Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | DSP GROUP INC /DE/ | |
Entity Central Index Key | 0000915778 | |
Trading Symbol | dspg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 22,714,916 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 11,390 | $ 12,146 |
Restricted deposit | 1,078 | 493 |
Marketable securities and short-term deposits | 31,141 | 35,713 |
Trade receivables | 15,636 | 13,475 |
Other accounts receivable and prepaid expenses | 3,872 | 3,670 |
Inventories | 9,278 | 9,819 |
TOTAL CURRENT ASSETS | 72,395 | 75,316 |
PROPERTY AND EQUIPMENT, NET | 5,105 | 2,748 |
NON-CURRENT ASSETS: | ||
Long-term marketable securities | 76,473 | 75,538 |
Operating leases | 11,972 | |
Long-term prepaid expenses and lease deposits | 1,306 | 1,229 |
Deferred income taxes | 4,090 | 3,580 |
Severance pay fund | 14,800 | 14,158 |
Intangible assets, net | 974 | 1,078 |
Goodwill | 6,243 | 6,243 |
TOTAL NON-CURRENT ASSETS | 115,858 | 101,826 |
TOTAL ASSETS | 193,358 | 179,890 |
CURRENT LIABILITIES: | ||
Trade payables | 8,176 | 9,579 |
Accrued compensation and benefits | 7,112 | 8,255 |
Income tax accruals and payables | 1,606 | 1,404 |
Operating lease liability | 1,885 | |
Accrued expenses and other accounts payable | 2,787 | 3,461 |
TOTAL CURRENT LIABILITIES | 21,566 | 22,699 |
NON-CURRENT LIABILITIES: | ||
Deferred income taxes | 142 | 151 |
Accrued severance pay | 15,028 | 14,348 |
Total long-term lease liabilities | 10,394 | |
Accrued pensions | 815 | 827 |
TOTAL NON-CURRENT LIABILITIES | 26,379 | 15,326 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $ 0.001 par value - Authorized shares: 50,000,000 shares at March 31, 2019 and December 31, 2018; Issued and outstanding shares: 22,700,800 and 22,265,971 shares at March 31, 2019 and December 31, 2018, respectively | 23 | 22 |
Additional paid-in capital | 380,777 | 378,855 |
Treasury stock at cost | (117,968) | (122,325) |
Accumulated other comprehensive loss | (1,525) | (2,324) |
Accumulated deficit | (115,894) | (112,363) |
TOTAL STOCKHOLDERS’ EQUITY | 145,413 | 141,865 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 193,358 | $ 179,890 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 22,700,800 | 22,265,971 |
Common stock, shares outstanding (in shares) | 22,700,800 | 22,265,971 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues | $ 28,276 | $ 28,111 | |
Cost of revenues (1) | [1] | 13,820 | 14,397 |
Gross profit | 14,456 | 13,714 | |
Operating expenses: | |||
Research and development, net (2) | [2] | 8,922 | 8,998 |
Sales and marketing (3) | [3] | 4,483 | 4,068 |
General and administrative (4) | [4] | 2,555 | 2,581 |
Amortization of intangible assets | 104 | 425 | |
Total operating expenses | 16,064 | 16,072 | |
Operating loss | (1,608) | (2,358) | |
Financial income, net | 313 | 396 | |
Loss before taxes on income | (1,295) | (1,962) | |
Income tax benefit | 229 | 209 | |
Net loss | $ (1,066) | $ (1,753) | |
Net loss per share: | |||
Basic (in dollars per share) | $ (0.05) | $ (0.08) | |
Diluted (in dollars per share) | $ (0.05) | $ (0.08) | |
Weighted average number of shares used in per share computations of net earnings | |||
Basic (in shares) | 22,542 | 22,678 | |
Diluted (in shares) | 22,542 | 22,678 | |
[1] | Includes equity-based compensation expense in the amount of $115 and $98 for the three months ended March 31, 2019 and 2018, respectively. | ||
[2] | Includes equity-based compensation expense in the amount of $750 and $652 for the three months ended March 31, 2019 and 2018, respectively. | ||
[3] | Includes equity-based compensation expense in the amount of $402 and $406 for the three months ended March 31, 2019 and 2018, respectively. | ||
[4] | Includes equity-based compensation expense in the amount of $638 and $543 for the three months ended March 31, 2019 and 2018, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net loss | $ (1,066) | $ (1,753) |
Available-for-sale securities: | ||
Changes in unrealized gains (losses) | 751 | (662) |
Reclassification adjustments for (gains) losses included in net loss | 47 | (2) |
Net change | 798 | (664) |
Cash flow hedges: | ||
Changes in unrealized gains (losses) | 105 | |
Reclassification adjustments for (gains) losses included in net loss | (83) | |
Net change | 22 | |
Change in unrealized components of defined benefit plans: | ||
Amortization of actuarial loss and prior service benefit | 4 | 5 |
Net change | 4 | 5 |
Foreign currency translation adjustments, net | (25) | 16 |
Net current period other comprehensive income (loss) | 799 | (643) |
Net comprehensive loss | $ (267) | $ (2,396) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (1,066) | $ (1,753) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 330 | 429 |
Equity-based compensation expenses related to employees’ stock options, SARs and RSUs | 1,905 | 1,699 |
Realized losses (gains) from sale of marketable securities, net | 47 | (2) |
Capital loss from sale and disposal of property and equipment | 10 | |
Amortization of intangible assets | 104 | 425 |
Exchange rates differences resulting from the new lease accounting standard (ASC 2016-02) | 307 | |
Accrued interest and amortization of premium on marketable securities and deposits | 50 | 221 |
Change in operating assets and liabilities: | ||
Deferred income tax assets and liabilities, net | (522) | (82) |
Trade receivables, net | (2,171) | (2,472) |
Other accounts receivable and prepaid expenses | (58) | (2) |
Inventories | 534 | 997 |
Long-term prepaid expenses and lease deposits | (77) | (54) |
Trade payables | (2,298) | (1,012) |
Accrued compensation and benefits | (164) | (968) |
Income tax accruals | 202 | (175) |
Accrued expenses and other accounts payable | (666) | (574) |
Accrued severance pay, net | 39 | (61) |
Accrued pensions | 8 | 10 |
Net cash used in operating activities | (3,486) | (3,374) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (9,931) | (3,277) |
Proceeds from maturity of marketable securities | 8,545 | 1,855 |
Proceeds from sales of marketable securities | 4,150 | 500 |
Proceeds from redemption of short-term deposits | 1,572 | |
Purchases of property and equipment | (1,944) | (250) |
Other investing activities | (104) | |
Proceeds from sale of property and equipment | 9 | |
Net cash provided by (used in) investing activities | 2,401 | (1,276) |
Cash flows from financing activities: | ||
Issuance of common stock and treasury stock upon exercise of stock options | 938 | 155 |
Purchase of treasury stock | (1,210) | |
Net cash provided by (used in) financing activities | 938 | (1,055) |
Decrease in cash and cash equivalents | (147) | (5,704) |
Cash and cash equivalents at the beginning of the year | 12,639 | 21,848 |
Cash (erosion) due to exchange rate differences | (24) | 18 |
Cash and cash equivalents at the end of the year | $ 12,468 | $ 16,162 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance (in shares) at Dec. 31, 2017 | 22,433 | |||||||
Balance at Dec. 31, 2017 | $ 22 | $ 372,041 | $ (118,397) | $ (104,842) | $ (1,874) | $ 146,950 | ||
Net loss | (1,753) | (1,753) | ||||||
Change in accumulated other comprehensive income | (643) | (643) | ||||||
Purchase of treasury stock (in shares) | (102) | |||||||
Purchase of treasury stock | [1] | (1,255) | (1,255) | |||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan (in shares) | 119 | |||||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan | [1] | 1,169 | (166) | 1,003 | ||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors (in shares) | 279 | |||||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors | $ 1 | 2,752 | (2,598) | 155 | ||||
Equity-based compensation | 1,699 | 1,699 | ||||||
Balance (in shares) at Mar. 31, 2018 | 22,729 | |||||||
Balance at Mar. 31, 2018 | $ 23 | 373,740 | (115,731) | (109,265) | (2,517) | 146,250 | ||
Cumulative effect adjustment on retained earnings **) | [2] | 94 | 94 | |||||
Balance (in shares) at Dec. 31, 2018 | 22,266 | |||||||
