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• | Ultracapacitors: Maxwell's 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. Maxwell's 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: Maxwell's CONDIS® high-voltage capacitors are designed and manufactured to perform reliably for decades in all climates. These products include grading and coupling capacitors and electronic voltage transformers 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: Maxwell's radiation-hardened microelectronic products for satellites and spacecraft include single board computers and components, such as high-density memory and data conversion modules. Many of these products incorporate Maxwell's 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, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Numerator | ||||||||||||
Net income (loss) | $ | (22,333 | ) | $ | (6,272 | ) | $ | 6,340 | ||||
Denominator | ||||||||||||
Weighted average common shares outstanding | 30,716 | 29,216 | 28,869 | |||||||||
Effect of potentially dilutive securities | ||||||||||||
Options to purchase common stock | — | — | 16 | |||||||||
Restricted stock awards | — | — | 3 | |||||||||
Restricted stock unit awards | — | — | 14 | |||||||||
Employee stock purchase plan | — | — | 1 | |||||||||
Weighted average common shares outstanding, assuming dilution | 30,716 | 29,216 | 28,903 | |||||||||
Net income (loss) per share | ||||||||||||
Basic | $ | (0.73 | ) | $ | (0.21 | ) | $ | 0.22 | ||||
Diluted | $ | (0.73 | ) | $ | (0.21 | ) | $ | 0.22 |
Common Stock | 2015 | 2014 | 2013 | ||||||
Outstanding options to purchase common stock | 931 | 672 | 790 | ||||||
Unvested restricted stock awards | 245 | 528 | 424 | ||||||
Unvested restricted stock unit awards | 885 | 224 | — | ||||||
Employee stock purchase plan awards | 10 | 9 | 1 |
Years ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues by product line: | ||||||||||||
Ultracapacitors | $ | 114,525 | $ | 135,637 | $ | 136,277 | ||||||
High-voltage capacitors | 41,718 | 40,361 | 43,339 | |||||||||
Microelectronic products | 11,129 | 10,588 | 13,918 | |||||||||
Total | $ | 167,372 | $ | 186,586 | $ | 193,534 | ||||||
Years ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues from external customers located in: | ||||||||||||
China | $ | 87,856 | $ | 89,143 | $ | 92,817 | ||||||
United States | 20,836 | 23,758 | 29,090 | |||||||||
Germany | 13,972 | 16,384 | 25,935 | |||||||||
All other countries (1) | 44,708 | 57,301 | 45,692 | |||||||||
Total | $ | 167,372 | $ | 186,586 | $ | 193,534 |
(1) | Revenue from external customers located in countries included in “All other countries” do not individually comprise more than 10% of total revenues for any of the years presented. |
As of December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Long-lived assets: | ||||||||||||
United States | $ | 22,267 | $ | 28,013 | $ | 33,740 | ||||||
China | 4,148 | 4,991 | 5,444 | |||||||||
Switzerland | 6,021 | 5,663 | 6,422 | |||||||||
Total | $ | 32,436 | $ | 38,667 | $ | 45,606 |
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December 31, | ||||||||
2015 | 2014 | |||||||
Inventories, net: | ||||||||
Raw material and purchased parts | $ | 21,126 | $ | 23,042 | ||||
Work-in-process | 4,367 | 2,522 | ||||||
Finished goods | 16,913 | 23,127 | ||||||
Consigned finished goods | 28 | 184 | ||||||
Reserves | (3,379 | ) | (4,019 | ) | ||||
Total inventories, net | $ | 39,055 | $ | 44,856 | ||||
Property and equipment, net: | ||||||||
Machinery, furniture and office equipment | $ | 76,077 | $ | 72,323 | ||||
Computer hardware and software | 12,235 | 12,003 | ||||||
Leasehold improvements | 16,883 | 16,661 | ||||||
Construction in progress | 2,527 | 2,715 | ||||||
Property and equipment, gross | 107,722 | 103,702 | ||||||
Less accumulated depreciation and amortization | (75,398 | ) | (64,479 | ) | ||||
Total property and equipment, net | $ | 32,324 | $ | 39,223 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accounts payable | $ | 22,291 | $ | 12,544 | ||||
Income tax payable | 1,376 | 1,852 | ||||||
Accrued warranty | 1,288 | 716 | ||||||
Other accrued liabilities | 9,030 | 11,899 | ||||||
Total accounts payable and accrued liabilities | $ | 33,985 | $ | 27,011 | ||||
Foreign Currency Translation Adjustment | Defined Benefit Pension Plan | Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Operations | |||||||||||
Accumulated other comprehensive income: | ||||||||||||||
Balance at December 31, 2014 | $ | 8,359 | $ | (3,636 | ) | $ | 4,723 | |||||||
Other comprehensive income before reclassification | 1,574 | — | 1,574 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,403 | ) | (1,403 | ) | Cost of Sales, Selling, General and Administrative and Research and Development Expense | ||||||||
Net other comprehensive income for the year ended December 31, 2015 | 1,574 | (1,403 | ) | 171 | ||||||||||
Balance at December 31, 2015 | $ | 9,933 | $ | (5,039 | ) | $ | 4,894 |
