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• | Ultracapacitors: Our primary focus, ultracapacitors, are energy storage devices that possess a unique combination of high power density, extremely long operational life and the ability to charge and discharge very rapidly. Our ultracapacitor cells and multi-cell packs and modules provide highly reliable energy storage and power delivery solutions for applications in multiple industries, including transportation, automotive, information technology, renewable energy and industrial electronics. |
• | High-Voltage Capacitors: Our CONDIS® high-voltage capacitors are designed and manufactured to perform reliably for decades in all climates. These products include grading and coupling capacitors and capacitive voltage dividers that are used to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. |
• | Radiation-Hardened Microelectronic Products: Our radiation-hardened microelectronic products for satellites and spacecraft include single board computers and components, such as high-density memory and power modules. Many of these products incorporate our proprietary RADPAK® packaging and shielding technology and novel architectures that enable them to withstand the effects of environmental radiation and perform reliably in space. |
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Numerator | ||||||||||||
Net income (loss) | $ | 7,174 | $ | (1,438 | ) | $ | (6,056 | ) | ||||
Denominator | ||||||||||||
Weighted average common shares outstanding | 28,568 | 27,637 | 26,234 | |||||||||
Effect of potentially dilutive securities | ||||||||||||
Options to purchase common stock | 115 | — | — | |||||||||
Convertible debentures | — | — | — | |||||||||
Restricted stock awards | 10 | — | — | |||||||||
Restricted stock unit awards | 2 | — | — | |||||||||
Employee stock purchase plan | 14 | — | — | |||||||||
Weighted average common shares outstanding, assuming dilution | 28,709 | 27,637 | 26,234 | |||||||||
Net income (loss) per share | ||||||||||||
Basic | $ | 0.25 | $ | (0.05 | ) | $ | (0.23 | ) | ||||
Diluted | $ | 0.25 | $ | (0.05 | ) | $ | (0.23 | ) |
Common Stock | 2012 | 2011 | 2010 | ||||||
Outstanding options to purchase common stock | 504 | 1,184 | 1,515 | ||||||
Restricted stock awards outstanding | 319 | 262 | 96 | ||||||
Shares issuable on conversion of convertible debentures | — | — | 514 | ||||||
Restricted stock unit awards | 20 | 22 | 14 | ||||||
Employee stock purchase plan awards | — | 21 | 16 |
Year ending December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Revenues by product line: | ||||||||||||
Ultracapacitors | $ | 95,953 | $ | 86,836 | $ | 68,501 | ||||||
High-voltage capacitors | 45,574 | 42,309 | 35,708 | |||||||||
Microelectronic products | 17,731 | 18,031 | 17,673 | |||||||||
Total | $ | 159,258 | $ | 147,176 | $ | 121,882 | ||||||
Year ending December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Revenues from external customers located in: | ||||||||||||
China | $ | 74,054 | $ | 43,187 | $ | 30,835 | ||||||
United States | 26,473 | 29,723 | 22,248 | |||||||||
Germany | 25,119 | 26,253 | 27,579 | |||||||||
All other countries (1) | 33,612 | 48,013 | 41,220 | |||||||||
Total | $ | 159,258 | $ | 147,176 | $ | 121,882 |
(1) | Revenue from external customers located in countries included in “All other countries” do not individually compromise more than 10% of total revenues for any of the years presented. |
December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Long-lived assets: | ||||||||||||
United States | $ | 24,239 | $ | 17,614 | $ | 10,865 | ||||||
China | 6,340 | 5,916 | 4,786 | |||||||||
Switzerland | 5,862 | 5,211 | 5,259 | |||||||||
Total | $ | 36,441 | $ | 28,741 | $ | 20,910 |
|
• | Beginning in the period in which the investigation revealed arrangements regarding extended payment terms for certain sales to three distributors, the Company determined it is appropriate to defer revenue recognition on all sales to these distributors from the period of shipment to the period of cash receipt. For these distributors, revenue recognition in the period of cash receipt was determined to be appropriate beginning in the fourth quarter of 2011. |
• | Beginning in the period in which the investigation revealed return rights and profit margin protection for one distributor, the Company determined it appropriate to defer revenue recognition until the Company determines that the distributor is not entitled to any further returns or credits. For this distributor, the deferral of revenue until the Company determines that the distributor is not entitled to any further returns or credits was determined to be appropriate beginning in the fourth quarter of 2011. At such time as this determination is made, which is currently anticipated to occur in the second half of the fiscal year 2013, previous sales for which revenue has been deferred, net of any credits or returns that may be made by the distributor, will be recognized as revenue. |
• | For the arrangements with the non-distributor customer to honor transfer of title at a date later than the customer's purchase order indicated, the Company determined it appropriate to defer revenue recognition to the period in which the Company agreed to honor transfer of title. |
• | For the individual transaction where a customer was given extended payment terms which were not considered when revenue was originally recognized in the first quarter of 2011, revenue recognition when the cash was received, which was in the second quarter of 2011, was determined to be appropriate. |
December 31, 2011 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 29,289 | $ | — | $ | — | $ | 29,289 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $450 at December 31, 2011 | 36,131 | (8,158 | ) | — | 27,973 | |||||||||||
Inventories | 27,232 | 6,002 | — | 33,234 | ||||||||||||
Prepaid expenses and other current assets | 3,125 | (34 | ) | 61 | 3,152 | |||||||||||
Total current assets | 95,777 | (2,190 | ) | 61 | 93,648 | |||||||||||
Property and equipment, net | 28,541 | — | — | 28,541 | ||||||||||||
Intangible assets, net | 1,111 | — | — | 1,111 | ||||||||||||
Goodwill | 24,887 | — | — | 24,887 | ||||||||||||
Pension asset | 6,359 | — | — | 6,359 | ||||||||||||
Other non-current assets | 261 | — | (61 | ) | 200 | |||||||||||
Total assets | $ | 156,936 | $ | (2,190 | ) | $ | — | $ | 154,746 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 36,103 | $ | (3 | ) | $ | — | $ | 36,100 | |||||||
Accrued warranty | 258 | — | — | 258 | ||||||||||||
Accrued employee compensation | 6,243 | 100 | — | 6,343 | ||||||||||||
Deferred revenue | 1,042 | — | — | 1,042 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 5,431 | — | — | 5,431 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 49,576 | 97 | — | 49,673 | ||||||||||||
Deferred tax liability, long-term | 933 | — | — | 933 | ||||||||||||
Long-term debt, excluding current portion | 68 | — | — | 68 | ||||||||||||
Other long-term liabilities | 3,028 | — | — | 3,028 | ||||||||||||
Total liabilities | 53,605 | 97 | — | 53,702 | ||||||||||||
Commitments and contingencies (Note 12 and Note 14) | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 28,174 shares issued and outstanding at December 31, 2011 | 2,815 | — | — | 2,815 | ||||||||||||
Additional paid-in capital | 252,907 | — | — | 252,907 | ||||||||||||
Accumulated deficit | (163,021 | ) | (2,287 | ) | — | (165,308 | ) | |||||||||
Accumulated other comprehensive income | 10,630 | — | — | 10,630 | ||||||||||||
Total stockholders’ equity | 103,331 | (2,287 | ) | — | 101,044 | |||||||||||
Total liabilities and stockholders’ equity | $ | 156,936 | $ | (2,190 | ) | $ | — | $ | 154,746 |
Year Ended December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 157,311 | $ | (10,135 | ) | $ | 147,176 | |||||
Cost of revenue | 95,254 | (5,148 | ) | 90,106 | ||||||||
Gross profit | 62,057 | (4,987 | ) | 57,070 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 37,944 | (2,726 | ) | 35,218 | ||||||||
Research and development | 22,330 | 26 | 22,356 | |||||||||
Total operating expenses | 60,274 | (2,700 | ) | 57,574 | ||||||||
Income (loss) from operations | 1,783 | (2,287 | ) | (504 | ) | |||||||
Interest expense, net | (109 | ) | — | (109 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (55 | ) | — | (55 | ) | |||||||
Gain on embedded derivatives and warrants | 1,086 | — | 1,086 | |||||||||
Income (loss) from operations before income taxes | 2,705 | (2,287 | ) | 418 | ||||||||
Income tax provision | 1,856 | — | 1,856 | |||||||||
Net income (loss) | $ | 849 | $ | (2,287 | ) | $ | (1,438 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.03 | $ | (0.08 | ) | $ | (0.05 | ) | ||||
Diluted | $ | 0.03 | $ | (0.08 | ) | $ | (0.05 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,637 | — | 27,637 | |||||||||
Diluted | 28,161 | — | 27,637 |
Year Ended December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Operating activities: | ||||||||||||
Net income (loss) | $ | 849 | $ | (2,287 | ) | $ | (1,438 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 6,800 | — | 6,800 | |||||||||
Amortization of intangible assets | 559 | — | 559 | |||||||||
Amortization of debt discount and prepaid debt costs | 55 | — | 55 | |||||||||
Gain on embedded derivatives and warrants | (1,086 | ) | — | (1,086 | ) | |||||||
Pension cost | (109 | ) | (109 | ) | ||||||||
Stock based-compensation expense | 2,582 | — | 2,582 | |||||||||
Loss on impairment of property and equipment | — | — | — | |||||||||
Provision for (recovery of) losses on accounts receivable | 427 | (127 | ) | 300 | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Trade and other accounts receivable | (9,112 | ) | 8,285 | (827 | ) | |||||||
Inventories | (8,121 | ) | (6,002 | ) | (14,123 | ) | ||||||
Prepaid expenses and other assets | 87 | 35 | 122 | |||||||||
Deferred income taxes | (1,108 | ) | — | (1,108 | ) | |||||||
Accounts payable and accrued liabilities and deferred revenue | 8,469 | (3 | ) | 8,466 | ||||||||
Accrued employee compensation | 179 | 99 | 278 | |||||||||
Other long-term liabilities | (5,572 | ) | (5,572 | ) | ||||||||
Net cash used in operating activities | (5,101 | ) | — | (5,101 | ) | |||||||
Investing activities: | ||||||||||||
Purchases of property and equipment | (14,466 | ) | — | (14,466 | ) | |||||||
Net cash used in investing activities | (14,466 | ) | — | (14,466 | ) | |||||||
Financing activities: | ||||||||||||
Principal payments on long-term debt and short-term borrowings | (12,462 | ) | — | (12,462 | ) | |||||||
Proceeds from long-term and short-term borrowings | 12,229 | — | 12,229 | |||||||||
Proceeds from exercise of stock warrants | — | — | — | |||||||||
Repurchase of shares for employee tax withholding obligation | (154 | ) | — | (154 | ) | |||||||
Proceeds from issuance of common stock under equity compensation plans | 2,819 | — | 2,819 | |||||||||
Proceeds from issuance of common stock under secondary security offering | — | — | — | |||||||||
Release of restricted cash | 8,000 | — | 8,000 | |||||||||
Net cash provided by financing activities | 10,432 | — | 10,432 | |||||||||
Decrease in cash and cash equivalents from operations | (9,135 | ) | — | (9,135 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (1,405 | ) | — | (1,405 | ) | |||||||
Decrease in cash and cash equivalents | (10,540 | ) | — | (10,540 | ) | |||||||
Cash and cash equivalents at beginning of year | 39,829 | — | 39,829 | |||||||||
Cash and cash equivalents at end of year | $ | 29,289 | $ | — | $ | 29,289 | ||||||
Cash paid for: | ||||||||||||
Interest | $ | 166 | $ | — | $ | 166 | ||||||
Income taxes | $ | 3,329 | $ | — | $ | 3,329 | ||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
Landlord funding of leasehold improvements | $ | 1,522 | $ | — | $ | 1,522 | ||||||
Conversion of debenture into shares of common stock | $ | 9,341 | $ | — | $ | 9,341 | ||||||
Stock warrant liability settled in shares of common stock | $ | — | $ | — | $ | — |
