Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2017 | Oct. 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) | 32,769,103 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 168,771 | $ 167,904 |
Restricted cash | 1,470 | 1,330 |
Accounts receivable, net | 41,745 | 41,167 |
Inventories | 95,944 | 89,436 |
Prepaid expenses and other current assets | 7,138 | 3,977 |
Total current assets | 315,068 | 303,814 |
Property, plant and equipment, net | 47,107 | 42,240 |
Intangible assets, net | 1,789 | 2,984 |
Goodwill | 43,993 | 42,227 |
Deferred income taxes | 25,091 | 24,739 |
Other assets | 29,930 | 17,975 |
Total assets | 462,978 | 433,979 |
Current liabilities: | ||
Current portion of loans payable | 1,148 | 1,058 |
Accounts payable | 12,397 | 11,409 |
Accrued expenses and other current liabilities | 25,922 | 25,347 |
Total current liabilities | 39,467 | 37,814 |
Long term loans, net of current portion | 76,761 | 76,791 |
Pension liabilities | 15,839 | 14,901 |
Other long term liabilities | 6,579 | 6,618 |
Total liabilities | 138,646 | 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 32,764,103 outstanding at September 30, 2017 and 38,326,329 issued and 31,912,021 outstanding at March 31, 2017 | 384 | 383 |
Additional paid-in capital | 218,286 | 217,355 |
Treasury stock, at cost: 5,619,648 common shares at September 30, 2017 and 6,414,308 common shares at March 31, 2017 | (51,116) | (58,347) |
Retained earnings | 174,784 | 167,009 |
Accumulated other comprehensive loss | (18,006) | (28,545) |
Total stockholders’ equity | 324,332 | 297,855 |
Total liabilities and stockholders' equity | $ 462,978 | $ 433,979 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 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) | 32,764,103 | 31,912,021 |
Treasury stock, shares (in shares) | 5,619,648 | 6,414,308 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net revenues | $ 87,684 | $ 78,629 | $ 171,226 | $ 159,267 |
Cost of goods sold | 60,897 | 53,174 | 117,893 | 109,818 |
Gross profit | 26,787 | 25,455 | 53,333 | 49,449 |
Operating expenses: | ||||
Research, development and engineering | 8,231 | 7,848 | 15,804 | 15,758 |
Selling, general and administrative | 12,891 | 10,140 | 22,897 | 20,178 |
Amortization of acquisition-related intangible assets | 597 | 696 | 1,193 | 1,713 |
Total operating expenses | 21,719 | 18,684 | 39,894 | 37,649 |
Operating income | 5,068 | 6,771 | 13,439 | 11,800 |
Other income (expense): | ||||
Interest income | 89 | 53 | 168 | 115 |
Interest expense | (434) | (615) | (1,128) | (1,250) |
Other income (expense), net | (190) | 586 | (705) | 1,401 |
Income before income tax provision | 4,533 | 6,795 | 11,774 | 12,066 |
Provision for income tax | (1,070) | (2,860) | (2,817) | (5,112) |
Net income | $ 3,463 | $ 3,935 | $ 8,957 | $ 6,954 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.11 | $ 0.12 | $ 0.28 | $ 0.22 |
Diluted (in dollars per share) | 0.10 | 0.12 | 0.27 | 0.22 |
Cash dividends per common share (in dollars per share) | $ 0.04 | |||
Weighted average shares used in per share calculation: | ||||
Basic (in shares) | 32,642 | 31,490 | 32,364 | 31,447 |
Diluted (in shares) | 34,099 | 32,145 | 33,572 | 32,074 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 3,463 | $ 3,935 | $ 8,957 | $ 6,954 |
Foreign currency translation adjustments | 3,795 | 436 | 10,677 | (2,388) |
Changes in market value of investments: | ||||
Changes in unrealized gains (losses), net of income taxes of $(84) and $(92) for the three and six months ended September 30, 2017, respectively, and net of income taxes of $31 and $76 for the three and six months ended September 30, 2016, respectively | (125) | 47 | (138) | 132 |
Reclassification adjustment for net losses realized in net income, net of income taxes of $(80) and $(19) for the three and six months ended September 30, 2016, respectively | (121) | (31) | ||
Net change in market value of investments | (125) | (74) | (138) | 101 |
Total comprehensive income | $ 7,133 | $ 4,297 | $ 19,496 | $ 4,667 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (84) | $ 31 | $ (92) | $ 76 |
Taxes on reclassification adjustment for sales of securities included in net income | $ (80) | $ (19) |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Cash flows from operating activities: | |||
Net income | $ 8,957 | $ 6,954 | |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | |||
Depreciation and amortization | 5,046 | 5,367 | |
Provision for receivable allowances | 5,580 | 4,517 | |
Net change in inventory provision | 1,442 | 593 | |
Stock-based compensation | 2,005 | 1,729 | |
Gain on investments | (744) | (552) | |
Foreign currency adjustments on intercompany amounts and other non-cash items | 62 | (79) | |
Changes in operating assets and liabilities, net of business acquired: | |||
Accounts receivable | (4,846) | (5,242) | |
Inventories | (3,378) | (2,112) | |
Prepaid expenses and other assets | (3,320) | (326) | |
Accounts payable | 508 | (86) | |
Accrued expenses and other liabilities | (4,504) | 3,021 | |
Pension liabilities | (419) | (386) | |
Net cash provided by operating activities | 6,389 | 13,398 | |
Cash flows from investing activities: | |||
Cash acquired on acquisition | 69 | ||
Purchases of investments | (9,115) | (2,000) | |
Purchases of plant and equipment | (6,030) | (5,156) | |
Proceeds from sale of investments | 805 | ||
