Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | CYBEROPTICS CORP | |
Entity Central Index Key | 768,411 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,005,936 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 6,848 | $ 6,944 |
Marketable securities | 6,170 | 6,670 |
Accounts receivable, less allowance for doubtful accounts of $490 at March 31, 2018 and $473 at December 31, 2017 | 12,112 | 10,772 |
Inventories | 14,673 | 14,393 |
Other current assets | 1,842 | 1,593 |
Total current assets | 41,645 | 40,372 |
Marketable securities, long-term | 9,908 | 9,073 |
Equipment and leasehold improvements, net | 2,292 | 2,307 |
Intangible assets, net | 352 | 380 |
Goodwill | 1,366 | 1,366 |
Other assets | 264 | 261 |
Deferred tax assets | 5,961 | 5,742 |
Total assets | 61,788 | 59,501 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 5,895 | 4,294 |
Advance customer payments | 660 | 393 |
Accrued expenses | 2,341 | 2,285 |
Total current liabilities | 8,896 | 6,972 |
Other liabilities | 211 | 88 |
Reserve for income taxes | 160 | 159 |
Total liabilities | 9,267 | 7,219 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par value, 25,000,000 shares authorized, 7,005,936 shares issued and outstanding at March 31, 2018 and 6,979,686 shares issued and outstanding at December 31, 2017 | 34,521 | 34,080 |
Accumulated other comprehensive loss | (1,264) | (1,409) |
Retained earnings | 19,264 | 19,611 |
Total stockholders’ equity | 52,521 | 52,282 |
Total liabilities and stockholders’ equity | $ 61,788 | $ 59,501 |
CONDENSED CONSOLDIATED BALANCE
CONDENSED CONSOLDIATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 490 | $ 473 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,005,936 | 6,979,686 |
Common stock, shares outstanding | 7,005,936 | 6,979,686 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 14,120,000 | $ 11,920,000 |
Cost of revenues | 7,901,000 | 6,522,000 |
Gross margin | 6,219,000 | 5,398,000 |
Research and development expenses | 2,180,000 | 1,950,000 |
Selling, general and administrative expenses | 4,340,000 | 3,970,000 |
Amortization of intangibles | 17,000 | 17,000 |
Loss from operations | (318,000) | (539,000) |
Interest income and other | 62,000 | (88,000) |
Loss before income taxes | (256,000) | (627,000) |
Income tax benefit | (83,000) | (413,000) |
Net loss | $ (173,000) | $ (214,000) |
Net loss per share – Basic | $ (0.02) | $ (0.03) |
Net loss per share – Diluted | $ (0.02) | $ (0.03) |
Weighted average shares outstanding – Basic | 6,986 | 6,912 |
Weighted average shares outstanding – Diluted | 6,986 | 6,912 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (173) | $ (214) |
Other comprehensive income, before tax: | ||
Foreign currency translation adjustments | 220 | 269 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized gains (losses) | (40) | 20 |
Reclassification adjustments | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities | (40) | 20 |
Unrealized gains on foreign exchange forward contracts: | ||
Other comprehensive income, before tax | 180 | 289 |
Income tax provision (benefit) related to items of other comprehensive income | 9 | (86) |
Other comprehensive income (loss), net of tax | 189 | 203 |
Total comprehensive income (loss) | $ 16 | $ (11) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (173,000) | $ (214,000) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 625,000 | 550,000 |
Provision for doubtful accounts | 17,000 | 20,000 |
Deferred taxes | (139,000) | (413,000) |
Foreign currency transaction losses (gains) | (34,000) | 133,000 |
Stock based compensation | 259,000 | 188,000 |
Unrealized loss on available-for-sale equity security | 14,000 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,357,000) | (106,000) |
Inventories | (239,000) | (2,079,000) |
Other assets | (229,000) | (109,000) |
Accounts payable | 1,579,000 | 833,000 |
Advance customer payments | 130,000 | 92,000 |
Accrued expenses | 36,000 | (1,730,000) |
Net cash provided by (used in) operating activities | 489,000 | (2,835,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale marketable securities | 2,162,000 | 1,634,000 |
Proceeds from sales of available-for-sale marketable securities | 70,000 | 0 |
Purchases of available-for-sale marketable securities | (2,621,000) | (1,701,000) |
Additions to equipment and leasehold improvements | (348,000) | (123,000) |
Additions to patents | (22,000) | (40,000) |
Net cash used in investing activities | (759,000) | (230,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 182,000 | 321,000 |
Net cash provided by financing activities | 182,000 | 321,000 |
Effects of exchange rate changes on cash and cash equivalents | (8,000) | 30,000 |
Net decrease in cash and cash equivalents | (96,000) | (2,714,000) |
Cash and cash equivalents – beginning of period | 6,944,000 | 10,640,000 |
Cash and cash equivalents – end of period | $ 6,848,000 | $ 7,926,000 |
Interim Reporting
Interim Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Reporting | 1. INTERIM REPORTING: The interim condensed consolidated financial statements presented herein as of March 31, 2018 , and for the three month periods ended March 31, 2018 and 2017 The results of operations for the three March 31, 2018 do not necessarily indicate the results to be expected for the full year. The December 31, 2017 consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2017 . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. RE VENUE RECOGNITION: Change in Revenue Accounting Effective January 1, 2018, we adopted ASU No. 2014 9 Revenue from Contracts with Customers 606 606 606 605 Revenue Recognition Accounting for contracts recognized over time involves the use of various techniques to estimate total contract revenue and costs. Contract estimates are based on various assumptions to project the outcome of future events that may span multiple years. We review and update our contract-related estimates regularly, and record adjustments as needed. The adoption of Topic 606 1 2 three months ended March 31, 2018 15 Performance Obligations Under Topic 606 606 Sales involving multiple performance obligations typically include the sale of an inspection system or metrology product, installation and training, and in some cases, an extended warranty. When a sale involves multiple performance obligations, we account for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service are separately identifiable from other promises in the arrangement. 7 Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods and services transferred to customers at a point in time accounted for $13.2 million or 94 three months ended March 31, 2018 Revenue from products and services transferred to customers over time accounted for $900,000 or 6% of our revenue in the three months ended March 31, 2018 3 For these arrangements, control is transferred over the hours incurred to complete the scanning project; therefore, revenue is recognized over time utilizing an input method based on actual hours incurred relative to total projected project hours. Contract Balances Contract assets consist of unbilled amounts from sales where we recognize the revenue over time and the revenue recognized exceeds the amount billed to the customer at a point in time. Accounts receivable are recorded when the right to payment becomes unconditional. Contract liabilities consist of payments received in advance of performance under the contract. Contract liabilities are recognized as revenue when we perform under the contract. (In thousands) March 31, 2018 January 1, 2018 Contract assets, included in other current assets $ 10 $ — Contract liabilities, included in advance customer payments/other liabilities $ 568 $ 443 Changes in contract assets in the three months ended March 31, 2018 three months ended March 31, 2018 7 Unsatisfied performance obligations are generally expected to be recognized as revenue over the next one three years Practical Expedients We generally expense incremental costs of obtaining a contract when incurred because the amortization period for these costs would be less than one year We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year one year |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | 3. MARKETABLE SECURITIES: Our investments in marketable securities are classified as available-for-sale and consist of the following: March 31, 2018 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 3,857 $ — $ (15 ) $ 3,842 Corporate debt securities and certificates of deposit 1,969 1 (6 ) 1,964 Asset backed securities 365 — (1 ) 364 Marketable securities – short-term $ 6,191 $ 1 $ (22 ) $ 6,170 Long-Term U.S. government and agency obligations $ 5,595 $ 1 $ (52 ) $ 5,544 Corporate debt securities and certificates