December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenues by product line: | ||||||||||||
Ultracapacitors | $ | 96,971 | $ | (10,135 | ) | $ | 86,836 | |||||
High-voltage capacitors | 42,309 | — | 42,309 | |||||||||
Microelectronic products | 18,031 | 18,031 | ||||||||||
Total | $ | 157,311 | $ | (10,135 | ) | $ | 147,176 | |||||
Revenues from external customers located in: | ||||||||||||
China | $ | 43,187 | $ | — | $ | 43,187 | ||||||
United States | 30,608 | (885 | ) | 29,723 | ||||||||
Germany | 32,911 | (6,658 | ) | 26,253 | ||||||||
All other countries | 50,605 | (2,592 | ) | 48,013 | ||||||||
Total | $ | 157,311 | $ | (10,135 | ) | $ | 147,176 |
|
December 31, | ||||||||
2011 | ||||||||
2012 | (Restated) | |||||||
Inventories: | ||||||||
Raw material and purchased parts | $ | 13,114 | $ | 9,661 | ||||
Work-in-process | 1,753 | 3,942 | ||||||
Finished goods | 17,511 | 14,133 | ||||||
Consigned finished goods | 9,242 | 5,498 | ||||||
Total inventories | $ | 41,620 | $ | 33,234 | ||||
Property and equipment, net: | ||||||||
Machinery, furniture and office equipment | $ | 62,593 | $ | 53,356 | ||||
Computer hardware and software | 10,918 | 9,524 | ||||||
Leasehold improvements | 10,376 | 8,253 | ||||||
Construction in progress | 9,283 | 6,801 | ||||||
Property and equipment, gross | 93,170 | 77,934 | ||||||
Less accumulated depreciation and amortization | (56,935 | ) | (49,393 | ) | ||||
Total property and equipment, net | $ | 36,235 | $ | 28,541 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accounts payable | $ | 14,762 | $ | 15,196 | ||||
FCPA settlement | 2,250 | 5,425 | ||||||
Derivative suit settlement accrual | — | 3,000 | ||||||
Customer dispute settlement accrual | 890 | 2,333 | ||||||
Income tax payable | 2,068 | 2,362 | ||||||
Other accrued liabilities | 7,211 | 7,784 | ||||||
Total accounts payable and accrued liabilities | $ | 27,181 | $ | 36,100 | ||||
Years Ended December 31, | ||||||||
2012 | 2011 | |||||||
Accrued warranty: | ||||||||
Beginning balance | $ | 258 | $ | 449 | ||||
Product warranties issued | 446 | 343 | ||||||
Settlement of warranties | (259 | ) | (188 | ) | ||||
Changes related to preexisting warranties | (179 | ) | (354 | ) | ||||
Foreign currency translation adjustment | 3 | 8 | ||||||
Ending balance | $ | 269 | $ | 258 |
Foreign Currency Translation Adjustment | Defined Benefit Pension Plan | Accumulated Other Comprehensive Income | ||||||||||
Accumulated other comprehensive income: | ||||||||||||
Balance at December 31, 2011 | $ | 14,580 | $ | (3,950 | ) | $ | 10,630 | |||||
Current period change | 1,796 | 105 | 1,901 | |||||||||
Balance at December 31, 2012 | $ | 16,376 | $ | (3,845 | ) | $ | 12,531 |
|
Balance at December 31, 2010 | $ | 24,956 | |
Foreign currency translation adjustments | (69 | ) | |
Balance at December 31, 2011 | 24,887 | ||
Foreign currency translation adjustments | 529 | ||
Balance at December 31, 2012 | $ | 25,416 |
Useful Life | Gross Carrying Value | Accumulated Amortization | Cumulative Foreign Currency Translation Adjustment | Net Carrying Value | ||||||||||||||
As of December 31, 2012: | ||||||||||||||||||
Patents | 13 years | $ | 2,476 | $ | (1,903 | ) | $ | — | $ | 573 | ||||||||
Developed core technology | 10 years | 1,100 | (1,100 | ) | — | — | ||||||||||||
Patent license agreement | 5 years | 741 | (606 | ) | (39 | ) | 96 | |||||||||||
Total intangible assets at December 31, 2012 | $ | 4,317 | $ | (3,609 | ) | $ | (39 | ) | $ | 669 | ||||||||
As of December 31, 2011: | ||||||||||||||||||
Patents | 13 years | $ | 2,476 | $ | (1,699 | ) | $ | — | $ | 777 | ||||||||
Developed core technology | 10 years | 1,100 | (1,050 | ) | 29 | 79 | ||||||||||||
Patent license agreement | 5 years | 741 | (468 | ) | (18 | ) | 255 | |||||||||||
Total intangible assets at December 31, 2011 | $ | 4,317 | $ | (3,217 | ) | $ | 11 | $ | 1,111 |
Fiscal Years | |||
2013 | $ | 300 | |
2014 | 203 | ||
2015 | 166 | ||
$ | 669 |
|
Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
Exercise of warrants | $ | — | — | $ | 7,500 | 462 | ||||||||
Conversion of principal into shares of common stock | $ | 8,333 | 514 | $ | — | — | ||||||||
Interest paid with cash | 17 | N/A | 115 | N/A | ||||||||||
Total debenture payments | $ | 8,350 | 514 | $ | 115 | — |
|
Beginning liability balance, December 31, 2010 | $ | 2,093 | ||
Total unrealized gain included in net loss | (1,086 | ) | ||
Liability settled on exercise of warrants | (1,007 | ) | ||
Ending liability balance, December 31, 2011 | $ | — |
|
December 31, 2012 | December 31, 2011 | |||||||
Equipment Term Loan | $ | 3,913 | $ | — | ||||
Maxwell SA short-term loan | 3,278 | 3,201 | ||||||
Maxwell SA credit agreement | 2,185 | 2,134 | ||||||
Maxwell SA auto leases | 159 | 164 | ||||||
Total debt | 9,535 | 5,499 | ||||||
Less current portion | (9,452 | ) | (5,431 | ) | ||||
Total debt, excluding current portion | $ | 83 | $ | 68 |
2013 (1) | $ | 9,452 | |
2014 | 83 | ||
Total debt | $ | 9,535 |
(1) | Contractually scheduled payments related to the Equipment Term Loan of $3.9 million were callable by the bank. |
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Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Cost of revenue | $ | (2 | ) | $ | (220 | ) | $ | 213 | ||||
Selling, general and administrative | 395 | (453 | ) | 1,625 | ||||||||
Total gain (loss) | $ | 393 | $ | (673 | ) | $ | 1,838 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Cost of revenue | $ | 13 | $ | 108 | $ | 717 | ||||||
Selling, general and administrative | (997 | ) | (315 | ) | (1,471 | ) | ||||||
Total loss | $ | (984 | ) | $ | (207 | ) | $ | (754 | ) |
|
Year Ended December 31, 2010 | |||
Expected dividends | — | ||
Expected volatility range | 69.5 | % | |
Risk-free interest rate range | 2.4 | % | |
Expected term/life (in years) | 4.8 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
Balance at December 31, 2011 | 1,183,659 | $ | 11.45 | ||||||||||
Exercised | (145,703 | ) | 7.85 | ||||||||||
Canceled | (114,200 | ) | 14.34 | ||||||||||
Balance at December 31, 2012 | 923,756 | $ | 11.67 | 4.62 | $ | 261,981 | |||||||
Vested or expected to vest at December 31, 2012 | 915,451 | $ | 11.64 | 4.60 | $ | 261,049 | |||||||
Exercisable at December 31, 2012 | 807,146 | $ | 11.53 | 4.31 | $ | 221,133 |
Nonvested Shares | Shares | Weighted Average Grant Date Fair Value | |||||
Nonvested at December 31, 2011 | 262 | $ | 17.17 | ||||
Granted | 255 | 20.60 | |||||
Vested | (58 | ) | 15.04 | ||||
Forfeited | (62 | ) | 16.61 | ||||
Nonvested at December 31, 2012 | 397 | $ | 19.78 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||
Expected dividends | $ | — | $ | — | $ | — | ||||||
Stock price on valuation date | 11.96 | 17.54 | 14.03 | |||||||||
Expected volatility | 71 | % | 41 | % | 54 | % | ||||||
Risk-free interest rate | 0.10 | % | 0.15 | % | 0.21 | % | ||||||
Expected life (in years) | 0.5 | 0.5 | 0.5 | |||||||||
Fair value per share | $ | 4.16 | $ | 4.73 | $ | 4.78 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||
Stock options | $ | 978 | $ | 1,317 | $ | 1,496 | ||||||
Restricted stock | 1,427 | 1,014 | 752 | |||||||||
Restricted stock units | 421 | 57 | 188 | |||||||||
ESPP | 262 | 194 | 191 | |||||||||
Total stock-based compensation expense | $ | 3,088 | $ | 2,582 | $ | 2,627 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||
Cost of revenue | $ | 701 | $ | 355 | $ | 304 | ||||||
Selling, general and administrative | 1,835 | 1,769 | 2,096 | |||||||||
Research and development | 552 | 458 | 227 | |||||||||
Total stock-based compensation expense | $ | 3,088 | $ | 2,582 | $ | 2,627 |
2005 Omnibus Equity Incentive Plan | 1,686,687 | |
2004 Employee Stock Purchase Plan | 96,800 | |
1999 Director Stock Option Plan | 3,000 | |
1995 Stock Option Plan | 158,756 | |
Total | 1,945,243 |
|
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Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
United States | $ | (5,994 | ) | $ | (9,348 | ) | $ | (12,903 | ) | |||
Foreign | 15,517 | 9,766 | 8,478 | |||||||||
Total | $ | 9,523 | $ | 418 | $ | (4,425 | ) |
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Federal: | ||||||||||||
Current | $ | (190 | ) | $ | — | $ | 13 | |||||
Deferred | 6,873 | (2,430 | ) | (4,183 | ) | |||||||
6,683 | (2,430 | ) | (4,170 | ) | ||||||||
State: | ||||||||||||
Current | 7 | 6 | 5 | |||||||||
Deferred | 1,653 | 206 | 60 | |||||||||
1,660 | 212 | 65 | ||||||||||
Foreign: | ||||||||||||
Current | 2,135 | 3,089 | 1,006 | |||||||||
Deferred | (95 | ) | (1,216 | ) | 607 | |||||||
2,040 | 1,873 | 1,613 | ||||||||||
Valuation allowance | (8,034 | ) | 2,201 | 4,123 | ||||||||
Tax provision | $ | 2,349 | $ | 1,856 | $ | 1,631 |
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Taxes at federal statutory rate | $ | 3,054 | $ | 143 | $ | (1,504 | ) | |||||
State taxes, net of federal benefit | (23 | ) | (323 | ) | (284 | ) | ||||||
Effect of tax rate differential for foreign subsidiary | (2,695 | ) | (1,576 | ) | (1,356 | ) | ||||||
Valuation allowance, including tax benefits of stock activity | (8,034 | ) | 2,201 | 4,123 | ||||||||
Nondeductible interest | — | 462 | (313 | ) | ||||||||
Foreign tax credit | — | — | (183 | ) | ||||||||
Stock-based compensation | 242 | 73 | 155 | |||||||||
FCPA settlement | — | — | 1,156 | |||||||||
Return to provision adjustments | 3,568 | 576 | (1,512 | ) | ||||||||
Subpart F income inclusion | 5,594 | — | 948 | |||||||||
Other | 643 | 300 | 401 | |||||||||
Tax provision | $ | 2,349 | $ | 1,856 | $ | 1,631 |
December 31, | ||||||||
2011 | ||||||||
2012 | (Restated) | |||||||
Deferred tax assets: | ||||||||
Tax loss carryforwards | $ | 55,288 | $ | 59,457 | ||||
Tax credit carryforwards | 19 | 18 | ||||||
Uniform capitalization, contract and inventory related reserves | 895 | 1,319 | ||||||
Accrued vacation | 642 | 631 | ||||||
Stock-based compensation | 813 | 763 | ||||||
Tax basis depreciation less book depreciation | — | 984 | ||||||
Intangible assets | 1,104 | 1,232 | ||||||
Deferred revenue | 152 | 265 | ||||||
FCPA settlement | — | 1,187 | ||||||
Other | 1,185 | 1,849 | ||||||
Total | 60,098 | 67,705 | ||||||
Deferred tax liabilities: | ||||||||
Inventory deduction | (209 | ) | (185 | ) | ||||
Pension assets | (1,385 | ) | (933 | ) | ||||
Allowance for doubtful accounts | (433 | ) | (245 | ) | ||||
Tax basis depreciation less book depreciation | (224 | ) | — | |||||
Other | — | (1 | ) | |||||
Total | (2,251 | ) | (1,364 | ) | ||||
Net deferred tax assets before valuation allowance | 57,847 | 66,341 | ||||||
Valuation allowance | (59,740 | ) | (67,773 | ) | ||||
Net deferred tax liabilities | $ | (1,893 | ) | $ | (1,432 | ) |
Balance at December 31, 2011 | $ | 10,433 | |
Increase in prior period positions | 510 | ||
Decrease in current period positions | (666 | ) | |
Balance at December 31, 2012 | $ | 10,277 |
|
Fiscal Years | |||
2013 | $ | 3,962 | |
2014 | 4,074 | ||
2015 | 3,571 | ||
2016 | 2,809 | ||
2017 | 2,581 | ||
Thereafter | 6,490 | ||
Total | $ | 23,487 |
|
Pension Benefits | ||||||||
Years ended December 31, | ||||||||
2012 | 2011 | |||||||
Change in benefit obligation: | ||||||||
Benefit obligation at beginning of year | $ | 26,723 | $ | 25,340 | ||||
Service cost | 671 | 793 | ||||||
Interest cost | 651 | 717 | ||||||
Plan participant contributions | 1,602 | 637 | ||||||
Benefits paid | (668 | ) | (1,254 | ) | ||||
Actuarial loss | 1,659 | 735 | ||||||
Administrative expenses paid | — | (79 | ) | |||||
Settlements | (1,417 | ) | — | |||||
Effect of foreign currency translation | 735 | (166 | ) | |||||
Projected benefit obligation at end of year | 29,956 | 26,723 | ||||||
Changes in plan assets: | ||||||||
Fair value of plan assets at beginning of year | 33,082 | 30,662 | ||||||
Actual return on plan assets | 2,670 | 2,581 | ||||||
Company contributions | 732 | 778 | ||||||
Plan participant contributions | 1,602 | 637 | ||||||
Benefits paid | (668 | ) | (1,254 | ) | ||||
Administrative expenses paid | — | (79 | ) | |||||
Settlements | (1,417 | ) | — | |||||
Effect of foreign currency translation | 894 | (243 | ) | |||||