Net cash used in investing activities | (15,076) | (6,351) | |
Cash flows from financing activities: | |||
Repayments of loans and notes payable | (1,009) | (8,229) | |
Proceeds from employee equity plans | 6,097 | 1,355 | |
Payment of cash dividends to stockholders | (1,258) | ||
Net cash provided by (used in) financing activities | 5,088 | (8,132) | |
Effect of exchange rate fluctuations on cash and cash equivalents | 4,606 | (920) | |
Net increase (decrease) in cash and cash equivalents | 1,007 | (2,005) | |
Cash and cash equivalents and restricted cash at beginning of period (1) | [1] | 169,234 | 156,083 |
Cash and cash equivalents and restricted cash at end of period (2) | [2] | $ 170,241 | $ 154,078 |
[1] | Includes restricted cash of $1.3 million and $277,000 as of March 31, 2017 and 2016, respectively. | ||
[2] | Includes restricted cash of $1.5 million and $274,000 as of September 30, 2017 and 2016, respectively. |
Unaudited Condensed Consolidat8
Unaudited Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Restricted cash | $ 1,500 | $ 1,300 | $ 274 | $ 277 |
Note 1 - Unaudited Condensed Co
Note 1 - Unaudited Condensed Consolidated Financial Statements | 6 Months Ended |
Sep. 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 Acquisition by Littelfuse, Inc. On August 28, 2017, August 25, 2017, of our stockholders will be entitled to elect to receive, per IXYS share, either $23.00 0.1265 50% 50% The transaction has been approved by our Board of Directors and is expected to close in the fi rst calendar quarter of 2018. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements and Accounting Changes | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. In May 2014, ’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five December 15, 2017, December 15, 2016. We expect to adopt this guidance on a modified retrospective basis. We are currently evaluating the potential impact of this standard on our financial position and results of operations. Based on our preliminary assessment, we believe the new standard will not not In January 2016, not not not not Fair Value Measurements 820, may December 15, 2017, In February 2016, 12 ’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, or ROU asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendment is effective for financial statements issued for fiscal years beginning after December 15, 2018, In August 2016, eight December 15, 2017, not In January 2017, December 15, 2017, |
Note 3 - Fair Value
Note 3 - Fair Value | 6 Months Ended |
Sep. 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 bas is, excluding accrued interest components, consisted of the following types of instruments as of September 30, 2017 March 31, 2017 ( September 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) $ 96,780 $ 96,780 $ - $ 90,752 $ 90,752 $ - Marketable equity securities (3) 1,649 1,649 - 1,771 1,771 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total assets measured at fair value $ 98,779 $ 98,429 $ 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 at fair value. Marketable equity securities are valued using the quoted market prices and are therefore classified as Level 1 nt review. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and our ability and intent to hold or sell the securities. Based on our review, we concluded there was no three six September 30, 2017. three six September 30, 2016, we recognized other than temporary impairment losses of $0 $151,000, 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 recognize d and measured at fair value in our consolidated financial statements. Accounts receivable, investments in convertible debts 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 e ither adjusted according to the market rates or the interest rates approximated the market rates. The estimated fair value of these items was approximately $77.9 $77.8 September 30, 2017 March 31, 2017, Our equi ty 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 September 30, 2017 September 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 inputs and involved management judgement and assumptions about market participants and pricing. We review our intangible assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not $1.4 December 31, 2016. |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts receivable consisted of the following (in thousands): September 30, 2017 March 31, 2017 (unaudited) Accounts receivable, gross $ 45,929 $ 45,856 Allowances (4,184 ) (4,689 ) Accounts receivable, net $ 41,745 $ 41,167 |
Note 5 - Other Assets