of deposit 938 — (13 ) 925 Asset backed securities 3,388 — (32 ) 3,356 Equity security 42 41 — 83 Marketable securities – long-term $ 9,963 $ 42 $ (97 ) $ 9,908 December 31, 2017 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 4,381 $ — $ (13 ) $ 4,368 Corporate debt securities and certificates of deposit 1,792 — (4 ) 1,788 Asset backed securities 515 — (1 ) 514 Marketable securities – short-term $ 6,688 $ — $ (18 ) $ 6,670 Long-Term U.S. government and agency obligations $ 4,801 $ — $ (33 ) $ 4,768 Corporate debt securities and certificates of deposit 1,189 — (10 ) 1,179 Asset backed securities 3,045 — (16 ) 3,029 Equity security 42 55 — 97 Marketable securities – long-term $ 9,077 $ 55 $ (59 ) $ 9,073 In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Fair Value Gross Unrealized Losses March 31, 2018 U.S. government and agency obligations $ 5,363 $ (50 ) $ 3,237 $ ( 17 ) Corporate debt securities and certificates of deposit 475 ( 5 ) 1,586 ( 15 ) Asset backed securities 2,040 ( 19 ) 1,533 ( 13 ) Marketable securities – short-term $ 7,878 $ ( 74 ) $ 6,356 $ ( 45 ) December 31, 2017 U.S. government and agency obligations $ 5,593 $ ( 29 ) $ 3,543 $ (17 ) Corporate debt securities and certificates of deposit 478 ( 2 ) 1,991 (12 ) Asset backed securities 2,312 ( 9 ) 1,232 (8 ) Marketable securities – long-term $ 8,383 $ ( 40 ) $ 6,766 $ (37 ) Effective January1, 2018, we adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities, . five years of $ March 31, 2018 and $22,000 at December 31, 2017 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We have determined that the net pre-tax unrealized losses for marketable debt securities at March 31, 2018 and December 31, 2017 were caused by fluctuations in interest rates and are temporary in nature. We review our marketable securities to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. We received proceeds from the sale of marketable securities o f $70,000 i three months ended March 31, 2018 were sold in the three March 31, 2017 Investments in marketable securities classified as cash equivalents of $1.2 March 31, 2018 and $ 1.6 million December 31, 2017 consist of corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at March 31, 2018 December 31, 2017 Cash and marketable securities held by foreign subsidiaries totaled $492,000 at March 31, 2018 and $187,000 at December 31, 2017 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4 ASUREMENTS: We determine the fair value of our assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (i.e., the exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We use a fair value hierarchy with three two 1 active 2 3 The following provides information regarding fair value measurements for our marketable securities as of March 31, 2018 December 31, 2017 three Fair Value Measurements at March 31, 2018 (In thousands) Balance March 31, 2018 Quoted Prices 1 Significant 2 Significant 3 Marketable securities: U.S. government and agency obligations $ 9,386 $ — $ 9,386 $ — Corporate debt securities and certificates of deposit 2,889 — 2,889 — Asset backed securities 3,720 — 3,720 — Equity security 83 83 — — Total marketable securities $ 16,078 $ 83 $ 15,995 $ — Fair Value Measurements at December 31, 2017 (In thousands) Balance December 31, 2017 Quoted Prices 1 Significant 2 Significant 3 Marketable securities: U.S. government and agency obligations $ 9,136 $ — $ 9,136 $ — Corporate debt securities and certificates of deposit 2,967 — 2,967 — Asset backed securities 3,543 — 3,543 — Equity security 97 97 — — Total marketable securities $ 15,743 $ 97 $ 15,646 $ — During the three months ended March 31, 2018 and the year ended December 31, 2017 , there were no transfers within the three The fair value for our U.S. government and agency obligations, corporate debt securities and certificates of deposit and asset backed securities are determined based on valuations provided by external investment managers which obtain them from a variety of industry standard data providers. The fair value for our equity security is based on a quoted market price obtained from an active market. The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, advance customer payments, accrued expenses and other liabilities are approximately equal to their related fair values due to their short-term maturities. Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets are subject to non-recurring fair value measurements if they are deemed impaired. We had no re-measurements of non-financial assets to fair value in the three months ended March 31, 2018 or the three months ended March 31, 2017 . |
Accounting For Stock-Based Comp
Accounting For Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
Accounting For Stock-Based Compensation | 5 We have three stock-based compensation plans that are administered by the Compensation Committee of the Board of Directors. We have an Employee Stock Incentive Plan for officers, other employees, consultants and independent contractors under which we have granted options and restricted stock units to officers and other employees, an Employee Stock Purchase Plan under which shares of our common stock may be acquired by employees at discounted prices, and a Non-Employee Director Stock Plan that provides for automatic grants of shares of our common stock to non-employee directors. New shares of our common stock are issued upon stock option exercises, vesting of restricted stock units, issuances of shares to board members and issuances of shares under the Employee Stock Purchase Plan. Employee Stock Incentive Plan As of March 31, 2018 , there were 327,839 shares four year period and expire seven years after the date of grant. Restricted stock units vest over a four year period and entitle the holders to one share of our common stock for each restricted stock unit. Reserved shares underlying outstanding awards, including options and restricted shares, that are forfeited are available under the Employee Stock Incentive Plan for future grants. Non-Employee Director Stock Plan As of March 31, 2018 68,000 shares of common stock reserved in the aggregate for issuance pursuant to future restricted share awards under our Non-Employee Director Stock Plan and 16,000 shares of common stock reserved in the aggregate for issuance pursuant to outstanding stock option awards under our Non-Employee Director Stock Plan. Under the terms of the plan, each non-employee director will automatically be granted 2,000 shares of our common stock on the date of each annual meeting at which such director is elected to serve on the board . At our May 11, 2017 annual meeting, our shareholders, upon recommendation of the Board of Directors, approved amendments to the Non-Employee Director Stock Plan that eliminated annual stock option grants for non-employee directors and provide for share grants under the Non-Employee Director Stock Plan which will vest in four Pursuant to the plan, on the date of our 2017 8,000 167,000 Stock Option Activity The following is a summary of stock option activity in the three months ended March 31, 2018 : Options Outstanding Weighted Average Exercise Outstanding, December 31, 2017 568,525 $ 10.24 Granted — — Exercised (21,250 ) 8.55 Expired — — Forfeited — — Outstanding, March 31, 2018 547,275 $ 10.30 Exercisable, March 31, 2018 345,563 $ 8.55 The intrinsic value of an option is the amount by which the market price of the underlying stock exceeds the option's exercise price. For options outstanding at March 31, 2018 , the weighted average remaining contractual term of all outstanding options was 4.2 years and their aggregate intrinsic value was $4.5 million. At March 31, 2018 , the weighted average remaining contractual term of options that were exercisable was 3.4 years and their aggregate intrinsic value was $3.3 million. The aggregate intrinsic value of stock options exercised in the three months ended March 31, 2018 was $ . three months ended March 31, 2018 three months ended March 31, 2017 . The aggregate fair value of options that vested in the three months ended March 31, 2018 Restricted Shares and Restricted Stock Units Restricted shares are granted under our Non-Employee Director Stock Plan. Restricted stock units are granted under our Employee Stock Incentive Plan. There were no restricted shares or restricted stock units granted in the three months ended March 31, 2018 The aggregate fair value of outstanding restricted shares and restricted stock units based on the closing share price of our common stock on March 31, 2018 was $850,000. The aggregate fair value of restricted shares and restricted stock units that vested, based on the closing share price of our common stock on the vesting date, in the three months