Balance at Dec. 31, 2018 | $ 22 | 378,855 | (122,325) | (112,363) | (2,324) | 141,865 | ||
Net loss | (1,066) | (1,066) | ||||||
Change in accumulated other comprehensive income | 799 | $ 799 | ||||||
Purchase of treasury stock (in shares) | 0 | |||||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan (in shares) | 102 | |||||||
Issuance of treasury stock upon purchase of common stock under employee stock purchase plan | [1] | 1,023 | (51) | $ 972 | ||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors (in shares) | 333 | |||||||
Issuance of treasury stock upon exercise of stock options, stock appreciation rights and vesting of restricted stock units by employees and directors | $ 1 | 17 | 3,334 | (2,414) | 938 | |||
Equity-based compensation | 1,905 | 1,905 | ||||||
Balance (in shares) at Mar. 31, 2019 | 22,701 | |||||||
Balance at Mar. 31, 2019 | $ 23 | $ 380,777 | $ (117,968) | $ (115,894) | $ (1,525) | $ 145,413 | ||
[1] | Represents an amount lower than $1. | |||||||
[2] | Resulting from adoption of ASC 606. |
Note A - Basis of Presentation
Note A - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information and with the instructions to Form 10 10 X. not three March 31, 2019 not may December 31, 2019. 10 December 31, 2018. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2018, 10 March 11, 2019, Recent ly Issued and A dopted A ccounting P ronouncements On January 1, 2019, No. 2016 02, 842” 840, not 842 Significant Accounting Policies - Leases Operating Leases Recently I ssued A ccounting P ronouncements Not et E ffective In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 first 2022. In August 2018, 2018 13, 820 2018 13” No. 2018 13 December 15, 2019, 2018 13 2018 13 not In August 2018, 2018 15, 350 40 2018 15” 2018 15 2018 15 December 15, 2019, 2018 15 not In August 2018, 2018 14, 715 20 2018 14” 2018 14 December 15, 2020, 2018 14 Significant Accounting Policies- Leases Effective as of January 1, 2019, 842, 842 January 1, 2019 842, not 840. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward the historical lease classification, the Company’s assessment on whether a contract was or contains a lease, and initial direct costs for any leases that existed prior to January 1, 2019. 12 As a result of the adoption of Topic 842 January 1, 2019, $12.5 $12.5 not The Company determines if an arrangement is a lease at inception. The Company assessment is based on: ( 1 2 3 Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one no not one not one not third may Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Note B - Operating Leases
Note B - Operating Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE B— Operating Leases The Company has entered into various non-cancelable operating lease agreements for certain of its offices and car leases. The Company's leases have original lease periods expiring between 2019 2030. one not not Total operating lease cost during the three March 31, 2019 $742 three March 31, 2019. Other information about lease amounts recognized in the Company’s consolidated financial statements is summarized as follows: March 31, 2019 Weighted-average remaining lease term – operating leases (in years) 8.26 Weighted-average discount rate – operating leases 4.96 % As of March 31, 2019, Operating Leases Gross lease liabilities $ 15,434 Less: imputed interest (3,155 ) Present value of lease liabilities 12,279 Less: current portion of lease liabilities (1,885 ) Total long-term lease liabilities $ 10,394 |
Note C - Inventories
Note C - Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE c—INVENTORIES Inventories are stated at the lower of cost or market value. The Company periodically evaluates the quantities on hand relative to current and historical selling prices, and historical and projected sales volume. Based on these evaluations, provisions are made in each period to write inventory down to its net realizable value. Inventories are composed of the following: March 31, 201 9 December 31, 201 8 (Unaudited) (Audited) Work-in-process $ 4,849 $ 4,993 Finished goods 4,429 4,826 $ 9,278 $ 9,819 For the three March 31, 2019, $93 Inventory write-off amounted to $49 three March 31, 2018. |
Note D - Net Loss Per Share
Note D - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE d—NET LOSS PER SHARE Basic net loss per share are computed based on the weighted average number of shares of common stock outstanding during the period. For the same periods, diluted net loss per share further include the effect of dilutive stock options, stock appreciation rights and restricted share units outstanding during the period, all in accordance with FASB ASC No. 260 Three months ended March 31, 201 9 2018 (Unaudited) Net loss $ (1,066 ) $ (1,753 ) Loss per share: Basic $ (0.05 ) $ (0.08 ) Diluted $ (0.05 ) $ (0.08 ) Weighted average number of shares of common stock outstanding during the period used to compute basic net loss per share (in thousands) 22,542 22,678 Incremental shares attributable to exercise of outstanding options, stock appreciation rights and restricted stock units (assuming proceeds would be used to purchase treasury stock) (in thousands) - - Weighted average number of shares of common stock used to compute diluted net loss per share (in thousands) 22,542 22,678 |
Note E - Marketable Securities
Note E - Marketable Securities and Time Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE e — MARKETABLE SECURITIES and time deposits The Company accounts for investments in marketable securities in accordance with FASB ASC No.320 10 The Company classifies marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of taxes, reported in other comprehensive income (loss). The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and interest are included in financial income, net. Interest and dividends on securities are included in financial income, net. The following is a summary of available-for-sale securities at March 31, 2019 December 31, 2018: Amortized cost Unrealized losses, net Fair value March 31, 201 9 December 31, 201 8 March 31, 201 9 December 31, 201 8 March 31, 201 9 December 31, 201 8 (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) Short-term deposits 6,887 $ 8,349 - - $ 6,887 $ 8,349 Long-term deposits 5,159 5,130 - - 5,159 5,130 U.S. GSE securities 17,501 21,550 (140 ) (253 ) 17,361 21,297 Corporate obligations 78,902 77,857 (695 ) (1,382 ) 78,207 76,475 $ 108,449 $ 112,885 $ (835 ) $ (1,635 ) $ 107,614 $ 111,251 The amortized cost of marketable debt securities and term deposits at March 31, 2019, Unrealized gains (losses) Amortized cost Gains Losses Fair value Due in one year or less $ 24,286 $ 8 $ (40 ) $ 24,254 Due after one year to five years 72,117 58 (861 ) 71,314 $ 96,403 $ 66 $ (901 ) $ 95,568 The actual maturity dates may may Management believes that as of March 31, 2019, no The unrealized losses related to corporate obligations were primarily due to changes in interest rates. Because the Company does not not not may not March 31, 2019. The total fair value of marketable securities with outstanding unrealized losses as of March 31, 2019 $74,836, $901.Of $901 March 31, 2019, $835 12 $66 12 Proceeds from maturity of available-for-sale marketable securities during the three March 31, 2019 2018 $8,545 $1,855, three March 31, 2019 2018 $4,150 $500, three March 31, 2019 $47 three March 31, 2018 $2. Marketable securities are periodically reviewed for impairment. If management concludes that any marketable security is impaired, management determines whether such impairment is other-than-temporary. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value and the potential recovery period, and the Company’s intent to sell, or whether it is more likely than not |
Note F - Taxes on Income
