Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Jul. 27, 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) | 32,603,143 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 171,010 | $ 167,904 |
Restricted cash | 1,422 | 1,330 |
Accounts receivable, net | 42,138 | 41,167 |
Inventories | 92,369 | 89,436 |
Prepaid expenses and other current assets | 6,488 | 3,977 |
Total current assets | 313,427 | 303,814 |
Property, plant and equipment, net | 44,065 | 42,240 |
Intangible assets, net | 2,398 | 2,984 |
Goodwill | 42,378 | 42,227 |
Deferred income taxes | 24,917 | 24,739 |
Other assets | 22,202 | 17,975 |
Total assets | 449,387 | 433,979 |
Current liabilities: | ||
Current portion of loans payable | 1,107 | 1,058 |
Accounts payable | 10,523 | 11,409 |
Accrued expenses and other current liabilities | 23,539 | 25,347 |
Total current liabilities | 35,169 | 37,814 |
Long term loans, net of current portion | 76,853 | 76,791 |
Pension liabilities | 15,558 | 14,901 |
Other long term liabilities | 6,591 | 6,618 |
Total liabilities | 134,171 | 136,124 |
Commitments and contingencies (Note 15) | ||
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; 38,383,751 issued and 32,595,143 outstanding at June 30, 2017 and 38,326,329 issued and 31,912,021 outstanding at March 31, 2017 | 384 | 383 |
Additional paid-in capital | 217,840 | 217,355 |
Treasury stock, at cost: 5,788,608 common shares at June 30, 2017 and 6,414,308 common shares at March 31, 2017 | (52,653) | (58,347) |
Retained earnings | 171,321 | 167,009 |
Accumulated other comprehensive loss | (21,676) | (28,545) |
Total stockholders' equity | 315,216 | 297,855 |
Total liabilities and stockholders' equity | $ 449,387 | $ 433,979 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2017 | Mar. 31, 2017 |
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) | 38,383,751 | 38,326,329 |
Common stock, shares outstanding (in shares) | 32,595,143 | 31,912,021 |
Treasury stock, shares (in shares) | 5,788,608 | 6,414,308 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net revenues | $ 83,542 | $ 80,638 |
Cost of goods sold | 56,996 | 56,644 |
Gross profit | 26,546 | 23,994 |
Operating expenses: | ||
Research, development and engineering | 7,573 | 7,910 |
Selling, general and administrative | 10,006 | 10,038 |
Amortization of acquisition-related intangible assets | 596 | 1,017 |
Total operating expenses | 18,175 | 18,965 |
Operating income | 8,371 | 5,029 |
Other income (expense): | ||
Interest income | 79 | 62 |
Interest expense | (694) | (635) |
Other income (expense), net | (515) | 815 |
Income before income tax provision | 7,241 | 5,271 |
Provision for income tax | (1,747) | (2,252) |
Net income | $ 5,494 | $ 3,019 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.17 | $ 0.10 |
Diluted (in dollars per share) | 0.17 | 0.09 |
Cash dividends per common share (in dollars per share) | $ 0.04 | |
Weighted average shares used in per share calculation: | ||
Basic (in shares) | 32,086 | 31,401 |
Diluted (in shares) | 33,044 | 32,001 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 5,494 | $ 3,019 |
Foreign currency translation adjustments | 6,882 | (2,825) |
Changes in market value of investments: | ||
Changes in unrealized gains (losses), net of income taxes of $(8) for the three months ended June 30, 2017, and net of income taxes of $45 for the three months ended June 30, 2016 | (13) | 85 |
Reclassification adjustment for net losses realized in net income, net of income taxes of $61 for the three months ended June 30, 2016 | 90 | |
Net change in market value of investments | (13) | 175 |
Total comprehensive income | $ 12,363 | $ 369 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (8) | $ 45 |
Taxes on reclassification adjustment for sales of securities included in net income | $ 61 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 5,494 | $ 3,019 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of assets acquired and liabilities assumed: | ||
Depreciation and amortization | 2,411 | 2,832 |
Provision for receivable allowances | 2,428 | 1,610 |
Net change in inventory provision | 383 | 425 |
Stock-based compensation | 907 | 855 |
Gain on investments | (431) | (169) |
Foreign currency adjustments on intercompany amounts and other non-cash items | 69 | (111) |
Changes in operating assets and liabilities, net of business acquired: | ||
Accounts receivable | (2,553) | (4,652) |
Inventories | (636) | 2,083 |
Prepaid expenses and other assets | (2,282) | 130 |
Accounts payable | (1,468) | 559 |
Accrued expenses and other liabilities | (4,533) | 1,113 |
Pension liabilities | (206) | (198) |
Net cash provided by (used in) operating activities | (417) | 7,496 |
Cash flows from investing activities: | ||
Purchases of investments | (2,203) | |
Purchases of plant and equipment | (2,144) | (3,477) |
Net cash used in investing activities | (4,347) | (3,477) |
Cash flows from financing activities: | ||
Repayments of loans and notes payable | (278) | (7,970) |
Proceeds from employee equity plans | 5,212 | 694 |
Net cash provided by (used in) financing activities | 4,934 | (7,276) |
