Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INTERPHASE CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 8,377,106 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000728249 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $3,915 | $1,478 |
Marketable securities | 3,931 | 5,121 |
Trade accounts receivable, less allowances of $41 and $45, respectively | 2,562 | 2,679 |
Inventories | 3,369 | 3,332 |
Prepaid expenses and other current assets | 479 | 1,041 |
Total current assets | 14,256 | 13,651 |
Machinery and equipment | 6,988 | 6,064 |
Leasehold improvements | 587 | 380 |
Furniture and fixtures | 152 | 425 |
7,727 | 6,869 | |
Less-accumulated depreciation and amortization | -6,086 | -6,552 |
Total property and equipment, net | 1,641 | 317 |
Capitalized software, net | 46 | 96 |
Other assets | 387 | 345 |
Total assets | 16,330 | 14,409 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' |
Accounts payable | 1,753 | 1,475 |
Deferred revenue | 85 | 652 |
Accrued liabilities | 1,681 | 1,513 |
Accrued compensation | 218 | 231 |
Total current liabilities | 3,737 | 3,871 |
Deferred lease obligations | 1,288 | 16 |
Long-term debt | 3,500 | 3,500 |
Total liabilities | 8,525 | 7,387 |
Commitments and Contingencies | ' | ' |
Common stock, $0.10 par value; 100,000,000 shares authorized; 8,377,106 and 7,011,146 shares issued and outstanding, respectively | 838 | 701 |
Additional paid in capital | 50,025 | 46,442 |
Accumulated deficit | -42,193 | -39,196 |
Cumulative other comprehensive loss | -865 | -925 |
Total shareholders' equity | 7,805 | 7,022 |
Total liabilities and shareholders' equity | $16,330 | $14,409 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts receivable, allowances (in Dollars) | $41 | $45 |
Common stock par value (in Dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 8,377,106 | 7,011,146 |
Common stock, shares outstanding | 8,377,106 | 7,011,146 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Product | $2,804,000 | $3,136,000 | $6,462,000 | $8,509,000 |
Service | 1,408,000 | 1,032,000 | 4,445,000 | 2,757,000 |
Total revenues | 4,212,000 | 4,168,000 | 10,907,000 | 11,266,000 |
Cost of sales: | ' | ' | ' | ' |
Product | 1,907,000 | 1,450,000 | 3,982,000 | 4,601,000 |
Service | 997,000 | 733,000 | 3,624,000 | 2,015,000 |
Total cost of sales | 2,904,000 | 2,183,000 | 7,606,000 | 6,616,000 |
Gross margin | 1,308,000 | 1,985,000 | 3,301,000 | 4,650,000 |
Research and development | 697,000 | 622,000 | 1,952,000 | 2,309,000 |
Sales and marketing | 618,000 | 614,000 | 1,956,000 | 2,022,000 |
General and administrative | 829,000 | 660,000 | 2,350,000 | 2,239,000 |
Restructuring benefit | ' | ' | ' | -67,000 |
Total operating expenses | 2,144,000 | 1,896,000 | 6,258,000 | 6,503,000 |
(Loss) income from operations | -836,000 | 89,000 | -2,957,000 | -1,853,000 |
Other loss, net | -9,000 | ' | -9,000 | -343,000 |
(Loss) income before income tax | -845,000 | 89,000 | -2,966,000 | -2,196,000 |
Income tax provision | 8,000 | 13,000 | 31,000 | 33,000 |
Net (loss) income | ($853,000) | $76,000 | ($2,997,000) | ($2,229,000) |
Basic (in Dollars per share) | ($0.11) | $0.01 | ($0.41) | ($0.32) |
Diluted (in Dollars per share) | ($0.11) | $0.01 | ($0.41) | ($0.32) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net (loss) income | ($853) | $76 | ($2,997) | ($2,229) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 49 | -31 | 53 | -23 |
Unrealized holding gain (loss) arising during period, net of tax | 7 | ' | 7 | -4 |
Other comprehensive income (loss) | 56 | -31 | 60 | -27 |
Comprehensive (loss) income | ($797) | $45 | ($2,937) | ($2,256) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($2,997) | ($2,229) |
Allowance for doubtful accounts and returns | 13 | 15 |
Writedowns of excess and obsolete inventories | 182 | 101 |
Depreciation and amortization | 247 | 170 |
Amortization of stock-based compensation | 368 | 528 |
Loss on retirement of machinery and equipment | 14 | ' |
Change in assets and liabilities: | ' | ' |
Trade accounts receivable | 104 | -629 |
Inventories | -219 | -1,049 |
Prepaid expenses and other current assets | 532 | -359 |
Other assets | -47 | -101 |
Accounts payable, deferred revenue and accrued liabilities | -27 | 1,706 |
Accrued compensation | -13 | -26 |
Deferred lease obligations | 1,272 | -65 |
Net cash used in operating activities | -571 | -1,938 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -1,525 | -30 |
Purchases of capitalized software | -10 | -9 |
Proceeds from the sale of marketable securities | 12,006 | 11,007 |
Purchases of marketable securities | -10,810 | -10,439 |
Net cash (used in) provided by investing activities | -339 | 529 |
Cash flows from financing activities: | ' | ' |
Borrowings under credit facility | 10,500 | 10,500 |
Payments on credit facility | -10,500 | -10,500 |
Proceeds from the issuance of common stock | 3,349 | ' |
Proceeds from the exercise of stock options | 3 | 26 |
Net cash provided by financing activities | 3,352 | 26 |
Effect of exchange rate changes on cash and cash equivalents | -5 | -4 |