Note 5 - Other Assets | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 5. Other assets consisted of the following (in thousands): September 30, March 31, 2017 2017 (unaudited) Marketable equity securities $ 1,649 $ 1,771 Investments in convertible debt 9,063 503 Long-term equity method investments 12,551 11,589 Cost method investments 4,270 3,103 Other items 2,397 1,009 Total $ 29,930 $ 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. Investments in Convertible Debt We invested in convertible debt issued by certain public and privately-held companies. Those investments are accounted for as available-for-sale securities. The total costs of these investments of $9.1 September 30, 2017 $503,000 March 31, 2017 During the quarter ended September 30, 2017, $4.4 3% 3 95.0% Equity Method Investments We have equity interests in Powersem GmbH, or Powersem, a semiconductor manufacturer based in Germany, EB Tech L td., 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 six September 30, 2017 September 30, 2017 $2.8 $2.6 $7.1 March 31, 2017 $2.5 $2.6 million and $6.5 million, respectively. Cost Method Investments Our investments in privately -held businesses over which we do not not not not |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories consisted of the following (in thousands): September 30, March 31, 2017 2017 (unaudited) Raw materials $ 20,870 $ 17,920 Work in process 50,389 45,634 Finished goods 24,685 25,882 Total $ 95,944 $ 89,436 |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accrued Expenses and Other Current Liabilities Disclosure [Text Block] | 7. Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, March 31, 2017 2017 (unaudited) Uninvoiced goods and services $ 15,805 $ 12,703 Compensation and benefits 8,304 6,707 Income taxes (1) - 3,521 Commissions, royalties and other 1,813 2,416 Total $ 25,922 $ 25,347 ( 1 $1.3 September 30, 2017 September 30, 2017. |
Note 8 - Borrowing Arrangements
Note 8 - Borrowing Arrangements | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. 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%, September 30, 2017 3.01%. 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 September 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 condensed consolidated balance sheets. Those costs are being amortized over the new life of the credit agreement. The unamortized balance at September 30, 2017 March 31, 2017 $324,000 $399,000, At September 30, 2017 March 31, 2017, $72.7 $72.6 million, respectively. The Revolving Credit Agreement also includes a $10.0 Borrowing under this subfacility is limited to the extent of availability under the $125.0 IKB Deutsche I ndustriebank In April 2015, IKB Deutsche Industriebank, or IKB. Under the agreement, we borrowed €6.5 $7.2 March 31, 2022 1.75%. €232,000, $274,000, March 31. March 31, 2017. may €1.0 December 29, 2017 September 30, 2017, €4.2 $4.9 March 31, 2017, €4.6 $5.0 Merger Agreement Pursuant to the merger agreement, the borrowing arrangements under the Revolving Credit Agreement with a syndicate of banks for a line of credit of $125.0 IKB should be repaid prior to the closing of the Littelfuse transaction. We will pay early termination costs associated with repaying and cancelling these facilities. |
Note 9 - Employee Equity Incent
Note 9 - Employee Equity Incentive Plans | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock Purchase and Stock Option Plans Equity Incentive Plans On September 10, 2009, 2009 2009 900,000 On 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 inc entive stock options may not 100% may four ten Stock Awards Stock awards, denominated restricted stock under the 2009 2011 may iction will be released from restriction if certain requirements, including continued performance of services, are met. Stock Appreciation Rights Awards of stock appreciation rights, or SARs, may ctors pursuant to the Plans. A SAR is payable on the difference between the market price at the time of exercise and the exercise price at the date of grant. In any event, the exercise price of a SAR shall not 100% no ten Restricted Stock Units Restricted stock units, denominated performance units in the 2009 may qual to the fair market value of one Employee Stock Purchase Plan The Board of Directors has approved the Amended and Restated 1999 e Stock Purchase Plan, or the Purchase Plan, and reserved a total of 1,950,000 may 85% 15% six September 30, 2017, 57,422 470,648 400,000 August 31, 2017. Pursuant to the merger agreement, purchases after the November 30, 2017 1999 Stock-Based Compensation The following table summarizes the effects of stock-based compensation charges (in thousands): Three Months Ended September 30, Six Months Ended September 30, Statement of Operations Classifications 2017 2016 2017 2016 (unaudited) (unaudited) Cost of goods sold $ 107 $ 96 $ 200 $ 196 Research, development and engineering 416 283 741 586 Selling, general and administrative 575 495 1,064 947 Stock-based compensation effect in income before income tax provision 1,098 874 2,005 1,729 Provision for income tax (1) 439 350 802 692 Net stock-based compensation effects in net income $ 659 $ 524 $ 1,203 $ 1,037 ( 1 40% 2018 2017. During the six September 30, 2017, not September 30, 2017, $8.2 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 purc hase 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 six September 30, 2017 2016 Stock Options (1) Purchase Plan (2) Three Months Ended September 30, Six Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ na $ 4.99 $ 6.49 $ 4.40 $ 2.92 $ 3.94 Risk-free interest rate na 1.3 % 1.9 % 1.3 % 0.7 % 0.3 % Expected term in years na 6.41 6.63 6.41 0.75 1.00 Volatility na 42.0 % 36.8 % 41.4 % 29.9 % 42.9 % Dividend yield (3) na 0.0 % 0.0 % 0.8 % 0.0 % 1.4 % na = not ( 1 No September 30, 2017. ( 2 first third ( 3 No six September 30, 2017 three September 30, 2016. Activity with respect to outstanding stock options for the six September 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 (1,059,795 ) $ 9.72 $ 8,074 Options cancelled (89,750 ) $ 11.42 Options expired (20,250 ) $ 9.46 Balance at September 30, 2017 4,476,750 $ 