Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 26, 2017 | |
Document Information [Line Items] | ||
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) | 31,611,390 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 158,493 | $ 155,806 |
Restricted cash | 1,309 | 277 |
Accounts receivable, net | 36,715 | 38,440 |
Inventories | 87,118 | 89,604 |
Prepaid expenses and other current assets | 5,996 | 4,203 |
Total current assets | 289,631 | 288,330 |
Property, plant and equipment, net | 41,738 | 42,623 |
Intangible assets, net | 3,578 | 7,607 |
Goodwill | 42,193 | 42,355 |
Deferred income taxes | 27,774 | 28,024 |
Other assets | 17,167 | 13,762 |
Total assets | 422,081 | 422,701 |
Current liabilities: | ||
Current portion of loans payable | 976 | 1,804 |
Accounts payable | 11,214 | 11,416 |
Accrued expenses and other current liabilities | 25,208 | 21,290 |
Total current liabilities | 37,398 | 34,510 |
Long term loans, net of current portion | 76,997 | 85,253 |
Pension liabilities | 14,348 | 16,307 |
Other long term liabilities | 7,143 | 7,336 |
Total liabilities | 135,886 | 143,406 |
Commitments and contingencies (Note 17) | ||
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; 38,326,329 issued and 31,597,792 outstanding at December 31, 2016 and 38,214,158 issued and 31,375,524 outstanding at March 31, 2016 | 383 | 382 |
Additional paid-in capital | 217,578 | 214,045 |
Treasury stock, at cost: 6,728,537 common shares at December 31, 2016 and 6,838,634 common shares at March 31, 2016 | (60,849) | (61,845) |
Retained earnings | 157,717 | 146,979 |
Accumulated other comprehensive income (loss) | (28,634) | (20,266) |
Total stockholders' equity | 286,195 | 279,295 |
Total liabilities and stockholders' equity | $ 422,081 | $ 422,701 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
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) | 38,326,329 | 38,214,158 |
Common stock, shares outstanding (in shares) | 31,597,792 | 31,375,524 |
Treasury stock, shares (in shares) | 6,728,537 | 6,838,634 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues | $ 79,484 | $ 75,133 | $ 238,751 | $ 237,437 |
Cost of goods sold | 52,545 | 51,104 | 162,363 | 161,794 |
Gross profit | 26,939 | 24,029 | 76,388 | 75,643 |
Operating expenses: | ||||
Research, development and engineering | 6,703 | 7,280 | 22,461 | 22,767 |
Selling, general and administrative | 10,276 | 9,158 | 30,454 | 29,595 |
Amortization of acquisition-related intangible assets | 750 | 1,329 | 2,463 | 4,282 |
Impairment of acquisition-related intangible assets | 1,391 | 1,391 | ||
Total operating expenses | 19,120 | 17,767 | 56,769 | 56,644 |
Operating income | 7,819 | 6,262 | 19,619 | 18,999 |
Other income (expense): | ||||
Interest income | 81 | 54 | 196 | 140 |
Interest expense | (646) | (432) | (1,896) | (1,030) |
Other income (expense), net | (110) | 290 | 1,291 | (1,510) |
Income before income tax provision | 7,144 | 6,174 | 19,210 | 16,599 |
Provision for income tax | (2,044) | (3,888) | (7,156) | (8,055) |
Net income | $ 5,100 | $ 2,286 | $ 12,054 | $ 8,544 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.07 | $ 0.38 | $ 0.27 |
Diluted (in dollars per share) | 0.16 | 0.07 | 0.38 | 0.26 |
Cash dividends per common share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.115 | |
Weighted average shares used in per share calculation: | ||||
Basic (in shares) | 31,558 | 31,487 | 31,484 | 31,626 |
Diluted (in shares) | 32,209 | 32,343 | 32,119 | 32,483 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 5,100 | $ 2,286 | $ 12,054 | $ 8,544 |
Foreign currency translation adjustments | (6,015) | (3,027) | (8,403) | 534 |
Changes in market value of investments: | ||||
Changes in unrealized gains (losses), net of income taxes of $(44) and $32 for the three and nine months ended December 31, 2016, respectively, and net of income taxes of $(24) and $(226) for the three and nine months ended December 31, 2015, respectively | (66) | (35) | 66 | (337) |
Reclassification adjustment for net losses (gains) realized in net income, net of income taxes of $0 and $(19) for the three and nine months ended December 31, 2016, respectively, and net of income taxes of $3 and $185 for the three and nine months ended December 31, 2015, respectively | 4 | (31) | 276 | |
Net change in market value of investments | (66) | (31) | 35 | (61) |
Total comprehensive income (loss) | $ (981) | $ (772) | $ 3,686 | $ 9,017 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (44) | $ (24) | $ 32 | $ (226) |
Taxes on reclassification adjustment for sales of securities included in net income | $ 0 | $ 3 | $ (19) | $ 185 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash flows from operating activities: | |||
Net income | $ 12,054 | $ 8,544 | |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | |||
Depreciation and amortization | 8,273 | 10,478 | |
Provision for receivable allowances | 7,518 | 4,811 | |
Net change in inventory provision | 1,433 | 640 | |
Stock-based compensation | 2,551 | 2,529 | |
Loss (gain) on investments | (811) | 635 | |
Deferred income taxes | 2,257 | ||
Foreign currency adjustments on intercompany amounts and other non-cash items | 1,059 | 505 | |
Impairment of acquisition-related intangible assets | 1,391 | ||
Changes in operating assets and liabilities, net of business acquired: | |||
Accounts receivable | (6,716) | 1,667 | |
Inventories | (3,152) | (7,778) | |
Prepaid expenses and other assets | (2,186) | (1,065) | |
Accounts payable | (149) | 1,715 | |
Accrued expenses and other liabilities | 4,222 | (338) | |
Pension liabilities | (608) | (938) | |
Net cash provided by operating activities | 24,879 | 23,662 | |
Cash flows from investing activities: | |||
Purchase of businesses, net of cash and cash equivalents acquired and installment payments | (14,472) | ||
Purchases of investments | (3,540) | (629) | |
Purchases of plant and equipment | (6,202) | (5,265) | |
Proceeds from sale of investments | 805 | 26 | |
Net cash used in investing activities | (8,937) | (20,340) | |
Cash flows from financing activities: | |||
Principal payments on capital lease obligations | (454) | ||
Repayments of loans and notes payable | (8,804) | (46,247) | |
Proceeds from loans | 82,967 | ||
Proceeds from employee equity plans | 1,921 | 4,251 | |
Purchases of treasury stock | (6,440) | ||
Payment of cash dividends to stockholders | (1,258) | (3,635) | |
Net cash provided by (used in) financing activities | (8,141) | 30,442 | |
Effect of exchange rate fluctuations on cash and cash equivalents | (4,082) | (234) | |
Net increase in cash and cash equivalents | 3,719 | 33,530 | |
Cash and cash equivalents and restricted cash at beginning of period (1) | [1] | 156,083 | 121,430 |
Cash and cash equivalents and restricted cash at end of period (2) | [2] | $ 159,802 | $ 154,960 |
[1] | Includes restricted cash of $277,000 and $266,000 as of March 31, 2016 and 2015, respectively. | ||
[2] | Includes restricted cash of $1.3 million and $722,000 as of December 31, 2016 and 2015, respectively. |
Unaudited Condensed Consolidat8