Fair value of plan assets at end of year | 36,895 | 33,082 | ||||||
Funded status at end of year | $ | 6,939 | $ | 6,359 |
As of December 31, | ||||||||
2012 | 2011 | |||||||
Net long-term pension asset | $ | 6,939 | $ | 6,359 | ||||
Accumulated other comprehensive loss consists of the following: | ||||||||
Net prior service cost | 216 | 262 | ||||||
Net loss | 4,770 | 4,851 | ||||||
Accumulated other comprehensive loss before taxes | $ | 4,986 | $ | 5,113 |
Years ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Components of net periodic pension cost (income): | ||||||||||||
Service cost | $ | 671 | $ | 793 | $ | 629 | ||||||
Interest cost | 651 | 717 | 614 | |||||||||
Expected return on plan assets | (1,403 | ) | (1,616 | ) | (1,491 | ) | ||||||
Prior service cost amortization | 44 | 46 | 39 | |||||||||
Deferred loss amortization | 216 | 309 | — | |||||||||
Settlement cost | 258 | — | — | |||||||||
Net periodic pension cost (income) | $ | 437 | $ | 249 | $ | (209 | ) | |||||
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | ||||||||||||
Prior service cost amortization | $ | (44 | ) | $ | (46 | ) | $ | (39 | ) | |||
Loss (gain) on value of plan assets | (1,268 | ) | (965 | ) | 1,592 | |||||||
Actuarial loss on benefit obligation | 1,659 | 735 | 2,068 | |||||||||
Settlement | (258 | ) | — | — | ||||||||
Deferred loss amortization | (216 | ) | (309 | ) | — | |||||||
Total recognized in other comprehensive income (loss), before taxes | $ | (127 | ) | $ | (585 | ) | $ | 3,621 | ||||
Total recognized in net periodic pension cost (income) and other comprehensive income (loss), before taxes | $ | 310 | $ | (336 | ) | $ | 3,412 |
Pension Benefits | ||||||
Years ended December 31, | ||||||
2012 | 2011 | |||||
Weighted-average assumptions used to determine benefit obligation: | ||||||
Discount rate | 1.75 | % | 2.50 | % | ||
Rate of compensation increase | 2.50 | % | 2.50 | % | ||
Measurement date | 12/31/2012 | 12/31/2011 | ||||
Weighted-average assumptions used to determine net periodic pension cost (income): | ||||||
Discount rate | 2.50 | % | 2.75 | % | ||
Expected long-term return on plan assets | 4.25 | % | 5.00 | % | ||
Rate of compensation increase | 2.50 | % | 2.50 | % | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||||||
Equity securities | 35 | % | 82 | % | ||
Debt securities | 21 | % | 4 | % | ||
Real estate | 39 | % | 12 | % | ||
Other | 5 | % | 2 | % | ||
Total | 100 | % | 100 | % |
Expected amortization during the year ending December 31, 2013 is as follows (in thousands): | |||
Amortization of net prior service costs | $ | 45 | |
Amortization of deferred loss | 182 |
2013 | $ | 1,643 | |
2014 | 1,969 | ||
2015 | 1,772 | ||
2016 | 1,869 | ||
2017 | 1,547 | ||
Years 2018 through 2022 | 8,116 | ||
Total | $ | 16,916 |
Fair Value Measurements at | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Total | Active Market Prices (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Asset category | ||||||||||||||||
Cash: | ||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 848 | $ | 848 | $ | — | $ | — | ||||||||
Equity securities: | — | — | — | |||||||||||||
Investment funds | 19,867 | 19,867 | — | — | ||||||||||||
Real estate investment fund | 10,733 | — | — | 10,733 | ||||||||||||
Fixed income / Bond Securities | ||||||||||||||||
Fixed income / Bond securities: | 1,263 | 1,263 | — | — | ||||||||||||
Real estate investments: | ||||||||||||||||
Real estate investment in specific properties 100% owned by the plan | 4,098 | — | — | 4,098 | ||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 86 | — | 86 | — | ||||||||||||
Net assets of pension plan | $ | 36,895 | $ | 21,978 | $ | 86 | $ | 14,831 |
Description | Real estate investments | |||
Beginning balance, December 31, 2011 | $ | 13,856 | ||
Total unrealized gains included in net gain(1) | 665 | |||
Foreign currency translation adjustments | 310 | |||
Ending balance, December 31, 2012 | $ | 14,831 |
(1) | Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. |
|
|
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | ||||||||||||||||||||||
(Restated) | (Restated) | (Restated) | December 31 | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 35,804 | $ | 36,238 | $ | 42,713 | $ | 44,503 | ||||||||||||||||
Gross profit | 15,157 | 14,524 | 18,142 | 17,229 | ||||||||||||||||||||
Net income (loss) | (952 | ) | (a) | 31 | (b) | 5,228 | (c) | 2,867 | (d) | |||||||||||||||
Basic and diluted net income per share | $ | (0.03 | ) | $ | — | $ | 0.18 | $ | 0.10 | |||||||||||||||
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 29,224 | $ | 38,546 | $ | 42,030 | $ | 37,376 | ||||||||||||||||
Gross profit | 11,329 | 13,901 | 16,830 | 15,010 | ||||||||||||||||||||
Net income (loss) | (2,322 | ) | (e) | (200 | ) | (f) | 569 | (g) | 515 | (h) | ||||||||||||||
Basic and diluted net income (loss) per share | $ | (0.09 | ) | $ | (0.01 | ) | $ | 0.02 | $ | 0.02 |
(a) | Includes a non-cash expense for stock-based compensation of $1.3 million. |
(b) | Includes a non-cash expense for stock-based compensation of $770,000. |
(c) | Includes a non-cash expense for stock-based compensation of $505,000. |
(d) | Includes a non-cash expense for stock-based compensation of $527,000. |
(e) | Includes a gain on embedded derivatives of $1.1 million and a non-cash expense for stock-based compensation of $917,000. |
(f) | Includes a non-cash expense for stock-based compensation of $789,000 and a $2.6 million charge for the accrual for anticipated settlement of a legal matter. |
(g) | Includes a non-cash expense for stock-based compensation of $734,000. |
(h) | Includes a non-cash expense for stock-based compensation of $142,000. |
September 30, 2012 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 20,073 | $ | — | $ | — | $ | 20,073 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $341 at September 31, 2012 | 52,988 | (14,172 | ) | — | 38,816 | |||||||||||
Inventories | 31,930 | 11,872 | — | 43,802 | ||||||||||||
Prepaid expenses and other current assets | 2,829 | 105 | 41 | 2,975 | ||||||||||||
Total current assets | 107,820 | (2,195 | ) | 41 | 105,666 | |||||||||||
Property and equipment, net | 35,806 | — | — | 35,806 | ||||||||||||
Intangible assets, net | 758 | — | — | 758 | ||||||||||||
Goodwill | 24,826 | — | — | 24,826 | ||||||||||||
Pension asset | 6,945 | — | — | 6,945 | ||||||||||||
Other non-current assets | 79 | — | (41 | ) | 38 | |||||||||||
Total assets | $ | 176,234 | $ | (2,195 | ) | $ | — | $ | 174,039 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 32,025 | $ | (36 | ) | $ | — | $ | 31,989 | |||||||
Accrued warranty | 244 | — | — | 244 | ||||||||||||
Accrued employee compensation | 5,025 | — | — | 5,025 | ||||||||||||
Deferred revenue | 764 | 4,385 | — | 5,149 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 6,909 | — | 2,935 | 9,844 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 45,466 | 4,349 | 2,935 | 52,750 | ||||||||||||
Deferred tax liability, long-term | 962 | — | — | 962 | ||||||||||||
Long-term debt, excluding current portion | 2,960 | — | (2,935 | ) | 25 | |||||||||||
Other long-term liabilities | 699 | — | — | 699 | ||||||||||||
Total liabilities | 50,087 | 4,349 | — | 54,436 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,183 shares issued and outstanding at September 31, 2012 | 2,915 | — | — | 2,915 | ||||||||||||
Additional paid-in capital | 267,069 | — | — | 267,069 | ||||||||||||
Accumulated deficit | (154,456 | ) | (6,544 | ) | — | (161,000 | ) | |||||||||
Accumulated other comprehensive income | 10,619 | — | — | 10,619 | ||||||||||||
Total stockholders’ equity | 126,147 | (6,544 | ) | — | 119,603 | |||||||||||
Total liabilities and stockholders’ equity | $ | 176,234 | $ | (2,195 | ) | $ | — | $ | 174,039 |
June 30, 2012 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 22,310 | $ | — | $ | — | $ | 22,310 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $216 at June 30, 2012 | 48,514 | (14,180 | ) | — | 34,334 | |||||||||||
Inventories | 30,217 | 10,822 | — | 41,039 | ||||||||||||
Prepaid expenses and other current assets | 3,299 | 103 | 56 | 3,458 | ||||||||||||
Total current assets | 104,340 | (3,255 | ) | 56 | 101,141 | |||||||||||
Property and equipment, net | 33,275 | — | — | 33,275 | ||||||||||||
Intangible assets, net | 854 | — | — | 854 | ||||||||||||
Goodwill | 24,621 | — | — | 24,621 | ||||||||||||
Pension asset | 6,685 | — | — | 6,685 | ||||||||||||
Other non-current assets | 94 | — | (56 | ) | 38 | |||||||||||
Total assets | $ | 169,869 | $ | (3,255 | ) | $ | — | $ | 166,614 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 31,205 | $ | 40 | $ | — | $ | 31,245 | ||||||||
Accrued warranty | 265 | — | — | 265 | ||||||||||||
Accrued employee compensation | 5,721 | — | — | 5,721 | ||||||||||||
Deferred revenue | 1,096 | 3,074 | — | 4,170 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 6,870 | — | 3,354 | 10,224 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 45,656 | 3,114 | 3,354 | 52,124 | ||||||||||||
Deferred tax liability, long-term | 952 | — | — | 952 | ||||||||||||
Long-term debt, excluding current portion | 3,389 | — | (3,354 | ) | 35 | |||||||||||
Other long-term liabilities | 750 | — | — | 750 | ||||||||||||
Total liabilities | 50,747 | 3,114 | — | 53,861 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,136 shares issued and outstanding at June 30, 2012 | 2,911 | — | — | 2,911 | ||||||||||||
Additional paid-in capital | 266,225 | — | — | 266,225 | ||||||||||||
Accumulated deficit | (159,860 | ) | (6,369 | ) | — | (166,229 | ) | |||||||||
Accumulated other comprehensive income | 9,846 | — | — | 9,846 | ||||||||||||
Total stockholders’ equity | 119,122 | (6,369 | ) | — | 112,753 | |||||||||||
Total liabilities and stockholders’ equity | $ | 169,869 | $ | (3,255 | ) | $ | — | $ | 166,614 |
March 31, 2012 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 30,628 | $ | — | $ | — | $ | 30,628 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $281 at March 31, 2012 | 43,147 | (10,624 | ) | — | 32,523 | |||||||||||
Inventories | 30,606 | 8,574 | — | 39,180 | ||||||||||||
Prepaid expenses and other current assets | 3,158 | 78 | 59 | 3,295 | ||||||||||||
Total current assets | 107,539 | (1,972 | ) | 59 | 105,626 | |||||||||||
Property and equipment, net | 31,922 | — | — | 31,922 | ||||||||||||
Intangible assets, net | 985 | — | — | 985 | ||||||||||||
Goodwill | 25,730 | — | — | 25,730 | ||||||||||||
Pension asset | 6,815 | — | — | 6,815 | ||||||||||||
Other non-current assets | 59 | — | (59 | ) | — | |||||||||||
Total assets | $ | 173,050 | $ | (1,972 | ) | $ | — | $ | 171,078 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 34,239 | $ | 15 | $ | — | $ | 34,254 | ||||||||
Accrued warranty | 287 | — | — | 287 | ||||||||||||
Accrued employee compensation | 5,850 | — | — | 5,850 | ||||||||||||
Deferred revenue | 812 | 1,756 | — | 2,568 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 7,155 | — | 3,494 | 10,649 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 48,842 | 1,771 | 3,494 | 54,107 | ||||||||||||
Deferred tax liability, long-term | 944 | — | — | 944 | ||||||||||||
Long-term debt, excluding current portion | 3,541 | — | (3,494 | ) | 47 | |||||||||||
Other long-term liabilities | 778 | — | — | 778 | ||||||||||||
Total liabilities | 54,105 | 1,771 | — | 55,876 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,127 shares issued and outstanding at March 31, 2012 | 2,910 | — | — | 2,910 | ||||||||||||
Additional paid-in capital | 265,414 | — | — | 265,414 | ||||||||||||
Accumulated deficit | (162,517 | ) | (3,743 | ) | — | (166,260 | ) | |||||||||
Accumulated other comprehensive income | 13,138 | — | — | 13,138 | ||||||||||||
Total stockholders’ equity | 118,945 | (3,743 | ) | — | 115,202 | |||||||||||
Total liabilities and stockholders’ equity | $ | 173,050 | $ | (1,972 | ) | $ | — | $ | 171,078 |
September 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 30,988 | $ | — | $ | 30,988 | ||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $451 at September 30, 2011 | 31,838 | (1,831 | ) | 30,007 | ||||||||