Effect of exchange rate fluctuations on cash and cash equivalents | 3,028 | (1,161) |
Net increase (decrease) in cash and cash equivalents | 3,198 | (4,418) |
Cash and cash equivalents and restricted cash at beginning of period (1) | 169,234 | 156,083 |
Cash and cash equivalents and restricted cash at end of period (2) | $ 172,432 | $ 151,665 |
Unaudited Condensed Consolidat8
Unaudited Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Restricted cash | $ 1,400 | $ 1,300 | $ 272 | $ 277 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not not March 31, 2017 March 31, 2017, 2017, 10 not March 31. March 31 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements and Accounting Changes | 3 Months Ended |
Jun. 30, 2017 | |
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. We are currently evaluating the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard will not not In July 2015, 330, Inventory first 330 first 2018. not In January 2016, not not not not Fair Value Measurements 820, may December 15, 2017, In February 2016, 12 December 15, 2018, In March 2016, December 15, 2016, three June 30, 2017 $60,000, $21,000 $39,000. $545,000 three June 30, 2017. not . Taxes withheld on net exercises of stock options during June 30, 2017 2016 $490,000 $0, three June 30, 2017 2016. no In August 2016, eight December 15, 2017, not In October 2016, third December 15, 2017, first first 2018. $1.1 three June 30, 2017. In January 2017, December 15, 2017, |
Note 3 - Fair Value
Note 3 - Fair Value | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. 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 not 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 June 30, 2017 March 31, 2017 ( June 30, 2017 (1) March 31, 2017 (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) $ 98,303 $ 98,303 $ - $ 90,752 $ 90,752 $ - Marketable equity securities (3) 1,821 1,821 - 1,771 1,771 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total assets measured at fair value $ 100,474 $ 100,124 $ 350 $ 92,873 $ 92,523 $ 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 equity securities and derivative contracts at fair value. Marketable equity securities are valued using the quoted market prices and are therefore classified as Level 1 the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of futur e recoveries and our ability and intent to hold or sell the securities. Based on our review, we recognized other than temporary impairment losses of $ 0 $151,000 three June 30, 2017 June 30, 2016 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 not 2. no June 30, 2017 March 31, 2017. 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 fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. Our indebtedness for borrowed money and our installment payment obligations 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 $78.0 $77.8 June 30, 2017 March 31, 2017, Our equity method investments, cost method investments and non-financial assets, such as acquired intangible assets and property, plant and equipment, are recorded at fair value only if impairment is recognized. No June 30, 2017 June 30, 2016 , as there have not Our acquisition-related intangible assets were initially recorded at fair value. The valuation of the acquisition-related intangible assets was classified as a Level 3 not $1.4 December 31, 2016. |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts receivable consisted of the following (in thousands): June 30, March 31, 2017 2017 (unaudited) Accounts receivable, gross $ 46,253 $ 45,856 Allowances (4,115 ) (4,689 ) Accounts receivable, net $ 42,138 $ 41,167 |
Note 5 - Other Assets
Note 5 - Other Assets | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 5. Other assets consist of the following (in thousands): June 30, March 31, 2017 2017 (unaudited) Marketable equity securities $ 1,821 $ 1,771 Long-term equity method investments 12,145 11,589 Other items, including cost method investments 8,236 4,615 Total $ 22,202 $ 17,975 Available-for-Sale Investments Marketable equity securities and auction rate preferred securities are designated as available-for-sale and 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. 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 June 30, 2017 2016, June 30, 2017 $2.7 $2.6 $6.8 March 31, 2017 $2.5 $2.6 million and $6.5 million, respectively. Cost Method Investments During the three June 30, 2017 2017, not June 30, 2017 March 31, 2017, $4.1 $3.1 million, respectively. We do not not |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories consist of the following (in thousands): June 30, March 31, 2017 2017 (unaudited) Raw materials $ 18,831 $ 17,920 Work in process 46,392 45,634 Finished goods 27,146 25,882 Total $ 92,369 $ 89,436 |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accrued Expenses and Other Current Liabilities Disclosure [Text Block] | 7. Accrued expenses and other current liabilities consist of the following (in thousands): June 30, March 31, 2017 2017 (unaudited) Uninvoiced goods and services $ 14,638 $ 12,703 Compensation and benefits 7,118 6,707 Income taxes (1) - 3,521 Commissions, royalties and other 1,783 2,416 Total $ 23,539 $ 25,347 ( 1 $1.1 June 30, 2017 unaudited condensed consolidated balance sheet as of June 30, 2017. |