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Balance at December 31, 2013 | $ | 25,978 | |
Foreign currency translation adjustments | (2,379 | ) | |
Balance at December 31, 2014 | 23,599 | ||
Foreign currency translation adjustments | 36 | ||
Balance at December 31, 2015 | $ | 23,635 |
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Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Total gain (loss) | $ | (720 | ) | $ | (5,265 | ) | $ | 359 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Total gain (loss) | $ | 179 | $ | 4,391 | $ | (1,009 | ) |
December 31, 2015 | December 31, 2014 | |||||||
Gross amounts of recognized asset (liability) | $ | 66 | $ | (1,993 | ) | |||
Gross amounts offset in the consolidated balance sheets | (50 | ) | 350 | |||||
Net amount of recognized asset (liability) presented in the consolidated balance sheets | $ | 16 | $ | (1,643 | ) |
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Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
Balance at December 31, 2014 | 672 | $ | 12.00 | ||||||||||
Granted | 322 | 6.72 | |||||||||||
Exercised | (19 | ) | 6.80 | ||||||||||
Cancelled | (44 | ) | 11.70 | ||||||||||
Balance at December 31, 2015 | 931 | $ | 10.19 | 3.85 | $ | 196 | |||||||
Vested or expected to vest at December 31, 2015 | 886 | $ | 10.38 | 3.57 | $ | 162 | |||||||
Exercisable at December 31, 2015 | 638 | $ | 11.81 | 1.34 | $ | 16 |
Years Ended December 31, | ||||||
2015 | 2013 | |||||
Expected dividends | — | % | — | % | ||
Expected volatility range | 60% to 61% | 58% to 69% | ||||
Expected volatility weighted average | 60 | % | 63 | % | ||
Risk-free interest rate | 1.6 | % | 1.1% to 2.1% | |||
Expected life/term weighted average (in years) | 4.9 | 2.9 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2014 | 528 | $ | 13.77 | ||||
Vested | (180 | ) | 15.58 | ||||
Forfeited | (103 | ) | 10.37 | ||||
Nonvested at December 31, 2015 | 245 | $ | 13.87 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2014 | 224 | $ | 10.02 | ||||
Granted | 829 | 7.02 | |||||
Vested | (80 | ) | 10.02 | ||||
Forfeited | (88 | ) | 8.57 | ||||
Nonvested at December 31, 2015 | 885 | $ | 7.36 |
Year ended December 31, 2014 | ||||
Market price at grant per share | $ | 15.03 | ||
Expected dividends | — | |||
Expected volatility | 65 | % | ||
Risk-free interest rate | 0.86 | % |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Service-based restricted stock units | $ | 1,362 | $ | 749 | $ | 592 | ||||||
Performance-based restricted stock units | (28 | ) | 28 | — | ||||||||
Market-condition restricted stock units | 128 | 90 | — | |||||||||
Total compensation expense recognized for employee restricted stock units | $ | 1,462 | $ | 867 | $ | 592 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Expected dividends | — | % | — | % | — | % | ||||||
Stock price on valuation date | 5.97 | 8.47 | 7.77 | |||||||||
Expected volatility | 57 | % | 77 | % | 46 | % | ||||||
Risk-free interest rate | 0.29 | % | 0.08 | % | 0.07 | % | ||||||
Expected life (in years) | 0.5 | 0.4 | 0.3 | |||||||||
Fair value per share | $ | 1.86 | $ | 4.56 | $ | 2.45 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Stock options | $ | 232 | $ | 52 | $ | 827 | ||||||
Restricted stock | 1,974 | 2,536 | 2,491 | |||||||||
Restricted stock units | 1,462 | 867 | 592 | |||||||||
ESPP | 278 | 512 | 70 | |||||||||
Total stock-based compensation expense | $ | 3,946 | $ | 3,967 | $ | 3,980 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cost of revenue | $ | 644 | $ | 740 | $ | 1,079 | ||||||
Selling, general and administrative | 2,502 | 2,362 | 2,140 | |||||||||
Research and development | 800 | 865 | 761 | |||||||||
Total stock-based compensation expense | $ | 3,946 | $ | 3,967 | $ | 3,980 |
2013 Omnibus Equity Incentive Plan | 2,200,800 | |
2004 Employee Stock Purchase Plan | 307,126 | |
Total | 2,507,926 |
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Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
United States | $ | (35,074 | ) | $ | (19,301 | ) | $ | (5,270 | ) | |||
Foreign | 17,344 | 17,375 | 13,762 | |||||||||
Total | $ | (17,730 | ) | $ | (1,926 | ) | $ | 8,492 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Federal: | ||||||||||||
Current | $ | — | $ | — | $ | (258 | ) | |||||
Deferred | (4,297 | ) | (5,608 | ) | 222 | |||||||
(4,297 | ) | (5,608 | ) | (36 | ) | |||||||
State: | ||||||||||||
Current | 6 | 6 | 6 | |||||||||
Deferred | 62 | 853 | 88 | |||||||||
68 | 859 | 94 | ||||||||||
Foreign: | ||||||||||||
Current | 4,930 | 2,453 | 2,022 | |||||||||
Deferred | 8 | 1,944 | 311 | |||||||||
4,938 | 4,397 | 2,333 | ||||||||||
Increase (decrease) in valuation allowance | 3,894 | 4,698 | (239 | ) | ||||||||
Tax provision | $ | 4,603 | $ | 4,346 | $ | 2,152 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Taxes at federal statutory rate | $ | (6,028 | ) | $ | (655 | ) | $ | 2,888 | ||||