Note F - Taxes on Income | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE f—TAXES ON Income The effective tax rate used in computing the provision for income taxes is based on projected fiscal year income before taxes, including estimated income by tax jurisdiction. The total amount of net unrecognized tax benefits was $2,283 $2,040 March 31, 2019 December 31, 2018, March 31, 2019 December 31, 2018, $135 $115, The Company intends to permanently reinvest earnings of its foreign operations and its current operating plans do not not may |
Note G - Significant Customers
Note G - Significant Customers | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Customers Disclosure [Text Block] | NOTE g—SIGNIFICANT CUSTOMERS The Company sells its products primarily through distributors and directly to original equipment manufacturers (OEMs) and original design manufacturers (ODMs) who incorporate the Company’s products into consumer products. The Company’s future performance will depend, in part, on the continued success of its distributors in marketing and selling its products. The loss of the Company’s distributors and the Company’s inability to obtain satisfactory replacements in a timely manner may The following table represents the Company’s sales, as a percentage of the Company’s total revenues, for the three March 31, 2019 2018, Three months ended March 31, Major customers/ distributors 201 9 2018 Ascend Technology Inc. ¹ ³ 27% 26% VTech Holdings Ltd. 21% 25% Nexty Electronics Corporation (previously named Tomen Electronics Corporation)¹ ² 10% 11% ¹ Distributor. ² Nexty Electronics sells the Company’s products to a limited number of customers; however, none 10% three March 31, 2019 2018. ³ Ascend Technology sells the Company’s products to a limited number of customers. One of those customers, Cisco Systems, Inc., accounted for 10% 8% three March 31, 2019 2018. |
Note H - Derivative Instruments
Note H - Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE h—DERIVATIVE INSTRUMENTS The Company accounts for derivative instruments in accordance with FASB. ASC No. 815 815” To protect against the increase in value of forecasted foreign currency cash flows resulting from salary and lease payments of its Israeli facilities denominated in the Israeli currency, the New Israeli Shekels (“NIS”), during the year, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll and lease payments denominated in NIS for a period of one twelve 815 In accordance with ASC 815, As of March 31, 2019, no $600. not The fair value of derivative assets and derivative liabilities were $19 $0, March 31, 2019. $19 March 31, 2019. The amount recorded as income in research and development expenses, sales and marketing expenses and general and administrative expenses in the condensed consolidated statements of income for the three March 31, 2019 $65, $7 $11, The fair value of the outstanding derivative instruments at March 31, 2019 December 31, 2018 Fair V alue of Derivative I nstruments Derivative Assets (Liabilities) Balance Sheet Location March 3 1 , 201 9 December 31, 201 8 Unaudited Audited Foreign exchange forward and option contracts Other accounts receivable and prepaid expenses (other accounts payable) $ 19 $ (3 ) The effect of derivative instruments in cash flow hedging transactions on income and other comprehensive income (“OCI”) for the three March 31, 2019 2018 Gains ( L osses) on Derivatives Recognized in OCI for the three months ended March 31, Unaudited 201 9 201 8 Foreign exchange forward and option contracts $ 105 $ - Gains (losses) reclassified from OCI into income for the three months ended March 31, Unaudited Location 201 9 201 8 Foreign exchange forward and option contracts Operating expenses $ 83 $ - |
Note I - Contingencies
Note I - Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE i—CONTINGENCIES From time to time, the Company may may may third no |
Note J - Equity-based Compensat
Note J - Equity-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE j—EQUITY-BASED COMPENSATION Grants for the three March 31, 2019 March 31, 2018: The weighted average estimated fair value of employee restricted stock units (“RSUs”) granted during the three March 31, 2019 2018 $11.61 $11.27 3.25% 3.70% three March 31, 2019 2018, The weighted-average estimated fair value of employee stock options and stock appreciation rights (“SARs”) granted during the three March 31, 2019 2018 $3.41 $4.75 Three months ended March 31, 201 9 2018 Volatility 32.29% 46.24% Risk-free interest rate 2.16% 2.40% Dividend yield 0% 0% Pre-vest cancellation rate 4.63% 2.29% Post-vest cancellation rate 2.28% 3.40% Suboptimal exercise factor 1.229 1.61 The expected life of employee stock options and SARs is impacted by all of the underlying assumptions used in the Company’s model. The binomial model assumes that employees’ exercise behavior is a function of the remaining contractual life of the stock option or SAR and the extent to which the stock option or SAR is in-the-money ( i.e. two three March 31, 2019 2018 4.92 6.27 Employee stock benefit plans As of March 31, 2019, two may one no may one March 31, 2019, 377,000 198,000 The table below presents a summary of information relating to the Company’s stock option, RSU and SAR grants pursuant to its equity incentive plans (unaudited): Number of Options/SARs/ RSUs Weighted average exercise price Weighted average remaining contractual term (years) (3) Aggregate value (*) in thousands in thousands Outstanding at December 31, 2018 1,831 $ 4.59 Options granted 10 12.61 RSUs granted 630 - Options / SARs / RSUs cancelled/forfeited/expired (38 ) 1.98 Options / SARs exercised and RSUs vested (341 ) $ 3.05 Outstanding at March 31, 2019 (1) 2,092 $ 3.55 4.60 $ 22,013 Exercisable at March 31, 2019 (2) 632 $ 9.61 4.45 $ 2,818 (*) Calculation of aggregate intrinsic value is based on the share price of the Company’s common stock on March 31, 2019 ( $14.07 ( 1 2,008,000 March 31, 2019. January 1, 2012 50% ( 2 595,000 March 31, 2019. ( 3 not Additional information about stock options, SARs and RSUs outstanding and exercisable at March 31, 2019 $14.07 March 31, 2019) Exercisable Unexercisable Total Exercise prices Number of o ptions/ SARs / RSUs (in thousands) Weighted average exercise price Number of o ptions/ SARs / RSUs (in thousands) Weighted average exercise price Number of o ptions/ SARs / RSUs (in thousands) Weighted average exercise price Less than $14.07 632 $ 9.61 1,460 $ 0.92 2,092 $ 3.55 Above $14.07 - $ - - $ - - $ - Total 632 $ 9.61 1,460 $ 0.92 2,092 $ 3.55 The Company’s aggregate equity-based compensation expense for the three March 31, 2019 2018 $1,905 $1,699, As of March 31, 2019, $10,769 2019 2023. |
Note K - Pension Liability
Note K - Pension Liability | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE k—Pension Liability The information in this note represents the net periodic pension and post-retirement benefit costs and related components in accordance with FASB ASC No. 715 three March 31, 2019 2018 March 31, 201 9 201 8 Components of net periodic benefit cost: Service cost and amortization of loss $ 5 $ 6 Interest cost 4 4 Net periodic benefit cost $ 9 $ 10 The net pension liability as of March 31, 2019 $815. |
Note L - Fair Value Measurement
Note L - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE l—FAIR VALUE MEASUREMENTS Assets and liabilities measured at fair value on a recurring basis: The Company measures its cash equivalents, short-term deposits, marketable securities and foreign currency derivative contracts at fair value. Cash equivalents, short-term deposits and marketable securities are classified within Level 1 2 2 The following table provides information by value level for assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2019 ( Balance as of Fair value measurements March 31, 201 9 Level 1 Level 2 Level 3 Description Assets Cash equivalents Money market mutual funds $ 612 $ 612 - - Short-term marketable securities: Corporate debt securities $ 22,866 - $ 22,866 - U.S. GSE securities $ 1,388 $ 1,388 Long-term marketable securities: U.S. GSE securities $ 15,973 - $ 15,973 - Corporate debt securities $ 55,341 - $ 55,341 - Derivative a ssets $ 19 - $ 19 - The following table provides information by value level for assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2018. Balance as of Fair value measurements Description December 31, 201 8 Level 1 Level 2 Level 3 Assets Cash equivalents Money market mutual funds $ 773 $ 773 - - Short-term marketable securities U.S. GSE securities $ 1,785 - $ 1,785 - Corporate debt securities $ 25,579 - $ 25,579 - Long-term marketable securities U.S. GSE securities $ 19,512 - $ 19,512 - Corporate debt securities $ 50,896 - $ 50,896 - Derivative liabilities $ 3 - $ 3 - In addition to the assets and liabilities described above, the Company’s financial instruments also include cash and cash equivalents, restricted and short-term deposits, trade receivables, other accounts receivable, trade payables, accrued expenses and other payables. The fair value of these financial instruments was not March 31, 2019 |
