current economic trends and changes in customer demand. Accounts receivable from distributors are recognized and inventory is relieved when title to inventories transfers, typically upon shipment from us, at which point we have a legally enforceable right to collection under normal payment terms. Under certain circumstances where we are not able to reasonably and reliably estimate the actual returns, revenues and costs relating to distributor sales are deferred until products are sold by the distributors to the distributor’s end customers. Deferred amounts would be presented and included under “Accrued expenses and other liabilities.” We state our revenues net of any taxes collected from customers that are required to be remitted to various government agencies. The amount of taxes collected from customers and payable to governmental entities is included under “Accrued expenses and other liabilities.” Shipping and handling costs are included in cost of sales. Allowance for sales returns. Allowance for stock rotation. Allowance for ship and debit. Additions to the ship and debit allowance are estimates of the amount of expected future ship and debit activity related to sales during the period. Additional allowances reduce revenues and gross profit in the period. The following table sets forth the beginning and ending balances of, additions to, and deductions from, our allowance for ship and debit during the three years ended March 31, 2016 (in thousands): Balance March 31, 2013 $ 1,396 Additions 4,757 Deductions (5,082 ) Balance March 31, 2014 1,071 Additions 5,765 Deductions (5,777 ) Balance March 31, 2015 1,059 Additions 4,479 Deductions (4,672 ) Balance March 31, 2016 $ 866 Trade accounts receivable and allowance for doubtful accounts. Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents include investments in commercial paper and money market accounts at banks. Restricted Cash Restricted cash balances at March 31, 2016 and March 31, 2015 were $277,000 and $266,000, respectively. The restricted cash balances constitute funds segregated for pension payments in Germany. Inventories Inventories are recorded at the lower of standard cost, which approximates actual cost on a first-in-first-out basis, or market value. Our accounting for inventory costing is based on the applicable expenditure incurred, directly or indirectly, in bringing the inventory to its existing condition. Such expenditures include acquisition costs, production costs and other costs incurred to bring the inventory to its use. As it is impractical to track inventory from the time of purchase to the time of sale for the purpose of specifically identifying inventory cost, our inventory is, therefore, valued based on a standard cost, given that many of the materials purchased are identical and interchangeable at various production processes. We review our standard costs on an as-needed basis but in any event at least once a year, and update them as appropriate to approximate actual costs. The authoritative guidance provided by the Financial Accounting Standards Board, or FASB , requires certain abnormal expenditures to be recognized as expenses in the current period instead of capitalized in inventory. It also requires that the amount of fixed production overhead allocated to inventory be based on the normal capacity of the production facilities. We typically plan our production and inventory levels based on internal forecasts of customer demand, which are highly unpredictable and can fluctuate substantially. The value of our inventories is dependent on our estimate of future demand as it relates to historical sales. If our projected demand is overestimated, we may be required to reduce the valuation of our inventories below cost. We regularly review inventory quantities on hand and record an estimated provision for excess inventory based primarily on our historical sales and expectations for future use. We also recognize a reserve based on known technological obsolescence, when appropriate. Actual demand and market conditions may be different from those projected by our management. This could have a material effect on our operating results and financial position. If we were to make different judgments or utilize different estimates, the amount and timing of our write-down of inventories could be materially different. Excess inventory frequently remains saleable. When excess inventory is sold, it yields a gross profit margin of up to 100%. Sales of excess inventory have the effect of increasing the gross profit margin beyond that which would otherwise occur, because of previous write-downs. Once we have written down inventory below cost, we do not write it up when it is subsequently utilized, sold or scrapped. We do not physically segregate excess inventory nor do we assign unique tracking numbers to it in our accounting systems. Consequently, we cannot isolate the sales prices of excess inventory from the sales prices of non-excess inventory. Therefore, we are unable to report the amount of gross profit resulting from the sale of excess inventory or quantify the favorable impact of such gross profit on our gross profit margin. The following table provides information on our excess and obsolete inventory reserve charged against inventory at cost (in thousands): Balance at March 31, 2013 $ 25,289 Utilization or sale (1,579 ) Scrap (3,422 ) Additional provision 3,503 Foreign currency translation adjustments 513 Balance at March 31, 2014 24,304 Utilization or sale (1,637 ) Scrap (2,901 ) Additional provision 4,487 Foreign currency translation adjustments (1,500 ) Balance at March 31, 2015 22,753 Utilization or sale (2,455 ) Scrap (3,217 ) Additional provision 4,125 Foreign currency translation adjustments 174 Balance at March 31, 2016 $ 21,380 The practical efficiencies of wafer fabrication require the manufacture of semiconductor wafers in minimum lot sizes. Often, when manufactured, we do not know whether or when all the semiconductors resulting from a lot of wafers will sell. With more than 10,000 different part numbers for semiconductors, excess inventory resulting from the manufacture of some of those semiconductors will be continual and ordinary. Because the cost of storage is minimal when compared to potential value and because our products do not quickly become obsolete, we expect to hold excess inventory for potential future sale for years. Consequently, we have no set time line for the utilization, sale or scrapping of excess inventory. In addition, our inventory is also being written down to the lower of cost or market or net realizable value. We review our inventory listing on a quarterly basis for an indication of losses being sustained for costs that exceed selling prices less direct costs to sell. When it is evident that our selling price is lower than current cost, inventory is marked down accordingly. At March 31, 2016 and 2015, our lower of cost or market reserves were $409,000 and $444,000, respectively. Furthermore, we perform an annual inventory count and at certain locations periodic cycle counts for specific parts that have a high turnover. We also periodically identify any inventory that is no longer usable and write it off. Property, Plant and Equipment Property, plant and equipment, including equipment under capital leases, are stated at cost less accumulated depreciation. Equipment under capital lease is stated at the lower of the present value of the minimum lease payments at the beginning of the lease term or the fair value of the leased assets at the inception of the lease. Depreciation is computed using the straight-line method over estimated useful lives of 1 to 14 years for equipment and 24 years to 50 years for property and plant. Upon disposal, the assets and related accumulated depreciation are removed from our accounts and the resulting gains or losses are reflected in the statements of operations. Repairs and maintenance costs are charged to expense. Depreciation of leasehold improvements is provided on the straight-line method over the shorter of the estimated useful life or the term of the lease. The authoritative guidance provided by FASB requires evaluating the recoverability of the carrying amount of our property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Impairment is assessed when the forecasted undiscounted cash flows derived for the operation to which the assets relate are less than the carrying amount including associated intangible assets of the operation. If the operation is determined to be unable to recover the carrying amount of its assets, then impairment loss is recognized by reducing the carrying amount of the long-lived asset group on a pro-rata basis using the relative carrying amounts of those assets. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. Judgment is used when applying these impairment rules to determine the timing of the impairment test, the undiscounted expected cash flows used to assess impairments and the fair value of an impaired asset. The dynamic economic environment in which we operate and the resulting assumptions used to estimate future cash flows affect the outcome of these impairment tests. On June 10, 2005, IXYS GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB Deutsche Industriebank AG, or IKB. This loan was collateralized by a security interest in our facility in Lampertheim, Germany. In April 2015, we replaced the loan with a new borrowing of €6.5 million, or about $7.2 million. The loan is expected to be paid in full by March 31, 2022 and is also collateralized by a security interest in our facility in Lampertheim, Germany. See Note 8, “Borrowing and Installment Payment Arrangements” for more details. Treasury Stock We account for treasury stock using the cost method. Cost includes fees charged in connection with acquiring treasury stock. Other Assets Other assets include marketable equity securities classified as available-for-sale and long term equity investments accounted under the equity method. Investments designated as available-for-sale are reported at fair value with the unrealized gains and losses, net of tax, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense). We have a 45% equity interest in Powersem GmbH, or Powersem, a semiconductor manufacturer based in Germany and a 20% equity interest in EB Tech Ltd., or EB Tech, a radiation services provider based in South Korea. In fiscal year ended March 31, 2015, or fiscal 2015, we acquired 24.3% equity interest in Automated Technology, Inc., or ATEC, an assembly and test services provider in the Philippines. These investments are accounted for using the equity method. In fiscal 2016 and 2015, we recognized losslosses of $120,000 and $7,000 on these investments, respectively. In fiscal year ended March 31, 2014, or fiscal 2014, we recognized $303,000 income on these investments. Refer to Note 5, “Other Assets” and Note 13, “Related Party Transactions” for further information regarding the investment balances and the related transactions of those long term equity investments. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired. The costs of acquired intangible assets are recorded at fair value at acquisition. Intangible assets with finite lives are amortized using the straight-line method or accelerated method over their estimated useful lives and evaluated for impairment in accordance with the authoritative guidance provided by FASB. Goodwill and intangible assets with indefinite lives are reviewed at least annually for impairment charges during the quarter ending March 31, or more frequently if events and circumstances indicate that the asset might be impaired, in accordance with the authoritative guidance provided by FASB. We first assess qualitative factors to determine whether it is necessary to perform the two-step fair value-based impairment test described below. If we believe that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. Under the quantitative approach, there are two steps in the determination of the impairment of goodwill. The first step compares the carrying amount of the net assets to the fair value of the reporting unit. The second step, if necessary, recognizes an impairment loss to the extent the carrying value of the reporting unit’s net assets exceed the implied fair value of goodwill. An impairment loss would be recognized to the extent that the carrying amount exceeds the fair value of the reporting unit. We operate our business as one reporting unit. We assess the recoverability of the finite-lived intangible assets by examining the occurrences of certain events or changes of circumstances that indicate that the carrying amounts may not be recoverable. After our initial assessment, if it is necessary, we perform the impairment test by determining whether the estimated undiscounted cash flows attributable to the assets in question are less than their carrying values. Impairment losses, if any, are measured as the amount by which the carrying values of the assets exceed their fair value and are recognized in operating results. If a useful life is determined to be shorter than originally estimated, we accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. See Note 7, “Goodwill and Intangible Assets” for further discussion of impairment analysis of goodwill and related charges recorded. Derivative Financial Instruments Although the majority of our transactions are in U.S. dollars, we enter into foreign exchange forward and option contracts to manage foreign currency exchange risk associated with our operations. From time to time, we purchase short-term, foreign exchange forward and option contracts to hedge the impact of foreign currency fluctuations on certain underlying assets, liabilities and commitments for operating expenses denominated in foreign currencies. The purpose of entering into these hedge transactions is to minimize the impact of foreign currency fluctuations on the results of operations. The contracts generally have maturity dates that do not exceed six months. We did not have any open foreign exchange forward and option contracts at March 31, 2016. In order to manage our variable interest rate exposure on our former loan from IKB, we entered into an interest rate swap, which ended in June 2015. We do not purchase derivative contracts for trading purposes. We elected not to designate these contracts as accounting hedges and any changes in fair value are marked to market and included in other income (expense), net. See Note 4, “Fair Value” and Note 8, “Borrowing and Installment Payment Arrangements” for further information on the borrowing from IKB. Defined Benefit Plans We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. See Note 9, “Pension Plans” for further information. Fair Value of Financial Instruments The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 valuations. Advertising Expense We expense advertising as the costs are incurred. Advertising expense for the years ended March 31, 2016, 2015 and 2014 was $433,000, $437,000 and $631,000, respectively. Advertising expense is included in “Selling, general and administrative expenses” on our consolidated statements of operations. Research and Development Expense Research and development costs are charged to operations as incurred. Income Taxes Our provision for income taxes is comprised of our current tax liability and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is required to reduce the deferred tax assets to the amount that management estimates is more likely than not to be realized. In determining the amount of the valuation allowance, we consider income over recent years, estimated future taxable income, feasible tax planning strategies, and other factors, in each taxing jurisdiction in which we operate. If we determine that it is more likely than not that we will not realize all or a portion of our remaining deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that it is more likely than not that we will ultimately be able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been provided, the related portion of the valuation allowance will be released, which will have the effect of reducing income tax expense. Significant management judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to establish or increase an additional valuation allowance that could materially impact our financial position and results of operations. Our ability to utilize our deferred tax assets and the continuing need for related valuation allowances are monitored on an ongoing basis. See Note 16, “Income Taxes” for further discussion regarding income taxes. Other Income and Expense Other income and expense primarily consists of gains and losses on foreign currency transactions and interest income and expense, together with our share of income or loss from investments accounted for on the equity method and other than temporary impairment charges on available-for-sale securities. Indemnification Product guarantees and warranties have not historically proved to be material. On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of March 31, 2016 and 2015. Legal Contingencies We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The authoritative guidance provided by FASB requires that an estimated loss from a loss contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. We evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position, results of operations or cash flows. Net Income (Loss) per Share Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. See Note 12, “Computation of Earnings per Share.” Accumulated Other Comprehensive Income Accumulated other comprehensive income or loss represents foreign currency translation adjustments, unrealized gain or loss on equity investments classified as “available-for-sale” and minimum pension liability, net of tax. See Note 11, “Accumulated Other Comprehensive Income (Loss).” Concentration and Business Risks Dependence on Third Parties for Wafer Fabrication and Assembly Measured in dollars, in fiscal 2016 we manufactured approximately 52.6% of our wafers, an integral component of our products, in our facilities in Germany, the UK, Massachusetts and California. We relied on third party suppliers to provide the remaining 47.4%. There can be no assurance that material disruptions in supply will not occur in the future. In such event, we may have to identify and secure additional foundry capacity and may be unable to identify or secure sufficient foundry capacity to meet demand. Even if such capacity is available from another manufacturer, the qualification process could take six months or longer. If we were unable to qualify alternative manufacturing sources for existing or new products in a timely manner or if such sources were unable to produce semiconductor devices with acceptable manufacturing yields and at acceptable prices, our business, financial condition and results of operations would be materially and adversely affected. Dependence on Suppliers We purchase silicon substrates from a limited number of vendors, most of whom we do not have long term supply agreements with. Any of these suppliers could terminate their relationship with us at any time. Our reliance on a limited number of suppliers involves several risks, including potential inability to obtain an adequate supply of silicon substrates and reduced control over the price, timely delivery, reliability and quality of the silicon substrates. There can be no assurance that problems will not occur in the future with suppliers. Employees Covered by Collective Bargaining Arrangements Approximately 54.6% and 94.6% of our employees in the United Kingdom and Germany, respectively, are covered by collective bargaining arrangements. Concentration of Credit Risk Financial instruments that potentially subject us to credit risk comprise principally cash and cash equivalents and trade accounts receivable. We invest our excess cash in accordance with our investment policy that has been approved by the Board of Directors and is reviewed periodically by management to minimize credit risk. Regarding cash and cash equivalents, the policy authorizes the investment of excess cash in deposit accounts, certificates of deposit, bankers’ acceptances, commercial paper rated AA or better and other money market accounts and instruments of similar liquidity and credit quality. We invest our excess cash primarily in foreign and domestic banks in short term time deposit and money market accounts. Maturities are generally three months or less. Our non-interest bearing domestic cash balances exceed federally insured limits. Additionally, we may invest in commercial paper with financial institutions that management believes to be creditworthy. These securities mature within ninety days or less and bear minimal credit risk. We have not experienced any losses on such investments. We sell our products primarily to distributors and original equipment manufacturers. We perform ongoing credit evaluations of our customers and generally do not require collateral. An allowance for potential credit losses is maintained by us. See Note 15, “Segment and Geographic Information” for a discussion of revenues by geography. In fiscal 2016, 2015 and 2014 , a distributor accounted for 12.2%, 10.2 % and 10.8 % of our net revenues, respectively. In fiscal 2015, another distributor accounted for 10.5% of our net revenues. We continually monitor the credit risk in our portfolio and mitigate our credit risk exposures in accordance with the policies approved by our Board of Directors. Stock-Based Compensation Plans We have employee equity incentive plans and an employee stock purchase plan, which are described more fully in Note 10, “Employee Equity Incentive Plans.” The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and shares expected to vest. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. Recent Accounting Pronouncements In May 2014, FASB issued a new standard on the recognition of revenue from contracts with customers, which includes a single set of rules and criteria for revenue recognition to be used across all industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the entity satisfies a performance obligation. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods during the annual period. Early adoption is prohibited for annual periods commencing before December 15, 2016. Different transition methods are available — full retrospective method, retrospective with certain practical expedients and a modified retrospective (cumulative effect) approach. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements, including selection of the transition method. In March 2016, FASB issued an amended guidance on the topic of revenue from contracts with customers relating to revenue recognition to clarify the implementation guidance on principal versus agent considerations and to address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of the new revenue recognition standard. We are currently evaluating the impact of these amendments on our financial statements. In April 2016, FASB issued an amended guidance to clarify the following two aspects relating revenue recognition: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Before an entity can identify its performance obligation in a contract with a customer, the entity first identifies the promised goods or services in the contract. The amendments are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services. The amendments include implementation guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property or a right to access the entity’s intellectual property. The amendments are intended to improve the operability and understandability of the licensing implementation guidance. The effective date and transition requirements for the a |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations RadioPulse, Inc. On May 1, 2015, we acquired RadioPulse, Inc., or RadioPulse, for a total consideration of $15.7 million. 