11.59 Exercisable at September 30, 2017 2,717,250 $ 10.80 Exercisable at March 31, 2017 3,300,295 $ 10.34 ( 1 Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Comprehensive Loss The components and the changes in accumulated other comprehensive loss, net of tax, for the six September 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 10,677 (138 ) - 10,539 Net current period other comprehensive income (loss) 10,677 (138 ) - 10,539 Balance as of September 30, 2017 $ (8,556 ) $ (357 ) $ (9,093 ) $ (18,006 ) Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Loss (unaudited) Balance as of March 31, 2016 $ (10,639 ) $ (82 ) $ (9,545 ) $ (20,266 ) Other comprehensive income (loss) before reclassifications (2,388 ) 132 - (2,256 ) Net loss reclassified from accumulated other comprehensive loss - (31 ) - (31 ) Net current period other comprehensive income (loss) (2,388 ) 101 - (2,287 ) Balance as of September 30, 2016 $ (13,027 ) $ 19 $ (9,545 ) $ (22,553 ) The amounts reclassified out of accumulated other comprehensive loss for the three six September 30, 2017 2016 Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Loss Impacted Line Item on Unaudited Condensed Consolidated Statements of Operations Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Net gain on investments $ - $ 201 $ - $ 201 Other income (expense), net Impairment of marketable securities - - - (151 ) Other income (expense), net Subtotal - 201 - 50 Income before income tax provision Tax impact - (80 ) - (19 ) Provision for income tax Total reclassifications for the period $ - $ 121 $ - $ 31 Net income |
Note 11 - Computation of Earnin
Note 11 - Computation of Earnings Per Share | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Basic and diluted earnings per shar e are calculated as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended September 30, September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Net income $ 3,463 $ 3,935 $ 8,957 $ 6,954 Weighted average shares - basic 32,642 31,490 32,364 31,447 Weighted average shares - diluted 34,099 32,145 33,572 32,074 Net income per share - basic $ 0.11 $ 0.12 $ 0.28 $ 0.22 Net income per share - diluted $ 0.10 $ 0.12 $ 0.27 $ 0.22 Diluted weighted average shares included approximately 1,457,000 655,000 three September 30, 2017 2016, 1,207,000 628,000 six September 30, 2017 and 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 six September 30, 2017, 558,000 339,224 not three six September 30, 2016, 3,040,511 2,984,213 not These options could dilute earnings per share in future periods if the market price of the common stock increases. |
Note 12 - Segment and Geographi
Note 12 - Segment and Geographic Information | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. We have a single operating segment and reportable segment. We design, develop, manufacture and market high performance semiconductor products. Our two one hief operating decision makers. Our chief operating decision makers review financial information presented as one Our net revenues by major ge ographic area (based on destination) were as follows (in thousands): Three Months Ended Six Months Ended September 30, September 30, 2017 2016 2017 2016 (unaudited) (unaudited) United States $ 19,275 $ 20,185 $ 38,888 $ 39,686 Europe and the Middle East: France 2,010 2,121 3,945 5,571 Germany 10,922 8,960 20,980 17,559 Italy 1,195 915 2,173 1,991 Netherlands 1,420 941 2,816 2,081 United Kingdom 4,687 3,209 8,490 6,836 Other 6,585 5,429 12,439 11,382 Asia Pacific: China 24,914 21,218 48,733 43,858 Japan 2,146 1,708 4,265 3,426 Malaysia 1,233 1,288 2,057 2,092 Singapore 3,102 3,577 6,121 6,584 South Korea 5,301 4,353 11,114 9,048 Thailand 937 1,040 1,744 1,851 Other 1,828 1,403 3,020 3,150 Rest of the World: India 818 1,207 1,858 2,107 Other 1,311 1,075 2,583 2,045 Total $ 87,684 $ 78,629 $ 171,226 $ 159,267 The following table sets forth net revenues for each of our product groups for the three six September 30, 2017 2016 Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Power semiconductors $ 62,027 $ 53,537 $ 119,655 $ 110,016 Integrated circuits 21,295 20,553 42,467 40,935 Systems and radio frequency power semiconductors 4,362 4,539 9,104 8,316 Total $ 87,684 $ 78,629 $ 171,226 $ 159,267 Net revenues from significant customers, those representing 10% e for the respective periods, are summarized as follows: Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Net Revenues: Distributor A 15.5 % 13.7 % 15.3 % 13.8 % Distributor B 10.6 % 10.8 % 10.6 % 10.7 % |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. For the three six September 30, 2017, $1.1 $2.8 effective tax rates of 23.6% 23.9%, three six September 30, 2016, $2.9 $5.1 42.1% 42.4%, three six September 30, 2017 first June 30, 2017 . We adopted Accounting Standards Update, or ASU, No. 2016 09, No. 2016 16, three six September 30, 2016 |
Note 14 - Business Combinations