Note M - Stockholders' Equity
Note M - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE m—STOCKHOLDERS’ EQUITY During the first three 2019, not March 31, 2019, 794,913 Repurchases of common stock are accounted for as treasury stock, and result in a reduction of stockholders’ equity. The Company reissues treasury shares pursuant to its stock purchase plan, upon exercise of options and upon vesting of restricted stock units. Reissuance of treasury shares is accounted for in accordance with ASC No. 505 30 During the first three 2019, 795,000 1993 |
Note N - Segment Information
Note N - Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE N SEGMENT INFORMATION Description of segments: The Company operates under three The Company's segment information has been prepared in accordance with ASC 280, The Company's operating segments are as follows: Home, Unified Communications and SmartVoice. The classification of the Company’s business segments is based on a number of factors that management uses to evaluate, view and run its business operations, which include, but are not 2019, A description of the types of products provided by each business segment is as follows: Home - Wireless chipset solutions for converged communication at home. Such solutions include integrated circuits targeted for cordless phones sold in retail or supplied by telecommunication service providers, home gateway devices supplied by telecommunication service providers which integrate the DECT/CAT-iq functionality, integrated circuits addressing home automation applications, as well as fixed-mobile convergence solutions. During 2017, 10% 37% 50% first three 2019 2018, 15% first three 2019 2018. Unified Communications - Comprehensive solution for Unified Communications products, including office solutions that offer businesses of all sizes low-cost VoIP terminals with converged voice and data applications. Revenues from the Company’s Unified Communications products represented 33% 30% first three 2019 2018, No 10% first three 2019 2018. SmartVoice - Products for the SmartVoice market that provides voice activation and recognition, voice enhancement, always-on and far-end noise elimination targeted for mobile phone, mobile headsets and other devices that incorporate the Company’s noise suppression and voice quality enhancement HDClear technology. Revenues from the Company’s HDClear products represented 15% 6% first three 2019 2018, No 10% first three 2019 2018. Segment data: The Company derives the results of its business segments directly from its internal management reporting system and by using certain allocation methods. The accounting policies the Company uses to derive business segment results are substantially the same as those the Company uses for consolidation of its financial statements. The CODM measures the performance of each business segment based on several metrics, including earnings from operations. The CODM uses these results, in part, to evaluate the performance of, and to assign resources to, each of the business segments. The Company does not Selected operating results information for each business segment was as follows for the three March 31, 2019 2018 Revenues Income (loss) from operations Three months ended March 31, 2019 2018 2019 2018 Home $ 14,730 $ 18,181 $ 4,071 $ 3,807 Unified Communications 9,409 8,353 2,855 2,152 SmartVoice 4,137 1,577 (6,063 ) (5,674 ) Total $ 28,276 $ 28,111 $ 863 $ 285 The reconciliation of segment operating results information to the Company’s consolidated financial information was as follows (unaudited): Three months ended March 31, 2019 2018 Loss from operations $ 863 $ 285 Unallocated corporate, general and administrative expenses (462 ) (519 ) Equity-based compensation expenses (1,905 ) (1,699 ) Intangible assets amortization expenses (104 ) (425 ) Financial income, net 313 396 Total consolidated loss before taxes $ (1,295 ) $ (1,962 ) |
Note O - Accumulated Other Comp
Note O - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE O —ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income for the three March 31, 2019 ( Unrealized gains (losses) on available- for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on components of defined benefit plans Unrealized losses on foreign currency translation Total Beginning balance $ (1,633 ) $ (3 ) $ (361 ) $ (327 ) $ (2,324 ) Other comprehensive income (loss) before reclassifications 751 105 - (25 ) 831 Losses (gains) reclassified from accumulated other comprehensive income (loss) 47 (83 ) 4 - (32 ) Net current period other comprehensive income (loss) 798 22 4 (25 ) 799 Ending balance $ (835 ) $ 19 $ (357 ) $ (352 ) $ (1,525 ) The following table provides details about reclassifications out of accumulated other comprehensive income for the three March 31, 2019 ( Details about accumulated other comprehensive income (loss) components Losses (gains) r eclassified from accumulated other comprehensive income (loss) Affected line item in the statement of income Losses on available-for-sale marketable securities $ 47 Financial income, net - Provision for income taxes 47 Total, net of income taxes Gains on cash flow hedges (65 ) Research and development (7 ) Sales and marketing (11 ) General and administrative (83 ) Total, before income taxes - Provision for income taxes - Total, net of income taxes Losses on components of defined benefit plans 3 Research and development 1 Sales and marketing 4 Total, before income taxes - Provision for income taxes 4 Total, net of income taxes Total reclassifications for the period $ (32 ) Total, net of income taxes |
Note P - Government Grants
Note P - Government Grants | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Government Grants [Text Block] | NOTE P GOVERNMENT GRANTS Government grants received by the Company’s Israeli subsidiary relating to categories of operating expenditures are credited to the consolidated statements of income during the period during which the expenditure to which they relate is charged. Royalty and non-royalty-bearing grants from the Israeli Innovation Authority (“IIA”) for funding certain approved research and development projects are recognized at the time when the Company’s Israeli subsidiary is entitled to such grants, on the basis of the related costs incurred, and are included as a deduction from research and development expenses, net. The Company recorded grants in the amount of $0.4 $0.5 three March 31, 2019 2018, The Company’s Israeli subsidiary is obligated to pay royalties amounting to 5% may not may six third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent ly Issued and A dopted A ccounting P ronouncements On January 1, 2019, No. 2016 02, 842” 840, not 842 Significant Accounting Policies - Leases Operating Leases Recently I ssued A ccounting P ronouncements Not et E ffective In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 first 2022. In August 2018, 2018 13, 820 2018 13” No. 2018 13 December 15, 2019, 2018 13 2018 13 not In August 2018, 2018 15, 350 40 2018 15” 2018 15 2018 15 December 15, 2019, 2018 15 not In August 2018, 2018 14, 715 20 2018 14” 2018 14 December 15, 2020, 2018 14 |