Note 8 - Borrowing Arrangements
Note 8 - Borrowing Arrangements | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Borrowing Arrangements Revolving Credit Agreement On November 20, 2015 $125.0 four four The credit agreement provides different interest rate alternatives under which we may may 0.75% 2.5%, June 30, 2017 3.18%. 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. No June 30, 2017, 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 June 30, 2017 March 31, 2017 $362 ,000 $399,000, At June 30, 2017 March 31, 2017, $72.6 The Revolving Credit Agreement also includes a $10.0 $125.0 15, IKB Deutsche Industriebank In April 2015, €6.5 $7.2 March 31, 2022 1.75%. €232,000, $265,000, March 31. March 31, 2017. may €1.0 December 29, 2017 June 30, 2017, €4.4 $5.0 March 31, 2017, €4.6 $5.0 Loans Assumed from Business Acquisitions Our outstanding balances relating to loans assumed upon business acquisitions at June 30, 2017 March 31, 2017 $284,000 $288 ,000, |
Note 9 - Pension Plans
Note 9 - Pension Plans | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. We maintain three one one one March 31. June 30, 2017, no We expect to contribute approximately $948,000 March 31, 2018. Net Period Pension Cost The net periodic pension expense includes the following components (in thousands): Three Months Ended June 30, 2017 2016 (unaudited) Service cost $ 24 $ 28 Interest cost on projected benefit obligation 279 352 Expected return on plan assets (280 ) (323 ) Recognized actuarial loss 98 48 Net periodic pension expense $ 121 $ 105 Information on Plan Assets We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of June 30, 2017 March 31, 2017, three 3, June 30, 2017 March 31, 2017 Description Level 1 Level 2 Total Level 1 Level 2 Total (unaudited) (unaudited) Cash and cash funds $ 616 $ - $ 616 $ 136 $ - $ 136 Equity - - - 314 - 314 Fixed interest 964 57 1,021 1,203 58 1,261 Mutual funds 13,639 13,584 27,223 13,181 13,390 26,571 Total $ 15,219 $ 13,641 $ 28,860 $ 14,834 $ 13,448 $ 28,282 |
Note 10 - Employee Equity Incen
Note 10 - Employee Equity Incentive Plans | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. 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 not 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 not 100% no 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 1,950,000 may 85% 15% three June 30, 2017, 57,422 70,648 400,000 Stock-Based Compensation The following table summarizes the effects of stock-based compensation charges (in thousands): Three Months Ended June 30, Statement of Operations Classifications 2017 2016 (unaudited) Cost of goods sold $ 93 $ 100 Research, development and engineering 325 303 Selling, general and administrative 489 452 Stock-based compensation effect in income before income tax provision 907 855 Provision for income tax (1) 363 342 Net stock-based compensation effects in net income $ 544 $ 513 ( 1 40% 2018 2017. During the three June 30, 2017, not June 30, 2017, $9.2 2.9 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 June 30, 2017 2016, Stock Options Purchase Plan Three Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ 6.49 $ 3.96 $ 2.92 $ 3.94 Risk-free interest rate 1.9 % 1.4 % 0.7 % 0.3 % Expected term in years 6.63 6.41 0.75 1.00 Volatility 36.8 % 41.0 % 29.9 % 42.9 % Dividend yield (1) 0.0 % 1.4 % 0.0 % 1.4 % ( 1 No June 30, 2017. Activity with respect to outstanding stock options for the three June 30, 2017 Weighted Average Number of Exercise Price Intrinsic Shares Per Share Value (1) (unaudited) (000) Balance at March 31, 2017 5,097,545 $ 10.71 Options granted 549,000 $ 16.05 Options exercised (812,045 ) $ 9.40 $ 5,187 Options cancelled (89,750 ) $ 11.42 Options expired (19,000 ) $ 9.35 Balance at June 30, 2017 4,725,750 $ 11.54 Exercisable at June 30, 2017 2,607,500 $ 10.75 Exercisable at March 31, 2017 3,300,295 $ 10.34 ( 1 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Comprehensive Income (Loss) The components and the changes in accumulated other comprehensive income (loss), net of tax, for the three June 30, 2017 2016 Foreign Currency Unrealized Losses on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2017 $ (19,233 ) $ (219 ) $ (9,093 ) $ (28,545 ) Other comprehensive income (loss) before reclassifications 6,882 (13 ) - 6,869 Net current period other comprehensive income (loss) 6,882 (13 ) - 6,869 Balance as of June 30, 2017 $ (12,351 ) $ (232 ) $ (9,093 ) $ (21,676 ) 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 (2,825 ) 85 - (2,740 ) Net loss reclassified from accumulated other comprehensive income (loss) - 90 - 90 Net current period other comprehensive income (loss) (2,825 ) 175 - (2,650 ) Balance as of June 30, 2016 $ (13,464 ) $ 93 $ (9,545 ) $ (22,916 ) The amounts reclassified out of accumulated other comprehensive income (loss) for the three June 30, 2017 2016 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 June 30, 2017 2016 (unaudited) Impairment of marketable securities - (151 ) Other income (expense), net Subtotal - (151 ) Income before income tax provision Tax impact - 61 Provision for income tax Total reclassifications for the period $ - $ (90 ) Net income |