ended March 31, 2018 was $ . A summary of activity for non-vested restricted stock units and restricted shares in the three months ended March 31, 2018 is as follows Non-vested restricted stock units and restricted shares Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2017 54,212 $ 14.86 Granted — — Vested (7,000 ) 10.95 Forfeited — — Non-vested at March 31, 2018 47,212 $ 15.44 Employee Stock Purchase Plan We have an Employee Stock Purchase Plan available to eligible U.S. employees. Under terms of the plan, eligible employees may designate from 1% to 10% of their compensation to be withheld through payroll deductions, up to a maximum of $6,500 in each plan year, for the purchase of common stock at 85% of the lower of the market price on the first or last day of the offering period. There were no shares issued under this plan in the three months ended March 31, 2018 three months ended March 31, 2017 As of March 31, 2018 , 40,872 shares remain available for future issuance under the Employee Stock Purchase Plan. At our 2018 annual meeting, our shareholders will be asked to adopt an amendment to the plan increasing the number of shares authorized for issuance there-under by 150,000 Stock Based Compensation Information All stock based compensation awarded to our employees and non-employee directors, representing grants of shares, stock options and restricted stock units are recognized as an expense in our consolidated statement of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the vesting period for our options subject to time-based vesting restrictions. The fair value of stock options granted has been determined using the Black-Scholes model. We have classified equity-based compensation expenses within our statement of operations in the same manner as our cash based compensation costs. Stock based compensation expense in the three months ended March 31, 2018 $34,000 for our Employee 41,000 Stock based compensation expense in the three months ended March 31, 2017 At March 31, 2018 , the total unrecognized compensation cost related to outstanding non-vested stock based compensation arrangements was $ 1.7 1.92 years. |
Changes In Stockholders' Equity
Changes In Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Changes In Stockholders' Equity | 6 CHANGES IN STOCKHOLDERS’ EQUITY: A reconciliation of the changes in our stockholders' equity is as follows: Common Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Stockholders’ Equity (In thousands) Shares Amount Balance, December 31, 2017 6,980 $ $ ) $ 19,611 $ 52,282 Increase related to adoption of ASU 2016 01 — — (44 ) 44 Decrease related to adoption of ASU 2014-09 — — — (218 ) (218 ) Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment 182 — Stock-based compensation — 259 — Other comprehensive income, net of tax — 189 — Net income — (173 ) (173 ) Balance, March 31, 2018 $ 34,521 $ (1,264 ) $ 19,264 $ 52,521 See Note 15 for further discussion regarding the impact of our adoption of ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. Revenue from Contracts with Customers, |
Other Financial Statement Data
Other Financial Statement Data | 3 Months Ended |
Mar. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Financial Statement Data | 7. OTHER FINANCIAL STATEMENT DATA: The components of our inventories are as follows: (In thousands) March 31, 2018 December 31, 2017 Raw materials and purchased parts $ 8,159 $ 7,383 Work in process 1,782 1,666 Finished goods 4,732 5,344 Total inventories $ 14,673 $ 14,393 The components of our accrued expenses are as follows: (In thousands) March 31, 2018 December 31, 2017 Wages and benefits $ 1,121 $ 1,328 Warranty liability 690 713 Other 530 244 $ 2,341 $ 2,285 Warranty costs: We provide for the estimated cost of product warranties, which cover products for periods ranging from 1 to 3 years, at the time revenue is recognized. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, warranty obligations are affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. If actual product failure rates, material usage or service delivery costs differ from our estimates, revisions to the estimated warranty liability would be required and could be material. At the end of each reporting period, we revise our estimated warranty liability based on these factors. The current portion of our warranty liability is included as a component of accrued expenses. The long-term portion of our warranty liability is included as a component of other liabilities. A reconciliation of the changes in our estimated warranty liability is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Balance at beginning of period $ 767 $ 790 Accrual for warranties 103 67 Warranty revision (26 ) (35 ) Settlements made during the period (101 ) (55 ) Balance at end of period 743 767 Current portion of estimated warranty liability (690 ) (705 ) Long-term estimated warranty liability $ 53 $ 62 Deferred warranty revenue: The current portion of our deferred warranty revenue is included as a component of advance customer payments. The long-term portion of our deferred warranty revenue is included as a component of other liabilities. A reconciliation of the changes in our deferred warranty revenue is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Balance at beginning of period $ 259 $ 346 Revenue deferrals 111 88 Amortization of deferred revenue (120 ) (92 ) Total deferred warranty revenue 250 342 Current portion of deferred warranty revenue (231 ) (303 ) Long-term deferred warranty revenue $ 19 $ 39 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | 8. INTANGIBLE ASSETS: Intangible assets consist of the following: March 31, 2018 December 31, 2017 (In thousands) Gross Accumulated Net Gross Accumulated Net Patents $ 2,672 $ (2,459 ) $ 213 $ 2,687 $ (2,463 ) $ 224 Software 206 (119 ) 87 206 (111 ) 95 Marketing assets and customer relationships 101 (49 ) 52 101 (45 ) 56 Non-compete agreements 101 (101 ) — 101 (96 ) 5 $ 3,080 $ (2,728 ) $ 352 $ 3,095 $ (2,715 ) $ 380 Amortization expense in the three March 31, 2018 2017 is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Patents $ 28 $ 25 Software 8 8 Marketing assets and customer relationships 4 3 Non-compete agreements 5 6 $ 45 $ 42 Amortization of patents has been classified as research and development expense in our statements of operations. Estimated aggregate amortization expense based on current intangibles for the next five $105,000 for the remainder of 2018 $119,000 in 2019 $88,000 in 2020 $21,000 in 2021 $9,000 in 2022 $9,000 in 2023 Intangible and other long lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and its eventual disposition are less than the carrying amount. |
Revenue Concentrations, Signifi
Revenue Concentrations, Significant Customers And Geographic Areas | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Revenue Concentrations, Significant Customers And Geographic Areas | 9. REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC AREAS: The following summarizes our revenue by product line: Three March 31, (In thousands) 2018 2017 High Precision 3 2 $ 5,055 $ 3,904 Semiconductor Sensors 3,161 2,317 SMT Inspection Systems, Metrology Products and Services 5,904 5,699 Total $ 14,120 $ 11,920 Export sales as a percentage of total sales in the three March 31, 2018 three March 31, 2017 Export sales by geographic area are summarized as follows: Three Months Ended March 31, (In thousands) 2018 2017 Americas $ 71 $ 419 Europe 2,580 2,815 Asia 7,461 6,162 Other 105 39 Total export sales $ 10,217 $ 9,435 In the three months ended March 31, 2018 March 31, 2018 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. NET LOSS PER SHARE: Net loss per basic and diluted share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Common equivalent shares consist of shares of common stock to be issued upon exercise of stock options, the vesting of restricted shares and restricted stock units and the purchase of shares under our Employee Stock Purchase Plan, as calculated using the treasury stock method. All common equivalent shares were excluded from the calculations of net loss per diluted share due to their anti-dilutive effect. The components of net loss per basic and diluted share are as follows: (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2018 Basic $ (173 ) 6,986 $ (0.02 ) Dilutive effect of common equivalent shares — — — Dilutive $ (173 ) 6,986 $ (0.02 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2017 Basic $ (214 ) 6,912 $ (0.03 ) Dilutive effect of common equivalent shares — — — Dilutive $ (214 ) 6,912 $ (0.03 ) Potentially dilutive shares excluded from the calculations of net loss per diluted share due to their anti-dilutive effect were as follows: 615,000 three months ended March 