State taxes, net of federal benefit | (236 | ) | (90 | ) | (29 | ) | ||||||
Effect of tax rate differential for foreign subsidiary | (2,641 | ) | (3,570 | ) | (2,531 | ) | ||||||
Valuation allowance, including tax benefits of stock activity | 3,894 | 4,698 | (239 | ) | ||||||||
Foreign taxes on unremitted earnings | 2,085 | 1,590 | — | |||||||||
Stock-based compensation | 134 | 621 | 460 | |||||||||
Foreign withholding taxes | 180 | — | — | |||||||||
Return to provision adjustments | 1,131 | 536 | (920 | ) | ||||||||
Subpart F income inclusion | 5,914 | 1,167 | 2,446 | |||||||||
Other | 170 | 49 | 77 | |||||||||
Tax provision | $ | 4,603 | $ | 4,346 | $ | 2,152 |
December 31, | ||||||||
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Tax loss carryforwards | $ | 52,504 | $ | 54,551 | ||||
Tax credit carryforwards | 19 | 19 | ||||||
Uniform capitalization, contract and inventory related reserves | 1,558 | 1,728 | ||||||
Accrued vacation | 592 | 669 | ||||||
Stock-based compensation | 1,466 | 1,428 | ||||||
Capitalized research and development | 6,212 | — | ||||||
Tax basis depreciation less book depreciation | 1,019 | — | ||||||
Intangible assets | 1,533 | 1,364 | ||||||
Deferred revenue | 254 | 149 | ||||||
Accrued foreign taxes | 1,271 | — | ||||||
Unrealized gains and losses | — | 1,780 | ||||||
Other | 2,527 | 2,668 | ||||||
Total | 68,955 | 64,356 | ||||||
Deferred tax liabilities: | ||||||||
Inventory deduction | (235 | ) | (206 | ) | ||||
Pension assets | (1,173 | ) | (1,476 | ) | ||||
Allowance for doubtful accounts | (378 | ) | (407 | ) | ||||
Tax basis depreciation less book depreciation | — | (192 | ) | |||||
Withholding tax on undistributed earnings of foreign subsidiary | (3,675 | ) | (1,590 | ) | ||||
Unrealized gains and losses | (984 | ) | — | |||||
Other | (1 | ) | (241 | ) | ||||
Total | (6,446 | ) | (4,112 | ) | ||||
Net deferred tax assets before valuation allowance | 62,509 | 60,244 | ||||||
Valuation allowance | (68,093 | ) | (64,199 | ) | ||||
Net deferred tax liabilities | $ | (5,584 | ) | $ | (3,955 | ) |
Balance at December 31, 2013 | $ | 12,634 | |
Increase in current period positions | 890 | ||
Decrease in prior period positions | (1,585 | ) | |
Balance at December 31, 2014 | 11,939 | ||
Increase in current period positions | 1,466 | ||
Increase in prior period positions | 609 | ||
Balance at December 31, 2015 | $ | 14,014 |
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Fiscal Years | |||
2016 | $ | 4,316 | |
2017 | 3,652 | ||
2018 | 2,274 | ||
2019 | 2,266 | ||
2020 | 1,266 | ||
Thereafter | 2,407 | ||
Total | $ | 16,181 |
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Pension Benefits | ||||||||
Years ended December 31, | ||||||||
2015 | 2014 | |||||||
Change in benefit obligation: | ||||||||
Benefit obligation at beginning of year | $ | 33,006 | $ | 32,577 | ||||
Service cost | 958 | 846 | ||||||
Interest cost | 332 | 697 | ||||||
Plan participant contributions | 523 | 593 | ||||||
Benefits paid | (3,064 | ) | (3,018 | ) | ||||
Actuarial loss | 1,262 | 4,974 | ||||||
Plan change | 83 | — | ||||||
Effect of foreign currency translation | 53 | (3,663 | ) | |||||
Projected benefit obligation at end of year | 33,153 | 33,006 | ||||||
Changes in plan assets: | ||||||||
Fair value of plan assets at beginning of year | 40,368 | 43,145 | ||||||
Actual return on plan assets | 419 | 3,478 | ||||||
Company contributions | 640 | 720 | ||||||
Plan participant contributions | 523 | 593 | ||||||
Benefits paid | (3,064 | ) | (3,018 | ) | ||||
Effect of foreign currency translation | 116 | (4,550 | ) | |||||
Fair value of plan assets at end of year | 39,002 | 40,368 | ||||||
Funded status at end of year | $ | 5,849 | $ | 7,362 |
As of December 31, | ||||||||
2015 | 2014 | |||||||
Net long-term pension asset | $ | 5,849 | $ | 7,362 | ||||
Accumulated other comprehensive loss consists of the following: | ||||||||
Net prior service cost | 837 | 853 | ||||||
Net loss | 5,668 | 3,897 | ||||||
Accumulated other comprehensive loss before taxes | $ | 6,505 | $ | 4,750 |
Years ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Components of net periodic pension cost: | ||||||||||||
Service cost | $ | 958 | $ | 846 | $ | 831 | ||||||
Interest cost | 332 | 697 | 504 | |||||||||
Expected return on plan assets | (1,551 | ) | (1,784 | ) | (1,539 | ) | ||||||
Prior service cost amortization | 136 | 140 | 44 | |||||||||
Deferred loss amortization | 45 | — | 180 | |||||||||
Settlement cost | 492 | 420 | — | |||||||||
Net periodic pension cost | $ | 412 | $ | 319 | $ | 20 | ||||||
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | ||||||||||||
Prior service cost amortization | $ | (136 | ) | $ | (140 | ) | $ | (44 | ) | |||
Loss (gain) on value of plan assets | 1,131 | (1,695 | ) | (2,977 | ) | |||||||
Actuarial (gain) loss on benefit obligation | 1,262 | 4,975 | (405 | ) | ||||||||
Plan change | 83 | — | 978 | |||||||||
Settlement | (492 | ) | (420 | ) | — | |||||||