Note 12 - Computation of Earnin
Note 12 - Computation of Earnings Per Share | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): Three Months Ended June 30, 2017 2016 (unaudited) Net income $ 5,494 $ 3,019 Weighted average shares - basic 32,086 31,401 Weighted average shares - diluted 33,044 32,001 Net income per share - basic $ 0.17 $ 0.10 Net income per share - diluted $ 0.17 $ 0.09 Diluted weighted average shares included approximately 958,000 600,000 three June 30, 2017 2016. 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 June 30, 2017 2016, 579,033 2,889,670 not |
Note 13 - Segment and Geographi
Note 13 - Segment and Geographic Information | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. We have a single operating segment and reportable segment. We design develop, manufacture and market high performance semiconductor products. Our two one one Our net revenues by major geographic area (based on destination) were as follows (in thousands): Three Months Ended June 30, 2017 2016 (unaudited) United States $ 19,613 $ 19,501 Europe and the Middle East: France 1,935 3,450 Germany 10,058 8,599 Italy 978 1,076 Netherlands 1,396 1,140 United Kingdom 3,803 3,627 Other 5,854 5,953 Asia Pacific: China 23,819 22,640 Japan 2,119 1,718 Singapore 3,019 3,007 South Korea 5,813 4,695 Other 2,823 3,362 Rest of the World: India 1,040 900 Other 1,272 970 Total $ 83,542 $ 80,638 The following table sets forth net revenues for each of our product groups for the three June 30, 2017 2016 Three Months Ended June 30, 2017 2016 (unaudited) Power semiconductors $ 57,628 $ 56,479 Integrated circuits 21,172 20,382 Systems and radio frequency power semiconductors 4,742 3,777 Total $ 83,542 $ 80,638 Revenue from significant customers, those representing 10% Three Months Ended June 30, 2017 2016 (unaudited) Revenues: Distributor A 15.2 % 13.8 % Distributor B 10.7 % 10.6 % |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. For the three June 30, 2017 2016, $1.7 $2.3 24.1% 42.7%, June 2017 No. 2016 09 June 30, 2017, 2016 16, June 30, 2016 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Revolving Credit Agreement See Note 8, 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 no June 30, 2017 March 31, 2017. 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. no not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. On July 21, 2017, €2.7 In July 2017, $1.5 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
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 not not March 31, 2017 March 31, 2017, 2017, 10 not March 31. March 31 |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, five December 15, 2017, December 15, 2016. We are currently evaluating the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard will not not In July 2015, 330, Inventory first 330 first 2018. not In January 2016, not not not not Fair Value Measurements 820, may December 15, 2017, In February 2016, 12 December 15, 2018, In March 2016, December 15, 2016, three June 30, 2017 $60,000, $21,000 $39,000. $545,000 three June 30, 2017. not . Taxes withheld on net exercises of stock options during June 30, 2017 2016 $490,000 $0, three June 30, 2017 2016. no In August 2016, eight December 15, 2017, not In October 2016, third December 15, 2017, first first 2018. $1.1 three June 30, 2017. In January 2017, December 15, 2017, |
Note 3 - Fair Value (Tables)
Note 3 - Fair Value (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2017 (1) March 31, 2017 (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) $ 98,303 $ 98,303 $ - $ 90,752 $ 90,752 $ - Marketable equity securities (3) 1,821 1,821 - 1,771 1,771 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total assets measured at fair value $ 100,474 $ 100,124 $ 350 $ 92,873 $ 92,523 $ 350 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, March 31, 2017 2017 (unaudited) Accounts receivable, gross $ 46,253 $ 45,856 Allowances (4,115 ) (4,689 ) Accounts receivable, net $ 42,138 $ 41,167 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, March 31, 2017 2017 (unaudited) Marketable equity securities $ 1,821 $ 1,771 Long-term equity method investments 12,145 11,589 Other items, including cost method investments 8,236 4,615 Total $ 22,202 $ 17,975 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, March 31, 2017 2017 (unaudited) Raw materials $ 18,831 $ 17,920 Work in process 46,392 45,634 Finished goods 27,146 25,882 Total $ 92,369 $ 89,436 |
Note 7 - Accrued Expenses and30
Note 7 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | June 30, March 31, 2017 2017 (unaudited) Uninvoiced goods and services $ 14,638 $ 12,703 Compensation and benefits 7,118 6,707 Income taxes (1) - 3,521 Commissions, royalties and other 1,783 2,416 Total $ 23,539 $ 25,347 |
Note 9 - Pension Plans (Tables)