31, 2018 ; and 611,000 shares in the three months ended March 31, 2017 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income (Loss) | 11 COMPREHENSIVE INCOME (LOSS) Reclassification adjustments are made to avoid double counting for items included in comprehensive income (loss) that are also recorded as part of net loss. Other comprehensive income (loss) consists of the following: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ 220 $ — $ 220 $ 269 $ (79 ) $ 190 Net changes related to available-for-sale securities: Unrealized losses (40 ) 9 (31 ) 20 (7 ) 13 Reclassification adjustments — — — Total net changes related to available-for-sale securities (40 ) 9 (31 ) 20 (7 ) 13 Other comprehensive income (loss) $ $ 9 $ 189 $ 289 $ (86 ) $ 203 At March 31, 2018 March 31, 2017 (In thousands) Foreign Available- for-Sale Accumulated Balances at December 31, 2017 $ (1,394 ) $ (15 ) $ (1,409 ) Decrease related to adoption of ASU 2016-01 (See Note 15) — (44 ) (44 ) Other comprehensive income before reclassifications 220 (31 ) 189 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 220 (75 ) 145 Balances at March 31, 2018 $ (1,174 ) $ (90 ) $ (1,264 ) (In thousands) Foreign Available- for-Sale Accumulated Balances at December 31, 2016 $ (1,928 ) $ (12 ) $ (1,940 ) Other comprehensive income before reclassifications 190 13 203 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 190 13 203 Balances at March 31, 2017 $ (1,738 ) $ 1 $ (1,737 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12 We recorded an income tax benefit of $83,000 in the three months ended March 31, 2018 three months ended March 31, 2017 three months ended March 31, 2018 an approximate 20 three months ended March 31, 2017 three months ended March 31, 2018 We have significant deferred tax assets as a result of temporary differences between taxable income on our tax returns and U.S. GAAP income, research and development tax credit carry forwards and federal, state and foreign net operating loss carry forwards. A deferred tax asset generally represents future tax benefits to be received when temporary differences previously reported in our consolidated financial statements become deductible for income tax purposes, when net operating loss carry forwards are applied against future taxable income, or when tax credit carry forwards are utilized on our tax returns. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on the guidance provided in current financial accounting standards. Significant judgment is required in determining the realizability of our deferred tax assets. The assessment of whether valuation allowances are required considers, among other matters, the nature, frequency and severity of any current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods, our experience with loss carry forwards not expiring unused and tax planning alternatives. In analyzing the need for valuation allowances, we first considered our history of cumulative operating results for income tax purposes over the past three years in each of the tax jurisdictions where we operate, our financial performance in recent quarters, statutory carry forward periods and tax planning alternatives. Finally, we considered both our near-term and long-term financial outlook. After considering all available evidence both positive and negative, we concluded that recognition of valuation allowances for substantially all of our U.S. and Singapore deferred tax assets was not required at March 31, 2018 The Inland Revenue Authority of Singapore recently initiated a review of our 2016 and 2015 income tax returns. We do not presently anticipate that the outcome of these audits will have a significant impact on our financial position or results of operations. |
Share Repurchase
Share Repurchase | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Share Repurchase | 13 Our Board of Directors has authorized a $3.0 million share repurchase program, of which $2.8 million remains available for future share repurchases. The common stock may be acquired from time to time in open market transactions, block purchases and other transactions complying with the Securities and Exchange Commission’s Rule 10 18 September 30, 2018 March 31, 2018 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 14 We are periodically a defendant in miscellaneous claims and disputes in the ordinary course of business. While the outcome of these matters cannot be predicted with certainty, management presently believes the disposition of these matters will not have a material effect on our financial position, results of operations or cash flows. In the normal course of business to facilitate sales of our products and services, we at times indemnify other parties, including customers, with respect to certain matters. In these instances, we have agreed to hold the other parties harmless against losses arising out of intellectual property infringement or other types of claims. These agreements may limit the time within which an indemnification claim can be made, and almost always limit the amount of the claim. It is not possible to determine the maximum potential liability under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made, if any, under these agreements have not had a material impact on our operating results, financial position or cash flows. |
Recent Accounting Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | 15. RECENT ACCOUNTING DEVELOPMENTS: In May 2014, the FASB issued guidance on the recognition of revenue from contracts with customers, Topic 606 . Revenue recognition depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We performed a review of the requirements of the new guidance and have identified which of our revenue streams will be within the scope of ASU 2014 09 five 606 Our adoption of Topic 606 a $218,000 decrease in retained earnings to record the cumulative effect adjustment. Adoption of Topic 606 three months ended March 31, 2018 20,000 605 In January 2016, the FASB issued ASU No. 2016 01 Recognition and Measurement of Financial Assets and Liabilities, 1 2 2016 01 $44,000 In February 2016, the FASB issued new lease accounting guidance (ASU No. 2016 02 Leases . 12 2016 02 In January 2017, the Financial Accounting Standards Board (FASB) issued guidance on simplifying the test for goodwill impairment (ASU No. 2017 04 Simplifying the Test for Goodwill Impairment . Under the new standard, goodwill impairment would be measured as the amount by which a reporting unit's carrying value exceeds its fair value, but not in an amount in excess of the carrying value of goodwill. The new guidance eliminates the requirement to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The new guidance is to be applied prospectively to impairment tests beginning January 1, 2020, with early adoption permitted. We are currently evaluating when we will adopt the new guidance. In February 2018, the FASB issued ASU 2018 02 Reclassification of Tax Effects from Accumulated Other Comprehensive Income, |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | In May 2014, the FASB issued guidance on the recognition of revenue from contracts with customers, Topic 606 . Revenue recognition depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We performed a review of the requirements of the new guidance and have identified which of our revenue streams will be within the scope of ASU 2014 09 five 606 Our adoption of Topic 606 a $218,000 decrease in retained earnings to record the cumulative effect adjustment. Adoption of Topic 606 three months ended March 31, 2018 20,000 605 In January 2016, the FASB issued ASU No. 2016 01 Recognition and Measurement of Financial Assets and Liabilities, 1 2 2016 01 $44,000 In February 2016, the FASB issued new lease accounting guidance (ASU No. 2016 02 Leases . 