Unaudited Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Restricted cash | $ 1,300 | $ 277 | $ 722 | $ 266 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1 . Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 March 31, 2016 March 31, 2016, 2016, 10 March 31. March 31 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements and Accounting Changes | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. In May 2014, five December 15, 2017, December 15, 2016. ifferent transition methods are available: full retrospective method and a modified retrospective 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 July 2015, 330, Inventory first 330 December 15, 2016, and interim periods during the annual period. The new standard is required to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect this change to have a significant impact on our consolidated financial statements. In January 2016, Fair Value Measurements 820, may December 15, 2017, In February 2016, for all leases with terms longer than 12 December 15, 2018, We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In March 2016, fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. is permitted. We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In March 2016, 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, We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In October 2016, third December 15, 2017, first We are in the process of evaluating the impacts of the adoption of this amendment. In November 2016, December 15, 2017, December 31, 2016. nine December 31, 2016 2015, $277,000 $266,000 $1.3 $722,000 nine December 31, 2016 2015 $1.0 $357,000, |
Note 3 - Business Combinations
Note 3 - Business Combinations | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. RadioPulse, Inc. On May 1, 2015, $15.7 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 product portfolio complementary to our product lines. The consideration included cash consideration paid at closing of $14.7 $1.0 $6.0 three 2015, 2016 2017. nil December 31, 2016 March 31, 2016. $248,000 $249,000 2016. 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 assets 771 Goodwill 14,887 Total purchase consideration $ 15,658 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) (unaudited) 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 started in the quarter ended December 31, 2016 The value reflected in the table represents the purchase price allocation. The valuation of the acquired intangibles was classified as a level 3 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. The results of operations and financial position of RadioPulse were immaterial compared to our financial statements and therefore pro-forma financial statements have not been separately presented. |
Note 4 - Fair Value
Note 4 - Fair Value | 9 Months Ended |
Dec. 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 Level 2 Level 3 one Fair Value Measurements on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of December 31, 2016 March 31, 2016 December 31, 2016 (1) March 31, 2016 (1) Fair Value Measured at Fair Value Measured at Reporting Date Using Reporting Date Using Description Total Level 1 Level 2 Total Level 1 Level 2 (unaudited) (unaudited) Money market funds (2) $ 82,566 $ 82,566 $ - $ 115,974 $ 115,974 $ - Marketable equity securities (3) 2,046 2,046 - 1,749 1,749 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total Assets Measured at Fair Value $ 84,962 $ 84,612 $ 350 $ 118,073 $ 117,723 $ 350 (1) We did not (2) Included in "Cash and cash equivalents" on our unaudited condensed consolidated balance sheets. (3) Included in "Other assets" on our unaudited condensed consolidated balance sheets. 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 6, . Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs, including historical redemptions received from the ARPS issuers, and are therefore categorized as Level 2 Cash and cash equivalents are recognized and measured at amounts that approximate fair value in our unaudited condensed consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. We held no December 31, 2016 March 31, 2016 . Our debt, which primarily consists of loans from banks, approximated fair value as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. The estimated fair value of our debt was approximately $78.0 $87.1 December 31, 2016 March 31, 2016, 11, The fair value of contingent consideration for a business acquisition is classified as a Level 3 3, |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 . Accounts Receivable Accounts receivable consisted of the following (in thousands): December 31, 2016 March 31, 2016 (unaudited) Accounts receivable, gross $ 40,276 $ 41,219 Allowances (3,561 ) (2,779 ) Accounts receivable, net $ 36,715 $ 38,440 |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other assets consisted of the following (in thousands): December 31, March 31, 2016 2016 (unaudited) Marketable equity securities $ 2,046 $ 1,749 Auction rate preferred securities 350 350 Long-term equity method investments 11,554 10,977 Other items, including cost method investments 3,217 686 Total $ 17,167 $ 13,762 Available-for-Sale Investments Marketable equity securities and auction rate preferred securities are designated as available-for-sale that are reported at fair value with unrealized gains and losses, net of income taxes, 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), net. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and our ability and intent to hold or sell the securities. Based on our review, we recognized an impairment loss of $0 $151,000 three nine December 31, 2016, $0 $454,000 three nine December 31, 2015. Equity Method Investments We have equity interests in Powersem GmbH, or Powersem, a semiconductor manufacturer based in Germany, EB Tech Ltd., or EB Tech, a radiation services provider based in South Korea and Automated Technology, Inc., or ATEC, an assembly and test services provider in the Philippines. These investments are accounted for using the equity method. For the three nine December 31, 2016, The carrying values of our investments in Powersem, EB Tech and ATEC at December 31, 2016 $2.5 $2.7 $6.4 March 31, 2016 $2.5 $2.7 $5.7 Cost Method Investments During the nine December 31, 2016, December 31, 2016, $1.9 million. We do not estimate the fair value of those cost method investments because determining the fair value is not practicable. No December 31, 2016, |
Note 7 - Inventories
Note 7 - Inventories | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. Inventories consisted of the following (in thousands): December 31, March 31, 2016 2016 (unaudited) Raw materials $ 18,952 $ 18,269 Work in process 42,476 41,549 Finished goods 25,690 29,786 Total $ 87,118 $ 89,604 |
Note 8 - Accrued Expenses and O