Lessee, Leases [Policy Text Block] | Significant Accounting Policies- Leases Effective as of January 1, 2019, 842, 842 January 1, 2019 842, not 840. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward the historical lease classification, the Company’s assessment on whether a contract was or contains a lease, and initial direct costs for any leases that existed prior to January 1, 2019. 12 As a result of the adoption of Topic 842 January 1, 2019, $12.5 $12.5 not The Company determines if an arrangement is a lease at inception. The Company assessment is based on: ( 1 2 3 Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one no not one not one not third may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Note B - Operating Leases (Tabl
Note B - Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2019 Weighted-average remaining lease term – operating leases (in years) 8.26 Weighted-average discount rate – operating leases 4.96 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Gross lease liabilities $ 15,434 Less: imputed interest (3,155 ) Present value of lease liabilities 12,279 Less: current portion of lease liabilities (1,885 ) Total long-term lease liabilities $ 10,394 |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 201 9 December 31, 201 8 (Unaudited) (Audited) Work-in-process $ 4,849 $ 4,993 Finished goods 4,429 4,826 $ 9,278 $ 9,819 |
Note D - Net Loss Per Share (Ta
Note D - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 201 9 2018 (Unaudited) Net loss $ (1,066 ) $ (1,753 ) Loss per share: Basic $ (0.05 ) $ (0.08 ) Diluted $ (0.05 ) $ (0.08 ) Weighted average number of shares of common stock outstanding during the period used to compute basic net loss per share (in thousands) 22,542 22,678 Incremental shares attributable to exercise of outstanding options, stock appreciation rights and restricted stock units (assuming proceeds would be used to purchase treasury stock) (in thousands) - - Weighted average number of shares of common stock used to compute diluted net loss per share (in thousands) 22,542 22,678 |
Note E - Marketable Securitie_2
Note E - Marketable Securities and Time Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized cost Unrealized losses, net Fair value March 31, 201 9 December 31, 201 8 March 31, 201 9 December 31, 201 8 March 31, 201 9 December 31, 201 8 (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) Short-term deposits 6,887 $ 8,349 - - $ 6,887 $ 8,349 Long-term deposits 5,159 5,130 - - 5,159 5,130 U.S. GSE securities 17,501 21,550 (140 ) (253 ) 17,361 21,297 Corporate obligations 78,902 77,857 (695 ) (1,382 ) 78,207 76,475 $ 108,449 $ 112,885 $ (835 ) $ (1,635 ) $ 107,614 $ 111,251 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Unrealized gains (losses) Amortized cost Gains Losses Fair value Due in one year or less $ 24,286 $ 8 $ (40 ) $ 24,254 Due after one year to five years 72,117 58 (861 ) 71,314 $ 96,403 $ 66 $ (901 ) $ 95,568 |
Note G - Significant Customers
Note G - Significant Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three months ended March 31, Major customers/ distributors 201 9 2018 Ascend Technology Inc. ¹ ³ 27% 26% VTech Holdings Ltd. 21% 25% Nexty Electronics Corporation (previously named Tomen Electronics Corporation)¹ ² 10% 11% |
Note H - Derivative Instrumen_2
Note H - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair V alue of Derivative I nstruments Derivative Assets (Liabilities) Balance Sheet Location March 3 1 , 201 9 December 31, 201 8 Unaudited Audited Foreign exchange forward and option contracts Other accounts receivable and prepaid expenses (other accounts payable) $ 19 $ (3 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Gains ( L osses) on Derivatives Recognized in OCI for the three months ended March 31, Unaudited 201 9 201 8 Foreign exchange forward and option contracts $ 105 $ - |
Derivative Instruments, Gain (Loss) [Table Text Block] | Gains (losses) reclassified from OCI into income for the three months ended March 31, Unaudited Location 201 9 201 8 Foreign exchange forward and option contracts Operating expenses $ 83 $ - |
Note J - Equity-based Compens_2
Note J - Equity-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, 201 9 2018 Volatility 32.29% 46.24% Risk-free interest rate 2.16% 2.40% Dividend yield 0% 0% Pre-vest cancellation rate 4.63% 2.29% Post-vest cancellation rate 2.28% 3.40% Suboptimal exercise factor 1.229 1.61 |
Share-based Payment Arrangement, Activity [Table Text Block] | Number of Options/SARs/ RSUs Weighted average exercise price Weighted average remaining contractual term (years) (3) Aggregate value (*) in thousands in thousands Outstanding at December 31, 2018 1,831 $ 4.59 Options granted 10 12.61 RSUs granted 630 - Options / SARs / RSUs cancelled/forfeited/expired (38 ) 1.98 Options / SARs exercised and RSUs vested (341 ) $ 3.05 Outstanding at March 31, 2019 (1) 2,092 $ 3.55 4.60 $ 22,013 Exercisable at March 31, 2019 (2) 632 $ 9.61 4.45 $ 2,818 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercisable Unexercisable Total Exercise prices Number of o ptions/ SARs / RSUs (in thousands) Weighted average exercise price Number of o ptions/ SARs / RSUs (in thousands) Weighted average exercise price Number of o ptions/ SARs / RSUs (in thousands) Weighted average exercise price Less than $14.07 632 $ 9.61 1,460 $ 0.92 2,092 $ 3.55 Above $14.07 - $ - - $ - - $ - Total 632 $ 9.61 1,460 $ 0.92 2,092 $ 3.55 |
Note K - Pension Liability (Tab
Note K - Pension Liability (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | March 31, 201 9 201 8 Components of net periodic benefit cost: Service cost and amortization of loss $ 5 $ 6 Interest cost 4 4 Net periodic benefit cost $ 9 $ 10 |
Note L - Fair Value Measureme_2
Note L - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Balance as of Fair value measurements March 31, 201 9 Level 1 Level 2 Level 3 Description Assets Cash equivalents Money market mutual funds $ 612 $ 612 - - Short-term marketable securities: Corporate debt securities $ 22,866 - $ 22,866 - U.S. GSE securities $ 1,388 $ 1,388 Long-term marketable securities: U.S. GSE securities $ 15,973 - $ 15,973 - Corporate debt securities $ 55,341 - $ 55,341 - Derivative a ssets $ 19 - $ 19 - Balance as of Fair value measurements Description December 31, 201 8 Level 1 Level 2 Level 3 Assets Cash equivalents Money market mutual funds $ 773 $ 773 - - Short-term marketable securities U.S. GSE securities $ 1,785 - $ 1,785 - Corporate debt securities $ 25,579 - $ 25,579 - Long-term marketable securities U.S. GSE securities $ 19,512 - $ 19,512 - Corporate debt securities $ 50,896 - $ 50,896 - Derivative liabilities $ 3 - $ 3 - |
Note N - Segment Information (T
Note N - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues Income (loss) from operations Three months ended March 31, 2019 2018 2019 2018 Home $ 14,730 $ 18,181 $ 4,071 $ 3,807 Unified Communications 9,409 8,353 2,855 2,152 SmartVoice 4,137 1,577 (6,063 ) (5,674 ) Total $ 28,276 $ 28,111 $ 863 $ 285 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three months ended March 31, 2019 2018 Loss from operations $ 863 $ 285 Unallocated corporate, general and administrative expenses (462 ) (519 ) Equity-based compensation expenses (1,905 ) (1,699 ) Intangible assets amortization expenses (104 ) (425 ) Financial income, net 313 396 Total consolidated loss before taxes $ (1,295 ) $ (1,962 ) |
Note O - Accumulated Other Co_2