Note 9 - Pension Plans (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended June 30, 2017 2016 (unaudited) Service cost $ 24 $ 28 Interest cost on projected benefit obligation 279 352 Expected return on plan assets (280 ) (323 ) Recognized actuarial loss 98 48 Net periodic pension expense $ 121 $ 105 |
Defined Benefit Plan Plan Assets Fair Value [Table Text Block] | June 30, 2017 March 31, 2017 Description Level 1 Level 2 Total Level 1 Level 2 Total (unaudited) (unaudited) Cash and cash funds $ 616 $ - $ 616 $ 136 $ - $ 136 Equity - - - 314 - 314 Fixed interest 964 57 1,021 1,203 58 1,261 Mutual funds 13,639 13,584 27,223 13,181 13,390 26,571 Total $ 15,219 $ 13,641 $ 28,860 $ 14,834 $ 13,448 $ 28,282 |
Note 10 - Employee Equity Inc32
Note 10 - Employee Equity Incentive Plans (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended June 30, Statement of Operations Classifications 2017 2016 (unaudited) Cost of goods sold $ 93 $ 100 Research, development and engineering 325 303 Selling, general and administrative 489 452 Stock-based compensation effect in income before income tax provision 907 855 Provision for income tax (1) 363 342 Net stock-based compensation effects in net income $ 544 $ 513 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options Purchase Plan Three Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ 6.49 $ 3.96 $ 2.92 $ 3.94 Risk-free interest rate 1.9 % 1.4 % 0.7 % 0.3 % Expected term in years 6.63 6.41 0.75 1.00 Volatility 36.8 % 41.0 % 29.9 % 42.9 % Dividend yield (1) 0.0 % 1.4 % 0.0 % 1.4 % |
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, 2017 5,097,545 $ 10.71 Options granted 549,000 $ 16.05 Options exercised (812,045 ) $ 9.40 $ 5,187 Options cancelled (89,750 ) $ 11.42 Options expired (19,000 ) $ 9.35 Balance at June 30, 2017 4,725,750 $ 11.54 Exercisable at June 30, 2017 2,607,500 $ 10.75 Exercisable at March 31, 2017 3,300,295 $ 10.34 |
Note 11 - Accumulated Other C33
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Unrealized Losses on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) (unaudited) Balance as of March 31, 2017 $ (19,233 ) $ (219 ) $ (9,093 ) $ (28,545 ) Other comprehensive income (loss) before reclassifications 6,882 (13 ) - 6,869 Net current period other comprehensive income (loss) 6,882 (13 ) - 6,869 Balance as of June 30, 2017 $ (12,351 ) $ (232 ) $ (9,093 ) $ (21,676 ) 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 (2,825 ) 85 - (2,740 ) Net loss reclassified from accumulated other comprehensive income (loss) - 90 - 90 Net current period other comprehensive income (loss) (2,825 ) 175 - (2,650 ) Balance as of June 30, 2016 $ (13,464 ) $ 93 $ (9,545 ) $ (22,916 ) |
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 June 30, 2017 2016 (unaudited) Impairment of marketable securities - (151 ) Other income (expense), net Subtotal - (151 ) Income before income tax provision Tax impact - 61 Provision for income tax Total reclassifications for the period $ - $ (90 ) Net income |
Note 12 - Computation of Earn34
Note 12 - Computation of Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2017 2016 (unaudited) Net income $ 5,494 $ 3,019 Weighted average shares - basic 32,086 31,401 Weighted average shares - diluted 33,044 32,001 Net income per share - basic $ 0.17 $ 0.10 Net income per share - diluted $ 0.17 $ 0.09 |
Note 13 - Segment and Geograp35
Note 13 - Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended June 30, 2017 2016 (unaudited) United States $ 19,613 $ 19,501 Europe and the Middle East: France 1,935 3,450 Germany 10,058 8,599 Italy 978 1,076 Netherlands 1,396 1,140 United Kingdom 3,803 3,627 Other 5,854 5,953 Asia Pacific: China 23,819 22,640 Japan 2,119 1,718 Singapore 3,019 3,007 South Korea 5,813 4,695 Other 2,823 3,362 Rest of the World: India 1,040 900 Other 1,272 970 Total $ 83,542 $ 80,638 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, 2017 2016 (unaudited) Power semiconductors $ 57,628 $ 56,479 Integrated circuits 21,172 20,382 Systems and radio frequency power semiconductors 4,742 3,777 Total $ 83,542 $ 80,638 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended June 30, 2017 2016 (unaudited) Revenues: Distributor A 15.2 % 13.8 % Distributor B 10.7 % 10.6 % |
Note 2 - Recent Accounting Pr36
Note 2 - Recent Accounting Pronouncements and Accounting Changes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 490,000 | $ 0 |
Income Tax Expense (Benefit) | 1,747,000 | $ 2,252,000 |
Accounting Standards Update 2016-09 [Member] | ||
Income Tax Expense (Benefit) | (545,000) | |
Accounting Standards Update 2016-09 [Member] | Deferred Tax Assets [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 21,000 | |
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 60,000 | |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | (39,000) | |
Accounting Standards Update 2016-16 [Member] | Income Tax Payable [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,100,000 | |
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,100,000) |
Note 3 - Fair Value (Details Te
Note 3 - Fair Value (Details Textual) xbrli-pure in Thousands | 3 Months Ended | |||
Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2017USD ($) | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 151,000 | ||
Derivative, Number of Instruments Held | 0 | 0 | ||
Debt, Long-term and Short-term, Combined Amount | $ 78,000,000 | $ 77,800,000 | ||
Impairment of Intangible Assets, Finite-lived | $ 1,400,000 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | ||
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Note 3 - Fair Value - Assets an
Note 3 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | |
Marketable equity securities | $ 1,821 | $ 1,771 | |
Fair Value, Measurements, Recurring [Member] | |||
Money market funds | [1],[2] | 98,303 | 90,752 |
Marketable equity securities | [2],[3] | 1,821 | 1,771 |
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total assets measured at fair value | [2] | 100,474 | 92,873 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Money market funds | [1],[2] | 98,303 | 90,752 |
Marketable equity securities | [2],[3] | 1,821 | 1,771 |
Auction rate preferred securities | [2],[3] | ||
Total assets measured at fair value | [2] | 100,124 | 92,523 |
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 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Accounts receivable, gross | $ 46,253 | $ 45,856 |
Allowances | (4,115) | (4,689) |
Accounts receivable, net | $ 42,138 | $ 41,167 |
Note 5 - Other Assets (Details
Note 5 - Other Assets (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Equity Method Investments | $ 12,145 | $ 11,589 |
Cost Method Investments | 4,100 | 3,100 |
Powersem GmbH [Member] | ||
Equity Method Investments | 2,700 | 2,500 |
EB Tech Ltd [Member] | ||
Equity Method Investments | 2,600 | 2,600 |
ATEC [Member] | ||
Equity Method Investments | $ 6,800 | $ 6,500 |
Note 5 - Other Assets - Other A
Note 5 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Marketable equity securities | $ 1,821 | $ 1,771 |
Long-term equity method investments | 12,145 | 11,589 |
Other items, including cost method investments | 8,236 | 4,615 |
Total | $ 22,202 | $ 17,975 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Raw materials | $ 18,831 | $ 17,920 |
Work in process | 46,392 | 45,634 |
Finished goods | 27,146 | 25,882 |
Total | $ 92,369 | $ 89,436 |
Note 7 - Accrued Expenses and43
Note 7 - Accrued Expenses and Other Current Liabilities (Details Textual) $ in Millions | Jun. 30, 2017USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Prepaid Taxes | $ 1.1 |
Note 7 - Accrued Expenses and44
Note 7 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | |
Uninvoiced goods and services | $ 14,638 | $ 12,703 | |
Compensation and benefits | 7,118 | 6,707 | |
Income taxes (1) | [1] | 3,521 | |
Commissions, royalties and other | 1,783 | 2,416 | |
Total | $ 23,539 | $ 25,347 | |
[1] | Prepaid Income taxes of $1.1 million at June 30, 2017 were included in "Prepaid expenses and other current assets" on our unaudited condensed consolidated balance sheet as of June 30, 2017. |
Note 8 - Borrowing Arrangemen45
Note 8 - Borrowing Arrangements (Details Textual) | Nov. 20, 2015USD ($) | Dec. 31, 2016 | Apr. 30, 2015USD ($) | Jun. 30, 2017USD ($) | Nov. 30, 2016 | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Apr. 30, 2015EUR (€) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Noncurrent Liabilities, Long-term Debt | $ 284,000 | $ 284,000 | $ 288,000 | ||||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | |||||||||||
Debt Instrument, Face Amount | $ 7,200,000 | € 6,500,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | |||||||||
Debt Instrument, Periodic Payment, Principal | 265,000 | € 232,000 | |||||||||
Security Deposit | € | € 1,000,000 | ||||||||||
Long-term Debt, Gross | 5,000,000 | 5,000,000 | € 4,400,000 | 5,000,000 | € 4,600,000 | ||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | ||||||||||
Security Deposit, Maturity Date | Dec. 29, 2017 | ||||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | |||||||||||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | ||||||||||
Line of Credit, Leverage Ratio | 2 | ||||||||||
Debt Issuance Costs, Net | 362,000 | 362,000 | 399,000 | ||||||||
Long-term Line of Credit | 72,600,000 | 72,600,000 | $ 72,600,000 | ||||||||
Available Credit Line for Letter of Credit | $ 10,000,000 | $ 10,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | |||||||||||
Line of Credit Facility, Expiration Date | Nov. 20, 2019 | ||||||||||
Line of Credit, Leverage Ratio | 2.5 | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.18% | 3.18% | 3.18% | ||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 0.75% | 0.75% | 0.75% | ||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.625% | ||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 2.50% | 2.50% | 2.50% |
Note 9 - Pension Plans (Details
Note 9 - Pension Plans (Details Textual) | Jun. 30, 2017USD ($) |
Number of Defined Benefit Plans | 3 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 948,000 |
Note 9 - Pension Plans - Net Pe
Note 9 - Pension Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Service cost | $ 24 | $ 28 |
Interest cost on projected benefit obligation | 279 | 352 |
