(Mark One)
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the quarterly period ended September 30, 2012
|
OR
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
38-1799862
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
2525 Shader Rd., Orlando, Florida
|
32804
|
(Address of principal executive offices)
|
(Zip Code)
|
(407) 298-2000
|
|
(Registrant's telephone number, including area code)
|
|
|
|
(Former name, former address, and former fiscal year if changed since last report)
|
Yes x
|
No o
|
|
Yes x
|
No o
|
|
|
Large accelerated filer o
|
Accelerated filer o
|
|
Non-accelerated filer o
(Do not check if a smaller reporting company)
|
Smaller reporting company x
|
Yes o
|
No x
|
|
Class
|
|
Outstanding at November 12, 2012
|
Common Stock, $0.01 par value
|
|
2,634,409
|
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements (Unaudited)
|
|
|
Condensed Consolidated Balance Sheets:
|
1
|
|
– As of September 30, 2012
|
|
|
– As of December 31, 2011
|
|
|
Condensed Consolidated Statements of Operations:
|
3
|
|
– Three and nine months ended September 30, 2012 and 2011
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss):
|
4
|
|
– Three and nine months ended September 30, 2012 and 2011
|
|
|
Condensed Consolidated Statement of Stockholders' Equity:
|
5
|
|
–Nine months ended September 30, 2012
|
|
|
Condensed Consolidated Statements of Cash Flows:
|
6
|
|
– Nine months ended September 30, 2012 and 2011
|
|
|
Notes to Condensed Consolidated Financial Statements:
|
7
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and
|
|
|
Results of Operations
|
13
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
19
|
Item 4.
|
Controls and Procedures
|
20
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
21
|
Item 1A.
|
Risk Factors
|
21
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
21
|
Item 3.
|
Defaults Upon Senior Securities
|
21
|
Item 4.
|
Mine Safety Disclosures
|
21
|
Item 5.
|
Other Information
|
21
|
Item 6.
|
Exhibits
|
22
|
SIGNATURES
|
23
|
|
September 30,
|
December 31,
|
||||||
|
2012
|
2011 (A)
|
|
|||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
9,484
|
$
|
13,709
|
||||
Restricted cash (Note D)
|
1,500
|
—
|
||||||
Accounts receivable, less allowances of $99 and $131, respectively
|
4,049
|
4,309
|
||||||
Inventories, net (Note C)
|
5,434
|
5,676
|
||||||
Deferred income taxes
|
960
|
960
|
||||||
Prepaid expenses and other current assets
|
289
|
292
|
||||||
Total Current Assets
|
21,716
|
24,946
|
||||||
Property, Plant and Equipment:
|
||||||||
Land
|
640
|
640
|
||||||
Buildings and improvements
|
3,776
|
3,620
|
||||||
Machinery and equipment
|
15,564
|
15,001
|
||||||
Gross property, plant and equipment
|
19,980
|
19,261
|
||||||
Less: accumulated depreciation
|
(15,158
|
)
|
(14,731
|
)
|
||||
Net property, plant, and equipment
|
4,822
|
4,530
|
||||||
Deferred income taxes, net
|
2,909
|
2,385
|
||||||
Other assets, net
|
530
|
560
|
||||||
Total Assets
|
$
|
29,977
|
$
|
32,421
|
|
September 30,
|
December 31,
|
||||||
|
2012
|
2011 (A)
|
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Note payable to bank (Note D)
|
$
|
1,450
|
$
|
3,026
|
||||
Accounts payable
|
2,178
|
1,755
|
||||||
Accrued compensation and commissions expense
|
1,043
|
1,102
|
||||||
Other accrued expenses
|
504
|
545
|
||||||
Current maturities of long-term debt (Note D)
|
145
|
400
|
||||||
Total Current Liabilities
|
5,320
|
6,828
|
||||||
Long-term debt, net of current portion (Note D)
|
—
|
—
|
||||||
Total Liabilities
|
5,320
|
6,828
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,634,409 shares issued and 2,583,955 shares outstanding at September 30, 2012, and 2,628,188 shares issued and 2,592,734 shares outstanding at December 31, 2011