Note O - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gains (losses) on available- for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on components of defined benefit plans Unrealized losses on foreign currency translation Total Beginning balance $ (1,633 ) $ (3 ) $ (361 ) $ (327 ) $ (2,324 ) Other comprehensive income (loss) before reclassifications 751 105 - (25 ) 831 Losses (gains) reclassified from accumulated other comprehensive income (loss) 47 (83 ) 4 - (32 ) Net current period other comprehensive income (loss) 798 22 4 (25 ) 799 Ending balance $ (835 ) $ 19 $ (357 ) $ (352 ) $ (1,525 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about accumulated other comprehensive income (loss) components Losses (gains) r eclassified from accumulated other comprehensive income (loss) Affected line item in the statement of income Losses on available-for-sale marketable securities $ 47 Financial income, net - Provision for income taxes 47 Total, net of income taxes Gains on cash flow hedges (65 ) Research and development (7 ) Sales and marketing (11 ) General and administrative (83 ) Total, before income taxes - Provision for income taxes - Total, net of income taxes Losses on components of defined benefit plans 3 Research and development 1 Sales and marketing 4 Total, before income taxes - Provision for income taxes 4 Total, net of income taxes Total reclassifications for the period $ (32 ) Total, net of income taxes |
Note A - Basis of Presentatio_2
Note A - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 11,972 | ||
Operating Lease, Liability, Total | $ 12,279 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 12,500 | ||
Operating Lease, Liability, Total | $ 12,500 |
Note B - Operating Leases (Deta
Note B - Operating Leases (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease, Cost | $ 742 |
Operating Lease, Payments | $ 742 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Term of Contract | 0 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Term of Contract | 12 years |
Note B - Operating Leases - Inf
Note B - Operating Leases - Information about Lease Amounts (Details) | Mar. 31, 2019 |
Weighted-average remaining lease term – operating leases (in years) (Year) | 8 years 94 days |
Weighted-average discount rate – operating leases | 4.96% |
Note B - Operating Leases - Lea
Note B - Operating Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Gross lease liabilities | $ 15,434 | |
Less: imputed interest | (3,155) | |
Present value of lease liabilities | 12,279 | |
Less: current portion of lease liabilities | (1,885) | |
Total long-term lease liabilities | $ 10,394 |
Note C - Inventories (Details T
Note C - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income from Inventory Previously Written Off | $ 93 | |
Inventory Write-down | $ 49 |
Note C - Inventories - Componen
Note C - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Work-in-process | $ 4,849 | $ 4,993 |
Finished goods | 4,429 | 4,826 |
Inventories | $ 9,278 | $ 9,819 |
Note D - Net Loss Per Share - N
Note D - Net Loss Per Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net loss | $ (1,066) | $ (1,753) |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.05) | $ (0.08) |
Diluted (in dollars per share) | $ (0.05) | $ (0.08) |
Weighted average number of shares of common stock outstanding during the period used to compute basic net loss per share (in thousands) (in shares) | 22,542 | 22,678 |
Incremental shares attributable to exercise of outstanding options, stock appreciation rights and restricted stock units (assuming proceeds would be used to purchase treasury stock) (in thousands) (in shares) | ||
Weighted average number of shares of common stock used to compute diluted net loss per share (in thousands) (in shares) | 22,542 | 22,678 |
Note E - Marketable Securitie_3
Note E - Marketable Securities and Time Deposits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 74,836 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | 901 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 835 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 66 | |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 8,545 | $ 1,855 |
Proceeds from Sale of Available-for-sale Securities, Total | 4,150 | 500 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 47 | $ 2 |
Corporate Debt Securities [Member] | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 |
Note E - Marketable Securitie_4
Note E - Marketable Securities and Time Deposits - Marketable Securities and Time Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable securities and time deposits, amortized cost | $ 108,449 | $ 112,885 |
Marketable securities and time deposits, unrealized gains (losses), net | (835) | (1,635) |
Marketable securities and time deposits, estimated fair value | 107,614 | 111,251 |
Short-term Deposits [Member] | ||
Marketable securities and time deposits, amortized cost | 6,887 | 8,349 |
Marketable securities and time deposits, unrealized gains (losses), net | ||
Marketable securities and time deposits, estimated fair value | 6,887 | 8,349 |
Long-Term Deposit [Member] | ||
Marketable securities and time deposits, amortized cost | 5,159 | 5,130 |
Marketable securities and time deposits, unrealized gains (losses), net | ||
Marketable securities and time deposits, estimated fair value | 5,159 | 5,130 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable securities and time deposits, amortized cost | 17,501 | 21,550 |
Marketable securities and time deposits, unrealized gains (losses), net | (140) | (253) |
Marketable securities and time deposits, estimated fair value | 17,361 | 21,297 |
Corporate Debt Securities [Member] | ||
Marketable securities and time deposits, amortized cost | 78,902 | 77,857 |
Marketable securities and time deposits, unrealized gains (losses), net | (695) | (1,382) |
Marketable securities and time deposits, estimated fair value | $ 78,207 | $ 76,475 |
Note E - Marketable Securitie_5
Note E - Marketable Securities and Time Deposits - Marketable Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable debt securities, amortized cost | $ 108,449 | $ 112,885 |
Marketable debt securities, estimated fair value | 107,614 | $ 111,251 |
Debt Securities [Member] | ||
Marketable debt securities, amortized cost | 96,403 | |
Marketable debt securities, unrealized gains | 66 | |
Marketable debt securities, unrealized losses | (901) | |
Marketable debt securities, estimated fair value | 95,568 | |
Debt Securities [Member] | Due in One Year or Less [Member] | ||
Marketable debt securities, amortized cost | 24,286 | |
Marketable debt securities, unrealized gains | 8 | |
Marketable debt securities, unrealized losses | (40) | |
Marketable debt securities, estimated fair value | 24,254 | |
Debt Securities [Member] | Due after One Year to Five Years [Member] | ||
Marketable debt securities, amortized cost | 72,117 | |
Marketable debt securities, unrealized gains | 58 | |
Marketable debt securities, unrealized losses | (861) | |
Marketable debt securities, estimated fair value | $ 71,314 |
Note F - Taxes on Income (Detai
Note F - Taxes on Income (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Unrecognized Tax Benefits, Ending Balance | $ 2,283 | $ 2,040 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 135 | $ 115 |
Note G - Significant Customer_2
Note G - Significant Customers (Details Textual) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cisco [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Ascend Technology Inc [Member] | ||
Concentration Risk, Percentage | 10.00% | 8.00% |
Note G - Significant Customer_3
Note G - Significant Customers - Sales to Major Customers (Distributors) As a Percentage of Total Revenues (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Ascend Technology Inc [Member] | |||
Concentration risk, percentage | [1],[2] | 27.00% | 26.00% |
VTech Holdings Ltd [Member] | |||
Concentration risk, percentage | 21.00% | 25.00% | |
Nexty Electronics Corporation [Member] | |||
Concentration risk, percentage | [2],[3] | 10.00% | 11.00% |
[1] | Ascend Technology sells the Company's products to a limited number of customers. One of those customers, Cisco Systems, Inc., accounted for 10% and 8% of the Company's total revenues for the three months periods ended March 31, 2019 and 2018. | ||
[2] | Distributor. | ||
[3] | Nexty Electronics sells the Company's products to a limited number of customers; however none of those customers accounted for more than 10% of the Company's total revenues for the three months periods ended March 31, 2019 and 2018. |