Note 8 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accrued Expenses and Other Current Liabilities Disclosure [Text Block] | 8. Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, March 31, 2016 2016 (unaudited) Uninvoiced goods and services $ 9,783 $ 8,824 Compensation and benefits 5,212 7,540 Income taxes 5,896 2,066 Commissions, royalties and other 4,317 2,860 Total $ 25,208 $ 21,290 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 9 . Intangible Assets Identified intangible assets of our company consisted of the following as of December 31, 2016 December 31, 2016 Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 17,197 $ 265 $ 13,481 $ 3,451 Customer relationships 13,464 123 13,341 - In-process research and development expenses 1,056 1,003 53 - Contract backlog 7,310 - 7,310 - Other intangible assets 1,588 - 1,461 127 Total identifiable intangible assets $ 40,615 $ 1,391 $ 35,646 $ 3,578 Identified intangible assets of our company consisted of the following as of March 31, 2016 March 31, 2016 Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 17,309 $ - $ 11,639 $ 5,670 Customer relationships 13,520 - 12,961 559 In-process research and development expenses 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 We review our intangible assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable, based upon estimated undiscounted future cash flows. When we are required to determine the fair value of intangible assets other than goodwill, we use the income approach. We start with a forecast of all the expected net cash flows associated with the asset and then we apply an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows on the projections and the selection of a long-term growth rate and the discount rate. Based on our review, the intangible assets resulting from the RadioPulse acquisition were determined to be fully impaired and an impairment charge of $1.4 December 31, 2016. |
Note 10 - Borrowing Arrangement
Note 10 - Borrowing Arrangements | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Borrowing Arrangements Revolving Credit Agreement On November 20, 2015 , $125.0 The obligations are guaranteed by four The loan is collateralized pursuant to a Contingent Collateral Agreement, under which the assets of the parent company and the four The credit agreement provides different interest rate alternatives under which we may may 0.75% 2.5%, December 31, 2016 2.79%. 0.25% 0.625% The terms of the facility impose restrictions on our 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. In December 2016, November 20, 2019 . 2.50 1.00 2.00 1.00. December 31, 2016, In relation to the Revolving Credit Agreement and the amendment to the Revolving Credit Agreement, we incurred loan costs that were deferred and reduced our “Long term loans, net of current portion” on our unaudited consolidated balance sheets. Those costs are being amortized over the new life of the credit agreement. The unamortized balance at December 31, 2016 March 31, 2016 $437,000 $304,000, At December 31, 2016 March 31, 2016, $73.0 $80.0 The Revolving Credit Agreement also includes a $10.0 17, IKB Deutsche Industriebank In April 2015, €6.5 $7.2 March 31, 2022 1.75%. €232,000, $244,000, March 31. March 31, 2016. may €1.0 December 31, 2017 , December 31, 2016, €4.9 $5.1 March 31, 2016, €5.6 $6.3 Loans Assumed from Business Acquisitions Our outstanding balances relating to loans assumed upon business acquisitions at December 31, 2016 March 31, 2016 $283,000 $1.1 |
Note 11 - Pension Plans
Note 11 - Pension Plans | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. We maintain three one one one March 31. December 31, 2016, $1.1 March 31, 2017. Net Period Pension Cost The net periodic pension expense includes the following components (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Service cost $ 27 $ 25 $ 83 $ 76 Interest cost on projected benefit obligation 313 364 991 1,103 Expected return on plan assets (282 ) (432 ) (901 ) (1,312 ) Recognized actuarial loss 41 44 133 134 Net periodic pension expense $ 99 $ 1 $ 306 $ 1 Information on Plan Assets We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of December 31, 2016 March 31, 2016, three 4, December 31, 2016 March 31, 2016 Description Level 1 Level 2 Total Level 1 Level 2 Total (unaudited) (unaudited) Cash and cash funds $ 103 $ - $ 103 $ 121 $ - $ 121 Equity 305 - 305 351 - 351 Fixed interest 1,211 58 1,269 1,225 96 1,321 Mutual funds 12,891 12,751 25,642 13,527 13,394 26,921 Total $ 14,510 $ 12,809 $ 27,319 $ 15,224 $ 13,490 $ 28,714 |
Note 12 - Employee Equity Incen
Note 12 - Employee Equity Incentive Plans | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. Stock Purchase and Stock Option Plans Equity Incentive Plans On September 10, 2009, 2009 2009 900,000 September 16, 2011, 2011 2011 600,000 August 30, 2013, 2013 2013 2,000,000 August 26, 2016, 2016 2016 2,000,000 2009 2011 2013 2016 Stock Options Under the Plans, nonqualified and incentive stock options may 100% may four ten Stock Awards Stock awards, denominated restricted stock under the 2009 2011 may Stock Appreciation Rights Awards of stock appreciation rights, or SARs, may 100% ten Restricted Stock Units Restricted stock units, denominated performance units in the 2009 may one Employee Stock Purchase Plan The Board of Directors has approved the Amended and Restated 1999 1,550,000 may 85% 15% nine December 31, 2016, 112,171 128,070 Stock-Based Compensation The following table summarizes the effects of stock-based compensation charges (in thousands): Three Months Ended December 31, Nine Months Ended December 31, Statement of Operations Classifications 2016 2015 2016 2015 (unaudited) (unaudited) Cost of goods sold $ 80 $ 125 $ 276 $ 371 Research, development and engineering (1) 254 242 840 1,032 Selling, general and administrative 488 471 1,435 1,374 Stock-based compensation effect in income before income tax provision 822 838 2,551 2,777 Provision for income tax (2) 329 293 1,021 972 Net stock-based compensation effects in net income $ 493 $ 545 $ 1,530 $ 1,805 (1) Includes acquisition related compensation expenses of $249,000 nine December 31, 2015. (2) Calculated at the U.S. statutory income tax rate of 40% 2017 35% 2016. During the nine December 31, 2016, December 31, 2016, $7.4 2.8 The Black-Scholes option pricing model is used to estimate the fair value of options granted under our equity incentive plans and rights to acquire stock granted under our stock purchase plan. The weighted average estimated fair values of employee stock option grants and rights granted under the Purchase Plan, as well as the weighted average assumptions that were used in calculating such values during the three nine December 31, 2016 2015, Stock Options (1) Purchase Plan (2) Three Months Ended December 31, Nine Months Ended December 31, Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 2016 2015 2016 2015 (unaudited) (unaudited) (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ 4.45 na $ 4.42 $ 4.83 $ 2.63 $ 3.54 $ 3.28 $ 3.33 Risk-free interest rate 1.7 % na 1.5 % 1.8 % 0.5 % 0.1 % 0.4 % 0.1 % Expected term in years 6.41 na 6.41 6.45 0.50 0.50 0.50 0.50 Volatility 39.8 % na 40.7 % 44.9 % 32.3 % 48.2 % 37.5 % 39.8 % Dividend yield (3) - na 0.4 % 1.2 % 0.0 % 1.2 % 0.7 % 1.1 % (1) No stock options were granted during the quarter ended December 31, 2015. (2) Under the stock purchase plan, rights to purchase shares are only granted during the first third (3) No dividends were declared for the quarters ended September 30, 2016 December 31, 2016. Activity with respect to outstanding stock options for the nine December 31, 2016 Weighted Average