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 our product lines. The consideration includes cash consideration paid at closing of $14.7 million and $1.0 million related to an adjustment to eliminate debt owed to us for funds advanced prior to closing. The acquisition also includes potential 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 in calendar years 2015, 2016 and 2017. Based on our 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 values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Purchase Consideration Allocation Cash, restricted cash and cash equivalents $ 196 Accounts receivable 1,497 Inventories 534 Property, plant and equipment 24 Prepaid expenses and other current assets 547 Identifiable intangible assets 2,867 Short-term borrowings (2,354 ) Accounts payable (614 ) Accruals and other liabilities (1,926 ) Total identifiable net liabilities 771 Goodwill 14,887 Total purchase consideration $ 15,658 During the quarter ended March 31, 2016, we recorded a reduction in the value of accruals and other liabilities of $1.0 million along with a corresponding increase in the purchase consideration of $1.0 million related to an adjustment to eliminate the debt owed to us for funds advanced prior to closing. We also recorded adjustments that that reduced the value of goodwill by $275,000 due to an increase in the fair value of identifiable intangible assets of $344,000 and a decrease in the value of prepaid expenses and other current assets of $69,000. The change in the value of the intangible assets did not have a significant impact on the amortization recorded in the financial statements for the quarter ended March 31, 2016. Identifiable intangible assets consisted of developed intellectual property, in-process research and development expenses, customer relationships and contract backlog. The valuation of the acquired intangibles was classified as a level 3 measurement under the fair value measurement guidance because the valuation was based on significant unobservable inputs and involved management judgment and assumptions about market participants and pricing. We did not recognize any liability with respect to the contingent consideration based upon our analysis. Identified intangible assets resulting from the RadioPulse acquisition consisted of the following (in thousands): Estimated Fair Value Amortization Useful Life (In thousands) Method (In months) Developed intellectual property $ 1,005 Accelerated 60 In-process research and development expenses (1) 1,188 Straight-line 60 Customer relationships 500 Accelerated 36 Contract backlog 174 Straight-line 6 Total $ 2,867 (1) Amortization will start after the completion of the research and development activities of the related projects. In determining the 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 was 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 . and to the workforce acquired in the transaction. The goodwill is not deductible for tax purposes. RadioPulse contributed net revenues of $4.1 million, from the date of purchase, May 1, 2015 to our unaudited condensed consolidated statements of operations for the fiscal year ended March 31, 2016. The net loss of RadioPulse duringincluded in our operating results for the year ended March 31, 2016 was $3.6 million, based on the purchase consideration valuation. The results of operations and financial statementsposition of RadioPulse were immaterial compared to our financial statements and therefore pro-forma financial statements have not been separately presented. Acquired MCU Business On June 27, 2013, we completed the acquisition of an 8-bit microcontroller product line, or the Acquired MCU Business, from the System LSI Division of Samsung Electronics Co., Ltd. The acquired product line includes microcontrollers potentially useful in a number of applications, which have to date been principally used in consumer product applications. The acquisition was intended to bolster our product portfolio and empower customers to utilize products from across our multiple product lines. The aggregate purchase price for the acquired assets was $50.0 million. The closing payment was $20.0 million and we were obligated to pay $30.0 million in two installment payments of $15.0 million each. The first installment and interest were paid on June 26, 2014 and the second installment and interest were paid on December 23, 2014. The installment payments and interest were included in “Accrued expenses and other current liabilities” on our audited consolidated balance sheet. We incurred $403,000 in legal and consulting costs related to the acquisition in fiscal 2014. The costs incurred were fully expensed and included in “Selling, general and administrative” expenses, or SG&A expenses, on our audited consolidated statements of operations. The following table summarizes the values of the assets acquired at the acquisition date (in thousands): Purchase Price Allocation Inventories $ 800 Property, plant and equipment 36 Identifiable intangible assets 24,000 Total identifiable net assets 24,836 Goodwill 25,164 Total purchase price $ 50,000 Identifiable intangible assets consisted of developed intellectual property, customer relationships, contract backlog and a non-competition agreement. The valuation of the acquired intangibles was classified as a Level 3 measurement under the fair value measurement guidance, because the valuation was based on significant unobservable inputs and involved management judgment and assumptions about market participants and pricing. In determining fair value of the acquired intangible assets, we determined the appropriate unit of measure, the exit market and the highest and best use for the assets. The income approach and cost approach were used to estimate the fair value. The income approach indicates the fair value of an asset based on the value of the cash flows that the asset can be expected to generate in the future through a discounted cash flow method. The income approach was used to determine the fair values of developed intellectual property, the non-competition agreement, contract backlog and customer relationships. The goodwill arising from the acquisition was largely attributable to the synergies expected to be realized after our acquisition and integration of the Acquired MCU Business. The goodwill is not deductible for tax purposes. See Note 7, “Goodwill and Intangible Assets” for the valuation of identified intangible assets resulting from the acquisition. The Acquired MCU Business contributed revenues of $36.1 million in our audited consolidated statements of operations for fiscal 2014. As the Acquired MCU Business is fully integrated within our existing operations we are not able to calculate and report the net income contribution specific to the Acquired MCU Business. Supplemental Pro Forma Financial Information The following pro forma summary gives effect to the acquisition of the Acquired MCU Business as if it had occurred at the beginning of fiscal 2013. The pro forma financial information reflects the business combination accounting effects resulting from this acquisition including our amortization charges from acquired intangible assets, the acquisition related expenses and the interest expenses on installment payments of the acquisition. The summary is provided for illustrative purposes only and is not necessarily indicative of the consolidated results of operations for future periods. The Acquired MCU Business’s fiscal year ended on December 31, while our fiscal year ends on March 31. As such, the financial information of the Acquired MCU Business is included in the following unaudited pro forma table so as to align with the reporting periods of our fiscal quarters. In the following unaudited pro forma table, the financial information for fiscal 2014 includes the historical financial results of IXYS Corporation for the twelve months ended March 31, 2014 and the historical financial results of the Acquired MCU Business for the three months ended March 31, 2013 (in thousands, except per share data): Years Ended March 31, 2014 (unaudited) Pro forma net revenues $ 360,228 Pro forma net income $ 15,364 Pro forma net income per share (basic) $ 0.49 Pro forma net income per share (diluted) $ 0.48 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 March 31, 2016, this goodwill balance reflected a cumulative reduction of $477,000 caused by changes in the foreign exchange translation rate. This acquisition was not significant to our consolidated financial statements. |
Note 4 - Fair Value
Note 4 - Fair Value | 12 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015 (in thousands): March 31, 2016 (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 Assets Money market funds (2) $ 115,974 $ 115,974 $ - $ 76,317 $ 76,317 $ - Marketable equity securities (3) 1,749 1,749 - 1,737 1,737 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total Assets Measured at Fair Value $ 118,073 $ 117,723 $ 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 audited consolidated balance sheets. (3) Included in "Other assets" on our audited consolidated balance sheets. (4) Included in ''Accrued expenses and other current liabilities'' on our audited consolidated balance sheets. We measure our marketable securities and derivative contracts at fair value. Marketable securities are valued using the quoted market prices and are therefore classified as Level 1 estimates. All of the marketable equity securities are subject to a periodic impairment review. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and our ability and intent to hold or sell the securities. Based on our review, we recognized other than temporary impairment losses of $454,000 and $1.9 million in marketable equity securities during fiscal 2016 and 2015, respectively. From time to time, we use derivative instruments to manage exposure to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not to designate these instruments as accounting hedges. The changes in the fair value of these instruments are recorded in the current period’s statement of operations and are included in other income (expense), net. All of our derivative instruments are traded on over-the-counter markets where quoted market prices are not readily available. For those derivatives, we measure fair value using prices obtained from the counterparties with whom we have traded. The counterparties price the derivatives based on models that use primarily market observable inputs, such as yield curves and option volatilities. Accordingly, we classify these derivatives as Level 2. See Note 8, “Borrowing and Installment Payment Arrangements” for further information regarding the terms of the derivative contract. Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs including historical redemptions received from the ARPS issuers. All of our ARPS have credit ratings of at least AA, are 100% collateralized and continue to pay interest in accordance with their contractual terms. Additionally, the collateralized asset value ranges exceed the value of our ARPS by approximately 200 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 audited consolidated balance sheets as of March 31, 2016 and 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 fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. Our pension liabilities, net of plan assets approximate fair value. See Note 9, “Pension Plans” for a discussion of pension liabilities. Our indebtedness for borrowed money and our installment payment obligations approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. The estimated fair value of these items was approximately $87.1 million and $49.2 million at March 31, 2016 and March 31, 2015, respectively. |
Note 5 - Other Assets
Note 5 - Other Assets | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 5. Other Assets Other assets consist of the following (in thousands): March 31, 2016 2015 Marketable equity securities $ 1,749 $ 1,737 Auction rate preferred securities 350 350 Long-term equity method investments 10,977 11,041 Other items 686 576 Total $ 13,762 $ 13,704 In fiscal 2016 and 2015, based on evaluation of available evidence we concluded that certain marketable equity securities had impairment other than temporary. As a result, we realized an impairment loss totaling $454,000 and $1.9 million in each fiscal year, respectively. Available-for-sale investment securities have been stated at their fair value as of March 31, 2016 and include an unrealized loss, net of tax benefits, of $82,000 at March 31, 2016, and an unrealized gain, net of taxes, of $7,000 at March 31, 2015. On December 12, 2014, we acquired 24.3% of the outstanding common shares of ATEC for a purchase price of $5.9 million. ATEC is a supplier located in the Philippines that provides assembly and test services and the acquisition is part of a vertical integration strategy. The investment is accounted for by the equity method and is included in “Other assets” on our audited consolidated balance sheet. The investment was initially recorded at cost. Subsequent periodic adjustments to cost are made to record our share in the operating results of ATEC subsequent cash contributions and distributions and our share of the differences between the fair value and carrying cost of assets acquired and liabilities assumed. In fiscal 2016 and 2015, we recognized losses of $9,000 and $140,000, respectively, on our investment in ATEC. We incurred approximately $14,000 in legal and consulting expense for the transaction. The costs incurred were expensed and included in SG&A expenses on our audited consolidated statements of operations. Available-for-sale investments as of March 31, 2016 and 2015 were as follows (in thousands): Fiscal Year 2016 Fiscal Year 2015 Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Marketable equity securities $ 1,875 $ 46 $ (172 ) $ 1,749 $ 1,726 $ 53 $ (42 ) $ 1,737 Auction rate preferred securities $ 350 $ - $ - $ 350 $ 350 $ - $ - $ 350 The available-for-sale investments that were in a continuous unrealized loss position as of March 31, 2016 and March 31, 2015, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): Less than 12 Months 12 Months or Greater Total Period Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value March 31, 2016 $ 29 $ 581 $ 143 $ 932 $ 172 $ 1,513 March 31, 2015 $ 27 $ 243 $ 15 $ 43 $ 42 $ 286 Gross unrealized losses on our available-for-sale portfolio were immaterial to the consolidated balance sheets at March 31, 2016 and March 31, 2015. During fiscal 2016, we recognized approximately a loss of $1,000 on the sale of available-for-sale investment securities. In respect of those securities, there was no unrealized amount included in accumulated other comprehensive income as of March 31, 2015. Our equity method investments constitute investments accounted for under the equity method of accounting. See Note 2, “Summary of Significant Accounting Policies” and Note 13, “Related Party Transactions” for further information on these investments. |
Note 6 - Balance Sheet Details
Note 6 - Balance Sheet Details | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 6. Balance Sheet Details Accounts Receivable Accounts receivable consist of the following (in thousands): March 31, 2016 2015 Accounts receivable, gross $ 41,219 $ 43,810 Allowance for doubtful accounts (2,779 ) (2,768 ) Accounts receivable, net $ 38,440 $ 41,042 Allowances Movement (in thousands): Balance at Beginning of Year Additions Utilization Translation Adjustments Balance at End of Year Allowances for accounts receivable and for doubtful accounts Year ended March 31, 2016 $ 2,768 $ 6,795 $ (6,799 ) $ 15 $ 2,779 Year ended March 31, 2015 $ 3,013 $ 8,935 $ (9,004 ) $ (176 ) $ 2,768 Year ended March 31, 2014 $ 2,656 $ 8,563 $ (8,255 ) $ 49 $ 3,013 Inventories Inventories consist of the following (in thousands): March 31, 2016 2015 Raw materials $ 18,269 $ 17,169 Work in process 41,549 37,491 Finished goods 29,786 27,345 Total $ 89,604 $ 82,005 Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): March 31, 2016 2015 Property and plant (useful life of 24 years to 50 years) $ 35,290 $ 33,328 Equipment owned (useful life of 1 to 14 years) 104,711 98,408 Equipment capital leases (useful life of 4 years) 34,607 33,222 Leasehold improvements (useful life of up to 8 years) 1,304 1,304 175,912 166,262 Accumulated depreciation (133,289 ) (123,717 ) Net property, plant and equipment $ 42,623 $ 42,545 Depreciation expense for fiscal years ended March 31, 2016, 2015 and 2014 amounted to $8.4 million, $11.3 million and $10.7 million, respectively. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): March 31, 2016 2015 Uninvoiced goods and services $ 8,824 $ 8,473 Compensation and benefits 7,540 6,230 Income tax payable 2,066 2,459 Commission, royalties and other 2,860 2,703 Total $ 21,290 $ 19,865 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7 . Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in connection with our acquisitions. We recorded goodwill of $2.8 million related to an acquisition completed in April 2014. In May 2015, we acquired RadioPulse and recorded $14.9 million in goodwill. The goodwill balance as of March 31, 2016 and 2015 reflected changes in the foreign exchange translation rate. The changes in the carrying amount of goodwill for the years ended March 31, 2016 and 2015 are as follows (in thousands): March 31, 2016 2015 Goodwill $ 41,137 $ 38,356 Accumulated impairment losses (13,192 ) (13,192 ) Accumulated currency translation adjustment (570 ) - Net goodwill at beginning of year 27,375 25,164 Goodwill acquired in acquisition 14,887 2,781 Currency translation adjustment 93 (570 ) Net goodwill at end of year $ 42,355 $ 27,375 The accumulated impairment losses as of March 31, 2016 and March 31, 2015 were $13.2 million. Identifiable Intangible Assets Identified intangible assets consisted of the following as of March 31, 2016 (in thousands): Gross Intangible Assets Accumulated Amortization Net Intangible Assets Developed intellectual property $ 17,309 $ 11,639 $ 5,670 Customer relationships 13,520 12,961 559 In-process intellectual property 1,188 - 1,188 Contract backlog 7,329 7,329 - Other intangible assets 1,599 1,409 190 Total identifiable intangible assets $ 40,945 $ 33,338 $ 7,607 Identified intangible assets consisted of the following as of March 31, 2015 (in thousands): Gross Intangible Assets Accumulated Amortization Net Intangible Assets Developed intellectual property $ 16,304 $ 8,084 $ 8,220 Customer relationships 13,020 11,290 1,730 Contract backlog 7,155 7,155 - Other intangible assets 1,608 1,174 434 Total identifiable intangible assets $ 38,087 $ 27,703 $ 10,384 The following table summarizes the components of the acquired identifiable intangible assets associated with the acquisitions of RadioPulse, the Acquired MCU Business and Zilog, Inc. The fair value of the amortizable intangible assets was determined using the income approach, royalty savings approach and cost approach. Acquisition Date Estimated Fair Value Amortization Useful Life (In thousands) Method (In months) RadioPulse Developed intellectual property $ 1,005 Accelerated 60 In process intellectual property 1,188 Straight-line 60 Customer relationships 500 Accelerated 36 Contract backlog 174 Straight-line 6 Total for RadioPulse $ 2,867 Acquired MCU Business Developed intellectual property $ 11,504 Straight-line 60 Customer relationships 6,920 Accelerated 36 Contract backlog 5,155 Straight-line 9 Trade name 421 Straight-line 60 Total for Acquired MCU Business $ 24,000 Zilog Developed intellectual property $ 4,800 Straight-line 72 Customer relationships 6,100 Accelerated 37 Contract backlog 2,000 Straight-line 12 Trade name 1,100 Straight-line 72 Total for Zilog $ 14,000 The amortization of intangible assets is expected to be approximately $3.2 million, $2.9 million, $904,000, $268,000 and $240,000 in fiscal 2017, 2018, 2019, 2020 and 2021, respectively. |
Note 8 - Borrowing and Installm
Note 8 - Borrowing and Installment Payment Arrangements | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 . Borrowing and Installment Payment Arrangements Bank of the West On December 6, 2013, we entered into an Amended and Restated Credit Agreement with BOTW for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement 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 March 31, 2016 was 2.44%. An unused commitment fee is also payable. It ranges from 0.25% to 0.625%, 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. As of March 31, 2016 we complied with these financial covenants , except the leverage ratio. The banks waived a default under the Revolving Credit Agreement caused by the leverage ratio, which compared total funded indebtedness as of March 31, 2016 to EBITDA for the four fiscal quarters ended March 31, 2016. The leverage ratio minimally exceeded the contractually agreed ratio of 2:1. The waiver by the banks is a one-time waiver and is not deemed to be an amendment, waiver, consent, release or modification of any other term or condition of the credit agreement. As of March 31, 2016, we borrowed $80.0 million under this credit facility and repaid the outstanding principal balance from the previous agreement of $45.0 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 March 31, 2016, $6768,000 was recognized as interest expense and the unamortized balance of the debt issuance costs was $304,000. 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 17, “Commitments and Contingencies” for further information regarding the terms of the subfacility. IKB Deutsche Industriebank On June 10, 2005, IXYS GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB. This loan was collateralized by a security interest in our facility in Lampertheim, Germany and was to be paid in full by June 30, 2020. In April 2015, we replaced the loan with a new loan from IKB. Under the new agreement, we borrowed €6.5 million, or about $7.2 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 $263,000, 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. We were in compliance with all financial covenants as of March 31, 2016. The loan may be prepaid in whole or in part with a modest penalty. The loan is also collateralized by a security interest in the facility in Lampertheim, Germany. At March 31, 2016, the outstanding principal balance was €5.6 million, or $6.3 million. Loans Assumed from Business Acquisition 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 facilities have been partially secured by bank deposits, which were classified as restricted cash on our consolidated balance sheets. The outstanding principal on these loans was $684,000 as of March 31, 2016 and were paid off in April 2016. We assumed loans of approximately $723,000 related to an acquisition completed during the quarter ended June 30, 2014. The assumed borrowings were non-interest loans from government agencies to support the research and development activities with maturity dates varying from fiscal 2017 to fiscal 2021, other than a loan of $99,000 that we paid off during the quarter ended September 30, 2014. Aggregate Debt Maturities Aggregate debt maturities at March 31, 2016 were as follows (in thousands): Fiscal Year Payable Amount 2017 $ 1,804 2018 81,120 2019 1,120 2020 1,133 2021 1,134 Thereafter 1,050 Total 87,361 Less: current portion 1,804 Long-term portion (1) $ 85,557 Includes approximately $304,000 of unamortized debt issuance cost. |