Deferred loss amortization | (45 | ) | — | (180 | ) | |||||||
Total recognized in other comprehensive income (loss), before taxes | $ | 1,803 | $ | 2,720 | $ | (2,628 | ) | |||||
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes | $ | 2,215 | $ | 3,039 | $ | (2,608 | ) |
Pension Benefits | ||||||
Years ended December 31, | ||||||
2015 | 2014 | |||||
Weighted-average assumptions used to determine benefit obligation: | ||||||
Discount rate | 0.75 | % | 1.00 | % | ||
Rate of compensation increase | 2.50 | % | 2.50 | % | ||
Measurement date | 11/30/2015 | 12/31/2014 | ||||
Weighted-average assumptions used to determine net periodic pension cost: | ||||||
Discount rate | 1.00 | % | 2.25 | % | ||
Expected long-term return on plan assets | 3.75 | % | 4.25 | % | ||
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 | 29 | % | 33 | % | ||
Debt securities | 23 | % | 22 | % | ||
Real estate investment funds | 43 | % | 40 | % | ||
Other | 5 | % | 5 | % | ||
Total | 100 | % | 100 | % |
Expected amortization during the year ending December 31, 2016 is as follows (in thousands): | |||
Amortization of net prior service costs | $ | 149 |
2016 | $ | 1,360 | |
2017 | 1,372 | ||
2018 | 1,431 | ||
2019 | 1,411 | ||
2020 | 1,340 | ||
Years 2021 through 2025 | 7,392 | ||
Total | $ | 14,306 |
Fair Value Measurements at | ||||||||||||||||
December 31, 2015 | ||||||||||||||||
Total | Active Market Prices (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash: | ||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 808 | $ | 808 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
Investment funds | 12,292 | 11,303 | 989 | — | ||||||||||||
Real estate investment funds | 16,917 | — | — | 16,917 | ||||||||||||
Fixed income / Bond Securities | ||||||||||||||||
Fixed income / Bond securities: | 8,949 | 8,949 | — | — | ||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 36 | — | 36 | — | ||||||||||||
Net assets of pension plan | $ | 39,002 | $ | 21,060 | $ | 1,025 | $ | 16,917 |
Fair Value Measurements at | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Total | Active Market Prices (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash: | ||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 973 | $ | 973 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
Investment funds | 14,481 | 14,481 | — | — | ||||||||||||
Real estate investment funds | 16,049 | — | — | 16,049 | ||||||||||||
Fixed income / Bond Securities | ||||||||||||||||
Fixed income / Bond securities: | 8,839 | 8,839 | — | — | ||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 26 | — | 26 | — | ||||||||||||
Net assets of pension plan | $ | 40,368 | $ | 24,293 | $ | 26 | $ | 16,049 |
Description | Real estate investments | |||
Beginning balance, December 31, 2014 | $ | 16,049 | ||
Total unrealized gains included in net gain (1) | 869 | |||
Foreign currency translation adjustments | (1 | ) | ||
Ending balance, December 31, 2015 | $ | 16,917 |
(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. |
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Year ended December 31, 2015 | Employee Severance Costs | Lease Obligation Costs | Total | |||||||||
Costs incurred | $ | 1,439 | $ | 1,208 | $ | 2,647 | ||||||
Amounts paid | (1,010 | ) | — | (1,010 | ) | |||||||
Accruals released | (135 | ) | — | (135 | ) | |||||||
Other non-cash adjustments | — | (165 | ) | (165 | ) | |||||||
Restructuring liability as of December 31, 2015 | $ | 294 | $ | 1,043 | $ | 1,337 |
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Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2015 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 34,670 | $ | 37,796 | $ | 45,076 | $ | 49,830 | ||||||||||||||||
Gross profit | 10,303 | 12,153 | 14,256 | 14,250 | ||||||||||||||||||||
Net income (loss) | (9,341 | ) | (a) | (9,376 | ) | (b) | (1,449 | ) | (c) | (2,167 | ) | (d) | ||||||||||||
Basic and diluted net loss per share | $ | (0.32 | ) | $ | (0.31 | ) | $ | (0.05 | ) | $ | (0.07 | ) | ||||||||||||
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 46,001 | $ | 46,074 | $ | 41,593 | $ | 52,918 | ||||||||||||||||
Gross profit | 17,863 | 16,597 | 15,480 | 18,503 | ||||||||||||||||||||
Net income (loss) | 319 | (e) | (1,181 | ) | (f) | (3,292 | ) | (g) | (2,118 | ) | (h) | |||||||||||||
Basic and diluted net income (loss) per share | $ | 0.01 | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.07 | ) |
(a) | Includes a non-cash expense for stock-based compensation of $839,000. |
(b) | Includes restructuring costs of $2.3 million, a non-cash deferred tax expense of $2.1 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. |
(c) | Includes a non-cash expense for stock-based compensation of $1.1 million. |
(d) | Includes a non-cash expense for stock-based compensation of $1.0 million. |
(e) | Includes a non-cash expense for stock-based compensation of $755,000. |