Inventories | 27,965 | 1,697 | 29,662 | |||||||||
Prepaid expenses and other current assets | 3,191 | 13 | 3,204 | |||||||||
Total current assets | 93,982 | (121 | ) | 93,861 | ||||||||
Property and equipment, net | 26,985 | — | 26,985 | |||||||||
Intangible assets, net | 1,259 | — | 1,259 | |||||||||
Goodwill | 25,592 | — | 25,592 | |||||||||
Pension asset | 6,125 | — | 6,125 | |||||||||
Other non-current assets | 246 | — | 246 | |||||||||
Total assets | $ | 154,189 | $ | (121 | ) | $ | 154,068 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities | $ | 29,862 | $ | 1,109 | $ | 30,971 | ||||||
Accrued warranty | 261 | — | 261 | |||||||||
Accrued employee compensation | 7,037 | — | 7,037 | |||||||||
Deferred revenue | 2,478 | — | 2,478 | |||||||||
Short-term borrowings and current portion of long-term debt | 3,409 | — | 3,409 | |||||||||
Deferred tax liability | 1,373 | — | 1,373 | |||||||||
Total current liabilities | 44,420 | 1,109 | 45,529 | |||||||||
Deferred tax liability, long-term | 1,166 | — | 1,166 | |||||||||
Long-term debt, excluding current portion | 2,292 | — | 2,292 | |||||||||
Other long-term liabilities | 3,028 | — | 3,028 | |||||||||
Total liabilities | 50,906 | 1,109 | 52,015 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 28,123 shares issued and outstanding at September 30, 2011 | 2,797 | — | 2,797 | |||||||||
Additional paid-in capital | 252,525 | — | 252,525 | |||||||||
Accumulated deficit | (164,593 | ) | (1,230 | ) | (165,823 | ) | ||||||
Accumulated other comprehensive income | 12,554 | — | 12,554 | |||||||||
Total stockholders’ equity | 103,283 | (1,230 | ) | 102,053 | ||||||||
Total liabilities and stockholders’ equity | $ | 154,189 | $ | (121 | ) | $ | 154,068 |
June 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 29,791 | $ | — | $ | 29,791 | ||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $353 at June 30, 2011 | 35,791 | (3,590 | ) | 32,201 | ||||||||
Inventories | 26,911 | 2,119 | 29,030 | |||||||||
Prepaid expenses and other current assets | 2,939 | 16 | 2,955 | |||||||||
Total current assets | 95,432 | (1,455 | ) | 93,977 | ||||||||
Property and equipment, net | 24,952 | — | 24,952 | |||||||||
Intangible assets, net | 1,438 | 1,438 | ||||||||||
Goodwill | 27,423 | — | 27,423 | |||||||||
Pension asset | 6,387 | — | 6,387 | |||||||||
Other non-current assets | 382 | — | 382 | |||||||||
Total assets | $ | 156,014 | $ | (1,455 | ) | $ | 154,559 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities | $ | 30,582 | $ | 46 | $ | 30,628 | ||||||
Accrued warranty | 304 | — | 304 | |||||||||
Accrued employee compensation | 6,931 | — | 6,931 | |||||||||
Deferred revenue | 1,176 | — | 1,176 | |||||||||
Short-term borrowings and current portion of long-term debt | 3,685 | — | 3,685 | |||||||||
Deferred tax liability | 1,373 | — | 1,373 | |||||||||
Total current liabilities | 44,051 | 46 | 44,097 | |||||||||
Deferred tax liability, long-term | 1,166 | — | 1,166 | |||||||||
Long-term debt, excluding current portion | 2,504 | — | 2,504 | |||||||||
Other long-term liabilities | 3,070 | — | 3,070 | |||||||||
Total liabilities | 50,791 | 46 | 50,837 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 27,955 shares issued and outstanding at June 30, 2011 | 2,780 | — | 2,780 | |||||||||
Additional paid-in capital | 250,341 | — | 250,341 | |||||||||
Accumulated deficit | (164,891 | ) | (1,501 | ) | (166,392 | ) | ||||||
Accumulated other comprehensive income | 16,993 | — | 16,993 | |||||||||
Total stockholders’ equity | 105,223 | (1,501 | ) | 103,722 | ||||||||
Total liabilities and stockholders’ equity | $ | 156,014 | $ | (1,455 | ) | $ | 154,559 |
March 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 33,063 | $ | — | $ | 33,063 | ||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $209 at March 31, 2011 | 32,301 | (6,087 | ) | 26,214 | ||||||||
Inventories | 22,913 | 3,552 | 26,465 | |||||||||
Prepaid expenses and other current assets | 2,657 | 26 | 2,683 | |||||||||
Total current assets | 90,934 | (2,509 | ) | 88,425 | ||||||||
Property and equipment, net | 22,257 | — | 22,257 | |||||||||
Intangible assets, net | 1,526 | — | 1,526 | |||||||||
Goodwill | 25,338 | — | 25,338 | |||||||||
Pension asset | 5,642 | — | 5,642 | |||||||||
Other non-current assets | 471 | — | 471 | |||||||||
Total assets | $ | 146,168 | $ | (2,509 | ) | $ | 143,659 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities | $ | 28,842 | $ | 9 | $ | 28,851 | ||||||
Accrued warranty | 367 | — | 367 | |||||||||
Accrued employee compensation | 4,942 | — | 4,942 | |||||||||
Deferred revenue | 419 | — | 419 | |||||||||
Short-term borrowings and current portion of long-term debt | 3,470 | — | 3,470 | |||||||||
Deferred tax liability | 1,373 | — | 1,373 | |||||||||
Total current liabilities | 39,413 | 9 | 39,422 | |||||||||
Deferred tax liability, long-term | 1,166 | — | 1,166 | |||||||||
Long-term debt, excluding current portion | 2,282 | — | 2,282 | |||||||||
Other long-term liabilities | 3,049 | — | 3,049 | |||||||||
Total liabilities | 45,910 | 9 | 45,919 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 27,950 shares issued and outstanding at March 31, 2011 | 2,779 | — | 2,779 | |||||||||
Additional paid-in capital | 249,558 | — | 249,558 | |||||||||
Accumulated deficit | (163,674 | ) | (2,518 | ) | (166,192 | ) | ||||||
Accumulated other comprehensive income | 11,595 | — | 11,595 | |||||||||
Total stockholders’ equity | 100,258 | (2,518 | ) | 97,740 | ||||||||
Total liabilities and stockholders’ equity | $ | 146,168 | $ | (2,509 | ) | $ | 143,659 |
Three Months Ended September 30, 2012 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 43,907 | $ | (1,194 | ) | $ | 42,713 | |||||
Cost of revenue | 25,534 | (963 | ) | 24,571 | ||||||||
Gross profit | 18,373 | (231 | ) | 18,142 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 7,344 | (2 | ) | 7,342 | ||||||||
Research and development | 5,084 | — | 5,084 | |||||||||
Total operating expenses | 12,428 | (2 | ) | 12,426 | ||||||||
Income (loss) from operations | 5,945 | (229 | ) | 5,716 | ||||||||
Interest expense, net | (56 | ) | — | (56 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (16 | ) | — | (16 | ) | |||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 5,873 | (229 | ) | 5,644 | ||||||||
Income tax provision | 470 | (54 | ) | 416 | ||||||||
Net income (loss) | $ | 5,403 | $ | (175 | ) | $ | 5,228 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.19 | $ | (0.01 | ) | $ | 0.18 | |||||
Diluted | $ | 0.19 | $ | (0.01 | ) | $ | 0.18 | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 28,736 | — | 28,736 | |||||||||
Diluted | 28,748 | — | 28,748 |
Three Months Ended June 30, 2012 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 40,856 | $ | (4,618 | ) | $ | 36,238 | |||||
Cost of revenue | 23,876 | (2,162 | ) | 21,714 | ||||||||
Gross profit | 16,980 | (2,456 | ) | 14,524 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 8,238 | 171 | 8,409 | |||||||||
Research and development | 5,294 | — | 5,294 | |||||||||
Total operating expenses | 13,532 | 171 | 13,703 | |||||||||
Income (loss) from operations | 3,448 | (2,627 | ) | 821 | ||||||||
Interest expense, net | (56 | ) | — | (56 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (15 | ) | — | (15 | ) | |||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 3,377 | (2,627 | ) | 750 | ||||||||
Income tax provision | 719 | — | 719 | |||||||||
Net income (loss) | $ | 2,658 | $ | (2,627 | ) | $ | 31 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.09 | $ | (0.09 | ) | $ | — | |||||
Diluted | $ | 0.09 | $ | (0.09 | ) | $ | — | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 28,672 | — | 28,672 | |||||||||
Diluted | 28,780 | — | 28,780 |
Three Months Ended March 31, 2012 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 39,230 | $ | (3,426 | ) | $ | 35,804 | |||||
Cost of revenue | 23,093 | (2,446 | ) | 20,647 | ||||||||
Gross profit | 16,137 | (980 | ) | 15,157 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 9,286 | 502 | 9,788 | |||||||||
Research and development | 5,596 | (26 | ) | 5,570 | ||||||||
Total operating expenses | 14,882 | 476 | 15,358 | |||||||||
Income (loss) from operations | 1,255 | (1,456 | ) | (201 | ) | |||||||
Interest expense, net | (26 | ) | — | (26 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (11 | ) | — | (11 | ) | |||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 1,218 | (1,456 | ) | (238 | ) | |||||||
Income tax provision | 714 | — | 714 | |||||||||
Net income (loss) | $ | 504 | $ | (1,456 | ) | $ | (952 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.02 | $ | (0.05 | ) | $ | (0.03 | ) | ||||
Diluted | $ | 0.02 | $ | (0.05 | ) | $ | (0.03 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 28,122 | — | 28,122 | |||||||||
Diluted | 28,559 | — | 28,122 |
Three Months Ended December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 42,493 | $ | (5,117 | ) | $ | 37,376 | |||||
Cost of revenue | 26,345 | (3,979 | ) | 22,366 | ||||||||
Gross profit | 16,148 | (1,138 | ) | 15,010 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 8,566 | (107 | ) | 8,459 | ||||||||
Research and development | 5,354 | 26 | 5,380 | |||||||||
Total operating expenses | 13,920 | (81 | ) | 13,839 | ||||||||
Income (loss) from operations | 2,228 | (1,057 | ) | 1,171 | ||||||||
Interest expense, net | (21 | ) | — | (21 | ) | |||||||
Amortization of debt discount and prepaid debt costs | — | — | — | |||||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 2,207 | (1,057 | ) | 1,150 | ||||||||
Income tax provision | 635 | — | 635 | |||||||||
Net income (loss) | $ | 1,572 | $ | (1,057 | ) | $ | 515 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.06 | $ | (0.04 | ) | $ | 0.02 | |||||
Diluted | $ | 0.06 | $ | (0.04 | ) | $ | 0.02 | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,851 | — | 27,851 | |||||||||
Diluted | 28,285 | — | 28,285 |
Three Months Ended September 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 41,096 | $ | 934 | $ | 42,030 | ||||||
Cost of revenue | 24,547 | 653 | 25,200 | |||||||||
Gross profit | 16,549 | 281 | 16,830 | |||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 9,595 | 10 | 9,605 | |||||||||
Research and development | 5,707 | — | 5,707 | |||||||||
Total operating expenses | 15,302 | 10 | 15,312 | |||||||||
Income from operations | 1,247 | 271 | 1,518 | |||||||||
Interest expense, net | (27 | ) | — | (27 | ) | |||||||
Amortization of debt discount and prepaid debt costs | — | — | — | |||||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income from operations before income taxes | 1,220 | 271 | 1,491 | |||||||||
Income tax provision | 922 | — | 922 | |||||||||
Net income | $ | 298 | $ | 271 | $ | 569 | ||||||
Net income per share: | ||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,733 | — | 27,733 | |||||||||
Diluted | 28,161 | — | 28,161 |
Three Months Ended June 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 38,463 | $ | 83 | $ | 38,546 | ||||||
Cost of revenue | 22,987 | 1,658 | 24,645 | |||||||||
Gross profit | 15,476 | (1,575 | ) | 13,901 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 11,798 | (2,600 | ) | 9,198 | ||||||||
Research and development | 5,297 | 8 | 5,305 | |||||||||
Total operating expenses | 17,095 | (2,592 | ) | 14,503 | ||||||||
Income (loss) from operations | (1,619 | ) | 1,017 | (602 | ) | |||||||
Interest expense, net | (25 | ) | — | (25 | ) | |||||||
Amortization of debt discount and prepaid debt costs | — | — | — | |||||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | (1,644 | ) | 1,017 | (627 | ) | |||||||
Income tax provision | (427 | ) | — | (427 | ) | |||||||
Net income (loss) | $ | (1,217 | ) | $ | 1,017 | $ | (200 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | (0.04 | ) | $ | 0.03 | $ | (0.01 | ) | ||||
Diluted | $ | (0.04 | ) | $ | 0.03 | $ | (0.01 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,669 | — | 27,669 | |||||||||
Diluted | 27,669 | — | 27,669 |
