Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 15, 2019 | Mar. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMTECH SYSTEMS INC | ||
Entity Central Index Key | 0000720500 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 62,706,022 | ||
Entity Common Stock, Shares Outstanding | 14,268,797 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 0-11412 | ||
Entity Tax Identification Number | 86-0411215 | ||
Entity Address, Address Line One | 131 South Clark Drive | ||
Entity Address, City or Town | Tempe | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85281 | ||
City Area Code | 480 | ||
Local Phone Number | 967-5146 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | ASYS | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | AZ | ||
Document Annual Report | true | ||
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 52,982 | $ 45,897 |
Restricted cash | 101 | 18 |
Accounts receivable | ||
Trade (less allowance for doubtful accounts of $172 and $454 at September 30, 2019 and September 30, 2018, respectively) | 12,873 | 17,985 |
Unbilled and other | 0 | 291 |
Inventory | 17,532 | 17,835 |
Contract assets | 36 | 0 |
Held-for-sale assets | 22,755 | 45,322 |
Other current assets | 1,991 | 2,884 |
Total current assets | 108,270 | 130,232 |
Property, Plant and Equipment - Net | 10,217 | 10,509 |
Intangible Assets - Net | 870 | 1,130 |
Goodwill - Net | 6,633 | 6,633 |
Other Assets | 487 | 902 |
Total Assets | 126,477 | 149,406 |
Current Liabilities | ||
Accounts payable | 4,371 | 6,867 |
Accrued compensation and related taxes | 2,717 | 3,359 |
Accrued warranty expense | 556 | 644 |
Other accrued liabilities | 1,274 | 667 |
Current maturities of long-term debt | 371 | 350 |
Contract liabilities | 1,378 | 1,519 |
Income taxes payable | 1,434 | 2,357 |
Held-for-sale liabilities | 18,547 | 31,798 |
Total current liabilities | 30,648 | 47,561 |
Long-Term Debt | 5,178 | 5,542 |
Income Taxes Payable | 3,199 | 3,213 |
Total Liabilities | 39,025 | 56,316 |
Commitments and Contingencies | 0 | 0 |
Shareholders’ Equity | ||
Preferred stock; 100,000,000 shares authorized; none issued | 0 | 0 |
Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 14,268,797 and 14,216,596 at September 30, 2019 and September 30, 2018, respectively | 143 | 142 |
Additional paid-in capital | 125,098 | 124,316 |
Accumulated other comprehensive loss | (11,233) | (9,974) |
Retained deficit | (26,556) | (21,394) |
Total Shareholders’ Equity | 87,452 | 93,090 |
Total Liabilities and Shareholders’ Equity | $ 126,477 | $ 149,406 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Current Assets | ||
Allowance for doubtful accounts | $ 172 | $ 454 |
Shareholders’ Equity | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 14,268,797 | 14,216,596 |
Common stock, shares outstanding | 14,268,797 | 14,216,596 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | |||
Revenue, net of returns and allowances | $ 85,035 | $ 100,053 | $ 83,073 |
Cost of sales | 51,678 | 63,135 | 51,967 |
Gross profit | 33,357 | 36,918 | 31,106 |
Selling, general and administrative | 24,263 | 25,743 | 24,727 |
Research, development and engineering | 3,068 | 2,856 | 2,738 |
Impairment charges | 0 | 2,247 | 0 |
Restructuring charges | 1,110 | ||
Operating income | 4,916 | 6,072 | 3,641 |
Gain on sale of other assets | 2,883 | ||
Income (loss) from equity method investment | 234 | (417) | |
Interest and other income, net | 852 | 738 | 379 |
Income from continuing operations before income taxes | 5,768 | 9,927 | 3,603 |
Income tax provision | 2,633 | 3,296 | 1,409 |
Income from continuing operations, net of tax | 3,135 | 6,631 | 2,194 |
(Loss) income from discontinued operations, net of tax | (8,297) | (1,326) | 5,892 |
Net (loss) income | (5,162) | 5,305 | 8,086 |
Net loss attributable to non-controlling interest - discontinued operations | 1,045 | ||
Net (loss) income attributable to Amtech Systems, Inc. | $ (5,162) | $ 5,305 | $ 9,131 |
Income (Loss) Per Basic Share: | |||
Basic income per share from continuing operations | $ 0.22 | $ 0.45 | $ 0.16 |
Basic (loss) income per share from discontinued operations | (0.58) | (0.09) | 0.52 |
Net (loss) income per basic share | (0.36) | 0.36 | 0.68 |
Income (Loss) Per Diluted Share: | |||
Diluted income per share from continuing operations | 0.22 | 0.44 | 0.16 |
Diluted (loss) income per share from discontinued operations | (0.58) | (0.09) | 0.52 |
Net (loss) income per diluted share | $ (0.36) | $ 0.35 | $ 0.68 |
Weighted average shares outstanding - basic | 14,240 | 14,833 | 13,378 |
Weighted average shares outstanding - diluted | 14,275 | 15,065 | 13,501 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) income | $ (5,162) | $ 5,305 | $ 8,086 |
Foreign currency translation adjustment | (1,746) | (1,445) | 423 |
Reclassification adjustment for net foreign currency translation losses included in net income | 487 | ||
Comprehensive (loss) income | (6,421) | 3,860 | 8,509 |
Comprehensive loss attributable to non-controlling interest | 969 | ||
Comprehensive (loss) income attributable to Amtech Systems, Inc. | $ (6,421) | $ 3,860 | $ 9,478 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid- In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Deficit | Total Shareholders' Equity | Non-controlling Interest |
Beginning balance at Sep. 30, 2016 | $ 65,339 | $ 132 | $ 111,631 | $ (8,876) | $ (35,830) | $ 67,057 | $ (1,718) | |
Beginning balance (in shares) at Sep. 30, 2016 | 13,179,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 8,086 | 9,131 | 9,131 | (1,045) | ||||
Translation adjustment | 423 | 347 | 347 | 76 | ||||
Acquisition of non-controlling interest | 2,687 | $ 2,687 | ||||||
Tax benefit of stock compensation | 18 | 18 | 18 | |||||
Proceeds from stock offering, amount | 10,632 | $ 12 | 10,620 | 10,632 | ||||
Proceeds from stock offering (in shares) | 1,214,000 | |||||||
Stock compensation expense | 1,328 | 1,328 | 1,328 | |||||
Stock options exercised | 1,970 | $ 3 | 1,967 | 1,970 | ||||
Stock options exercised (in shares) | 318,000 | |||||||
Ending balance at Sep. 30, 2017 | 90,483 | $ 147 | 125,564 | (8,529) | (26,699) | 90,483 | ||
Ending balance (in shares) at Sep. 30, 2017 | 14,711,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 5,305 | 5,305 | 5,305 | |||||
Translation adjustment | (1,445) | (1,445) | (1,445) | |||||
Repurchase of treasury stock | (4,000) | $ (4,000) | (4,000) | |||||
Repurchase of treasury stock (in shares) | (771,000) | |||||||
Retirement of treasury stock | $ (8) | $ 4,000 | (3,992) | |||||
Retirement of treasury stock (in shares) | (771,000) | 771,000 | ||||||
Stock compensation expense | 855 | 855 | 855 | |||||
Stock options exercised | 1,892 | $ 3 | 1,889 | 1,892 | ||||
Stock options exercised (in shares) | 277,000 | |||||||
Ending balance at Sep. 30, 2018 | $ 93,090 | $ 142 | 124,316 | (9,974) | (21,394) | 93,090 | ||
Ending balance (in shares) at Sep. 30, 2018 | 14,216,596 | 14,217,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ (5,162) | (5,162) | (5,162) | |||||
Translation adjustment | (1,259) | (1,259) | (1,259) | |||||
Stock compensation expense | 573 | 573 | 573 | |||||
Stock options exercised | 210 | $ 1 | 209 | 210 | ||||
Stock options exercised (in shares) | 52,000 | |||||||
Ending balance at Sep. 30, 2019 | $ 87,452 | $ 143 | $ 125,098 | $ (11,233) | $ (26,556) | $ 87,452 | ||
Ending balance (in shares) at Sep. 30, 2019 | 14,268,797 | 14,269,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Operating Activities | ||||
Net (loss) income | $ (5,162) | $ 5,305 | $ 8,086 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,690 | 1,854 | 2,493 | |
Non-cash impairment charges | 7,006 | |||
Write-down of inventory | 3,193 | 542 | 420 | |
Capitalized interest | 106 | 143 | 277 | |
Provision for (reversal of) allowance for doubtful accounts | 1,074 | 45 | (720) | |
Deferred income taxes | 220 | 209 | (27) | |
Non-cash share based compensation expense | 573 | 855 | 1,328 | |
(Gain) loss on sale of property, plant and equipment | (11) | (92) | 26 | |
Gain on sale of subsidiary | (1,614) | |||
Gain on sale of other assets | (2,883) | |||
(Income) loss from equity method investment | (234) | 417 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 299 | 3,274 | (8,655) | |
Inventory | (435) | 3,965 | (6,638) | |
Contract and other assets | 12,847 | 10,649 | (8,898) | |
Accounts payable | (1,787) | (10,164) | 5,374 | |
Accrued income taxes | (3,011) | (1,749) | 573 | |
Accrued and other liabilities | (6,876) | 1,960 | 1,913 | |
Contract liabilities | (933) | (34,453) | 38,082 | |
Net cash provided by (used in) operating activities | 173 | (13,768) | 34,051 | |
Investing Activities | ||||
Purchases of property, plant and equipment | (714) | (1,495) | (1,256) | |
Proceeds from sale of property, plant and equipment | 114 | 40 | ||
Net cash disposed of in sale of subsidiary | (1,112) | |||
Proceeds from sale of other assets | 5,732 | |||
Net cash (used in) provided by investing activities | (1,826) | 4,351 | (1,216) | |
Financing Activities | ||||
Proceeds from issuance of common stock, net | 210 | 1,892 | 12,602 | |
Repurchase of common stock | (4,000) | |||
Payments on long-term debt | (376) | (368) | (674) | |
Borrowings on long-term debt | 9 | 755 | ||
Excess tax benefit of stock compensation | 18 | |||
Net cash (used in) provided by financing activities | (157) | (2,476) | 12,701 | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1,552) | (1,372) | 1,677 | |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (3,362) | (13,265) | 47,213 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | [1] | 62,496 | 75,761 | 28,548 |
Cash, Cash Equivalents and Restricted Cash, End of Year | [1] | 59,134 | 62,496 | 75,761 |
Supplemental Cash Flow Information: | ||||
Income tax (payments) refunds, net | 993 | (980) | 146 | |
Interest paid, net of capitalized interest | $ 262 | 304 | 269 | |
Supplemental Non-cash Financing and Investing Activities: | ||||
Transfer inventory to property, plant, and equipment | $ 902 | 120 | ||
Transfer of property, plant, and equipment to inventory | 22 | |||
Net of acquired non-controlling interest over debt forgiveness (See Note 16) | $ (332) | |||
[1] | Includes Cash, Cash Equivalents and Restricted Cash that are included in Held-For-Sale Assets on the Consolidated Balance Sheets. |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Operations and Significant Accounting Policies | 1. Summary of Operations and Significant Accounting Policies Description of Business – Amtech is a leading, global manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power chips, electronic assemblies and light-emitting diodes (LEDs). We sell these products to semiconductor and automotive component manufacturers worldwide, particularly in Asia, North America and Europe. We serve niche markets in industries that are experiencing technological advances, and which historically have been very cyclical. Therefore, future profitability and growth depend on our ability to develop or acquire and market profitable new products and on our ability to adapt to cyclical trends. In the second quarter of fiscal 2019, we began the process to divest our solar business. As such, we have classified substantially all of the Solar segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statements of Operations. For additional information on the divestiture, see Note 16. For additional information on our segments, see Note 18. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2019, 2018 and 2017 relate to the fiscal years ended September 30, 2019, 2018 and 2017, respectively. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest. We report non-controlling interests in consolidated entities as a component of equity separate from our equity. The equity method of accounting is used for i nvestments over which we have a significant influence but not a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2017, we purchased the non-controlling interest in SoLayTec, pursuant to which SoLayTec became a wholly-owned subsidiary of Amtech. Beginning July 1, 2017 through the disposal date of SoLayTec (see Note 16), the non-controlling interest is no longer reported. Prior amounts have not been restated. Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year presentation, including the addition of restricted cash to cash and cash equivalents on our consolidated statements of cash flows as a result of the adoption of new accounting guidance. Results for all periods presented in this report have been reclassified for discontinued operations (Note 2) and for changes to our reportable segments (Note 18). These reclassifications had no effect on the previously reported Consolidated Financial Statements for any period. Divestitures – Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations – A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the Consolidated Statement of Operations. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. The assets and related liabilities are aggregated and reported on separate lines of the Consolidated Balance Sheets. Cash and Cash Equivalents – We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist of amounts invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts. Restricted Cash – Restricted cash includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the sales price of products sold to customers on trade credit terms. Accounts receivable are considered past due when payment has not been received from the customer within the normal credit terms extended to that customer. A valuation allowance is established for accounts when collection is no longer probable. Accounts are written off against the allowance when the probability of collection is remote. Inventory – We value our inventory at the lower of cost or net realizable value. Costs for over 90% of inventory at our continuing operations as of September 30, 2019 and 2018 are determined on a FIFO basis, with the remainder determined on an average cost basis. We regularly review inventory quantities and record a write-down to net realizable value for excess and obsolete inventory. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. Our industry is characterized by customers in highly cyclical industries, rapid technological changes, frequent new product developments and rapid product obsolescence. Changes in demand for our products and product mix could result in further write-downs. We must order components for our products and build inventory in advance of product shipments through issuance of purchase orders based on projected demand. These commitments typically cover our requirements for periods ranging from 30 to 180 days or longer when there is a significant increase in demand or lead-times from suppliers. Property, Plant and Equipment – Property plant, and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation and amortization are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation and amortization are computed using the straight-line method over the estimated useful life of the asset. Useful lives for equipment, machinery and leasehold improvements range from three to seven years; for furniture and fixtures from five to ten years; and for buildings from 20 to 30 years. Reviews are regularly performed to determine whether facts and circumstances exist which indicate that the useful life is shorter than originally estimated or the carrying amount of assets may not be recoverable. When an indication exists that the carrying amount of long-lived assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Patent costs consist primarily of legal and filing fees incurred to file patents on proprietary methods and technology developed by the Company. Patent costs are expensed when incurred as they are insignificant. In the fourth quarter of fiscal 2018, we recorded a charge for impairment of intangible assets in our former Solar segment. See Note 9 for a description of the facts and circumstances leading to the intangible asset impairment charge. Goodwill - Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is not subject to amortization but are tested for impairment when it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, typically at the end of the fiscal year, or more frequently if circumstances dictate. If it is concluded that there is a potential impairment, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss would not exceed the total amount of goodwill allocated to the reporting unit). Impairment tests include the use of estimates and assumptions that are inherently uncertain. Changes in these estimates and assumptions could materially affect the determination of fair value or goodwill impairment, or both. In the fourth quarter of fiscal 2018, we recorded a charge for impairment of goodwill in our former Solar segment. See Note 10 for a description of the facts and circumstances leading to the goodwill impairment charge. Revenue Recognition – We adopted ASU No. 2014-09, “Revenue from Contracts with Customers,” which created FASB Topic 606 (“ASC 606”) with a date of initial application of October 1, 2018. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a product or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation based upon the relative standalone selling price for each performance obligation and is recognized as revenue upon satisfaction of the performance obligation. We implemented ASC 606 using the modified retrospective approach with no cumulative effect adjustment recorded to the opening balance of retained deficit. Prior period amounts have not been restated and continue to be reported under the accounting standards in effect for those periods. Upon adoption of ASC 606, we changed our accounting policy for the installation performance obligation included in all solar system sales (now part of discontinued operations). Previously under ASC 605, we deferred revenue for the fair value of the installation and recognized it when earned. Under ASC 606, we no longer record a deferral but will continue to recognize the revenue when earned. This change in policy does not result in a change in the amount of revenue recorded; instead, it removes the installation liability from our balance sheet. To achieve the core principle of the standard, we apply the following five steps: 1) Identify the contract with the customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the related payment terms, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other available resources, and are distinct in the context of the contract, whereby the transfer of the good or service is separately identifiable from other promises to the customer in the contract. To the extent a contract includes multiple promised goods and services, the Company must apply judgment to determine whether promised goods and services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. Our equipment sales consist of multiple performance obligations, including the system itself and obligations that are not delivered simultaneously with the system, primarily installation services. Customers who purchase new systems are provided an assurance-type warranty, generally for periods of 12 to 24 months. In accordance with ASC 606, assurance-type warranties are not considered a performance obligation. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. The transaction price for equipment sales is adjusted for estimated product returns that we expect to occur under our return policy based upon past return rates, which have historically been immaterial. In rare cases when the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes. The transaction price for all transactions is based on the price reflected in the individual customer’s purchase order. Variable consideration has not been identified as a significant component of the transaction price for any of our transactions. The Company has determined that most contracts will be completed in less than one year. For those transactions where all performance obligations will be satisfied within one year or less, the Company is applying the practical expedient outlined in ASC 606-10-32-18. This practical expedient allows the Company not to adjust promised consideration for the effects of a significant financing component if the Company expects at contract inception the period between when the Company transfers the promised good or service to a customer and when the customer pays for that good or service will be one year or less. For those transactions that are expected to be completed after one year, the Company has assessed that there are no significant financing components because any difference between the promised consideration and the cash selling price of the good or service is for reasons other than the provision of financing. The Company excludes from the transaction price all sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer (for example, sales, use, value added, and some excise taxes). This employs the practical expedient under ASC 606-10-32-2A. Sales taxes are presented on a net basis (excluded from revenues) in the Company's consolidated statements of operations. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each distinct performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to each distinct performance obligation or to a distinct service that forms part of a single performance obligation. Where required, the Company determines the SSP for each performance obligation based on consideration of both market and Company specific factors, including the selling price and profit margin for similar products. For those contracts that contain multiple performance obligations (primarily system sales requiring installation services), the Company must determine the SSP. To determine the SSP for labor related performance obligations (such as the labor component of installation), the Company uses directly observable inputs based on the standalone sale prices for these services. The Company uses a cost-plus margin approach in determining the SSP for any materials-related performance obligations (e.g., system add-ons, spare parts, and systems). 5) Recognize revenue when, or as, the Company satisfies a performance obligation The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either 1) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, 2) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or 3) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. Examples of control are using the asset to produce goods or services, enhance the value of other assets, settle liabilities, and holding or selling the asset. For over time recognition, ASC 606 requires the Company to select a single revenue recognition method for the performance obligation that faithfully depicts the Company’s performance in transferring control of the goods and services. The guidance allows entities to choose between two methods to measure progress toward complete satisfaction of a performance obligation: Output methods - recognize revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract (e.g., surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units of produced or units delivered); and Input methods - recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. Equipment and related product revenues (e.g., furnace systems, system add-ons, machinery, consumables and spare parts) are recognized at a point in time, when they are shipped or delivered, depending on contractual terms. For products where the customer’s defined specifications have not been met with at least two similarly configured systems and processes, the revenue and directly related costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criterion has been met. For installation services, revenue is recognized at a point in time, once the installation of the tool is complete. The nature of the installation services are such that the customer does not simultaneously receive and consume the benefits provided by the entity’s performance, nor does performance of installation services create or enhance an asset that the customer controls. Installation services do not create an asset with an alternative use to the entity, and the entity does not have an enforceable right to payment for performance completed to date. Maintenance and service contracts are recognized over time. Progress in the satisfaction of these performance obligations will be measured using an input method of either time elapsed in the case of fixed period contracts, or labor hours expended, in the case of project-based contracts. Cost to Obtain and Fulfill a Contract with a Customer The Company recognizes an asset related to incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The Company will recognize an asset from costs incurred to fulfill a contract only if such costs relate directly to a contract that the entity can specifically identify, the costs generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, and the costs are expected to be recovered. Any assets recognized related to costs to obtain or fulfill a contract are amortized to selling, general and administrative expense on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. In substantially all of our business transactions, we incur incremental costs to obtain contracts with customers, in the form of sales commissions. We maintain a commission program which rewards our sales representatives for system sales and our employees for system sales and other individual goals. Under ASC 606, an asset shall be amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. However, ASC 606 provides a practical expedient to allow for the recognition of commission expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Based on the nature of the Company’s contracts with customers, we have elected this practical expedient and expense all commissions as incurred based upon the expectation that the amortization period would be one year or less. The Company has also elected to adopt the practical expedient related to shipping and handling fees which allows the Company to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Revenue Categories used by Management Management reviews disaggregated revenue at the operating segment level. Revenue-generating transactions vary between our operating segments due to several factors. For example, lead times vary among our operating segments and among our products. Most of the revenue for our SiC/LED segment results from the sale of consumables, rather than equipment sales. These consumables have a much shorter production period than equipment produced by our other operating segments. Due to these variations between operating segments, management determined that disaggregated revenue by segment sufficiently depicts how economic factors affect the nature, amount, timing and uncertainty of our revenue and cash flows. See Note 18 for additional information on our reportable business segments. Contract Assets – Contract assets consist of amounts the Company is not legally able to invoice but has completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., the Company has recognized revenue in an amount greater than the amount that is billable under the contract). Contract assets are reflected in current assets on the consolidated balance sheets. Contract Liabilities – Contract liabilities are reflected in current liabilities on the consolidated balance sheets as all performance obligations are expected to be satisfied within the next 12 months. Contract liabilities include customer deposits and deferred profit. Contract liabilities relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. This amount relates primarily to prepayments for system sales and installation services. Semiconductor system transactions have payment terms that generally require a payment due upon shipment of the system and a final payment due upon installation or acceptance. Automation transactions have payment terms that generally require a payment due upon shipment of the system, with a final payment due upon acceptance of the installation. Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months to all purchasers of our new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized, generally upon shipment or acceptance, as determined under the revenue recognition policy above. On occasion, we have been required and may be required in the future to provide additional warranty coverage to ensure that the systems are ultimately accepted or to maintain customer goodwill. While our warranty costs have historically been within our expectations and we believe that the amounts accrued for warranty expenditures are sufficient for all systems sold through September 30, 2019, we cannot guarantee that we will continue to experience a similar level of predictability with regard to warranty costs. In addition, technological changes or previously unknown defects in raw materials or components may result in more extensive and frequent warranty service than anticipated, which could result in an increase in our warranty expense. The following is a summary of activity in accrued warranty expense at our continuing operations (in thousands): Years Ended September 30, 2019 2018 2017 Beginning balance $ 644 $ 710 $ 417 Additions for warranties issued during the period 785 966 965 Reductions in the liability for payments made under the warranty (693 ) (782 ) (429 ) Changes related to pre-existing warranties (179 ) (250 ) (244 ) Currency translation adjustment (1 ) — 1 Ending balance $ 556 $ 644 $ 710 Shipping Expense – Shipping expenses at our continuing operations of $0.7 million in each of the years 2019, 2018 and 2017 are included in selling, general and administrative expenses. Advertising Expense – Advertising costs are expensed as incurred. Advertising expenses at our continuing operations of $0.4 million , $0.5 million and $0.3 million for 2019, 2018 and 2017, respectively, are included in selling, general and administrative expenses. Stock-Based Compensation – We measure compensation costs relating to share-based payment transactions based upon the grant-date fair value of the award. Those costs are recognized as expense over the requisite service period, which is generally the vesting period, with forfeitures recognized as they occur. Prior to 2018, the expense recognized included an estimate for expected forfeitures, which was based upon historical experience. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires us to apply highly subjective assumptions, including expected stock price volatility, expected life of the option and the risk-free interest rate. A change in one or more of the assumptions used in the model may result in a material change to the estimated fair value of the stock-based compensation. Research, Development and Engineering Expenses – RD&E expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes as well as materials, supplies and facilities used in producing prototypes. Payments received for research and development grants prior to the meeting of milestones are recorded as unearned research and development grant liabilities and included in other accrued liabilities on the balance sheet. When certain contract requirements are met, governmental research and development grants are netted against research, development and engineering expenses. The following is a summary of our research, development and engineering expense (in thousands): Years Ended September 30, 2019 2018 2017 Research, development and engineering $ 3,112 $ 2,868 $ 3,037 Grants earned (44 ) (12 ) (299 ) Net research, development and engineering $ 3,068 $ 2,856 $ 2,738 Foreign Currency Transactions and Translation – We use the U.S. dollar as our reporting currency. Our operations in Europe, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Accordingly, assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in effect at the balance sheet dates. Income and expense items are translated at the average exchange rate for each month within the year. The resulting translation adjustments are recorded directly in accumulated other comprehensive income (loss), net of tax - foreign currency translation adjustments as a separate component of shareholders’ equity. Net foreign currency transaction gains/losses, including transaction gains/losses on intercompany balances that are not of a long-term investment nature and non-functional currency cash balances, are reported as a separate component of non-operating (income) expense in our consolidated statements of operations. Income Taxes – We file consolidated federal income tax returns in the United States for all subsidiaries except those in the Netherlands, France, Hong Kong and China, where separate returns are filed. We compute deferred income tax assets and liabilities based upon cumulative temporary differences between financial reporting and taxable income, carryforwards available and enacted tax laws. We also accrue a liability for uncertain tax positions when it is more likely than not that such tax will be incurred. Deferred tax assets reflect the tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management and based on the weight of available evidence, it is more likely than not that all or a portion of the deferred tax asset will not be realized. Each quarter, the valuation allowance is re-evaluated. In 2019, 2018 and 2017 Concentrations of Credit Risk – Our customers consist of semiconductor and solar cell manufacturers worldwide, as well as the lapping and polishing marketplace. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and trade accounts receivable. Credit risk is managed by performing ongoing credit evaluations of the customers’ financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and coun |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets Held for Sale and Discontinued Operations | 2. Assets Held for Sale and Discontinued Operations In April 2019, we announced that the Board determined that it was in the long-term best interest of the Company to exit the solar business segment and focus our strategic efforts on our semiconductor and silicon carbide/polishing business segments in order to more fully realize the opportunities the Company believes are presented in those areas. The Board made its decision, effective March 28, 2019, after analyzing current market conditions and the strategic outlook for its Solar segment, which operates in a highly competitive market among lower cost manufacturers, particularly in China. Historical fluctuations in the solar cell industry combined with downward pricing pressure has negatively affected the Company’s results of operations in recent years. In response, we had been pursuing strategic alternatives for the continued operations of the Solar segment, including the possibility of restructuring the Solar segment to achieve profitability and compete more effectively. After further assessment, however (including input from management of the Solar segment and our external advisors), the Board determined that the investment required to return our solar business to profitability would be better utilized to pursue strategic opportunities in the Semiconductor and SiC/LED segments. The anticipated divestiture of our solar business included our Tempress and SoLayTec subsidiaries, which comprised substantially all of our Solar segment. We adopted a plan to sell our Solar operations on or before March 31, 2020. As such, we classified substantially all of the Solar segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statements of Operations. We expect to incur one-time costs to sell Tempress of approximately $750,000, which includes $500,000 in broker fees and $250,000 in legal fees, although the final amount could be greater if certain timing and/or price targets are met. On June 7, 2019 (“Sale Date”), we completed the sale of our subsidiary, SoLayTec, to a third party located in the Netherlands. Upon the Sale Date, we recognized a gain of approximately $1.6 million, which we included in loss from discontinued operations reported in our Consolidated Statements of Operations for the year ended September 30, 2019. Also, effective on the Sale Date, SoLayTec is no longer included in our consolidated financial statements. SoLayTec is not material to Amtech’s results of operations or financial position. Operating results of our discontinued solar operations were as follows, in thousands: Years Ended September 30, 2019 2018 2017 Revenues, net of returns and allowances $ 25,139 $ 76,395 $ 81,443 Cost of sales 23,669 58,156 60,617 Gross profit 1,470 18,239 20,826 Selling, general and administrative 8,857 11,792 10,408 Research, development and engineering 3,039 4,944 3,634 Restructuring charges 567 897 — Impairment charges — 4,759 — Operating (loss) income (10,993 ) (4,153 ) 6,784 Gain on sale of subsidiary 1,614 — — Interest expense and other, net (121 ) (249 ) (557 ) (Loss) income from discontinued operations before income taxes (9,500 ) (4,402 ) 6,227 Income tax (benefit) provision (1,203 ) (3,076 ) 335 Net (loss) income (8,297 ) (1,326 ) 5,892 Net loss attributable to non-controlling interest — — 1,045 Net (loss) income attributable to discontinued operations $ (8,297 ) $ (1,326 ) $ 6,937 The following table presents a summary of the solar assets and liabilities held for sale included in our Consolidated Balance Sheets, in thousands: September 30, 2019 September 30, 2018 Assets Total current assets $ 17,591 $ 39,379 Property, plant and equipment - net 5,164 5,943 Total assets included in the disposal group 22,755 45,322 Total current liabilities 18,272 29,380 Long-term debt 275 2,418 Total liabilities included in the disposal group 18,547 31,798 Net assets included in the disposal group $ 4,208 $ 13,524 Amtech’s Consolidated Statement of Cash flows combines cash flows from discontinued operations with cash flows from continuing operations within each cash flow statement category. The following table summarizes selected cash flow information for discontinued operations, in thousands: Years Ended September 30, 2019 2018 2017 (Loss) income from discontinued operations, net of tax $ (8,297 ) $ (1,326 ) $ 6,937 Non-cash impairment charges $ — $ 4,759 $ — Depreciation and amortization $ 562 $ 801 $ 1,120 Provision for (reversal of) allowance for doubtful accounts, net $ 874 $ (56 ) $ (837 ) Gain on sale of subsidiary $ 1,614 $ — $ — Purchases of property, plant and equipment $ 131 $ 1,403 $ 838 |
Earnings Per Share & Diluted Ea
Earnings Per Share & Diluted Earnings Per Share | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share & Diluted Earnings Per Share | 3. Earnings Per Share & Diluted Earnings Per Share Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued, and the numerator is based on net income. In the case of a net loss, diluted EPS is calculated in the same manner as basic EPS. For the years 2019, 2018 and 2017, options for 978,000 A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share amounts): Years Ended September 30, 2019 2018 2017 Numerator: Net income from continuing operations $ 3,135 $ 6,631 $ 2,194 Net (loss) income from discontinued operations $ (8,297 ) $ (1,326 ) $ 5,892 Net loss from non-controlling interest - discontinued operations $ — $ — $ 1,045 Net (loss) income $ (5,162 ) $ 5,305 $ 9,131 Denominator: Weighted-average shares used to compute basic EPS 14,240 14,833 13,378 Common stock equivalents (1) 35 232 123 Weighted-average shares used to compute diluted EPS 14,275 15,065 13,501 Basic income per share from continuing operations $ 0.22 $ 0.45 $ 0.16 Basic (loss) income per share from discontinued operations $ (0.58 ) $ (0.09 ) $ 0.52 Net (loss) income per basic share $ (0.36 ) $ 0.36 $ 0.68 Diluted income per share from continuing operations $ 0.22 $ 0.44 $ 0.16 Diluted (loss) income per share from discontinued operations $ (0.58 ) $ (0.09 ) $ 0.52 Net (loss) income per diluted share $ (0.36 ) $ 0.35 $ 0.68 (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Contracts with Customers
Contracts with Customers | 12 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Contracts with Customers | 4. Contracts with Customers We adopted ASC 606 with a date of initial application of October 1, 2018. See Note 1 for additional detail on our revenue recognition policies. The components of contract assets are as follows, in thousands: September 30, 2019 Unbilled accounts receivable $ 36 Contract assets $ 36 The components of contract liabilities are as follows, in thousands: September 30, 2019 September 30, 2018 Customer deposits $ 1,378 $ 1,519 Contract liabilities $ 1,378 $ 1,519 |
Operating Leases
Operating Leases | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Operating Leases | 5. Operating Leases We have non-cancelable leases with third parties, primarily for administrative and manufacturing space, vehicles and equipment. Our facilities leases generally provide for periodic rent increases and many contain renewal options. We recognize rent expense on a straight-line basis over the lease term. Rental expense under such operating leases at our continuing operations was $0.5 million, As of September 30, 2019, future minimum rental commitments under non-cancelable operating leases with initial or remaining terms of one year or more at our continuing operations are as follows, in thousands: Years Ending September 30, Minimum Lease Payments 2020 $ 522 2021 322 2022 288 2023 282 2024 279 Thereafter 7,187 Total $ 8,880 |
Restructuring Plans
Restructuring Plans | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Plans | 6. Restructuring Plans The Company and its former Chief Executive Officer and President, Fokko Pentinga, agreed on a transition of leadership, pursuant to which Mr. Pentinga stepped down as the Chief Executive Officer, President and a director of the Company effective December 6, 2018 (the “Effective Date”). In connection with his departure, Mr. Pentinga and the Company entered into a Separation Agreement and General Release of all Claims, dated November 28, 2018 (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Pentinga received the following benefits: • a severance payment of $864,000 in gross, less all customary and appropriate income and employment taxes; • a payment of $458,500 for all other amounts due him; • all of his time-based stock options (the “Options”) became fully vested and immediately exercisable. Mr. Pentinga has the right to exercise Options with an exercise price of $7.01 or less until December 31, 2019. The remaining Options were exercisable during the 90-day period following the Effective Date, which resulted in an additional $108,000 in stock-based compensation expense; and • certain other benefits as set forth in the Separation Agreement. The table below details the restructuring activity at our continuing operations for the year ended September 30, 2019. This activity is primarily related to the departure of our former CEO as well as additional headcount reductions as we consolidated satellite offices in our Semiconductor segment. The outstanding obligations as of September 30, 2019, are as follows, in thousands: Year Ended September 30, Balance at September 30, 2018 $ — Severance expense, net of adjustments 1,110 Cash payments (1,070 ) Balance at September 30, 2019 $ 40 |