Expected return on plan assets | (280) | (323) |
Recognized actuarial loss | 98 | 48 |
Net periodic pension expense | $ 121 | $ 105 |
Note 9 - Pension Plans - Inform
Note 9 - Pension Plans - Information on Plan Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 28,860 | $ 28,282 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 616 | 136 |
Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 314 | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,021 | 1,261 |
Mutual Fund [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 27,223 | 26,571 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 15,219 | 14,834 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 616 | 136 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 314 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 964 | 1,203 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13,639 | 13,181 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13,641 | 13,448 |
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] | 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 | 57 | 58 |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,584 | $ 13,390 |
Note 10 - Employee Equity Inc49
Note 10 - Employee Equity Incentive Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Aug. 26, 2016 | Aug. 30, 2013 | Sep. 16, 2011 | Sep. 10, 2009 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 9,200 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||||
Dividends Payable | $ 0 | |||||
Estimated Statutory Income Tax Rate | 40.00% | 40.00% | ||||
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 | 1,950,000 | |||||
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 | 57,422 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 70,648 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Pending Authorization | 400,000 |
Note 10 - Employee Equity Inc50
Note 10 - Employee Equity Incentive Plans - Stock-based Compensation in Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Stock-based Compensation Effect in Income before Taxes | $ 907 | $ 855 | |
Provision for income tax | [1] | 363 | 342 |
Net stock-based compensation effects in net income | 544 | 513 | |
Cost of Sales [Member] | |||
Stock-based Compensation Effect in Income before Taxes | 93 | 100 | |
Research and Development Expense [Member] | |||
Stock-based Compensation Effect in Income before Taxes | 325 | 303 | |
Selling, General and Administrative Expenses [Member] | |||
Stock-based Compensation Effect in Income before Taxes | $ 489 | $ 452 | |
[1] | Calculated at the U.S. statutory income tax rate of 40% in fiscal 2018 and 2017. |
Note 10 - Employee Equity Inc51
Note 10 - Employee Equity Incentive Plans - Fair Value and Assumptions (Details) - $ / shares | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Employee Stock Option [Member] | |||
Weighted average estimated fair value of grant per share (in dollars per share) | $ 6.49 | $ 3.96 | |
Risk-free interest rate | 1.90% | 1.40% | |
Expected term in years (Year) | 6 years 229 days | 6 years 149 days | |
Volatility | 36.80% | 41.00% | |
Dividend yield | [1] | 0.00% | 1.40% |
Employee Stock Purchase Plan 1999 [Member] | |||
Weighted average estimated fair value of grant per share (in dollars per share) | $ 2.92 | $ 3.94 | |
Risk-free interest rate | 0.70% | 0.30% | |
Expected term in years (Year) | 273 days | 1 year | |
Volatility | 29.90% | 42.90% | |
Dividend yield | [1] | 0.00% | 1.40% |
[1] | No dividends were declared for the quarter ended June 30, 2017. |
Note 10 - Employee Equity Inc52
Note 10 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017 | Mar. 31, 2017 | ||
Options outstanding, beginning of period (in shares) | 5,097,545 | ||
Weighted average exercise price per share, beginning balance (in dollars per share) | $ 10.71 | ||
Options oustanding, Options granted (in shares) | 549,000 | ||
Weighted average exercise price per share, Options granted (in dollars per share) | $ 16.05 | ||
Options oustanding, Options exercised (in shares) | (812,045) | ||
Weighted average exercise price per share, Options exercised (in dollars per share) | $ 9.40 | ||
Options exercised, Intrinsic Value | [1] | $ 5,187 | |
Options oustanding, Options cancelled (in shares) | (89,750) | ||
Weighted average exercise price per share, Options cancelled (in dollars per share) | $ 11.42 | ||
Options oustanding, Options expired (in shares) | (19,000) | ||
Weighted average exercise price per share, Options expired (in dollars per share) | $ 9.35 | ||
Options oustanding, ending balance (in shares) | 4,725,750 | ||
Weighted average exercise price per share, ending balance (in dollars per share) | $ 11.54 | ||
Options exercisable (in shares) | 2,607,500 | 3,300,295 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 10.75 | $ 10.34 | |
[1] | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 11 - Accumulated Other C53
Note 11 - Accumulated Other Comprehensive Income (Loss) - AOCI Change (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance, Beginning of Period | $ 297,855 | |