Note 9 - Pension Plans
Note 9 - Pension Plans | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9 . 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 March 31, 2016, the German defined benefit plan was completely unfunded and we accrued for its obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. Net Period Pension Cost The net periodic pension expense includes the following components (in thousands): Year Ended March 31, 2016 2015 2014 Service cost $ 101 $ 104 $ 108 Interest cost on projected benefit obligation 1,450 1,803 1,886 Expected return on plan assets (1,721 ) (1,910 ) (1,685 ) Recognized actuarial loss 438 179 236 Net periodic pension expense $ 268 $ 176 $ 545 Net Amount Recognized (in thousands) Year Ended March 31, 2016 2015 Change in projected benefit obligation Projected benefit obligation at the beginning of the year $ 47,346 $ 44,558 Service cost 101 104 Interest cost 1,450 1,803 Actuarial (gain) loss (1,549 ) 9,036 Benefits paid (1,830 ) (1,467 ) Foreign currency adjustment (497 ) (6,688 ) Projected benefit obligation at year end $ 45,021 $ 47,346 Change in plan assets Fair value of plan assets at the beginning of the year $ 30,114 $ 29,013 Actual return (loss) on plan assets (156 ) 4,306 Employer contribution 1,009 1,089 Benefits paid from assets (1,388 ) (970 ) Foreign currency adjustment (865 ) (3,324 ) Plan assets at fair value at year end $ 28,714 $ 30,114 Unfunded status of the plan at year end $ 16,307 $ 17,232 Pension liability recognized on the balance sheet due after one year $ 16,307 $ 17,232 Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: Projected benefit obligation at year end $ 45,021 $ 47,346 Accumulated benefit obligation at year end $ 44,509 $ 46,695 Plan assets at fair value at year end $ 28,714 $ 30,114 Amounts recognized in accumulated other comprehensive income (loss): Unrecognized actuarial loss, before tax $ (12,140 ) $ (12,354 ) Amount recognized as component of stockholders’ equity – pretax $ (12,140 ) $ (12,354 ) Accumulated benefit obligation at year end $ 44,509 $ 46,695 Weighted average actuarial assumptions used to determine benefit obligations for the plans were as follows: Year End March 31, 2016 2015 Discount rate 1.9 - 4.6% 1.8 - 4.8% Expected long term rate of return on assets 4.4 - 7.0% 5.6 - 7.0% Salary scale 5.0% 6.0% Information on Plan A ssets 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 March 31, 2016 and 2015, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands): March 31, 2016 March 31, 2015 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash funds $ 121 $ - $ - $ 121 $ 2,588 $ - $ - $ 2,588 Currency contracts - - - - - (30 ) - (30 ) Equity 351 - - 351 19,997 652 7 20,656 Fixed interest 1,225 96 - 1,321 861 5,887 1 6,749 Mutual Funds 13,527 13,394 - 26,921 - - - - Mortgage backed securities - - - - - 16 - 16 Swaps and other - - - - 2 133 - 135 Total $ 15,224 $ 13,490 $ - $ 28,714 $ 23,448 $ 6,658 $ 8 $ 30,114 During the quarter ended March 31, 2016, approximately $5.1 million of Level 2 fixed interest assets were transferred to level 1 as the prices used for those highly liquid government debt securities were sufficiently close to a binding quote price. We recognized the transfer at March 31, 2016. The expected long term rate of return on assets is a weighted average of the returns expected for the underlying broad asset classes. The expected returns for each asset class are estimated in light of the market conditions on the accounting date and the past performance of the asset classes generally. The amount of accumulated other comprehensive income expected to be recognized in net periodic pension cost in fiscal 2017 includes amortization of actuarial loss of $397,000. Approximately 72% of the accrued pension liability relates to the German plan and 26% to the United Kingdom plan. The accrued pension liability related to the Philippine plan is immaterial. The investment policies and strategies for the United Kingdom plan assets are determined by the respective plan’s trustees in consultation with independent investment consultants and the employer. Our practice is to fund these plans in amounts at least sufficient to meet the minimum requirements of local laws and regulations. The trustees are aware that the nature of the liabilities of the plans will evolve as the age profile and life expectancy of the membership changes. These changing liability profiles lead to consultations about the appropriate balance of investment assets to be used by the plans (equity, debt, other), as well as timescales, within which required adjustments should be implemented. The plan assets in the United Kingdom are held in pooled investment funds operated by Fidelity Worldwide Investments. Our plan assets do not include direct holdings of our securities. The investment managers have discretion to vary the balance of investments of the scheme according to prevailing investment conditions and the trustees regularly monitor all investment decisions affecting the scheme and the overall investment performance. At March 31, 2016, approximately 50% of the assets of the United Kingdom fund were invested in diversified growth fund, which may invest in securities, collective investment schemes, money market instruments, cash and deposits, while 50% were in debt securities. The investments in debt securities are made in government instruments and investment grade corporate bonds. The target allocation of the United Kingdom plan assets that we control is 75% equity securities and 25% fixed income instruments. This objective has not been achieved due to the relative investment return of the two asset classes. The German plan was held by a separate legal entity. As of March 31, 2016, the German defined benefit plan was completely unfunded. For our Philippine plan, the local law requires us to appoint a trustee for the fund. We have appointed Bank of the Philippine Islands, or BPI, as the trustee of the plan. The plan assets are fully invested with BPI. The main role of the trustee is to manage the fund according to the mandate given by the retirement committee of our Philippine entity and to pay the covered/eligible employees in accordance with the plan. BPI Asset Management and Trust Group, an independent unit of BPI, provides investment management services to the trustee. At March 31, 2016, approximately 74% of the assets of the fund were invested in fixed income securities, 20% in equity securities and 6% in cash. The target allocation for the Philippine fund was 75% to fixed income securities, 20% to equities and 5% to cash and cash equivalents. We expect to make contributions to the plans of approximately $1.1 million in the fiscal year ending March 31, 2017. This contribution is primary contractual. We expect to pay benefits in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter of approximately the following (in thousands): Fiscal Year Ended: Benefit Payment March 31, 2017 $ 1,597 March 31, 2018 1,625 March 31, 2019 1,774 March 31, 2020 1,815 March 31, 2021 1,842 Five fiscal years ended March 31, 2026 10,069 Total benefit payments for the ten fiscal years ended March 31, 2026 $ 18,722 |
Note 10 - Employee Equity Incen
Note 10 - Employee Equity Incentive Plans | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10 . 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. The 1999 Equity Incentive Plan Prior to May 2009, stock options were granted under the 1999 Equity Incentive Plan, or the 1999 Plan, for not less than 85% of fair market value at the time of grant. Once granted, the options expire ten years from the date of grant. Options granted to employees under the 1999 Equity Incentive Plan typically vested over four years. The 1999 Plan expired in May 2009 and no additional grants may be made thereunder. Zilog 2004 Omnibus Stock Incentive Plan The Zilog 2004 Omnibus Stock Incentive Plan, or the Zilog 2004 Plan, was approved by the stockholders of Zilog in 2004, and was amended and approved by the stockholders of Zilog in 2007. In connection with the acquisition of Zilog, our Board of Directors approved assumption of the Zilog 2004 Plan. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2004 Plan. Under the 2004 Plan, non-statutory stock options were granted. At the time of the assumption of the Zilog 2004 Plan by our company, up to 652,963 shares of our common stock were available for grant under the plan. In general, the options and shares granted pursuant to the Zilog 2004 Plan are exercisable at such time or times, and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as the plan administrator, generally the Compensation Committee of our Board of Directors, determined in the applicable option agreement. The exercise price per share, payable upon the exercise of an option, was established by such administrator at the time of the grant and is not less than the par value per share of common stock on the date of the grant and, in the case of an incentive stock option, generally is not less than 100% of the fair market value per share on the date of grant. The Zilog 2004 Plan expired in February 2014 and no additional grants may be made thereunder. Zilog 2002 Omnibus Stock Incentive Plan The Zilog 2002 Omnibus Stock Incentive Plan, or the Zilog 2002 Plan, was adopted in 2002. In connection with the acquisition of Zilog, our Board of Directors approved the assumption of the Zilog 2002 Plan with respect to the shares available for grant as stock options. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2002 Plan. At the time of the assumption of the Zilog 2002 Plan by our company, up to 366,589 shares of our common stock were available for grant under the plan. Stock options granted under the Zilog 2002 Plan were permitted to be: (i) incentive stock options or nonqualified stock options or (ii) EBITDA-linked options and/or non-EBITDA linked options. We did not grant any EBITDA-linked options and none are outstanding. In general, non-EBITDA-linked options granted pursuant to the Zilog 2002 Plan was exercisable at such time or times and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as determined by the plan administrator in the applicable award agreements or thereafter. The exercise price per share payable upon the exercise of an option was established by such administrator at the time of grant. The term of each non-EBITDA-linked option was determined at the time of grant and does not exceed ten years. The Zilog 2002 Plan expired in May 2012 and no additional grants may be made thereunder. 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 year ended March 31, 2016, there were 97,274 shares purchased under the Purchase Plan, leaving approximately 240,241 shares available for purchase under the Purchase Plan in the future. Fair Value of Stock Compensation The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award. Compensation cost for equity incentive awards is based on the grant-date fair value estimated in accordance with the authoritative guidance provided by FASB. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. The fair value of issuances under our Purchase Plan is estimated on the issuance date and using the Black-Scholes options pricing model, consistent with the requirements of the authoritative guidance provided by FASB. The following table summarizes the effects of share-based compensation expenses recognized on our consolidated statement of operations resulting from options granted under our equity incentive plans and rights to acquire stock granted under our Purchase Plan (in thousands): Year Ended March 31, Statement of Operations Classifications 2016 2015 2014 Cost of goods sold $ 488 $ 433 $ 457 Research, development and engineering (1) 1,272 814 978 Selling, general and administrative 1,832 1,620 1,350 Stock-based compensation effect on income before taxes 3,592 2,867 2,785 Benefit from income taxes 660 1,009 1,071 Net stock-based compensation effects on net income $ 2,932 $ 1,858 $ 1,714 (1) Includes acquisition-related compensation expenses of $249,000 during fiscal 2016. As of March 31, 2016, there were $6.6 million of total unrecognized compensation costs related to stock options granted. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.8 years. The weighted average estimated 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 fiscal 2016, 2015 and 2014, were based on estimates at the date of grant as follows: Stock Options Purchase Plan Year Ended March 31, Year Ended March 31, 2016 2015 2014 2016 2015 2014 Weighted average estimated per share fair value of grant $ 4.83 $ 5.54 $ 5.31 $ 3.33 $ 2.90 $ 2.75 Risk-free interest rate 1.8 % 1.8 % 1.8 % 0.1 % 0.1 % 0.1 % Expected term in years 6.45 6.25 6.05 0.50 0.50 0.50 Volatility 44.9 % 52.2 % 54.9 % 39.8 % 36.9 % 37.0 % Dividend yield (1) 1.2 % 1.0 % 1.0 % 1.1 % 1.1 % 0 % (1) Prior to October 1, 2013, the fair value of our equity awards was based on 0% dividend yield. We estimate the expected term of options granted based on the historical average period over which the options are exercised by employees. We estimate the volatility of our common stock based on historical volatility measures. We base the risk-free interest rate that is used in the option valuation model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the options. After establishing a history of quarterly dividend payments, we started using a dividend yield during the quarter ended December 31, 2013. We estimate the dividend yield based on the historical trend and our expectation of future dividends. Dividend yield is calculated based on the annualized cash dividends per share declared during the quarter and the closing stock price on the date of grant. In the case of the Purchase Plan, the dividend yield calculation was first effective for the grant date of June 1, 2014. We are required to estimate forfeitures at the time of grants and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. We recognize the estimated compensation cost of restricted stock over the vesting term. The estimated compensation cost is based on the fair value of our common stock on the date of grant. We recognize the compensation cost relating to stock bonuses on the date of grant based on the fair value of our common stock on the date of grant, as such stock bonuses are vested immediately. We did not grant any bonus shares during fiscal 2016. Stock compensation activity under our equity incentive plans for fiscal 2016, 2015 and 2014 is summarized below: Shares Available Options Outstanding Weighted Average Exercise Price for Grant Number of Shares (1) Intrinsic Value (2) per Share (000 ) Balances, March 31, 2013 451,713 5,327,473 $ 4,273 $ 10.04 New shares authorized (3) 2,000,000 - Plan authorization expired (47,963 ) - Options granted (515,000 ) 515,000 $ 10.63 Options exercised - (572,338 ) $ 1,695 $ 8.72 Options cancelled 24,000 (34,000 ) $ 11.42 Options expired 17,500 (34,500 ) $ 12.62 Balances, March 31, 2014 1,930,250 5,201,635 $ 8,658 $ 10.22 Options granted (249,000 ) 249,000 $ 11.83 Options exercised - (339,374 ) $ 1,310 $ 8.62 Options cancelled 39,750 (94,250 ) $ 11.46 Options expired 26,000 (74,500 ) $ 11.17 Balances, March 31, 2015 1,747,000 4,942,511 $ 10,831 $ 10.37 Options granted (1,124,000 ) 1,124,000 $ 11.72 Options exercised - (382,826 ) $ 1,551 $ 9.02 Options cancelled 14,500 (14,500 ) $ 11.31 Options expired - (434,788 ) $ 14.68 Balances, March 31, 2016 637,500 5,234,397 $ 6,456 $ 10.40 (1) The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. (2) Except for options exercised, these amounts represent the difference between the exercise price and $11.22 per share, the closing price of our stock on March 31, 2016 as reported on the NASDAQ Global Select Market, for all in-the-money, outstanding and exercisable options. (3) On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. The following table summarizes information about stock options outstanding at March 31, 2016: Options Outstanding Options Exercisable Exercise Price per Share Number of Shares Outstanding Weighted Average Contractual Life Weighted Average Exercise Price per Share Number of Shares Exercisable Weighted Average Exercise Price per Share $5.01 - $7.75 819,897 2.6 $ 6.63 819,897 $ 6.63 $7.76 - $10.00 1,223,500 4.8 $ 9.33 1,017,750 $ 9.29 $10.01 - $12.50 2,448,000 6.6 $ 11.42 1,331,916 $ 11.52 $12.51 - $13.37 743,000 6.1 $ 12.96 450,000 $ 12.69 $5.01 - $13.37 5,234,397 5.5 $ 10.40 3,619,563 $ 9.93 Of the 5,234,397 options outstanding, 3,619,563 were exercisable on March 31, 2016 at a weighted average exercise price of $9.93 per share, with an intrinsic value of $6.0 million. The weighted average remaining contractual life of options outstanding and options exercisable at March 31, 2016 was 5.5 years and 4 years, respectively. The fair value of options that vested during the year ended March 31, 2016 was $2.8 million. |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive (Loss) | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Income (Loss) The components and the changes in accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance as of March 31, 2013 $ 2,982 $ 60 $ (6,135 ) $ (3,093 ) Other comprehensive income before reclassifications 7,553 361 89 8,003 Net losses (gains) reclassified from accumulated other - (96 ) 215 119 Net current period other comprehensive income 7,553 265 304 8,122 Balance as of March 31, 2014 10,535 325 (5,831 ) 5,029 Other comprehensive loss before reclassifications (24,112 ) (1,536 ) (3,830 ) (29,478 ) Net losses reclassified from accumulated other comprehensive income (loss) - 1,218 143 1,361 Net current period other comprehensive loss (24,112 ) (318 ) (3,687 ) (28,117 ) Balance as of March 31, 2015 (13,577 ) 7 (9,518 ) (23,088 ) Other comprehensive income (loss) before reclassifications 2,938 (362 ) (71 ) 2,505 Net losses reclassified from accumulated other comprehensive income (loss) - 273 44 317 Net current period other comprehensive income (loss) 2,938 (89 ) (27 ) 2,822 Balance as of March 31, 2016 $ (10,639 ) $ (82 ) $ (9,545 ) $ (20,266 ) The amounts reclassified out of accumulated other comprehensive income (loss) for the fiscal year 2016, 2015 and 2014 are as follows (in thousands): Year Ended March 31, 2016 2015 2014 Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Impacted Line Item on Consolidated Statements of Operations Net gain (loss) on sales of investments $ (1 ) $ 30 $ 155 Other income (expense), net Impairment of marketable securities (454 ) (1,903 ) (7 ) Other income (expense), net Recognized actuarial loss (437 ) (179 ) (236 ) Cost of goods sold Subtotal (892 ) (2,052 ) (88 ) Income before income tax provision Tax impact 575 691 (31 ) Provision for income tax Total reclassifications for the year $ (317 ) $ (1,361 ) $ (119 ) Net income |
Note 12 - Computation of Earnin
Note 12 - Computation of Earnings per Share | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12 . Computation of Earnings per Share Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): Year Ended March 31, 2016 2015 2014 Net income $ 14,741 $ 23,740 $ 6,046 Weighted average shares - basic 31,579 31,531 31,146 Weighted average shares - diluted 32,381 32,239 31,916 Net income per share - basic $ 0.47 $ 0.75 $ 0.19 Net income per share - diluted $ 0.46 $ 0.74 $ 0.19 Diluted weighted average shares include approximately 802,000, 708,000 and 770,000 common equivalent shares from stock options for fiscal 2016, 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. In fiscal 2016, 2015 and 2014, there were outstanding options to purchase 1,943,420, 2,357,772 and 2,483,106 shares, respectively, at weighted average exercise prices of $12.02, $12.24 and $11.93 per share, respectively, that were not included in the computation of dilutive 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 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions We own 45% of the outstanding equity of Powersem, a module manufacturer based in Germany. The investment is accounted for using the equity method. In fiscal 2016, 2015 and 2014, we recorded revenues of $1.5 million, $1.8 million and $2.1 million, respectively, from sales of products to Powersem for use as components in their products. In fiscal 2016, 2015 and 2014, we purchased $3.4 million, $4.0 million and $5.2 million, respectively, of products from Powersem. At March 31, 2016 and 2015, the accounts receivable balances from our sales to Powersem were $99,000 and $82,000, respectively. The accounts payable balances to Powersem, as of March 31, 2016 and 2015, were $63,000 and $115,000, respectively. The carrying values at March 31, 2016 and March 31, 2015 were $2.5 million and $2.6 million, respectively. We own 20% of the outstanding equity of EB Tech Ltd., a company with expertise in radiation technology based in South Korea. The investment is accounted for using the equity method. In fiscal 2016, 2015 and 2014, EB Tech rendered processing services totaling approximately $378,000, $278,000 and $211,000, respectively, to our company. As of March 31, 2016 and 2015, our accounts payable balances to EB Tech were $26,000 and $23,000, respectively. There was no accounts payable balance due to EB Tech as of March 31, 2014. The carrying values at March 31, 2016 and at March 31, 2015 were $2.7 million. On December 12, 2014, we acquired 24.3% of the outstanding common shares of ATEC, a supplier located in the Philippines that provides assembly and test services. The investment is accounted for by the equity method. In fiscal 2016 and 2015, ATEC rendered assembly and test services totaling approximately $8.0 million and $2.0 million t o our company, respectively. As of March 31, 2016 and 2015, the accounts payable balances to ATEC were $737,000 and $632,000, respectively . The carrying values at March 31, 2016 and at March 31, 2015 were $5.7 million. We had no other material related party transactions with companies in which we invested and which were accounted for by the equity method during fiscal 2016. |
Note 14 - Employee Savings and
Note 14 - Employee Savings and Retirement Plans | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 14. Employee Savings and Retirement Plan s We have a 401(k) plan, known as the “IXYS Corporation and Subsidiary Employee Savings and Retirement Plan.” Eligibility to participate in the plan is subject to certain minimum service requirements. Employees may voluntarily contribute up to the limit prescribed by law and we may make matching contributions in our discretion. Employees are 100% vested immediately in any contributions by us. For the years ended March 31, 2016, 2015 and 2014, we contributed $616,000, $615,000 and $620,000, respectively. IXYS UK also has a defined contribution plan, known as “Westcode Semiconductor Group Personal Pension.” The plan is subject to minimum service requirements. Employees contribute up to 4.5% of the pensionable salary. IXYS UK contributes up to 7% depending upon the contribution by the employee. Additionally, IXYS UK pays the annual management charges for the plan. Employees are 100% vested immediately in any contributions by IXYS UK. For the years ended March 31, 2016, 2015 and 2014, IXYS UK contributed $278,000, $287,000 and $313,000, respectively. |
Note 15 - Segment and Geographi