Net increase (decrease) in cash and cash equivalents | 2,437 | -1,387 |
Cash and cash equivalents at beginning of period | 1,478 | 3,949 |
Cash and cash equivalents at end of period | $3,915 | $2,562 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1. - BASIS OF PRESENTATION | |
Interphase Corporation and its subsidiaries (“Interphase” or the “Company”) is a diversified information and communications technology company, committed to innovation through the process of identifying, developing and introducing new products and services. The Company offers products and services from embedded computing solutions, engineering design services, and contract manufacturing services to a new line of embedded computer vision products. | |
Embedded solutions include communications networking products for connectivity, interworking and packet processing. Clients for this product line include Alcatel-Lucent, GENBAND, Hewlett Packard, and Samsung. | |
The engineering design and manufacturing services serve a wide variety of industries within the electronics market, from machine-to-machine (“M2M”) and Internet of Things (“IoT”) designs utilizing Cellular, GPS and Wi-Fi tracking solutions to cost-saving redesigns for manufacturability. Interphase Productization services provide customers with the full suite of rapid design and manufacturing services required to quickly take a project from design concept to full production in the marketplace. | |
The penveu® product line, from the embedded computer vision line of business, addresses both the education and enterprise markets. penveu® is a handheld device that adds interactivity to projectors and large screen displays, turning flat surfaces into an interactive display. | |
Founded in 1974, the Company is located in Carrollton, Texas, with sales offices in the United States and Europe. See Note 9 for information regarding the Company’s revenues related to North America and foreign regions. | |
The accompanying condensed consolidated financial statements include the accounts of Interphase Corporation and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. While the accompanying condensed consolidated financial statements are unaudited, they have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, all material adjustments and disclosures necessary to fairly present the results of such periods have been made. All such adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013. |
Note_2_StockBased_Compensation
Note 2 - Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
NOTE 2. - STOCK-BASED COMPENSATION | |||||||||||||||||
Stock Options | |||||||||||||||||
The Interphase Corporation 2014 Long-Term Stock Incentive Plan has been adopted by the Company’s Board of Directors and approved by its shareholders. Awards granted during the three months ended September 30, 2014 have been made under that plan. All other awards outstanding were made under the Interphase Corporation 2004 Long-Term Stock Incentive Plan, which expired on May 5, 2014 (so that no new awards could be made or granted under the Interphase Corporation 2004 Long-Term Stock Incentive Plan). | |||||||||||||||||
During the nine months ended September 30, 2014, the Company issued 8,000 stock options that vest over a three year period and expire ten years from date of grant. The weighted average exercise price of these stock options is $4.00. During the nine months ended September 30, 2013, the Company issued 26,000 stock options that vest over a four year period and expire ten years from date of grant. The weighted average exercise price of these stock options is $4.16. Compensation expense related to stock options without performance-based vesting conditions was $41,000 and $71,000 for the three months ended September 30, 2014 and 2013, respectively. Compensation expense related to stock options without performance-based vesting conditions was $132,000 and $274,000 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
During the nine months ended September 30, 2014, the Company issued 136,000 stock options with performance-based vesting conditions for the years ended December 31, 2014, 2015, and 2016, the achievement of which would result in pro rata vesting per year in March 2015, 2016, and 2017, respectively. The weighted average exercise price of these stock options is $5.49. During the nine months ended September 30, 2013, the Company issued 102,500 stock options with performance-based vesting conditions related to revenue objectives for the year ended December 31, 2014, the achievement of which would result in vesting in February 2015. The weighted average exercise price of these stock options is $5.40. All stock options with performance-based conditions expire ten years from date of grant. Of the unvested stock options outstanding at September 30, 2014, 1,074,950 are subject to the achievement of certain performance conditions. The performance conditions related to approximately 74,000 and 66,000 of these stock options were deemed probable as of September 30, 2014 and 2013, respectively. Compensation expense related to performance-based stock options, for which vesting was deemed probable, was approximately $72,000 and $62,000 for the three months ended September 30, 2014 and 2013, respectively. Compensation expense related to performance-based stock options, for which vesting was deemed probable, was approximately $192,000 and $174,000 for the nine months ended September 30, 2014 and 2013, respectively. The performance conditions related to the remaining options were not deemed probable at September 30, 2014; therefore no compensation expense related to these options has been recorded. | |||||||||||||||||