(f) | Includes a non-cash expense for stock-based compensation of $1.2 million. |
(g) | Includes a non-cash expense for stock-based compensation of $1.0 million. |
(h) | Includes non-cash deferred tax expense of $1.6 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. |
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Balance at the Beginning of the Year ($) | 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, 2013 | 157 | 22 | — | (45 | ) | 134 | |||||||||
December 31, 2014 | 134 | 61 | — | (52 | ) | 143 | |||||||||
December 31, 2015 | 143 | 304 | 1 | (196 | ) | 252 |
Allowance for Excess and Obsolete Inventories: | |||||||||||||||
December 31, 2013 | 1,941 | 2,023 | 12 | (406 | ) | 3,570 | |||||||||
December 31, 2014 | 3,570 | 892 | (24 | ) | (419 | ) | 4,019 | ||||||||
December 31, 2015 | 4,019 | 475 | (1 | ) | (1,114 | ) | 3,379 |
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Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Numerator | ||||||||||||
Net income (loss) | $ | (22,333 | ) | $ | (6,272 | ) | $ | 6,340 | ||||
Denominator | ||||||||||||
Weighted average common shares outstanding | 30,716 | 29,216 | 28,869 | |||||||||
Effect of potentially dilutive securities | ||||||||||||
Options to purchase common stock | — | — | 16 | |||||||||
Restricted stock awards | — | — | 3 | |||||||||
Restricted stock unit awards | — | — | 14 | |||||||||
Employee stock purchase plan | — | — | 1 | |||||||||
Weighted average common shares outstanding, assuming dilution | 30,716 | 29,216 | 28,903 | |||||||||
Net income (loss) per share | ||||||||||||
Basic | $ | (0.73 | ) | $ | (0.21 | ) | $ | 0.22 | ||||
Diluted | $ | (0.73 | ) | $ | (0.21 | ) | $ | 0.22 |
Common Stock | 2015 | 2014 | 2013 | ||||||
Outstanding options to purchase common stock | 931 | 672 | 790 | ||||||
Unvested restricted stock awards | 245 | 528 | 424 | ||||||
Unvested restricted stock unit awards | 885 | 224 | — | ||||||
Employee stock purchase plan awards | 10 | 9 | 1 |
Years ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues by product line: | ||||||||||||
Ultracapacitors | $ | 114,525 | $ | 135,637 | $ | 136,277 | ||||||
High-voltage capacitors | 41,718 | 40,361 | 43,339 | |||||||||
Microelectronic products | 11,129 | 10,588 | 13,918 | |||||||||
Total | $ | 167,372 | $ | 186,586 | $ | 193,534 | ||||||
Years ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues from external customers located in: | ||||||||||||
China | $ | 87,856 | $ | 89,143 | $ | 92,817 | ||||||
United States | 20,836 | 23,758 | 29,090 | |||||||||
Germany | 13,972 | 16,384 | 25,935 | |||||||||
All other countries (1) | 44,708 | 57,301 | 45,692 | |||||||||
Total | $ | 167,372 | $ | 186,586 | $ | 193,534 |
(1) | Revenue from external customers located in countries included in “All other countries” do not individually comprise more than 10% of total revenues for any of the years presented. |
As of December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Long-lived assets: | ||||||||||||
United States | $ | 22,267 | $ | 28,013 | $ | 33,740 | ||||||
China | 4,148 | 4,991 | 5,444 | |||||||||
Switzerland | 6,021 | 5,663 | 6,422 | |||||||||
Total | $ | 32,436 | $ | 38,667 | $ | 45,606 |
|
December 31, | ||||||||
2015 | 2014 | |||||||
Inventories, net: | ||||||||
Raw material and purchased parts | $ | 21,126 | $ | 23,042 | ||||
Work-in-process | 4,367 | 2,522 | ||||||
Finished goods | 16,913 | 23,127 | ||||||
Consigned finished goods | 28 | 184 | ||||||
Reserves | (3,379 | ) | (4,019 | ) | ||||
Total inventories, net | $ | 39,055 | $ | 44,856 | ||||
Property and equipment, net: | ||||||||
Machinery, furniture and office equipment | $ | 76,077 | $ | 72,323 | ||||
Computer hardware and software | 12,235 | 12,003 | ||||||
Leasehold improvements | 16,883 | 16,661 | ||||||
Construction in progress | 2,527 | 2,715 | ||||||
Property and equipment, gross | 107,722 | 103,702 | ||||||
Less accumulated depreciation and amortization | (75,398 | ) | (64,479 | ) | ||||
Total property and equipment, net | $ | 32,324 | $ | 39,223 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accounts payable | $ | 22,291 | $ | 12,544 | ||||
Income tax payable | 1,376 | 1,852 | ||||||
Accrued warranty | 1,288 | 716 | ||||||
Other accrued liabilities | 9,030 | 11,899 | ||||||
Total accounts payable and accrued liabilities | $ | 33,985 | $ | 27,011 | ||||
Foreign Currency Translation Adjustment | Defined Benefit Pension Plan | Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Operations | |||||||||||
Accumulated other comprehensive income: | ||||||||||||||
Balance at December 31, 2014 | $ | 8,359 | $ | (3,636 | ) | $ | 4,723 | |||||||
Other comprehensive income before reclassification | 1,574 | — | 1,574 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,403 | ) | (1,403 | ) | Cost of Sales, Selling, General and Administrative and Research and Development Expense | ||||||||
Net other comprehensive income for the year ended December 31, 2015 | 1,574 | (1,403 | ) | 171 | ||||||||||