Note 15 - Segment and Geographic Information | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15 . 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 on one operating segment basis for the purpose of making decisions, allocating resources and assessing financial performance. Our net revenues by major geographic areas (based on destination) were as follows (in thousands): Year Ended March 31, 2016 2015 2014 United States $ 75,994 $ 85,314 $ 89,734 Europe and the Middle East France 9,076 7,917 5,554 Germany 33,215 32,866 34,423 Hungary 2,082 2,571 3,620 Italy 4,328 4,645 4,506 Netherlands 3,608 2,315 2,080 Russia 4,755 5,051 2,821 Sweden 2,155 4,460 4,938 Switzerland 2,789 2,569 3,714 Turkey 2,376 2,658 2,323 United Kingdom 13,502 19,832 19,524 Other 14,437 15,223 15,546 Asia Pacific China 79,575 83,597 83,849 Indonesia 2,128 3,224 1,914 Japan 9,271 8,469 6,740 Korea 23,215 22,371 19,466 Malaysia 4,662 5,580 3,766 Singapore 12,353 11,694 11,838 Taiwan 3,151 2,688 2,962 Thailand 3,904 4,300 3,031 Other 2,083 1,143 2,075 Rest of the World India 4,293 5,163 5,245 Other 4,257 5,117 6,661 Total $ 317,209 $ 338,767 $ 336,330 The following table sets forth net revenues for each of our product groups fiscal 2016, 2015 and 2014 (in thousands): Year Ended March 31, 2016 2015 2014 Power semiconductors $ 213,347 $ 219,445 $ 222,813 Integrated circuits 84,078 95,547 91,189 Systems and RF power semiconductors 19,784 23,775 22,328 Total $ 317,209 $ 338,767 $ 336,330 In fiscal 2016, 2015 and 2014, one distributor accounted for 12.2%, 10.2% and 10.8% of our net revenues, respectively. In fiscal 2015, another distributor accounted for 10.5% of our net revenues. Our principal foreign operations consist of our subsidiaries, IXYS GmbH in Germany, IXYS UK in the United Kingdom and IXYS Semiconductor BV in The Netherlands. The following table summarizes the net revenues, net income and long-lived assets of our domestic and foreign operations (in thousands): Year Ended March 31, 2016 2015 2014 Net revenues: Foreign $ 159,984 $ 188,964 $ 167,428 Domestic 157,225 149,803 168,902 $ 317,209 $ 338,767 $ 336,330 Net income: Foreign $ 11,039 $ 21,379 $ 4,087 Domestic 3,702 2,361 1,959 $ 14,741 $ 23,740 $ 6,046 Year Ended March 31, 2016 2015 2014 Property, plant and equipment, net: United States $ 26,792 $ 27,740 $ 27,287 Germany 14,506 13,228 21,697 Other countries 1,325 1,577 1,585 Total property, plant and equipment $ 42,623 $ 42,545 $ 50,569 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income Taxes During the fiscal year ended March 31, 2016, 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. 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 in 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. Income before income tax consists of the following (in thousands): Year Ended March 31, 2016 2015 2014 Domestic $ 9,030 $ 3,390 $ 7,104 International 14,459 27,040 6,355 $ 23,489 $ 30,430 $ 13,459 Our provision for income taxes consists of the following (in thousands): Year Ended March 31, Current: 2016 2015 2014 Federal $ 1,418 $ 201 $ 4,804 State 126 83 73 Foreign 3,436 5,066 3,087 4,980 5,350 7,964 Deferred: Federal 3,554 945 183 State 189 20 86 Foreign 25 375 (820 ) 3,768 1,340 (551 ) Total income tax provision $ 8,748 $ 6,690 $ 7,413 The reconciliation of our effective tax rate to the U.S. statutory federal income tax rate is as follows: Year Ended March 31, 2016 2015 2014 (%) (%) (%) Statutory federal income tax rate 35 35 35 State taxes, net of federal tax benefit 1 1 1 Expense (benefit) of lower-tax foreign jurisdictions (10 ) (15 ) - Research and development tax credits (3 ) (1 ) (1 ) Valuation allowance 3 - 2 Permanent items (5 ) - 3 Tax reserves - - 2 Tax asset write off 10 - - Tax assessment - - 1 Foreign income 6 2 12 Effective tax provision rate 37 22 55 The significant components of net deferred income tax assets are as follows (in thousands): March 31, 2016 2015 Deferred tax assets: Reserves and allowances $ 6,018 $ 5,612 Other liabilities and accruals 6,176 5,929 Depreciable assets 83 2,951 Net operating loss carryforward 11,675 13,993 Share-based compensation 5,098 4,971 Credits carryforward 2,440 2,403 Total deferred tax assets 31,490 35,859 Less: Valuation allowance and other reserves (3,466 ) (3,902 ) Net deferred tax asset $ 28,024 $ 31,957 The authoritative guidance provided by FASB requires deferred tax assets and liabilities to be recognized for temporary differences between the tax basis and financial reporting basis of assets and liabilities, computed at the expected tax rates for the periods in which the assets or liabilities will be realized, as well as for the expected tax benefit of net operating loss and tax credit carryforwards. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. Our management evaluates the recoverability of these net deferred tax assets in accordance with the authoritative guidance provided by FASB. Our ability to utilize the deferred tax assets and the continuing need for a related valuation allowance are being monitored on an ongoing basis. During fiscal 2016, we recorded certain adjustments on valuation allowances, tax contingency reserves and other temporary items. The impact of these adjustments is discussed further in this note. Under the Tax Reform Act of 1986, the amounts of and benefits from net operating loss carryforwards and tax credit carryforwards may be impaired or limited in certain circumstances. Events that may restrict utilization of net operating loss and credit carryforwards include, but are not limited to, certain ownership change limitations and continuity of business requirements, as defined in Internal Revenue Code Section 382 and similar state provisions. Current utilization of carryforwards is restricted by an annual limitation, which results in the expiration of net operating loss carryforwards and credit carryforwards before they can be utilized. In aggregate, the valuation allowance in fiscal 2016 decreased by $436,000 as compared to fiscal 2015, while it increased by $32,000 in fiscal 2015 when compared to fiscal 2014. The decrease in fiscal 2016 was primarily related to net operating losses that expired. At March 31, 2016, we had U.S. net operating loss carryforwards of approximately $27.8 million, all of which are subject to the limitations under Section 382 of the U.S. tax code resulting from a change in ownership. These carryforwards will expire, if not utilized, from fiscal 2017 to 2023 for U.S. tax purposes. None of the U.S. net operating loss carryforwards include stock option deductions arising from our stock option plan.equity incentive plans. As of March 31, 2016 we had net operating loss carryforwards for foreign income tax purposes of approximately $17.1 million with a corresponding valuation allowance of $13.2 million. At the end of fiscal 2016, we had $6.9 million of gross unrecognized tax benefits, all of which would affect our effective tax rate if recognized. The $6.9 million has been classified under “Other long term liabilities” on our consolidated balance sheet. Our liability for unrecognized tax benefits decreased by $6,000 from the prior year, principally due to release of $772,000 in reserves due to the lapse of statutes of limitation. This was partially offset by an increase in current year adjustments of $766,000. We do not anticipate any unrecognized tax benefits in the next 12 months that would result in a material change to our financial position. We include interest and penalties in the financial statements as a component of income tax expense. We had $1.5 million of accrued interest and penalties at March 31, 2016, which included $488 ,000 of interest and penalties accrued for the year ended March 31, 2016. The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands): Balance as of March 31, 2013 $ 6,736 Lapse of statute of limitations (941 ) Increases in balances related to tax positions taken during prior periods 499 Increases in balances related to tax positions taken during the current period 684 Balance as of March 31, 2014 6,978 Lapse of statute of limitations (3,070 ) Increases in balances related to tax positions taken during prior periods 213 Increases in balances related to tax positions taken during the current period 2,831 Balance as of March 31, 2015 6,952 Lapse of statute of limitations (772 ) Increases in balances related to tax positions taken during prior periods 129 Increases in balances related to tax positions taken during the current period 637 Balance as of March 31, 2016 $ 6,946 In addition to the above uncertain tax positions, we also had uncertain tax positions related to the realizability of net operating losses at certain foreign jurisdictions aggregating to $4.1 million at March 31, 2016 and at March 31, 2015. As of March 31, 2016, U.S. income taxes were not provided for on a cumulative total of approximately $124.9 million of undistributed earnings for certain foreign subsidiaries. We intend to reinvest these earnings indefinitely in operations outside of the U.S. If these earnings were distributed to the U.S. in the form of dividends or otherwise, or if the shares of the relevant foreign subsidiaries were sold or otherwise transferred, we would be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. Determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable. We conduct business globally and, as a result, we file income tax returns in various jurisdictions throughout the world including the U.S. federal and various U.S. state jurisdictions as well as with various foreign jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world. We remain subject to U.S. federal examination for years from 2005 and forward by virtue of the tax attributes carrying forward from those years. We also remain subject to examination in most jurisdictions for all years since 2010. The Protecting Americans from Tax Hikes Act of 2015, or the Act was signed into law on December 18, 2015. The Act contains a number of provisions including, most notably, a permanent extension of the U.S. federal research tax credit. The Company’s tax provision for fiscal 2016 reflects the benefit of the U.S. federal research credit. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17 . Commitments and Contingencies Commitments We rent certain of our facilities under operating leases expiring through fiscal 2023. Future operating leases and commitments for the purchase of inventory and property and equipment are as follows (in thousands): Fiscal Year Ended March 31, Operating Leases Other Purchase Obligations 2017 $ 1,385 $ 24,489 2018 1,156 845 2019 980 - 2020 779 - 2021 565 - Thereafter 519 - Total minimum payments $ 5,384 $ 25,334 Rent expense for fiscal years ended March 31, 2016, 2015 and 2014 amounted to $1.6 million, $1.4 million and $1.4 million, respectively. As of March 31, 2016 and 2015, we had cash deposits with financial institutions of $277,000 and $266,000, respectively, which were restricted as to use and represent funds segregated for pension payments in Germany. These balances are included in restricted cash on our balance sheets. 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 March 31, 2016, the outstanding principal under the credit agreement was $80.0 million. See Note 8, “Borrowing and Installment Payment Arrangements” for further information regarding the terms of the credit agreement. Selected Quarterly Financial Data (unaudited, in thousands, except per share amounts) The following table sets forth a summary of our unaudited quarterly operating results for each of the last eight quarters in the period ended March 31, 2016. We have derived this data from our unaudited consolidated interim financial statements that, in our opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with our financial statements and notes thereto included elsewhere in this report. The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period. Other Commitments and Contingencies On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of March 31, 2016 and 2015. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Selected Quarterly Financial Data (unaudited, in thousands, except per share amounts) Fiscal Year Ended March 31, 2016 Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 Net revenues $ 79,772 $ 75,133 $ 80,257 $ 82,047 Gross profit 24,115 24,029 26,012 25,602 Operating income 6,834 6,262 7,033 5,704 Net income (1) $ 6,197 $ 2,286 $ 3,273 $ 2,985 Net income per share - basic (2) $ 0.20 $ 0.07 $ 0.10 $ 0.09 Net income per share - diluted (2) $ 0.19 $ 0.07 $ 0.10 $ 0.09 Weighted average shares used in per share calculation Basic 31,441 31,487 31,651 31,746 Diluted 32,076 32,343 32,380 32,733 Fiscal Year Ended March 31, 2015 Three Months Ended March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 Net revenues $ 82,926 $ 81,326 $ 86,435 $ 88,080 Gross profit 25,280 25,515 26,170 25,000 Operating income 7,525 7,616 7,090 5,279 Net income $ 7,796 $ 6,622 $ 5,747 $ 3,575 Net income per share - basic (2) $ 0.25 $ 0.21 $ 0.18 $ 0.11 Net income per share - diluted (2) $ 0.24 $ 0.21 $ 0.18 $ 0.11 Weighted average shares used in per share calculation Basic 31,663 31,585 31,499 31,379 Diluted 32,413 32,231 32,235 32,075 (1) During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision (2) The sum of the four quarterly calculations of net income per share are not equal to the annual net income per share due to the use of quarterly weighted average shares used to determine the quarterly net income per share as compared to the annual weighted average shares used to determine the annual net income per share. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of IXYS and our wholly-owned subsidiaries after elimination of all intercompany balances and transactions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transaction The local currency is considered to be the functional currency of some of our wholly-owned international subsidiaries. Among them, IXYS Semiconductor GmbH, or IXYS GmbH, utilizes the Euro as its functional currency, while IXYS UK Westcode Limited, or IXYS UK, utilizes the British pound sterling as its functional currency. For such subsidiaries, the assets and liabilities are translated at the exchange rate in effect at year-end and the revenues and expenses are translated at average rates during the year. Adjustments resulting from the translation of these accounts of these subsidiaries into U.S. dollars are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included as a component of other income or expense. The functional currency is U.S. dollars for our other significant subsidiaries. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from our estimates. Areas where management uses subjective judgments include, but are not limited to, revenue reserves, inventory valuation, deferred income taxes and related valuation allowances, allocation of purchase price in business combinations, valuation of goodwill and identifiable intangible assets and asset impairment analysis. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are typically met when title to the products is passed to the buyer, which is generally when product is shipped to the customer with sale terms ex-works, or EXW, or when product is delivered to the customer with sales terms delivered duty paid, or DDP. We sell to distributors and original equipment manufacturers, or OEMs. Approximately 56.7% of our revenues in fiscal year ended March 31, 2016, or fiscal 2016, were from distributors. We provide some of our distributors with the following programs: stock rotation and ship and debit. Reserves for sales returns and allowances, including allowances for so called “ship and debit” transactions, are recorded at the time of shipment, and are based on historical levels of returns and current economic trends and changes in customer demand. Accounts receivable from distributors are recognized and inventory is relieved when title to inventories transfers, typically upon shipment from us, at which point we have a legally enforceable right to collection under normal payment terms. Under certain circumstances where we are not able to reasonably and reliably estimate the actual returns, revenues and costs relating to distributor sales are deferred until products are sold by the distributors to the distributor’s end customers. Deferred amounts would be presented and included under “Accrued expenses and other liabilities.” We state our revenues net of any taxes collected from customers that are required to be remitted to various government agencies. The amount of taxes collected from customers and payable to governmental entities is included under “Accrued expenses and other liabilities.” Shipping and handling costs are included in cost of sales. Allowance for sales returns. Allowance for stock rotation. Allowance for ship and debit. Additions to the ship and debit allowance are estimates of the amount of expected future ship and debit activity related to sales during the period. Additional allowances reduce revenues and gross profit in the period. The following table sets forth the beginning and ending balances of, additions to, and deductions from, our allowance for ship and debit during the three years ended March 31, 2016 (in thousands): Balance March 31, 2013 $ 1,396 Additions 4,757 Deductions (5,082 ) Balance March 31, 2014 1,071 Additions 5,765 Deductions (5,777 ) Balance March 31, 2015 1,059 Additions 4,479 Deductions (4,672 ) Balance March 31, 2016 $ 866 Trade accounts receivable and allowance for doubtful accounts. |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents include investments in commercial paper and money market accounts at banks. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash balances at March 31, 2016 and March 31, 2015 were $277,000 and $266,000, respectively. The restricted cash balances constitute funds segregated for pension payments in Germany. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are recorded at the lower of standard cost, which approximates actual cost on a first-in-first-out basis, or market value. Our accounting for inventory costing is based on the applicable expenditure incurred, directly or indirectly, in bringing the inventory to its existing condition. Such expenditures include acquisition costs, production costs and other costs incurred to bring the inventory to its use. As it is impractical to track inventory from the time of purchase to the time of sale for the purpose of specifically identifying inventory cost, our inventory is, therefore, valued based on a standard cost, given that many of the materials purchased are identical and interchangeable at various production processes. We review our standard costs on an as-needed basis but in any event at least once a year, and update them as appropriate to approximate actual costs. The authoritative guidance provided by the Financial Accounting Standards Board, or FASB , requires certain abnormal expenditures to be recognized as expenses in the current period instead of capitalized in inventory. It also requires that the amount of fixed production overhead allocated to inventory be based on the normal capacity of the production facilities. We typically plan our production and inventory levels based on internal forecasts of customer demand, which are highly unpredictable and can fluctuate substantially. The value of our inventories is dependent on our estimate of future demand as it relates to historical sales. If our projected demand is overestimated, we may be required to reduce the valuation of our inventories below cost. We regularly review inventory quantities on hand and record an estimated provision for excess inventory based primarily on our historical sales and expectations for future use. We also recognize a reserve based on known technological obsolescence, when appropriate. Actual demand and market conditions may be different from those projected by our management. This could have a material effect on our operating results and financial position. If we were to make different judgments or utilize different estimates, the amount and timing of our write-down of inventories could be materially different. Excess inventory frequently remains saleable. When excess inventory is sold, it yields a gross profit margin of up to 100%. Sales of excess inventory have the effect of increasing the gross profit margin beyond that which would otherwise occur, because of previous write-downs. Once we have written down inventory below cost, we do not write it up when it is subsequently utilized, sold or scrapped. We do not physically segregate excess inventory nor do we assign unique tracking numbers to it in our accounting systems. Consequently, we cannot isolate the sales prices of excess inventory from the sales prices of non-excess inventory. Therefore, we are unable to report the amount of gross profit resulting from the sale of excess inventory or quantify the favorable impact of such gross profit on our gross profit margin. The following table provides information on our excess and obsolete inventory reserve charged against inventory at cost (in thousands): Balance at March 31, 2013 $ 25,289 Utilization or sale (1,579 ) Scrap (3,422 ) Additional provision 3,503 Foreign currency translation adjustments 513 Balance at March 31, 2014 24,304 Utilization or sale (1,637 ) Scrap (2,901 ) Additional provision 4,487 Foreign currency translation adjustments (1,500 ) Balance at March 31, 2015 22,753 Utilization or sale (2,455 ) Scrap (3,217 ) Additional provision 4,125 Foreign currency translation adjustments 174 Balance at March 31, 2016 $ 21,380 The practical efficiencies of wafer fabrication require the manufacture of semiconductor wafers in minimum lot sizes. Often, when manufactured, we do not know whether or when all the semiconductors resulting from a lot of wafers will sell. With more than 10,000 different part numbers for semiconductors, excess inventory resulting from the manufacture of some of those semiconductors will be continual and ordinary. Because the cost of storage is minimal when compared to potential value and because our products do not quickly become obsolete, we expect to hold excess inventory for potential future sale for years. Consequently, we have no set time line for the utilization, sale or scrapping of excess inventory. In addition, our inventory is also being written down to the lower of cost or market or net realizable value. We review our inventory listing on a quarterly basis for an indication of losses being sustained for costs that exceed selling prices less direct costs to sell. When it is evident that our selling price is lower than current cost, inventory is marked down accordingly. At March 31, 2016 and 2015, our lower of cost or market reserves were $409,000 and $444,000, respectively. Furthermore, we perform an annual inventory count and at certain locations periodic cycle counts for specific parts that have a high turnover. We also periodically identify any inventory that is no longer usable and write it off. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment, including equipment under capital leases, are stated at cost less accumulated depreciation. Equipment under capital lease is stated at the lower of the present value of the minimum lease payments at the beginning of the lease term or the fair value of the leased assets at the inception of the lease. Depreciation is computed using the straight-line method over estimated useful lives of 1 to 14 years for equipment and 24 years to 50 years for property and plant. Upon disposal, the assets and related accumulated depreciation are removed from our accounts and the resulting gains or losses are reflected in the statements of operations. Repairs and maintenance costs are charged to expense. Depreciation of leasehold improvements is provided on the straight-line method over the shorter of the estimated useful life or the term of the lease. The authoritative guidance provided by FASB requires evaluating the recoverability of the carrying amount of our property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Impairment is assessed when the forecasted undiscounted cash flows derived for the operation to which the assets relate are less than the carrying amount including associated intangible assets of the operation. If the operation is determined to be unable to recover the carrying amount of its assets, then impairment loss is recognized by reducing the carrying amount of the long-lived asset group on a pro-rata basis using the relative carrying amounts of those assets. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. Judgment is used when applying these impairment rules to determine the timing of the impairment test, the undiscounted expected cash flows used to assess impairments and the fair value of an impaired asset. The dynamic economic environment in which we operate and the resulting assumptions used to estimate future cash flows affect the outcome of these impairment tests. On June 10, 2005, IXYS GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB Deutsche Industriebank AG, or IKB. This loan was collateralized by a security interest in our facility in Lampertheim, Germany. In April 2015, we replaced the loan with a new borrowing of €6.5 million, or about $7.2 million. The loan is expected to be paid in full by March 31, 2022 and is also collateralized by a security interest in our facility in Lampertheim, Germany. See Note 8, “Borrowing and Installment Payment Arrangements” for more details. |