The weighted-average remaining contractual life of stock options outstanding and exercisable at September 30, 2014 and 2013 was 6.70 years and 5.58 years, respectively. | |||||||||||||||||
As of September 30, 2014, there were 1,187,450 unvested options expected to vest over a weighted-average period of 8.5 years. As of December 31, 2013, there were 1,586,076 unvested options expected to vest over a weighted-average period of 8.9 years. | |||||||||||||||||
The following table summarizes the combined stock option activity under both of the plans: | |||||||||||||||||
Number of Options | Weighted Average Option Price | ||||||||||||||||
Balance, December 31, 2013 | 2,187,019 | $ | 4.11 | ||||||||||||||
Granted | 144,000 | 5.41 | |||||||||||||||
Exercised | (625 | ) | 4.37 | ||||||||||||||
Cancelled | (497,891 | ) | 5.66 | ||||||||||||||
Balance, September 30, 2014 | 1,832,503 | $ | 3.79 | ||||||||||||||
Option Valuation | |||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with weighted-average assumptions based on the grant date. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk free interest rate range | 2.63 | % | 2.63 | % | 2.63 – 2.70 | % | 1.86 – 2.63 | % | |||||||||
Weighted average life (in years) | 10 | 10 | 10 | 10 | |||||||||||||
Weighted average volatility | 66.18 | % | 68.13 | % | 65.47 | % | 67.97 | % | |||||||||
Volatility range | 66.18 | % | 68.13 | % | 65.30 – 66.18 | % | 66.10 – 68.13 | % | |||||||||
Expected dividend yield | - | - | - | - | |||||||||||||
Weighted average grant-date fair value per share of options granted | $ | 3.02 | $ | 4.06 | $ | 4.06 | $ | 3.87 | |||||||||
Restricted Stock | |||||||||||||||||
The Interphase Corporation 2014 Long-Term Stock Incentive Plan provides, and the Interphase Corporation 2004 Long-Term Stock Incentive Plan provided, for grants of bonus stock awards (“restricted stock”) to the Company’s directors and certain employees at no cost to the recipient. Holders of restricted stock are entitled to cash dividends, if declared, and to vote their respective shares. Restrictions limit the sale or transfer of these shares during a predefined vesting period, currently ranging from three to six years. There were no shares of restricted stock issued during the nine months ended September 30, 2014 or 2013. Upon issuance of restricted stock under a plan, unearned compensation equivalent to the market value at the date of grant is recorded as a reduction to shareholders’ equity and subsequently amortized to expense over the respective restriction periods. Compensation expense related to previously granted restricted stock was $14,000 and $24,000 for the three months ended September 30, 2014 and 2013, respectively. Compensation expense related to previously granted restricted stock was $44,000 and $80,000 for the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, there was $77,000 of total unamortized compensation cost related to unvested restricted stock remaining to be recognized. The expense is expected to be recognized over a weighted-average period of less than 1 year. As of December 31, 2013, there was $124,000 of total unamortized compensation cost related to unvested restricted stock remaining to be recognized. The expense is expected to be recognized over a weighted-average period of 1.2 years. The following table summarizes the restricted stock activity for the nine months ended September 30, 2014: | |||||||||||||||||
Restricted Stock Shares | Weighted Average Grant Date Value | ||||||||||||||||
Nonvested restricted stock at December 31, 2013 | 61,656 | $ | 3.21 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (30,836 | ) | 3.21 | ||||||||||||||
Cancelled/Forfeited | (1,665 | ) | 1.82 | ||||||||||||||
Nonvested restricted stock at September 30, 2014 | 29,155 | $ | 3.29 | ||||||||||||||
Note_3_Marketable_Securities
Note 3 - Marketable Securities | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||||||||||
NOTE 3. - MARKETABLE SECURITIES | ||||||||||||||||||||||||||
Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company classifies the levels used to measure fair value into the following hierarchy: | ||||||||||||||||||||||||||
Level 1 – Valuations based on quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to obtain at the measurement date. This level provides the most reliable evidence of fair value. | ||||||||||||||||||||||||||
Level 2 – Valuations based on observable inputs other than Level 1, such as: quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Valuations in the category are inherently less reliable than Level 1 due to the degree of subjectivity involved in determining appropriate methodologies and the applicable observable market underlying assumptions. | ||||||||||||||||||||||||||
Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and significant to the overall fair value measurement. | ||||||||||||||||||||||||||
The Company’s investments in marketable securities primarily consist of investments in debt securities, which are classified as available for sale and presented as current assets on the accompanying condensed consolidated balance sheets. Earnings from debt securities are calculated on a yield to maturity basis and recorded in the results of operations. Unrealized gains or losses for the periods presented were included in other comprehensive income (loss). Realized gains and losses are computed based on the specific identification method and were not material for the periods presented. Marketable securities are used to secure the Company’s credit facility. The fair values of marketable securities were estimated using the market approach using prices and other relevant information generated by market transactions involving identical or comparable assets. The Company uses quoted market prices in active markets or quoted market prices in markets that are not active to measure fair value. When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. | ||||||||||||||||||||||||||
Financial assets, measured at fair value, by level within the fair value hierarchy were as follows (in thousands): | ||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||
Fair Value Hierarchy | Cost | Unrealized Gain | Fair Value | Cost | Unrealized Gain | Fair Value | ||||||||||||||||||||
Asset Backed | Level 2 | $ | 369 | $ | - | $ | 369 | $ | 455 | $ | 1 | $ | 456 | |||||||||||||
Corporate Bonds | Level 2 | 162 | - | 162 | 164 | 1 | 165 | |||||||||||||||||||
US Treasuries | Level 2 | 3,400 | - | 3,400 | 4,500 | - | 4,500 | |||||||||||||||||||
Total | $ | 3,931 | $ | - | $ | 3,931 | $ | 5,119 | $ | 2 | $ | 5,121 | ||||||||||||||
Note_4_Inventories
Note 4 - Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 4. - INVENTORIES | |||||||||
Inventories are valued at the lower of cost or market and include material, labor and manufacturing overhead. Cost, determined on a first-in, first-out basis, is as follows (in thousands): | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Raw Materials | $ | 2,207 | $ | 2,108 | |||||
Work-in-Process | 878 | 903 | |||||||
Finished Goods | 284 | 321 | |||||||
Total | $ | 3,369 | $ | 3,332 | |||||
Valuing inventory at the lower of cost or market involves an inherent level of risk and uncertainty due to technology trends in the industry and customer demand for the Company’s products. Future events may cause significant fluctuations in the Company’s operating results. Inventories are written down when needed to ensure the Company carries inventory at the lower of cost or market. The Company’s reserve requirements increased by $168,000 and $21,000 during the three months ended September 30, 2014 and 2013, respectively. The Company increased reserve requirements by $182,000 and $101,000 during the nine months ended September 30, 2014 and 2013, respectively. |
Note_5_Income_Taxes
Note 5 - Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE 5. - INCOME TAXES | |
The Company records a valuation allowance when it is “more likely than not” that all or a portion of a deferred tax asset will not be realized. Management reviews all available positive and negative evidence, including the Company’s current and past performance, the market environment in which the Company operates, the utilization of past tax credits, length of carry back and carry forward periods, existing contracts or sales backlog that will result in future profits, as well as other factors. The Company continues to maintain a valuation allowance on all of the net deferred tax assets for the periods presented. Until an appropriate level of profitability is sustained, the Company expects to continue to record a full valuation allowance on future tax benefits except for those that may be generated in foreign jurisdictions. The effective income tax rates for the periods presented differ from the U.S. statutory rate as the Company continues to provide a full valuation allowance for the net deferred tax assets at September 30, 2014 and 2013. |
Note_6_Restructuring_Charge
Note 6 - Restructuring Charge | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
NOTE 6. - RESTRUCTURING CHARGE | |
On October 19, 2012, the Company committed to a plan intended to improve the balance between the Company’s communications networking product expenses with the reduced revenue levels of this product line. Under the 2012 restructuring plan, the Company reduced its workforce by 10 regular full-time positions. As a result of the 2012 restructuring plan, the Company recorded a restructuring charge of $253,000, classified as an operating expense, in the fourth quarter of 2012 related to future cash expenditures to cover employee severance and benefits. During the three months ended March 31, 2013, the Company reduced its restructuring charge by $67,000 related to reduced future cash expenditures related to severance and benefits for a former employee. The former employee’s accepting other employment in April 2013 reduced the amount of severance and benefit payouts by the Company. These amounts were paid out under the restructuring plan by June 30, 2013. |