Note 14 - Business Combinations | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 14. In the quarter ended September 30, 2017, $1.5 $2.8 not As of September 30, 2017, not not |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Revolving Credit Agreement See Note 8, Borrowing Arrangements” for information regarding the terms of the credit agreement. Other Commitments and Contingencies On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not e normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate potential future liability, if any. Therefore, no September 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 individua lly or in aggregate. We have ongoing income tax audits of our subsidiary in the Philippines for the fiscal years ended March 31, 2010 2011. lusive of interest and penalties, of approximately $2.5 $156,000, 2010 2011. no not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, ’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five December 15, 2017, December 15, 2016. We expect to adopt this guidance on a modified retrospective basis. We are currently evaluating the potential impact of this standard on our financial position and results of operations. Based on our preliminary assessment, we believe the new standard will not not In January 2016, not not not not Fair Value Measurements 820, may December 15, 2017, In February 2016, 12 ’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, or ROU asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendment is effective for financial statements issued for fiscal years beginning after December 15, 2018, In August 2016, eight December 15, 2017, not In January 2017, December 15, 2017, |
Note 3 - Fair Value (Tables)
Note 3 - Fair Value (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 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) $ 96,780 $ 96,780 $ - $ 90,752 $ 90,752 $ - Marketable equity securities (3) 1,649 1,649 - 1,771 1,771 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total assets measured at fair value $ 98,779 $ 98,429 $ 350 $ 92,873 $ 92,523 $ 350 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2017 March 31, 2017 (unaudited) Accounts receivable, gross $ 45,929 $ 45,856 Allowances (4,184 ) (4,689 ) Accounts receivable, net $ 41,745 $ 41,167 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | September 30, March 31, 2017 2017 (unaudited) Marketable equity securities $ 1,649 $ 1,771 Investments in convertible debt 9,063 503 Long-term equity method investments 12,551 11,589 Cost method investments 4,270 3,103 Other items 2,397 1,009 Total $ 29,930 $ 17,975 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, March 31, 2017 2017 (unaudited) Raw materials $ 20,870 $ 17,920 Work in process 50,389 45,634 Finished goods 24,685 25,882 Total $ 95,944 $ 89,436 |
Note 7 - Accrued Expenses and29
Note 7 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | September 30, March 31, 2017 2017 (unaudited) Uninvoiced goods and services $ 15,805 $ 12,703 Compensation and benefits 8,304 6,707 Income taxes (1) - 3,521 Commissions, royalties and other 1,813 2,416 Total $ 25,922 $ 25,347 |
Note 9 - Employee Equity Ince30
Note 9 - Employee Equity Incentive Plans (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, Statement of Operations Classifications 2017 2016 2017 2016 (unaudited) (unaudited) Cost of goods sold $ 107 $ 96 $ 200 $ 196 Research, development and engineering 416 283 741 586 Selling, general and administrative 575 495 1,064 947 Stock-based compensation effect in income before income tax provision 1,098 874 2,005 1,729 Provision for income tax (1) 439 350 802 692 Net stock-based compensation effects in net income $ 659 $ 524 $ 1,203 $ 1,037 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options (1) Purchase Plan (2) Three Months Ended September 30, Six Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) Weighted average estimated fair value of grant per share $ na $ 4.99 $ 6.49 $ 4.40 $ 2.92 $ 3.94 Risk-free interest rate na 1.3 % 1.9 % 1.3 % 0.7 % 0.3 % Expected term in years na 6.41 6.63 6.41 0.75 1.00 Volatility na 42.0 % 36.8 % 41.4 % 29.9 % 42.9 % Dividend yield (3) na 0.0 % 0.0 % 0.8 % 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 (1,059,795 ) $ 9.72 $ 8,074 Options cancelled (89,750 ) $ 11.42 Options expired (20,250 ) $ 9.46 Balance at September 30, 2017 4,476,750 $ 11.59 Exercisable at September 30, 2017 2,717,250 $ 10.80 Exercisable at March 31, 2017 3,300,295 $ 10.34 |
Note 10 - Accumulated Other C31
Note 10 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 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 10,677 (138 ) - 10,539 Net current period other comprehensive income (loss) 10,677 (138 ) - 10,539 Balance as of September 30, 2017 $ (8,556 ) $ (357 ) $ (9,093 ) $ (18,006 ) Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Loss (unaudited) Balance as of March 31, 2016 $ (10,639 ) $ (82 ) $ (9,545 ) $ (20,266 ) Other comprehensive income (loss) before reclassifications (2,388 ) 132 - (2,256 ) Net loss reclassified from accumulated other comprehensive loss - (31 ) - (31 ) Net current period other comprehensive income (loss) (2,388 ) 101 - (2,287 ) Balance as of September 30, 2016 $ (13,027 ) $ 19 $ (9,545 ) $ (22,553 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Loss Impacted Line Item on Unaudited Condensed Consolidated Statements of Operations Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Net gain on investments $ - $ 201 $ - $ 201 Other income (expense), net Impairment of marketable securities - - - (151 ) Other income (expense), net Subtotal - 201 - 50 Income before income tax provision Tax impact - (80 ) - (19 ) Provision for income tax Total reclassifications for the period $ - $ 121 $ - $ 31 Net income |
Note 11 - Computation of Earn32