Treasury Stock [Policy Text Block] | Treasury Stock We account for treasury stock using the cost method. Cost includes fees charged in connection with acquiring treasury stock. |
Other Assets [Policy Text Block] | Other Assets Other assets include marketable equity securities classified as available-for-sale and long term equity investments accounted under the equity method. Investments designated as available-for-sale are reported at fair value with the unrealized gains and losses, net of tax, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense). We have a 45% equity interest in Powersem GmbH, or Powersem, a semiconductor manufacturer based in Germany and a 20% equity interest in EB Tech Ltd., or EB Tech, a radiation services provider based in South Korea. In fiscal year ended March 31, 2015, or fiscal 2015, we acquired 24.3% equity interest in Automated Technology, Inc., or ATEC, an assembly and test services provider in the Philippines. These investments are accounted for using the equity method. In fiscal 2016 and 2015, we recognized losslosses of $120,000 and $7,000 on these investments, respectively. In fiscal year ended March 31, 2014, or fiscal 2014, we recognized $303,000 income on these investments. Refer to Note 5, “Other Assets” and Note 13, “Related Party Transactions” for further information regarding the investment balances and the related transactions of those long term equity investments. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired. The costs of acquired intangible assets are recorded at fair value at acquisition. Intangible assets with finite lives are amortized using the straight-line method or accelerated method over their estimated useful lives and evaluated for impairment in accordance with the authoritative guidance provided by FASB. Goodwill and intangible assets with indefinite lives are reviewed at least annually for impairment charges during the quarter ending March 31, or more frequently if events and circumstances indicate that the asset might be impaired, in accordance with the authoritative guidance provided by FASB. We first assess qualitative factors to determine whether it is necessary to perform the two-step fair value-based impairment test described below. If we believe that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. Under the quantitative approach, there are two steps in the determination of the impairment of goodwill. The first step compares the carrying amount of the net assets to the fair value of the reporting unit. The second step, if necessary, recognizes an impairment loss to the extent the carrying value of the reporting unit’s net assets exceed the implied fair value of goodwill. An impairment loss would be recognized to the extent that the carrying amount exceeds the fair value of the reporting unit. We operate our business as one reporting unit. We assess the recoverability of the finite-lived intangible assets by examining the occurrences of certain events or changes of circumstances that indicate that the carrying amounts may not be recoverable. After our initial assessment, if it is necessary, we perform the impairment test by determining whether the estimated undiscounted cash flows attributable to the assets in question are less than their carrying values. Impairment losses, if any, are measured as the amount by which the carrying values of the assets exceed their fair value and are recognized in operating results. If a useful life is determined to be shorter than originally estimated, we accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. See Note 7, “Goodwill and Intangible Assets” for further discussion of impairment analysis of goodwill and related charges recorded. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments Although the majority of our transactions are in U.S. dollars, we enter into foreign exchange forward and option contracts to manage foreign currency exchange risk associated with our operations. From time to time, we purchase short-term, foreign exchange forward and option contracts to hedge the impact of foreign currency fluctuations on certain underlying assets, liabilities and commitments for operating expenses denominated in foreign currencies. The purpose of entering into these hedge transactions is to minimize the impact of foreign currency fluctuations on the results of operations. The contracts generally have maturity dates that do not exceed six months. We did not have any open foreign exchange forward and option contracts at March 31, 2016. In order to manage our variable interest rate exposure on our former loan from IKB, we entered into an interest rate swap, which ended in June 2015. We do not purchase derivative contracts for trading purposes. We elected not to designate these contracts as accounting hedges and any changes in fair value are marked to market and included in other income (expense), net. See Note 4, “Fair Value” and Note 8, “Borrowing and Installment Payment Arrangements” for further information on the borrowing from IKB. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Defined Benefit Plans We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. See Note 9, “Pension Plans” for further information. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 valuations. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense We expense advertising as the costs are incurred. Advertising expense for the years ended March 31, 2016, 2015 and 2014 was $433,000, $437,000 and $631,000, respectively. Advertising expense is included in “Selling, general and administrative expenses” on our consolidated statements of operations. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development costs are charged to operations as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes Our provision for income taxes is comprised of our current tax liability and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is required to reduce the deferred tax assets to the amount that management estimates is more likely than not to be realized. In determining the amount of the valuation allowance, we consider income over recent years, estimated future taxable income, feasible tax planning strategies, and other factors, in each taxing jurisdiction in which we operate. If we determine that it is more likely than not that we will not realize all or a portion of our remaining deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that it is more likely than not that we will ultimately be able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been provided, the related portion of the valuation allowance will be released, which will have the effect of reducing income tax expense. Significant management judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to establish or increase an additional valuation allowance that could materially impact our financial position and results of operations. Our ability to utilize our deferred tax assets and the continuing need for related valuation allowances are monitored on an ongoing basis. See Note 16, “Income Taxes” for further discussion regarding income taxes. |
Other Nonoperating Income Expense [Policy Text Block] | Other Income and Expense Other income and expense primarily consists of gains and losses on foreign currency transactions and interest income and expense, together with our share of income or loss from investments accounted for on the equity method and other than temporary impairment charges on available-for-sale securities. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Indemnification Product guarantees and warranties have not historically proved to be material. On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of March 31, 2016 and 2015. |
Legal Contingencies [Policy Text Block] | Legal Contingencies We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The authoritative guidance provided by FASB requires that an estimated loss from a loss contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. We evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position, results of operations or cash flows. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. See Note 12, “Computation of Earnings per Share.” |
Accumulated Other Comprehensive Income [Policy Text Block] | Accumulated Other Comprehensive Income Accumulated other comprehensive income or loss represents foreign currency translation adjustments, unrealized gain or loss on equity investments classified as “available-for-sale” and minimum pension liability, net of tax. See Note 11, “Accumulated Other Comprehensive Income (Loss).” |
Concentration and Business Risk [Policy Text Block] | Concentration and Business Risks Dependence on Third Parties for Wafer Fabrication and Assembly Measured in dollars, in fiscal 2016 we manufactured approximately 52.6% of our wafers, an integral component of our products, in our facilities in Germany, the UK, Massachusetts and California. We relied on third party suppliers to provide the remaining 47.4%. There can be no assurance that material disruptions in supply will not occur in the future. In such event, we may have to identify and secure additional foundry capacity and may be unable to identify or secure sufficient foundry capacity to meet demand. Even if such capacity is available from another manufacturer, the qualification process could take six months or longer. If we were unable to qualify alternative manufacturing sources for existing or new products in a timely manner or if such sources were unable to produce semiconductor devices with acceptable manufacturing yields and at acceptable prices, our business, financial condition and results of operations would be materially and adversely affected. Dependence on Suppliers We purchase silicon substrates from a limited number of vendors, most of whom we do not have long term supply agreements with. Any of these suppliers could terminate their relationship with us at any time. Our reliance on a limited number of suppliers involves several risks, including potential inability to obtain an adequate supply of silicon substrates and reduced control over the price, timely delivery, reliability and quality of the silicon substrates. There can be no assurance that problems will not occur in the future with suppliers. Employees Covered by Collective Bargaining Arrangements Approximately 54.6% and 94.6% of our employees in the United Kingdom and Germany, respectively, are covered by collective bargaining arrangements. Concentration of Credit Risk Financial instruments that potentially subject us to credit risk comprise principally cash and cash equivalents and trade accounts receivable. We invest our excess cash in accordance with our investment policy that has been approved by the Board of Directors and is reviewed periodically by management to minimize credit risk. Regarding cash and cash equivalents, the policy authorizes the investment of excess cash in deposit accounts, certificates of deposit, bankers’ acceptances, commercial paper rated AA or better and other money market accounts and instruments of similar liquidity and credit quality. We invest our excess cash primarily in foreign and domestic banks in short term time deposit and money market accounts. Maturities are generally three months or less. Our non-interest bearing domestic cash balances exceed federally insured limits. Additionally, we may invest in commercial paper with financial institutions that management believes to be creditworthy. These securities mature within ninety days or less and bear minimal credit risk. We have not experienced any losses on such investments. We sell our products primarily to distributors and original equipment manufacturers. We perform ongoing credit evaluations of our customers and generally do not require collateral. An allowance for potential credit losses is maintained by us. See Note 15, “Segment and Geographic Information” for a discussion of revenues by geography. In fiscal 2016, 2015 and 20152014 , a distributor accounted for 12.2%, 10.2 % and 10.28 % of our net revenues, respectively. In fiscal 2015, another distributor accounted for 10.5% of our net revenues. We continually monitor the credit risk in our portfolio and mitigate our credit risk exposures in accordance with the policies approved by our Board of Directors. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Plans We have employee equity incentive plans and an employee stock purchase plan, which are described more fully in Note 10, “Employee Equity Incentive Plans.” The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and shares expected to vest. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, FASB issued a new standard on the recognition of revenue from contracts with customers, which includes a single set of rules and criteria for revenue recognition to be used across all industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the entity satisfies a performance obligation. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods during the annual period. Early adoption is prohibited for annual periods commencing before December 15, 2016. Different transition methods are available — full retrospective method, retrospective with certain practical expedients and a modified retrospective (cumulative effect) approach. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements, including selection of the transition method. In March 2016, FASB issued an amended guidance on the topic of revenue from contracts with customers relating to revenue recognition to clarify the implementation guidance on principal versus agent considerations and to address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of the new revenue recognition standard. We are currently evaluating the impact of these amendments on our financial statements. In April 2016, FASB issued an amended guidance to clarify the following two aspects relating revenue recognition: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Before an entity can identify its performance obligation in a contract with a customer, the entity first identifies the promised goods or services in the contract. The amendments are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services. The amendments include implementation guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property or a right to access the entity’s intellectual property. The amendments are intended to improve the operability and understandability of the licensing implementation guidance. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements relating to the new revenue recognition standard. We are currently evaluating the impact of these amendments and the transition alternatives on its consolidated financial statements. 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, regardless of whether there are any 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 8, “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 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 issued an 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 March 31, 2016 and March 31, 2015 were classified as noncurrent in the accompanying consolidated balance sheets and the notes thereto. 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, the FASB issued authoritative guidance that modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under Accounting Standards Codification, or ASC 820, Fair Value Measurements, and as such these investments may be measured at cost . This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this standard on our consolidated financial statements. In February 2016, FASB issued amended guidance for lease arrangements, which requires lessees to recognize the followings for all leases with terms longer than 12 months: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendment is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In March 2016, FASB issued amended guidance to simplify the transition to the equity method of accounting. This standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Additionally, any unrealized gain or loss in accumulated other comprehensive income (loss) will be recognized through earnings at the point an investment qualifies for the equity method. The amended guidance is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. It should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In March, 2016, FASB issued amended guidance which simplifies several aspects of the accounting for employee share-based payment awards, including forfeitures, employer tax withholding on share-based compensation and excess tax benefits or deficiencies. The amended guidance also clarifies the statement of cash flows presentation for share-based awards. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. We are currently evaluating the impact of this amended guidance on our consolidated financial statements. |
Note 2 - Summary of Significa28
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Allowance for Accounts Receivable Ship and Debit [Table Text Block] | Balance March 31, 2013 $ 1,396 Additions 4,757 Deductions (5,082 ) Balance March 31, 2014 1,071 Additions 5,765 Deductions (5,777 ) Balance March 31, 2015 1,059 Additions 4,479 Deductions (4,672 ) Balance March 31, 2016 $ 866 |
Schedule of Excess Inventory Reserve [Table Text Block] | Balance at March 31, 2013 $ 25,289 Utilization or sale (1,579 ) Scrap (3,422 ) Additional provision 3,503 Foreign currency translation adjustments 513 Balance at March 31, 2014 24,304 Utilization or sale (1,637 ) Scrap (2,901 ) Additional provision 4,487 Foreign currency translation adjustments (1,500 ) Balance at March 31, 2015 22,753 Utilization or sale (2,455 ) Scrap (3,217 ) Additional provision 4,125 Foreign currency translation adjustments 174 Balance at March 31, 2016 $ 21,380 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Consideration Allocation Cash, restricted cash and cash equivalents $ 196 Accounts receivable 1,497 Inventories 534 Property, plant and equipment 24 Prepaid expenses and other current assets 547 Identifiable intangible assets 2,867 Short-term borrowings (2,354 ) Accounts payable (614 ) Accruals and other liabilities (1,926 ) Total identifiable net liabilities 771 Goodwill 14,887 Total purchase consideration $ 15,658 Purchase Price Allocation Inventories $ 800 Property, plant and equipment 36 Identifiable intangible assets 24,000 Total identifiable net assets 24,836 Goodwill 25,164 Total purchase price $ 50,000 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Fair Value Amortization Useful Life (In thousands) Method (In months) Developed intellectual property $ 1,005 Accelerated 60 In-process research and development expenses (1) 1,188 Straight-line 60 Customer relationships 500 Accelerated 36 Contract backlog 174 Straight-line 6 Total $ 2,867 |
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended March 31, 2014 (unaudited) Pro forma net revenues $ 360,228 Pro forma net income $ 15,364 Pro forma net income per share (basic) $ 0.49 Pro forma net income per share (diluted) $ 0.48 |
Note 4 - Fair Value (Tables)
Note 4 - Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2016 (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 Assets Money market funds (2) $ 115,974 $ 115,974 $ - $ 76,317 $ 76,317 $ - Marketable equity securities (3) 1,749 1,749 - 1,737 1,737 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total Assets Measured at Fair Value $ 118,073 $ 117,723 $ 350 $ 78,404 $ 78,054 $ 350 Liabilities Derivative liabilities (4) - - - 19 - 19 Total Liabilities Measured at Fair Value $ - $ - $ - $ 19 $ - $ 19 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets consist of the following (in thousands): March 31, 2016 2015 Marketable equity securities $ 1,749 $ 1,737 Auction rate preferred securities 350 350 Long-term equity method investments 10,977 11,041 Other items 686 576 Total $ 13,762 $ 13,704 |
Available-for-sale Securities [Table Text Block] | Fiscal Year 2016 Fiscal Year 2015 Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Marketable equity securities $ 1,875 $ 46 $ (172 ) $ 1,749 $ 1,726 $ 53 $ (42 ) $ 1,737 Auction rate preferred securities $ 350 $ - $ - $ 350 $ 350 $ - $ - $ 350 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or Greater Total Period Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value March 31, 2016 $ 29 $ 581 $ 143 $ 932 $ 172 $ 1,513 March 31, 2015 $ 27 $ 243 $ 15 $ 43 $ 42 $ 286 |
Note 6 - Balance Sheet Details
Note 6 - Balance Sheet Details (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts Receivable Accounts receivable consist of the following (in thousands): March 31, 2016 2015 Accounts receivable, gross $ 41,219 $ 43,810 Allowance for doubtful accounts (2,779 ) (2,768 ) Accounts receivable, net $ 38,440 $ 41,042 |
Schedule of Allowance Movement [Table Text Block] | Allowances Movement (in thousands): Balance at Beginning of Year Additions Utilization Translation Adjustments Balance at End of Year Allowances for accounts receivable and for doubtful accounts Year ended March 31, 2016 $ 2,768 $ 6,795 $ (6,799 ) $ 15 $ 2,779 Year ended March 31, 2015 $ 3,013 $ 8,935 $ (9,004 ) $ (176 ) $ 2,768 Year ended March 31, 2014 $ 2,656 $ 8,563 $ (8,255 ) $ 49 $ 3,013 |
Schedule of Inventory, Current [Table Text Block] | Inventories Inventories consist of the following (in thousands): March 31, 2016 2015 Raw materials $ 18,269 $ 17,169 Work in process 41,549 37,491 Finished goods 29,786 27,345 Total $ 89,604 $ 82,005 |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): March 31, 2016 2015 Property and plant (useful life of 24 years to 50 years) $ 35,290 $ 33,328 Equipment owned (useful life of 1 to 14 years) 104,711 98,408 Equipment capital leases (useful life of 4 years) 34,607 33,222 Leasehold improvements (useful life of up to 8 years) 1,304 1,304 175,912 166,262 Accumulated depreciation (133,289 ) (123,717 ) Net property, plant and equipment $ 42,623 $ 42,545 |
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): March 31, 2016 2015 Uninvoiced goods and services $ 8,824 $ 8,473 Compensation and benefits 7,540 6,230 Income tax payable 2,066 2,459 Commission, royalties and other 2,860 2,703 Total $ 21,290 $ 19,865 |