Inventory
Inventory | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | 7. Inventory The components of inventory are as follows (in thousands): September 30, 2019 September 30, 2018 Purchased parts and raw materials $ 15,192 $ 15,907 Work-in-process 4,215 4,159 Finished goods 3,183 3,072 22,590 23,138 Excess and obsolete reserves (5,058 ) (5,303 ) $ 17,532 $ 17,835 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 8. Property, Plant and Equipment The following is a summary of property, plant and equipment (in thousands): September 30, 2019 September 30, 2018 Land $ 3,240 $ 3,240 Buildings 5,396 5,396 Building and leasehold improvements 2,930 2,902 Equipment and machinery 5,488 5,383 Furniture and fixtures 1,312 1,317 18,366 18,238 Accumulated depreciation and amortization (8,149 ) (7,729 ) $ 10,217 $ 10,509 Depreciation and capital lease amortization expense was $0.9 million |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 9. Intangible Assets Intangible assets consist of the following (in thousands): September 30, 2019 September 30, 2018 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer lists 6-10 years $ 1,219 $ (948 ) $ 271 $ 1,219 $ (745 ) $ 474 Trade names 10-15 Years 869 (270 ) 599 869 (213 ) 656 $ 2,088 $ (1,218 ) $ 870 $ 2,088 $ (958 ) $ 1,130 In 2018, we conducted our periodic assessment of long-lived assets and identified the need for an intangible asset impairment charge in our Solar segment of $1.3 million due primarily to the decline in our expected performance of that segment. All remaining intangible assets are included in our Semiconductor segment. During 2019, we periodically assessed whether any indicators of impairment existed related to our intangible assets. As of each interim period end during the year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of intangible assets below their carrying value. Amortization expense related to intangible assets at our continuing operations was $0.3 million Years Ending September 30, Amortization Expense 2020 $ 261 2021 126 2022 58 2023 58 2024 58 Thereafter 309 Total $ 870 |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill The changes in the carrying amount of goodwill for the year ended September 30, 2019 are as follows (in thousands): Semiconductor SiC/LED Automation Net Goodwill - Continuing Operations Discontinued Operations Net Goodwill Goodwill $ 5,905 $ 728 $ 3,595 $ 10,228 $ 3,367 $ 13,595 Accumulated impairment losses — — (3,595 ) (3,595 ) (3,367 ) (6,962 ) Balance at September 30, 2018 5,905 728 — 6,633 — 6,633 Impairment of goodwill — — — — — — Net exchange differences — — — — — — Balance at September 30, 2019 $ 5,905 $ 728 $ — $ 6,633 $ — $ 6,633 Goodwill $ 5,905 $ 728 $ 3,595 $ 10,228 $ 3,367 $ 13,595 Accumulated impairment losses — — (3,595 ) (3,595 ) (3,367 ) (6,962 ) Balance at September 30, 2019 $ 5,905 $ 728 $ — $ 6,633 $ — $ 6,633 During 2019, we periodically assessed whether any indicators of impairment existed which would require us to perform an interim impairment review. As of each interim period end during the year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of our reporting units below their carrying values. We performed our annual test of goodwill for impairment during the fourth quarter of 2019. The results of the first step of the goodwill impairment test indicated that the fair value of our Semiconductor reporting unit was in excess of its carrying value, and, thus, we did not require an impairment charge. While the quantitative analysis indicated no impairment of Semiconductor segment goodwill existed as of September 30, 2019, if the future performance of this reporting unit falls short of our expectations or if there are significant changes in operations due to changes in market conditions, we could be required to recognize material impairment charges in future periods. We performed a qualitative analysis of our SiC/LED segment, which indicted no impairment of SiC/LED segment goodwill existed as of September 30, 2019. In 2018, we identified the need for a goodwill impairment charge in our former Solar segment of $5.7 million, due primarily to the decline in our expected performance of that segment. In 2019, we realigned our segments (see Note 18). |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The following note related to income taxes includes both continuing and discontinued operations. The components of income (loss) before provision for income taxes are as follows (in thousands): Years Ended September 30, 2019 2018 2017 Domestic $ 916 $ 7,845 $ 1,900 Foreign (4,648 ) (2,320 ) 7,930 $ (3,732 ) $ 5,525 $ 9,830 The components of the provision for income taxes are as follows (in thousands): Years Ended September 30, 2019 2018 2017 Current: Domestic federal $ — $ 1,167 $ 54 Foreign 1,278 (1,404 ) 1,330 Foreign withholding taxes 94 356 240 Domestic state 58 101 120 Total current 1,430 220 1,744 Deferred: Domestic federal — — — Total deferred — — — Total provision $ 1,430 $ 220 $ 1,744 On June 7, 2019, we completed the sale of SoLayTec to a third party located in the Netherlands. Due to the tax treatment relating to the sale, we realized an income tax benefit of $1.3 million in our discontinued operations for the year ended September 30, 2019. The TCJA was enacted on December 22, 2017, and permanently reduces the U.S. federal corporate tax rate from 35% to 21%, eliminated corporate Alternative Minimum Tax, modified rules for expensing capital investment, and limits the deduction of interest expense for certain companies. The TCJA is a fundamental change to the taxation of multinational companies, including a shift from a system of worldwide taxation with some deferral elements to a territorial system, current taxation of certain foreign income, a minimum tax on low-tax foreign earnings, and new measures to curtail base erosion and promote U.S. production. As a result of the TCJA The TCJA TCJA A reconciliation of actual income taxes to income taxes at the expected United States federal corporate income tax rate is as follows (in thousands, except percentages): Years Ended September 30, 2019 2018 2017 Federal statutory rate 21.0 % 24.3 % 34.0 % Tax (benefit) expense at the federal statutory rate $ (784 ) $ 1,342 $ 3,340 Effect of permanent book-tax differences 272 75 340 State tax provision 31 76 100 Valuation allowance for net deferred tax assets 1,682 617 (1,610 ) Uncertain tax items 74 (3,013 ) 350 Tax rate differential 150 1,107 (776 ) Other items 5 16 — $ 1,430 $ 220 $ 1,744 Deferred income taxes reflect the tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred tax assets and deferred tax liabilities are as follows (in thousands): September 30, 2019 September 30, 2018 Deferred tax assets (liabilities): Capitalized inventory costs $ 168 $ 193 Inventory write-downs 2,856 1,333 Accrued warranty 161 204 Deferred profits 346 1,006 Accruals and reserves not currently deductible 3,531 5,017 Stock option expense 849 738 Federal net operating loss carryforwards 6,979 2,922 Foreign and state net operating losses 10,481 13,860 Book vs. tax depreciation and amortization (1,546 ) (1,667 ) Other deferred tax assets 75 163 Total deferred tax assets 23,900 23,769 Valuation allowance (23,900 ) (23,769 ) Deferred tax assets, net of valuation allowance $ — $ — Changes in the deferred tax valuation allowance are as follows (in thousands): Years Ended September 30, 2019 2018 Balance at the beginning of the year $ 23,769 $ 22,930 Additions to valuation allowance 131 839 Balance at the end of the year $ 23,900 $ 23,769 The deferred tax valuation allowance increased by $0.1 million and $0.8 million for the years ended September 30, 2019 and 2018, respectively. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future income and tax planning strategies in making this assessment. We have established valuation allowances on substantially all net deferred tax assets, after considering all of the available objective evidence, both positive and negative, historical and prospective, with greater weight given to historical evidence, and determined it is not more likely than not that these assets will be realized. In 2017, 2018 and 2019, we reversed a portion of the valuation allowance related to net operating loss carryforwards which we have determined will be utilized against net operating income in the current year. Additionally, as of September 30, 2017, the deferred tax assets related to acquired foreign tax credits and the related valuation allowance were reduced due to our inability to use them prior to expiration. We will continue to monitor our cumulative income and loss positions in the U.S. and foreign jurisdictions to determine whether full valuation allowances on net deferred tax assets are appropriate. As of September 30, 2019, we have federal net operating loss carryforwards of approximately $13.8 2028 and 2035 $19.5 $38.4 2025 $12.6 We apply the accounting guidance for uncertainty in income taxes using the provisions of ASC 740. In this regard, an uncertain tax position represents our expected treatment of a tax position taken in a filed tax return or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. Approximately $0.6 A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows (in thousands): Years Ended September 30, 2019 2018 2017 Balance at beginning of the year $ 1,198 $ 4,210 $ 3,860 Additions related to tax positions taken in prior years 74 155 350 Reductions due to resolution of uncertain tax position — (3,167 ) — Balance at the end of the year $ 1,272 $ 1,198 $ 4,210 We have classified all of our liabilities for uncertain tax positions as income taxes payable long-term. Income taxes long-term also includes other items, primarily withholding taxes that are not due until the related intercompany service fees are paid. We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized a net expense (benefit) for interest and penalties of $0.1 million $0.8 million We do not expect that the amount of our tax reserves for uncertain tax positions will materially change in the next 12 months other than the continued accrual of interest and penalties. Amtech and one or more of our subsidiaries file income tax returns in the Netherlands, Germany, France, China and other foreign jurisdictions, as well as the U.S. and various states in the U.S. We have not signed any agreements with the Internal Revenue Service, any state or foreign jurisdiction to extend the statute of limitations for any fiscal year. As such, the number of open years is the number of years dictated by statute in each of the respective taxing jurisdictions, but generally is from 3 to 5 years. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, timing, or inclusion of revenues and expenses, or the sustainability of income tax positions of Amtech and our subsidiaries. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. Long-Term Debt Continuing Operations We have a mortgage note secured by BTU’s real property in Billerica, Massachusetts. The note has a remaining balance of $ 5.5 From time to time, we enter into capital leases for certain manufacturing or IT equipment. Our obligations under capitalized leases are included in long-term debt in the accompanying Consolidated Balance Sheets as of September 30, 2019 and 2018. The current and long-term portion of the obligations are included in the table below. Annual maturities relating to our long-term debt at continuing operations as of September 30, 2019 are as follows (in thousands): Annual Maturities 2020 $ 371 2021 380 2022 396 2023 413 2024 430 Thereafter 3,559 Total $ 5,549 Discontinued Operations In 2017, Tempress borrowed approximately $0.4 million as part of the construction of a large, bi-facial solar PV park at its headquarters in the Netherlands. The debt is secured by Tempress’ real property in Vaassen, the Netherlands, and carries an interest rate equal to the 10-year interest rate swap rate plus a 2.4% premium, reduced by a 1% discount, which at September 30, 2019 was 2.23%. The debt has a 15-year term. As of September 30, 2019, Tempress’ remaining debt balance is $0.3 million. |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity and Stock-Based Compensation | 13. Equity and Stock-Based Compensation 2017 Equity Offering On August 18, 2017, we entered into an Underwriting Agreement with Roth Capital Partners, LLC, as underwriter (the “Underwriter”), relating to a firm commitment underwritten offering (the “Offering”) of 1,055,000 shares of our common stock at a price of $9.50 per share, and granted the Underwriter an option to purchase up to 158,250 additional shares (the “Over-Allotment Option”) of our common stock to cover over-allotments, if any. On August 23, 2017, we and the Underwriter closed the Offering and the Underwriter exercised its Over-Allotment Option at the closing. As a result, we issued a total of 1,213,250 shares of our common stock at a price of $9.50 per share. We received net proceeds of approximately $10.6 million from the Offering. We plan to use the net proceeds of the Offering for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions. 2018 Stock Repurchase Plan On March 28, 2018, we announced that our Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock, par value $0.01, over a one-year period, commencing on April 2, 2018. During the year ended September 30, 2018, we completed our repurchase program and repurchased 771,149 shares of our common stock on the open market at a total cost of approximately $4.0 million (an average price of $5.19 per share). All shares repurchased during the year ended September 30, 2018, have been retired. 2019 Stock Repurchase Plan On November 29, 2018, we announced that our Board of Directors approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock, par value $0.01 per share, over a one-year period. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on the Company’s stock price and other market conditions. Our Board may terminate the repurchase program at any time while it is in effect. We intend to retire any repurchased shares. As of September 30, 2019, there have been no shares repurchased under this repurchase plan. Stock-Based Compensation Expense Stock-based compensation expenses of $0.6 million $0.4 million 1.64 Amtech Equity Compensation Plans The 2007 Employee Stock Incentive Plan (the “2007 Plan”), under which 500,000 shares could be granted, was adopted by our Board of Directors in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014 and 2015 to add 2,500,000 shares. The plan was also amended in 2019 to extend the term of the plan and allow for the grant of restricted stock units. The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of common stock to directors. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009 and 2014 to add 400,000 shares. Equity compensation plans as of September 30, 2019 are summarized in the table below: Name of Plan Shares Authorized Shares Available for Grant Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 856,453 879,314 Mar. 2024 Non-Employee Directors Stock Option Plan 500,000 99,600 189,351 Mar. 2020 956,053 1,068,665 Stock Options Stock options issued under the terms of the plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant. Options issued under the plans vest over 6 months to 4 years. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions: Years Ended September 30, 2019 2018 2017 Risk free interest rate 3% 3% 2% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 60% 59% 63% Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2019 2018 2017 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,248,758 $ 7.69 1,560,441 $ 7.95 1,841,567 $ 8.15 Granted 198,850 5.35 44,000 7.40 145,000 5.23 Exercised (52,201 ) 4.02 (277,154 ) 6.71 (317,986 ) 6.30 Forfeited/expired (326,742 ) 9.00 (78,529 ) 16.12 (108,140 ) 12.71 Outstanding at end of period 1,068,665 $ 7.04 1,248,758 $ 7.69 1,560,441 $ 7.95 Exercisable at end of period 842,083 $ 7.45 1,014,300 $ 7.93 1,055,865 $ 8.58 Weighted average grant-date fair value of options granted during the period $ 3.08 $ 4.20 $ 3.04 The following table summarizes information for stock options outstanding and exercisable as of September 30, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Remaining Contractual Life (in years) Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share 2.95-4.85 116,430 6.22 $ 3.95 91,430 $ 3.73 4.87-5.07 60,750 6.94 5.02 45,750 5.00 5.25-5.25 168,674 4.12 5.25 147,424 5.25 5.40-5.40 6,000 6.29 5.40 6,000 5.40 5.52-5.52 152,000 9.16 5.52 — — 5.75-6.15 68,469 3.50 5.96 68,469 5.96 7.01-7.01 133,250 2.72 7.01 133,250 7.01 7.15-7.98 143,976 4.09 7.75 130,644 7.79 8.20-9.94 18,428 2.59 9.33 18,428 9.33 9.98-22.26 200,688 3.44 11.79 200,688 11.79 1,068,665 4.87 $ 7.04 842,083 $ 7.45 The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2019 were $182,000 $164,000 $5.30 $0.1 million |
Benefit Plans
Benefit Plans | 12 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 14. Benefit Plans We have retirement plans covering substantially all employees. The principal plans are the multi-employer defined benefit pension plans of our operations in the Netherlands and France, the multi-employer plan for hourly union employees in Pennsylvania and our defined contribution plan that covers substantially all of our employees in the United States. The multi-employer plans in the United States and France as well as the defined contribution plan are insignificant. Pensions – Our employees in the Netherlands, 75 at September 30, 2019, participate in a multi-employer pension plan Pensioenfonds Metaal en Techniek (“PMT”), determined in accordance with the collective bargaining agreements effective for the industry in the Netherlands. The collective bargaining agreement has no expiration date. This multi-employer pension plan covers approximately 34,000 companies and 1.4 participants. Amtech’s contribution to the multi-employer pension plan is less than 5.0 of the total contributions to the plan. The plan monitors its risks on a global basis, not by company or employee, and is subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a multi-employer pension plan must be monitored against specific criteria, including the coverage ratio of the plan assets to its obligations. This coverage ratio must exceed 104.3 for the total plan. Every company participating in a Dutch multi-employer union plan contributes a premium calculated as a percentage of its total pensionable salaries, with each company subject to the same percentage contribution rate. The premium can fluctuate yearly based on the coverage ratio of the multi-employer union plan. The pension rights of each employee are based upon the employee’s average salary during employment, the years of service, and the participant’s age at the time of retirement. Our net periodic pension cost for this multi-employer pension plan for any period is the amount of the required contribution for that period. A contingent liability may arise from, for example, possible actuarial losses relating to other participating entities because each entity that participates in a multi-employer union plan shares in the actuarial risks of every other participating entity or any responsibility under the terms of a plan to finance any shortfall in the plan if other entities cease to participate The coverage ratio of the Dutch multi-employer union plan is 94.6 6.3 16.6 101.9 92.6 $94.2 billion $99.7 billion Below is a table of our contributions to multi-employer pension plans (in thousands): Years Ended September 30, 2019 2018 2017 Pensioenfonds Metaal en Techniek $ 658 $ 897 $ 805 Other plans 158 188 188 Total $ 816 $ 1,085 $ 993 Defined Contribution Plans – We match employee contributions to our defined contribution plans on a discretionary basis. The match was $0.3 million , $0.4 million and $0.3 million in 2019, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Purchase Obligations – As of September 30, 2019, we had unrecorded purchase obligations at our continuing operations in the amount of $4.4 million . These purchase obligations consist of outstanding purchase orders for goods and services. While the amount represents purchase agreements, the actual amounts to be paid may be less in the event that any agreements are renegotiated, canceled or terminated. Legal Proceedings and Other Claims – From time to time, we are a party to claims and actions for matters arising out of our business operations. We regularly evaluate the status of the legal proceedings and other claims in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made for disclosure. Although the outcome of claims and litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the resolution of a claim or legal proceeding. Legal expenses related to defense, negotiations, settlements, rulings and advice of outside legal counsel are expensed as incurred. In December 2018, we were notified by our customer that the turnkey contract for Phase II has been terminated. As a result, we will not perform the final installation and integration of our equipment under such contract. Negotiations did not result in a final settlement, and the customer has notified us of their intention to pursue arbitration. We have removed the value of this remaining work from our backlog with no material effect on financial condition and results of operations. Employment Contracts – We have employment contracts with, and severance plans covering, certain officers and management employees under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from twelve to thirty-six months of salary. |