12 2016 02 In January 2017, the Financial Accounting Standards Board (FASB) issued guidance on simplifying the test for goodwill impairment (ASU No. 2017 04 Simplifying the Test for Goodwill Impairment . Under the new standard, goodwill impairment would be measured as the amount by which a reporting unit's carrying value exceeds its fair value, but not in an amount in excess of the carrying value of goodwill. The new guidance eliminates the requirement to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The new guidance is to be applied prospectively to impairment tests beginning January 1, 2020, with early adoption permitted. We are currently evaluating when we will adopt the new guidance. In February 2018, the FASB issued ASU 2018 02 Reclassification of Tax Effects from Accumulated Other Comprehensive Income, |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of contract balances | (In thousands) March 31, 2018 January 1, 2018 Contract assets, included in other current assets $ 10 $ — Contract liabilities, included in advance customer payments/other liabilities $ 568 $ 443 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities | Our investments in marketable securities are classified as available-for-sale and consist of the following: March 31, 2018 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 3,857 $ — $ (15 ) $ 3,842 Corporate debt securities and certificates of deposit 1,969 1 (6 ) 1,964 Asset backed securities 365 — (1 ) 364 Marketable securities – short-term $ 6,191 $ 1 $ (22 ) $ 6,170 Long-Term U.S. government and agency obligations $ 5,595 $ 1 $ (52 ) $ 5,544 Corporate debt securities and certificates of deposit 938 — (13 ) 925 Asset backed securities 3,388 — (32 ) 3,356 Equity security 42 41 — 83 Marketable securities – long-term $ 9,963 $ 42 $ (97 ) $ 9,908 December 31, 2017 (In thousands) Cost Unrealized Unrealized Fair Value Short-Term U.S. government and agency obligations $ 4,381 $ — $ (13 ) $ 4,368 Corporate debt securities and certificates of deposit 1,792 — (4 ) 1,788 Asset backed securities 515 — (1 ) 514 Marketable securities – short-term $ 6,688 $ — $ (18 ) $ 6,670 Long-Term U.S. government and agency obligations $ 4,801 $ — $ (33 ) $ 4,768 Corporate debt securities and certificates of deposit 1,189 — (10 ) 1,179 Asset backed securities 3,045 — (16 ) 3,029 Equity security 42 55 — 97 Marketable securities – long-term $ 9,077 $ 55 $ (59 ) $ 9,073 |
Schedule of Unrealized Loss Position | In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Fair Value Gross Unrealized Losses March 31, 2018 U.S. government and agency obligations $ 5,363 $ (50 ) $ 3,237 $ ( 17 ) Corporate debt securities and certificates of deposit 475 ( 5 ) 1,586 ( 15 ) Asset backed securities 2,040 ( 19 ) 1,533 ( 13 ) Marketable securities – short-term $ 7,878 $ ( 74 ) $ 6,356 $ ( 45 ) December 31, 2017 U.S. government and agency obligations $ 5,593 $ ( 29 ) $ 3,543 $ (17 ) Corporate debt securities and certificates of deposit 478 ( 2 ) 1,991 (12 ) Asset backed securities 2,312 ( 9 ) 1,232 (8 ) Marketable securities – long-term $ 8,383 $ ( 40 ) $ 6,766 $ (37 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements for Marketable Securities and Foreign Exchange Forward Contracts | The following provides information regarding fair value measurements for our marketable securities as of March 31, 2018 December 31, 2017 three Fair Value Measurements at March 31, 2018 (In thousands) Balance March 31, 2018 Quoted Prices 1 Significant 2 Significant 3 Marketable securities: U.S. government and agency obligations $ 9,386 $ — $ 9,386 $ — Corporate debt securities and certificates of deposit 2,889 — 2,889 — Asset backed securities 3,720 — 3,720 — Equity security 83 83 — — Total marketable securities $ 16,078 $ 83 $ 15,995 $ — Fair Value Measurements at December 31, 2017 (In thousands) Balance December 31, 2017 Quoted Prices 1 Significant 2 Significant 3 Marketable securities: U.S. government and agency obligations $ 9,136 $ — $ 9,136 $ — Corporate debt securities and certificates of deposit 2,967 — 2,967 — Asset backed securities 3,543 — 3,543 — Equity security 97 97 — — Total marketable securities $ 15,743 $ 97 $ 15,646 $ — |
Accounting For Stock-Based Co26
Accounting For Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of stock option activity in the three months ended March 31, 2018 : Options Outstanding Weighted Average Exercise Outstanding, December 31, 2017 568,525 $ 10.24 Granted — — Exercised (21,250 ) 8.55 Expired — — Forfeited — — Outstanding, March 31, 2018 547,275 $ 10.30 Exercisable, March 31, 2018 345,563 $ 8.55 |
Schedule of Non-Vested Restricted Stock Activity | A summary of activity for non-vested restricted stock units and restricted shares in the three months ended March 31, 2018 is as follows Non-vested restricted stock units and restricted shares Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2017 54,212 $ 14.86 Granted — — Vested (7,000 ) 10.95 Forfeited — — Non-vested at March 31, 2018 47,212 $ 15.44 |
Changes In Stockholders' Equi27
Changes In Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in stockholders' equity | A reconciliation of the changes in our stockholders' equity is as follows: Common Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Stockholders’ Equity (In thousands) Shares Amount Balance, December 31, 2017 6,980 $ $ ) $ 19,611 $ 52,282 Increase related to adoption of ASU 2016 01 — — (44 ) 44 Decrease related to adoption of ASU 2014-09 — — — (218 ) (218 ) Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment 182 — Stock-based compensation — 259 — Other comprehensive income, net of tax — 189 — Net income — (173 ) (173 ) Balance, March 31, 2018 $ 34,521 $ (1,264 ) $ 19,264 $ 52,521 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory Components | The components of our inventories are as follows: (In thousands) March 31, 2018 December 31, 2017 Raw materials and purchased parts $ 8,159 $ 7,383 Work in process 1,782 1,666 Finished goods 4,732 5,344 Total inventories $ 14,673 $ 14,393 |
Schedule of Accrued Liabilities | The components of our accrued expenses are as follows: (In thousands) March 31, 2018 December 31, 2017 Wages and benefits $ 1,121 $ 1,328 Warranty liability 690 713 Other 530 244 $ 2,341 $ 2,285 |
Schedule of Changes In Estimated Warranty Liability | A reconciliation of the changes in our estimated warranty liability is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Balance at beginning of period $ 767 $ 790 Accrual for warranties 103 67 Warranty revision (26 ) (35 ) Settlements made during the period (101 ) (55 ) Balance at end of period 743 767 Current portion of estimated warranty liability (690 ) (705 ) Long-term estimated warranty liability $ 53 $ 62 |
Schedule Of Changes In Deferred Warranty Revenue | A reconciliation of the changes in our deferred warranty revenue is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Balance at beginning of period $ 259 $ 346 Revenue deferrals 111 88 Amortization of deferred revenue (120 ) (92 ) Total deferred warranty revenue 250 342 Current portion of deferred warranty revenue (231 ) (303 ) Long-term deferred warranty revenue $ 19 $ 39 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: March 31, 2018 December 31, 2017 (In thousands) Gross Accumulated Net Gross Accumulated Net Patents $ 2,672 $ (2,459 ) $ 213 $ 2,687 $ (2,463 ) $ 224 Software 206 (119 ) 87 206 (111 ) 95 Marketing assets and customer relationships 101 (49 ) 52 101 (45 ) 56 Non-compete agreements 101 (101 ) — 101 (96 ) 5 $ 3,080 $ (2,728 ) $ 352 $ 3,095 $ (2,715 ) $ 380 |
Schedule of Amortization Expense For Intangible Assets | Amortization expense in the three March 31, 2018 2017 is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Patents $ 28 $ 25 Software 8 8 Marketing assets and customer relationships 4 3 Non-compete agreements 5 6 $ 45 $ 42 |
Revenue Concentrations, Signi30
Revenue Concentrations, Significant Customers And Geographic Areas (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary Of Revenue By Product Line | The following summarizes our revenue by product line: Three March 31, (In thousands) 2018 2017 High Precision 3 2 $ 5,055 $ 3,904 Semiconductor Sensors 3,161 2,317 SMT Inspection Systems, Metrology Products and Services 5,904 5,699 Total $ 14,120 $ 11,920 |
Schedule of Sales By Geographic Area | Export sales by geographic area are summarized as follows: Three Months Ended March 31, (In thousands) 2018 2017 Americas $ 71 $ 419 Europe 2,580 2,815 Asia 7,461 6,162 Other 105 39 Total export sales $ 10,217 $ 9,435 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss per Basic and Diluted Shares | The components of net loss per basic and diluted share are as follows: (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2018 Basic $ (173 ) 6,986 $ (0.02 ) Dilutive effect of common equivalent shares — — — Dilutive $ (173 ) 6,986 $ (0.02 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Three Months Ended March 31, 2017 Basic $ (214 ) 6,912 $ (0.03 ) Dilutive effect of common equivalent shares — — — Dilutive $ (214 ) 6,912 $ (0.03 ) |
Other Comprehensive Income (L32
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
The Effect of The Reclassifications From Comprehensive Income (Loss) To Earnings | Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ 220 $ — $ 220 $ 269 $ (79 ) $ 190 Net changes related to available-for-sale securities: Unrealized losses (40 ) 9 (31 ) 20 (7 ) 13 Reclassification adjustments — — — Total net changes related to available-for-sale securities (40 ) 9 (31 ) 20 (7 ) 13 Other comprehensive income (loss) $ $ 9 $ 189 $ 289 $ (86 ) $ 203 |