|
26
|
26
|
||||||
Additional paid-in capital
|
27,926
|
27,656
|
||||||
Accumulated deficit
|
(2,921
|
)
|
(1,799
|
)
|
||||
Treasury stock; 50,454 shares and 35,454 shares held in treasury at cost at September 30, 2012 and December 31, 2011, respectively
|
(405
|
)
|
(315
|
)
|
||||
Accumulated other comprehensive income
|
31
|
25
|
||||||
Total Stockholders' Equity (Note J)
|
24,657
|
25,593
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
29,977
|
$
|
32,421
|
(A)
|
The Condensed Consolidated Balance Sheet as of December 31, 2011, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
||||||||||||||||
REVENUES
|
$
|
7,307
|
$
|
9,629
|
$
|
22,063
|
$
|
28,295
|
||||||||
Cost and expenses:
|
||||||||||||||||
Manufacturing cost of sales
|
5,514
|
6,930
|
16,666
|
19,591
|
||||||||||||
Engineering, selling and administrative
|
2,249
|
2,577
|
6,944
|
7,635
|
||||||||||||
Total Cost and Expenses
|
7,763
|
9,507
|
23,610
|
27,226
|
||||||||||||
OPERATING INCOME (LOSS)
|
(456
|
)
|
122
|
(1,547
|
)
|
1,069
|
||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(23
|
)
|
(41
|
)
|
(78
|
)
|
(82
|
)
|
||||||||
Other income (expense)
|
18
|
10
|
(21
|
)
|
24
|
|||||||||||
Total Other Income (Expense)
|
(5
|
)
|
(31
|
)
|
(99
|
)
|
(58
|
)
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(461
|
)
|
91
|
(1,646
|
)
|
1,011
|
||||||||||
Income tax benefit (provision)
|
147
|
—
|
524
|
(333
|
)
|
|||||||||||
NET INCOME (LOSS)
|
$
|
( 314
|
)
|
$
|
91
|
$
|
(1,122
|
)
|
$
|
678
|
||||||
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation.
|
2,593,760
|
2,609,334
|
2,596,280
|
2,569,717
|
||||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE
|
$
|
(0.12
|
)
|
$
|
0.03
|
$
|
(0.43
|
)
|
$
|
0.26
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
||||||||||||||||
NET INCOME (LOSS)
|
$
|
(314
|
)
|
$
|
91
|
$
|
(1,122
|
)
|
$
|
678
|
||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized gain (loss) on available-for-sale securities
|
3
|
(5
|
)
|
6
|
9
|
|||||||||||
Deferred gain on swap liability on hedge contracts
|
—
|
—
|
—
|
47
|
||||||||||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(311
|
)
|
$
|
86
|
$
|
(1,116
|
)
|
$
|
734
|
|
Shares of Common Stock Outstanding
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated Deficit
|
Accumulated Other Comprehensive
Income
|
Treasury Stock
|
Total
|
|||||||||||||||||||||
Balance at December 31, 2011
|
2,592,734
|
$
|
26
|
$
|
27,656
|
$
|
(1,799
|
)
|
$
|
25
|
$
|
(315
|
)
|
$
|
25,593
|
|||||||||||||
Net loss for period
|
—
|
—
|
—
|
(1,122
|
)
|
—
|
—
|
(1,122
|
)
|
|||||||||||||||||||
Other comprehensive income
|
—
|
—
|
—
|
—
|
6
|
—
|
6
|
|||||||||||||||||||||
Stock-based compensation (Note E)
|
6,221
|
—
|
270
|
—
|
—
|
—
|
270
|
|||||||||||||||||||||
Purchase of common stock for treasury
|
(15,000
|
)
|
—
|
—
|
—
|
—
|
(90
|
)
|
(90
|
)
|
||||||||||||||||||
Balance at September 30, 2012
|
2,583,955
|
$
|
26
|
$
|
27,926
|
$
|
(2,921
|
)
|
$
|
31
|
$
|
(405
|
)
|
$
|
24,657
|
|
Nine Months Ended
September 30,
|
|||||||
|
2012
|
2011
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income (loss)
|
$
|
(1,122
|
)
|
$
|
678
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Depreciation
|
513
|
521
|
||||||
Amortization of finite-lived intangible assets
|
63
|
108
|
||||||
Gain on disposal of Lynch property
|
—
|
(6
|
)
|
|||||
Stock-based compensation
|
270
|
202
|
||||||
Deferred income taxes
|
(524
|
)
|
213
|
|||||
Changes in operating assets and liabilities:
|
||||||||
(Increase) decrease in accounts receivable
|
260
|
(38
|
)
|
|||||
(Increase) decrease in inventories
|
242
|
(167
|
)
|
|||||
Increase in trade accounts payable, accrued liabilities and other liabilities
|
323
|