Note_7_Credit_Facility
Note 7 - Credit Facility | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
NOTE 7. - CREDIT FACILITY | |
The Company maintains a $5.0 million revolving bank credit facility maturing December 19, 2016. The applicable interest rate on outstanding balances is LIBOR plus 1.0% to 1.5% based on certain factors included in the credit agreement. At both September 30, 2014 and December 31, 2013, the Company’s interest rate on the $3.5 million outstanding balance was 1.7%. The unused portion of the credit facility is subject to an unused facility fee ranging from .25% to .75% depending on total deposits with the creditor. All borrowings under this facility are secured by marketable securities. The outstanding balance of $3.5 million as of September 30, 2014 and December 31, 2013 was classified as long-term debt on the Company’s condensed consolidated balance sheets. Subsequent to September 30, 2014 and prior to the Company’s filing of the condensed consolidated financial statements, the outstanding balance on the credit facility was repaid. |
Note_8_Earnings_Per_Share
Note 8 - Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 8. - EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share are computed by dividing reported earnings available to common shareholders by weighted average common shares outstanding. Diluted earnings per share give effect to dilutive potential common shares. Earnings per share are calculated as follows (in thousands, except per share data): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic net (loss) income per share: | |||||||||||||||||
Net (loss) income | $ | (853 | ) | $ | 76 | $ | (2,997 | ) | $ | (2,229 | ) | ||||||
Weighted average common shares outstanding | 7,694 | 7,009 | 7,239 | 7,005 | |||||||||||||
Basic net (loss) income per share | $ | (0.11 | ) | $ | 0.01 | $ | (0.41 | ) | $ | (0.32 | ) | ||||||
Diluted net (loss) income per share: | |||||||||||||||||
Net (loss) income | $ | (853 | ) | $ | 76 | $ | (2,997 | ) | $ | (2,229 | ) | ||||||
Weighted average common shares outstanding | 7,694 | 7,009 | 7,239 | 7,005 | |||||||||||||
Dilutive stock options | - | 229 | - | - | |||||||||||||
Weighted average common shares outstanding – assuming dilution | 7,694 | 7,238 | 7,239 | 7,005 | |||||||||||||
Diluted net (loss) income per share | $ | (0.11 | ) | $ | 0.01 | $ | (0.41 | ) | $ | (0.32 | ) | ||||||
Outstanding stock options that were not included in the diluted calculation because their effect would be anti-dilutive | 424 | 577 | 343 | 664 | |||||||||||||
On August 13, 2014, the Company entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) with Hodges Small Cap Fund (“Hodges”) pursuant to which the Company issued and sold on that date 1,367,000 shares (the “Shares”) of the Company’s common stock, $0.10 par value per share (the “Common Stock”), to Hodges in a private placement for an aggregate purchase price of approximately $3.3 million in cash. The purchase price for the Shares under the Purchase Agreement, as determined by negotiations between the Company and Hodges, was approximately $2.45 per Share. The Shares constituted approximately 19.5% of the total of issued and outstanding shares of Common Stock immediately before the execution of the Purchase Agreement and the closing of the purchase and sale of the Shares thereunder. |
Note_9_Segment_Information
Note 9 - Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 9. - SEGMENT INFORMATION | |||||||||||||||||
Interphase is a diversified information and communications technology company, committed to innovation through the process of identifying, developing and introducing new products and services. The Company offers products and services from embedded computing solutions, engineering design services, and contract manufacturing services to a new line of embedded computer vision products. | |||||||||||||||||
Except for revenues, which are monitored by product line, the chief operating decision-makers review financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. Accordingly, the Company considers itself to have only a single reporting segment. | |||||||||||||||||
Geographic revenue related to North America and foreign regions is as follows (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
North America | $ | 2,127 | $ | 2,167 | $ | 6,472 | $ | 5,908 | |||||||||
Pacific Rim | 1,815 | 1,493 | 3,605 | 3,255 | |||||||||||||
Europe | 270 | 508 | 830 | 2,103 | |||||||||||||
Total | $ | 4,212 | $ | 4,168 | $ | 10,907 | $ | 11,266 | |||||||||
Additional information regarding revenue by product line is as follows (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product Revenues: | |||||||||||||||||