Three Months Ended March 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 35,259 | $ | (6,035 | ) | $ | 29,224 | |||||
Cost of revenue | 21,375 | (3,480 | ) | 17,895 | ||||||||
Gross profit | 13,884 | (2,555 | ) | 11,329 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 7,985 | (29 | ) | 7,956 | ||||||||
Research and development | 5,972 | (8 | ) | 5,964 | ||||||||
Total operating expenses | 13,957 | (37 | ) | 13,920 | ||||||||
Loss from operations | (73 | ) | (2,518 | ) | (2,591 | ) | ||||||
Interest expense, net | (36 | ) | — | (36 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (55 | ) | — | (55 | ) | |||||||
Gain on embedded derivatives and warrants | 1,086 | — | 1,086 | |||||||||
Income (loss) from operations before income taxes | 922 | (2,518 | ) | (1,596 | ) | |||||||
Income tax provision | 726 | — | 726 | |||||||||
Net income (loss) | $ | 196 | $ | (2,518 | ) | $ | (2,322 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.01 | $ | (0.10 | ) | $ | (0.09 | ) | ||||
Diluted | $ | 0.01 | $ | (0.10 | ) | $ | (0.09 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,285 | — | 27,285 | |||||||||
Diluted | 28,112 | — | 27,285 |
|
Balance at the Beginning of the Year ($) | Charged to Expense ($) | Acquisitions/ Transfers and Other ($) | Write-offs Net of Recoveries ($) | Balance at the End of the Year ($) | |||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||
December 31, 2010 | 386 | (159 | ) | 13 | (89 | ) | 151 | ||||||||
December 31, 2011 (Restated) | 151 | 300 | (1 | ) | — | 450 | |||||||||
December 31, 2012 | 450 | 193 | 2 | (488 | ) | 157 |
|
|
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Numerator | ||||||||||||
Net income (loss) | $ | 7,174 | $ | (1,438 | ) | $ | (6,056 | ) | ||||
Denominator | ||||||||||||
Weighted average common shares outstanding | 28,568 | 27,637 | 26,234 | |||||||||
Effect of potentially dilutive securities | ||||||||||||
Options to purchase common stock | 115 | — | — | |||||||||
Convertible debentures | — | — | — | |||||||||
Restricted stock awards | 10 | — | — | |||||||||
Restricted stock unit awards | 2 | — | — | |||||||||
Employee stock purchase plan | 14 | — | — | |||||||||
Weighted average common shares outstanding, assuming dilution | 28,709 | 27,637 | 26,234 | |||||||||
Net income (loss) per share | ||||||||||||
Basic | $ | 0.25 | $ | (0.05 | ) | $ | (0.23 | ) | ||||
Diluted | $ | 0.25 | $ | (0.05 | ) | $ | (0.23 | ) |
Common Stock | 2012 | 2011 | 2010 | ||||||
Outstanding options to purchase common stock | 504 | 1,184 | 1,515 | ||||||
Restricted stock awards outstanding | 319 | 262 | 96 | ||||||
Shares issuable on conversion of convertible debentures | — | — | 514 | ||||||
Restricted stock unit awards | 20 | 22 | 14 | ||||||
Employee stock purchase plan awards | — | 21 | 16 |
Year ending December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Revenues by product line: | ||||||||||||
Ultracapacitors | $ | 95,953 | $ | 86,836 | $ | 68,501 | ||||||
High-voltage capacitors | 45,574 | 42,309 | 35,708 | |||||||||
Microelectronic products | 17,731 | 18,031 | 17,673 | |||||||||
Total | $ | 159,258 | $ | 147,176 | $ | 121,882 | ||||||
Year ending December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Revenues from external customers located in: | ||||||||||||
China | $ | 74,054 | $ | 43,187 | $ | 30,835 | ||||||
United States | 26,473 | 29,723 | 22,248 | |||||||||
Germany | 25,119 | 26,253 | 27,579 | |||||||||
All other countries (1) | 33,612 | 48,013 | 41,220 | |||||||||
Total | $ | 159,258 | $ | 147,176 | $ | 121,882 |
(1) | Revenue from external customers located in countries included in “All other countries” do not individually compromise more than 10% of total revenues for any of the years presented. |
December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Long-lived assets: | ||||||||||||
United States | $ | 24,239 | $ | 17,614 | $ | 10,865 | ||||||
China | 6,340 | 5,916 | 4,786 | |||||||||
Switzerland | 5,862 | 5,211 | 5,259 | |||||||||
Total | $ | 36,441 | $ | 28,741 | $ | 20,910 |
|
December 31, 2011 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 29,289 | $ | — | $ | — | $ | 29,289 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $450 at December 31, 2011 | 36,131 | (8,158 | ) | — | 27,973 | |||||||||||
Inventories | 27,232 | 6,002 | — | 33,234 | ||||||||||||
Prepaid expenses and other current assets | 3,125 | (34 | ) | 61 | 3,152 | |||||||||||
Total current assets | 95,777 | (2,190 | ) | 61 | 93,648 | |||||||||||
Property and equipment, net | 28,541 | — | — | 28,541 | ||||||||||||
Intangible assets, net | 1,111 | — | — | 1,111 | ||||||||||||
Goodwill | 24,887 | — | — | 24,887 | ||||||||||||
Pension asset | 6,359 | — | — | 6,359 | ||||||||||||
Other non-current assets | 261 | — | (61 | ) | 200 | |||||||||||
Total assets | $ | 156,936 | $ | (2,190 | ) | $ | — | $ | 154,746 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 36,103 | $ | (3 | ) | $ | — | $ | 36,100 | |||||||
Accrued warranty | 258 | — | — | 258 | ||||||||||||
Accrued employee compensation | 6,243 | 100 | — | 6,343 | ||||||||||||
Deferred revenue | 1,042 | — | — | 1,042 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 5,431 | — | — | 5,431 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 49,576 | 97 | — | 49,673 | ||||||||||||
Deferred tax liability, long-term | 933 | — | — | 933 | ||||||||||||
Long-term debt, excluding current portion | 68 | — | — | 68 | ||||||||||||
Other long-term liabilities | 3,028 | — | — | 3,028 | ||||||||||||
Total liabilities | 53,605 | 97 | — | 53,702 | ||||||||||||
Commitments and contingencies (Note 12 and Note 14) | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 28,174 shares issued and outstanding at December 31, 2011 | 2,815 | — | — | 2,815 | ||||||||||||
Additional paid-in capital | 252,907 | — | — | 252,907 | ||||||||||||
Accumulated deficit | (163,021 | ) | (2,287 | ) | — | (165,308 | ) | |||||||||
Accumulated other comprehensive income | 10,630 | — | — | 10,630 | ||||||||||||
Total stockholders’ equity | 103,331 | (2,287 | ) | — | 101,044 | |||||||||||
Total liabilities and stockholders’ equity | $ | 156,936 | $ | (2,190 | ) | $ | — | $ | 154,746 |
Year Ended December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 157,311 | $ | (10,135 | ) | $ | 147,176 | |||||
Cost of revenue | 95,254 | (5,148 | ) | 90,106 | ||||||||
Gross profit | 62,057 | (4,987 | ) | 57,070 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 37,944 | (2,726 | ) | 35,218 | ||||||||
Research and development | 22,330 | 26 | 22,356 | |||||||||
Total operating expenses | 60,274 | (2,700 | ) | 57,574 | ||||||||
Income (loss) from operations | 1,783 | (2,287 | ) | (504 | ) | |||||||
Interest expense, net | (109 | ) | — | (109 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (55 | ) | — | (55 | ) | |||||||
Gain on embedded derivatives and warrants | 1,086 | — | 1,086 | |||||||||
Income (loss) from operations before income taxes | 2,705 | (2,287 | ) | 418 | ||||||||
Income tax provision | 1,856 | — | 1,856 | |||||||||
Net income (loss) | $ | 849 | $ | (2,287 | ) | $ | (1,438 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.03 | $ | (0.08 | ) | $ | (0.05 | ) | ||||
Diluted | $ | 0.03 | $ | (0.08 | ) | $ | (0.05 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,637 | — | 27,637 | |||||||||
Diluted | 28,161 | — | 27,637 |
Year Ended December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Operating activities: | ||||||||||||
Net income (loss) | $ | 849 | $ | (2,287 | ) | $ | (1,438 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 6,800 | — | 6,800 | |||||||||
Amortization of intangible assets | 559 | — | 559 | |||||||||
Amortization of debt discount and prepaid debt costs | 55 | — | 55 | |||||||||
Gain on embedded derivatives and warrants | (1,086 | ) | — | (1,086 | ) | |||||||
Pension cost | (109 | ) | (109 | ) | ||||||||
Stock based-compensation expense | 2,582 | — | 2,582 | |||||||||
Loss on impairment of property and equipment | — | — | — | |||||||||
Provision for (recovery of) losses on accounts receivable | 427 | (127 | ) | 300 | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Trade and other accounts receivable | (9,112 | ) | 8,285 | (827 | ) | |||||||
Inventories | (8,121 | ) | (6,002 | ) | (14,123 | ) | ||||||
Prepaid expenses and other assets | 87 | 35 | 122 | |||||||||
Deferred income taxes | (1,108 | ) | — | (1,108 | ) | |||||||
Accounts payable and accrued liabilities and deferred revenue | 8,469 | (3 | ) | 8,466 | ||||||||
Accrued employee compensation | 179 | 99 | 278 | |||||||||
Other long-term liabilities | (5,572 | ) | (5,572 | ) | ||||||||
Net cash used in operating activities | (5,101 | ) | — | (5,101 | ) | |||||||
Investing activities: | ||||||||||||
Purchases of property and equipment | (14,466 | ) | — | (14,466 | ) | |||||||
Net cash used in investing activities | (14,466 | ) | — | (14,466 | ) | |||||||
Financing activities: | ||||||||||||
Principal payments on long-term debt and short-term borrowings | (12,462 | ) | — | (12,462 | ) | |||||||
Proceeds from long-term and short-term borrowings | 12,229 | — | 12,229 | |||||||||
Proceeds from exercise of stock warrants | — | — | — | |||||||||
Repurchase of shares for employee tax withholding obligation | (154 | ) | — | (154 | ) | |||||||
Proceeds from issuance of common stock under equity compensation plans | 2,819 | — | 2,819 | |||||||||
Proceeds from issuance of common stock under secondary security offering | — | — | — | |||||||||
Release of restricted cash | 8,000 | — | 8,000 | |||||||||
Net cash provided by financing activities | 10,432 | — | 10,432 | |||||||||
Decrease in cash and cash equivalents from operations | (9,135 | ) | — | (9,135 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (1,405 | ) | — | (1,405 | ) | |||||||
Decrease in cash and cash equivalents | (10,540 | ) | — | (10,540 | ) | |||||||
Cash and cash equivalents at beginning of year | 39,829 | — | 39,829 | |||||||||
Cash and cash equivalents at end of year | $ | 29,289 | $ | — | $ | 29,289 | ||||||
Cash paid for: | ||||||||||||
Interest | $ | 166 | $ | — | $ | 166 | ||||||
Income taxes | $ | 3,329 | $ | — | $ | 3,329 | ||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
Landlord funding of leasehold improvements | $ | 1,522 | $ | — | $ | 1,522 | ||||||
Conversion of debenture into shares of common stock | $ | 9,341 | $ | — | $ | 9,341 | ||||||
Stock warrant liability settled in shares of common stock | $ | — | $ | — | $ | — |
December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenues by product line: | ||||||||||||
Ultracapacitors | $ | 96,971 | $ | (10,135 | ) | $ | 86,836 | |||||
High-voltage capacitors | 42,309 | — | 42,309 | |||||||||
Microelectronic products | 18,031 | 18,031 | ||||||||||
Total | $ | 157,311 | $ | (10,135 | ) | $ | 147,176 | |||||
Revenues from external customers located in: | ||||||||||||
China | $ | 43,187 | $ | — | $ | 43,187 | ||||||
United States | 30,608 | (885 | ) | 29,723 | ||||||||
Germany | 32,911 | (6,658 | ) | 26,253 | ||||||||
All other countries | 50,605 | (2,592 | ) | 48,013 | ||||||||
Total | $ | 157,311 | $ | (10,135 | ) | $ | 147,176 |
|
December 31, | ||||||||
2011 | ||||||||
2012 | (Restated) | |||||||
Inventories: | ||||||||
Raw material and purchased parts | $ | 13,114 | $ | 9,661 | ||||
Work-in-process | 1,753 | 3,942 | ||||||
Finished goods | 17,511 | 14,133 | ||||||
Consigned finished goods | 9,242 | 5,498 | ||||||
Total inventories | $ | 41,620 | $ | 33,234 | ||||
Property and equipment, net: | ||||||||
Machinery, furniture and office equipment | $ | 62,593 | $ | 53,356 | ||||
Computer hardware and software | 10,918 | 9,524 | ||||||
Leasehold improvements | 10,376 | 8,253 | ||||||
Construction in progress | 9,283 | 6,801 | ||||||
Property and equipment, gross | 93,170 | 77,934 | ||||||
Less accumulated depreciation and amortization | (56,935 | ) | (49,393 | ) | ||||
Total property and equipment, net | $ | 36,235 | $ | 28,541 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accounts payable | $ | 14,762 | $ | 15,196 | ||||
FCPA settlement | 2,250 | 5,425 | ||||||