Balance at December 31, 2015 | $ | 9,933 | $ | (5,039 | ) | $ | 4,894 |
|
Balance at December 31, 2013 | $ | 25,978 | |
Foreign currency translation adjustments | (2,379 | ) | |
Balance at December 31, 2014 | 23,599 | ||
Foreign currency translation adjustments | 36 | ||
Balance at December 31, 2015 | $ | 23,635 |
|
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Total gain (loss) | $ | (720 | ) | $ | (5,265 | ) | $ | 359 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Total gain (loss) | $ | 179 | $ | 4,391 | $ | (1,009 | ) |
December 31, 2015 | December 31, 2014 | |||||||
Gross amounts of recognized asset (liability) | $ | 66 | $ | (1,993 | ) | |||
Gross amounts offset in the consolidated balance sheets | (50 | ) | 350 | |||||
Net amount of recognized asset (liability) presented in the consolidated balance sheets | $ | 16 | $ | (1,643 | ) |
|
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
Balance at December 31, 2014 | 672 | $ | 12.00 | ||||||||||
Granted | 322 | 6.72 | |||||||||||
Exercised | (19 | ) | 6.80 | ||||||||||
Cancelled | (44 | ) | 11.70 | ||||||||||
Balance at December 31, 2015 | 931 | $ | 10.19 | 3.85 | $ | 196 | |||||||
Vested or expected to vest at December 31, 2015 | 886 | $ | 10.38 | 3.57 | $ | 162 | |||||||
Exercisable at December 31, 2015 | 638 | $ | 11.81 | 1.34 | $ | 16 |
Years Ended December 31, | ||||||
2015 | 2013 | |||||
Expected dividends | — | % | — | % | ||
Expected volatility range | 60% to 61% | 58% to 69% | ||||
Expected volatility weighted average | 60 | % | 63 | % | ||
Risk-free interest rate | 1.6 | % | 1.1% to 2.1% | |||
Expected life/term weighted average (in years) | 4.9 | 2.9 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2014 | 224 | $ | 10.02 | ||||
Granted | 829 | 7.02 | |||||
Vested | (80 | ) | 10.02 | ||||
Forfeited | (88 | ) | 8.57 | ||||
Nonvested at December 31, 2015 | 885 | $ | 7.36 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Expected dividends | — | % | — | % | — | % | ||||||
Stock price on valuation date | 5.97 | 8.47 | 7.77 | |||||||||
Expected volatility | 57 | % | 77 | % | 46 | % | ||||||
Risk-free interest rate | 0.29 | % | 0.08 | % | 0.07 | % | ||||||
Expected life (in years) | 0.5 | 0.4 | 0.3 | |||||||||
Fair value per share | $ | 1.86 | $ | 4.56 | $ | 2.45 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Stock options | $ | 232 | $ | 52 | $ | 827 | ||||||
Restricted stock | 1,974 | 2,536 | 2,491 | |||||||||
Restricted stock units | 1,462 | 867 | 592 | |||||||||
ESPP | 278 | 512 | 70 | |||||||||
Total stock-based compensation expense | $ | 3,946 | $ | 3,967 | $ | 3,980 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cost of revenue | $ | 644 | $ | 740 | $ | 1,079 | ||||||
Selling, general and administrative | 2,502 | 2,362 | 2,140 | |||||||||
Research and development | 800 | 865 | 761 | |||||||||
Total stock-based compensation expense | $ | 3,946 | $ | 3,967 | $ | 3,980 |
2013 Omnibus Equity Incentive Plan | 2,200,800 | |
2004 Employee Stock Purchase Plan | 307,126 | |
Total | 2,507,926 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2014 | 528 | $ | 13.77 | ||||
Vested | (180 | ) | 15.58 | ||||
Forfeited | (103 | ) | 10.37 | ||||
Nonvested at December 31, 2015 | 245 | $ | 13.87 |
Year ended December 31, 2014 | ||||
Market price at grant per share | $ | 15.03 | ||
Expected dividends | — | |||
Expected volatility | 65 | % | ||
Risk-free interest rate | 0.86 | % |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Service-based restricted stock units | $ | 1,362 | $ | 749 | $ | 592 | ||||||
Performance-based restricted stock units | (28 | ) | 28 | — | ||||||||
Market-condition restricted stock units | 128 | 90 | — | |||||||||
Total compensation expense recognized for employee restricted stock units | $ | 1,462 | $ | 867 | $ | 592 |
|
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
United States | $ | (35,074 | ) | $ | (19,301 | ) | $ | (5,270 | ) | |||
Foreign | 17,344 | 17,375 | 13,762 | |||||||||
Total | $ | (17,730 | ) | $ | (1,926 | ) | $ | 8,492 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Federal: | ||||||||||||
Current | $ | — | $ | — | $ | (258 | ) | |||||
Deferred | (4,297 | ) | (5,608 | ) | 222 | |||||||
(4,297 | ) | (5,608 | ) | (36 | ) | |||||||
State: | ||||||||||||
Current | 6 | 6 | 6 | |||||||||
Deferred | 62 | 853 | 88 | |||||||||
68 | 859 | 94 | ||||||||||
Foreign: | ||||||||||||
Current | 4,930 | 2,453 | 2,022 | |||||||||
Deferred | 8 | 1,944 | 311 | |||||||||
4,938 | 4,397 | 2,333 | ||||||||||
Increase (decrease) in valuation allowance | 3,894 | 4,698 | (239 | ) | ||||||||
Tax provision | $ | 4,603 | $ | 4,346 | $ | 2,152 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Taxes at federal statutory rate | $ | (6,028 | ) | $ | (655 | ) | $ | 2,888 | ||||
State taxes, net of federal benefit | (236 | ) | (90 | ) | (29 | ) | ||||||
Effect of tax rate differential for foreign subsidiary | (2,641 | ) | (3,570 | ) | (2,531 | ) | ||||||