Schedule of Accumulated Other Comprehensive Loss | At March 31, 2018 March 31, 2017 (In thousands) Foreign Available- for-Sale Accumulated Balances at December 31, 2017 $ (1,394 ) $ (15 ) $ (1,409 ) Decrease related to adoption of ASU 2016-01 (See Note 15) — (44 ) (44 ) Other comprehensive income before reclassifications 220 (31 ) 189 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 220 (75 ) 145 Balances at March 31, 2018 $ (1,174 ) $ (90 ) $ (1,264 ) (In thousands) Foreign Available- for-Sale Accumulated Balances at December 31, 2016 $ (1,928 ) $ (12 ) $ (1,940 ) Other comprehensive income before reclassifications 190 13 203 Amounts reclassified from accumulated other comprehensive loss — — — Total change for the period 190 13 203 Balances at March 31, 2017 $ (1,738 ) $ 1 $ (1,737 ) |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - ASU No. 2014-9 [Member] | 3 Months Ended |
Mar. 31, 2018USD ($) | |
REVENUE RECOGNITION | |
Maximum period in which accounts receivable become due | 90 days |
Revenue from goods and services transferred to customers at a point in time | $ 13,200,000 |
Revenue from goods and services transferred to customers at a point in time as percentage of entity's revenue | 94.00% |
Revenue from goods and services transferred to customers over time | $ 900,000 |
Revenue from goods and services transferred to customers over time as percentage of entity's revenue | 6.00% |
Minimum [Member] | |
REVENUE RECOGNITION | |
Product Warranty Period | 1 year |
Period over which unsatisfied performance obligations are expected to be recognized | 1 year |
Maximum [Member] | |
REVENUE RECOGNITION | |
Increase in revenue due to accounting standard update | $ 30,000 |
Product Warranty Period | 3 years |
Amounts reclassified from beginning contract liabilities to revenue | $ 57,000 |
Period over which unsatisfied performance obligations are expected to be recognized | 3 years |
Amortization period of incremental costs of obtaining a contract | 1 year |
Period between when entity transfer a promised good or service to a customer and when the customer pays for that good or service | 1 year |
Period for the value of unsatisfied performance obligations which are not disclosed | 1 year |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Contract Balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 |
Revenue Recognition [Abstract] | ||
Contract assets, included in other current assets | $ 10 | $ 0 |
Contract liabilities, included in advance customer payments/other liabilities | $ 568 | $ 443 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Marketable securities - Short-Term | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 6,191 | $ 6,688 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (22) | (18) |
Fair Value | 6,170 | 6,670 |
Marketable securities - Short-Term | U.S. government and agency obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,857 | 4,381 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (15) | (13) |
Fair Value | 3,842 | 4,368 |
Marketable securities - Short-Term | Corporate debt securities and certificates of deposit | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,969 | 1,792 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (6) | (4) |
Fair Value | 1,964 | 1,788 |
Marketable securities - Short-Term | Asset backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 365 | 515 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1) | (1) |
Fair Value | 364 | 514 |
Marketable securities - Long-Term | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 9,963 | 9,077 |
Unrealized Gains | 42 | 55 |
Unrealized Losses | (97) | (59) |
Fair Value | 9,908 | 9,073 |
Marketable securities - Long-Term | U.S. government and agency obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 5,595 | 4,801 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (52) | (33) |
Fair Value | 5,544 | 4,768 |
Marketable securities - Long-Term | Corporate debt securities and certificates of deposit | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 938 | 1,189 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (13) | (10) |
Fair Value | 925 | 1,179 |
Marketable securities - Long-Term | Asset backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,388 | 3,045 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (32) | (16) |
Fair Value | 3,356 | 3,029 |
Marketable securities - Long-Term | Equity security | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 42 | 42 |
Unrealized Gains | 41 | 55 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 83 | $ 97 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | |||
Accumulated pre-tax unrealized loss on marketable securities | $ 117,000 | $ 22,000 | |
Proceeds from sales of available-for-sale marketable securities | 70,000 | $ 0 | |
Available-for-sale securities, gross realized gain (loss) | 0 | ||
Proceeds from sales of available-for-sale marketable securities | 0 | ||
Cost | 1,200,000 | $ 1,600,000 | |
Unrealized gains or losses on marketable securities | $ 0 | $ 0 |
Marketable Securities (Schedu37
Marketable Securities (Schedule Of Marketable Securities Classified As Cash Equivalents) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 1,200,000 | $ 1,600,000 |
Foreign Accounts | ||
Gain (Loss) on Investments [Line Items] | ||
Cash And Marketable Securities Held In Foreign Accounts | $ 492,000 | $ 187,000 |
Marketable Securities (Schedu38
Marketable Securities (Schedule Of Schedule of Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Marketable securities - Short-Term [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | $ 7,878 | |
In Unrealized Loss Position For Greater Than 12 Months | 6,356 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (74) | |
In Unrealized Loss Position For Greater Than 12 Months | (45) | |
Marketable securities - Short-Term [Member] | U.S. government and agency obligations [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 5,363 | |
In Unrealized Loss Position For Greater Than 12 Months | 3,237 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (50) | |
In Unrealized Loss Position For Greater Than 12 Months | (17) | |
Marketable securities - Short-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 475 | |
In Unrealized Loss Position For Greater Than 12 Months | 1,586 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (5) | |
In Unrealized Loss Position For Greater Than 12 Months | (15) | |
Marketable securities - Short-Term [Member] | Asset backed securities [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 2,040 | |
In Unrealized Loss Position For Greater Than 12 Months | 1,533 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (19) | |
In Unrealized Loss Position For Greater Than 12 Months | $ (13) | |
Marketable securities - Long-Term [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | $ 8,383 | |
In Unrealized Loss Position For Greater Than 12 Months | 6,766 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (40) | |
In Unrealized Loss Position For Greater Than 12 Months | (37) | |
Marketable securities - Long-Term [Member] | U.S. government and agency obligations [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 5,593 | |
In Unrealized Loss Position For Greater Than 12 Months | 3,543 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (29) | |
In Unrealized Loss Position For Greater Than 12 Months | (17) | |
Marketable securities - Long-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 478 | |
In Unrealized Loss Position For Greater Than 12 Months | 1,991 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (2) | |
In Unrealized Loss Position For Greater Than 12 Months | (12) | |
Marketable securities - Long-Term [Member] | Asset backed securities [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 2,312 | |
In Unrealized Loss Position For Greater Than 12 Months | 1,232 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (9) | |
In Unrealized Loss Position For Greater Than 12 Months | $ (8) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Asset impairment charges | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 16,078 | $ 15,743 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 83 | 97 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,995 | 15,646 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,386 | 9,136 |
U.S. government and agency obligations | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. government and agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,386 | 9,136 |
U.S. government and agency obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,889 | 2,967 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,889 | 2,967 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,720 | 3,543 |
Asset backed securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,720 | 3,543 |
Asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity security | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 83 | 97 |
Equity security | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 83 | 97 |
Equity security | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity security | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Accounting For Stock-Based Co41
Accounting For Stock-Based Compensation (Narrative) (Details) | May 11, 2017USD ($)$ / sharesshares | Mar. 31, 2018USD ($)stock-based_complensation_plan$ / sharesshares | Mar. 31, 2017USD ($)shares | Dec. 31, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock-based compensation plans | stock-based_complensation_plan | 3 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 547,275 | 568,525 | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |||
Excess tax benefit from the exercise of stock options | $ 35,000 | $ 208,000 | ||
Proceeds from exercise of stock options | 182,000 | 321,000 | ||
Fair value of shares vested | $ 204,000 | |||
Shares, Granted (in shares) | shares | 0 | |||
Equity based compensation expense | $ 259,000 | 188,000 | ||
Unrecognized compensation cost related to non-vested equity based compensation | $ 1,700,000 | |||
Unrecognized equity based compensation weighted average period, years | 1 year 11 months 1 day | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance pursuant to outstanding awards | shares | 576,487 | |||
Vesting period, years | 4 years | |||
Expiration of stock options from date of grant | 7 years | |||
Number of shares available for future issuance (in shares) | shares | 327,839 | |||
Weighted average remaining contractual term, years | 4 years 2 months 12 days | |||
Aggregate intrinsic value for all options outstanding | $ 4,500,000 | |||
Weighted average remaining contractual term for exercisable options, years | 3 years 4 months 24 days | |||
Aggregate intrinsic value of exercisable options | $ 3,300,000 | |||
Aggregate intrinsic value of stock options exercised | 215,000 | |||
Proceeds from exercise of stock options | 182,000 | 321,000 | ||
Equity based compensation expense | $ 125,000 | 114,000 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, years | 4 years | |||
Restricted stock units to common stock ratio, shares entitled, shares | shares | 1 | |||
Aggregate intrinsic value for all options outstanding | $ 850,000 | |||
Fair value of shares vested | $ 106,000 | |||
Shares, Granted (in shares) | shares | 0 | |||
Equity based compensation expense | $ 59,000 | $ 48,000 | ||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance (in shares) | shares | 40,872 | |||
Number of additional shares authorized for issuance | shares | 150,000 | |||
Shares, Granted (in shares) | shares | 0 | 0 | ||
Maximum contribution per plan year | $ 6,500 | |||
Employees can purchase stock at the percentage rate of the lower of the market price on the first or last day of the offering period (as a percent) | 85.00% | |||
Equity based compensation expense | $ 34,000 | $ 26,000 | ||
Employee Stock Purchase Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 1.00% | |||
Employee Stock Purchase Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 10.00% | |||
Non-Employee Director Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance pursuant to outstanding awards | shares | 16,000 | |||
Number of shares available for future issuance (in shares) | shares | 68,000 | |||
Number of shares granted for non-employee directors upon re-election, shares | shares | 2,000 | |||
Stock issued during period, shares | shares | 8,000 | |||
Stock granted, value | $ 167,000 | |||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.90 | |||
Equity based compensation expense | $ 41,000 |
Accounting For Stock-Based Co42
Accounting For Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Outstanding, December 31, 2017 (in shares) | shares | 568,525 |
Options Outstanding, Granted (in shares) | shares | 0 |
Options Outstanding, Exercised (in shares) | shares | (21,250) |
Options Outstanding, Expired (in shares) | shares | 0 |
Options Outstanding, Forfeited (in shares) | shares | 0 |
Options Outstanding, Outstanding, March 31, 2018 (in shares) | shares | 547,275 |
Options Outstanding, Exercisable, March 31, 2018 (in shares) | shares | 345,563 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price Per Share, Outstanding, December 31, 2017 (in dollars per share) | $ / shares | $ 10.24 |
Weighted-Average Exercise Price Per Share, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price Per Share, Exercised (in dollars per share) | $ / shares | 8.55 |
Weighted-Average Exercise Price Per Share, Expired (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price Per Share, Forfeited (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price Per Share, Outstanding, March 31, 2018 (in dollars per share) | $ / shares | 10.30 |
Weighted-Average Exercise Price Per Share, Exercisable, March 31, 2018 (in dollars per share) | $ / shares | $ 8.55 |
Accounting For Stock-Based Co43
Accounting For Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, Non-vested at December 31, 2017 (in shares) | shares | 54,212 |
Shares, Granted (in shares) | shares | 0 |
Shares, Vested (in shares) | shares | (7,000) |
Shares, Forfeited (in shares) | shares | 0 |
Shares, Non-vested at March 31, 2018 (in shares) | shares | 47,212 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2017 (in dollars per share) | $ / shares | $ 14.86 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 10.95 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Non-vested at March 31, 2018 (in dollars per share) | $ / shares | $ 15.44 |
Changes In Stockholders' Equi44
Changes In Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | $ 52,282 | |
BALANCE, shares | 6,979,686 | |
Increase related to adoption of ASU 2016-09 | $ 0 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | 182 | |
Stock-based compensation | 259 | |
Other comprehensive income, net of tax | 189 | $ 203 |
Net income | (173) | $ (214) |
BALANCE | $ 52,521 | |
BALANCE, shares | 7,005,936 | |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | $ 34,080 | |
BALANCE, shares | 6,980,000 | |
Increase related to adoption of ASU 2016-09 | $ 0 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | $ 182 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment, shares | 26,000 | |
Stock-based compensation | $ 259 | |
Other comprehensive income, net of tax | 0 | |
Net income | 0 | |
BALANCE | $ 34,521 | |
BALANCE, shares | 7,006,000 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | $ (1,409) | |
Increase related to adoption of ASU 2016-09 | (44) | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | 0 | |
Stock-based compensation | 0 | |
Other comprehensive income, net of tax | 189 | |
Net income | 0 | |
BALANCE | (1,264) | |
Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
BALANCE | 19,611 | |
Increase related to adoption of ASU 2016-09 | 44 | |
Exercise of stock options, vesting of restricted stock units and grants of restricted shares, net of shares exchanged as payment | 0 | |
Stock-based compensation | 0 | |
Other comprehensive income, net of tax | 0 | |
Net income | (173) | |
BALANCE | 19,264 | |
ASU No. 2014-9 [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Decrease related to adoption of ASU 2014-09 | (218) | |
ASU No. 2014-9 [Member] | Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Decrease related to adoption of ASU 2014-09 | $ (218) |
Other Financial Statement Dat45
Other Financial Statement Data (Schedule Of Inventory Components) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and purchased parts | $ 8,159 | $ 7,383 |
Work in process | 1,782 | 1,666 |
Finished goods | 4,732 | 5,344 |
Total inventories | $ 14,673 | $ 14,393 |
Other Financial Statement Dat46
Other Financial Statement Data Other Financial Statement Data (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | |||
Wages and benefits | $ 1,121 | $ 1,328 | |
Warranty liability | 690 | 713 | $ 705 |
Other | 530 | 244 | |
Accrued expenses | $ 2,341 | $ 2,285 |
Other Financial Statement Dat47
Other Financial Statement Data (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Minimum | |
Inventory [Line Items] | |
Product warranties time frame, years | 1 year |
Maximum | |
Inventory [Line Items] | |
Product warranties time frame, years | 3 years |
Other Financial Statement Dat48
Other Financial Statement Data (Schedule Of Changes In Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 767 | $ 790 | |
Accrual for warranties | 103 | 67 | |
Warranty revision | (26) | (35) | |
Settlements made during the period | (101) | (55) | |
Balance at end of period | 743 | 767 | |
Current portion of estimated warranty liability | (690) | (705) | $ (713) |