Divestitures
Divestitures | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Divestitures | 16. Divestitures SoLayTec On December 24, 2014, we acquired a 51% controlling interest in SoLayTec, which provides ALD systems used in high efficiency solar cells, for a total purchase price consideration of $1.9 million. On July 31, 2017, Tempress entered into an Exit Agreement (the “Agreement”) with the two minority owners of SoLayTec (“Minority Owners”) to acquire their remaining shares of SoLayTec, resulting in Tempress becoming the sole owner of SoLayTec. The terms of the Agreement, which was effective as of July 1, 2017, state that the Minority Owners will sell all of their SoLayTec shares to Tempress for a nominal fee and waive all right to future repayment of principal and interest on loans payable to the Minority Owners. As a result of the effectiveness of the Agreement, SoLayTec has no further liability under the loans. The amount of principal and interest forgiven was approximately $2.4 million, which was recorded as a capital contribution, with no impact on the Consolidated Statement of Operations. The carrying value of the non-controlling interest at the date of the Agreement was $2.7 million. Under our previously announced plan to exit our solar business (see Note 2), on June 7, 2019 (“Sale Date”), we completed the sale of SoLayTec to a third party located in the Netherlands. Upon the Sale Date, we recognized a gain of approximately $1.6 million, which we included in loss from discontinued operations reported in our Consolidated Statements of Operations for the year ended September 30, 2019. Effective on the Sale Date, SoLayTec is no longer included in our consolidated financial statements. SoLayTec is not material to Amtech’s results of operations or financial position. Kingstone On September 16, 2015, we reduced our ownership to 15% in Kingstone Hong Kong. Our investment in Kingstone Hong Kong was accounted for using the equity method for periods subsequent to the deconsolidation due to our ability to exert significant influence over the financial and operating policies of Kingstone Hong Kong, primarily through our representation on the board of directors. The resulting equity method investment was initially recorded at fair value at $2.7 million using the value the third-party purchaser placed on their investment in Kingstone Shanghai. The carrying value of the equity method investment in Kingstone Hong Kong was $2.6 million as of September 30, 2017. Effective June 29, 2018, we sold our remaining ownership interest in Kingstone Hong Kong to the majority owner for approximately $5.7 million, which was received in August 2018. We recognized a pre-tax gain of approximately $2.9 million, which is reported as gain on sale of other assets in our Consolidated Statements of Operations for the year ended September 30, 2018. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation. In 2015, we deconsolidated Kingstone, reducing our ownership to 15% of Kingstone Hong Kong. Effective June 29, 2018, we sold our remaining 15% ownership interest in Kingstone Hong Kong to the majority owner for approximately $5.7 million. We recognized a pre-tax gain on the sale of approximately $2.9 million. The 2018 gain is reported as a gain on sale of other assets in our Consolidated Statements of Operations. Kingstone Hong Kong and its owners are no longer related parties of Amtech. As of June 30, 2017, SoLayTec had borrowed approximately $2.4 million, including accrued interest, from its minority shareholders. These loans were forgiven as part of the Exit Agreement entered into in July 2017. See Note 16 for additional information. SoLayTec and its owners are no longer related parties of Amtech. |
Business Segments
Business Segments | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | 18. Business Segments After announcing the planned divestiture of our Solar segment (see Note 2), we conducted an evaluation of our organizational structure. Beginning with the second quarter of fiscal 2019, we made changes to our reportable segments. Prior period amounts have been revised to conform to the current period segment reporting structure. Our three reportable segments are as follows: Semiconductor –We design, manufacture, sell and service thermal processing equipment and related controls for use by leading semiconductor manufacturers, and in electronics, automotive and other industries. SiC/LED –We produce consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates, optical components, silicon wafers, numerous types of crystal materials, ceramics and metal components. We formerly referred to our SiC/LED segment as “Polishing.” Automation –We are a leading supplier of solar and semiconductor automation with in-house design and manufacturing capabilities and offer a full array of single wafer transfer tools as well as batch transfer tools and stocker options. Information concerning our business segments is as follows (in thousands): Years Ended September 30, 2019 2018 2017 Net revenue: Semiconductor $ 66,455 $ 80,163 $ 67,237 SiC/LED 13,682 13,761 10,248 Automation 4,898 6,129 5,588 $ 85,035 $ 100,053 $ 83,073 Operating income (loss): Semiconductor $ 8,744 $ 11,848 $ 9,538 SiC/LED 3,641 3,672 2,617 Automation (786 ) (2,897 ) (724 ) Non-segment related (6,683 ) (6,551 ) (7,790 ) $ 4,916 $ 6,072 $ 3,641 Years Ended September 30, 2019 2018 2017 Capital expenditures: Semiconductor $ 379 $ 352 $ 236 SiC/LED 171 603 12 Automation 22 25 148 Non-segment related 11 14 22 $ 583 $ 994 $ 418 Depreciation and amortization expense: Semiconductor $ 828 $ 715 $ 876 SiC/LED 136 136 73 Automation 103 135 325 Non-segment related 58 67 99 $ 1,125 $ 1,053 $ 1,373 September 30, 2019 September 30, 2018 Identifiable assets: Semiconductor $ 56,855 $ 59,744 SiC/LED 7,779 6,545 Automation 2,661 3,586 Non-segment related* 36,427 34,209 Held-for-sale assets** 22,755 45,322 $ 126,477 $ 149,406 * Non-segment related assets include cash, property and other assets. ** See Note 2 for additional information on held-for-sale assets. |
Major Customers and Sales by Co
Major Customers and Sales by Country | 12 Months Ended |
Sep. 30, 2019 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Major Customers and Sales by Country | 19. Major Customers and Sales by Country In 2019, no individual customer accounted for 10% or more of net revenues. In 2018, one Semiconductor customer individually accounted for 14% of net revenues. In 2017, one Semiconductor customer accounted for 13% of net revenues. Our net revenues for 2019, 2018 and 2017 were to customers in the following geographic regions: Years Ended September 30, 2019 2018 2017 United States 35 % 21 % 22 % Other 6 % 3 % 3 % Total Americas 41 % 24 % 25 % China 18 % 30 % 23 % Malaysia 5 % 8 % 8 % Taiwan 10 % 9 % 10 % Other 8 % 5 % 9 % Total Asia 41 % 52 % 50 % Germany 8 % 10 % 9 % Other 10 % 14 % 16 % Total Europe 18 % 24 % 25 % 100 % 100 % 100 % |
Geographic Regions
Geographic Regions | 12 Months Ended |
Sep. 30, 2019 | |
Segments Geographical Areas [Abstract] | |
Geographic Regions | 20. Geographic Regions We have continuing operations in the United States, China and France, as well as satellite offices in Europe and Asia. Revenues, operating income (loss) and identifiable assets by geographic region are as follows (in thousands): Years Ended September 30, 2019 2018 2017 Net revenue: United States $ 65,942 $ 72,753 $ 60,952 China 9,500 17,634 12,673 France 4,898 6,129 5,588 Other 4,695 3,537 3,860 $ 85,035 $ 100,053 $ 83,073 Operating income (loss): United States $ 726 $ 2,755 $ (51 ) China 3,686 5,445 3,647 France (786 ) (3,058 ) (1,000 ) Other 1,290 930 1,045 $ 4,916 $ 6,072 $ 3,641 As of September 30, 2019 2018 Net property, plant and equipment: United States $ 9,893 $ 10,039 China 236 293 France 88 177 $ 10,217 $ 10,509 |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplementary Financial Information | 21. Supplementary Financial Information The following is a summary of the activity in our allowance for doubtful accounts (in thousands): Years Ended September 30, 2019 2018 2017 Balance at beginning of year $ 454 $ 356 $ 1,431 Provision 200 102 117 Write offs (402 ) (9 ) (1,171 ) Adjustment (1) (80 ) 5 (21 ) Balance at end of year $ 172 $ 454 $ 356 (1) Primarily foreign currency translation adjustments. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Sep. 30, 2019 | |
Selected Quarterly Financial Information Abstract | |
Selected Quarterly Data (Unaudited) | 22. Selected Quarterly Data (Unaudited) The following table sets forth selected unaudited consolidated quarterly financial information for the years ended September 30, 2019 and 2018 (in thousands, except percents and per share amounts): Fiscal Year 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue, net of returns and allowances $ 23,225 $ 20,633 $ 21,003 $ 20,174 Cost of sales 14,205 12,706 13,153 11,614 Gross profit 9,020 7,927 7,850 8,560 Selling, general and administrative 6,626 5,793 5,718 6,126 Research, development and engineering 866 713 746 743 Restructuring charges 864 173 35 38 Operating income 664 1,248 1,351 1,653 Interest and other income, net 166 96 249 341 Income from continuing operations before income taxes 830 1,344 1,600 1,994 Income tax provision 582 332 707 1,012 Income from continuing operations, net of tax 248 1,012 893 982 (Loss) income from discontinued operations, net of tax (2,620 ) (6,647 ) 1,154 (184 ) Net (loss) income $ (2,372 ) $ (5,635 ) $ 2,047 $ 798 Gross margin 38.8 % 38.4 % 37.4 % 42.4 % Operating margin 2.9 % 6.0 % 6.4 % 8.2 % Income (Loss) Per Basic Share: Basic income per share from continuing operations $ 0.02 $ 0.07 $ 0.06 $ 0.07 Basic (loss) income per share from discontinued operations $ (0.18 ) $ (0.47 ) $ 0.08 $ (0.01 ) Net (loss) income per basic share $ (0.16 ) $ (0.40 ) $ 0.14 $ 0.06 Income (Loss) Per Diluted Share: Diluted income per share from continuing operations $ 0.02 $ 0.07 $ 0.06 $ 0.07 Diluted (loss) income per share from discontinued operations $ (0.18 ) $ (0.47 ) $ 0.08 $ (0.01 ) Net (loss) income per diluted share $ (0.16 ) $ (0.40 ) $ 0.14 $ 0.06 Weighted average shares outstanding - basic 14,220 14,228 14,245 14,266 Weighted average shares outstanding - diluted 14,252 14,258 14,316 14,304 Fiscal Year 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue, net of returns and allowances $ 27,116 $ 21,115 $ 28,743 $ 23,079 Cost of sales 17,156 12,533 18,560 14,886 Gross profit 9,960 8,582 10,183 8,193 Selling, general and administrative 6,424 6,319 6,775 6,225 Research, development and engineering 675 778 582 821 Impairment charges — — — 2,247 Operating income (loss) 2,861 1,485 2,826 (1,100 ) Gain on sale of other assets — — 2,883 — (Loss) income from equity method investment (26 ) 28 232 — Interest and other income (expense), net 18 (32 ) 410 342 Income (loss) from continuing operations before income taxes 2,853 1,481 6,351 (758 ) Income tax provision 1,152 420 1,372 352 Income (loss) from continuing operations, net of tax 1,701 1,061 4,979 (1,110 ) Income (loss) from discontinued operations, net of tax 4,751 1,774 (8 ) (7,843 ) Net income (loss) $ 6,452 $ 2,835 $ 4,971 $ (8,953 ) Gross margin 36.7 % 40.6 % 35.4 % 35.5 % Operating margin 10.6 % 7.0 % 9.8 % (4.8 )% Income (Loss) Per Basic Share: Basic income (loss) per share from continuing operations $ 0.12 $ 0.07 $ 0.33 $ (0.08 ) Basic income (loss) per share from discontinued operations $ 0.32 $ 0.12 $ (0.00 ) $ (0.53 ) Net income (loss) per basic share $ 0.44 $ 0.19 $ 0.33 $ (0.61 ) Income (Loss) Per Diluted Share: Diluted income (loss) per share from continuing operations $ 0.11 $ 0.07 $ 0.33 $ (0.08 ) Diluted income (loss) per share from discontinued operations $ 0.31 $ 0.12 $ (0.00 ) $ (0.53 ) Net income (loss) per diluted share $ 0.42 $ 0.19 $ 0.33 $ (0.61 ) Weighted average shares outstanding - basic 14,781 14,891 14,925 14,730 Weighted average shares outstanding - diluted 15,298 15,154 15,091 14,730 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events In November 2019, we completed the sale of our subsidiary, R2D, to certain members of R2D’s management team. We will recognize a loss of approximately $3.0 million in the first quarter of 2020 and R2D will no longer be included in our consolidated financial statements. |
Summary of Operations and Sig_2
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | Description of Business – Amtech is a leading, global manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power chips, electronic assemblies and light-emitting diodes (LEDs). We sell these products to semiconductor and automotive component manufacturers worldwide, particularly in Asia, North America and Europe. We serve niche markets in industries that are experiencing technological advances, and which historically have been very cyclical. Therefore, future profitability and growth depend on our ability to develop or acquire and market profitable new products and on our ability to adapt to cyclical trends. In the second quarter of fiscal 2019, we began the process to divest our solar business. As such, we have classified substantially all of the Solar segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statements of Operations. For additional information on the divestiture, see Note 16. For additional information on our segments, see Note 18. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2019, 2018 and 2017 relate to the fiscal years ended September 30, 2019, 2018 and 2017, respectively. |
Principles of Consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest. We report non-controlling interests in consolidated entities as a component of equity separate from our equity. The equity method of accounting is used for i nvestments over which we have a significant influence but not a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2017, we purchased the non-controlling interest in SoLayTec, pursuant to which SoLayTec became a wholly-owned subsidiary of Amtech. Beginning July 1, 2017 through the disposal date of SoLayTec (see Note 16), the non-controlling interest is no longer reported. Prior amounts have not been restated. |
Use of Estimates | Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications – Certain reclassifications have been made to prior year financial statements to conform to the current year presentation, including the addition of restricted cash to cash and cash equivalents on our consolidated statements of cash flows as a result of the adoption of new accounting guidance. Results for all periods presented in this report have been reclassified for discontinued operations (Note 2) and for changes to our reportable segments (Note 18). These reclassifications had no effect on the previously reported Consolidated Financial Statements for any period. |
Divestitures | Divestitures – Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations – A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the Consolidated Statement of Operations. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. The assets and related liabilities are aggregated and reported on separate lines of the Consolidated Balance Sheets. |
Cash and Cash Equivalents | Cash and Cash Equivalents – We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist of amounts invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts. |
Restricted Cash | Restricted Cash – Restricted cash includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the sales price of products sold to customers on trade credit terms. Accounts receivable are considered past due when payment has not been received from the customer within the normal credit terms extended to that customer. A valuation allowance is established for accounts when collection is no longer probable. Accounts are written off against the allowance when the probability of collection is remote. |
Inventory | Inventory – We value our inventory at the lower of cost or net realizable value. Costs for over 90% of inventory at our continuing operations as of September 30, 2019 and 2018 are determined on a FIFO basis, with the remainder determined on an average cost basis. We regularly review inventory quantities and record a write-down to net realizable value for excess and obsolete inventory. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. Our industry is characterized by customers in highly cyclical industries, rapid technological changes, frequent new product developments and rapid product obsolescence. Changes in demand for our products and product mix could result in further write-downs. We must order components for our products and build inventory in advance of product shipments through issuance of purchase orders based on projected demand. These commitments typically cover our requirements for periods ranging from 30 to 180 days or longer when there is a significant increase in demand or lead-times from suppliers. |
Property, Plant and Equipment | Property, Plant and Equipment – Property plant, and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation and amortization are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation and amortization are computed using the straight-line method over the estimated useful life of the asset. Useful lives for equipment, machinery and leasehold improvements range from three to seven years; for furniture and fixtures from five to ten years; and for buildings from 20 to 30 years. Reviews are regularly performed to determine whether facts and circumstances exist which indicate that the useful life is shorter than originally estimated or the carrying amount of assets may not be recoverable. When an indication exists that the carrying amount of long-lived assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. |
Intangible Assets | Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Patent costs consist primarily of legal and filing fees incurred to file patents on proprietary methods and technology developed by the Company. Patent costs are expensed when incurred as they are insignificant. In the fourth quarter of fiscal 2018, we recorded a charge for impairment of intangible assets in our former Solar segment. See Note 9 for a description of the facts and circumstances leading to the intangible asset impairment charge. |
Goodwill | Goodwill - Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is not subject to amortization but are tested for impairment when it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, typically at the end of the fiscal year, or more frequently if circumstances dictate. If it is concluded that there is a potential impairment, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss would not exceed the total amount of goodwill allocated to the reporting unit). Impairment tests include the use of estimates and assumptions that are inherently uncertain. Changes in these estimates and assumptions could materially affect the determination of fair value or goodwill impairment, or both. In the fourth quarter of fiscal 2018, we recorded a charge for impairment of goodwill in our former Solar segment. See Note 10 for a description of the facts and circumstances leading to the goodwill impairment charge. |