Number of Exercise Price Intrinsic Shares Per Share Value (1) (unaudited) (000) Balance at March 31, 2016 5,234,397 $ 10.40 Options granted 704,000 $ 10.95 Options exercised (110,097 ) $ 8.00 $ 384 Options cancelled (7,500 ) $ 13.37 Options expired (27,500 ) $ 11.81 Balance at December 31, 2016 5,793,300 $ 10.50 Exercisable at December 31, 2016 3,924,050 $ 10.11 Exercisable at March 31, 2016 3,619,563 $ 9.93 (1) Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 13. Comprehensive Income (Loss) The components and the changes in accumulated other comprehensive income (loss), net of income taxes, for the nine December 31, 2016 2015 Nine Months Ended December 31, 2016 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2016 $ (10,639 ) $ (82 ) $ (9,545 ) $ (20,266 ) Other comprehensive income (loss) before reclassifications (8,403 ) 66 - (8,337 ) Net (gain) loss reclassified from accumulated other comprehensive income (loss) - (31 ) - (31 ) Net current period other comprehensive income (loss) (8,403 ) 35 - (8,368 ) Balance as of December 31, 2016 $ (19,042 ) $ (47 ) $ (9,545 ) $ (28,634 ) Nine Months Ended December 31, 2015 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2015 $ (13,577 ) $ 7 $ (9,518 ) $ (23,088 ) Other comprehensive income (loss) before reclassifications 534 (337 ) - 197 Net (gain) loss reclassified from accumulated other comprehensive income (loss) - 276 - 276 Net current period other comprehensive income (loss) 534 (61 ) - 473 Balance as of December 31, 2015 $ (13,043 ) $ (54 ) $ (9,518 ) $ (22,615 ) The amounts reclassified out of accumulated other comprehensive income (loss) for the three nine December 31, 2016 2015 Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Impacted Line Item on Unaudited Condensed Consolidated Income Statements Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Net gain (loss) on investments $ - $ (7 ) $ 201 $ (7 ) Other income (expense), net Impairment of marketable securities - - (151 ) (454 ) Other income (expense), net Subtotal - (7 ) 50 (461 ) Income before income tax provision Tax impact - 3 (19 ) 185 Provision for income tax Total reclassifications for the period $ - $ (4 ) $ 31 $ (276 ) Net income |
Note 14 - Computation of Earnin
Note 14 - Computation of Earnings Per Share | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14 . Computation of Earnings per Share Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Net income $ 5,100 $ 2,286 $ 12,054 $ 8,544 Weighted average shares - basic 31,558 31,487 31,484 31,626 Weighted average shares - diluted 32,209 32,343 32,119 32,483 Net income per share - basic $ 0.16 $ 0.07 $ 0.38 $ 0.27 Net income per share - diluted $ 0.16 $ 0.07 $ 0.38 $ 0.26 Diluted weighted average shares included approximately 651,000 856,000 three December 31, 2016 2015, 635,000 857,000 nine December 31, 2016 and 2015, Basic net income available per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options using the treasury stock method. During the three nine December 31, 2016, 3,299,065 3,108,615 three nine December 31, 2015, 2,047,000 1,620,807 These options could dilute earnings per share in future periods if the market price of the common stock increases. |
Note 15 - Segment and Geographi
Note 15 - Segment and Geographic Information | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. We have a single two one one Our net revenues by major geographic area (based on destination) were as follows (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 (unaudited) (unaudited) United States $ 20,605 $ 18,334 $ 60,291 $ 57,784 Europe and the Middle East France 1,901 2,382 7,472 6,724 Germany 9,253 7,201 26,812 24,123 Russia 353 2,196 941 2,914 Netherlands 1,241 761 3,322 2,298 United Kingdom 3,565 3,686 10,401 10,400 Other 6,646 6,217 19,431 21,281 Asia Pacific China 20,690 19,090 64,548 60,378 Japan 1,663 1,451 5,089 7,175 Korea 4,268 5,360 13,316 17,585 Malaysia 1,300 689 3,392 3,253 Singapore 3,751 3,112 10,335 9,249 Other 2,020 2,527 7,021 7,655 Rest of the World India 1,209 1,095 3,316 3,136 Other 1,019 1,032 3,064 3,482 Total $ 79,484 $ 75,133 $ 238,751 $ 237,437 The following table sets forth net revenues for each of our product groups for the three nine December 31, 2016 2015 Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Power semiconductors $ 54,647 $ 51,196 $ 164,663 $ 159,607 Integrated circuits 20,032 18,749 60,967 63,257 Systems and RF power semiconductors 4,805 5,188 13,121 14,573 Total $ 79,484 $ 75,133 $ 238,751 $ 237,437 For the three nine December 31, 2016, one 11.7% 13.1% another 11.2% 10.9% three nine December 31, 2015, first 13.9% 12.0% |
Note 16 - Income Taxes
Note 16 - Income Taxes | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. For the three nine December 31, 2016, $2.0 $7.2 28.6% 37.3%, three nine December 31, 2015, $3.9 $8.1 63.0% 48.5%, three nine December 31, 2016 During the three nine December 31, 2015, $ 1.4 $ 2.3 March 31, 2012, September 30, 2015. $ 893,000 March 31, 2015 2016 September 30, 2015. three nine December 31, 2015, |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Revolving Credit Agreement See Note 10, Other Commitments and Contingencies On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of December 31, 2016 March 31, 2016. We make strategic investments in other companies from time to time. These investments include commitments in certain instances to provide additional financing up to the contracted amount. These commitments are insignificant individually or in aggregate. We have ongoing income tax audits of our subsidiary in the Philippines for the fiscal years ended March 31, 2010 2011. $2.5 $156,000, 2010 2011. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 March 31, 2016 March 31, 2016, 2016, 10 March 31. March 31 |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, five December 15, 2017, December 15, 2016. ifferent transition methods are available: full retrospective method and a modified retrospective 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 July 2015, 330, Inventory first 330 December 15, 2016, and interim periods during the annual period. The new standard is required to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect this change to have a significant impact on our consolidated financial statements. In January 2016, Fair Value Measurements 820, may December 15, 2017, In February 2016, for all leases with terms longer than 12 December 15, 2018, We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In March 2016, fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. is permitted. We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In March 2016, 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, We are currently evaluating the impact of this amended guidance on our consolidated financial statements. In October 2016, third December 15, 2017, first We are in the process of evaluating the impacts of the adoption of this amendment. In November 2016, December 15, 2017, December 31, 2016. nine December 31, 2016 2015, $277,000 $266,000 $1.3 $722,000 nine December 31, 2016 2015 $1.0 $357,000, |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 9 Months Ended |