Derivative suit settlement accrual | — | 3,000 | ||||||
Customer dispute settlement accrual | 890 | 2,333 | ||||||
Income tax payable | 2,068 | 2,362 | ||||||
Other accrued liabilities | 7,211 | 7,784 | ||||||
Total accounts payable and accrued liabilities | $ | 27,181 | $ | 36,100 | ||||
Years Ended December 31, | ||||||||
2012 | 2011 | |||||||
Accrued warranty: | ||||||||
Beginning balance | $ | 258 | $ | 449 | ||||
Product warranties issued | 446 | 343 | ||||||
Settlement of warranties | (259 | ) | (188 | ) | ||||
Changes related to preexisting warranties | (179 | ) | (354 | ) | ||||
Foreign currency translation adjustment | 3 | 8 | ||||||
Ending balance | $ | 269 | $ | 258 |
Foreign Currency Translation Adjustment | Defined Benefit Pension Plan | Accumulated Other Comprehensive Income | ||||||||||
Accumulated other comprehensive income: | ||||||||||||
Balance at December 31, 2011 | $ | 14,580 | $ | (3,950 | ) | $ | 10,630 | |||||
Current period change | 1,796 | 105 | 1,901 | |||||||||
Balance at December 31, 2012 | $ | 16,376 | $ | (3,845 | ) | $ | 12,531 |
|
Balance at December 31, 2010 | $ | 24,956 | |
Foreign currency translation adjustments | (69 | ) | |
Balance at December 31, 2011 | 24,887 | ||
Foreign currency translation adjustments | 529 | ||
Balance at December 31, 2012 | $ | 25,416 |
Useful Life | Gross Carrying Value | Accumulated Amortization | Cumulative Foreign Currency Translation Adjustment | Net Carrying Value | ||||||||||||||
As of December 31, 2012: | ||||||||||||||||||
Patents | 13 years | $ | 2,476 | $ | (1,903 | ) | $ | — | $ | 573 | ||||||||
Developed core technology | 10 years | 1,100 | (1,100 | ) | — | — | ||||||||||||
Patent license agreement | 5 years | 741 | (606 | ) | (39 | ) | 96 | |||||||||||
Total intangible assets at December 31, 2012 | $ | 4,317 | $ | (3,609 | ) | $ | (39 | ) | $ | 669 | ||||||||
As of December 31, 2011: | ||||||||||||||||||
Patents | 13 years | $ | 2,476 | $ | (1,699 | ) | $ | — | $ | 777 | ||||||||
Developed core technology | 10 years | 1,100 | (1,050 | ) | 29 | 79 | ||||||||||||
Patent license agreement | 5 years | 741 | (468 | ) | (18 | ) | 255 | |||||||||||
Total intangible assets at December 31, 2011 | $ | 4,317 | $ | (3,217 | ) | $ | 11 | $ | 1,111 |
Fiscal Years | |||
2013 | $ | 300 | |
2014 | 203 | ||
2015 | 166 | ||
$ | 669 |
|
Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
Exercise of warrants | $ | — | — | $ | 7,500 | 462 | ||||||||
Conversion of principal into shares of common stock | $ | 8,333 | 514 | $ | — | — | ||||||||
Interest paid with cash | 17 | N/A | 115 | N/A | ||||||||||
Total debenture payments | $ | 8,350 | 514 | $ | 115 | — |
|
Beginning liability balance, December 31, 2010 | $ | 2,093 | ||
Total unrealized gain included in net loss | (1,086 | ) | ||
Liability settled on exercise of warrants | (1,007 | ) | ||
Ending liability balance, December 31, 2011 | $ | — |
|
December 31, 2012 | December 31, 2011 | |||||||
Equipment Term Loan | $ | 3,913 | $ | — | ||||
Maxwell SA short-term loan | 3,278 | 3,201 | ||||||
Maxwell SA credit agreement | 2,185 | 2,134 | ||||||
Maxwell SA auto leases | 159 | 164 | ||||||
Total debt | 9,535 | 5,499 | ||||||
Less current portion | (9,452 | ) | (5,431 | ) | ||||
Total debt, excluding current portion | $ | 83 | $ | 68 |
2013 (1) | $ | 9,452 | |
2014 | 83 | ||
Total debt | $ | 9,535 |
(1) | Contractually scheduled payments related to the Equipment Term Loan of $3.9 million were callable by the bank. |
|
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Cost of revenue | $ | (2 | ) | $ | (220 | ) | $ | 213 | ||||
Selling, general and administrative | 395 | (453 | ) | 1,625 | ||||||||
Total gain (loss) | $ | 393 | $ | (673 | ) | $ | 1,838 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Cost of revenue | $ | 13 | $ | 108 | $ | 717 | ||||||
Selling, general and administrative | (997 | ) | (315 | ) | (1,471 | ) | ||||||
Total loss | $ | (984 | ) | $ | (207 | ) | $ | (754 | ) |
|
Year Ended December 31, 2010 | |||
Expected dividends | — | ||
Expected volatility range | 69.5 | % | |
Risk-free interest rate range | 2.4 | % | |
Expected term/life (in years) | 4.8 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
Balance at December 31, 2011 | 1,183,659 | $ | 11.45 | ||||||||||
Exercised | (145,703 | ) | 7.85 | ||||||||||
Canceled | (114,200 | ) | 14.34 | ||||||||||
Balance at December 31, 2012 | 923,756 | $ | 11.67 | 4.62 | $ | 261,981 | |||||||
Vested or expected to vest at December 31, 2012 | 915,451 | $ | 11.64 | 4.60 | $ | 261,049 | |||||||
Exercisable at December 31, 2012 | 807,146 | $ | 11.53 | 4.31 | $ | 221,133 |
Nonvested Shares | Shares | Weighted Average Grant Date Fair Value | |||||
Nonvested at December 31, 2011 | 262 | $ | 17.17 | ||||
Granted | 255 | 20.60 | |||||
Vested | (58 | ) | 15.04 | ||||
Forfeited | (62 | ) | 16.61 | ||||
Nonvested at December 31, 2012 | 397 | $ | 19.78 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||
Expected dividends | $ | — | $ | — | $ | — | ||||||
Stock price on valuation date | 11.96 | 17.54 | 14.03 | |||||||||
Expected volatility | 71 | % | 41 | % | 54 | % | ||||||
Risk-free interest rate | 0.10 | % | 0.15 | % | 0.21 | % | ||||||
Expected life (in years) | 0.5 | 0.5 | 0.5 | |||||||||
Fair value per share | $ | 4.16 | $ | 4.73 | $ | 4.78 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||
Stock options | $ | 978 | $ | 1,317 | $ | 1,496 | ||||||
Restricted stock | 1,427 | 1,014 | 752 | |||||||||
Restricted stock units | 421 | 57 | 188 | |||||||||
ESPP | 262 | 194 | 191 | |||||||||
Total stock-based compensation expense | $ | 3,088 | $ | 2,582 | $ | 2,627 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||
Cost of revenue | $ | 701 | $ | 355 | $ | 304 | ||||||
Selling, general and administrative | 1,835 | 1,769 | 2,096 | |||||||||
Research and development | 552 | 458 | 227 | |||||||||
Total stock-based compensation expense | $ | 3,088 | $ | 2,582 | $ | 2,627 |
2005 Omnibus Equity Incentive Plan | 1,686,687 | |
2004 Employee Stock Purchase Plan | 96,800 | |
1999 Director Stock Option Plan | 3,000 | |
1995 Stock Option Plan | 158,756 | |
Total | 1,945,243 |
|
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
United States | $ | (5,994 | ) | $ | (9,348 | ) | $ | (12,903 | ) | |||
Foreign | 15,517 | 9,766 | 8,478 | |||||||||
Total | $ | 9,523 | $ | 418 | $ | (4,425 | ) |
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Federal: | ||||||||||||
Current | $ | (190 | ) | $ | — | $ | 13 | |||||
Deferred | 6,873 | (2,430 | ) | (4,183 | ) | |||||||
6,683 | (2,430 | ) | (4,170 | ) | ||||||||
State: | ||||||||||||
Current | 7 | 6 | 5 | |||||||||
Deferred | 1,653 | 206 | 60 | |||||||||
1,660 | 212 | 65 | ||||||||||
Foreign: | ||||||||||||
Current | 2,135 | 3,089 | 1,006 | |||||||||
Deferred | (95 | ) | (1,216 | ) | 607 | |||||||
2,040 | 1,873 | 1,613 | ||||||||||
Valuation allowance | (8,034 | ) | 2,201 | 4,123 | ||||||||
Tax provision | $ | 2,349 | $ | 1,856 | $ | 1,631 |
Years Ended December 31, | ||||||||||||
2011 | ||||||||||||
2012 | (Restated) | 2010 | ||||||||||
Taxes at federal statutory rate | $ | 3,054 | $ | 143 | $ | (1,504 | ) | |||||
State taxes, net of federal benefit | (23 | ) | (323 | ) | (284 | ) | ||||||
Effect of tax rate differential for foreign subsidiary | (2,695 | ) | (1,576 | ) | (1,356 | ) | ||||||
Valuation allowance, including tax benefits of stock activity | (8,034 | ) | 2,201 | 4,123 | ||||||||
Nondeductible interest | — | 462 | (313 | ) | ||||||||
Foreign tax credit | — | — | (183 | ) | ||||||||
Stock-based compensation | 242 | 73 | 155 | |||||||||
FCPA settlement | — | — | 1,156 | |||||||||
Return to provision adjustments | 3,568 | 576 | (1,512 | ) | ||||||||
Subpart F income inclusion | 5,594 | — | 948 | |||||||||
Other | 643 | 300 | 401 | |||||||||
Tax provision | $ | 2,349 | $ | 1,856 | $ | 1,631 |
December 31, | ||||||||
2011 | ||||||||
2012 | (Restated) | |||||||
Deferred tax assets: | ||||||||
Tax loss carryforwards | $ | 55,288 | $ | 59,457 | ||||
Tax credit carryforwards | 19 | 18 | ||||||
Uniform capitalization, contract and inventory related reserves | 895 | 1,319 | ||||||
Accrued vacation | 642 | 631 | ||||||
Stock-based compensation | 813 | 763 | ||||||
Tax basis depreciation less book depreciation | — | 984 | ||||||
Intangible assets | 1,104 | 1,232 | ||||||
Deferred revenue | 152 | 265 | ||||||
FCPA settlement | — | 1,187 | ||||||
Other | 1,185 | 1,849 | ||||||
Total | 60,098 | 67,705 | ||||||
Deferred tax liabilities: | ||||||||
Inventory deduction | (209 | ) | (185 | ) | ||||
Pension assets | (1,385 | ) | (933 | ) | ||||
Allowance for doubtful accounts | (433 | ) | (245 | ) | ||||
Tax basis depreciation less book depreciation | (224 | ) | — | |||||
Other | — | (1 | ) | |||||
Total | (2,251 | ) | (1,364 | ) | ||||
Net deferred tax assets before valuation allowance | 57,847 | 66,341 | ||||||
Valuation allowance | (59,740 | ) | (67,773 | ) | ||||
Net deferred tax liabilities | $ | (1,893 | ) | $ | (1,432 | ) |
Balance at December 31, 2011 | $ | 10,433 | |
Increase in prior period positions | 510 | ||
Decrease in current period positions | (666 | ) | |
Balance at December 31, 2012 | $ | 10,277 |
|
Fiscal Years | |||
2013 | $ | 3,962 | |
2014 | 4,074 | ||
2015 | 3,571 | ||
2016 | 2,809 | ||
2017 | 2,581 | ||
Thereafter | 6,490 | ||
Total | $ | 23,487 |
|
Pension Benefits | ||||||||
Years ended December 31, | ||||||||
2012 | 2011 | |||||||
Change in benefit obligation: | ||||||||
Benefit obligation at beginning of year | $ | 26,723 | $ | 25,340 | ||||
Service cost | 671 | 793 | ||||||
Interest cost | 651 | 717 | ||||||
Plan participant contributions | 1,602 | 637 | ||||||
Benefits paid | (668 | ) | (1,254 | ) | ||||
Actuarial loss | 1,659 | 735 | ||||||
Administrative expenses paid | — | (79 | ) | |||||
Settlements | (1,417 | ) | — | |||||
Effect of foreign currency translation | 735 | (166 | ) | |||||
Projected benefit obligation at end of year | 29,956 | 26,723 | ||||||
Changes in plan assets: | ||||||||
Fair value of plan assets at beginning of year | 33,082 | 30,662 | ||||||
Actual return on plan assets | 2,670 | 2,581 | ||||||
Company contributions | 732 | 778 | ||||||
Plan participant contributions | 1,602 | 637 | ||||||
Benefits paid | (668 | ) | (1,254 | ) | ||||
Administrative expenses paid | — | (79 | ) | |||||
Settlements | (1,417 | ) | — | |||||
Effect of foreign currency translation | 894 | (243 | ) | |||||
Fair value of plan assets at end of year | 36,895 | 33,082 | ||||||
Funded status at end of year | $ | 6,939 | $ | 6,359 |
As of December 31, | ||||||||
2012 | 2011 | |||||||
Net long-term pension asset | $ | 6,939 | $ | 6,359 | ||||
Accumulated other comprehensive loss consists of the following: | ||||||||
Net prior service cost | 216 | 262 | ||||||
Net loss | 4,770 | 4,851 | ||||||
Accumulated other comprehensive loss before taxes | $ | 4,986 | $ | 5,113 |
Years ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Components of net periodic pension cost (income): | ||||||||||||
Service cost | $ | 671 | $ | 793 | $ | 629 | ||||||
Interest cost | 651 | 717 | 614 | |||||||||
Expected return on plan assets | (1,403 | ) | (1,616 | ) | (1,491 | ) | ||||||
Prior service cost amortization | 44 | 46 | 39 | |||||||||
Deferred loss amortization | 216 | 309 | — | |||||||||
Settlement cost | 258 | — | — | |||||||||
Net periodic pension cost (income) | $ | 437 | $ | 249 | $ | (209 | ) | |||||
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | ||||||||||||
Prior service cost amortization | $ | (44 | ) | $ | (46 | ) | $ | (39 | ) | |||
Loss (gain) on value of plan assets | (1,268 | ) | (965 | ) | 1,592 | |||||||
Actuarial loss on benefit obligation | 1,659 | 735 | 2,068 | |||||||||
Settlement | (258 | ) | — | — | ||||||||
Deferred loss amortization | (216 | ) | (309 | ) | — | |||||||
Total recognized in other comprehensive income (loss), before taxes | $ | (127 | ) | $ | (585 | ) | $ | 3,621 | ||||
Total recognized in net periodic pension cost (income) and other comprehensive income (loss), before taxes | $ | 310 | $ | (336 | ) | $ | 3,412 |