Revenue Recognition | Revenue Recognition – We adopted ASU No. 2014-09, “Revenue from Contracts with Customers,” which created FASB Topic 606 (“ASC 606”) with a date of initial application of October 1, 2018. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a product or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation based upon the relative standalone selling price for each performance obligation and is recognized as revenue upon satisfaction of the performance obligation. We implemented ASC 606 using the modified retrospective approach with no cumulative effect adjustment recorded to the opening balance of retained deficit. Prior period amounts have not been restated and continue to be reported under the accounting standards in effect for those periods. Upon adoption of ASC 606, we changed our accounting policy for the installation performance obligation included in all solar system sales (now part of discontinued operations). Previously under ASC 605, we deferred revenue for the fair value of the installation and recognized it when earned. Under ASC 606, we no longer record a deferral but will continue to recognize the revenue when earned. This change in policy does not result in a change in the amount of revenue recorded; instead, it removes the installation liability from our balance sheet. To achieve the core principle of the standard, we apply the following five steps: 1) Identify the contract with the customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the related payment terms, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other available resources, and are distinct in the context of the contract, whereby the transfer of the good or service is separately identifiable from other promises to the customer in the contract. To the extent a contract includes multiple promised goods and services, the Company must apply judgment to determine whether promised goods and services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. Our equipment sales consist of multiple performance obligations, including the system itself and obligations that are not delivered simultaneously with the system, primarily installation services. Customers who purchase new systems are provided an assurance-type warranty, generally for periods of 12 to 24 months. In accordance with ASC 606, assurance-type warranties are not considered a performance obligation. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. The transaction price for equipment sales is adjusted for estimated product returns that we expect to occur under our return policy based upon past return rates, which have historically been immaterial. In rare cases when the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes. The transaction price for all transactions is based on the price reflected in the individual customer’s purchase order. Variable consideration has not been identified as a significant component of the transaction price for any of our transactions. The Company has determined that most contracts will be completed in less than one year. For those transactions where all performance obligations will be satisfied within one year or less, the Company is applying the practical expedient outlined in ASC 606-10-32-18. This practical expedient allows the Company not to adjust promised consideration for the effects of a significant financing component if the Company expects at contract inception the period between when the Company transfers the promised good or service to a customer and when the customer pays for that good or service will be one year or less. For those transactions that are expected to be completed after one year, the Company has assessed that there are no significant financing components because any difference between the promised consideration and the cash selling price of the good or service is for reasons other than the provision of financing. The Company excludes from the transaction price all sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer (for example, sales, use, value added, and some excise taxes). This employs the practical expedient under ASC 606-10-32-2A. Sales taxes are presented on a net basis (excluded from revenues) in the Company's consolidated statements of operations. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each distinct performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to each distinct performance obligation or to a distinct service that forms part of a single performance obligation. Where required, the Company determines the SSP for each performance obligation based on consideration of both market and Company specific factors, including the selling price and profit margin for similar products. For those contracts that contain multiple performance obligations (primarily system sales requiring installation services), the Company must determine the SSP. To determine the SSP for labor related performance obligations (such as the labor component of installation), the Company uses directly observable inputs based on the standalone sale prices for these services. The Company uses a cost-plus margin approach in determining the SSP for any materials-related performance obligations (e.g., system add-ons, spare parts, and systems). 5) Recognize revenue when, or as, the Company satisfies a performance obligation The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either 1) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, 2) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or 3) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. Examples of control are using the asset to produce goods or services, enhance the value of other assets, settle liabilities, and holding or selling the asset. For over time recognition, ASC 606 requires the Company to select a single revenue recognition method for the performance obligation that faithfully depicts the Company’s performance in transferring control of the goods and services. The guidance allows entities to choose between two methods to measure progress toward complete satisfaction of a performance obligation: Output methods - recognize revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract (e.g., surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units of produced or units delivered); and Input methods - recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. Equipment and related product revenues (e.g., furnace systems, system add-ons, machinery, consumables and spare parts) are recognized at a point in time, when they are shipped or delivered, depending on contractual terms. For products where the customer’s defined specifications have not been met with at least two similarly configured systems and processes, the revenue and directly related costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criterion has been met. For installation services, revenue is recognized at a point in time, once the installation of the tool is complete. The nature of the installation services are such that the customer does not simultaneously receive and consume the benefits provided by the entity’s performance, nor does performance of installation services create or enhance an asset that the customer controls. Installation services do not create an asset with an alternative use to the entity, and the entity does not have an enforceable right to payment for performance completed to date. Maintenance and service contracts are recognized over time. Progress in the satisfaction of these performance obligations will be measured using an input method of either time elapsed in the case of fixed period contracts, or labor hours expended, in the case of project-based contracts. Cost to Obtain and Fulfill a Contract with a Customer The Company recognizes an asset related to incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The Company will recognize an asset from costs incurred to fulfill a contract only if such costs relate directly to a contract that the entity can specifically identify, the costs generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, and the costs are expected to be recovered. Any assets recognized related to costs to obtain or fulfill a contract are amortized to selling, general and administrative expense on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. In substantially all of our business transactions, we incur incremental costs to obtain contracts with customers, in the form of sales commissions. We maintain a commission program which rewards our sales representatives for system sales and our employees for system sales and other individual goals. Under ASC 606, an asset shall be amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. However, ASC 606 provides a practical expedient to allow for the recognition of commission expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Based on the nature of the Company’s contracts with customers, we have elected this practical expedient and expense all commissions as incurred based upon the expectation that the amortization period would be one year or less. The Company has also elected to adopt the practical expedient related to shipping and handling fees which allows the Company to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Revenue Categories used by Management Management reviews disaggregated revenue at the operating segment level. Revenue-generating transactions vary between our operating segments due to several factors. For example, lead times vary among our operating segments and among our products. Most of the revenue for our SiC/LED segment results from the sale of consumables, rather than equipment sales. These consumables have a much shorter production period than equipment produced by our other operating segments. Due to these variations between operating segments, management determined that disaggregated revenue by segment sufficiently depicts how economic factors affect the nature, amount, timing and uncertainty of our revenue and cash flows. See Note 18 for additional information on our reportable business segments. |
Contract Assets | Contract Assets – Contract assets consist of amounts the Company is not legally able to invoice but has completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., the Company has recognized revenue in an amount greater than the amount that is billable under the contract). Contract assets are reflected in current assets on the consolidated balance sheets. |
Contract Liabilities | Contract Liabilities – Contract liabilities are reflected in current liabilities on the consolidated balance sheets as all performance obligations are expected to be satisfied within the next 12 months. Contract liabilities include customer deposits and deferred profit. Contract liabilities relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. This amount relates primarily to prepayments for system sales and installation services. Semiconductor system transactions have payment terms that generally require a payment due upon shipment of the system and a final payment due upon installation or acceptance. Automation transactions have payment terms that generally require a payment due upon shipment of the system, with a final payment due upon acceptance of the installation. |
Warranty | Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 24 months to all purchasers of our new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized, generally upon shipment or acceptance, as determined under the revenue recognition policy above. On occasion, we have been required and may be required in the future to provide additional warranty coverage to ensure that the systems are ultimately accepted or to maintain customer goodwill. While our warranty costs have historically been within our expectations and we believe that the amounts accrued for warranty expenditures are sufficient for all systems sold through September 30, 2019, we cannot guarantee that we will continue to experience a similar level of predictability with regard to warranty costs. In addition, technological changes or previously unknown defects in raw materials or components may result in more extensive and frequent warranty service than anticipated, which could result in an increase in our warranty expense. The following is a summary of activity in accrued warranty expense at our continuing operations (in thousands): Years Ended September 30, 2019 2018 2017 Beginning balance $ 644 $ 710 $ 417 Additions for warranties issued during the period 785 966 965 Reductions in the liability for payments made under the warranty (693 ) (782 ) (429 ) Changes related to pre-existing warranties (179 ) (250 ) (244 ) Currency translation adjustment (1 ) — 1 Ending balance $ 556 $ 644 $ 710 |
Shipping Expense | Shipping Expense – Shipping expenses at our continuing operations of $0.7 million in each of the years 2019, 2018 and 2017 are included in selling, general and administrative expenses. |
Advertising Expense | Advertising Expense – Advertising costs are expensed as incurred. Advertising expenses at our continuing operations of $0.4 million , $0.5 million and $0.3 million for 2019, 2018 and 2017, respectively, are included in selling, general and administrative expenses. |
Stock-Based Compensation | Stock-Based Compensation – We measure compensation costs relating to share-based payment transactions based upon the grant-date fair value of the award. Those costs are recognized as expense over the requisite service period, which is generally the vesting period, with forfeitures recognized as they occur. Prior to 2018, the expense recognized included an estimate for expected forfeitures, which was based upon historical experience. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires us to apply highly subjective assumptions, including expected stock price volatility, expected life of the option and the risk-free interest rate. A change in one or more of the assumptions used in the model may result in a material change to the estimated fair value of the stock-based compensation. |
Research, Development and Engineering Expenses | Research, Development and Engineering Expenses – RD&E expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes as well as materials, supplies and facilities used in producing prototypes. Payments received for research and development grants prior to the meeting of milestones are recorded as unearned research and development grant liabilities and included in other accrued liabilities on the balance sheet. When certain contract requirements are met, governmental research and development grants are netted against research, development and engineering expenses. The following is a summary of our research, development and engineering expense (in thousands): Years Ended September 30, 2019 2018 2017 Research, development and engineering $ 3,112 $ 2,868 $ 3,037 Grants earned (44 ) (12 ) (299 ) Net research, development and engineering $ 3,068 $ 2,856 $ 2,738 |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation – We use the U.S. dollar as our reporting currency. Our operations in Europe, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Accordingly, assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in effect at the balance sheet dates. Income and expense items are translated at the average exchange rate for each month within the year. The resulting translation adjustments are recorded directly in accumulated other comprehensive income (loss), net of tax - foreign currency translation adjustments as a separate component of shareholders’ equity. Net foreign currency transaction gains/losses, including transaction gains/losses on intercompany balances that are not of a long-term investment nature and non-functional currency cash balances, are reported as a separate component of non-operating (income) expense in our consolidated statements of operations. |
Income Taxes | Income Taxes – We file consolidated federal income tax returns in the United States for all subsidiaries except those in the Netherlands, France, Hong Kong and China, where separate returns are filed. We compute deferred income tax assets and liabilities based upon cumulative temporary differences between financial reporting and taxable income, carryforwards available and enacted tax laws. We also accrue a liability for uncertain tax positions when it is more likely than not that such tax will be incurred. Deferred tax assets reflect the tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management and based on the weight of available evidence, it is more likely than not that all or a portion of the deferred tax asset will not be realized. Each quarter, the valuation allowance is re-evaluated. In 2019, 2018 and 2017 |
Concentrations of Credit Risk | Concentrations of Credit Risk – Our customers consist of semiconductor and solar cell manufacturers worldwide, as well as the lapping and polishing marketplace. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and trade accounts receivable. Credit risk is managed by performing ongoing credit evaluations of the customers’ financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and country of domicile. As of September 30, 2019, one Semiconductor 15 We maintain our cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States, which account for approximately 79 Singapore Refer to Note 20 for information regarding revenue and assets in other countries subject to fluctuation in foreign currency exchange rates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the FASB ASC, we group our financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted market price for identical instruments traded in active markets. Level 2 – Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques. In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the FASB ASC, it is our policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, we use quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. Cash, Cash Equivalents and Restricted Cash – Included in Cash and Cash Equivalents and Restricted Cash in the Consolidated Balance Sheets are money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury and foreign bank operating and time deposit accounts. The fair value of these accounts are based on Level 1 inputs in the fair value hierarchy. Receivables and Payables – The recorded amounts of these financial instruments, including accounts receivable and accounts payable, approximate their fair value because of the short maturities of these instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 in the fair value hierarchy. Debt – The recorded amounts of these financial instruments, including long-term debt and current maturities of long-term debt, approximate fair value and are considered Level 2 in the fair value hierarchy. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements See Note 4 for information on our adoption of ASC 606, which amends the existing accounting standards for revenue recognition. The adoption of ASC 606 did not have a material effect on our results of operations. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash and require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. We adopted this standard retrospectively effective October 1, 2018, and, accordingly, to conform to the current period presentation, we reclassified our restricted cash to be included in the total of cash and cash equivalents presented at the bottom of our consolidated statements of cash flows for both the beginning and ending periods for fiscal years 2018 and 2017. As a result, the amount of the change in our net cash provided by operating activities no longer separately shows the change in restricted cash for either period. The following table summarizes the effects related to the adoption of ASU 2016-18 for the years ended September 30, 2018 and 2017: September 30, 2018 September 30, 2017 As reported As adjusted As reported As adjusted Net cash provided by (used in) operating activities $ 6,790 $ (13,768 ) $ 11,789 $ 34,051 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ (1,455 ) $ (1,372 ) $ 192 $ 1,677 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash $ 7,210 $ (13,265 ) $ 23,466 $ 47,213 Cash, Cash Equivalents and Restricted Cash, Beginning of Period $ 51,121 $ 75,761 $ 27,655 $ 28,548 Cash, Cash Equivalents and Restricted Cash, End of Period $ 58,331 $ 62,496 $ 51,121 $ 75,761 In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use-assets (“ROU assets”). ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. This ASU is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We will adopt the standard as of October 1, 2019, the start of our fiscal 2020, and plan to utilize the retrospective cumulative effect adjustment transition method with a cumulative effect adjustment being recorded as of the adoption date. We expect to elect certain available practical expedients including the package of practical expedients permitted under the transition guidance within the new standard, which among other things, will allow us to carry forward the historical lease classification. Additionally, we will make an accounting policy election to not record ROU assets and lease liabilities for leases with a term of twelve months or less on our consolidated balance sheet. We are in the process of finalizing the scope of arrangements that will be subject to this standard as well as assessing the impact to our systems, processes, and internal controls over financial reporting. While we are still evaluating the impact of adopting ASU 2016-02, we anticipate this standard will not have a material impact on our other assets and other liabilities balances until the effective date of our new lease at our SiC/LED segment. The primary impact will be to record ROU assets and lease liabilities for existing operating leases on our consolidated balance sheets. Currently, we estimate adoption of the standard will result in recognition of additional ROU assets and lease liabilities of approximately $0.3 million and $0.4 million, respectively, as of October 1, 2019. However, within the first quarter of fiscal 2020, we will record an additional $5.0 million of ROU assets and lease liabilities due to the commencement of our new SiC/LED building lease. We do not expect the adoption to have a material impact on our consolidated statements of operations or our consolidated statements of cash flows. We do not believe the standard will have a notable impact on our liquidity. The standard will have no impact on our debt-covenant compliance under our current agreements. Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of 2020, including continuing to monitor any potential changes in the standard proposed by the FASB. |
Summary of Operations and Sig_3
Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Product Warranty Liability | The following is a summary of activity in accrued warranty expense at our continuing operations (in thousands): Years Ended September 30, 2019 2018 2017 Beginning balance $ 644 $ 710 $ 417 Additions for warranties issued during the period 785 966 965 Reductions in the liability for payments made under the warranty (693 ) (782 ) (429 ) Changes related to pre-existing warranties (179 ) (250 ) (244 ) Currency translation adjustment (1 ) — 1 Ending balance $ 556 $ 644 $ 710 |
Summary of Research, Development and Engineering Expense | The following is a summary of our research, development and engineering expense (in thousands): Years Ended September 30, 2019 2018 2017 Research, development and engineering $ 3,112 $ 2,868 $ 3,037 Grants earned (44 ) (12 ) (299 ) Net research, development and engineering $ 3,068 $ 2,856 $ 2,738 |