Note 11 - Computation of Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended September 30, September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Net income $ 3,463 $ 3,935 $ 8,957 $ 6,954 Weighted average shares - basic 32,642 31,490 32,364 31,447 Weighted average shares - diluted 34,099 32,145 33,572 32,074 Net income per share - basic $ 0.11 $ 0.12 $ 0.28 $ 0.22 Net income per share - diluted $ 0.10 $ 0.12 $ 0.27 $ 0.22 |
Note 12 - Segment and Geograp33
Note 12 - Segment and Geographic Information (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Six Months Ended September 30, September 30, 2017 2016 2017 2016 (unaudited) (unaudited) United States $ 19,275 $ 20,185 $ 38,888 $ 39,686 Europe and the Middle East: France 2,010 2,121 3,945 5,571 Germany 10,922 8,960 20,980 17,559 Italy 1,195 915 2,173 1,991 Netherlands 1,420 941 2,816 2,081 United Kingdom 4,687 3,209 8,490 6,836 Other 6,585 5,429 12,439 11,382 Asia Pacific: China 24,914 21,218 48,733 43,858 Japan 2,146 1,708 4,265 3,426 Malaysia 1,233 1,288 2,057 2,092 Singapore 3,102 3,577 6,121 6,584 South Korea 5,301 4,353 11,114 9,048 Thailand 937 1,040 1,744 1,851 Other 1,828 1,403 3,020 3,150 Rest of the World: India 818 1,207 1,858 2,107 Other 1,311 1,075 2,583 2,045 Total $ 87,684 $ 78,629 $ 171,226 $ 159,267 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Power semiconductors $ 62,027 $ 53,537 $ 119,655 $ 110,016 Integrated circuits 21,295 20,553 42,467 40,935 Systems and radio frequency power semiconductors 4,362 4,539 9,104 8,316 Total $ 87,684 $ 78,629 $ 171,226 $ 159,267 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Net Revenues: Distributor A 15.5 % 13.7 % 15.3 % 13.8 % Distributor B 10.6 % 10.8 % 10.6 % 10.7 % |
Note 1 - Unaudited Condensed 34
Note 1 - Unaudited Condensed Consolidated Financial Statements (Details Textual) - IXYS [Member] - Littlefuse [Member] | Aug. 28, 2017$ / shares |
Business Acquisition, Share Price | $ 23 |
Business Acquisition, Shares, Per Share | 0.1265 |
Business Acquisition, Acquired in Cash, Percent | 50.00% |
Business Acquisition, Acquired in Stock, Percent | 50.00% |
Note 3 - Fair Value (Details Te
Note 3 - Fair Value (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | $ 0 | $ 151,000 | ||
Debt, Long-term and Short-term, Combined Amount | 77,900,000 | 77,900,000 | $ 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 | 0 | |||
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 0 | $ 0 |
Note 3 - Fair Value - Assets an
Note 3 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | |
Money market funds | [1],[2] | $ 96,780 | $ 90,752 |
Marketable equity securities | [2],[3] | 1,649 | 1,771 |
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total assets measured at fair value | [2] | 98,779 | 92,873 |
Fair Value, Inputs, Level 1 [Member] | |||
Money market funds | [1],[2] | 96,780 | 90,752 |
Marketable equity securities | [2],[3] | 1,649 | 1,771 |
Auction rate preferred securities | [2],[3] | ||
Total assets measured at fair value | [2] | 98,429 | 92,523 |
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 | Sep. 30, 2017 | Mar. 31, 2017 |
Accounts receivable, gross | $ 45,929 | $ 45,856 |
Allowances | (4,184) | (4,689) |
Accounts receivable, net | $ 41,745 | $ 41,167 |
Note 5 - Other Assets (Details
Note 5 - Other Assets (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Mar. 31, 2017 | |
Available-for-sale Debt Securities, Amortized Cost Basis | $ 9,100,000 | $ 503,000 |
Equity Method Investments | 12,551,000 | 11,589,000 |
Powersem GmbH [Member] | ||
Equity Method Investments | 2,800,000 | 2,500,000 |
EB Tech Ltd [Member] | ||
Equity Method Investments | 2,600,000 | 2,600,000 |
ATEC [Member] | ||
Equity Method Investments | 7,100,000 | $ 6,500,000 |
Convertible Debt Securities [Member] | ||
Payments to Acquire Available-for-sale Securities, Debt | $ 4,400,000 | |
Available for sale Securities, Debt, Interest Rate | 3.00% | |
Available for sale Securities, Debt, Term | 3 years | |
Available for sale Securities, Debt, Convertible, Percentage of Interest | 95.00% |
Note 5 - Other Assets - Other A
Note 5 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Marketable equity securities | $ 1,649 | $ 1,771 |
Investments in convertible debt | 9,063 | 503 |
Long-term equity method investments | 12,551 | 11,589 |
Cost method investments | 4,270 | 3,103 |
Other items | 2,397 | 1,009 |
Total | $ 29,930 | $ 17,975 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Raw materials | $ 20,870 | $ 17,920 |
Work in process | 50,389 | 45,634 |
Finished goods | 24,685 | 25,882 |
Total | $ 95,944 | $ 89,436 |
Note 7 - Accrued Expenses and41
Note 7 - Accrued Expenses and Other Current Liabilities (Details Textual) $ in Millions | Sep. 30, 2017USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Prepaid Taxes | $ 1.3 |
Note 7 - Accrued Expenses and42
Note 7 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | |
Uninvoiced goods and services | $ 15,805 | $ 12,703 | |
Compensation and benefits | 8,304 | 6,707 | |
Income taxes (1) | [1] | 3,521 | |
Commissions, royalties and other | 1,813 | 2,416 | |
Total | $ 25,922 | $ 25,347 | |
[1] | Prepaid income taxes of $1.3 million at September 30, 2017 were included in "Prepaid expenses and other current assets" on our unaudited condensed consolidated balance sheet as of September 30, 2017. |
Note 8 - Borrowing Arrangemen43