Pension Benefits | ||||||
Years ended December 31, | ||||||
2012 | 2011 | |||||
Weighted-average assumptions used to determine benefit obligation: | ||||||
Discount rate | 1.75 | % | 2.50 | % | ||
Rate of compensation increase | 2.50 | % | 2.50 | % | ||
Measurement date | 12/31/2012 | 12/31/2011 | ||||
Weighted-average assumptions used to determine net periodic pension cost (income): | ||||||
Discount rate | 2.50 | % | 2.75 | % | ||
Expected long-term return on plan assets | 4.25 | % | 5.00 | % | ||
Rate of compensation increase | 2.50 | % | 2.50 | % | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||||||
Equity securities | 35 | % | 82 | % | ||
Debt securities | 21 | % | 4 | % | ||
Real estate | 39 | % | 12 | % | ||
Other | 5 | % | 2 | % | ||
Total | 100 | % | 100 | % |
Expected amortization during the year ending December 31, 2013 is as follows (in thousands): | |||
Amortization of net prior service costs | $ | 45 | |
Amortization of deferred loss | 182 |
2013 | $ | 1,643 | |
2014 | 1,969 | ||
2015 | 1,772 | ||
2016 | 1,869 | ||
2017 | 1,547 | ||
Years 2018 through 2022 | 8,116 | ||
Total | $ | 16,916 |
Fair Value Measurements at | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Total | Active Market Prices (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Asset category | ||||||||||||||||
Cash: | ||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 848 | $ | 848 | $ | — | $ | — | ||||||||
Equity securities: | — | — | — | |||||||||||||
Investment funds | 19,867 | 19,867 | — | — | ||||||||||||
Real estate investment fund | 10,733 | — | — | 10,733 | ||||||||||||
Fixed income / Bond Securities | ||||||||||||||||
Fixed income / Bond securities: | 1,263 | 1,263 | — | — | ||||||||||||
Real estate investments: | ||||||||||||||||
Real estate investment in specific properties 100% owned by the plan | 4,098 | — | — | 4,098 | ||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 86 | — | 86 | — | ||||||||||||
Net assets of pension plan | $ | 36,895 | $ | 21,978 | $ | 86 | $ | 14,831 |
Description | Real estate investments | |||
Beginning balance, December 31, 2011 | $ | 13,856 | ||
Total unrealized gains included in net gain(1) | 665 | |||
Foreign currency translation adjustments | 310 | |||
Ending balance, December 31, 2012 | $ | 14,831 |
(1) | Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. |
|
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | ||||||||||||||||||||||
(Restated) | (Restated) | (Restated) | December 31 | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 35,804 | $ | 36,238 | $ | 42,713 | $ | 44,503 | ||||||||||||||||
Gross profit | 15,157 | 14,524 | 18,142 | 17,229 | ||||||||||||||||||||
Net income (loss) | (952 | ) | (a) | 31 | (b) | 5,228 | (c) | 2,867 | (d) | |||||||||||||||
Basic and diluted net income per share | $ | (0.03 | ) | $ | — | $ | 0.18 | $ | 0.10 | |||||||||||||||
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 29,224 | $ | 38,546 | $ | 42,030 | $ | 37,376 | ||||||||||||||||
Gross profit | 11,329 | 13,901 | 16,830 | 15,010 | ||||||||||||||||||||
Net income (loss) | (2,322 | ) | (e) | (200 | ) | (f) | 569 | (g) | 515 | (h) | ||||||||||||||
Basic and diluted net income (loss) per share | $ | (0.09 | ) | $ | (0.01 | ) | $ | 0.02 | $ | 0.02 |
(a) | Includes a non-cash expense for stock-based compensation of $1.3 million. |
(b) | Includes a non-cash expense for stock-based compensation of $770,000. |
(c) | Includes a non-cash expense for stock-based compensation of $505,000. |
(d) | Includes a non-cash expense for stock-based compensation of $527,000. |
(e) | Includes a gain on embedded derivatives of $1.1 million and a non-cash expense for stock-based compensation of $917,000. |
(f) | Includes a non-cash expense for stock-based compensation of $789,000 and a $2.6 million charge for the accrual for anticipated settlement of a legal matter. |
(g) | Includes a non-cash expense for stock-based compensation of $734,000. |
(h) | Includes a non-cash expense for stock-based compensation of $142,000. |
September 30, 2012 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 20,073 | $ | — | $ | — | $ | 20,073 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $341 at September 31, 2012 | 52,988 | (14,172 | ) | — | 38,816 | |||||||||||
Inventories | 31,930 | 11,872 | — | 43,802 | ||||||||||||
Prepaid expenses and other current assets | 2,829 | 105 | 41 | 2,975 | ||||||||||||
Total current assets | 107,820 | (2,195 | ) | 41 | 105,666 | |||||||||||
Property and equipment, net | 35,806 | — | — | 35,806 | ||||||||||||
Intangible assets, net | 758 | — | — | 758 | ||||||||||||
Goodwill | 24,826 | — | — | 24,826 | ||||||||||||
Pension asset | 6,945 | — | — | 6,945 | ||||||||||||
Other non-current assets | 79 | — | (41 | ) | 38 | |||||||||||
Total assets | $ | 176,234 | $ | (2,195 | ) | $ | — | $ | 174,039 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 32,025 | $ | (36 | ) | $ | — | $ | 31,989 | |||||||
Accrued warranty | 244 | — | — | 244 | ||||||||||||
Accrued employee compensation | 5,025 | — | — | 5,025 | ||||||||||||
Deferred revenue | 764 | 4,385 | — | 5,149 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 6,909 | — | 2,935 | 9,844 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 45,466 | 4,349 | 2,935 | 52,750 | ||||||||||||
Deferred tax liability, long-term | 962 | — | — | 962 | ||||||||||||
Long-term debt, excluding current portion | 2,960 | — | (2,935 | ) | 25 | |||||||||||
Other long-term liabilities | 699 | — | — | 699 | ||||||||||||
Total liabilities | 50,087 | 4,349 | — | 54,436 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,183 shares issued and outstanding at September 31, 2012 | 2,915 | — | — | 2,915 | ||||||||||||
Additional paid-in capital | 267,069 | — | — | 267,069 | ||||||||||||
Accumulated deficit | (154,456 | ) | (6,544 | ) | — | (161,000 | ) | |||||||||
Accumulated other comprehensive income | 10,619 | — | — | 10,619 | ||||||||||||
Total stockholders’ equity | 126,147 | (6,544 | ) | — | 119,603 | |||||||||||
Total liabilities and stockholders’ equity | $ | 176,234 | $ | (2,195 | ) | $ | — | $ | 174,039 |
June 30, 2012 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 22,310 | $ | — | $ | — | $ | 22,310 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $216 at June 30, 2012 | 48,514 | (14,180 | ) | — | 34,334 | |||||||||||
Inventories | 30,217 | 10,822 | — | 41,039 | ||||||||||||
Prepaid expenses and other current assets | 3,299 | 103 | 56 | 3,458 | ||||||||||||
Total current assets | 104,340 | (3,255 | ) | 56 | 101,141 | |||||||||||
Property and equipment, net | 33,275 | — | — | 33,275 | ||||||||||||
Intangible assets, net | 854 | — | — | 854 | ||||||||||||
Goodwill | 24,621 | — | — | 24,621 | ||||||||||||
Pension asset | 6,685 | — | — | 6,685 | ||||||||||||
Other non-current assets | 94 | — | (56 | ) | 38 | |||||||||||
Total assets | $ | 169,869 | $ | (3,255 | ) | $ | — | $ | 166,614 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 31,205 | $ | 40 | $ | — | $ | 31,245 | ||||||||
Accrued warranty | 265 | — | — | 265 | ||||||||||||
Accrued employee compensation | 5,721 | — | — | 5,721 | ||||||||||||
Deferred revenue | 1,096 | 3,074 | — | 4,170 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 6,870 | — | 3,354 | 10,224 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 45,656 | 3,114 | 3,354 | 52,124 | ||||||||||||
Deferred tax liability, long-term | 952 | — | — | 952 | ||||||||||||
Long-term debt, excluding current portion | 3,389 | — | (3,354 | ) | 35 | |||||||||||
Other long-term liabilities | 750 | — | — | 750 | ||||||||||||
Total liabilities | 50,747 | 3,114 | — | 53,861 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,136 shares issued and outstanding at June 30, 2012 | 2,911 | — | — | 2,911 | ||||||||||||
Additional paid-in capital | 266,225 | — | — | 266,225 | ||||||||||||
Accumulated deficit | (159,860 | ) | (6,369 | ) | — | (166,229 | ) | |||||||||
Accumulated other comprehensive income | 9,846 | — | — | 9,846 | ||||||||||||
Total stockholders’ equity | 119,122 | (6,369 | ) | — | 112,753 | |||||||||||
Total liabilities and stockholders’ equity | $ | 169,869 | $ | (3,255 | ) | $ | — | $ | 166,614 |
March 31, 2012 | ||||||||||||||||
As previously reported | Restatement Adjustments | Debt Classification Adjustments | Restated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 30,628 | $ | — | $ | — | $ | 30,628 | ||||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $281 at March 31, 2012 | 43,147 | (10,624 | ) | — | 32,523 | |||||||||||
Inventories | 30,606 | 8,574 | — | 39,180 | ||||||||||||
Prepaid expenses and other current assets | 3,158 | 78 | 59 | 3,295 | ||||||||||||
Total current assets | 107,539 | (1,972 | ) | 59 | 105,626 | |||||||||||
Property and equipment, net | 31,922 | — | — | 31,922 | ||||||||||||
Intangible assets, net | 985 | — | — | 985 | ||||||||||||
Goodwill | 25,730 | — | — | 25,730 | ||||||||||||
Pension asset | 6,815 | — | — | 6,815 | ||||||||||||
Other non-current assets | 59 | — | (59 | ) | — | |||||||||||
Total assets | $ | 173,050 | $ | (1,972 | ) | $ | — | $ | 171,078 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 34,239 | $ | 15 | $ | — | $ | 34,254 | ||||||||
Accrued warranty | 287 | — | — | 287 | ||||||||||||
Accrued employee compensation | 5,850 | — | — | 5,850 | ||||||||||||
Deferred revenue | 812 | 1,756 | — | 2,568 | ||||||||||||
Short-term borrowings and current portion of long-term debt | 7,155 | — | 3,494 | 10,649 | ||||||||||||
Deferred tax liability | 499 | — | — | 499 | ||||||||||||
Total current liabilities | 48,842 | 1,771 | 3,494 | 54,107 | ||||||||||||
Deferred tax liability, long-term | 944 | — | — | 944 | ||||||||||||
Long-term debt, excluding current portion | 3,541 | — | (3,494 | ) | 47 | |||||||||||
Other long-term liabilities | 778 | — | — | 778 | ||||||||||||
Total liabilities | 54,105 | 1,771 | — | 55,876 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,127 shares issued and outstanding at March 31, 2012 | 2,910 | — | — | 2,910 | ||||||||||||
Additional paid-in capital | 265,414 | — | — | 265,414 | ||||||||||||
Accumulated deficit | (162,517 | ) | (3,743 | ) | — | (166,260 | ) | |||||||||
Accumulated other comprehensive income | 13,138 | — | — | 13,138 | ||||||||||||
Total stockholders’ equity | 118,945 | (3,743 | ) | — | 115,202 | |||||||||||
Total liabilities and stockholders’ equity | $ | 173,050 | $ | (1,972 | ) | $ | — | $ | 171,078 |
September 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 30,988 | $ | — | $ | 30,988 | ||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $451 at September 30, 2011 | 31,838 | (1,831 | ) | 30,007 | ||||||||
Inventories | 27,965 | 1,697 | 29,662 | |||||||||
Prepaid expenses and other current assets | 3,191 | 13 | 3,204 | |||||||||
Total current assets | 93,982 | (121 | ) | 93,861 | ||||||||
Property and equipment, net | 26,985 | — | 26,985 | |||||||||
Intangible assets, net | 1,259 | — | 1,259 | |||||||||
Goodwill | 25,592 | — | 25,592 | |||||||||
Pension asset | 6,125 | — | 6,125 | |||||||||
Other non-current assets | 246 | — | 246 | |||||||||
Total assets | $ | 154,189 | $ | (121 | ) | $ | 154,068 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities | $ | 29,862 | $ | 1,109 | $ | 30,971 | ||||||
Accrued warranty | 261 | — | 261 | |||||||||
Accrued employee compensation | 7,037 | — | 7,037 | |||||||||
Deferred revenue | 2,478 | — | 2,478 | |||||||||
Short-term borrowings and current portion of long-term debt | 3,409 | — | 3,409 | |||||||||
Deferred tax liability | 1,373 | — | 1,373 | |||||||||
Total current liabilities | 44,420 | 1,109 | 45,529 | |||||||||
Deferred tax liability, long-term | 1,166 | — | 1,166 | |||||||||
Long-term debt, excluding current portion | 2,292 | — | 2,292 | |||||||||
Other long-term liabilities | 3,028 | — | 3,028 | |||||||||
Total liabilities | 50,906 | 1,109 | 52,015 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 28,123 shares issued and outstanding at September 30, 2011 | 2,797 | — | 2,797 | |||||||||
Additional paid-in capital | 252,525 | — | 252,525 | |||||||||