Dec. 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 assets 771 Goodwill 14,887 Total purchase consideration $ 15,658 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Fair Value Amortization Useful Life (In thousands) Method (In months) (unaudited) Developed intellectual property $ 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 |
Note 4 - Fair Value (Tables)
Note 4 - Fair Value (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2016 (1) March 31, 2016 (1) Fair Value Measured at Fair Value Measured at Reporting Date Using Reporting Date Using Description Total Level 1 Level 2 Total Level 1 Level 2 (unaudited) (unaudited) Money market funds (2) $ 82,566 $ 82,566 $ - $ 115,974 $ 115,974 $ - Marketable equity securities (3) 2,046 2,046 - 1,749 1,749 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total Assets Measured at Fair Value $ 84,962 $ 84,612 $ 350 $ 118,073 $ 117,723 $ 350 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2016 March 31, 2016 (unaudited) Accounts receivable, gross $ 40,276 $ 41,219 Allowances (3,561 ) (2,779 ) Accounts receivable, net $ 36,715 $ 38,440 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, March 31, 2016 2016 (unaudited) Marketable equity securities $ 2,046 $ 1,749 Auction rate preferred securities 350 350 Long-term equity method investments 11,554 10,977 Other items, including cost method investments 3,217 686 Total $ 17,167 $ 13,762 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, March 31, 2016 2016 (unaudited) Raw materials $ 18,952 $ 18,269 Work in process 42,476 41,549 Finished goods 25,690 29,786 Total $ 87,118 $ 89,604 |
Note 8 - Accrued Expenses and32
Note 8 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | December 31, March 31, 2016 2016 (unaudited) Uninvoiced goods and services $ 9,783 $ 8,824 Compensation and benefits 5,212 7,540 Income taxes 5,896 2,066 Commissions, royalties and other 4,317 2,860 Total $ 25,208 $ 21,290 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2016 Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 17,197 $ 265 $ 13,481 $ 3,451 Customer relationships 13,464 123 13,341 - In-process research and development expenses 1,056 1,003 53 - Contract backlog 7,310 - 7,310 - Other intangible assets 1,588 - 1,461 127 Total identifiable intangible assets $ 40,615 $ 1,391 $ 35,646 $ 3,578 March 31, 2016 Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets (unaudited) Developed intellectual property $ 17,309 $ - $ 11,639 $ 5,670 Customer relationships 13,520 - 12,961 559 In-process research and development expenses 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 |
Note 11 - Pension Plans (Tables
Note 11 - Pension Plans (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Service cost $ 27 $ 25 $ 83 $ 76 Interest cost on projected benefit obligation 313 364 991 1,103 Expected return on plan assets (282 ) (432 ) (901 ) (1,312 ) Recognized actuarial loss 41 44 133 134 Net periodic pension expense $ 99 $ 1 $ 306 $ 1 |
Defined Benefit Plan Plan Assets Fair Value [Table Text Block] | December 31, 2016 March 31, 2016 Description Level 1 Level 2 Total Level 1 Level 2 Total (unaudited) (unaudited) Cash and cash funds $ 103 $ - $ 103 $ 121 $ - $ 121 Equity 305 - 305 351 - 351 Fixed interest 1,211 58 1,269 1,225 96 1,321 Mutual funds 12,891 12,751 25,642 13,527 13,394 26,921 Total $ 14,510 $ 12,809 $ 27,319 $ 15,224 $ 13,490 $ 28,714 |
Note 12 - Employee Equity Inc35
Note 12 - Employee Equity Incentive Plans (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, Statement of Operations Classifications 2016 2015 2016 2015 (unaudited) (unaudited) Cost of goods sold $ 80 $ 125 $ 276 $ 371 Research, development and engineering (1) 254 242 840 1,032 Selling, general and administrative 488 471 1,435 1,374 Stock-based compensation effect in income before income tax provision 822 838 2,551 2,777 Provision for income tax (2) 329 293 1,021 972 Net stock-based compensation effects in net income $ 493 $ 545 $ 1,530 $ 1,805 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options (1) Purchase Plan (2) Three Months Ended December 31, Nine Months Ended December 31, Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 2016 2015 2016 2015 (unaudited) (unaudited) (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ 4.45 na $ 4.42 $ 4.83 $ 2.63 $ 3.54 $ 3.28 $ 3.33 Risk-free interest rate 1.7 % na 1.5 % 1.8 % 0.5 % 0.1 % 0.4 % 0.1 % Expected term in years 6.41 na 6.41 6.45 0.50 0.50 0.50 0.50 Volatility 39.8 % na 40.7 % 44.9 % 32.3 % 48.2 % 37.5 % 39.8 % Dividend yield (3) - na 0.4 % 1.2 % 0.0 % 1.2 % 0.7 % 1.1 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Exercise Price Intrinsic Shares Per Share Value (1) (unaudited) (000) Balance at March 31, 2016 5,234,397 $ 10.40 Options granted 704,000 $ 10.95 Options exercised (110,097 ) $ 8.00 $ 384 Options cancelled (7,500 ) $ 13.37 Options expired (27,500 ) $ 11.81 Balance at December 31, 2016 5,793,300 $ 10.50 Exercisable at December 31, 2016 3,924,050 $ 10.11 Exercisable at March 31, 2016 3,619,563 $ 9.93 |
Note 13 - Accumulated Other C36
Note 13 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Nine Months Ended December 31, 2016 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2016 $ (10,639 ) $ (82 ) $ (9,545 ) $ (20,266 ) Other comprehensive income (loss) before reclassifications (8,403 ) 66 - (8,337 ) Net (gain) loss reclassified from accumulated other comprehensive income (loss) - (31 ) - (31 ) Net current period other comprehensive income (loss) (8,403 ) 35 - (8,368 ) Balance as of December 31, 2016 $ (19,042 ) $ (47 ) $ (9,545 ) $ (28,634 ) Nine Months Ended December 31, 2015 Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2015 $ (13,577 ) $ 7 $ (9,518 ) $ (23,088 ) Other comprehensive income (loss) before reclassifications 534 (337 ) - 197 Net (gain) loss reclassified from accumulated other comprehensive income (loss) - 276 - 276 Net current period other comprehensive income (loss) 534 (61 ) - 473 Balance as of December 31, 2015 $ (13,043 ) $ (54 ) $ (9,518 ) $ (22,615 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Impacted Line Item on Unaudited Condensed Consolidated Income Statements Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Net gain (loss) on investments $ - $ (7 ) $ 201 $ (7 ) Other income (expense), net Impairment of marketable securities - - (151 ) (454 ) Other income (expense), net Subtotal - (7 ) 50 (461 ) Income before income tax provision Tax impact - 3 (19 ) 185 Provision for income tax Total reclassifications for the period $ - $ (4 ) $ 31 $ (276 ) Net income |
Note 14 - Computation of Earn37
Note 14 - Computation of Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Net income $ 5,100 $ 2,286 $ 12,054 $ 8,544 Weighted average shares - basic 31,558 31,487 31,484 31,626 Weighted average shares - diluted 32,209 32,343 32,119 32,483 Net income per share - basic $ 0.16 $ 0.07 $ 0.38 $ 0.27 Net income per share - diluted $ 0.16 $ 0.07 $ 0.38 $ 0.26 |
Note 15 - Segment and Geograp38