Communications networking | $ | 2,760 | $ | 3,079 | $ | 6,305 | $ | 8,397 | |||||||||
Services | 1,408 | 1,032 | 4,445 | 2,757 | |||||||||||||
Other | 44 | 57 | 157 | 112 | |||||||||||||
Total | $ | 4,212 | $ | 4,168 | $ | 10,907 | $ | 11,266 | |||||||||
Note_10_Recently_Issued_Accoun
Note 10 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Changes and Error Corrections [Text Block] | ' |
NOTE 10. - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard 15 with the same title. The standard represents the culmination of the FASB and IASB efforts to improve revenue recognition guidance. ASU 2014-09 creates a new, principles-based revenue recognition framework that will affect nearly every revenue-generating entity. ASU 2014-09 also creates a new topic in the Codification, Topic 606. Accounting Standards Codification (“ASC”) 606 establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific aspects of revenue recognition, and expands and improves disclosures about revenue. ASC 606 is effective for public business entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted for public business entities. Entities are permitted to apply the new revenue standard either retrospectively, subject to some practical expedients, or through an alternative transition method. The Company is currently evaluating the impact of adopting this new accounting guidance. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU addresses the diversity in practice regarding financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion of it, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent the deferred tax asset is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with the deferred tax asset. The amendments to this standard are effective for reporting periods beginning after December 15, 2013, with early adoption permitted. The adoption of this update did not have a material impact on the consolidated financial statements, as it is consistent with the Company’s present practice. |
Note_2_StockBased_Compensation1
Note 2 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of Options | Weighted Average Option Price | ||||||||||||||||
Balance, December 31, 2013 | 2,187,019 | $ | 4.11 | ||||||||||||||
Granted | 144,000 | 5.41 | |||||||||||||||
Exercised | (625 | ) | 4.37 | ||||||||||||||
Cancelled | (497,891 | ) | 5.66 | ||||||||||||||
Balance, September 30, 2014 | 1,832,503 | $ | 3.79 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk free interest rate range | 2.63 | % | 2.63 | % | 2.63 – 2.70 | % | 1.86 – 2.63 | % | |||||||||
Weighted average life (in years) | 10 | 10 | 10 | 10 | |||||||||||||
Weighted average volatility | 66.18 | % | 68.13 | % | 65.47 | % | 67.97 | % | |||||||||
Volatility range | 66.18 | % | 68.13 | % | 65.30 – 66.18 | % | 66.10 – 68.13 | % | |||||||||
Expected dividend yield | - | - | - | - | |||||||||||||
Weighted average grant-date fair value per share of options granted | $ | 3.02 | $ | 4.06 | $ | 4.06 | $ | 3.87 | |||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Restricted Stock Shares | Weighted Average Grant Date Value | ||||||||||||||||
Nonvested restricted stock at December 31, 2013 | 61,656 | $ | 3.21 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (30,836 | ) | 3.21 | ||||||||||||||
Cancelled/Forfeited | (1,665 | ) | 1.82 | ||||||||||||||
Nonvested restricted stock at September 30, 2014 | 29,155 | $ | 3.29 |
Note_3_Marketable_Securities_T
Note 3 - Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||
Fair Value Hierarchy | Cost | Unrealized Gain | Fair Value | Cost | Unrealized Gain | Fair Value | ||||||||||||||||||||
Asset Backed | Level 2 | $ | 369 | $ | - | $ | 369 | $ | 455 | $ | 1 | $ | 456 | |||||||||||||
Corporate Bonds | Level 2 | 162 | - | 162 | 164 | 1 | 165 | |||||||||||||||||||
US Treasuries | Level 2 | 3,400 | - | 3,400 | 4,500 | - | 4,500 | |||||||||||||||||||
Total | $ | 3,931 | $ | - | $ | 3,931 | $ | 5,119 | $ | 2 | $ | 5,121 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Raw Materials | $ | 2,207 | $ | 2,108 | |||||
Work-in-Process | 878 | 903 | |||||||
Finished Goods | 284 | 321 | |||||||
Total | $ | 3,369 | $ | 3,332 |
Note_8_Earnings_Per_Share_Tabl
Note 8 - Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic net (loss) income per share: | |||||||||||||||||
Net (loss) income | $ | (853 | ) | $ | 76 | $ | (2,997 | ) | $ | (2,229 | ) | ||||||
Weighted average common shares outstanding | 7,694 | 7,009 | 7,239 | 7,005 | |||||||||||||
Basic net (loss) income per share | $ | (0.11 | ) | $ | 0.01 | $ | (0.41 | ) | $ | (0.32 | ) | ||||||
Diluted net (loss) income per share: | |||||||||||||||||
Net (loss) income | $ | (853 | ) | $ | 76 | $ | (2,997 | ) | $ | (2,229 | ) | ||||||
Weighted average common shares outstanding | 7,694 | 7,009 | 7,239 | 7,005 | |||||||||||||
Dilutive stock options | - | 229 | - | - | |||||||||||||
Weighted average common shares outstanding – assuming dilution | 7,694 | 7,238 | 7,239 | 7,005 | |||||||||||||
Diluted net (loss) income per share | $ | (0.11 | ) | $ | 0.01 | $ | (0.41 | ) | $ | (0.32 | ) | ||||||
Outstanding stock options that were not included in the diluted calculation because their effect would be anti-dilutive | 424 | 577 | 343 | 664 |