Valuation allowance, including tax benefits of stock activity | 3,894 | 4,698 | (239 | ) | ||||||||
Foreign taxes on unremitted earnings | 2,085 | 1,590 | — | |||||||||
Stock-based compensation | 134 | 621 | 460 | |||||||||
Foreign withholding taxes | 180 | — | — | |||||||||
Return to provision adjustments | 1,131 | 536 | (920 | ) | ||||||||
Subpart F income inclusion | 5,914 | 1,167 | 2,446 | |||||||||
Other | 170 | 49 | 77 | |||||||||
Tax provision | $ | 4,603 | $ | 4,346 | $ | 2,152 |
December 31, | ||||||||
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Tax loss carryforwards | $ | 52,504 | $ | 54,551 | ||||
Tax credit carryforwards | 19 | 19 | ||||||
Uniform capitalization, contract and inventory related reserves | 1,558 | 1,728 | ||||||
Accrued vacation | 592 | 669 | ||||||
Stock-based compensation | 1,466 | 1,428 | ||||||
Capitalized research and development | 6,212 | — | ||||||
Tax basis depreciation less book depreciation | 1,019 | — | ||||||
Intangible assets | 1,533 | 1,364 | ||||||
Deferred revenue | 254 | 149 | ||||||
Accrued foreign taxes | 1,271 | — | ||||||
Unrealized gains and losses | — | 1,780 | ||||||
Other | 2,527 | 2,668 | ||||||
Total | 68,955 | 64,356 | ||||||
Deferred tax liabilities: | ||||||||
Inventory deduction | (235 | ) | (206 | ) | ||||
Pension assets | (1,173 | ) | (1,476 | ) | ||||
Allowance for doubtful accounts | (378 | ) | (407 | ) | ||||
Tax basis depreciation less book depreciation | — | (192 | ) | |||||
Withholding tax on undistributed earnings of foreign subsidiary | (3,675 | ) | (1,590 | ) | ||||
Unrealized gains and losses | (984 | ) | — | |||||
Other | (1 | ) | (241 | ) | ||||
Total | (6,446 | ) | (4,112 | ) | ||||
Net deferred tax assets before valuation allowance | 62,509 | 60,244 | ||||||
Valuation allowance | (68,093 | ) | (64,199 | ) | ||||
Net deferred tax liabilities | $ | (5,584 | ) | $ | (3,955 | ) |
Balance at December 31, 2013 | $ | 12,634 | |
Increase in current period positions | 890 | ||
Decrease in prior period positions | (1,585 | ) | |
Balance at December 31, 2014 | 11,939 | ||
Increase in current period positions | 1,466 | ||
Increase in prior period positions | 609 | ||
Balance at December 31, 2015 | $ | 14,014 |
|
Fiscal Years | |||
2016 | $ | 4,316 | |
2017 | 3,652 | ||
2018 | 2,274 | ||
2019 | 2,266 | ||
2020 | 1,266 | ||
Thereafter | 2,407 | ||
Total | $ | 16,181 |
|
Pension Benefits | ||||||||
Years ended December 31, | ||||||||
2015 | 2014 | |||||||
Change in benefit obligation: | ||||||||
Benefit obligation at beginning of year | $ | 33,006 | $ | 32,577 | ||||
Service cost | 958 | 846 | ||||||
Interest cost | 332 | 697 | ||||||
Plan participant contributions | 523 | 593 | ||||||
Benefits paid | (3,064 | ) | (3,018 | ) | ||||
Actuarial loss | 1,262 | 4,974 | ||||||
Plan change | 83 | — | ||||||
Effect of foreign currency translation | 53 | (3,663 | ) | |||||
Projected benefit obligation at end of year | 33,153 | 33,006 | ||||||
Changes in plan assets: | ||||||||
Fair value of plan assets at beginning of year | 40,368 | 43,145 | ||||||
Actual return on plan assets | 419 | 3,478 | ||||||
Company contributions | 640 | 720 | ||||||
Plan participant contributions | 523 | 593 | ||||||
Benefits paid | (3,064 | ) | (3,018 | ) | ||||
Effect of foreign currency translation | 116 | (4,550 | ) | |||||
Fair value of plan assets at end of year | 39,002 | 40,368 | ||||||
Funded status at end of year | $ | 5,849 | $ | 7,362 |
As of December 31, | ||||||||
2015 | 2014 | |||||||
Net long-term pension asset | $ | 5,849 | $ | 7,362 | ||||
Accumulated other comprehensive loss consists of the following: | ||||||||
Net prior service cost | 837 | 853 | ||||||
Net loss | 5,668 | 3,897 | ||||||
Accumulated other comprehensive loss before taxes | $ | 6,505 | $ | 4,750 |
Years ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Components of net periodic pension cost: | ||||||||||||
Service cost | $ | 958 | $ | 846 | $ | 831 | ||||||
Interest cost | 332 | 697 | 504 | |||||||||
Expected return on plan assets | (1,551 | ) | (1,784 | ) | (1,539 | ) | ||||||
Prior service cost amortization | 136 | 140 | 44 | |||||||||
Deferred loss amortization | 45 | — | 180 | |||||||||
Settlement cost | 492 | 420 | — | |||||||||
Net periodic pension cost | $ | 412 | $ | 319 | $ | 20 | ||||||
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | ||||||||||||
Prior service cost amortization | $ | (136 | ) | $ | (140 | ) | $ | (44 | ) | |||
Loss (gain) on value of plan assets | 1,131 | (1,695 | ) | (2,977 | ) | |||||||
Actuarial (gain) loss on benefit obligation | 1,262 | 4,975 | (405 | ) | ||||||||
Plan change | 83 | — | 978 | |||||||||
Settlement | (492 | ) | (420 | ) | — | |||||||
Deferred loss amortization | (45 | ) | — | (180 | ) | |||||||
Total recognized in other comprehensive income (loss), before taxes | $ | 1,803 | $ | 2,720 | $ | (2,628 | ) | |||||