Summary of Effect of Adoption of New Accounting Pronouncement | The following table summarizes the effects related to the adoption of ASU 2016-18 for the years ended September 30, 2018 and 2017: September 30, 2018 September 30, 2017 As reported As adjusted As reported As adjusted Net cash provided by (used in) operating activities $ 6,790 $ (13,768 ) $ 11,789 $ 34,051 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ (1,455 ) $ (1,372 ) $ 192 $ 1,677 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash $ 7,210 $ (13,265 ) $ 23,466 $ 47,213 Cash, Cash Equivalents and Restricted Cash, Beginning of Period $ 51,121 $ 75,761 $ 27,655 $ 28,548 Cash, Cash Equivalents and Restricted Cash, End of Period $ 58,331 $ 62,496 $ 51,121 $ 75,761 |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Operating results of our discontinued solar operations were as follows, in thousands: Years Ended September 30, 2019 2018 2017 Revenues, net of returns and allowances $ 25,139 $ 76,395 $ 81,443 Cost of sales 23,669 58,156 60,617 Gross profit 1,470 18,239 20,826 Selling, general and administrative 8,857 11,792 10,408 Research, development and engineering 3,039 4,944 3,634 Restructuring charges 567 897 — Impairment charges — 4,759 — Operating (loss) income (10,993 ) (4,153 ) 6,784 Gain on sale of subsidiary 1,614 — — Interest expense and other, net (121 ) (249 ) (557 ) (Loss) income from discontinued operations before income taxes (9,500 ) (4,402 ) 6,227 Income tax (benefit) provision (1,203 ) (3,076 ) 335 Net (loss) income (8,297 ) (1,326 ) 5,892 Net loss attributable to non-controlling interest — — 1,045 Net (loss) income attributable to discontinued operations $ (8,297 ) $ (1,326 ) $ 6,937 The following table presents a summary of the solar assets and liabilities held for sale included in our Consolidated Balance Sheets, in thousands: September 30, 2019 September 30, 2018 Assets Total current assets $ 17,591 $ 39,379 Property, plant and equipment - net 5,164 5,943 Total assets included in the disposal group 22,755 45,322 Total current liabilities 18,272 29,380 Long-term debt 275 2,418 Total liabilities included in the disposal group 18,547 31,798 Net assets included in the disposal group $ 4,208 $ 13,524 Years Ended September 30, 2019 2018 2017 (Loss) income from discontinued operations, net of tax $ (8,297 ) $ (1,326 ) $ 6,937 Non-cash impairment charges $ — $ 4,759 $ — Depreciation and amortization $ 562 $ 801 $ 1,120 Provision for (reversal of) allowance for doubtful accounts, net $ 874 $ (56 ) $ (837 ) Gain on sale of subsidiary $ 1,614 $ — $ — Purchases of property, plant and equipment $ 131 $ 1,403 $ 838 |
Earnings Per Share & Diluted _2
Earnings Per Share & Diluted Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Denominators of Basic and Diluted EPS Calculations | A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share amounts): Years Ended September 30, 2019 2018 2017 Numerator: Net income from continuing operations $ 3,135 $ 6,631 $ 2,194 Net (loss) income from discontinued operations $ (8,297 ) $ (1,326 ) $ 5,892 Net loss from non-controlling interest - discontinued operations $ — $ — $ 1,045 Net (loss) income $ (5,162 ) $ 5,305 $ 9,131 Denominator: Weighted-average shares used to compute basic EPS 14,240 14,833 13,378 Common stock equivalents (1) 35 232 123 Weighted-average shares used to compute diluted EPS 14,275 15,065 13,501 Basic income per share from continuing operations $ 0.22 $ 0.45 $ 0.16 Basic (loss) income per share from discontinued operations $ (0.58 ) $ (0.09 ) $ 0.52 Net (loss) income per basic share $ (0.36 ) $ 0.36 $ 0.68 Diluted income per share from continuing operations $ 0.22 $ 0.44 $ 0.16 Diluted (loss) income per share from discontinued operations $ (0.58 ) $ (0.09 ) $ 0.52 Net (loss) income per diluted share $ (0.36 ) $ 0.35 $ 0.68 (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Contracts with Customers (Table
Contracts with Customers (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Contract with Customer, Asset and Liability | The components of contract assets are as follows, in thousands: September 30, 2019 Unbilled accounts receivable $ 36 Contract assets $ 36 The components of contract liabilities are as follows, in thousands: September 30, 2019 September 30, 2018 Customer deposits $ 1,378 $ 1,519 Contract liabilities $ 1,378 $ 1,519 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Commitments Under Non-cancelable Operating Leases | As of September 30, 2019, future minimum rental commitments under non-cancelable operating leases with initial or remaining terms of one year or more at our continuing operations are as follows, in thousands: Years Ending September 30, Minimum Lease Payments 2020 $ 522 2021 322 2022 288 2023 282 2024 279 Thereafter 7,187 Total $ 8,880 |
Restructuring Plans (Tables)
Restructuring Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Activity of Continuing Operations | The table below details the restructuring activity at our continuing operations for the year ended September 30, 2019. This activity is primarily related to the departure of our former CEO as well as additional headcount reductions as we consolidated satellite offices in our Semiconductor segment. The outstanding obligations as of September 30, 2019, are as follows, in thousands: Year Ended September 30, Balance at September 30, 2018 $ — Severance expense, net of adjustments 1,110 Cash payments (1,070 ) Balance at September 30, 2019 $ 40 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | The components of inventory are as follows (in thousands): September 30, 2019 September 30, 2018 Purchased parts and raw materials $ 15,192 $ 15,907 Work-in-process 4,215 4,159 Finished goods 3,183 3,072 22,590 23,138 Excess and obsolete reserves (5,058 ) (5,303 ) $ 17,532 $ 17,835 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property,Plant and Equipment | The following is a summary of property, plant and equipment (in thousands): September 30, 2019 September 30, 2018 Land $ 3,240 $ 3,240 Buildings 5,396 5,396 Building and leasehold improvements 2,930 2,902 Equipment and machinery 5,488 5,383 Furniture and fixtures 1,312 1,317 18,366 18,238 Accumulated depreciation and amortization (8,149 ) (7,729 ) $ 10,217 $ 10,509 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following (in thousands): September 30, 2019 September 30, 2018 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer lists 6-10 years $ 1,219 $ (948 ) $ 271 $ 1,219 $ (745 ) $ 474 Trade names 10-15 Years 869 (270 ) 599 869 (213 ) 656 $ 2,088 $ (1,218 ) $ 870 $ 2,088 $ (958 ) $ 1,130 |
Schedule of Future Amortization Expense for Remaining Unamortized Balance | Future amortization expense for the remaining unamortized balance as of September 30, 2019, is estimated as follows: Years Ending September 30, Amortization Expense 2020 $ 261 2021 126 2022 58 2023 58 2024 58 Thereafter 309 Total $ 870 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the year ended September 30, 2019 are as follows (in thousands): Semiconductor SiC/LED Automation Net Goodwill - Continuing Operations Discontinued Operations Net Goodwill Goodwill $ 5,905 $ 728 $ 3,595 $ 10,228 $ 3,367 $ 13,595 Accumulated impairment losses — — (3,595 ) (3,595 ) (3,367 ) (6,962 ) Balance at September 30, 2018 5,905 728 — 6,633 — 6,633 Impairment of goodwill — — — — — — Net exchange differences — — — — — — Balance at September 30, 2019 $ 5,905 $ 728 $ — $ 6,633 $ — $ 6,633 Goodwill $ 5,905 $ 728 $ 3,595 $ 10,228 $ 3,367 $ 13,595 Accumulated impairment losses — — (3,595 ) (3,595 ) (3,367 ) (6,962 ) Balance at September 30, 2019 $ 5,905 $ 728 $ — $ 6,633 $ — $ 6,633 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) Before Provision for Income Taxes | The following note related to income taxes includes both continuing and discontinued operations. The components of income (loss) before provision for income taxes are as follows (in thousands): Years Ended September 30, 2019 2018 2017 Domestic $ 916 $ 7,845 $ 1,900 Foreign (4,648 ) (2,320 ) 7,930 $ (3,732 ) $ 5,525 $ 9,830 The components of the provision for income taxes are as follows (in thousands): Years Ended September 30, 2019 2018 2017 Current: Domestic federal $ — $ 1,167 $ 54 Foreign 1,278 (1,404 ) 1,330 Foreign withholding taxes 94 356 240 Domestic state 58 101 120 Total current 1,430 220 1,744 Deferred: Domestic federal — — — Total deferred — — — Total provision $ 1,430 $ 220 $ 1,744 |
Schedule of Reconciliation of Actual Income Taxes to Income Taxes at Expected United States Federal Corporate Income Tax Rate | A reconciliation of actual income taxes to income taxes at the expected United States federal corporate income tax rate is as follows (in thousands, except percentages): Years Ended September 30, 2019 2018 2017 Federal statutory rate 21.0 % 24.3 % 34.0 % Tax (benefit) expense at the federal statutory rate $ (784 ) $ 1,342 $ 3,340 Effect of permanent book-tax differences 272 75 340 State tax provision 31 76 100 Valuation allowance for net deferred tax assets 1,682 617 (1,610 ) Uncertain tax items 74 (3,013 ) 350 Tax rate differential 150 1,107 (776 ) Other items 5 16 — $ 1,430 $ 220 $ 1,744 |
Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities | The components of deferred tax assets and deferred tax liabilities are as follows (in thousands): September 30, 2019 September 30, 2018 Deferred tax assets (liabilities): Capitalized inventory costs $ 168 $ 193 Inventory write-downs 2,856 1,333 Accrued warranty 161 204 Deferred profits 346 1,006 Accruals and reserves not currently deductible 3,531 5,017 Stock option expense 849 738 Federal net operating loss carryforwards 6,979 2,922 Foreign and state net operating losses 10,481 13,860 Book vs. tax depreciation and amortization (1,546 ) (1,667 ) Other deferred tax assets 75 163 Total deferred tax assets 23,900 23,769 Valuation allowance (23,900 ) (23,769 ) Deferred tax assets, net of valuation allowance $ — $ — |
Schedule of Changes in Deferred Tax Valuation Allowance | Changes in the deferred tax valuation allowance are as follows (in thousands): Years Ended September 30, 2019 2018 Balance at the beginning of the year $ 23,769 $ 22,930 Additions to valuation allowance 131 839 Balance at the end of the year $ 23,900 $ 23,769 |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows (in thousands): Years Ended September 30, 2019 2018 2017 Balance at beginning of the year $ 1,198 $ 4,210 $ 3,860 Additions related to tax positions taken in prior years 74 155 350 Reductions due to resolution of uncertain tax position — (3,167 ) — Balance at the end of the year $ 1,272 $ 1,198 $ 4,210 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt at Continuing Operations | Annual maturities relating to our long-term debt at continuing operations as of September 30, 2019 are as follows (in thousands): Annual Maturities 2020 $ 371 2021 380 2022 396 2023 413 2024 430 Thereafter 3,559 Total $ 5,549 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Equity Compensation Plans | Equity compensation plans as of September 30, 2019 are summarized in the table below: Name of Plan Shares Authorized Shares Available for Grant Options Outstanding Plan Expiration 2007 Employee Stock Incentive Plan 3,000,000 856,453 879,314 Mar. 2024 Non-Employee Directors Stock Option Plan 500,000 99,600 189,351 Mar. 2020 956,053 1,068,665 |
Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model | We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions: Years Ended September 30, 2019 2018 2017 Risk free interest rate 3% 3% 2% Expected life 6 years 6 years 6 years Dividend rate 0% 0% 0% Volatility 60% 59% 63% |
Summary of Stock Option Transactions and Options Outstanding | Stock option transactions and the options outstanding are summarized as follows: Years Ended September 30, 2019 2018 2017 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding at beginning of period 1,248,758 $ 7.69 1,560,441 $ 7.95 1,841,567 $ 8.15 Granted 198,850 5.35 44,000 7.40 145,000 5.23 Exercised (52,201 ) 4.02 (277,154 ) 6.71 (317,986 ) 6.30 Forfeited/expired (326,742 ) 9.00 (78,529 ) 16.12 (108,140 ) 12.71 Outstanding at end of period 1,068,665 $ 7.04 1,248,758 $ 7.69 1,560,441 $ 7.95 Exercisable at end of period 842,083 $ 7.45 1,014,300 $ 7.93 1,055,865 $ 8.58 Weighted average grant-date fair value of options granted during the period $ 3.08 $ 4.20 $ 3.04 |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes information for stock options outstanding and exercisable as of September 30, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Remaining Contractual Life (in years) Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share 2.95-4.85 116,430 6.22 $ 3.95 91,430 $ 3.73 4.87-5.07 60,750 6.94 5.02 45,750 5.00 5.25-5.25 168,674 4.12 5.25 147,424 5.25 5.40-5.40 6,000 6.29 5.40 6,000 5.40 5.52-5.52 152,000 9.16 5.52 — — 5.75-6.15 68,469 3.50 5.96 68,469 5.96 7.01-7.01 133,250 2.72 7.01 133,250 7.01 7.15-7.98 143,976 4.09 7.75 130,644 7.79 8.20-9.94 18,428 2.59 9.33 18,428 9.33 9.98-22.26 200,688 3.44 11.79 200,688 11.79 1,068,665 4.87 $ 7.04 842,083 $ 7.45 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Contributions to Multi-Employer Pension Plans | Below is a table of our contributions to multi-employer pension plans (in thousands): Years Ended September 30, 2019 2018 2017 Pensioenfonds Metaal en Techniek $ 658 $ 897 $ 805 Other plans 158 188 188 Total $ 816 $ 1,085 $ 993 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Information concerning our business segments is as follows (in thousands): Years Ended September 30, 2019 2018 2017 Net revenue: Semiconductor $ 66,455 $ 80,163 $ 67,237 SiC/LED 13,682 13,761 10,248 Automation 4,898 6,129 5,588 $ 85,035 $ 100,053 $ 83,073 Operating income (loss): Semiconductor $ 8,744 $ 11,848 $ 9,538 SiC/LED 3,641 3,672 2,617 Automation (786 ) (2,897 ) (724 ) Non-segment related (6,683 ) (6,551 ) (7,790 ) $ 4,916 $ 6,072 $ 3,641 Years Ended September 30, 2019 2018 2017 Capital expenditures: Semiconductor $ 379 $ 352 $ 236 SiC/LED 171 603 12 Automation 22 25 148 Non-segment related 11 14 22 $ 583 $ 994 $ 418 Depreciation and amortization expense: Semiconductor $ 828 $ 715 $ 876 SiC/LED 136 136 73 Automation 103 135 325 Non-segment related 58 67 99 $ 1,125 $ 1,053 $ 1,373 September 30, 2019 September 30, 2018 Identifiable assets: Semiconductor $ 56,855 $ 59,744 SiC/LED 7,779 6,545 Automation 2,661 3,586 Non-segment related* 36,427 34,209 Held-for-sale assets** 22,755 45,322 $ 126,477 $ 149,406 * Non-segment related assets include cash, property and other assets. ** See Note 2 for additional information on held-for-sale assets. |
Major Customers and Sales by _2
Major Customers and Sales by Country (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Schedule of Revenues by Geographic Region | Our net revenues for 2019, 2018 and 2017 were to customers in the following geographic regions: Years Ended September 30, 2019 2018 2017 United States 35 % 21 % 22 % Other 6 % 3 % 3 % Total Americas 41 % 24 % 25 % China 18 % 30 % 23 % Malaysia 5 % 8 % 8 % Taiwan 10 % 9 % 10 % Other 8 % 5 % 9 % Total Asia 41 % 52 % 50 % Germany 8 % 10 % 9 % Other 10 % 14 % 16 % Total Europe 18 % 24 % 25 % 100 % 100 % 100 % |
Geographic Regions (Tables)
Geographic Regions (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segments Geographical Areas [Abstract] | |
Schedule of Revenues, Operating Income (Loss) and Identifiable Assets by Geographic Region | We have continuing operations in the United States, China and France, as well as satellite offices in Europe and Asia. Revenues, operating income (loss) and identifiable assets by geographic region are as follows (in thousands): Years Ended September 30, 2019 2018 2017 Net revenue: United States $ 65,942 $ 72,753 $ 60,952 China 9,500 17,634 12,673 France 4,898 6,129 5,588 Other 4,695 3,537 3,860 $ 85,035 $ 100,053 $ 83,073 Operating income (loss): United States $ 726 $ 2,755 $ (51 ) China 3,686 5,445 3,647 France (786 ) (3,058 ) (1,000 ) Other 1,290 930 1,045 $ 4,916 $ 6,072 $ 3,641 As of September 30, 2019 2018 Net property, plant and equipment: United States $ 9,893 $ 10,039 China 236 293 France 88 177 $ 10,217 $ 10,509 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Activity in Allowance for Doubtful Accounts | The following is a summary of the activity in our allowance for doubtful accounts (in thousands): Years Ended September 30, 2019 2018 2017 Balance at beginning of year $ 454 $ 356 $ 1,431 Provision 200 102 117 Write offs (402 ) (9 ) (1,171 ) Adjustment (1) (80 ) 5 (21 ) Balance at end of year $ 172 $ 454 $ 356 (1) Primarily foreign currency translation adjustments. |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Selected Quarterly Financial Information Abstract | |
Schedule of Selected Unaudited Consolidated Quarterly Financial Information | The following table sets forth selected unaudited consolidated quarterly financial information for the years ended September 30, 2019 and 2018 (in thousands, except percents and per share amounts): Fiscal Year 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue, net of returns and allowances $ 23,225 $ 20,633 $ 21,003 $ 20,174 Cost of sales 14,205 12,706 13,153 11,614 Gross profit 9,020 7,927 7,850 8,560 Selling, general and administrative 6,626 5,793 5,718 6,126 Research, development and engineering 866 713 746 743 Restructuring charges 864 173 35 38 Operating income 664 1,248 1,351 1,653 Interest and other income, net 166 96 249 341 Income from continuing operations before income taxes 830 1,344 1,600 1,994 Income tax provision 582 332 707 1,012 Income from continuing operations, net of tax 248 1,012 893 982 (Loss) income from discontinued operations, net of tax (2,620 ) (6,647 ) 1,154 (184 ) Net (loss) income $ (2,372 ) $ (5,635 ) $ 2,047 $ 798 Gross margin 38.8 % 38.4 % 37.4 % 42.4 % Operating margin 2.9 % 6.0 % 6.4 % 8.2 % Income (Loss) Per Basic Share: Basic income per share from continuing operations $ 0.02 $ 0.07 $ 0.06 $ 0.07 Basic (loss) income per share from discontinued operations $ (0.18 ) $ (0.47 ) $ 0.08 $ (0.01 ) Net (loss) income per basic share $ (0.16 ) $ (0.40 ) $ 0.14 $ 0.06 Income (Loss) Per Diluted Share: Diluted income per share from continuing operations $ 0.02 $ 0.07 $ 0.06 $ 0.07 Diluted (loss) income per share from discontinued operations $ (0.18 ) $ (0.47 ) $ 0.08 $ (0.01 ) Net (loss) income per diluted share $ (0.16 ) $ (0.40 ) $ 0.14 $ 0.06 Weighted average shares outstanding - basic 14,220 14,228 14,245 14,266 Weighted average shares outstanding - diluted 14,252 14,258 14,316 14,304 Fiscal Year 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue, net of returns and allowances $ 27,116 $ 21,115 $ 28,743 $ 23,079 Cost of sales 17,156 12,533 18,560 14,886 Gross profit 9,960 8,582 10,183 8,193 Selling, general and administrative 6,424 6,319 6,775 6,225 Research, development and engineering 675 778 582 821 Impairment charges — — — 2,247 Operating income (loss) 2,861 1,485 2,826 (1,100 ) Gain on sale of other assets — — 2,883 — (Loss) income from equity method investment (26 ) 28 232 — Interest and other income (expense), net 18 (32 ) 410 342 Income (loss) from continuing operations before income taxes 2,853 1,481 6,351 (758 ) Income tax provision 1,152 420 1,372 352 Income (loss) from continuing operations, net of tax 1,701 1,061 4,979 (1,110 ) Income (loss) from discontinued operations, net of tax 4,751 1,774 (8 ) (7,843 ) Net income (loss) $ 6,452 $ 2,835 $ 4,971 $ (8,953 ) Gross margin 36.7 % 40.6 % 35.4 % 35.5 % Operating margin 10.6 % 7.0 % 9.8 % (4.8 )% Income (Loss) Per Basic Share: Basic income (loss) per share from continuing operations $ 0.12 $ 0.07 $ 0.33 $ (0.08 ) Basic income (loss) per share from discontinued operations $ 0.32 $ 0.12 $ (0.00 ) $ (0.53 ) Net income (loss) per basic share $ 0.44 $ 0.19 $ 0.33 $ (0.61 ) Income (Loss) Per Diluted Share: Diluted income (loss) per share from continuing operations $ 0.11 $ 0.07 $ 0.33 $ (0.08 ) Diluted income (loss) per share from discontinued operations $ 0.31 $ 0.12 $ (0.00 ) $ (0.53 ) Net income (loss) per diluted share $ 0.42 $ 0.19 $ 0.33 $ (0.61 ) Weighted average shares outstanding - basic 14,781 14,891 14,925 14,730 Weighted average shares outstanding - diluted 15,298 15,154 15,091 14,730 |
Summary of Operations and Sig_4
Summary of Operations and Significant Accounting Policies - Inventories - Additional Information (Details) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Minimum | ||
Inventory [Line Items] | ||
Percentage of FIFO basis inventory | 90.00% | 90.00% |
Purchase order commitment period | 30 days | |
Maximum | ||
Inventory [Line Items] | ||
Purchase order commitment period, description | 180 days or longer |
Summary of Operations and Sig_5
Summary of Operations and Significant Accounting Policies - Property, Plant and Equipment - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Minimum | Equipment, Machinery and Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Minimum | Furniture and fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 5 years |
Minimum | Building | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 20 years |
Maximum | Equipment, Machinery and Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 7 years |
Maximum | Furniture and fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 10 years |
Maximum | Building | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 30 years |
Summary of Operations and Sig_6
Summary of Operations and Significant Accounting Policies - Revenue Recognition - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |
Practical expedient, financing component | true |