Note 7 - Goodwill and Intangi33
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | March 31, 2016 2015 Goodwill $ 41,137 $ 38,356 Accumulated impairment losses (13,192 ) (13,192 ) Accumulated currency translation adjustment (570 ) - Net goodwill at beginning of year 27,375 25,164 Goodwill acquired in acquisition 14,887 2,781 Currency translation adjustment 93 (570 ) Net goodwill at end of year $ 42,355 $ 27,375 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable Intangible Assets Identified intangible assets consisted of the following as of March 31, 2016 (in thousands): Gross Intangible Assets Accumulated Amortization Net Intangible Assets Developed intellectual property $ 17,309 $ 11,639 $ 5,670 Customer relationships 13,520 12,961 559 In-process intellectual property 1,188 - 1,188 Contract backlog 7,329 7,329 - Other intangible assets 1,599 1,409 190 Total identifiable intangible assets $ 40,945 $ 33,338 $ 7,607 Identified intangible assets consisted of the following as of March 31, 2015 (in thousands): Gross Intangible Assets Accumulated Amortization Net Intangible Assets Developed intellectual property $ 16,304 $ 8,084 $ 8,220 Customer relationships 13,020 11,290 1,730 Contract backlog 7,155 7,155 - Other intangible assets 1,608 1,174 434 Total identifiable intangible assets $ 38,087 $ 27,703 $ 10,384 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Acquisition Date Estimated Fair Value Amortization Useful Life (In thousands) Method (In months) RadioPulse Developed intellectual property $ 1,005 Accelerated 60 In process intellectual property 1,188 Straight-line 60 Customer relationships 500 Accelerated 36 Contract backlog 174 Straight-line 6 Total for RadioPulse $ 2,867 Acquired MCU Business Developed intellectual property $ 11,504 Straight-line 60 Customer relationships 6,920 Accelerated 36 Contract backlog 5,155 Straight-line 9 Trade name 421 Straight-line 60 Total for Acquired MCU Business $ 24,000 Zilog Developed intellectual property $ 4,800 Straight-line 72 Customer relationships 6,100 Accelerated 37 Contract backlog 2,000 Straight-line 12 Trade name 1,100 Straight-line 72 Total for Zilog $ 14,000 |
Note 8 - Borrowing and Instal34
Note 8 - Borrowing and Installment Payment Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Fiscal Year Payable Amount 2017 $ 1,804 2018 81,120 2019 1,120 2020 1,133 2021 1,134 Thereafter 1,050 Total 87,361 Less: current portion 1,804 Long-term portion (1) $ 85,557 |
Note 9 - Pension Plans (Tables)
Note 9 - Pension Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended March 31, 2016 2015 2014 Service cost $ 101 $ 104 $ 108 Interest cost on projected benefit obligation 1,450 1,803 1,886 Expected return on plan assets (1,721 ) (1,910 ) (1,685 ) Recognized actuarial loss 438 179 236 Net periodic pension expense $ 268 $ 176 $ 545 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net Amount Recognized (in thousands) Year Ended March 31, 2016 2015 Change in projected benefit obligation Projected benefit obligation at the beginning of the year $ 47,346 $ 44,558 Service cost 101 104 Interest cost 1,450 1,803 Actuarial (gain) loss (1,549 ) 9,036 Benefits paid (1,830 ) (1,467 ) Foreign currency adjustment (497 ) (6,688 ) Projected benefit obligation at year end $ 45,021 $ 47,346 Change in plan assets Fair value of plan assets at the beginning of the year $ 30,114 $ 29,013 Actual return (loss) on plan assets (156 ) 4,306 Employer contribution 1,009 1,089 Benefits paid from assets (1,388 ) (970 ) Foreign currency adjustment (865 ) (3,324 ) Plan assets at fair value at year end $ 28,714 $ 30,114 Unfunded status of the plan at year end $ 16,307 $ 17,232 Pension liability recognized on the balance sheet due after one year $ 16,307 $ 17,232 Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: Projected benefit obligation at year end $ 45,021 $ 47,346 Accumulated benefit obligation at year end $ 44,509 $ 46,695 Plan assets at fair value at year end $ 28,714 $ 30,114 Amounts recognized in accumulated other comprehensive income (loss): Unrecognized actuarial loss, before tax $ (12,140 ) $ (12,354 ) Amount recognized as component of stockholders’ equity – pretax $ (12,140 ) $ (12,354 ) Accumulated benefit obligation at year end $ 44,509 $ 46,695 |
Schedule of Assumptions Used [Table Text Block] | Weighted average actuarial assumptions used to determine benefit obligations for the plans were as follows: Year End March 31, 2016 2015 Discount rate 1.9 - 4.6% 1.8 - 4.8% Expected long term rate of return on assets 4.4 - 7.0% 5.6 - 7.0% Salary scale 5.0% 6.0% |
Defined Benefit Plan Plan Assets Fair Value [Table Text Block] | March 31, 2016 March 31, 2015 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash funds $ 121 $ - $ - $ 121 $ 2,588 $ - $ - $ 2,588 Currency contracts - - - - - (30 ) - (30 ) Equity 351 - - 351 19,997 652 7 20,656 Fixed interest 1,225 96 - 1,321 861 5,887 1 6,749 Mutual Funds 13,527 13,394 - 26,921 - - - - Mortgage backed securities - - - - - 16 - 16 Swaps and other - - - - 2 133 - 135 Total $ 15,224 $ 13,490 $ - $ 28,714 $ 23,448 $ 6,658 $ 8 $ 30,114 |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year Ended: Benefit Payment March 31, 2017 $ 1,597 March 31, 2018 1,625 March 31, 2019 1,774 March 31, 2020 1,815 March 31, 2021 1,842 Five fiscal years ended March 31, 2026 10,069 Total benefit payments for the ten fiscal years ended March 31, 2026 $ 18,722 |
Note 10 - Employee Equity Inc36
Note 10 - Employee Equity Incentive Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended March 31, Statement of Operations Classifications 2016 2015 2014 Cost of goods sold $ 488 $ 433 $ 457 Research, development and engineering (1) 1,272 814 978 Selling, general and administrative 1,832 1,620 1,350 Stock-based compensation effect on income before taxes 3,592 2,867 2,785 Benefit from income taxes 660 1,009 1,071 Net stock-based compensation effects on net income $ 2,932 $ 1,858 $ 1,714 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options Purchase Plan Year Ended March 31, Year Ended March 31, 2016 2015 2014 2016 2015 2014 Weighted average estimated per share fair value of grant $ 4.83 $ 5.54 $ 5.31 $ 3.33 $ 2.90 $ 2.75 Risk-free interest rate 1.8 % 1.8 % 1.8 % 0.1 % 0.1 % 0.1 % Expected term in years 6.45 6.25 6.05 0.50 0.50 0.50 Volatility 44.9 % 52.2 % 54.9 % 39.8 % 36.9 % 37.0 % Dividend yield (1) 1.2 % 1.0 % 1.0 % 1.1 % 1.1 % 0 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock compensation activity under our equity incentive plans for fiscal 2016, 2015 and 2014 is summarized below: Shares Available Options Outstanding Weighted Average Exercise Price for Grant Number of Shares (1) Intrinsic Value (2) per Share (000 ) Balances, March 31, 2013 451,713 5,327,473 $ 4,273 $ 10.04 New shares authorized (3) 2,000,000 - Plan authorization expired (47,963 ) - Options granted (515,000 ) 515,000 $ 10.63 Options exercised - (572,338 ) $ 1,695 $ 8.72 Options cancelled 24,000 (34,000 ) $ 11.42 Options expired 17,500 (34,500 ) $ 12.62 Balances, March 31, 2014 1,930,250 5,201,635 $ 8,658 $ 10.22 Options granted (249,000 ) 249,000 $ 11.83 Options exercised - (339,374 ) $ 1,310 $ 8.62 Options cancelled 39,750 (94,250 ) $ 11.46 Options expired 26,000 (74,500 ) $ 11.17 Balances, March 31, 2015 1,747,000 4,942,511 $ 10,831 $ 10.37 Options granted (1,124,000 ) 1,124,000 $ 11.72 Options exercised - (382,826 ) $ 1,551 $ 9.02 Options cancelled 14,500 (14,500 ) $ 11.31 Options expired - (434,788 ) $ 14.68 Balances, March 31, 2016 637,500 5,234,397 $ 6,456 $ 10.40 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price per Share Number of Shares Outstanding Weighted Average Contractual Life Weighted Average Exercise Price per Share Number of Shares Exercisable Weighted Average Exercise Price per Share $5.01 - $7.75 819,897 2.6 $ 6.63 819,897 $ 6.63 $7.76 - $10.00 1,223,500 4.8 $ 9.33 1,017,750 $ 9.29 $10.01 - $12.50 2,448,000 6.6 $ 11.42 1,331,916 $ 11.52 $12.51 - $13.37 743,000 6.1 $ 12.96 450,000 $ 12.69 $5.01 - $13.37 5,234,397 5.5 $ 10.40 3,619,563 $ 9.93 |
Note 11 - Accumulated Other C37
Note 11 - Accumulated Other Comprehensive (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance as of March 31, 2013 $ 2,982 $ 60 $ (6,135 ) $ (3,093 ) Other comprehensive income before reclassifications 7,553 361 89 8,003 Net losses (gains) reclassified from accumulated other - (96 ) 215 119 Net current period other comprehensive income 7,553 265 304 8,122 Balance as of March 31, 2014 10,535 325 (5,831 ) 5,029 Other comprehensive loss before reclassifications (24,112 ) (1,536 ) (3,830 ) (29,478 ) Net losses reclassified from accumulated other comprehensive income (loss) - 1,218 143 1,361 Net current period other comprehensive loss (24,112 ) (318 ) (3,687 ) (28,117 ) Balance as of March 31, 2015 (13,577 ) 7 (9,518 ) (23,088 ) Other comprehensive income (loss) before reclassifications 2,938 (362 ) (71 ) 2,505 Net losses reclassified from accumulated other comprehensive income (loss) - 273 44 317 Net current period other comprehensive income (loss) 2,938 (89 ) (27 ) 2,822 Balance as of March 31, 2016 $ (10,639 ) $ (82 ) $ (9,545 ) $ (20,266 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended March 31, 2016 2015 2014 Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Impacted Line Item on Consolidated Statements of Operations Net gain (loss) on sales of investments $ (1 ) $ 30 $ 155 Other income (expense), net Impairment of marketable securities (454 ) (1,903 ) (7 ) Other income (expense), net Recognized actuarial loss (437 ) (179 ) (236 ) Cost of goods sold Subtotal (892 ) (2,052 ) (88 ) Income before income tax provision Tax impact 575 691 (31 ) Provision for income tax Total reclassifications for the year $ (317 ) $ (1,361 ) $ (119 ) Net income |
Note 12 - Computation of Earn38
Note 12 - Computation of Earnings per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2016 2015 2014 Net income $ 14,741 $ 23,740 $ 6,046 Weighted average shares - basic 31,579 31,531 31,146 Weighted average shares - diluted 32,381 32,239 31,916 Net income per share - basic $ 0.47 $ 0.75 $ 0.19 Net income per share - diluted $ 0.46 $ 0.74 $ 0.19 |
Note 15 - Segment and Geograp39
Note 15 - Segment and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended March 31, 2016 2015 2014 United States $ 75,994 $ 85,314 $ 89,734 Europe and the Middle East France 9,076 7,917 5,554 Germany 33,215 32,866 34,423 Hungary 2,082 2,571 3,620 Italy 4,328 4,645 4,506 Netherlands 3,608 2,315 2,080 Russia 4,755 5,051 2,821 Sweden 2,155 4,460 4,938 Switzerland 2,789 2,569 3,714 Turkey 2,376 2,658 2,323 United Kingdom 13,502 19,832 19,524 Other 14,437 15,223 15,546 Asia Pacific China 79,575 83,597 83,849 Indonesia 2,128 3,224 1,914 Japan 9,271 8,469 6,740 Korea 23,215 22,371 19,466 Malaysia 4,662 5,580 3,766 Singapore 12,353 11,694 11,838 Taiwan 3,151 2,688 2,962 Thailand 3,904 4,300 3,031 Other 2,083 1,143 2,075 Rest of the World India 4,293 5,163 5,245 Other 4,257 5,117 6,661 Total $ 317,209 $ 338,767 $ 336,330 Year Ended March 31, 2016 2015 2014 Net revenues: Foreign $ 159,984 $ 188,964 $ 167,428 Domestic 157,225 149,803 168,902 $ 317,209 $ 338,767 $ 336,330 Net income: Foreign $ 11,039 $ 21,379 $ 4,087 Domestic 3,702 2,361 1,959 $ 14,741 $ 23,740 $ 6,046 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended March 31, 2016 2015 2014 Power semiconductors $ 213,347 $ 219,445 $ 222,813 Integrated circuits 84,078 95,547 91,189 Systems and RF power semiconductors 19,784 23,775 22,328 Total $ 317,209 $ 338,767 $ 336,330 |
Long-lived Assets by Geographic Areas [Table Text Block] | Year Ended March 31, 2016 2015 2014 Property, plant and equipment, net: United States $ 26,792 $ 27,740 $ 27,287 Germany 14,506 13,228 21,697 Other countries 1,325 1,577 1,585 Total property, plant and equipment $ 42,623 $ 42,545 $ 50,569 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2016 2015 2014 Domestic $ 9,030 $ 3,390 $ 7,104 International 14,459 27,040 6,355 $ 23,489 $ 30,430 $ 13,459 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, Current: 2016 2015 2014 Federal $ 1,418 $ 201 $ 4,804 State 126 83 73 Foreign 3,436 5,066 3,087 4,980 5,350 7,964 Deferred: Federal 3,554 945 183 State 189 20 86 Foreign 25 375 (820 ) 3,768 1,340 (551 ) Total income tax provision $ 8,748 $ 6,690 $ 7,413 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2016 2015 2014 (%) (%) (%) Statutory federal income tax rate 35 35 35 State taxes, net of federal tax benefit 1 1 1 Expense (benefit) of lower-tax foreign jurisdictions (10 ) (15 ) - Research and development tax credits (3 ) (1 ) (1 ) Valuation allowance 3 - 2 Permanent items (5 ) - 3 Tax reserves - - 2 Tax asset write off 10 - - Tax assessment - - 1 Foreign income 6 2 12 Effective tax provision rate 37 22 55 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2016 2015 Deferred tax assets: Reserves and allowances $ 6,018 $ 5,612 Other liabilities and accruals 6,176 5,929 Depreciable assets 83 2,951 Net operating loss carryforward 11,675 13,993 Share-based compensation 5,098 4,971 Credits carryforward 2,440 2,403 Total deferred tax assets 31,490 35,859 Less: Valuation allowance and other reserves (3,466 ) (3,902 ) Net deferred tax asset $ 28,024 $ 31,957 |
Summary of Income Tax Contingencies [Table Text Block] | Balance as of March 31, 2013 $ 6,736 Lapse of statute of limitations (941 ) Increases in balances related to tax positions taken during prior periods 499 Increases in balances related to tax positions taken during the current period 684 Balance as of March 31, 2014 6,978 Lapse of statute of limitations (3,070 ) Increases in balances related to tax positions taken during prior periods 213 Increases in balances related to tax positions taken during the current period 2,831 Balance as of March 31, 2015 6,952 Lapse of statute of limitations (772 ) Increases in balances related to tax positions taken during prior periods 129 Increases in balances related to tax positions taken during the current period 637 Balance as of March 31, 2016 $ 6,946 |
Note 17 - Commitments and Con41
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Capital Leases Operating Leases and Purchase Obligations [Table Text Block] | Fiscal Year Ended March 31, Operating Leases Other Purchase Obligations 2017 $ 1,385 $ 24,489 2018 1,156 845 2019 980 - 2020 779 - 2021 565 - Thereafter 519 - Total minimum payments $ 5,384 $ 25,334 |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Selected Quarterly Financial Data (unaudited, in thousands, except per share amounts) Fiscal Year Ended March 31, 2016 Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 Net revenues $ 79,772 $ 75,133 $ 80,257 $ 82,047 Gross profit 24,115 24,029 26,012 25,602 Operating income 6,834 6,262 7,033 5,704 Net income (1) $ 6,197 $ 2,286 $ 3,273 $ 2,985 Net income per share - basic (2) $ 0.20 $ 0.07 $ 0.10 $ 0.09 Net income per share - diluted (2) $ 0.19 $ 0.07 $ 0.10 $ 0.09 Weighted average shares used in per share calculation Basic 31,441 31,487 31,651 31,746 Diluted 32,076 32,343 32,380 32,733 Fiscal Year Ended March 31, 2015 Three Months Ended March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 Net revenues $ 82,926 $ 81,326 $ 86,435 $ 88,080 Gross profit 25,280 25,515 26,170 25,000 Operating income 7,525 7,616 7,090 5,279 Net income $ 7,796 $ 6,622 $ 5,747 $ 3,575 Net income per share - basic (2) $ 0.25 $ 0.21 $ 0.18 $ 0.11 Net income per share - diluted (2) $ 0.24 $ 0.21 $ 0.18 $ 0.11 Weighted average shares used in per share calculation Basic 31,663 31,585 31,499 31,379 Diluted 32,413 32,231 32,235 32,075 |
Note 2 - Summary of Significa43
Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands | Apr. 01, 2015EUR (€) | Jun. 10, 2005EUR (€) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Apr. 01, 2015USD ($) | Jun. 10, 2005USD ($) |
Minimum [Member] | Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life | 1 year | ||||||
Minimum [Member] | Building and Building Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life | 24 years | ||||||
Minimum [Member] | |||||||
Product Part Numbers | 10,000 | ||||||
Maximum [Member] | Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life | 14 years | ||||||
Maximum [Member] | Building and Building Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life | 50 years | ||||||
IKB Deutsche Industrial Bank Loan Payable [Member] | |||||||
Debt Instrument, Face Amount | € 10,000 | $ 12,200 | |||||
Debt Instrument, Issuance Date | Jun. 10, 2005 | ||||||
Debt Instrument, Maturity Date | Jun. 30, 2020 | ||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | |||||||
Debt Instrument, Face Amount | € 6,500 | $ 7,200 | |||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | ||||||
Powersem GmbH [Member] | |||||||
Equity Method Investment, Ownership Percentage | 45.00% | ||||||
EB Tech Ltd [Member] | |||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||
ATEC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 24.30% | ||||||
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | UNITED KINGDOM | |||||||
Concentration Risk, Percentage | 54.60% | ||||||
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | GERMANY | |||||||
Concentration Risk, Percentage | 94.60% | ||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 1 [Member] | |||||||
Concentration Risk, Percentage | 12.20% | 10.20% | 10.80% | ||||
Number of Entity Wide Revenue Major Customers | 1 | 1 | 1 | ||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 2 [Member] | |||||||
Concentration Risk, Percentage | 10.50% | ||||||
Number of Entity Wide Revenue Major Customers | 1 | ||||||
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 | $ 7,100 | ||||||
Revenue from Distributors | 56.70% | ||||||
Allowances for Stock Rotation | $ 1,500 | 1,700 | $ 1,500 | ||||
Restricted Cash and Cash Equivalents, Current | $ 277 | 266 | |||||
Gross Profit Margin from Sales of Excess Inventory | 100.00% | ||||||
Inventory Valuation Reserves, Lower of Cost or Market, Value | $ 409 | 444 | |||||
Income (Loss) from Equity Method Investments | $ (120) | (7) | 303 | ||||
Number of Reporting Units | 1 | ||||||
Advertising Expense | $ 433 | $ 437 | $ 631 | ||||
Percentage of Wafers Manufactured Internally | 52.60% | ||||||
Percentage of Wafers Manufactured Externally | 47.40% |
Note 2 - Allowance for Ship and
Note 2 - Allowance for Ship and Debit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Beginning Balance | $ 1,059 | $ 1,071 | $ 1,396 |
Additions | 4,479 | 5,765 | 4,757 |
Deductions | (4,672) | (5,777) | (5,082) |
Ending Balance | $ 866 | $ 1,059 | $ 1,071 |
Note 2 - Excess and Obsolete In
Note 2 - Excess and Obsolete Inventory Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Beninning Balance | $ 22,753 | $ 24,304 | $ 25,289 |
Utilization or sale | (2,455) | (1,637) | (1,579) |
Scrap | (3,217) | (2,901) | (3,422) |
Additional provision | 4,125 | 4,487 | 3,503 |
Foreign currency translation adjustments | 174 | (1,500) | 513 |
Ending Balance | $ 21,380 | $ 22,753 | $ 24,304 |
Note 3 - Business Combination46
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | May. 01, 2015 | Jun. 27, 2013 | May. 31, 2015 | Apr. 30, 2014 | Mar. 31, 2016 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 |
RadioPulse [Member] | ||||||||||
Business Combination, Consideration Transferred | $ 15,700 | |||||||||
Payments to Acquire Businesses, Gross | 14,700 | |||||||||
Business Combination, Consideration Transferred, Other | 1,000 | |||||||||
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 Acquisition, Adjustment to Accruals and Other Liabilities | $ (1,000) | |||||||||
Goodwill, Purchase Accounting Adjustments | (275) | |||||||||
Business Acquisition, Fair Value Adjustment to Intangible Assets | 344 | |||||||||
Business Acquisition, Fair Value Adjustment to Prepaid Expenses and Other Current Assets | $ (69) | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,100 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (3,600) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 15,658 | |||||||||
Goodwill, Acquired During Period | $ 14,900 | |||||||||
Acquired MCU Business [Member] | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 36,100 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 50,000 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 20,000 | |||||||||
Business Acquisition, Cost of Acquired Entity Installment Payments Total | 30,000 | |||||||||
Business Acquisition, Cost of Acquired Entity Installment Payments Each Installment | $ 15,000 | |||||||||
Business Combination, Acquisition Related Costs | 403 | |||||||||
Other Acquisition [Member] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,300 | |||||||||
Cash Acquired from Acquisition | 204 | |||||||||
Goodwill, Acquired During Period | $ 2,800 | 2,800 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 723 | |||||||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ (477) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 14,571 | $ 2,297 | $ 20,000 | |||||||
Goodwill, Acquired During Period | 14,887 | 2,781 | ||||||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 93 | $ (570) |
Note 3 - Business Combination47
Note 3 - Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | May. 01, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 27, 2013 |
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 | 547 | ||||
Identifiable intangible assets | 2,867 | ||||
Short-term borrowings | (2,354) | ||||
Accounts payable | (614) | ||||
Accruals and other liabilities | (1,926) | ||||
Total identifiable net liabilities | 771 | ||||
Goodwill | 14,887 | ||||
Total purchase consideration | $ 15,658 | ||||
Acquired MCU Business [Member] | |||||
Inventories | $ 800 | ||||
Property, plant and equipment | 36 | ||||
Identifiable intangible assets | 24,000 | ||||
Total identifiable net liabilities | 24,836 | ||||
Goodwill | 25,164 | ||||
Total purchase consideration | $ 50,000 | ||||
Goodwill | $ 42,355 | $ 27,375 | $ 25,164 |
Note 3 - Business Combination48
Note 3 - Business Combinations - Acquired Finite-Lived Intangible Assets (Details) $ in Thousands | May. 01, 2015USD ($) | |
Developed Technology Rights [Member] | ||
Fair Value | $ 1,005 | |
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years | |
In Process Research and Development [Member] | ||
Fair Value | $ 1,188 | [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 | $ 500 | |
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 3 years | |
Contract Backlog [Member] | ||
Fair Value | $ 174 | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 180 days | |
Fair Value | $ 2,867 | |
[1] | Amortization will start after the completion of the research and development activities of the related projects. |
Note 3 - Business Combination -
Note 3 - Business Combination - Pro Forma (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2014USD ($)$ / shares | |
Pro forma net revenues | $ | $ 360,228 |
Pro forma net income | $ | $ 15,364 |
Pro forma net income per share (basic) (in dollars per share) | $ / shares | $ 0.49 |
Pro forma net income per share (diluted) (in dollars per share) | $ / shares | $ 0.48 |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other than Temporary Impairment Losses, Investments | $ 454 | $ 1,900 |
Auction Rate Preferred Securities Percentage Collateralized | 100.00% | |
Collateralized Asset Value Exceeding Value of ARPS Percentage | 200.00% | |
Debt, Long-term and Short-term, Combined Amount | $ 87,100 | $ 49,200 |
Note 4 - Fair Value - Assets an
Note 4 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Money market funds | [1],[2] | $ 115,974 | $ 76,317 |
Marketable equity securities | [2],[3] | $ 1,749 | $ 1,737 |
Auction rate preferred securities | [2],[3] | ||