Accumulated deficit | (164,593 | ) | (1,230 | ) | (165,823 | ) | ||||||
Accumulated other comprehensive income | 12,554 | — | 12,554 | |||||||||
Total stockholders’ equity | 103,283 | (1,230 | ) | 102,053 | ||||||||
Total liabilities and stockholders’ equity | $ | 154,189 | $ | (121 | ) | $ | 154,068 |
June 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 29,791 | $ | — | $ | 29,791 | ||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $353 at June 30, 2011 | 35,791 | (3,590 | ) | 32,201 | ||||||||
Inventories | 26,911 | 2,119 | 29,030 | |||||||||
Prepaid expenses and other current assets | 2,939 | 16 | 2,955 | |||||||||
Total current assets | 95,432 | (1,455 | ) | 93,977 | ||||||||
Property and equipment, net | 24,952 | — | 24,952 | |||||||||
Intangible assets, net | 1,438 | 1,438 | ||||||||||
Goodwill | 27,423 | — | 27,423 | |||||||||
Pension asset | 6,387 | — | 6,387 | |||||||||
Other non-current assets | 382 | — | 382 | |||||||||
Total assets | $ | 156,014 | $ | (1,455 | ) | $ | 154,559 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities | $ | 30,582 | $ | 46 | $ | 30,628 | ||||||
Accrued warranty | 304 | — | 304 | |||||||||
Accrued employee compensation | 6,931 | — | 6,931 | |||||||||
Deferred revenue | 1,176 | — | 1,176 | |||||||||
Short-term borrowings and current portion of long-term debt | 3,685 | — | 3,685 | |||||||||
Deferred tax liability | 1,373 | — | 1,373 | |||||||||
Total current liabilities | 44,051 | 46 | 44,097 | |||||||||
Deferred tax liability, long-term | 1,166 | — | 1,166 | |||||||||
Long-term debt, excluding current portion | 2,504 | — | 2,504 | |||||||||
Other long-term liabilities | 3,070 | — | 3,070 | |||||||||
Total liabilities | 50,791 | 46 | 50,837 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 27,955 shares issued and outstanding at June 30, 2011 | 2,780 | — | 2,780 | |||||||||
Additional paid-in capital | 250,341 | — | 250,341 | |||||||||
Accumulated deficit | (164,891 | ) | (1,501 | ) | (166,392 | ) | ||||||
Accumulated other comprehensive income | 16,993 | — | 16,993 | |||||||||
Total stockholders’ equity | 105,223 | (1,501 | ) | 103,722 | ||||||||
Total liabilities and stockholders’ equity | $ | 156,014 | $ | (1,455 | ) | $ | 154,559 |
March 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 33,063 | $ | — | $ | 33,063 | ||||||
Trade and other accounts receivable, net of allowance for doubtful accounts of $209 at March 31, 2011 | 32,301 | (6,087 | ) | 26,214 | ||||||||
Inventories | 22,913 | 3,552 | 26,465 | |||||||||
Prepaid expenses and other current assets | 2,657 | 26 | 2,683 | |||||||||
Total current assets | 90,934 | (2,509 | ) | 88,425 | ||||||||
Property and equipment, net | 22,257 | — | 22,257 | |||||||||
Intangible assets, net | 1,526 | — | 1,526 | |||||||||
Goodwill | 25,338 | — | 25,338 | |||||||||
Pension asset | 5,642 | — | 5,642 | |||||||||
Other non-current assets | 471 | — | 471 | |||||||||
Total assets | $ | 146,168 | $ | (2,509 | ) | $ | 143,659 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities | $ | 28,842 | $ | 9 | $ | 28,851 | ||||||
Accrued warranty | 367 | — | 367 | |||||||||
Accrued employee compensation | 4,942 | — | 4,942 | |||||||||
Deferred revenue | 419 | — | 419 | |||||||||
Short-term borrowings and current portion of long-term debt | 3,470 | — | 3,470 | |||||||||
Deferred tax liability | 1,373 | — | 1,373 | |||||||||
Total current liabilities | 39,413 | 9 | 39,422 | |||||||||
Deferred tax liability, long-term | 1,166 | — | 1,166 | |||||||||
Long-term debt, excluding current portion | 2,282 | — | 2,282 | |||||||||
Other long-term liabilities | 3,049 | — | 3,049 | |||||||||
Total liabilities | 45,910 | 9 | 45,919 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ equity: | ||||||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 27,950 shares issued and outstanding at March 31, 2011 | 2,779 | — | 2,779 | |||||||||
Additional paid-in capital | 249,558 | — | 249,558 | |||||||||
Accumulated deficit | (163,674 | ) | (2,518 | ) | (166,192 | ) | ||||||
Accumulated other comprehensive income | 11,595 | — | 11,595 | |||||||||
Total stockholders’ equity | 100,258 | (2,518 | ) | 97,740 | ||||||||
Total liabilities and stockholders’ equity | $ | 146,168 | $ | (2,509 | ) | $ | 143,659 |
Three Months Ended September 30, 2012 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 43,907 | $ | (1,194 | ) | $ | 42,713 | |||||
Cost of revenue | 25,534 | (963 | ) | 24,571 | ||||||||
Gross profit | 18,373 | (231 | ) | 18,142 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 7,344 | (2 | ) | 7,342 | ||||||||
Research and development | 5,084 | — | 5,084 | |||||||||
Total operating expenses | 12,428 | (2 | ) | 12,426 | ||||||||
Income (loss) from operations | 5,945 | (229 | ) | 5,716 | ||||||||
Interest expense, net | (56 | ) | — | (56 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (16 | ) | — | (16 | ) | |||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 5,873 | (229 | ) | 5,644 | ||||||||
Income tax provision | 470 | (54 | ) | 416 | ||||||||
Net income (loss) | $ | 5,403 | $ | (175 | ) | $ | 5,228 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.19 | $ | (0.01 | ) | $ | 0.18 | |||||
Diluted | $ | 0.19 | $ | (0.01 | ) | $ | 0.18 | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 28,736 | — | 28,736 | |||||||||
Diluted | 28,748 | — | 28,748 |
Three Months Ended June 30, 2012 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 40,856 | $ | (4,618 | ) | $ | 36,238 | |||||
Cost of revenue | 23,876 | (2,162 | ) | 21,714 | ||||||||
Gross profit | 16,980 | (2,456 | ) | 14,524 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 8,238 | 171 | 8,409 | |||||||||
Research and development | 5,294 | — | 5,294 | |||||||||
Total operating expenses | 13,532 | 171 | 13,703 | |||||||||
Income (loss) from operations | 3,448 | (2,627 | ) | 821 | ||||||||
Interest expense, net | (56 | ) | — | (56 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (15 | ) | — | (15 | ) | |||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 3,377 | (2,627 | ) | 750 | ||||||||
Income tax provision | 719 | — | 719 | |||||||||
Net income (loss) | $ | 2,658 | $ | (2,627 | ) | $ | 31 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.09 | $ | (0.09 | ) | $ | — | |||||
Diluted | $ | 0.09 | $ | (0.09 | ) | $ | — | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 28,672 | — | 28,672 | |||||||||
Diluted | 28,780 | — | 28,780 |
Three Months Ended March 31, 2012 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 39,230 | $ | (3,426 | ) | $ | 35,804 | |||||
Cost of revenue | 23,093 | (2,446 | ) | 20,647 | ||||||||
Gross profit | 16,137 | (980 | ) | 15,157 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 9,286 | 502 | 9,788 | |||||||||
Research and development | 5,596 | (26 | ) | 5,570 | ||||||||
Total operating expenses | 14,882 | 476 | 15,358 | |||||||||
Income (loss) from operations | 1,255 | (1,456 | ) | (201 | ) | |||||||
Interest expense, net | (26 | ) | — | (26 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (11 | ) | — | (11 | ) | |||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 1,218 | (1,456 | ) | (238 | ) | |||||||
Income tax provision | 714 | — | 714 | |||||||||
Net income (loss) | $ | 504 | $ | (1,456 | ) | $ | (952 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.02 | $ | (0.05 | ) | $ | (0.03 | ) | ||||
Diluted | $ | 0.02 | $ | (0.05 | ) | $ | (0.03 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 28,122 | — | 28,122 | |||||||||
Diluted | 28,559 | — | 28,122 |
Three Months Ended December 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 42,493 | $ | (5,117 | ) | $ | 37,376 | |||||
Cost of revenue | 26,345 | (3,979 | ) | 22,366 | ||||||||
Gross profit | 16,148 | (1,138 | ) | 15,010 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 8,566 | (107 | ) | 8,459 | ||||||||
Research and development | 5,354 | 26 | 5,380 | |||||||||
Total operating expenses | 13,920 | (81 | ) | 13,839 | ||||||||
Income (loss) from operations | 2,228 | (1,057 | ) | 1,171 | ||||||||
Interest expense, net | (21 | ) | — | (21 | ) | |||||||
Amortization of debt discount and prepaid debt costs | — | — | — | |||||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | 2,207 | (1,057 | ) | 1,150 | ||||||||
Income tax provision | 635 | — | 635 | |||||||||
Net income (loss) | $ | 1,572 | $ | (1,057 | ) | $ | 515 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.06 | $ | (0.04 | ) | $ | 0.02 | |||||
Diluted | $ | 0.06 | $ | (0.04 | ) | $ | 0.02 | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,851 | — | 27,851 | |||||||||
Diluted | 28,285 | — | 28,285 |
Three Months Ended September 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 41,096 | $ | 934 | $ | 42,030 | ||||||
Cost of revenue | 24,547 | 653 | 25,200 | |||||||||
Gross profit | 16,549 | 281 | 16,830 | |||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 9,595 | 10 | 9,605 | |||||||||
Research and development | 5,707 | — | 5,707 | |||||||||
Total operating expenses | 15,302 | 10 | 15,312 | |||||||||
Income from operations | 1,247 | 271 | 1,518 | |||||||||
Interest expense, net | (27 | ) | — | (27 | ) | |||||||
Amortization of debt discount and prepaid debt costs | — | — | — | |||||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income from operations before income taxes | 1,220 | 271 | 1,491 | |||||||||
Income tax provision | 922 | — | 922 | |||||||||
Net income | $ | 298 | $ | 271 | $ | 569 | ||||||
Net income per share: | ||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,733 | — | 27,733 | |||||||||
Diluted | 28,161 | — | 28,161 |
Three Months Ended June 30, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 38,463 | $ | 83 | $ | 38,546 | ||||||
Cost of revenue | 22,987 | 1,658 | 24,645 | |||||||||
Gross profit | 15,476 | (1,575 | ) | 13,901 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 11,798 | (2,600 | ) | 9,198 | ||||||||
Research and development | 5,297 | 8 | 5,305 | |||||||||
Total operating expenses | 17,095 | (2,592 | ) | 14,503 | ||||||||
Income (loss) from operations | (1,619 | ) | 1,017 | (602 | ) | |||||||
Interest expense, net | (25 | ) | — | (25 | ) | |||||||
Amortization of debt discount and prepaid debt costs | — | — | — | |||||||||
Gain on embedded derivatives and warrants | — | — | — | |||||||||
Income (loss) from operations before income taxes | (1,644 | ) | 1,017 | (627 | ) | |||||||
Income tax provision | (427 | ) | — | (427 | ) | |||||||
Net income (loss) | $ | (1,217 | ) | $ | 1,017 | $ | (200 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | (0.04 | ) | $ | 0.03 | $ | (0.01 | ) | ||||
Diluted | $ | (0.04 | ) | $ | 0.03 | $ | (0.01 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,669 | — | 27,669 | |||||||||
Diluted | 27,669 | — | 27,669 |
Three Months Ended March 31, 2011 | ||||||||||||
As previously reported | Restatement Adjustments | Restated | ||||||||||
Revenue | $ | 35,259 | $ | (6,035 | ) | $ | 29,224 | |||||
Cost of revenue | 21,375 | (3,480 | ) | 17,895 | ||||||||
Gross profit | 13,884 | (2,555 | ) | 11,329 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 7,985 | (29 | ) | 7,956 | ||||||||
Research and development | 5,972 | (8 | ) | 5,964 | ||||||||
Total operating expenses | 13,957 | (37 | ) | 13,920 | ||||||||
Loss from operations | (73 | ) | (2,518 | ) | (2,591 | ) | ||||||
Interest expense, net | (36 | ) | — | (36 | ) | |||||||
Amortization of debt discount and prepaid debt costs | (55 | ) | — | (55 | ) | |||||||
Gain on embedded derivatives and warrants | 1,086 | — | 1,086 | |||||||||
Income (loss) from operations before income taxes | 922 | (2,518 | ) | (1,596 | ) | |||||||
Income tax provision | 726 | — | 726 | |||||||||
Net income (loss) | $ | 196 | $ | (2,518 | ) | $ | (2,322 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.01 | $ | (0.10 | ) | $ | (0.09 | ) | ||||
Diluted | $ | 0.01 | $ | (0.10 | ) | $ | (0.09 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 27,285 | — | 27,285 | |||||||||
Diluted | 28,112 | — | 27,285 |
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