Period of contract | 1 year |
Practical expedient, incremental cost of obtaining contract | true |
Amortization period | 1 year |
Minimum | Equipment Sales | |
Disaggregation of Revenue [Line Items] | |
Warranty period | 12 months |
Maximum | Equipment Sales | |
Disaggregation of Revenue [Line Items] | |
Warranty period | 24 months |
Summary of Operations and Sig_7
Summary of Operations and Significant Accounting Policies - Warranty - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Minimum | |
Product Warranty [Line Items] | |
Standard product warranty, period | 12 months |
Maximum | |
Product Warranty [Line Items] | |
Standard product warranty, period | 24 months |
Summary of Operations and Sig_8
Summary of Operations and Significant Accounting Policies - Summary of Activity in Accrued Warranty Expense at Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accrued Warranty [Roll Forward] | |||
Beginning balance | $ 644 | $ 710 | $ 417 |
Additions for warranties issued during the period | 785 | 966 | 965 |
Reductions in the liability for payments made under the warranty | (693) | (782) | (429) |
Changes related to pre-existing warranties | (179) | (250) | (244) |
Currency translation adjustment | (1) | 1 | |
Ending balance | $ 556 | $ 644 | $ 710 |
Summary of Operations and Sig_9
Summary of Operations and Significant Accounting Policies - Shipping Expense - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule Of Expense [Line Items] | |||||||||||
Shipping expense | $ 6,126 | $ 5,718 | $ 5,793 | $ 6,626 | $ 6,225 | $ 6,775 | $ 6,319 | $ 6,424 | $ 24,263 | $ 25,743 | $ 24,727 |
Shipping | |||||||||||
Schedule Of Expense [Line Items] | |||||||||||
Shipping expense | $ 700 | $ 700 | $ 700 |
Summary of Operations and Si_10
Summary of Operations and Significant Accounting Policies - Advertising Expense - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Advertising Expense | $ 0.4 | $ 0.5 | $ 0.3 |
Summary of Operations and Si_11
Summary of Operations and Significant Accounting Policies - Summary of Research, Development and Engineering Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||
Research, development and engineering | $ 3,112 | $ 2,868 | $ 3,037 | ||||||||
Grants earned | (44) | (12) | (299) | ||||||||
Net research, development and engineering | $ 743 | $ 746 | $ 713 | $ 866 | $ 821 | $ 582 | $ 778 | $ 675 | $ 3,068 | $ 2,856 | $ 2,738 |
Summary of Operations and Si_12
Summary of Operations and Significant Accounting Policies - Concentrations of Credit Risk - Additional Information (Details) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
US Treasuries and FDIC Insured | ||
Concentration Risk [Line Items] | ||
Percentage of cash balances | 79.00% | 88.00% |
Customer One | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 16.00% |
Summary of Operations and Si_13
Summary of Operations and Significant Accounting Policies - Summary of Effect of New Accounting Pronouncement (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 173 | $ (13,768) | $ 34,051 | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1,552) | (1,372) | 1,677 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (3,362) | (13,265) | 47,213 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | [1] | 62,496 | 75,761 | 28,548 |
Cash, Cash Equivalents and Restricted Cash, End of Year | [1] | 59,134 | 62,496 | 75,761 |
As reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash provided by (used in) operating activities | 6,790 | 11,789 | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1,455) | 192 | ||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 7,210 | 23,466 | ||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | $ 58,331 | 51,121 | 27,655 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | $ 58,331 | $ 51,121 | ||
[1] | Includes Cash, Cash Equivalents and Restricted Cash that are included in Held-For-Sale Assets on the Consolidated Balance Sheets. |
Summary of Operations and Si_14
Summary of Operations and Significant Accounting Policies - Recently Issued Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Oct. 01, 2019 |
Scenario, Forecast | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU assets | $ 5 | |
Lease liabilities | $ 5 | |
Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU assets | $ 0.3 | |
Lease liabilities | $ 0.4 |
Assets Held for Sale and Disc_3
Assets Held for Sale and Discontinued Operations - Additional Information (Details) - USD ($) | Jun. 07, 2019 | Sep. 30, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain on sale of subsidiary | $ 1,614,000 | |
Discontinued Operations, Disposed of by Sale [Member] | SoLayTec | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain on sale of subsidiary | $ 1,600,000 | |
Tempress | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
One-time costs to sell | 750,000 | |
Broker Fees | Tempress | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
One-time costs to sell | 500,000 | |
Legal Fees | Tempress | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
One-time costs to sell | $ 250,000 |
Assets Held for Sale and Disc_4
Assets Held for Sale and Discontinued Operations - Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income tax (benefit) provision | $ (1,300) | ||||||||||
Net (loss) income | $ (184) | $ 1,154 | $ (6,647) | $ (2,620) | $ (7,843) | $ (8) | $ 1,774 | $ 4,751 | (8,297) | $ (1,326) | $ 5,892 |
Net loss attributable to non-controlling interest - discontinued operations | 1,045 | ||||||||||
Tempress and SoLayTec | Discontinued Operations, Held-for-sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues, net of returns and allowances | 25,139 | 76,395 | 81,443 | ||||||||
Cost of sales | 23,669 | 58,156 | 60,617 | ||||||||
Gross profit | 1,470 | 18,239 | 20,826 | ||||||||
Selling, general and administrative | 8,857 | 11,792 | 10,408 | ||||||||
Research, development and engineering | 3,039 | 4,944 | 3,634 | ||||||||
Restructuring charges | 567 | 897 | 0 | ||||||||
Impairment charges | 0 | 4,759 | 0 | ||||||||
Operating (loss) income | (10,993) | (4,153) | 6,784 | ||||||||
Gain on sale of subsidiary | 1,614 | 0 | 0 | ||||||||
Interest expense and other, net | (121) | (249) | (557) | ||||||||
(Loss) income from discontinued operations before income taxes | (9,500) | (4,402) | 6,227 | ||||||||
Income tax (benefit) provision | (1,203) | (3,076) | 335 | ||||||||
Net (loss) income | (8,297) | (1,326) | 5,892 | ||||||||
Net loss attributable to non-controlling interest - discontinued operations | 0 | 0 | 1,045 | ||||||||
Net (loss) income attributable to discontinued operations | $ (8,297) | $ (1,326) | $ 6,937 |
Assets Held for Sale and Disc_5
Assets Held for Sale and Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Assets | ||
Total current assets | $ 22,755 | $ 45,322 |
Total current liabilities | 18,547 | 31,798 |
Tempress | Discontinued Operations, Held-for-sale | ||
Assets | ||
Total current assets | 17,591 | 39,379 |
Property, plant and equipment - net | 5,164 | 5,943 |
Total assets included in the disposal group | 22,755 | 45,322 |
Total current liabilities | 18,272 | 29,380 |
Long-term debt | 275 | 2,418 |
Total liabilities included in the disposal group | 18,547 | 31,798 |
Net assets included in the disposal group | $ 4,208 | $ 13,524 |
Assets Held for Sale and Disc_6
Assets Held for Sale and Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for (reversal of) allowance for doubtful accounts, net | $ 1,074 | $ 45 | $ (720) |
Gain on sale of subsidiary | 1,614 | ||
Tempress and SoLayTec | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) income from discontinued operations, net of tax | (8,297) | (1,326) | 6,937 |
Non-cash impairment charges | 0 | 4,759 | 0 |
Depreciation and amortization | 562 | 801 | 1,120 |
Provision for (reversal of) allowance for doubtful accounts, net | 874 | (56) | (837) |
Gain on sale of subsidiary | 1,614 | 0 | 0 |
Purchases of property, plant and equipment | $ 131 | $ 1,403 | $ 838 |
Earnings Per Share & Diluted _3
Earnings Per Share & Diluted Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 978,000 | 434,000 | 1,364,000 |
Earnings Per Share & Diluted _4
Earnings Per Share & Diluted Earnings Per Share - Reconciliation of Denominators of Basic and Diluted EPS Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | |||||||||||
Net income from continuing operations | $ 982 | $ 893 | $ 1,012 | $ 248 | $ (1,110) | $ 4,979 | $ 1,061 | $ 1,701 | $ 3,135 | $ 6,631 | $ 2,194 |
Net (loss) income from discontinued operations | $ (184) | $ 1,154 | $ (6,647) | $ (2,620) | $ (7,843) | $ (8) | $ 1,774 | $ 4,751 | (8,297) | (1,326) | 5,892 |
Net loss from non-controlling interest - discontinued operations | 1,045 | ||||||||||
Net (loss) income attributable to Amtech Systems, Inc. | $ (5,162) | $ 5,305 | $ 9,131 | ||||||||
Denominator: | |||||||||||
Weighted-average shares used to compute basic EPS | 14,266 | 14,245 | 14,228 | 14,220 | 14,730 | 14,925 | 14,891 | 14,781 | 14,240 | 14,833 | 13,378 |
Common stock equivalents | 35 | 232 | 123 | ||||||||
Weighted-average shares used to compute diluted EPS | 14,304 | 14,316 | 14,258 | 14,252 | 14,730 | 15,091 | 15,154 | 15,298 | 14,275 | 15,065 | 13,501 |
Basic income per share from continuing operations | $ 0.07 | $ 0.06 | $ 0.07 | $ 0.02 | $ (0.08) | $ 0.33 | $ 0.07 | $ 0.12 | $ 0.22 | $ 0.45 | $ 0.16 |
Basic (loss) income per share from discontinued operations | (0.01) | 0.08 | (0.47) | (0.18) | (0.53) | 0 | 0.12 | 0.32 | (0.58) | (0.09) | 0.52 |
Net (loss) income per basic share | 0.06 | 0.14 | (0.40) | (0.16) | (0.61) | 0.33 | 0.19 | 0.44 | (0.36) | 0.36 | 0.68 |
Diluted income per share from continuing operations | 0.07 | 0.06 | 0.07 | 0.02 | (0.08) | 0.33 | 0.07 | 0.11 | 0.22 | 0.44 | 0.16 |
Diluted (loss) income per share from discontinued operations | (0.01) | 0.08 | (0.47) | (0.18) | (0.53) | 0 | 0.12 | 0.31 | (0.58) | (0.09) | 0.52 |
Net (loss) income per diluted share | $ 0.06 | $ 0.14 | $ (0.40) | $ (0.16) | $ (0.61) | $ 0.33 | $ 0.19 | $ 0.42 | $ (0.36) | $ 0.35 | $ 0.68 |
Contracts with Customers - Cont
Contracts with Customers - Contract Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Unbilled accounts receivable | $ 36 | |
Contract assets | $ 36 | $ 0 |
Contracts with Customers - Co_2
Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | $ 1,378 | $ 1,519 |
Customer deposits | ||
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | $ 1,378 | $ 1,519 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Leases [Abstract] | |||
Rental expense under operating leases | $ 0.5 | $ 0.6 | $ 0.8 |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Minimum Rental Commitments Under Non-cancelable Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 522 |
2021 | 322 |
2022 | 288 |
2023 | 282 |
2024 | 279 |
Thereafter | 7,187 |
Total | $ 8,880 |
Restructuring Plans - Additiona
Restructuring Plans - Additional Information (Details) | Nov. 28, 2018USD ($)$ / shares |
Restructuring And Related Activities [Abstract] | |
Severance payment | $ 864,000 |
Payment of other amounts due | $ 458,500 |
Exercise price (USD per share) | $ / shares | $ 7.01 |
Exercise period | 90 days |
Additional stock-based compensation expense | $ 108,000 |
Restructuring Plans - Schedule
Restructuring Plans - Schedule of Restructuring Activity of Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |||||
Balance at September 30, 2018 | $ 0 | $ 0 | |||
Severance expense, net of adjustments | $ 38 | $ 35 | $ 173 | $ 864 | 1,110 |
Cash payments | (1,070) | ||||
Balance at September 30, 2019 | $ 40 | $ 40 |
Inventory - Schedule of Compone
Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Purchased parts and raw materials | $ 15,192 | $ 15,907 |
Work-in-process | 4,215 | 4,159 |
Finished goods | 3,183 | 3,072 |
Inventory, gross | 22,590 | 23,138 |
Excess and obsolete reserves | (5,058) | (5,303) |
Inventory | $ 17,532 | $ 17,835 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property,Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 18,366 | $ 18,238 |
Accumulated depreciation and amortization | (8,149) | (7,729) |
Property, plant and equipment - net | 10,217 | 10,509 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,240 | 3,240 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,396 | 5,396 |
Building and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,930 | 2,902 |
Equipment and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,488 | 5,383 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,312 | $ 1,317 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 0.9 | $ 1.1 | $ 0.8 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,088 | $ 2,088 |
Accumulated Amortization | (1,218) | (958) |
Net Carrying Amount | 870 | 1,130 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,219 | 1,219 |
Accumulated Amortization | (948) | (745) |
Net Carrying Amount | $ 271 | 474 |
Customer lists | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | |
Customer lists | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 869 | 869 |
Accumulated Amortization | (270) | (213) |
Net Carrying Amount | $ 599 | $ 656 |
Trade names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trade names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 15 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 2,247,000 | |||
Amortization expense (credit) of intangible assets | $ 300,000 | $ (20,000) | $ 600,000 | |
Solar | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 1,300,000 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense for Remaining Unamortized Balance (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 261 | |
2021 | 126 | |
2022 | 58 | |
2023 | 58 | |
2024 | 58 | |
Thereafter | 309 | |
Net Carrying Amount | $ 870 | $ 1,130 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Line Items] | ||
Beginning balance | $ 6,633,000 | |
Goodwill | 13,595,000 | $ 13,595,000 |
Accumulated impairment losses | (6,962,000) | (6,962,000) |
Ending Balance | 6,633,000 | 6,633,000 |
Impairment of goodwill | 0 | |
Net exchange differences | 0 | |
Semiconductor | ||
Goodwill [Line Items] | ||
Impairment of goodwill | 0 | |
SiC/LED | ||
Goodwill [Line Items] | ||
Impairment of goodwill | 0 | |
Net Goodwill-Continuing Operations | ||
Goodwill [Line Items] | ||
Beginning balance | 6,633,000 | |
Goodwill | 10,228,000 | 10,228,000 |
Accumulated impairment losses | (3,595,000) | (3,595,000) |
Ending Balance | 6,633,000 | 6,633,000 |
Impairment of goodwill | 0 | |
Net exchange differences | 0 | |
Net Goodwill-Continuing Operations | Semiconductor | ||
Goodwill [Line Items] | ||
Beginning balance | 5,905,000 | |
Goodwill | 5,905,000 | 5,905,000 |
Accumulated impairment losses | 0 | 0 |
Ending Balance | 5,905,000 | 5,905,000 |
Impairment of goodwill | 0 | |
Net exchange differences | 0 | |
Net Goodwill-Continuing Operations | SiC/LED | ||
Goodwill [Line Items] | ||
Beginning balance | 728,000 | |
Goodwill | 728,000 | 728,000 |
Accumulated impairment losses | 0 | 0 |
Ending Balance | 728,000 | 728,000 |
Impairment of goodwill | 0 | |
Net exchange differences | 0 | |
Net Goodwill-Continuing Operations | Automation | ||
Goodwill [Line Items] | ||
Beginning balance | 0 | |
Goodwill | 3,595,000 | 3,595,000 |
Accumulated impairment losses | (3,595,000) | (3,595,000) |
Ending Balance | 0 | 0 |
Impairment of goodwill | 0 | |
Net exchange differences | 0 | |
Discontinued Operations | ||
Goodwill [Line Items] | ||
Beginning balance | 0 | |
Goodwill | 3,367,000 | 3,367,000 |
Accumulated impairment losses | (3,367,000) | (3,367,000) |
Ending Balance | 0 | $ 0 |
Impairment of goodwill | 0 | |
Net exchange differences | $ 0 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Line Items] | ||
Impairment of goodwill | $ 0 | |
Semiconductor | ||
Goodwill [Line Items] | ||
Impairment of goodwill | 0 | |
SiC/LED | ||
Goodwill [Line Items] | ||
Impairment of goodwill | $ 0 | |
Solar | ||
Goodwill [Line Items] | ||
Impairment of goodwill | $ 5,700,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 916 | $ 7,845 | $ 1,900 |
Foreign | (4,648) | (2,320) | 7,930 |
Income (loss) before provision for income taxes | $ (3,732) | $ 5,525 | $ 9,830 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | |||
Domestic federal | $ 1,167 | $ 54 | |
Foreign | $ 1,278 | (1,404) | 1,330 |
Foreign withholding taxes | 94 | 356 | 240 |
Domestic state | 58 | 101 | 120 |
Total current | 1,430 | 220 | 1,744 |
Deferred: | |||
Domestic federal | 0 | 0 | |
Total deferred | 0 | 0 | 0 |
Total provision | $ 1,430 | $ 220 | $ 1,744 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Contingency [Line Items] | ||||
Income tax benefit from discontinued operations | $ 1,300 | |||
Statutory tax rate based on blended rate calculation | 35.00% | 21.00% | 24.30% | 34.00% |
Additions to valuation allowance | $ 131 | $ 839 | ||
Operating loss carryforwards, annual utilization limits | $ 800 | |||
Operating loss carryforwards, utilization limit, percent | 80.00% | |||
Unrecognized tax benefits that would impact effective tax rate | $ 600 | |||
Net expense (benefit) for interest and penalties | 100 | (2,000) | $ 400 | |
Cumulative accrual for potential interest and penalties | $ 800 | $ 700 | ||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Number of years open for tax examinations | 5 years | |||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Number of years open for tax examinations | 3 years | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 13,800 | |||
Net operating loss carryforwards with indefinite carryforward period | 19,500 | |||
Foreign Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 38,400 | |||
State Jurisdiction | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 12,600 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Actual Income Taxes to Income Taxes at Expected United States Federal Corporate Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory rate | 35.00% | 21.00% | 24.30% | 34.00% |
Tax (benefit) expense at the federal statutory rate | $ (784) | $ 1,342 | $ 3,340 | |
Effect of permanent book-tax differences | 272 | 75 | 340 | |
State tax provision | 31 | 76 | 100 | |
Valuation allowance for net deferred tax assets | 1,682 | 617 | (1,610) | |
Uncertain tax items | 74 | (3,013) | 350 | |
Tax rate differential | 150 | 1,107 | (776) | |
Other items | 5 | 16 | 0 | |
Total provision | $ 1,430 | $ 220 | $ 1,744 |
Income Taxes - Schedule of Co_3
Income Taxes - Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Deferred tax assets (liabilities): | ||
Capitalized inventory costs | $ 168 | $ 193 |
Inventory write-downs | 2,856 | 1,333 |
Accrued warranty | 161 | 204 |
Deferred profits | 346 | 1,006 |
Accruals and reserves not currently deductible | 3,531 | 5,017 |
Stock option expense | 849 | 738 |
Federal net operating loss carryforwards | 6,979 | 2,922 |
Foreign and state net operating losses | 10,481 | 13,860 |
Book vs. tax depreciation and amortization | (1,546) | (1,667) |
Other deferred tax assets | 75 | 163 |
Total deferred tax assets | 23,900 | 23,769 |
Valuation allowance | (23,900) | (23,769) |
Deferred tax assets, net of valuation allowance | $ 0 | $ 0 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Deferred Tax Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Deferred Tax Valuation Allowance [Roll Forward] | ||
Balance at the beginning of the year | $ 23,769 | $ 22,930 |
Additions to valuation allowance | 131 | 839 |
Balance at the end of the year | $ 23,900 | $ 23,769 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of the year | $ 1,198 | $ 4,210 | $ 3,860 |
Additions related to tax positions taken in prior years | 74 | 155 | 350 |
Reductions due to resolution of uncertain tax position | (3,167) | 0 | |
Balance at the end of the year | $ 1,272 | $ 1,198 | $ 4,210 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands | Sep. 26, 2021 | Sep. 30, 2019 | Sep. 30, 2017 | Sep. 30, 2016 |
Continuing Operations | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, balance | $ 5,549 | |||
Continuing Operations | Mortgage Note | Federal Home Loan Board Five Year Classic Advance Rate | Scenario, Forecast | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 240.00% | |||
Continuing Operations | BTU International, Inc. | Mortgage Note | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, balance | $ 5,500 | |||
Maturity date | Sep. 26, 2023 | |||
Interest rate | 4.11% | |||
Discontinued Operations | ||||
Debt Instrument [Line Items] | ||||
Interest rate swap rate term | 10 years | |||
Discontinued Operations | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, balance | $ 300 | $ 400 | ||
Interest rate | 2.23% | |||
Interest rate discount | 1.00% | |||
Debt instrument, term | 15 years | |||
Discontinued Operations | Swap Rate | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.40% |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-term Debt at Continuing Operations (Details) - Continuing Operations $ in Thousands | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 371 |
2021 | 380 |
2022 | 396 |
2023 | 413 |
2024 | 430 |
Thereafter | 3,559 |
Total | $ 5,549 |
Equity and Stock-Based Compen_3
Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) | Nov. 29, 2018 | Mar. 28, 2018 | Aug. 23, 2017 | Aug. 18, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 1996 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||||||
Total cost of shares repurchased and retired | $ 4,000,000 | ||||||||||
Stock-based compensation expense | $ 573,000 | $ 855,000 | $ 1,328,000 | ||||||||
Compensation cost on non-vested stock options not yet recognized | $ 400,000 | ||||||||||