Total Assets Measured at Fair Value | [2] | $ 117,723 | $ 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] | $ 115,974 | 76,317 |
Marketable equity securities | [2],[3] | 1,749 | 1,737 |
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total Assets Measured at Fair Value | [2] | $ 118,073 | 78,404 |
Liabilities | |||
Derivative liabilities | [2],[4] | 19 | |
Total Liabilities Measured at Fair Value | [2] | 19 | |
Marketable equity securities | $ 1,749 | 1,737 | |
Auction rate preferred securities | $ 350 | $ 350 | |
[1] | Included in "Cash and cash equivalents" on our unaudited condensed consolidated balance sheets. | ||
[2] | We did not have any recurring fair value measurements of assets or liabilities whose fair value was measured using significant unobservable inputs. | ||
[3] | Included in "Other assets" on our unaudited condensed consolidated balance sheets. | ||
[4] | Included in "Accrued expenses and other current liabilities" on our unaudited condensed consolidated balance sheets. |
Note 5 - Other Assets (Details
Note 5 - Other Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 12, 2014 | |
ATEC [Member] | ||||
Equity Method Investment, Ownership Percentage | 24.30% | |||
Equity Method Investments | $ 5,900 | |||
Income (Loss) from Equity Method Investments | $ (9) | $ (140) | ||
Equity Method Investment, Aggregate Cost | $ 14 | |||
Other than Temporary Impairment Losses, Investments | 454 | 1,900 | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | (82) | 7 | ||
Equity Method Investments | 10,977 | 11,041 | ||
Income (Loss) from Equity Method Investments | (120) | $ (7) | $ 303 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (1) |
Note 5 - Other Assets - Other A
Note 5 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Marketable equity securities | $ 1,749 | $ 1,737 |
Auction rate preferred securities | 350 | 350 |
Long-term equity method investments | 10,977 | 11,041 |
Other items | 686 | 576 |
Total | $ 13,762 | $ 13,704 |
Note 5 - Other Assets - Availab
Note 5 - Other Assets - Available-for-sale Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity Securities [Member] | ||
Cost | $ 1,875 | $ 1,726 |
Gross Unrealized Gains | 46 | 53 |
Gross Unrealized (Losses) | (172) | (42) |
Fair Value | 1,749 | 1,737 |
Auction Rate Securities [Member] | ||
Cost | $ 350 | $ 350 |
Gross Unrealized Gains | ||
Gross Unrealized (Losses) | ||
Fair Value | $ 350 | $ 350 |
Note 5 - Other Assets - Unreali
Note 5 - Other Assets - Unrealized Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Less than 12 Months Gross Unrealized Losses | $ 29 | $ 27 |
Less than 12 Months Fair Value | 581 | 243 |
12 Months or Greater Gross Unrealized Losses | 143 | 15 |
12 Months or Greater Fair Value | 932 | 43 |
Total Gross Unrealized Losses | 172 | 42 |
Total Fair Value | $ 1,513 | $ 286 |
Note 6 - Balance Sheet Detail56
Note 6 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Depreciation | $ 8,400 | $ 11,300 | $ 10,700 |
Note 6 - Balance Sheet Detail57
Note 6 - Balance Sheet Details - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts receivable, gross | $ 41,219 | $ 43,810 | ||
Allowance for doubtful accounts | (2,779) | (2,768) | $ (3,013) | $ (2,656) |
Accounts receivable, net | $ 38,440 | $ 41,042 |
Note 6 - Balance Sheet Detail58
Note 6 - Balance Sheet Details - Allowances Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Allowances for accounts receivable and for doubtful accounts | |||
Balance at Beginning of Year | $ 2,768 | $ 3,013 | $ 2,656 |
Additions | 6,795 | 8,935 | 8,563 |
Utilization | (6,799) | (9,004) | (8,255) |
Translation Adjustments | 15 | (176) | 49 |
Balance at End of Year | $ 2,779 | $ 2,768 | $ 3,013 |
Note 6 - Balance Sheet Detail59
Note 6 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Raw materials | $ 18,269 | $ 17,169 |
Work in process | 41,549 | 37,491 |
Finished goods | 29,786 | 27,345 |
Total | $ 89,604 | $ 82,005 |
Note 6 - Balance Sheet Detail60
Note 6 - Balance Sheet Details - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Gross | $ 35,290 | $ 33,328 | |
Equipment [Member] | |||
Property, Plant and Equipment, Gross | 104,711 | 98,408 | |
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment, Gross | 34,607 | 33,222 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Gross | 1,304 | 1,304 | |
Property, Plant and Equipment, Gross | 175,912 | 166,262 | |
Accumulated depreciation | (133,289) | (123,717) | |
Net property, plant and equipment | $ 42,623 | $ 42,545 | $ 50,569 |
Note 6 - Balance Sheet Detail61
Note 6 - Balance Sheet Details - Property, Plant and Equipment (Details) (Parentheticals) | 12 Months Ended |
Mar. 31, 2016 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 24 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 50 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 1 year |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 14 years |
Assets Held under Capital Leases [Member] | |
Property, Plant and Equipment, Useful Life | 4 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 8 years |
Note 6 - Balance Sheet Detail62
Note 6 - Balance Sheet Details - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Uninvoiced goods and services | $ 8,824 | $ 8,473 |
Compensation and benefits | 7,540 | 6,230 |
Income tax payable | 2,066 | 2,459 |
Commission, royalties and other | 2,860 | 2,703 |
Total | $ 21,290 | $ 19,865 |
Note 7 - Goodwill and Intangi63
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Apr. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Other Acquisition [Member] | |||||
Goodwill, Acquired During Period | $ 2,800 | $ 2,800 | |||
RadioPulse [Member] | |||||
Goodwill, Acquired During Period | $ 14,900 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 13,192 | $ 13,192 | |||
Goodwill, Acquired During Period | 14,887 | $ 2,781 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,200 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,900 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 904 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 268 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 240 |
Note 7 - Goodwill and Intangi64
Note 7 - Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Goodwill, beginning of year | $ 41,137 | $ 38,356 |
Accumulated impairment losses | (13,192) | $ (13,192) |
Accumulated currency translation adjustment | (570) | |
Net goodwill at beginning of year | 27,375 | $ 25,164 |
Goodwill acquired in acquisition | 14,887 | 2,781 |
Currency translation adjustment | 93 | (570) |
Net goodwill at end of year | $ 42,355 | $ 27,375 |
Note 7 - Goodwill and Intangi65
Note 7 - Goodwill and Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Developed Technology Rights [Member] | ||
Gross Intangible Assets | $ 17,309 | $ 16,304 |
Accumulated Amortization | 11,639 | 8,084 |
Net Intangible Assets | 5,670 | 8,220 |
Customer Relationships [Member] | ||
Gross Intangible Assets | 13,520 | 13,020 |
Accumulated Amortization | 12,961 | 11,290 |
Net Intangible Assets | 559 | 1,730 |
Contract Backlog [Member] | ||
Gross Intangible Assets | 7,329 | 7,155 |
Accumulated Amortization | $ 7,329 | $ 7,155 |
Net Intangible Assets | ||
In Process Research and Development [Member] | ||
Gross Intangible Assets | $ 1,188 | |
Accumulated Amortization | ||
Net Intangible Assets | $ 1,188 | |
Other Intangible Assets [Member] | ||
Gross Intangible Assets | 1,599 | $ 1,608 |
Accumulated Amortization | 1,409 | 1,174 |
Net Intangible Assets | 190 | 434 |
Gross Intangible Assets | 40,945 | 38,087 |
Accumulated Amortization | 33,338 | 27,703 |
Net Intangible Assets | $ 7,607 | $ 10,384 |
Note 7 - Goodwill and Intangi66
Note 7 - Goodwill and Intangible Assets - Acquired Intangibles (Details) - USD ($) $ in Thousands | May. 01, 2015 | Jun. 27, 2013 | Feb. 18, 2010 | |
Developed Technology Rights [Member] | RadioPulse [Member] | ||||
Fair Value | $ 1,005 | |||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years | |||
Developed Technology Rights [Member] | Acquired MCU Business [Member] | ||||
Fair Value | $ 11,504 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years | |||
Developed Technology Rights [Member] | Zilog Inc [Member] | ||||
Fair Value | $ 4,800 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 6 years | |||
Developed Technology Rights [Member] | ||||
Fair Value | $ 1,005 | |||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years | |||
In Process Research and Development [Member] | RadioPulse [Member] | ||||
Fair Value | $ 1,188 | |||
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 | [1] | $ 1,188 | ||
Finite-Lived Intangible Assets, Amortization Method | [1] | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | [1] | 5 years | ||
Customer Relationships [Member] | RadioPulse [Member] | ||||
Fair Value | $ 500 | |||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 3 years | |||
Customer Relationships [Member] | Acquired MCU Business [Member] | ||||
Fair Value | $ 6,920 | |||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 3 years | |||
Customer Relationships [Member] | Zilog Inc [Member] | ||||
Fair Value | $ 6,100 | |||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 3 years 30 days | |||
Customer Relationships [Member] | ||||
Fair Value | $ 500 | |||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 3 years | |||
Contract Backlog [Member] | RadioPulse [Member] | ||||
Fair Value | $ 174 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 180 days | |||
Contract Backlog [Member] | Acquired MCU Business [Member] | ||||
Fair Value | $ 5,155 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 270 days | |||
Contract Backlog [Member] | Zilog Inc [Member] | ||||
Fair Value | $ 2,000 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 1 year | |||
Contract Backlog [Member] | ||||
Fair Value | $ 174 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 180 days | |||
Trade Names [Member] | Acquired MCU Business [Member] | ||||
Fair Value | $ 421 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 5 years | |||
Trade Names [Member] | Zilog Inc [Member] | ||||
Fair Value | $ 1,100 | |||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 6 years | |||
RadioPulse [Member] | ||||
Fair Value | $ 2,867 | |||
Acquired MCU Business [Member] | ||||
Fair Value | $ 24,000 | |||
Zilog Inc [Member] | ||||
Fair Value | $ 14,000 | |||
Fair Value | $ 2,867 | |||
[1] | Amortization will start after the completion of the research and development activities of the related projects. |
Note 8 - Borrowing and Instal67
Note 8 - Borrowing and Installment Payment Arrangements (Details Textual) € in Thousands, $ in Thousands | Nov. 20, 2015USD ($) | Apr. 01, 2015EUR (€) | Dec. 06, 2013USD ($) | Jun. 10, 2005EUR (€) | Apr. 30, 2016USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2016EUR (€) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2016USD ($) | May. 01, 2015USD ($) | Apr. 01, 2015USD ($) | 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, Maximum Borrowing Capacity | $ 50,000 | |||||||||||||||
Repayments of Lines of Credit | $ 45,000 | |||||||||||||||
Line of Credit Facility, Initiation Date | Dec. 6, 2013 | |||||||||||||||
Line of Credit Facility, Expiration Date | Nov. 30, 2015 | |||||||||||||||
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, Maximum Borrowing Capacity | $ 125,000 | |||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.44% | 2.44% | ||||||||||||||
Line of Credit, Leverage Ratio | 2 | 2 | ||||||||||||||
Long-term Line of Credit | $ 80,000 | |||||||||||||||
Debt Issuance Costs, Net | 371 | 304 | ||||||||||||||
Amortization of Debt Issuance Costs | $ 68 | |||||||||||||||
Available Credit Line for Letter of Credit | $ 10,000 | |||||||||||||||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | |||||||||||||||
Line of Credit Facility, Expiration Date | Nov. 20, 2017 | |||||||||||||||
Debt Instrument, Term | 2 years | |||||||||||||||
IKB Deutsche Industrial Bank Loan Payable [Member] | ||||||||||||||||
Debt Instrument, Face Amount | € 10,000 | $ 12,200 | ||||||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2020 | |||||||||||||||
Debt Instrument, Issuance Date | Jun. 10, 2005 | |||||||||||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | ||||||||||||||||
Debt Instrument, Face Amount | € 6,500 | $ 7,200 | ||||||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | € 232 | 263 | ||||||||||||||
Long-term Debt, Gross | € 5,600 | 6,300 | ||||||||||||||
Notes Payable, Other Payables [Member] | RadioPulse [Member] | Subsequent Event [Member] | ||||||||||||||||
Repayments of Debt | $ 684 | |||||||||||||||
Notes Payable, Other Payables [Member] | RadioPulse [Member] | ||||||||||||||||
Long-term Debt, Gross | 684 | |||||||||||||||
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 | |||||||||||||||
Debt Issuance Costs, Net | 304 | |||||||||||||||
Long-term Debt, Gross | [1] | $ 85,557 | ||||||||||||||
Repayments of Debt | $ 47,606 | $ 1,144 | $ 1,000 | |||||||||||||
[1] | Includes approximately $304,000 of unamortized debt issuance cost. |
Note 8 - Borrowing and Instal68
Note 8 - Borrowing and Installment Payment Arrangements - Aggregate Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
2,017 | $ 1,804 | ||
2,018 | 81,120 | ||
2,019 | 1,120 | ||
2,020 | 1,133 | ||
2,021 | 1,134 | ||
Thereafter | 1,050 | ||
Total | 87,361 | ||
Less: current portion | 1,804 | $ 45,790 | |
Long-term Debt, Gross | [1] | $ 85,557 | |
[1] | Includes approximately $304,000 of unamortized debt issuance cost. |
Note 9 - Pension Plans (Details
Note 9 - Pension Plans (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Fixed Income Funds [Member] | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 5,100 |
Diversified Growth Fund [Member] | United Kingdom Plan [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% |
Debt Securities [Member] | United Kingdom Plan [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 25.00% |
Equity Securities [Member] | United Kingdom Plan [Member] | |
Defined Benefit Plan, Target Plan Asset Allocations | 75.00% |
Equity Securities [Member] | Philippine Plan [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% |
Fixed Income Securities [Member] | Philippine Plan [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 74.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 75.00% |
Cash and Cash Equivalents [Member] | Philippine Plan [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 6.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% |
German Plan [Member] | |
Defined Benefit Plan Percentage of Accrued Pension Liability By Each Plan | 72.00% |
United Kingdom Plan [Member] | |
Defined Benefit Plan Percentage of Accrued Pension Liability By Each Plan | 26.00% |
Number of Defined Benefit Plans | 3 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $ (397) |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 1,100 |
Note 9 - Pension Plans - Net Pe
Note 9 - Pension Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Service cost | $ 101 | $ 104 | $ 108 |
Interest cost | 1,450 | 1,803 | 1,886 |
Expected return on plan assets | (1,721) | (1,910) | (1,685) |
Recognized actuarial loss | 438 | 179 | 236 |
Net periodic pension expense | $ 268 | $ 176 | $ 545 |
Note 9 - Pension Plans - Net Am
Note 9 - Pension Plans - Net Amount Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Change in projected benefit obligation | |||||
Projected benefit obligation at the beginning of the year | $ 47,346 | $ 44,558 | |||
Service cost | 101 | 104 | $ 108 | ||
Interest cost | 1,450 | 1,803 | 1,886 | ||
Actuarial (gain) loss | (1,549) | 9,036 | |||
Benefits paid | (1,830) | (1,467) | |||
Foreign currency adjustment | (497) | (6,688) | |||
Projected benefit obligation at year end | 45,021 | 47,346 | 44,558 | ||
Change in plan assets | |||||
Fair value of plan assets at the beginning of the year | 30,114 | 29,013 | |||
Actual return (loss) on plan assets | (156) | 4,306 | |||
Employer contribution | 1,009 | 1,089 | |||
Benefits paid from assets | (1,388) | (970) | |||
Foreign currency adjustment | (865) | (3,324) | |||
Plan assets at fair value at year end | 28,714 | 30,114 | 29,013 | ||
Unfunded status of the plan at year end | $ 16,307 | $ 17,232 | |||
Pension liability recognized on the balance sheet due after one year | 16,307 | 17,232 | |||
Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: | |||||
Projected benefit obligation at year end | 45,021 | 47,346 | |||
Accumulated benefit obligation at year end | 44,509 | 46,695 | |||
Plan assets at fair value at year end | $ 28,714 | $ 30,114 | $ 29,013 | 28,714 | 30,114 |
Amounts recognized in accumulated other comprehensive income (loss): | |||||
Unrecognized actuarial loss, before tax | (12,140) | (12,354) | |||
Amount recognized as component of stockholders’ equity – pretax | (12,140) | (12,354) | |||
Accumulated benefit obligation at year end | $ 44,509 | $ 46,695 |
Note 9 - Pension Plans - Assump
Note 9 - Pension Plans - Assumptions Used in Calculations (Details) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Minimum [Member] | ||
Discount rate | 1.90% | 1.80% |
Expected long term rate of return on assets | 4.40% | 5.60% |
Maximum [Member] | ||
Discount rate | 4.60% | 4.80% |
Expected long term rate of return on assets | 7.00% | 7.00% |
Salary scale | 5.00% | 6.00% |
Note 9 - Pension Plans - Inform
Note 9 - Pension Plans - Information on Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 121 | $ 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 | $ 351 | $ 19,997 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,225 | $ 861 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,527 | ||
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 | $ 15,224 | $ 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 | $ (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 | $ 96 | $ 5,887 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,394 | ||
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16 | ||
Fair Value, Inputs, Level 2 [Member] | Other Contract [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 133 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,490 | $ 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 | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [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 | $ 8 | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 121 | 2,588 | |
Foreign Exchange Contract [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (30) | ||
Equity Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 351 | 20,656 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,321 | $ 6,749 | |
Mutual Fund [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 26,921 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16 | ||
Other Contract [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 135 | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 28,714 | $ 30,114 | $ 29,013 |
Note 9 - Pension Plans - Estima
Note 9 - Pension Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2016USD ($) |
March 31, 2017 | $ 1,597 |
March 31, 2018 | 1,625 |
March 31, 2019 | 1,774 |
March 31, 2020 | 1,815 |
March 31, 2021 | 1,842 |
Five fiscal years ended March 31, 2026 | 10,069 |
Total benefit payments for the ten fiscal years ended March 31, 2026 | $ 18,722 |
Note 10 - Employee Equity Inc75
Note 10 - Employee Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May. 01, 2015 | Oct. 01, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 30, 2013 | Mar. 31, 2013 | Sep. 16, 2011 | Sep. 10, 2009 | ||
Stock Options of the 1999 Equity Incentive Plans [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||
Zilog 2004 Plan [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||||||
Zilog 2004 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award Number of Shares Assumed | 652,963 | ||||||||||
Zilog 2002 Plan [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||
Zilog 2002 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award Number of Shares Assumed | 366,589 | ||||||||||
Plan 2009 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | ||||||||||
Plan 2011 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | ||||||||||
Plan 2013 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||||||||||
Stock Options of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||||||
Stock Options of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||
Stock Appreciation Rights of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||||||
Stock Appreciation Rights of Plans Two Thousand and Nine Two Thousand and Eleven and Two Thousand and Thirteen [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||
Employee Stock Purchase Plan 1999 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,550,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 15.00% | ||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 97,274 | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 240,241 | ||||||||||
RadioPulse [Member] | |||||||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249 | $ 249 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 637,500 | 1,747,000 | 1,930,250 | 451,713 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | [1] | 2,000,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,600 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||
Share Price | $ 11.22 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | [2] | 5,234,397 | 4,942,511 | 5,201,635 | 5,327,473 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,619,563 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 9.93 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 6,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 182 days | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,800 | ||||||||||
[1] | On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. | ||||||||||
[2] | The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Note 10 - Employee Equity Inc76
Note 10 - Employee Equity Incentive Plans - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Cost of Sales [Member] | ||||
Stock-based Compensation Effect in Income before Taxes | $ 488 | $ 433 | $ 457 | |
Research and Development Expense [Member] | ||||
Stock-based Compensation Effect in Income before Taxes | [1] | 1,272 | 814 | 978 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based Compensation Effect in Income before Taxes | 1,832 | 1,620 | 1,350 | |
Stock-based Compensation Effect in Income before Taxes | 3,592 | 2,867 | 2,785 | |
Benefit from income taxes | 660 | 1,009 | 1,071 | |
Net stock-based compensation effects on net income | $ 2,932 | $ 1,858 | $ 1,714 | |
[1] | Includes acquisition-related compensation expenses of $249,000 during fiscal 2016. |
Note 10 - Employee Equity Inc77
Note 10 - Employee Equity Incentive Plans - Fair Value and Assumptions (Details) - $ / shares | Oct. 01, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Stock Option [Member] | |||||
Weighted average estimated per share fair value of grant (in dollars per share) | $ 4.83 | $ 5.54 | $ 5.31 | ||
Risk-free interest rate | 1.80% | 1.80% | 1.80% | ||
Expected term in years | 6 years 164 days | 6 years 91 days | 6 years 18 days | ||
Volatility | 44.90% | 52.20% | 54.90% | ||
Dividend yield | [1] | 1.20% | 1.00% | 1.00% | |
Employee Stock Purchase Plan 1999 [Member] | |||||
Weighted average estimated per share fair value of grant (in dollars per share) | $ 3.33 | $ 2.90 | $ 2.75 | ||
Risk-free interest rate | 0.10% | 0.10% | 0.10% | ||
Expected term in years | 182 days | 182 days | 182 days | ||
Volatility | 39.80% | 36.90% | 37.00% | ||
Dividend yield | [1] | 1.10% | 1.10% | 0.00% | |
Dividend yield | 0.00% | ||||
[1] | Prior to October 1, 2013, the fair value of our equity awards was based on 0% dividend yield. |