Note H - Derivative Instrumen_3
Note H - Derivative Instruments (Details Textual) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Asset, Fair Value, Gross Asset, Total | $ 19,000 |
Derivative Asset, Fair Value, Gross Liability | 0 |
Research and Development Expense [Member] | |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 65,000 |
Selling and Marketing Expense [Member] | |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 7,000 |
General and Administrative Expense [Member] | |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 11,000 |
Other Accounts Receivable [Member] | |
Derivative Asset, Total | 19,000 |
Prepaid Expenses and Other Current Assets [Member] | |
Derivative Liability, Total | 19,000 |
Foreign Exchange Option [Member] | |
Price Risk Cash Flow Hedge Asset, at Fair Value | 0 |
Foreign Exchange Forward [Member] | |
Foreign Currency Fair Value Hedge Asset at Fair Value | $ 600,000 |
Minimum [Member] | |
Derivative Instrument Hedging Period | 30 days |
Maximum [Member] | |
Derivative Instrument Hedging Period | 1 year |
Note H - Derivative Instrumen_4
Note H - Derivative Instruments - Fair Value of the Outstanding Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Foreign Exchange Forward Contracts and Put Options [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair value of derivative instruments | $ 19 | $ (3) |
Note H - Derivative Instrumen_5
Note H - Derivative Instruments - Effect of Derivative Instruments in Cash Flow Hedging Transactions on Income and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Foreign Exchange Forward Contracts and Put Options [Member] | ||
Foreign exchange forward and option contracts | $ 105 |
Note H - Derivative Instrumen_6
Note H - Derivative Instruments - Gains (Losses) on Derivatives Reclassified From OCI to Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Foreign Exchange Forward Contracts and Put Options [Member] | ||
Foreign exchange forward and option contracts | $ 83 |
Note J - Equity-based Compens_3
Note J - Equity-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 87 Months Ended | ||
Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / shares | Mar. 31, 2017 | Mar. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Equity Incentive Plans from Which Future Equity Awards May Be Granted | 2 | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award Number of Expired Equity Incentive Plans | 1 | 1 | ||
Share-based Compensation Arrangement by Share-based Payment Award Number of Employee Purchase Plans | 1 | 1 | ||
Share-based Payment Arrangement, Expense | $ | $ 1,905 | $ 1,699 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 10,769 | $ 10,769 | ||
Common Stock [Member] | ||||
Share Price | $ / shares | $ 14.07 | $ 14.07 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 377,000 | 377,000 | ||
Equity Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 198,000 | 198,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 11.61 | $ 11.27 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Pre Vest Cancel Rate | 3.25% | 3.70% | ||
Employee Stock Option and Stock Appreciation Rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.41 | $ 4.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 335 days | 6 years 98 days | ||
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares to be Issued Upon Exercise of Outstanding Awards | 2,008,000 | 2,008,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant as Percentage of Company Outstanding Common Stock | 50.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercisable, Number | 595,000 | 595,000 |
Note J - Equity-based Compens_4
Note J - Equity-based Compensation - Weighted Average Fair Value Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Volatility | 32.29% | 46.24% |
Risk-free interest rate | 2.16% | 2.40% |
Dividend yield | 0.00% | 0.00% |
Pre-vest cancellation rate | 4.63% | 2.29% |
Post-vest cancellation rate | 2.28% | 3.40% |
Suboptimal exercise factor | 1.229% | 1.61% |
Note J - Equity-based Compens_5
Note J - Equity-based Compensation - Stock Options, SARs and RSUs Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | |||
Outstanding (in shares) | 1,831,000 | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 4.59 | |||
Outstanding, weighted average remaining contractual term (Year) | [1] | 4 years 219 days | [2] | |
Outstanding, aggregate value | [3] | $ 22,013 | [2] | |
Options granted (in shares) | 10 | |||
Options granted (in dollars per share) | $ 12.61 | |||
Options / SARs / RSUs cancelled/forfeited/expired (in shares) | (38,000) | |||
Options / SARs / RSUs cancelled/forfeited/expired, weighted average exercise price (in dollars per share) | $ 1.98 | |||
Options / SARs exercised and RSUs vested (in shares) | (341,000) | |||
Options / SARs exercised and RSUs vested, weighted average exercise price (in dollars per share) | $ 3.05 | |||
Outstanding (in shares) | 2,092,000 | [2] | 1,831,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.55 | [2] | $ 4.59 | |
Exercisable (in shares) | [4] | 632,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | [4] | $ 9.61 | ||
Exercisable, weighted average remaining contractual term (Year) | [1],[4] | 4 years 164 days | ||
Exercisable, aggregate value | [3],[4] | $ 2,818 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Non-option instruments granted (in shares) | 630,000 | |||
Non-option instruments, weighted average exercise price (in dollars per share) | ||||
[1] | Calculation of weighted average remaining contractual term does not include RSUs that were granted, which have indefinite contractual term. | |||
[2] | Due to the ceiling imposed on the SAR grants, the outstanding amount above can be exercised for a maximum of approximately 2,008,000 shares of the Company's common stock as of March 31, 2019. SAR grants made on or after January 1, 2012 are convertible for a maximum number of shares of the Company's common stock equal to 50% of the SARs subject to the grant. | |||
[3] | Calculation of aggregate intrinsic value is based on the share price of the Company's common stock on March 31, 2019 ($14.07 per share). | |||
[4] | Due to the ceiling imposed on the SAR grants, the exercisable amount above can be exercised for a maximum of approximately 595,000 shares of the Company's common stock as of March 31, 2019. |
Note J - Equity-based Compens_6
Note J - Equity-based Compensation - Company's Stock Options and SAR Units Outstanding and Exercisable (Details) shares in Thousands | Mar. 31, 2019$ / sharesshares |
Number of Options/ SARs / RSUs - Exercisable (in shares) | shares | 632 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 9.61 |
Number of Options/ SARs / RSUs - Unexercisable (in shares) | shares | 1,460 |
Weighted Average Exercise Price - Unexercisable (in dollars per share) | $ / shares | $ 0.92 |
Number of Options/ SARs / RSUs (in shares) | shares | 2,092 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.55 |
Range 1 [Member] | |
Number of Options/ SARs / RSUs - Exercisable (in shares) | shares | 632 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 9.61 |
Number of Options/ SARs / RSUs - Unexercisable (in shares) | shares | 1,460 |
Weighted Average Exercise Price - Unexercisable (in dollars per share) | $ / shares | $ 0.92 |
Number of Options/ SARs / RSUs (in shares) | shares | 2,092 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.55 |
Range 2 [Member] | |
Number of Options/ SARs / RSUs - Exercisable (in shares) | shares | |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | |
Number of Options/ SARs / RSUs - Unexercisable (in shares) | shares | |
Weighted Average Exercise Price - Unexercisable (in dollars per share) | $ / shares | |
Number of Options/ SARs / RSUs (in shares) | shares | |
Weighted Average Exercise Price (in dollars per share) | $ / shares |
Note K - Pension Liability (Det