Note 15 - Segment and Geographic Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 (unaudited) (unaudited) United States $ 20,605 $ 18,334 $ 60,291 $ 57,784 Europe and the Middle East France 1,901 2,382 7,472 6,724 Germany 9,253 7,201 26,812 24,123 Russia 353 2,196 941 2,914 Netherlands 1,241 761 3,322 2,298 United Kingdom 3,565 3,686 10,401 10,400 Other 6,646 6,217 19,431 21,281 Asia Pacific China 20,690 19,090 64,548 60,378 Japan 1,663 1,451 5,089 7,175 Korea 4,268 5,360 13,316 17,585 Malaysia 1,300 689 3,392 3,253 Singapore 3,751 3,112 10,335 9,249 Other 2,020 2,527 7,021 7,655 Rest of the World India 1,209 1,095 3,316 3,136 Other 1,019 1,032 3,064 3,482 Total $ 79,484 $ 75,133 $ 238,751 $ 237,437 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 (unaudited) (unaudited) Power semiconductors $ 54,647 $ 51,196 $ 164,663 $ 159,607 Integrated circuits 20,032 18,749 60,967 63,257 Systems and RF power semiconductors 4,805 5,188 13,121 14,573 Total $ 79,484 $ 75,133 $ 238,751 $ 237,437 |
Note 2 - Recent Accounting Pr39
Note 2 - Recent Accounting Pronouncements and Accounting Changes (Details Textual) - USD ($) | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted cash | $ 1,300,000 | $ 722,000 | $ 277,000 | $ 266,000 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Pro Forma [Member] | ||||
Increase (Decrease) in Restricted Cash | $ (1,000,000) | $ (357,000) |
Note 3 - Business Combination40
Note 3 - Business Combinations (Details Textual) - RadioPulse [Member] - USD ($) | May 01, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2016 |
Business Combination, Consideration Transferred | $ 15,700,000 | |||
Payments to Acquire Businesses, Gross | 14,700,000 | |||
Business Combination, Consideration Transferred, Other | 1,000,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 6,000,000 | |||
Business Combination, Contingent Consideration Arrangements, Earnout Payment Period | 3 years | |||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 | ||
Business Acquisition, Transaction Costs | $ 248,000 | |||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249,000 | $ 249,000 |
Note 3 - Business Combination41
Note 3 - Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | May 01, 2015 |
Goodwill | $ 42,193 | $ 42,355 | |
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 assets | 771 | ||
Goodwill | 14,887 | ||
Total purchase consideration | $ 15,658 |
Note 3 - Business Combination42
Note 3 - Business Combinations - Acquired Finite-lived Intangible Assets (Details) $ in Thousands | May 01, 2015USD ($) | |
Fair Value | $ 2,867 | |
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 | |
Order or Production Backlog [Member] | ||
Fair Value | $ 174 | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life | 180 days | |
[1] | Amortization started in the quarter ended December 31, 2016 upon the completion of the research and development activities of the corresponding projects. |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) xbrli-pure in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) |
Derivative, Number of Instruments Held | 0 | 0 |
Debt, Long-term and Short-term, Combined Amount | $ 78,000 | $ 87,100 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Note 4 - Fair Value - Assets an
Note 4 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | |
Marketable equity securities | $ 2,046 | $ 1,749 | |
Auction rate preferred securities | 350 | 350 | |
Fair Value, Measurements, Recurring [Member] | |||
Money market funds | [1],[2] | 82,566 | 115,974 |
Marketable equity securities | [2],[3] | 2,046 | 1,749 |
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total Assets Measured at Fair Value | [2] | 84,962 | 118,073 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Money market funds | [1],[2] | 82,566 | 115,974 |
Marketable equity securities | [2],[3] | 2,046 | 1,749 |
Auction rate preferred securities | [2],[3] | ||
Total Assets Measured at Fair Value | [2] | 84,612 | 117,723 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
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 |
[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. |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Accounts receivable, gross | $ 40,276 | $ 41,219 |
Allowances | (3,561) | (2,779) |
Accounts receivable, net | $ 36,715 | $ 38,440 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | $ 151,000 | $ 454,000 | |
Equity Method Investments | 11,554,000 | 11,554,000 | $ 10,977,000 | ||
Cost Method Investments | 1,900,000 | 1,900,000 | |||
Equity Method Investment, Other than Temporary Impairment | 0 | ||||
Cost-method Investments, Other than Temporary Impairment | 0 | ||||
Powersem GmbH [Member] | |||||
Equity Method Investments | 2,500,000 | 2,500,000 | 2,500,000 | ||
EB Tech Ltd [Member] | |||||
Equity Method Investments | 2,700,000 | 2,700,000 | 2,700,000 | ||
ATEC [Member] | |||||
Equity Method Investments | $ 6,400,000 | $ 6,400,000 | $ 5,700,000 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Marketable equity securities | $ 2,046 | $ 1,749 |
Auction rate preferred securities | 350 | 350 |
Long-term equity method investments | 11,554 | 10,977 |
Other items, including cost method investments | 3,217 | 686 |
Total | $ 17,167 | $ 13,762 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Raw materials | $ 18,952 | $ 18,269 |
Work in process | 42,476 | 41,549 |
Finished goods | 25,690 | 29,786 |
Total | $ 87,118 | $ 89,604 |
Note 8 - Accrued Expenses and49
Note 8 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Uninvoiced goods and services | $ 9,783 | $ 8,824 |
Compensation and benefits | 5,212 | 7,540 |
Income taxes | 5,896 | 2,066 |
Commissions, royalties and other | 4,317 | 2,860 |
Total | $ 25,208 | $ 21,290 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment of Intangible Assets, Finite-lived | $ 1,391 | $ 1,391 |
Note 9 - Intangible Assets - Id
Note 9 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Gross Intangible Assets | $ 40,615 | $ 40,945 |
Accumulated Impairment | 1,391 | |
Accumulated Amortization | 35,646 | 33,338 |
Net Intangible Assets | 3,578 | 7,607 |
Developed Technology Rights [Member] | ||
Gross Intangible Assets | 17,197 | 17,309 |
Accumulated Impairment | 265 | |
Accumulated Amortization | 13,481 | 11,639 |
Net Intangible Assets | 3,451 | 5,670 |
Customer Relationships [Member] | ||
Gross Intangible Assets | 13,464 | 13,520 |
Accumulated Impairment | 123 | |
Accumulated Amortization | 13,341 | 12,961 |
Net Intangible Assets | 559 | |
In Process Research and Development [Member] | ||
Gross Intangible Assets | 1,056 | 1,188 |
Accumulated Impairment | 1,003 | |
Accumulated Amortization | 53 | |
Net Intangible Assets | 1,188 | |
Order or Production Backlog [Member] | ||
Gross Intangible Assets | 7,310 | 7,329 |
Accumulated Impairment | ||
Accumulated Amortization | 7,310 | 7,329 |
Net Intangible Assets | ||
Other Intangible Assets [Member] | ||
Gross Intangible Assets | 1,588 | 1,599 |
Accumulated Impairment | ||
Accumulated Amortization | 1,461 | 1,409 |
Net Intangible Assets | $ 127 | $ 190 |
Note 10 - Borrowing Arrangeme52
Note 10 - Borrowing Arrangements (Details Textual) | Nov. 20, 2015USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Nov. 30, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Apr. 30, 2015EUR (€) |
Restricted Cash and Cash Equivalents, Current | $ 1,309,000 | $ 1,309,000 | $ 1,309,000 | $ 277,000 | |||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | |||||||||||