Note 10 - Employee Equity Inc78
Note 10 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 30, 2013 | Mar. 31, 2013 | |||
Shares available for grant, beginning balance (in shares) | 1,747,000 | 1,930,250 | 451,713 | ||||
Options oustanding, beginning balance (in shares) | [1] | 4,942,511 | 5,201,635 | 5,327,473 | |||
Options outstanding, Intrinsic value | [2] | $ 6,456 | $ 10,831 | $ 8,658 | $ 4,273 | ||
Weighted average exercise price per share, beginning balance (in dollars per share) | $ 10.37 | $ 10.22 | $ 10.04 | ||||
New shares authorized (in shares) | 2,000,000 | [3] | 2,000,000 | ||||
Plan authorization expired (in shares) | (47,963) | ||||||
Shares available for grant, options granted (in shares) | [1] | (1,124,000) | (249,000) | (515,000) | |||
Options oustanding, Options granted (in shares) | [1] | 1,124,000 | 249,000 | 515,000 | |||
Weighted average exercise price per share, Options granted (in dollars per share) | $ 11.72 | $ 11.83 | $ 10.63 | ||||
Options oustanding, Options exercised (in shares) | [1] | (382,826) | (339,374) | (572,338) | |||
Options exercised, Intrinsic Value | [2] | $ 1,551 | $ 1,310 | $ 1,695 | |||
Weighted average exercise price per share, Options exercised (in dollars per share) | $ 9.02 | $ 8.62 | $ 8.72 | ||||
Shares available for grant, Options cancelled (in shares) | 14,500 | 39,750 | 24,000 | ||||
Options oustanding, Options cancelled (in shares) | [1] | (14,500) | (94,250) | (34,000) | |||
Weighted average exercise price per share, Options cancelled (in dollars per share) | $ 11.31 | $ 11.46 | $ 11.42 | ||||
Shares available for grant, Options expired (in shares) | 26,000 | 17,500 | |||||
Options oustanding, Options expired (in shares) | [1] | (434,788) | (74,500) | (34,500) | |||
Weighted average exercise price per share, Options expired (in dollars per share) | $ 14.68 | $ 11.17 | $ 12.62 | ||||
Shares available for grant, ending balance (in shares) | 637,500 | 1,747,000 | 1,930,250 | ||||
Options oustanding, ending balance (in shares) | [1] | 5,234,397 | 4,942,511 | 5,201,635 | |||
Weighted average exercise price per share, ending balance (in dollars per share) | $ 10.40 | $ 10.37 | $ 10.22 | ||||
[1] | The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. | ||||||
[2] | Except for options exercised, these amounts represent the difference between the exercise price and $11.22 per share, the closing price of our stock on March 31, 2016 as reported on the NASDAQ Global Select Market, for all in-the-money, outstanding and exercisable options. | ||||||
[3] | On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. |
Note 10 - Employee Equity Inc79
Note 10 - Employee Equity Incentive Plans - Stock Options by Exercise Price Range (Details) - $ / shares | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Exercise Price Range 1 [Member] | |||||
Exercise price range, lower limit (in dollars per share) | $ 5.01 | ||||
Exercise price range, upper limit (in dollars per share) | $ 7.75 | ||||
Options Outstanding Number of Shares Outstanding (in shares) | 819,897 | ||||
Options Outstanding Weighted Average Contractual Life | 2 years 219 days | ||||
Options Outstanding Weighted Average Exercise Price per Share (in dollars per share) | $ 6.63 | ||||
Options Exercisable Number of Shares Exercisable (in shares) | 819,897 | ||||
Options Exercisable Weighted Average Exercise Price per Share (in dollars per share) | $ 6.63 | ||||
Exercise Price Range 2 [Member] | |||||
Exercise price range, lower limit (in dollars per share) | 7.76 | ||||
Exercise price range, upper limit (in dollars per share) | $ 10 | ||||
Options Outstanding Number of Shares Outstanding (in shares) | 1,223,500 | ||||
Options Outstanding Weighted Average Contractual Life | 4 years 292 days | ||||
Options Outstanding Weighted Average Exercise Price per Share (in dollars per share) | $ 9.33 | ||||
Options Exercisable Number of Shares Exercisable (in shares) | 1,017,750 | ||||
Options Exercisable Weighted Average Exercise Price per Share (in dollars per share) | $ 9.29 | ||||
Exercise Price Range 3 [Member] | |||||
Exercise price range, lower limit (in dollars per share) | 10.01 | ||||
Exercise price range, upper limit (in dollars per share) | $ 12.50 | ||||
Options Outstanding Number of Shares Outstanding (in shares) | 2,448,000 | ||||
Options Outstanding Weighted Average Contractual Life | 6 years 219 days | ||||
Options Outstanding Weighted Average Exercise Price per Share (in dollars per share) | $ 11.42 | ||||
Options Exercisable Number of Shares Exercisable (in shares) | 1,331,916 | ||||
Options Exercisable Weighted Average Exercise Price per Share (in dollars per share) | $ 11.52 | ||||
Exercise Price Range 4 [Member] | |||||
Exercise price range, lower limit (in dollars per share) | 12.51 | ||||
Exercise price range, upper limit (in dollars per share) | $ 13.37 | ||||
Options Outstanding Number of Shares Outstanding (in shares) | 743,000 | ||||
Options Outstanding Weighted Average Contractual Life | 6 years 36 days | ||||
Options Outstanding Weighted Average Exercise Price per Share (in dollars per share) | $ 12.96 | ||||
Options Exercisable Number of Shares Exercisable (in shares) | 450,000 | ||||
Options Exercisable Weighted Average Exercise Price per Share (in dollars per share) | $ 12.69 | ||||
Exercise price range, lower limit (in dollars per share) | 5.01 | ||||
Exercise price range, upper limit (in dollars per share) | $ 13.37 | ||||
Options Outstanding Number of Shares Outstanding (in shares) | [1] | 5,234,397 | 4,942,511 | 5,201,635 | 5,327,473 |
Options Outstanding Weighted Average Contractual Life | 5 years 182 days | ||||
Options Outstanding Weighted Average Exercise Price per Share (in dollars per share) | $ 10.40 | $ 10.37 | $ 10.22 | $ 10.04 | |
Options Exercisable Number of Shares Exercisable (in shares) | 3,619,563 | ||||
Options Exercisable Weighted Average Exercise Price per Share (in dollars per share) | $ 9.93 | ||||
[1] | The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Note 11 - Accumulated Other C80
Note 11 - Accumulated Other Comprehensive (Loss) - AOCI Change (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 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 | $ 2,982 |
Other comprehensive income (loss) before reclassifications | $ 2,938 | $ (24,112) | $ 7,553 |
Net losses (gains) reclassified from accumulated other comprehensive income (loss) | |||
Net current period other comprehensive income (loss) | $ 2,938 | $ (24,112) | $ 7,553 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (10,639) | (13,577) | 10,535 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | 7 | 325 | 60 |
Other comprehensive income (loss) before reclassifications | (362) | (1,536) | 361 |
Net losses (gains) reclassified from accumulated other comprehensive income (loss) | 273 | 1,218 | (96) |
Net current period other comprehensive income (loss) | (89) | (318) | 265 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (82) | 7 | 325 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (9,518) | (5,831) | (6,135) |
Other comprehensive income (loss) before reclassifications | (71) | (3,830) | 89 |
Net losses (gains) reclassified from accumulated other comprehensive income (loss) | 44 | 143 | 215 |
Net current period other comprehensive income (loss) | (27) | (3,687) | 304 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (9,545) | (9,518) | (5,831) |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (23,088) | 5,029 | (3,093) |
Other comprehensive income (loss) before reclassifications | 2,505 | (29,478) | 8,003 |
Net losses (gains) reclassified from accumulated other comprehensive income (loss) | 317 | 1,361 | 119 |
Net current period other comprehensive income (loss) | 2,822 | (28,117) | 8,122 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (20,266) | (23,088) | 5,029 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (23,088) | ||
Net current period other comprehensive income (loss) | 2,822 | (28,117) | $ 8,122 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | $ (20,266) | $ (23,088) |
Note 11 - Accumulated Other C81
Note 11 - Accumulated Other Comprehensive (Loss) - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Other income (expense), net | $ (1) | $ 30 | $ 155 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||||||||||||||
Other income (expense), net | (454) | (1,903) | (7) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Cost of goods sold | (437) | (179) | (236) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Income before income tax provision | (892) | (2,052) | (88) | ||||||||||||
Tax impact | 575 | 691 | (31) | ||||||||||||
Total reclassifications for the year | (317) | (1,361) | (119) | ||||||||||||
Other income (expense), net | (915) | 4,077 | (1,941) | ||||||||||||
Cost of goods sold | 217,451 | 236,802 | 236,120 | ||||||||||||
Income before income tax provision | 23,489 | 30,430 | 13,459 | ||||||||||||
Tax impact | (8,748) | (6,690) | (7,413) | ||||||||||||
Total reclassifications for the year | $ 6,197 | $ 2,286 | $ 3,273 | $ 2,985 | $ 7,796 | $ 6,622 | $ 5,747 | $ 3,575 | $ 14,741 | $ 23,740 | $ 6,046 | ||||
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, ""Income Taxes"" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. |
Note 12 - Computation of Earn82
Note 12 - Computation of Earnings per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 802,000 | 708,000 | 770,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,943,420 | 2,357,772 | 2,483,106 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price | $ 12.02 | $ 12.24 | $ 11.93 |
Note 12 - Computation of Earn83
Note 12 - Computation of Earnings per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||||||||
Net income | $ 6,197 | [1] | $ 2,286 | [1] | $ 3,273 | [1] | $ 2,985 | [1] | $ 7,796 | $ 6,622 | $ 5,747 | $ 3,575 | $ 14,741 | $ 23,740 | $ 6,046 | ||||
Weighted average shares - basic (in shares) | 31,441 | 31,487 | 31,651 | 31,746 | 31,663 | 31,585 | 31,499 | 31,379 | 31,579 | 31,531 | 31,146 | ||||||||
Weighted average shares - diluted (in shares) | 32,076 | 32,343 | 32,380 | 32,733 | 32,413 | 32,231 | 32,235 | 32,075 | 32,381 | 32,239 | 31,916 | ||||||||
Net income per share - basic (in dollars per share) | $ 0.20 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.25 | [2] | $ 0.21 | [2] | $ 0.18 | [2] | $ 0.11 | [2] | $ 0.47 | $ 0.75 | $ 0.19 |
Net income per share - diluted (in dollars per share) | $ 0.19 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.24 | [2] | $ 0.21 | [2] | $ 0.18 | [2] | $ 0.11 | [2] | $ 0.46 | $ 0.74 | $ 0.19 |
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, ""Income Taxes"" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. | ||||||||||||||||||
[2] | The sum of the four quarterly calculations of net income per share are not equal to the annual net income per share due to the use of quarterly weighted average shares used to determine the quarterly net income per share as compared to the annual weighted average shares used to determine the annual net income per share. |
Note 13 - Related Party Trans84
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 12, 2014 | |
Powersem GmbH [Member] | ||||
Equity Method Investment, Ownership Percentage | 45.00% | |||
Revenue from Related Parties | $ 1,500 | $ 1,800 | $ 2,100 | |
Related Party Transaction, Expenses from Transactions with Related Party | 3,400 | 4,000 | 5,200 | |
Accounts Receivable, Related Parties | 99 | 82 | ||
Accounts Payable, Related Parties | 63 | 115 | ||
Equity Method Investments | $ 2,500 | 2,600 | ||
EB Tech Ltd [Member] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 378 | 278 | 211 | |
Accounts Payable, Related Parties | 26 | 23 | $ 0 | |
Equity Method Investments | 2,700 | 2,700 | ||
ATEC [Member] | ||||
Equity Method Investment, Ownership Percentage | 24.30% | |||
Related Party Transaction, Expenses from Transactions with Related Party | 8,000 | 2,000 | ||
Accounts Payable, Related Parties | 737 | 632 | ||
Equity Method Investments | 5,700 | 5,700 | ||
Equity Method Investments | $ 10,977 | $ 11,041 |
Note 14 - Employee Savings an85
Note 14 - Employee Savings and Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Plan 401(k) [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Contribution Total | $ 616 | $ 615 | $ 620 |
Westcode Semiconductor Group Personal Pension [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Contribution Total | $ 278 | $ 287 | $ 313 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 7.00% |
Note 15 - Segment and Geograp86
Note 15 - Segment and Geographic Information (Details Textual) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 1 [Member] | |||
Number of Entity Wide Revenue Major Customers | 1 | 1 | 1 |
Concentration Risk, Percentage | 12.20% | 10.20% | 10.80% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 2 [Member] | |||
Number of Entity Wide Revenue Major Customers | 1 | ||
Concentration Risk, Percentage | 10.50% | ||
Number of Reportable Segments | 1 | 1 | 1 |
Number of Operating Segments | 1 | 1 | 1 |
Note 15 - Segment and Geograp87
Note 15 - Segment and Geographic - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||||
Foreign [Member] | |||||||||||||||
Net Revenues | $ 159,984 | $ 188,964 | $ 167,428 | ||||||||||||
Net Income | 11,039 | 21,379 | 4,087 | ||||||||||||
Domestic [Member] | |||||||||||||||
Net Revenues | 157,225 | 149,803 | 168,902 | ||||||||||||
Net Income | 3,702 | 2,361 | 1,959 | ||||||||||||
UNITED STATES | |||||||||||||||
Net Revenues | 75,994 | 85,314 | 89,734 | ||||||||||||
FRANCE | |||||||||||||||
Net Revenues | 9,076 | 7,917 | 5,554 | ||||||||||||
GERMANY | |||||||||||||||
Net Revenues | 33,215 | 32,866 | 34,423 | ||||||||||||
HUNGARY | |||||||||||||||
Net Revenues | 2,082 | 2,571 | 3,620 | ||||||||||||
ITALY | |||||||||||||||
Net Revenues | 4,328 | 4,645 | 4,506 | ||||||||||||
NETHERLANDS | |||||||||||||||
Net Revenues | 3,608 | 2,315 | 2,080 | ||||||||||||
RUSSIAN FEDERATION | |||||||||||||||
Net Revenues | 4,755 | 5,051 | 2,821 | ||||||||||||
SWEDEN | |||||||||||||||
Net Revenues | 2,155 | 4,460 | 4,938 | ||||||||||||
SWITZERLAND | |||||||||||||||
Net Revenues | 2,789 | 2,569 | 3,714 | ||||||||||||
TURKEY | |||||||||||||||
Net Revenues | 2,376 | 2,658 | 2,323 | ||||||||||||
UNITED KINGDOM | |||||||||||||||
Net Revenues | 13,502 | 19,832 | 19,524 | ||||||||||||
Other Europe and the Middle East Regions [Member] | |||||||||||||||
Net Revenues | 14,437 | 15,223 | 15,546 | ||||||||||||
CHINA | |||||||||||||||
Net Revenues | 79,575 | 83,597 | 83,849 | ||||||||||||
INDONESIA | |||||||||||||||
Net Revenues | 2,128 | 3,224 | 1,914 | ||||||||||||
JAPAN | |||||||||||||||
Net Revenues | 9,271 | 8,469 | 6,740 | ||||||||||||
KOREA, REPUBLIC OF | |||||||||||||||
Net Revenues | 23,215 | 22,371 | 19,466 | ||||||||||||
MALAYSIA | |||||||||||||||
Net Revenues | 4,662 | 5,580 | 3,766 | ||||||||||||
SINGAPORE | |||||||||||||||
Net Revenues | 12,353 | 11,694 | 11,838 | ||||||||||||
TAIWAN, PROVINCE OF CHINA | |||||||||||||||
Net Revenues | 3,151 | 2,688 | 2,962 | ||||||||||||
THAILAND | |||||||||||||||
Net Revenues | 3,904 | 4,300 | 3,031 | ||||||||||||
Other Asia Pacific Regions [Member] | |||||||||||||||
Net Revenues | 2,083 | 1,143 | 2,075 | ||||||||||||
INDIA | |||||||||||||||
Net Revenues | 4,293 | 5,163 | 5,245 | ||||||||||||
Other Rest of the World [Member] | |||||||||||||||
Net Revenues | 4,257 | 5,117 | 6,661 | ||||||||||||
Net Revenues | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 82,926 | $ 81,326 | $ 86,435 | $ 88,080 | 317,209 | 338,767 | 336,330 | ||||
Net Income | $ 6,197 | [1] | $ 2,286 | [1] | $ 3,273 | [1] | $ 2,985 | [1] | $ 7,796 | $ 6,622 | $ 5,747 | $ 3,575 | $ 14,741 | $ 23,740 | $ 6,046 |
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, ""Income Taxes"" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. |
Note 15 - Segment and Geograp88
Note 15 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Power Semiconductors [Member] | |||||||||||
Net Revenues | $ 213,347 | $ 219,445 | $ 222,813 | ||||||||
Integrated Circuits [Member] | |||||||||||
Net Revenues | 84,078 | 95,547 | 91,189 | ||||||||
Systems and RF Power Semiconductors [Member] | |||||||||||
Net Revenues | 19,784 | 23,775 | 22,328 | ||||||||
Net Revenues | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 82,926 | $ 81,326 | $ 86,435 | $ 88,080 | $ 317,209 | $ 338,767 | $ 336,330 |
Note 15 - Segment and Geograp89
Note 15 - Segment and Geographic Information - Long-lived Assets By Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
UNITED STATES | |||
Property, Plant and Equipment, Net | $ 26,792 | $ 27,740 | $ 27,287 |
GERMANY | |||
Property, Plant and Equipment, Net | 14,506 | 13,228 | 21,697 |
Other Geographic Regions [Member] | |||
Property, Plant and Equipment, Net | 1,325 | 1,577 | 1,585 |
Property, Plant and Equipment, Net | $ 42,623 | $ 42,545 | $ 50,569 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Reversal of Overstated Deferred Tax Asset [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2,300 | |||
Reduction in Tax Reserves that was Overstated [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | (893) | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 27,800 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | 17,100 | |||
Tax Adjustments, Settlements, and Unusual Provisions | 1,400 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (436) | $ 32 | ||
Operating Loss Carryforwards, Valuation Allowance | 13,200 | |||
Unrecognized Tax Benefits | 6,946 | 6,952 | $ 6,978 | $ 6,736 |
Unrecognized Tax Benefits, Period Increase (Decrease) | (6) | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 772 | 3,070 | $ 941 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period and Current Period Tax Positions | 766 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,500 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,100 | $ 4,100 | ||
Unrecognized Tax Benefits, Increase (Decrease) in Income Tax Penalties and Interest Accrued | 488 | |||
Undistributed Earnings of Foreign Subsidiaries | $ 124,900 |
Note 16 - Income Taxes - Geogra
Note 16 - Income Taxes - Geographical Breakdown Income (loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Domestic | $ 9,030 | $ 3,390 | $ 7,104 |
International | 14,459 | 27,040 | 6,355 |
Income before income tax provision | $ 23,489 | $ 30,430 | $ 13,459 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Taxes Provision Breakdown (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current: | |||
Federal | $ 1,418 | $ 201 | $ 4,804 |
State | 126 | 83 | 73 |
Foreign | 3,436 | 5,066 | 3,087 |
Current Income Tax Expense (Benefit) | 4,980 | 5,350 | 7,964 |
Deferred: | |||
Federal | 3,554 | 945 | 183 |
State | 189 | 20 | 86 |
Foreign | 25 | 375 | (820) |
Deferred Income Tax Expense (Benefit) | 3,768 | 1,340 | (551) |
Total income tax provision | $ 8,748 | $ 6,690 | $ 7,413 |
Note 16 - Income Taxes - Effect
Note 16 - Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 1.00% | 1.00% | 1.00% |
Expense (benefit) of lower-tax foreign jurisdictions | (10.00%) | (15.00%) | |
Research and development tax credits | (3.00%) | (1.00%) | (1.00%) |
Valuation allowance | 3.00% | 2.00% | |
Permanent items | (5.00%) | 3.00% | |
Tax reserves | 2.00% | ||
Tax asset write off | 10.00% | ||
Tax assessment | 1.00% | ||
Foreign income | 6.00% | 2.00% | 12.00% |
Effective tax provision rate | 37.00% | 22.00% | 55.00% |
Note 16 - Income Taxes - Deferr
Note 16 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred tax assets: | ||
Reserves and allowances | $ 6,018 | $ 5,612 |
Other liabilities and accruals | 6,176 | 5,929 |
Depreciable assets | 83 | 2,951 |
Net operating loss carryforward | 11,675 | 13,993 |
Share-based compensation | 5,098 | 4,971 |
Credits carryforward | 2,440 | 2,403 |
Total deferred tax assets | 31,490 | 35,859 |
Less: Valuation allowance and other reserves | (3,466) | (3,902) |
Net deferred tax asset | $ 28,024 | $ 31,957 |
Note 16 - Income Taxes - Unreco
Note 16 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Beginning Balance | $ 6,952 | $ 6,978 | $ 6,736 |
Lapse of statute of limitations | (772) | (3,070) | (941) |
Increases in balances related to tax positions taken during prior periods | 129 | 213 | 499 |
Increases in balances related to tax positions taken during the current period | 637 | 2,831 | 684 |
Ending Balance | $ 6,946 | $ 6,952 | $ 6,978 |
Note 17 - Commitments and Con96
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Nov. 20, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |||
Available Credit Line for Letter of Credit | $ 10,000 | |||
Long-term Line of Credit | $ 80,000 | |||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | |||
Line of Credit Facility, Expiration Date | Nov. 20, 2017 | |||
Operating Leases, Rent Expense, Net | 1,600 | $ 1,400 | $ 1,400 | |
Restricted Cash and Cash Equivalents, Current | $ 277 | $ 266 |
Note 17 - Commitments and Con97
Note 17 - Commitments and Contingencies - Commitments (Details) | Mar. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Current | $ 1,385,000 |
Purchase Obligation, Due in Next Twelve Months | 24,489,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,156,000 |
Purchase Obligation, Due in Second Year | 845,000 |
Operating Leases, Future Minimum Payments, Due in Three Years | 980,000 |
Purchase Obligation, Due in Third Year | 0 |
Operating Leases, Future Minimum Payments, Due in Four Years | 779,000 |
Purchase Obligation, Due in Fourth Year | 0 |
Operating Leases, Future Minimum Payments, Due in Five Years | 565,000 |
Purchase Obligation, Due in Fifth Year | 0 |
Operating Leases, Future Minimum Payments, Due Thereafter | 519,000 |
Purchase Obligation, Due after Fifth Year | 0 |
Total minimum payments | 5,384,000 |
Total minimum payments | $ 25,334,000 |
Selected Quarterly Financial 98
Selected Quarterly Financial Data (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 1,400 |
Selected Quarterly Financial 99
Selected Quarterly Financial Data - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||||||||
Net Revenues | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 82,926 | $ 81,326 | $ 86,435 | $ 88,080 | $ 317,209 | $ 338,767 | $ 336,330 | ||||||||
Gross profit | 24,115 | 24,029 | 26,012 | 25,602 | 25,280 | 25,515 | 26,170 | 25,000 | 99,758 | 101,965 | 100,210 | ||||||||
Operating income | 6,834 | 6,262 | 7,033 | 5,704 | 7,525 | 7,616 | 7,090 | 5,279 | 25,833 | 27,510 | 16,822 | ||||||||
Total reclassifications for the year | $ 6,197 | [1] | $ 2,286 | [1] | $ 3,273 | [1] | $ 2,985 | [1] | $ 7,796 | $ 6,622 | $ 5,747 | $ 3,575 | $ 14,741 | $ 23,740 | $ 6,046 | ||||
Net income per share - basic (in dollars per share) | $ 0.20 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.25 | [2] | $ 0.21 | [2] | $ 0.18 | [2] | $ 0.11 | [2] | $ 0.47 | $ 0.75 | $ 0.19 |
Net income per share - diluted (in dollars per share) | $ 0.19 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.24 | [2] | $ 0.21 | [2] | $ 0.18 | [2] | $ 0.11 | [2] | $ 0.46 | $ 0.74 | $ 0.19 |
Basic (in shares) | 31,441 | 31,487 | 31,651 | 31,746 | 31,663 | 31,585 | 31,499 | 31,379 | 31,579 | 31,531 | 31,146 | ||||||||
Diluted (in shares) | 32,076 | 32,343 | 32,380 | 32,733 | 32,413 | 32,231 | 32,235 | 32,075 | 32,381 | 32,239 | 31,916 | ||||||||
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, ""Income Taxes"" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. | ||||||||||||||||||
[2] | The sum of the four quarterly calculations of net income per share are not equal to the annual net income per share due to the use of quarterly weighted average shares used to determine the quarterly net income per share as compared to the annual weighted average shares used to determine the annual net income per share. |