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes | $ | 2,215 | $ | 3,039 | $ | (2,608 | ) |
Pension Benefits | ||||||
Years ended December 31, | ||||||
2015 | 2014 | |||||
Weighted-average assumptions used to determine benefit obligation: | ||||||
Discount rate | 0.75 | % | 1.00 | % | ||
Rate of compensation increase | 2.50 | % | 2.50 | % | ||
Measurement date | 11/30/2015 | 12/31/2014 | ||||
Weighted-average assumptions used to determine net periodic pension cost: | ||||||
Discount rate | 1.00 | % | 2.25 | % | ||
Expected long-term return on plan assets | 3.75 | % | 4.25 | % | ||
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 | 29 | % | 33 | % | ||
Debt securities | 23 | % | 22 | % | ||
Real estate investment funds | 43 | % | 40 | % | ||
Other | 5 | % | 5 | % | ||
Total | 100 | % | 100 | % |
Expected amortization during the year ending December 31, 2016 is as follows (in thousands): | |||
Amortization of net prior service costs | $ | 149 |
2016 | $ | 1,360 | |
2017 | 1,372 | ||
2018 | 1,431 | ||
2019 | 1,411 | ||
2020 | 1,340 | ||
Years 2021 through 2025 | 7,392 | ||
Total | $ | 14,306 |
Fair Value Measurements at | ||||||||||||||||
December 31, 2015 | ||||||||||||||||
Total | Active Market Prices (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash: | ||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 808 | $ | 808 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
Investment funds | 12,292 | 11,303 | 989 | — | ||||||||||||
Real estate investment funds | 16,917 | — | — | 16,917 | ||||||||||||
Fixed income / Bond Securities | ||||||||||||||||
Fixed income / Bond securities: | 8,949 | 8,949 | — | — | ||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 36 | — | 36 | — | ||||||||||||
Net assets of pension plan | $ | 39,002 | $ | 21,060 | $ | 1,025 | $ | 16,917 |
Fair Value Measurements at | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Total | Active Market Prices (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash: | ||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 973 | $ | 973 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
Investment funds | 14,481 | 14,481 | — | — | ||||||||||||
Real estate investment funds | 16,049 | — | — | 16,049 | ||||||||||||
Fixed income / Bond Securities | ||||||||||||||||
Fixed income / Bond securities: | 8,839 | 8,839 | — | — | ||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 26 | — | 26 | — | ||||||||||||
Net assets of pension plan | $ | 40,368 | $ | 24,293 | $ | 26 | $ | 16,049 |
Description | Real estate investments | |||
Beginning balance, December 31, 2014 | $ | 16,049 | ||
Total unrealized gains included in net gain (1) | 869 | |||
Foreign currency translation adjustments | (1 | ) | ||
Ending balance, December 31, 2015 | $ | 16,917 |
(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. |
|
Year ended December 31, 2015 | Employee Severance Costs | Lease Obligation Costs | Total | |||||||||
Costs incurred | $ | 1,439 | $ | 1,208 | $ | 2,647 | ||||||
Amounts paid | (1,010 | ) | — | (1,010 | ) | |||||||
Accruals released | (135 | ) | — | (135 | ) | |||||||
Other non-cash adjustments | — | (165 | ) | (165 | ) | |||||||
Restructuring liability as of December 31, 2015 | $ | 294 | $ | 1,043 | $ | 1,337 |
|
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2015 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 34,670 | $ | 37,796 | $ | 45,076 | $ | 49,830 | ||||||||||||||||
Gross profit | 10,303 | 12,153 | 14,256 | 14,250 | ||||||||||||||||||||
Net income (loss) | (9,341 | ) | (a) | (9,376 | ) | (b) | (1,449 | ) | (c) | (2,167 | ) | (d) | ||||||||||||
Basic and diluted net loss per share | $ | (0.32 | ) | $ | (0.31 | ) | $ | (0.05 | ) | $ | (0.07 | ) | ||||||||||||
Quarter Ended | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Total revenue | $ | 46,001 | $ | 46,074 | $ | 41,593 | $ | 52,918 | ||||||||||||||||
Gross profit | 17,863 | 16,597 | 15,480 | 18,503 | ||||||||||||||||||||
Net income (loss) | 319 | (e) | (1,181 | ) | (f) | (3,292 | ) | (g) | (2,118 | ) | (h) | |||||||||||||
Basic and diluted net income (loss) per share | $ | 0.01 | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.07 | ) |
(a) | Includes a non-cash expense for stock-based compensation of $839,000. |
(b) | Includes restructuring costs of $2.3 million, a non-cash deferred tax expense of $2.1 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. |
(c) | Includes a non-cash expense for stock-based compensation of $1.1 million. |
(d) | Includes a non-cash expense for stock-based compensation of $1.0 million. |
(e) | Includes a non-cash expense for stock-based compensation of $755,000. |
(f) | Includes a non-cash expense for stock-based compensation of $1.2 million. |
(g) | Includes a non-cash expense for stock-based compensation of $1.0 million. |
(h) | Includes non-cash deferred tax expense of $1.6 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. |
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