Note_9_Segment_Information_Tab
Note 9 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
North America | $ | 2,127 | $ | 2,167 | $ | 6,472 | $ | 5,908 | |||||||||
Pacific Rim | 1,815 | 1,493 | 3,605 | 3,255 | |||||||||||||
Europe | 270 | 508 | 830 | 2,103 | |||||||||||||
Total | $ | 4,212 | $ | 4,168 | $ | 10,907 | $ | 11,266 | |||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product Revenues: | |||||||||||||||||
Communications networking | $ | 2,760 | $ | 3,079 | $ | 6,305 | $ | 8,397 | |||||||||
Services | 1,408 | 1,032 | 4,445 | 2,757 | |||||||||||||
Other | 44 | 57 | 157 | 112 | |||||||||||||
Total | $ | 4,212 | $ | 4,168 | $ | 10,907 | $ | 11,266 |
Note_2_StockBased_Compensation2
Note 2 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | 144,000 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | $5.41 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 1,832,503 | ' | 1,832,503 | ' | 2,187,019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares (in Shares) | 1,187,450 | ' | 1,187,450 | ' | 1,586,076 |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | 8,000 | 26,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | '4 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '10 years | '10 years | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | $4 | $4.16 | ' |
Stock Options without Performance-Based Vesting Condition [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $41,000 | $71,000 | $132,000 | $274,000 | ' |
Performance Shares [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | 136,000 | 102,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '10 years | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | $5.49 | $5.40 | ' |
Allocated Share-based Compensation Expense | 72,000 | 62,000 | 192,000 | 174,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 1,074,950 | ' | 1,074,950 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | 74,000 | 66,000 | 74,000 | 66,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '6 years 255 days | '5 years 211 days | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '6 years | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 14,000 | 24,000 | 44,000 | 80,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | ' | ' | 0 | 0 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | 124,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '1 year 73 days |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $77,000 | ' | $77,000 | ' | ' |
Expected to Vest Only [Member] | ' | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '8 years 6 months | ' | '8 years 328 days |
Note_2_StockBased_Compensation3
Note 2 - Stock-Based Compensation (Details) - Summary of Combined Stock Option Activity (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Summary of Combined Stock Option Activity [Abstract] | ' |
Balance, December 31, 2013 | 2,187,019 |
Balance, December 31, 2013 | $4.11 |
Balance, September 30, 2014 | 1,832,503 |
Balance, September 30, 2014 | $3.79 |
Granted | 144,000 |
Granted | $5.41 |
Exercised | -625 |
Exercised | $4.37 |
Cancelled | -497,891 |
Cancelled | $5.66 |
Note_2_StockBased_Compensation4
Note 2 - Stock-Based Compensation (Details) - Share-based Payment Award, Stock Options, Valuation Assumptions (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Note 2 - Stock-Based Compensation (Details) - Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ' | ' | ' | ' |
Risk free interest rate range | 2.63% | 2.63% | ' | ' |
Weighted average life (in years) | '10 years | '10 years | '10 years | '10 years |
Weighted average volatility | 66.18% | 68.13% | 65.47% | 67.97% |
Volatility range | 66.18% | 68.13% | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average grant-date fair value per share of options granted (in Dollars per share) | $3.02 | $4.06 | $4.06 | $3.87 |
Minimum [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ' | ' | ' | ' |
Risk free interest rate range | ' | ' | 2.63% | 1.86% |
Volatility range | ' | ' | 65.30% | 66.10% |
Maximum [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ' | ' | ' | ' |
Risk free interest rate range | ' | ' | 2.70% | 2.63% |
Volatility range | ' | ' | 66.18% | 68.13% |
Note_2_StockBased_Compensation5
Note 2 - Stock-Based Compensation (Details) - Nonvested Restricted Stock Units Activity (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock [Member] | ' |
Note 2 - Stock-Based Compensation (Details) - Nonvested Restricted Stock Units Activity [Line Items] | ' |
Nonvested restricted stock at December 31, 2013 | 61,656 |
Nonvested restricted stock at December 31, 2013 | $3.21 |
Granted | 0 |
Granted | $0 |
Vested | -30,836 |
Vested | $3.21 |
Cancelled/Forfeited | -1,665 |
Cancelled/Forfeited | $1.82 |
Nonvested restricted stock at September 30, 2014 | 29,155 |
Nonvested restricted stock at September 30, 2014 | $3.29 |
Note_3_Marketable_Securities_D
Note 3 - Marketable Securities (Details) - Fair Value, Financial Assets Measured by Level within the Fair Value Hierarchy (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 3 - Marketable Securities (Details) - Fair Value, Financial Assets Measured by Level within the Fair Value Hierarchy [Line Items] | ' | ' |