Note 8 - Borrowing Arrangements (Details Textual) | Nov. 20, 2015USD ($) | Dec. 31, 2016 | Apr. 30, 2015USD ($) | Sep. 30, 2017USD ($) | Nov. 30, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 2017EUR (€) | Sep. 30, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Apr. 30, 2015EUR (€) |
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 | $ 274,000 | € 232,000 | |||||||||
Security Deposit | € | € 1,000,000 | ||||||||||
Long-term Debt, Gross | $ 4,900,000 | $ 4,900,000 | € 4,200,000 | $ 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 December, 2016 [Member] | |||||||||||
Line of Credit Facility, Expiration Date | Nov. 20, 2019 | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.01% | 3.01% | 3.01% | ||||||||
Line of Credit, Leverage Ratio | 2.5 | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.625% | ||||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | |||||||||||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | ||||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit, Leverage Ratio | 2 | ||||||||||
Debt Issuance Costs, Net | $ 324,000 | $ 324,000 | 399,000 | ||||||||
Long-term Line of Credit | 72,700,000 | 72,700,000 | $ 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 |
Note 9 - Employee Equity Ince44
Note 9 - Employee Equity Incentive Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Aug. 26, 2016 | Aug. 30, 2013 | Sep. 16, 2011 | Sep. 10, 2009 | |
Estimated Statutory Income Tax Rate | 40.00% | 40.00% | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 8,200 | $ 8,200 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 549,000 | ||||||
Dividends Payable | $ 0 | $ 0 | $ 0 | |||||
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 | 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% | 15.00% | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 57,422 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 470,648 | 470,648 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 400,000 |
Note 9 - Employee Equity Ince45
Note 9 - Employee Equity Incentive Plans - Stock-based Compensation in Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Stock-based Compensation Effect in Income before Taxes | $ 1,098 | $ 874 | $ 2,005 | $ 1,729 | |
Provision for income tax | [1] | 439 | 350 | 802 | 692 |
Net stock-based compensation effects in net income | 659 | 524 | 1,203 | 1,037 | |
Cost of Sales [Member] | |||||
Stock-based Compensation Effect in Income before Taxes | 107 | 96 | 200 | 196 | |
Research and Development Expense [Member] | |||||
Stock-based Compensation Effect in Income before Taxes | 416 | 283 | 741 | 586 | |
Selling, General and Administrative Expenses [Member] | |||||
Stock-based Compensation Effect in Income before Taxes | $ 575 | $ 495 | $ 1,064 | $ 947 | |
[1] | Calculated at the U.S. statutory income tax rate of 40% in fiscal 2018 and 2017. |
Note 9 - Employee Equity Ince46
Note 9 - Employee Equity Incentive Plans - Fair Value and Assumptions (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Employee Stock Option [Member] | |||||
Weighted average estimated fair value of grant per share (in dollars per share) | [1] | $ 4.99 | $ 6.49 | $ 4.40 | |
Risk-free interest rate | [1] | 1.30% | 1.90% | 1.30% | |
Expected term in years (Year) | [1] | 6 years 149 days | 6 years 229 days | 6 years 149 days | |
Volatility | [1] | 42.00% | 36.80% | 41.40% | |
Dividend yield | [1],[2] | 0.00% | 0.00% | 0.80% | |
Employee Stock Purchase Plan 1999 [Member] | |||||
Weighted average estimated fair value of grant per share (in dollars per share) | [3] | $ 2.92 | $ 3.94 | ||
Risk-free interest rate | [3] | 0.70% | 0.30% | ||
Expected term in years (Year) | [3] | 273 days | 1 year | ||
Volatility | [3] | 29.90% | 42.90% | ||
Dividend yield | [2],[3] | 0.00% | 1.40% | ||
[1] | No stock options were granted during the quarter ended September 30, 2017. | ||||
[2] | No dividends were declared for the six months ended September 30, 2017 and the three months ended September 30, 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 9 - Employee Equity Ince47
Note 9 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 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) | 0 | 549,000 | ||
Weighted average exercise price per share, Options granted (in dollars per share) | $ 16.05 | |||
Options oustanding, Options exercised (in shares) | (1,059,795) | |||
Weighted average exercise price per share, Options exercised (in dollars per share) | $ 9.72 | |||
Options exercised, Intrinsic Value | [1] | $ 8,074 | ||
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) | (20,250) | |||
Weighted average exercise price per share, Options expired (in dollars per share) | $ 9.46 | |||
Options oustanding, ending balance (in shares) | 4,476,750 | 4,476,750 | ||
Weighted average exercise price per share, ending balance (in dollars per share) | $ 11.59 | $ 11.59 | ||
Options exercisable (in shares) | 2,717,250 | 2,717,250 | 3,300,295 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 10.80 | $ 10.80 | $ 10.34 | |
[1] | Represents the difference between the exercise price and the value of our common stock at the time of exercise. |
Note 10 - Accumulated Other C48
Note 10 - Accumulated Other Comprehensive Loss - AOCI Change (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Balance, Beginning of Period | $ 297,855 | |
Balance, End of Period | 324,332 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance, Beginning of Period | (19,233) | $ (10,639) |