Debt Instrument, Face Amount | $ 7,200,000 | € 6,500,000 | |||||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 244,000 | € 232,000 | |||||||||
Restricted Cash and Cash Equivalents, Current | € | € 1,000,000 | ||||||||||
Security Deposit, Maturity Date | Dec. 31, 2017 | Dec. 31, 2017 | |||||||||
Long-term Debt, Gross | 5,100,000 | $ 5,100,000 | 5,100,000 | € 4,900,000 | 6,300,000 | € 5,600,000 | |||||
Notes Payable, Other Payables [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 283,000 | $ 283,000 | $ 283,000 | 1,100,000 | |||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | |||||||||||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | ||||||||||
Line of Credit, Leverage Ratio | 2 | ||||||||||
Debt Issuance Costs, Net | 304,000 | ||||||||||
Long-term Line of Credit | $ 80,000,000 | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.79% | 2.79% | 2.79% | 2.79% | |||||||
Line of Credit Facility, Expiration Date | Nov. 20, 2019 | ||||||||||
Line of Credit, Leverage Ratio | 2.5 | ||||||||||
Debt Issuance Costs, Net | $ 437,000 | $ 437,000 | $ 437,000 | ||||||||
Long-term Line of Credit | 73,000,000 | 73,000,000 | 73,000,000 | ||||||||
Available Credit Line for Letter of Credit | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 0.75% | 0.75% | 0.75% | 0.75% | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 2.50% | 2.50% | 2.50% | 2.50% | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.625% |
Note 11 - Pension Plans (Detail
Note 11 - Pension Plans (Details Textual) $ in Millions | 12 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2016 | |
Number of Defined Benefit Plans | 3 | |
United Kingdom and the Philippines Plans [Member] | Scenario, Forecast [Member] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 1.1 |
Note 11 - Pension Plans - Net P
Note 11 - Pension Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Service cost | $ 27 | $ 25 | $ 83 | $ 76 |
Interest cost on projected benefit obligation | 313 | 364 | 991 | 1,103 |
Expected return on plan assets | (282) | (432) | (901) | (1,312) |
Recognized actuarial loss | 41 | 44 | 133 | 134 |
Net periodic pension expense | $ 99 | $ 1 | $ 306 | $ 1 |
Note 11 - Pension Plans - Infor
Note 11 - Pension Plans - Information on Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 27,319 | $ 28,714 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 103 | 121 |
Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 305 | 351 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,269 | 1,321 |
Mutual Fund [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 25,642 | 26,921 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 14,510 | 15,224 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 103 | 121 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 305 | 351 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,211 | 1,225 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 12,891 | 13,527 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 12,809 | 13,490 |
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] | Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 58 | 96 |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 12,751 | $ 13,394 |
Note 12 - Employee Equity Inc56
Note 12 - Employee Equity Incentive Plans (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Aug. 26, 2016 | Aug. 30, 2013 | Sep. 16, 2011 | Sep. 10, 2009 | |
Estimated Statutory Income Tax Rate | 40.00% | 35.00% | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,400,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | ||||||
RadioPulse [Member] | |||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249,000 | $ 249,000 | |||||
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 | ||||||
Plan 2016 [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 Two Thousand and Thirteen and Two Thousand and Sixteen [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 Options of Plans Two Thousand and Nine Two Thousand and Eleven Two Thousand and Thirteen and Two Thousand and Sixteen [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 Two Thousand and Thirteen and Two Thousand and Sixteen [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 Two Thousand and Thirteen and Two Thousand and Sixteen [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 | 112,171 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 128,070 |
Note 12 - Employee Equity Inc57
Note 12 - Employee Equity Incentive Plans - Stock-based Compensation in Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Stock-based Compensation Effect in Income before Taxes | $ 822 | $ 838 | $ 2,551 | $ 2,777 | ||
Provision for income tax | [1] | 329 | 293 | 1,021 | 972 | |
Net stock-based compensation effects in net income | 493 | 545 | 1,530 | 1,805 | ||
Cost of Sales [Member] | ||||||
Stock-based Compensation Effect in Income before Taxes | 80 | 125 | 276 | 371 | ||
Research and Development Expense [Member] | ||||||
Stock-based Compensation Effect in Income before Taxes | 254 | 242 | 840 | 1,032 | [2] | |
Selling, General and Administrative Expenses [Member] | ||||||
Stock-based Compensation Effect in Income before Taxes | $ 488 | $ 471 | $ 1,435 | $ 1,374 | ||
[1] | Calculated at the U.S. statutory income tax rate of 40% in fiscal 2017 and 35% in fiscal 2016. | |||||
[2] | Includes acquisition related compensation expenses of $249,000 during the nine months ended December 31, 2015. |
Note 12 - Employee Equity Inc58
Note 12 - Employee Equity Incentive Plans - Fair Value and Assumptions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Employee Stock Option [Member] | ||||||||
Weighted average estimated fair value of grant per share (in dollars per share) | $ 4.45 | [1] | $ 4.42 | $ 4.83 | ||||
Risk-free interest rate | 1.70% | [1] | 1.50% | 1.80% | ||||
Expected term in years | 6 years 149 days | [1] | 6 years 149 days | 6 years 164 days | ||||
Volatility | 39.80% | [1] | 40.70% | 44.90% | ||||
Dividend yield | [2] | [1] | 0.40% | [2] | 1.20% | |||
Employee Stock Purchase Plan 1999 [Member] | ||||||||
Weighted average estimated fair value of grant per share (in dollars per share) | [3] | $ 2.63 | $ 3.54 | $ 3.28 | $ 3.33 | |||
Risk-free interest rate | [3] | 0.50% | 0.10% | 0.40% | 0.10% | |||
Expected term in years | [3] | 182 days | 182 days | 182 days | 182 days | |||
Volatility | [3] | 32.30% | 48.20% | 37.50% | 39.80% | |||
Dividend yield | [3] | 0.00% | [2] | 1.20% | 0.70% | [2] | 1.10% | |
[1] | No stock options were granted during the quarter ended December 31, 2015. | |||||||
[2] | No dividends were declared for the quarters ended September 30, 2016 and December 31, 2016. | |||||||
[3] | Under the stock purchase plan, rights to purchase shares are only granted during the first and third quarters of each fiscal year. |
Note 12 - Employee Equity Inc59
Note 12 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | ||
Options outstanding, beginning of period (in shares) | 5,234,397 | ||
Weighted average exercise price per share, beginning balance (in dollars per share) | $ 10.40 | ||
Options oustanding, Options granted (in shares) | 704,000 | ||