Compensation cost, expected weighted-average recognition period | 1 year 7 months 20 days | ||||||||||
Shares available to grant | 956,053 | ||||||||||
2007 Employee Stock Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available to grant | 856,453 | ||||||||||
2007 Employee Stock Incentive Plan | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available to grant | 500,000 | ||||||||||
Number of additional shares authorized | 2,500,000 | ||||||||||
Non-Employee Directors Stock Option Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available to grant | 99,600 | ||||||||||
Non-Employee Directors Stock Option Plan | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of additional shares authorized | 400,000 | ||||||||||
Share-based compensation, shares issued | 100,000 | ||||||||||
2018 Stock Repurchase Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock repurchase program period | 1 year | ||||||||||
Authorized stock repurchase amount | $ 4,000,000 | ||||||||||
Common stock, par value | $ 0.01 | ||||||||||
Shares repurchased and retired during the period | 771,149 | ||||||||||
Total cost of shares repurchased and retired | $ 4,000,000 | ||||||||||
Average price per share of shares repurchased | $ 5.19 | ||||||||||
2019 Stock Repurchase Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock repurchase program period | 1 year | ||||||||||
Authorized stock repurchase amount | $ 4,000,000 | ||||||||||
Common stock, par value | $ 0.01 | ||||||||||
Shares repurchased and retired during the period | 0 | ||||||||||
Offering | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares sold | 1,213,250 | 1,055,000 | |||||||||
Sale of stock price per share | $ 9.50 | $ 9.50 | |||||||||
Proceeds from sale of stock | $ 10,600,000 | ||||||||||
Over-Allotment Option | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares sold | 158,250 |
Equity and Stock-Based Compen_4
Equity and Stock-Based Compensation - Summary of Equity Compensation Plans (Details) | 12 Months Ended |
Sep. 30, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Grant | 956,053 |
Options Outstanding | 1,068,665 |
2007 Employee Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 3,000,000 |
Shares Available for Grant | 856,453 |
Options Outstanding | 879,314 |
Plan Expiration | Mar. 31, 2024 |
Non-Employee Directors Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 500,000 |
Shares Available for Grant | 99,600 |
Options Outstanding | 189,351 |
Plan Expiration | Mar. 31, 2020 |
Equity and Stock-Based Compen_5
Equity and Stock-Based Compensation - Stock Options - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options outstanding | $ 182,000 | ||
Intrinsic value of options exercisable | $ 164,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock price | $ 5.30 | ||
Intrinsic value of stock options exercised | $ 100,000 | $ 1,200,000 | $ 1,100,000 |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option vesting period | 6 months | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Option vesting period | 4 years |
Equity and Stock-Based Compen_6
Equity and Stock-Based Compensation - Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk free interest rate | 3.00% | 3.00% | 2.00% |
Expected life | 6 years | 6 years | 6 years |
Dividend rate | 0.00% | 0.00% | 0.00% |
Volatility | 60.00% | 59.00% | 63.00% |
Equity and Stock-Based Compen_7
Equity and Stock-Based Compensation - Summary of Stock Option Transactions and Options Outstanding (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Options | |||
Outstanding at end of period | 1,068,665 | ||
Stock Options | |||
Options | |||
Outstanding at beginning of period | 1,248,758 | 1,560,441 | 1,841,567 |
Granted | 198,850 | 44,000 | 145,000 |
Exercised | (52,201) | (277,154) | (317,986) |
Forfeited/expired | (326,742) | (78,529) | (108,140) |
Outstanding at end of period | 1,068,665 | 1,248,758 | 1,560,441 |
Exercisable at end of period | 842,083 | 1,014,300 | 1,055,865 |
Weighted average grant-date fair value of options granted during the period | $ 3.08 | $ 4.20 | $ 3.04 |
Weighted Average Exercise Price | |||
Outstanding at beginning of period | 7.69 | 7.95 | 8.15 |
Granted | 5.35 | 7.40 | 5.23 |
Exercised | 4.02 | 6.71 | 6.30 |
Forfeited/expired | 9 | 16.12 | 12.71 |
Outstanding at end of period | 7.04 | 7.69 | 7.95 |
Exercisable at end of period | $ 7.45 | $ 7.93 | $ 8.58 |
Equity and Stock-Based Compen_8
Equity and Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Options Outstanding | ||||
Number Outstanding | 1,068,665 | |||
Stock Options | ||||
Options Outstanding | ||||
Number Outstanding | 1,068,665 | 1,248,758 | 1,560,441 | 1,841,567 |
Remaining Contractual Life | 4 years 10 months 13 days | |||
Weighted Average Exercise Price Per Share | $ 7.04 | $ 7.69 | $ 7.95 | $ 8.15 |
Options Exercisable | ||||
Number Exercisable | 842,083 | 1,014,300 | 1,055,865 | |
Weighted Average Exercise Price Per Share | $ 7.45 | $ 7.93 | $ 8.58 | |
Stock Options | 2.95-4.85 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 2.95 | |||
Range of Exercise Prices, Upper limit | $ 4.85 | |||
Number Outstanding | 116,430 | |||
Remaining Contractual Life | 6 years 2 months 19 days | |||
Weighted Average Exercise Price Per Share | $ 3.95 | |||
Options Exercisable | ||||
Number Exercisable | 45,750 | |||
Weighted Average Exercise Price Per Share | $ 5 | |||
Stock Options | 4.87-5.07 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 4.87 | |||
Range of Exercise Prices, Upper limit | $ 5.07 | |||
Number Outstanding | 60,750 | |||
Remaining Contractual Life | 6 years 11 months 8 days | |||
Weighted Average Exercise Price Per Share | $ 5.02 | |||
Options Exercisable | ||||
Number Exercisable | 91,430 | |||
Weighted Average Exercise Price Per Share | $ 3.73 | |||
Stock Options | 5.25-5.25 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.25 | |||
Range of Exercise Prices, Upper limit | $ 5.25 | |||
Number Outstanding | 168,674 | |||
Remaining Contractual Life | 4 years 1 month 13 days | |||
Weighted Average Exercise Price Per Share | $ 5.25 | |||
Options Exercisable | ||||
Number Exercisable | 147,424 | |||
Weighted Average Exercise Price Per Share | $ 5.25 | |||
Stock Options | 5.40-5.40 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.40 | |||
Range of Exercise Prices, Upper limit | $ 5.40 | |||
Number Outstanding | 6,000 | |||
Remaining Contractual Life | 6 years 3 months 14 days | |||
Weighted Average Exercise Price Per Share | $ 5.40 | |||
Options Exercisable | ||||
Number Exercisable | 6,000 | |||
Weighted Average Exercise Price Per Share | $ 5.40 | |||
Stock Options | 5.52-5.52 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.52 | |||
Range of Exercise Prices, Upper limit | $ 5.52 | |||
Number Outstanding | 152,000 | |||
Remaining Contractual Life | 9 years 1 month 28 days | |||
Weighted Average Exercise Price Per Share | $ 5.52 | |||
Stock Options | 5.75-6.15 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.75 | |||
Range of Exercise Prices, Upper limit | $ 6.15 | |||
Number Outstanding | 68,469 | |||
Remaining Contractual Life | 3 years 6 months | |||
Weighted Average Exercise Price Per Share | $ 5.96 | |||
Options Exercisable | ||||
Number Exercisable | 68,469 | |||
Weighted Average Exercise Price Per Share | $ 5.96 | |||
Stock Options | 7.01-7.01 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 7.01 | |||
Range of Exercise Prices, Upper limit | $ 7.01 | |||
Number Outstanding | 133,250 | |||
Remaining Contractual Life | 2 years 8 months 19 days | |||
Weighted Average Exercise Price Per Share | $ 7.01 | |||
Options Exercisable | ||||
Number Exercisable | 133,250 | |||
Weighted Average Exercise Price Per Share | $ 7.01 | |||
Stock Options | 7.15-7.98 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 7.15 | |||
Range of Exercise Prices, Upper limit | $ 7.98 | |||
Number Outstanding | 143,976 | |||
Remaining Contractual Life | 4 years 1 month 2 days | |||
Weighted Average Exercise Price Per Share | $ 7.75 | |||
Options Exercisable | ||||
Number Exercisable | 130,644 | |||
Weighted Average Exercise Price Per Share | $ 7.79 | |||
Stock Options | 8.20-9.94 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 8.2 | |||
Range of Exercise Prices, Upper limit | $ 9.94 | |||
Number Outstanding | 18,428 | |||
Remaining Contractual Life | 2 years 7 months 2 days | |||
Weighted Average Exercise Price Per Share | $ 9.33 | |||
Options Exercisable | ||||
Number Exercisable | 18,428 | |||
Weighted Average Exercise Price Per Share | $ 9.33 | |||
Stock Options | 9.98-22.26 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 9.98 | |||
Range of Exercise Prices, Upper limit | $ 22.26 | |||
Number Outstanding | 200,688 | |||
Remaining Contractual Life | 3 years 5 months 8 days | |||
Weighted Average Exercise Price Per Share | $ 11.79 | |||
Options Exercisable | ||||
Number Exercisable | 200,688 | |||
Weighted Average Exercise Price Per Share | $ 11.79 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) participant in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Sep. 30, 2019USD ($)employeecompanyparticipant | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee contributions match | $ 0.3 | $ 0.4 | $ 0.3 | |
Multiemployer Plans, Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 94.60% | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, number of employees | participant | 1.4 | |||
Multiemployer plan, number of companies covered | company | 34,000 | |||
Multiemployer plan, contribution rate (less than) | 5.00% | |||
Multiemployer plan, coverage ratio of plan assets to obligations | 104.30% | |||
Multiemployer plan, assets | $ 94,200 | |||
Multiemployer plans, accumulated benefit obligations | $ 99,700 | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 101.90% | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, coverage ratio of plan assets to obligations | 92.60% | |||
Multiemployer Plans, Pension | Pensioenfonds Metaal en Techniek (PMT) | The Netherlands | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, number of employees | employee | 75 | |||
Multiemployer Plans, Pension | Recovery Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer plan, percentage decrease in pension rights | 6.30% | |||
Multiemployer plan, premium percentage | 16.60% |
Benefit Plans - Schedule of Con
Benefit Plans - Schedule of Contributions to Multi-Employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan, contributions | $ 816 | $ 1,085 | $ 993 |
Pensioenfonds Metaal en Techniek | Multiemployer Plans, Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan, contributions | 658 | 897 | 805 |
Other plans | Multiemployer Plans, Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan, contributions | $ 158 | $ 188 | $ 188 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Commitments and Contingencies [Line Items] | |
Purchase obligation | $ 4.4 |
Minimum | |
Commitments and Contingencies [Line Items] | |
Severance payment term | 12 months |
Maximum | |
Commitments and Contingencies [Line Items] | |
Severance payment term | 36 months |
Divestitures - Additional Infor
Divestitures - Additional Information (Details) $ in Thousands | Jul. 07, 2019USD ($) | Jul. 31, 2017USD ($)MinorityOwner | Dec. 24, 2014USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 16, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||
Gain on sale of other assets | $ 2,883 | $ 2,883 | ||||||
Kingstone Shanghai | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, fair value | $ 2,700 | |||||||
Equity method investment, carrying value | $ 2,600 | |||||||
Kingstone Hong Kong | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 15.00% | |||||||
Proceeds from sale of business | $ 5,700 | |||||||
Gain on sale of other assets | $ 2,900 | |||||||
Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Extinguishment of debt | $ 2,400 | |||||||
SoLayTec | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interests acquired | 51.00% | |||||||
Purchase price | $ 1,900 | |||||||
Number of minority owners involved in Exit Agreement | MinorityOwner | 2 | |||||||
Noncontrolling interest | $ 2,700 | |||||||
Gain on discontinued operations | $ 1,600 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2017 | Sep. 16, 2015 |
Related Party Transaction [Line Items] | |||||
Gain on sale of other assets | $ 2,883 | $ 2,883 | |||
SoLayTec, B.V. | |||||
Related Party Transaction [Line Items] | |||||
Due to related party | $ 2,400 | ||||
Kingstone Hong Kong | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 15.00% | ||||
Remaining ownership percentage disposed of | 15.00% | ||||
Proceeds from sale of business | $ 5,700 | ||||
Gain on sale of other assets | $ 2,900 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2019segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 20,174 | $ 21,003 | $ 20,633 | $ 23,225 | $ 23,079 | $ 28,743 | $ 21,115 | $ 27,116 | $ 85,035 | $ 100,053 | $ 83,073 |
Operating income (loss) | 1,653 | $ 1,351 | $ 1,248 | $ 664 | (1,100) | $ 2,826 | $ 1,485 | $ 2,861 | 4,916 | 6,072 | 3,641 |
Capital expenditures | 714 | 1,495 | 1,256 | ||||||||
Depreciation and amortization | 1,690 | 1,854 | 2,493 | ||||||||
Identifiable assets | 126,477 | 149,406 | 126,477 | 149,406 | |||||||
Continuing Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 583 | 994 | 418 | ||||||||
Depreciation and amortization | 1,125 | 1,053 | 1,373 | ||||||||
Discontinued Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 22,755 | 45,322 | 22,755 | 45,322 | |||||||
Operating Segments | Semiconductor | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 66,455 | 80,163 | 67,237 | ||||||||
Operating income (loss) | 8,744 | 11,848 | 9,538 | ||||||||
Identifiable assets | 56,855 | 59,744 | 56,855 | 59,744 | |||||||
Operating Segments | Semiconductor | Continuing Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 379 | 352 | 236 | ||||||||
Depreciation and amortization | 828 | 715 | 876 | ||||||||
Operating Segments | SiC/LED | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 13,682 | 13,761 | 10,248 | ||||||||
Operating income (loss) | 3,641 | 3,672 | 2,617 | ||||||||
Identifiable assets | 7,779 | 6,545 | 7,779 | 6,545 | |||||||
Operating Segments | SiC/LED | Continuing Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 171 | 603 | 12 | ||||||||
Depreciation and amortization | 136 | 136 | 73 | ||||||||
Operating Segments | Automation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 4,898 | 6,129 | 5,588 | ||||||||
Operating income (loss) | (786) | (2,897) | (724) | ||||||||
Identifiable assets | 2,661 | 3,586 | 2,661 | 3,586 | |||||||
Operating Segments | Automation | Continuing Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 22 | 25 | 148 | ||||||||
Depreciation and amortization | 103 | 135 | 325 | ||||||||
Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (6,683) | (6,551) | (7,790) | ||||||||
Identifiable assets | $ 36,427 | $ 34,209 | 36,427 | 34,209 | |||||||
Non-Segment | Continuing Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 11 | 14 | 22 | ||||||||
Depreciation and amortization | $ 58 | $ 67 | $ 99 |
Major Customers and Sales by _3
Major Customers and Sales by Country - Additional Information (Details) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net Revenues | Customer Concentration Risk | Customer One | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 14.00% | 13.00% |
Major Customers and Sales by _4
Major Customers and Sales by Country - Schedule of Revenues by Geographic Region (Details) - Net Revenues - Geographic Concentration Risk | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
United States | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 35.00% | 21.00% | 22.00% |
Other Americas | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 6.00% | 3.00% | 3.00% |
Total Americas | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 41.00% | 24.00% | 25.00% |
China | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 18.00% | 30.00% | 23.00% |
Malaysia | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 5.00% | 8.00% | 8.00% |
Taiwan | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10.00% | 9.00% | 10.00% |
Other Asia | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 8.00% | 5.00% | 9.00% |
Total Asia | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 41.00% | 52.00% | 50.00% |
Germany | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 8.00% | 10.00% | 9.00% |
Other Europe | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10.00% | 14.00% | 16.00% |
Total Europe | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 18.00% | 24.00% | 25.00% |
Geographic Regions (Details)
Geographic Regions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | $ 85,035 | $ 100,053 | $ 83,073 | ||||||||
Operating income (loss) | $ 1,653 | $ 1,351 | $ 1,248 | $ 664 | $ (1,100) | $ 2,826 | $ 1,485 | $ 2,861 | 4,916 | 6,072 | 3,641 |
Net long-lived assets | 10,217 | 10,509 | 10,217 | 10,509 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 65,942 | 72,753 | 60,952 | ||||||||
Operating income (loss) | 726 | 2,755 | (51) | ||||||||
Net long-lived assets | 9,893 | 10,039 | 9,893 | 10,039 | |||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 9,500 | 17,634 | 12,673 | ||||||||
Operating income (loss) | 3,686 | 5,445 | 3,647 | ||||||||
Net long-lived assets | 236 | 293 | 236 | 293 | |||||||
France | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 4,898 | 6,129 | 5,588 | ||||||||
Operating income (loss) | (786) | (3,058) | (1,000) | ||||||||
Net long-lived assets | $ 88 | $ 177 | 88 | 177 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenue | 4,695 | 3,537 | 3,860 | ||||||||
Operating income (loss) | $ 1,290 | $ 930 | $ 1,045 |
Supplementary Financial Infor_3
Supplementary Financial Information - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 454 | $ 356 | $ 1,431 |
Provision | 200 | 102 | 117 |
Write offs | (402) | (9) | (1,171) |
Adjustment | (80) | 5 | (21) |
Balance at end of year | $ 172 | $ 454 | $ 356 |
Selected Quarterly Data (Unau_3
Selected Quarterly Data (Unaudited) - Schedule of Selected Unaudited Consolidated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Selected Quarterly Data Unaudited [Abstract] | |||||||||||
Revenue, net of returns and allowances | $ 20,174 | $ 21,003 | $ 20,633 | $ 23,225 | $ 23,079 | $ 28,743 | $ 21,115 | $ 27,116 | $ 85,035 | $ 100,053 | $ 83,073 |
Cost of sales | 11,614 | 13,153 | 12,706 | 14,205 | 14,886 | 18,560 | 12,533 | 17,156 | 51,678 | 63,135 | 51,967 |
Gross profit | 8,560 | 7,850 | 7,927 | 9,020 | 8,193 | 10,183 | 8,582 | 9,960 | 33,357 | 36,918 | 31,106 |
Selling, general and administrative | 6,126 | 5,718 | 5,793 | 6,626 | 6,225 | 6,775 | 6,319 | 6,424 | 24,263 | 25,743 | 24,727 |
Research, development and engineering | 743 | 746 | 713 | 866 | 821 | 582 | 778 | 675 | 3,068 | 2,856 | 2,738 |
Restructuring charges | 38 | 35 | 173 | 864 | 1,110 | ||||||
Impairment charges | 2,247 | ||||||||||
Operating income | 1,653 | 1,351 | 1,248 | 664 | (1,100) | 2,826 | 1,485 | 2,861 | 4,916 | 6,072 | 3,641 |
Gain on sale of other assets | 2,883 | 2,883 | |||||||||
(Loss) income from equity method investment | 232 | 28 | (26) | 234 | (417) | ||||||
Interest and other income (expense), net | 341 | 249 | 96 | 166 | 342 | 410 | (32) | 18 | 852 | 738 | 379 |
Income from continuing operations before income taxes | 1,994 | 1,600 | 1,344 | 830 | (758) | 6,351 | 1,481 | 2,853 | 5,768 | 9,927 | 3,603 |
Income tax provision | 1,012 | 707 | 332 | 582 | 352 | 1,372 | 420 | 1,152 | 2,633 | 3,296 | 1,409 |
Income from continuing operations, net of tax | 982 | 893 | 1,012 | 248 | (1,110) | 4,979 | 1,061 | 1,701 | 3,135 | 6,631 | 2,194 |
(Loss) income from discontinued operations, net of tax | (184) | 1,154 | (6,647) | (2,620) | (7,843) | (8) | 1,774 | 4,751 | (8,297) | (1,326) | 5,892 |
Net (loss) income | $ 798 | $ 2,047 | $ (5,635) | $ (2,372) | $ (8,953) | $ 4,971 | $ 2,835 | $ 6,452 | $ (5,162) | $ 5,305 | $ 8,086 |
Gross margin | 42.40% | 37.40% | 38.40% | 38.80% | 35.50% | 35.40% | 40.60% | 36.70% | |||
Operating margin | 8.20% | 6.40% | 6.00% | 2.90% | (4.80%) | 9.80% | 7.00% | 10.60% | |||
Income (Loss) Per Basic Share: | |||||||||||
Basic income (loss) per share from continuing operations | $ 0.07 | $ 0.06 | $ 0.07 | $ 0.02 | $ (0.08) | $ 0.33 | $ 0.07 | $ 0.12 | $ 0.22 | $ 0.45 | $ 0.16 |
Basic (loss) income per share from discontinued operations | (0.01) | 0.08 | (0.47) | (0.18) | (0.53) | 0 | 0.12 | 0.32 | (0.58) | (0.09) | 0.52 |
Net income (loss) per basic share | 0.06 | 0.14 | (0.40) | (0.16) | (0.61) | 0.33 | 0.19 | 0.44 | (0.36) | 0.36 | 0.68 |
Income (Loss) Per Diluted Share: | |||||||||||
Diluted income (loss) per share from continuing operations | 0.07 | 0.06 | 0.07 | 0.02 | (0.08) | 0.33 | 0.07 | 0.11 | 0.22 | 0.44 | 0.16 |
Diluted (loss) income per share from discontinued operations | (0.01) | 0.08 | (0.47) | (0.18) | (0.53) | 0 | 0.12 | 0.31 | (0.58) | (0.09) | 0.52 |
Net income (loss) per diluted share | $ 0.06 | $ 0.14 | $ (0.40) | $ (0.16) | $ (0.61) | $ 0.33 | $ 0.19 | $ 0.42 | $ (0.36) | $ 0.35 | $ 0.68 |
Weighted average shares outstanding - basic | 14,266 | 14,245 | 14,228 | 14,220 | 14,730 | 14,925 | 14,891 | 14,781 | 14,240 | 14,833 | 13,378 |
Weighted average shares outstanding - diluted | 14,304 | 14,316 | 14,258 | 14,252 | 14,730 | 15,091 | 15,154 | 15,298 | 14,275 | 15,065 | 13,501 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Subsequent Event [Line Items] | ||
Loss on sale of subsidiary | $ 1,614 | |
Scenario, Forecast | R2D | ||
Subsequent Event [Line Items] | ||
Loss on sale of subsidiary | $ (3,000) |