Note K - Pension Liability (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Liability, Defined Benefit Pension Plan, Noncurrent | $ 815 | $ 827 |
Note K - Pension Liability - Co
Note K - Pension Liability - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Components of net periodic benefit cost: | ||
Service cost and amortization of loss | $ 5 | $ 6 |
Interest cost | 4 | 4 |
Net periodic benefit cost | $ 9 | $ 10 |
Note L - Fair Value Measureme_3
Note L - Fair Value Measurements - Fair Value Measurements of Assets and Liabilities on Recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Asset, Fair Value, Gross Asset, Total | $ 19,000 | |
Derivative liabilities | $ 3,000 | |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset, Fair Value, Gross Asset, Total | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset, Fair Value, Gross Asset, Total | 19,000 | |
Derivative liabilities | 3,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset, Fair Value, Gross Asset, Total | ||
Derivative liabilities | ||
Money Market Funds [Member] | ||
Money market mutual funds | 612,000 | 773,000 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market mutual funds | 612,000 | 773,000 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market mutual funds | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market mutual funds | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term securities | 1,388,000 | 1,785,000 |
Long-term securities | 15,973,000 | 19,512,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term securities | ||
Long-term securities | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term securities | 1,388,000 | 1,785,000 |
Long-term securities | 15,973,000 | 19,512,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term securities | ||
Long-term securities | ||
Corporate Debt Securities [Member] | ||
Short-term securities | 22,866,000 | 25,579,000 |
Long-term securities | 55,341,000 | 50,896,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term securities | ||
Long-term securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term securities | 22,866,000 | 25,579,000 |
Long-term securities | 55,341,000 | 50,896,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term securities | ||
Long-term securities |
Note M - Stockholders' Equity (
Note M - Stockholders' Equity (Details Textual) | 3 Months Ended |
Mar. 31, 2019shares | |
Treasury Stock, Shares, Acquired | 0 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 794,913 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans and Exercise of Share-based Awards | 795,000 |
Note N - Segment Information (D
Note N - Segment Information (Details Textual) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Reportable Segments | 3 | |
Product Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Home [Member] | Telephony [Member] | ||
Concentration Risk, Percentage | 37.00% | 50.00% |
Product Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Home [Member] | Smart Home [Member] | ||
Concentration Risk, Percentage | 15.00% | 15.00% |
Product Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Unified Communications [Member] | VoIP [Member] | ||
Concentration Risk, Percentage | 33.00% | 30.00% |
Product Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | SmartVoice [Member] | HDClear [Member] | ||
Concentration Risk, Percentage | 15.00% | 6.00% |
Note N - Segment Information -
Note N - Segment Information - Selected Operating Results (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 28,276,000 | $ 28,111,000 |
Loss from operations | 863,000 | 285,000 |
Revenues | 28,276,000 | 28,111,000 |
Income (loss) from operations | 863,000 | 285,000 |
Home [Member] | ||
Revenues | 14,730,000 | 18,181,000 |
Loss from operations | 4,071,000 | 3,807,000 |
Revenues | 14,730,000 | 18,181,000 |
Income (loss) from operations | 4,071,000 | 3,807,000 |
Unified Communications [Member] | ||
Revenues | 9,409 | 8,353 |
Loss from operations | 2,855 | 2,152 |
Revenues | 9,409 | 8,353 |
Income (loss) from operations | 2,855 | 2,152 |
SmartVoice [Member] | ||
Revenues | 4,137,000 | 1,577,000 |
Loss from operations | (6,063,000) | (5,674,000) |
Revenues | 4,137,000 | 1,577,000 |
Income (loss) from operations | $ (6,063,000) | $ (5,674,000) |
Note N - Segment Information _2
Note N - Segment Information - Reconciliation of Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Loss from operations | $ 863 | $ 285 |
Unallocated corporate, general and administrative expenses | (462) | (519) |
Equity-based compensation expenses | (1,905) | (1,699) |
Intangible assets amortization expenses | (104) | (425) |
Financial income, net | 313 | 396 |
Total consolidated loss before taxes | $ (1,295) | $ (1,962) |
Note O - Accumulated Other Co_3
Note O - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 141,865 | $ 146,950 |
Net current period other comprehensive income (loss) | 799 | (643) |
Balance | 145,413 | 146,250 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | (1,633) | |
Other comprehensive income (loss) before reclassifications | 751 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 47 | |
Net current period other comprehensive income (loss) | 798 | |
Balance | (835) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (3) | |
Other comprehensive income (loss) before reclassifications | 105 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (83) | |
Net current period other comprehensive income (loss) | 22 | |
Balance | 19 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (361) | |
Other comprehensive income (loss) before reclassifications | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 4 | |
Net current period other comprehensive income (loss) | 4 | |
Balance | (357) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (327) | |
Other comprehensive income (loss) before reclassifications | (25) | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | (25) | |
Balance | (352) | |
AOCI Attributable to Parent [Member] | ||
Balance | (2,324) | (1,874) |
Other comprehensive income (loss) before reclassifications | 831 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (32) | |
Net current period other comprehensive income (loss) | 799 | (643) |
Balance | $ (1,525) | $ (2,517) |
Note O - Accumulated Other Co_4
Note O - Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Losses on available-for-sale marketable securities | $ 313 | $ 396 | |
Provision for income taxes | (229) | (209) | |
Net income | (1,066) | (1,753) | |
Research and development | [1] | 8,922 | 8,998 |
Sales and marketing | [2] | 4,483 | 4,068 |
General and administrative | [3] | 2,555 | 2,581 |
Net income | (1,295) | $ (1,962) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Losses on available-for-sale marketable securities | 47 | ||
Net income | (32) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Provision for income taxes | |||
Net income | 47 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Provision for income taxes | |||
Net income | |||
Research and development | (65) | ||
Sales and marketing | (7) | ||
General and administrative | (11) | ||
Net income | (83) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Provision for income taxes | |||
Net income | 4 | ||
Research and development | 3 | ||
Sales and marketing | 1 | ||
General and administrative | $ 4 | ||
[1] | Includes equity-based compensation expense in the amount of $750 and $652 for the three months ended March 31, 2019 and 2018, respectively. | ||
[2] | Includes equity-based compensation expense in the amount of $402 and $406 for the three months ended March 31, 2019 and 2018, respectively. | ||
[3] | Includes equity-based compensation expense in the amount of $638 and $543 for the three months ended March 31, 2019 and 2018, respectively. |
Note P - Government Grants (Det
Note P - Government Grants (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financial Grants in Support of Research and Development | $ 0.4 | $ 0.5 |
Financial Grants in Support of Research and Development, Royalty Obligation | 5.00% |