80
|
||||||
(Increase) decrease in other current assets
|
(24
|
)
|
9
|
|||||
Net cash provided by operating activities
|
1
|
1,600
|
||||||
INVESTING ACTIVITIES
|
||||||||
Capital expenditures
|
(805
|
)
|
(1,285
|
)
|
||||
Net cash used in investing activities
|
(805
|
)
|
(1,285
|
)
|
||||
FINANCING ACTIVITIES
|
||||||||
Net borrowings (repayments) on note payable to bank
|
(1,576
|
)
|
3,351
|
|||||
Increase in restricted cash
|
(1,500
|
)
|
—
|
|||||
Proceeds from issuance of common stock
|
—
|
6,562
|
||||||
Payment of expenses related to the public offering
|
—
|
(158
|
)
|
|||||
Purchase of treasury stock
|
(90
|
)
|
(315
|
)
|
||||
Proceeds from long-term debt
|
—
|
536
|
||||||
Principal payments on long-term debt
|
(255
|
)
|
(722
|
)
|
||||
Net cash provided by (used in) financing activities
|
(3,421
|
)
|
9,254
|
|||||
Increase (decrease) in cash and cash equivalents
|
(4,225
|
)
|
9,569
|
|||||
Cash and cash equivalents at beginning of period
|
13,709
|
4,147
|
||||||
Cash and cash equivalents at end of period
|
$
|
9,484
|
$
|
13,716
|
||||
Supplemental Disclosure:
|
||||||||
Cash paid for income taxes
|
$
|
52
|
$
|
35
|
||||
Cash paid for interest
|
$
|
79
|
$
|
52
|
||||
Supplemental Disclosure of noncash investing activity:
|
||||||||
Note receivable obtained in sale of property by Lynch Systems
|
$
|
—
|
$
|
299
|
A.
|
Subsidiaries of the Registrant
|
|
Owned By LGL
|
|||
M-tron Industries, Inc.
|
100.0
|
%
|
||
M-tron Industries, Ltd.
|
99.9
|
%
|
||
Piezo Technology, Inc.
|
100.0
|
%
|
||
Piezo Technology India Private Ltd.
|
99.0
|
%
|
||
Lynch Systems, Inc.
|
100.0
|
%
|
B.
|
Basis of Presentation
|
C.
|
Inventories
|
|
September 30,
2012
|
December 31,
2011
|
||||||
|
(in thousands)
|
|||||||
Raw materials, net
|
$
|
2,644
|
$
|
2,864
|
||||
Work in process, net
|
1,297
|
1,384
|
||||||
Finished goods, net
|
1,493
|
1,428
|
||||||
Total Inventories, net
|
$
|
5,434
|
$
|
5,676
|
D.
|
Notes Payable to Bank and Long-Term Debt
|
|
September 30,
2012
|
December 31,
2011
|
||||||
|
(in thousands)
|
|||||||
Notes Payable to Bank:
|
||||||||
MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at September 30, 2012), due June 30, 2013.
|
$
|
1,450
|
$
|
3,026
|
||||
Long-Term Debt:
|
||||||||
MtronPTI term loan with Chase due January 31, 2013. The note bears interest at a fixed rate of 5.00%
|
$
|
145
|
$
|
400
|
||||
Less: Current maturities
|
145
|
400
|
||||||
Long-Term Debt
|
$
|
--
|
$
|
--
|
E.
|
Stock-Based Compensation
|
F.
|
Earnings (Loss) Per Share
|
G.
|
Fair Value Measurements
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
September 30,
2012
|
||||||||||||
|
(in thousands)
|
|||||||||||||||
Equity securities
|
$
|
46
|
$
|
--
|
$
|
--
|
$
|
46
|
||||||||
U.S. Treasury securities
|
$
|
6,738
|
$
|
--
|
$
|
--
|
$
|
6,738
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
December 31, 2011
|
||||||||||||
|
(in thousands)
|
|||||||||||||||
Equity securities
|
$
|
40
|
$
|
--
|
$
|
--
|
$
|
40
|
||||||||
U.S. Treasury securities
|
$
|
10,087
|
$
|
--
|
$
|
--
|
$
|
10,087
|
H.
|
Foreign Revenues
|
Three Months Ended
September 30,
|
||||||||
2012
|
2011
|
|||||||
(in thousands)
|
||||||||
Foreign Revenues:
|
||||||||
Malaysia
|
$
|
1,069
|
$
|
1,662
|
||||
China
|
984
|
2,236
|
||||||
Thailand
|
446
|
749
|
||||||
All other foreign countries
|
1,268
|
1,141
|
||||||
Total foreign revenues
|
$
|
3,767
|
$
|
5,788
|
Nine Months Ended
September 30,
|
||||||||
2012
|
2011
|
|||||||
(in thousands)
|
||||||||
Foreign Revenues:
|
||||||||
Malaysia
|
$
|
3,487
|
$
|
4,660
|
||||
China
|
2,828
|
5,188
|
||||||
Thailand
|
1,208
|
1,463
|
||||||
All other foreign countries
|
3,503
|
4,456
|
||||||
Total foreign revenues
|
$
|
11,026
|
$
|
15,767
|
I.