Weighted average exercise price per share, Options granted (in dollars per share) | $ 10.95 | ||
Options oustanding, Options exercised (in shares) | (110,097) | ||
Weighted average exercise price per share, Options exercised (in dollars per share) | $ 8 | ||
Options exercised, Intrinsic Value | [1] | $ 384 | |
Options oustanding, Options cancelled (in shares) | (7,500) | ||
Weighted average exercise price per share, Options cancelled (in dollars per share) | $ 13.37 | ||
Options oustanding, Options expired (in shares) | (27,500) | ||
Weighted average exercise price per share, Options expired (in dollars per share) | $ 11.81 | ||
Options oustanding, ending balance (in shares) | 5,793,300 | ||
Weighted average exercise price per share, ending balance (in dollars per share) | $ 10.50 | ||
Options exercisable (in shares) | 3,924,050 | 3,619,563 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 10.11 | $ 9.93 | |
[1] | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 13 - Accumulated Other C60
Note 13 - Accumulated Other Comprehensive Income (Loss) - AOCI Change (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | $ (20,266) | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (28,634) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (10,639) | $ (13,577) |
Other comprehensive income (loss) before reclassifications | (8,403) | 534 |
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | (8,403) | 534 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (19,042) | (13,043) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (82) | 7 |
Other comprehensive income (loss) before reclassifications | 66 | (337) |
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | (31) | 276 |
Net current period other comprehensive income (loss) | 35 | (61) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (47) | (54) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (9,545) | (9,518) |
Other comprehensive income (loss) before reclassifications | ||
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | (9,545) | (9,518) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning of Period | (20,266) | (23,088) |
Other comprehensive income (loss) before reclassifications | (8,337) | 197 |
Net (gain) loss reclassified from accumulated other comprehensive income (loss) | (31) | 276 |
Net current period other comprehensive income (loss) | (8,368) | 473 |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, End of Period | $ (28,634) | $ (22,615) |
Note 13 - Accumulated Other C61
Note 13 - Accumulated Other Comprehensive (Loss) - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other income (expense), net | $ (110) | $ 290 | $ 1,291 | $ (1,510) |
Income before Income Tax Provision | 7,144 | 6,174 | 19,210 | 16,599 |
Tax impact | (2,044) | (3,888) | (7,156) | (8,055) |
Total reclassifications for the period | 5,100 | 2,286 | 12,054 | 8,544 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Income before Income Tax Provision | (7) | 50 | (461) | |
Tax impact | 3 | (19) | 185 | |
Total reclassifications for the period | (4) | 31 | (276) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Other income (expense), net | (7) | 201 | (7) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||||
Other income (expense), net | $ (151) | $ (454) |
Note 14 - Computation of Earn62
Note 14 - Computation of Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 651,000 | 856,000 | 635,000 | 857,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,299,065 | 2,047,000 | 3,108,615 | 1,620,807 |
Note 14 - Computation of Earn63
Note 14 - Computation of Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 5,100 | $ 2,286 | $ 12,054 | $ 8,544 |
Weighted average shares - basic (in shares) | 31,558 | 31,487 | 31,484 | 31,626 |
Weighted average shares - diluted (in shares) | 32,209 | 32,343 | 32,119 | 32,483 |
Net income per share - basic (in dollars per share) | $ 0.16 | $ 0.07 | $ 0.38 | $ 0.27 |
Net income per share - diluted (in dollars per share) | $ 0.16 | $ 0.07 | $ 0.38 | $ 0.26 |
Note 15 - Segment and Geograp64
Note 15 - Segment and Geographic Information (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Reportable Segments | 1 | 1 | 1 | 1 |
Number of Operating Segments | 1 | 1 | 1 | 1 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 1 [Member] | ||||
Number of Entity Wide Revenue Major Customers | 1 | 1 | 1 | 1 |
Concentration Risk, Percentage | 11.70% | 13.90% | 13.10% | 12.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributor 2 [Member] | ||||
Number of Entity Wide Revenue Major Customers | 1 | 1 | ||
Concentration Risk, Percentage | 11.20% | 10.90% |
Note 15 - Segment and Geograp65
Note 15 - Segment and Geographic Information - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Revenues | $ 79,484 | $ 75,133 | $ 238,751 | $ 237,437 |
UNITED STATES | ||||
Net Revenues | 20,605 | 18,334 | 60,291 | 57,784 |
FRANCE | ||||
Net Revenues | 1,901 | 2,382 | 7,472 | 6,724 |
GERMANY | ||||
Net Revenues | 9,253 | 7,201 | 26,812 | 24,123 |
RUSSIAN FEDERATION | ||||
Net Revenues | 353 | 2,196 | 941 | 2,914 |
NETHERLANDS | ||||
Net Revenues | 1,241 | 761 | 3,322 | 2,298 |
UNITED KINGDOM | ||||
Net Revenues | 3,565 | 3,686 | 10,401 | 10,400 |
Other Europe and the Middle East Regions [Member] | ||||
Net Revenues | 6,646 | 6,217 | 19,431 | 21,281 |
CHINA | ||||
Net Revenues | 20,690 | 19,090 | 64,548 | 60,378 |
JAPAN | ||||
Net Revenues | 1,663 | 1,451 | 5,089 | 7,175 |
KOREA, REPUBLIC OF | ||||
Net Revenues | 4,268 | 5,360 | 13,316 | 17,585 |
MALAYSIA [Member] | ||||
Net Revenues | 1,300 | 689 | 3,392 | 3,253 |
SINGAPORE | ||||
Net Revenues | 3,751 | 3,112 | 10,335 | 9,249 |
Other Asia Pacific Regions [Member] | ||||
Net Revenues | 2,020 | 2,527 | 7,021 | 7,655 |
INDIA | ||||
Net Revenues | 1,209 | 1,095 | 3,316 | 3,136 |
Other Rest of the World [Member] | ||||
Net Revenues | $ 1,019 | $ 1,032 | $ 3,064 | $ 3,482 |
Note 15 - Segment and Geograp66
Note 15 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Revenues | $ 79,484 | $ 75,133 | $ 238,751 | $ 237,437 |
Power Semiconductors [Member] | ||||
Net Revenues | 54,647 | 51,196 | 164,663 | 159,607 |
Integrated Circuits [Member] | ||||
Net Revenues | 20,032 | 18,749 | 60,967 | 63,257 |
Systems and RF Power Semiconductors [Member] | ||||
Net Revenues | $ 4,805 | $ 5,188 | $ 13,121 | $ 14,573 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit) | $ 2,044,000 | $ 3,888,000 | $ 7,156,000 | $ 8,055,000 |
Effective Income Tax Rate Reconciliation, Percent | 28.60% | 63.00% | 37.30% | 48.50% |
Tax Adjustments, Settlements, and Unusual Provisions | $ 1,400,000 | $ 1,400,000 | ||
Reversal of Overstated Deferred Tax Asset [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 2,300,000 | 2,300,000 | ||
Reduction in Tax Reserves that was Overstated [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (893,000) | $ (893,000) |
Note 17 - Commitments and Con68
Note 17 - Commitments and Contingencies (Details Textual) - Foreign Tax Authority [Member] - Bureau of Internal Revenue [Member] | Dec. 31, 2016USD ($) |
Tax Year 2010 [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 2,500,000 |
Tax Year 2011 [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 156,000 |