Balance, End of Period | 315,216 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance, Beginning of Period | (19,233) | $ (10,639) |
Other comprehensive income (loss) before reclassifications | 6,882 | (2,825) |
Net loss reclassified from accumulated other comprehensive income (loss) | ||
Other Comprehensive Income (Loss) | 6,882 | (2,825) |
Balance, End of Period | (12,351) | (13,464) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance, Beginning of Period | (219) | (82) |
Other comprehensive income (loss) before reclassifications | (13) | 85 |
Net loss reclassified from accumulated other comprehensive income (loss) | 90 | |
Other Comprehensive Income (Loss) | (13) | 175 |
Balance, End of Period | (232) | 93 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance, Beginning of Period | (9,093) | (9,545) |
Other comprehensive income (loss) before reclassifications | ||
Net loss reclassified from accumulated other comprehensive income (loss) | ||
Other Comprehensive Income (Loss) | ||
Balance, End of Period | (9,093) | (9,545) |
AOCI Attributable to Parent [Member] | ||
Balance, Beginning of Period | (28,545) | (20,266) |
Other comprehensive income (loss) before reclassifications | 6,869 | (2,740) |
Net loss reclassified from accumulated other comprehensive income (loss) | 90 | |
Other Comprehensive Income (Loss) | 6,869 | (2,650) |
Balance, End of Period | $ (21,676) | $ (22,916) |
Note 11 - Accumulated Other C54
Note 11 - Accumulated Other Comprehensive (Loss) - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Other income (expense), net | $ (515) | $ 815 |
Income before Income Tax Provision | 7,241 | 5,271 |
Tax impact | (1,747) | (2,252) |
Total reclassifications for the period | 5,494 | 3,019 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Income before Income Tax Provision | (151) | |
Tax impact | 61 | |
Total reclassifications for the period | (90) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||
Other income (expense), net | $ (151) |
Note 12 - Computation of Earn55
Note 12 - Computation of Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 958,000 | 600,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 579,033 | 2,889,670 |
Note 12 - Computation of Earn56
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 | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 5,494 | $ 3,019 |
Weighted average shares - basic (in shares) | 32,086 | 31,401 |
Weighted average shares - diluted (in shares) | 33,044 | 32,001 |
Basic (in dollars per share) | $ 0.17 | $ 0.10 |
Diluted (in dollars per share) | $ 0.17 | $ 0.09 |
Note 13 - Segment and Geograp57
Note 13 - Segment and Geographic Information (Details Textual) | 3 Months Ended |
Jun. 30, 2017 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Note 13 - Segment and Geograp58
Note 13 - Segment and Geographic Information - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net Revenues | $ 83,542 | $ 80,638 |
UNITED STATES | ||
Net Revenues | 19,613 | 19,501 |
FRANCE | ||
Net Revenues | 1,935 | 3,450 |
GERMANY | ||
Net Revenues | 10,058 | 8,599 |
ITALY | ||
Net Revenues | 978 | 1,076 |
NETHERLANDS | ||
Net Revenues | 1,396 | 1,140 |
UNITED KINGDOM | ||
Net Revenues | 3,803 | 3,627 |
Other Europe and the Middle East Regions [Member] | ||
Net Revenues | 5,854 | 5,953 |
CHINA | ||
Net Revenues | 23,819 | 22,640 |
JAPAN | ||
Net Revenues | 2,119 | 1,718 |
SINGAPORE | ||
Net Revenues | 3,019 | 3,007 |
KOREA, REPUBLIC OF | ||
Net Revenues | 5,813 | 4,695 |
Other Asia Pacific Regions [Member] | ||
Net Revenues | 2,823 | 3,362 |
INDIA | ||
Net Revenues | 1,040 | 900 |
Other Rest of the World [Member] | ||
Net Revenues | $ 1,272 | $ 970 |
Note 13 - Segment and Geograp59
Note 13 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net Revenues | $ 83,542 | $ 80,638 |
Power Semiconductors [Member] | ||
Net Revenues | 57,628 | 56,479 |
Integrated Circuits [Member] | ||
Net Revenues | 21,172 | 20,382 |
Systems and RF Power Semiconductors [Member] | ||
Net Revenues | $ 4,742 | $ 3,777 |
Note 13 - Segment and Geograp60
Note 13 - Segment and Geographic Information - Customer Concentration Risk (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Distributor 1 [Member] | ||
Concentration risk, percentage | 15.20% | 13.80% |
Distributor 2 [Member] | ||
Concentration risk, percentage | 10.70% | 10.60% |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Expense (Benefit) | $ 1,747 | $ 2,252 |
Effective Income Tax Rate Reconciliation, Percent | 24.10% | 42.70% |
Note 15 - Commitments and Con62
Note 15 - Commitments and Contingencies (Details Textual) - Foreign Tax Authority [Member] - Bureau of Internal Revenue [Member] | Jun. 30, 2017USD ($) |
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 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) $ in Thousands, € in Millions | Jul. 21, 2017EUR (€) | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Payments to Acquire Investments | $ 2,203 | |||
Subsequent Event [Member] | ||||
Payments to Acquire Investments | $ 1,500 | |||
Subsequent Event [Member] | Componentes Semiconductores de Portugal, Lda [Member] | ||||
Business Combination, Consideration Transferred | € | € 2.7 |