Long-term estimated warranty liability | $ 53 | $ 62 |
Other Financial Statement Dat49
Other Financial Statement Data (Schedule Of Changes In Deferred Warranty Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 259 | $ 346 |
Revenue deferrals | 111 | 88 |
Amortization of deferred revenue | (120) | (92) |
Total deferred warranty revenue | 250 | 342 |
Current portion of deferred warranty revenue | (231) | (303) |
Long-term deferred warranty revenue | $ 19 | $ 39 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,080 | $ 3,095 |
Accumulated Amortization | (2,728) | (2,715) |
Net | 352 | 380 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,672 | 2,687 |
Accumulated Amortization | (2,459) | (2,463) |
Net | 213 | 224 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (119) | (111) |
Net | 87 | 95 |
Marketing assets and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (49) | (45) |
Net | 52 | 56 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (101) | (96) |
Net | $ 0 | $ 5 |
Intangible Assets (Schedule O51
Intangible Assets (Schedule Of Amortization Expense For Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 45 | $ 42 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 28 | 25 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 8 | 8 |
Marketing assets and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 4 | 3 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 5 | $ 6 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amortization expense, remainder of 2018 | $ 105,000 | |
Amortization expense, 2019 | 119,000 | |
Amortization expense, 2020 | 88,000 | |
Amortization expense, 2021 | 21,000 | |
Amortization expense, 2022 | 9,000 | |
Amortization expense, 2023 | 9,000 | |
Net | $ 352,000 | $ 380,000 |
Revenue Concentrations, Signi53
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Revenue By Product Line) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Concentration Risk [Line Items] | ||
Revenues | $ 14,120 | $ 11,920 |
High Precision 3D and 2D Sensors [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | 5,055 | 3,904 |
Semiconductor Sensors [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | 3,161 | 2,317 |
SMT Inspection Systems, Metrology Products and Services [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 5,904 | $ 5,699 |
Revenue Concentrations, Signi54
Revenue Concentrations, Significant Customers And Geographic Areas (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Major Customer [Line Items] | ||
Revenue, export sales percentage | 72.00% | 79.00% |
Customer Concentration Risk | Sales Revenue, net | Customer One | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 10.00% | |
Customer Concentration Risk | Sales Revenue, net | Customer Two | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 11.00% | |
Customer Concentration Risk | Accounts Receivable | Customer One | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, net | $ 947,000 | |
Customer Concentration Risk | Accounts Receivable | Customer Two | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, net | $ 1,200,000 |
Revenue Concentrations, Signi55
Revenue Concentrations, Significant Customers And Geographic Areas (Schedule Of Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Major Customer [Line Items] | ||
Total export sales | $ 10,217 | $ 9,435 |
Americas | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | 71 | 419 |
Europe | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | 2,580 | 2,815 |
Asia | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | 7,461 | 6,162 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Total export sales | $ 105 | $ 39 |
Net Loss Per Share (Schedule of
Net Loss Per Share (Schedule of Net Income (Loss) per Basic and Diluted Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net Income (Loss) | $ (173) | $ (214) |
Weighted Average Shares Outstanding, Basic (in shares) | 6,986 | 6,912 |
Per Share Amount, Basic (in dollars per share) | $ (0.02) | $ (0.03) |
Weighted Average Shares Outstanding, dilutive effect of common equivalent shares, (in shares) | 0 | 0 |
Per Share Amount, Dilutive effect of common equivalent shares (in dollars per share) | $ 0 | $ 0 |
Weighted Average Shares Outstanding, Dilutive (in shares) | 6,986 | 6,912 |
Per Share Amount, Dilutive (in dollars per share) | $ (0.02) | $ (0.03) |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Earnings per share, potentially dilutive shares (in shares) | 615,000 | 611,000 |
Other Comprehensive Income (L58
Other Comprehensive Income (Loss) (The Effect Of The Reclassifications From Other Comprehensive Income (Loss) To Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments, Before Tax | $ 220 | $ 269 |
Foreign currency translation adjustments, Tax | 0 | (79) |
Foreign currency translation adjustments, Net of Tax | 220 | 190 |
Net change related to available-for-sale securities: Unrealized losses, Before Tax | (40) | 20 |
Net change related to available-for-sale securities: Unrealized losses, Tax | 9 | (7) |
Net change related to available-for-sale securities: Unrealized losses, Net of Tax | (31) | 13 |
Reclassification adjustment, Before Tax | 0 | 0 |
Reclassification adjustment, Tax | 0 | 0 |
Reclassification adjustment, Net of Tax | 0 | 0 |
Total net changes related to available-for-sale securities | (40) | 20 |
Total net changes related to available-for-sale securities, Tax | 9 | (7) |
Total net changes related to available-for-sale securities, Net of Tax | (31) | 13 |
Other comprehensive income, before tax | 180 | 289 |
Other comprehensive income (loss), Tax | 9 | (86) |
Other comprehensive income (loss), net of tax | $ 189 | $ 203 |
Other Comprehensive Income (L59
Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
BALANCE | $ (1,409) | $ (1,940) |
Other comprehensive income before reclassifications | 189 | 203 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total change for the period | 145 | 203 |
BALANCE | (1,264) | (1,737) |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
BALANCE | (1,394) | (1,928) |
Other comprehensive income before reclassifications | 220 | 190 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total change for the period | 220 | 190 |
BALANCE | (1,174) | (1,738) |
Available-for-sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
BALANCE | (15) | (12) |
Other comprehensive income before reclassifications | (31) | 13 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total change for the period | (75) | 13 |
BALANCE | (90) | $ 1 |
ASU No. 2016-09 [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Decrease related to adoption of ASU 2016-01 (See Note 15) | (44) | |
ASU No. 2016-09 [Member] | Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Decrease related to adoption of ASU 2016-01 (See Note 15) | 0 | |
ASU No. 2016-09 [Member] | Available-for-sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Decrease related to adoption of ASU 2016-01 (See Note 15) | $ (44) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Examination [Line Items] | ||
Income tax provision (benefit) | $ (83,000) | $ (413,000) |
Effective income tax rate (as a percent) | 20.00% | 33.00% |
Excess tax benefit from the exercise of stock options | $ 35,000 | $ 208,000 |
Need for valuation allowance based on history of cumulative losses | 3 years |
Share Repurchase (Narrative) (D
Share Repurchase (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Oct. 31, 2017 |
Share Repurchase [Line Items] | ||
Authorized share repurchase amount | $ 3 | |
Remaining authorized share repurchase amount | $ 2.8 | |
Stock Repurchase Program Number of Shares Repurchased | 0 |
RECENT ACCOUNTING DEVELOPMENT62
RECENT ACCOUNTING DEVELOPMENTS (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Jan. 01, 2018 | |
ASU No. 2014-9 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase (Decrease) in retained earnings due to acccounting standard update | $ (218,000) | |
Decrease related to adoption of ASU 2014-09 | $ (218,000) | |
ASU No. 2014-9 [Member] | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase in revenue due to accounting standard update | 30,000 | |
Decrease related to adoption of ASU 2014-09 | $ (20,000) | |
ASU No. 2016-01 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase (Decrease) in retained earnings due to acccounting standard update | $ 44,000 |
Adoption Of Accounting Standard
Adoption Of Accounting Standards Update No. 2016-09, Improvements To Employee Share Based Payment Accounting (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 19,264,000 | $ 19,611,000 | |
Common stock | 34,521,000 | 34,080,000 | |
Deferred tax assets | 5,961,000 | $ 5,742,000 | |
Excess tax benefit from the exercise of stock options | $ 35,000 | $ 208,000 |