|
Commitments and Contingencies
|
J.
|
Stockholders' Equity
|
K.
|
Related Party Transactions
|
‒
|
Persuasive evidence that an arrangement exists;
|
‒
|
Delivery has occurred;
|
‒
|
The seller's price to the buyer is fixed and determinable; and
|
‒
|
Collectability is reasonably assured.
|
‒
|
Seller's price to the buyer is fixed or determinable at the date of sale;
|
‒
|
Buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product;
|
‒
|
Buyer's obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product;
|
‒
|
Buyer acquiring the product for resale has economic substance apart from that provided by the seller;
|
‒
|
Seller does not have obligations for future performance; and
|
‒
|
The amount of future returns can be reasonably estimated.
|
Period
|
Total Number of Shares Purchased(1)
|
Average
Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Programs
|
Maximum Number of Shares that May Yet Be Purchased Under the Programs
|
||||||||||||
|
||||||||||||||||
July 1, 2012 to July 31, 2012
|
--
|
$
|
--
|
--
|
$
|
504,557
|
||||||||||
August 1, 2012 to August 31, 2012
|
12,249
|
6.05
|
12,249
|
492,308
|
||||||||||||
September 1, 2012 to September 30, 2012
|
2,751
|
5.82
|
2,751
|
489,557
|
||||||||||||
|
15,000
|
6.01
|
15,000
|
--
|
(1)
|
All of the shares purchased during the quarter ended September 30, 2012, were purchased under our publicly announced repurchase program. On August 29, 2011, we announced that our Board of Directors authorized the repurchase of up to 100,000 shares, increasing the total number of shares authorized to be repurchased under our repurchase program to 540,000 shares. There is no expiration date for this program.
|
Exhibit No.
|
Description
|
||
|
|||
31.1
|
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
||
31.2
|
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
||
32.1
|
Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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32.2
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Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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101.INS
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XBRL Instance Document*
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101.SCH
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XBRL Taxonomy Extension Schema Document*
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document*
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document*
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document*
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document*
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THE LGL GROUP, INC.
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Date: November 14, 2012
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By:
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/s/ Gregory P. Anderson
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Gregory P. Anderson
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President and Chief Executive Officer
(Principal Executive Officer)
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Date: November 14, 2012
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By:
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/s/ R. LaDuane Clifton
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R. LaDuane Clifton
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Chief Accounting Officer
(Principal Financial Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of The LGL Group, Inc. for the quarterly period ended September 30, 2012;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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November 14, 2012
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/s/ Gregory P. Anderson
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Name:
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Gregory P. Anderson
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Title:
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President and Chief Executive Officer
(Principal Executive Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of The LGL Group, Inc. for the quarterly period ended September 30, 2012;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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November 14, 2012
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/s/ R. LaDuane Clifton
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Name:
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R. LaDuane Clifton
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Title:
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Chief Accounting Officer
(Principal Financial Officer)
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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November 14, 2012
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/s/ Gregory P. Anderson
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Name:
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Gregory P. Anderson
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Title:
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President and Chief Executive Officer
(Principal Executive Officer)
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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November 14, 2012
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/s/ R. LaDuane Clifton
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Name:
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R. LaDuane Clifton
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Title:
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Chief Accounting Officer
(Principal Financial Officer)
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Foreign Revenues (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Segment Reporting Information [Line Items] | ||||
Total foreign revenues | $ 3,767 | $ 5,788 | $ 11,026 | $ 15,767 |
China [Member]
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Segment Reporting Information [Line Items] | ||||
Total foreign revenues | 984 | 2,236 | 2,828 | 5,188 |
Malaysia [Member]
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Segment Reporting Information [Line Items] | ||||
Total foreign revenues | 1,069 | 1,662 | 3,487 | 4,660 |
Thailand [Member]
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Segment Reporting Information [Line Items] | ||||
Total foreign revenues | 446 | 749 | 1,208 | 1,463 |
All other foreign countries [Member]
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Segment Reporting Information [Line Items] | ||||
Total foreign revenues | $ 1,268 | $ 1,141 | $ 3,503 | $ 4,456 |
Fair Value Measurements (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets measured at fair value on recurring basis | To estimate the fair value of its marketable securities, the Company obtains current market pricing from quoted market sources or uses pricing for identical securities. Assets measured at fair value on a recurring basis are summarized below.
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Basis of Presentation
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9 Months Ended | ||
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Sep. 30, 2012
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Basis of Presentation [Abstract] | |||
Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2012, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. |