Cost | $3,931 | $5,119 |
Unrealized Gain | 0 | 2 |
Estimated Fair Value | 3,931 | 5,121 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Marketable Securities (Details) - Fair Value, Financial Assets Measured by Level within the Fair Value Hierarchy [Line Items] | ' | ' |
Cost | 369 | 455 |
Unrealized Gain | 0 | 1 |
Estimated Fair Value | 369 | 456 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Marketable Securities (Details) - Fair Value, Financial Assets Measured by Level within the Fair Value Hierarchy [Line Items] | ' | ' |
Cost | 162 | 164 |
Unrealized Gain | 0 | 1 |
Estimated Fair Value | 162 | 165 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Marketable Securities (Details) - Fair Value, Financial Assets Measured by Level within the Fair Value Hierarchy [Line Items] | ' | ' |
Cost | 3,400 | 4,500 |
Unrealized Gain | 0 | 0 |
Estimated Fair Value | $3,400 | $4,500 |
Note_4_Inventories_Details
Note 4 - Inventories (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Inventory Valuation Reserves, Increase | $168,000 | $21,000 | $182,000 | $101,000 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Raw Materials | $2,207 | $2,108 |
Work-in-Process | 878 | 903 |
Finished Goods | 284 | 321 |
Total | $3,369 | $3,332 |
Note_6_Restructuring_Charge_De
Note 6 - Restructuring Charge (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated | ' | 10 | ' |
Restructuring Charges | ' | $253,000 | ($67,000) |
Restructuring Reserve, Accrual Adjustment | $67,000 | ' | ' |
Note_7_Credit_Facility_Details
Note 7 - Credit Facility (Details) (Revolving Credit Facility [Member], USD $) | 1 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Maximum [Member] | |||
Minimum [Member] | Maximum [Member] | ||||||
Note 7 - Credit Facility (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | $5 | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 1.00% | 1.50% | ' | ' | ' | ' |
Long-term Line of Credit (in Dollars) | ' | ' | ' | ' | ' | 3.5 | 3.5 |
Repayments of Long-term Lines of Credit (in Dollars) | $3.50 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | 1.70% | 1.70% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | 0.25% | 0.75% | ' | ' |
Note_8_Earnings_Per_Share_Deta
Note 8 - Earnings Per Share (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 13, 2014 | Aug. 13, 2014 |
Private Placement [Member] | Private Placement [Member] | |||
Hodges Small Cap Fund [Member] | Hodges Small Cap Fund [Member] | |||
Note 8 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | 1,367,000 | ' |
Common Stock, Par or Stated Value Per Share | $0.10 | $0.10 | ' | $0.10 |
Proceeds from Issuance of Private Placement (in Dollars) | $3,349 | ' | $3,300 | ' |
Share Price | ' | ' | ' | $2.45 |
Percentage of the Total Common Stock Issued and Outstanding | ' | ' | ' | 19.50% |
Note_8_Earnings_Per_Share_Deta1
Note 8 - Earnings Per Share (Details) - Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic net (loss) income per share: | ' | ' | ' | ' |
Net loss (in Dollars) | ($853) | $76 | ($2,997) | ($2,229) |
Weighted average common shares outstanding | 7,694 | 7,009 | 7,239 | 7,005 |
Weighted average common shares outstanding – assuming dilution | 7,694 | 7,238 | 7,239 | 7,005 |
Diluted net (loss) income per share (in Dollars per share) | ($0.11) | $0.01 | ($0.41) | ($0.32) |
Basic net (loss) income per share (in Dollars per share) | ($0.11) | $0.01 | ($0.41) | ($0.32) |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Basic net (loss) income per share: | ' | ' | ' | ' |
Outstanding stock options that were not included in the diluted calculation because their effect would be anti-dilutive | 424 | 577 | 343 | 664 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Basic net (loss) income per share: | ' | ' | ' | ' |
Dilutive stock options | ' | 229 | ' | ' |
Note_9_Segment_Information_Det
Note 9 - Segment Information (Details) - Geographic Revenue Related to North America and Foreign Regions (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Revenues | $4,212 | $4,168 | $10,907 | $11,266 |
North America [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 2,127 | 2,167 | 6,472 | 5,908 |
Pacific Rim [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 1,815 | 1,493 | 3,605 | 3,255 |
Europe [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | $270 | $508 | $830 | $2,103 |
Note_9_Segment_Information_Det1
Note 9 - Segment Information (Details) - Additional Information Regarding Revenue by Product Line (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Product Revenues: | ' | ' | ' | ' |
Revenues | $4,212 | $4,168 | $10,907 | $11,266 |
Telecommunications and Enterprise [Member] | ' | ' | ' | ' |
Product Revenues: | ' | ' | ' | ' |
Revenues | 2,760 | 3,079 | 6,305 | 8,397 |
Services [Member] | ' | ' | ' | ' |
Product Revenues: | ' | ' | ' | ' |
Revenues | 1,408 | 1,032 | 4,445 | 2,757 |
Other Segments [Member] | ' | ' | ' | ' |
Product Revenues: | ' | ' | ' | ' |
Revenues | $44 | $57 | $157 | $112 |