Other comprehensive income (loss) before reclassifications | 10,677 | (2,388) |
Net loss reclassified from accumulated other comprehensive loss | ||
Other Comprehensive Income (Loss) | 10,677 | (2,388) |
Balance, End of Period | (8,556) | (13,027) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance, Beginning of Period | (219) | (82) |
Other comprehensive income (loss) before reclassifications | (138) | 132 |
Net loss reclassified from accumulated other comprehensive loss | (31) | |
Other Comprehensive Income (Loss) | (138) | 101 |
Balance, End of Period | (357) | 19 |
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 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 | 10,539 | (2,256) |
Net loss reclassified from accumulated other comprehensive loss | (31) | |
Other Comprehensive Income (Loss) | 10,539 | (2,287) |
Balance, End of Period | $ (18,006) | $ (22,553) |
Note 10 - Accumulated Other C49
Note 10 - Accumulated Other Comprehensive Loss - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other income (expense), net | $ (190) | $ 586 | $ (705) | $ 1,401 |
Income before Income Tax Provision | 4,533 | 6,795 | 11,774 | 12,066 |
Tax impact | (1,070) | (2,860) | (2,817) | (5,112) |
Total reclassifications for the period | 3,463 | 3,935 | 8,957 | 6,954 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Income before Income Tax Provision | 201 | 50 | ||
Tax impact | (80) | (19) | ||
Total reclassifications for the period | 121 | 31 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Other income (expense), net | 201 | 201 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||||
Other income (expense), net | $ (151) |
Note 11 - Computation of Earn50
Note 11 - Computation of Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,457,000 | 655,000 | 1,207,000 | 628,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 558,000 | 3,040,511 | 339,224 | 2,984,213 |
Note 11 - Computation of Earn51
Note 11 - Computation of Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 3,463 | $ 3,935 | $ 8,957 | $ 6,954 |
Weighted average shares - basic (in shares) | 32,642 | 31,490 | 32,364 | 31,447 |
Weighted average shares - diluted (in shares) | 34,099 | 32,145 | 33,572 | 32,074 |
Basic (in dollars per share) | $ 0.11 | $ 0.12 | $ 0.28 | $ 0.22 |
Diluted (in dollars per share) | $ 0.10 | $ 0.12 | $ 0.27 | $ 0.22 |
Note 12 - Segment and Geograp52
Note 12 - Segment and Geographic Information (Details Textual) | 6 Months Ended |
Sep. 30, 2017 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Note 12 - Segment and Geograp53
Note 12 - Segment and Geographic Information - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Revenues | $ 87,684 | $ 78,629 | $ 171,226 | $ 159,267 |
UNITED STATES | ||||
Net Revenues | 19,275 | 20,185 | 38,888 | 39,686 |
FRANCE | ||||
Net Revenues | 2,010 | 2,121 | 3,945 | 5,571 |
GERMANY | ||||
Net Revenues | 10,922 | 8,960 | 20,980 | 17,559 |
ITALY | ||||
Net Revenues | 1,195 | 915 | 2,173 | 1,991 |
NETHERLANDS | ||||
Net Revenues | 1,420 | 941 | 2,816 | 2,081 |
UNITED KINGDOM | ||||
Net Revenues | 4,687 | 3,209 | 8,490 | 6,836 |
Other Europe and the Middle East Regions [Member] | ||||
Net Revenues | 6,585 | 5,429 | 12,439 | 11,382 |
CHINA | ||||
Net Revenues | 24,914 | 21,218 | 48,733 | 43,858 |
JAPAN | ||||
Net Revenues | 2,146 | 1,708 | 4,265 | 3,426 |
MALAYSIA [Member] | ||||
Net Revenues | 1,233 | 1,288 | 2,057 | 2,092 |
SINGAPORE | ||||
Net Revenues | 3,102 | 3,577 | 6,121 | 6,584 |
KOREA, REPUBLIC OF | ||||
Net Revenues | 5,301 | 4,353 | 11,114 | 9,048 |
THAILAND | ||||
Net Revenues | 937 | 1,040 | 1,744 | 1,851 |
Other Asia Pacific Regions [Member] | ||||
Net Revenues | 1,828 | 1,403 | 3,020 | 3,150 |
INDIA | ||||
Net Revenues | 818 | 1,207 | 1,858 | 2,107 |
Other Rest of the World [Member] | ||||
Net Revenues | $ 1,311 | $ 1,075 | $ 2,583 | $ 2,045 |
Note 12 - Segment and Geograp54
Note 12 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Revenues | $ 87,684 | $ 78,629 | $ 171,226 | $ 159,267 |
Power Semiconductors [Member] | ||||
Net Revenues | 62,027 | 53,537 | 119,655 | 110,016 |
Integrated Circuits [Member] | ||||
Net Revenues | 21,295 | 20,553 | 42,467 | 40,935 |
Systems and RF Power Semiconductors [Member] | ||||
Net Revenues | $ 4,362 | $ 4,539 | $ 9,104 | $ 8,316 |
Note 12 - Segment and Geograp55
Note 12 - Segment and Geographic Information - Customer Concentration Risk (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Distributor 1 [Member] | ||||
Concentration risk, percentage | 15.50% | 13.70% | 15.30% | 13.80% |
Distributor 2 [Member] | ||||
Concentration risk, percentage | 10.60% | 10.80% | 10.60% | 10.70% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit) | $ 1,070 | $ 2,860 | $ 2,817 | $ 5,112 |
Effective Income Tax Rate Reconciliation, Percent | 23.60% | 42.10% | 23.90% | 42.40% |
Note 14 - Business Combinatio57
Note 14 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Goodwill | $ 43,993 | $ 42,227 |
Business Combination During Quarter Ended September 30, 2017 [Member] | ||
Goodwill | 1,500 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 2,800 |
Note 15 - Commitments and Con58
Note 15 - Commitments and Contingencies (Details Textual) - Foreign Tax Authority [Member] - Bureau of Internal Revenue [Member] | Sep. 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 |