Utah | 87-0398877 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) | |
5225 Wiley Post Way, Suite 500, Salt Lake City, Utah | 84116 | |
(Address of principal executive offices) | (Zip Code) | |
(801) 975-7200 | ||
(Registrant’s telephone number, including area code) |
Larger Accelerated Filer [ ] | Accelerated Filer [x] |
Non-Accelerated Filer [ ] (Do not check if a smaller reporting company) | Smaller Reporting Company [ ] |
PART I – FINANCIAL INFORMATION | ||
PART II – OTHER INFORMATION | ||
Item 1. | FINANCIAL STATEMENTS |
March 31, 2016 | December 31, 2015 | ||||||
ASSETS | Unaudited | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 13,913 | $ | 13,412 | |||
Marketable securities | 5,890 | 7,161 | |||||
Receivables, net of allowance for doubtful accounts of $77 and $54, respectively | 8,133 | 8,692 | |||||
Inventories | 14,470 | 13,447 | |||||
Distributor channel inventories | 1,445 | 1,628 | |||||
Prepaid expenses and other assets | 2,427 | 1,806 | |||||
Total current assets | 46,278 | 46,146 | |||||
Long-term marketable securities | 20,347 | 19,204 | |||||
Long-term inventories, net | 2,021 | 2,018 | |||||
Property and equipment, net | 1,468 | 1,589 | |||||
Intangibles, net | 6,368 | 6,638 | |||||
Goodwill | 12,724 | 12,724 | |||||
Deferred income taxes | 5,020 | 5,093 | |||||
Other assets | 127 | 117 | |||||
Total assets | $ | 94,353 | $ | 93,529 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,195 | $ | 2,815 | |||
Accrued liabilities | 2,144 | 2,243 | |||||
Deferred product revenue | 4,203 | 4,549 | |||||
Total current liabilities | 10,542 | 9,607 | |||||
Deferred rent | 154 | 150 | |||||
Other long-term liabilities | 1,152 | 1,203 | |||||
Total liabilities | 11,848 | 10,960 | |||||
Shareholders' equity: | |||||||
Common stock, par value $0.001, 50,000,000 shares authorized, 9,219,978 and 9,183,957 shares issued and outstanding | 9 | 9 | |||||
Additional paid-in capital | 45,568 | 46,291 | |||||
Accumulated other comprehensive (loss) | (12 | ) | (166 | ) | |||
Retained earnings | 36,940 | 36,435 | |||||
Total shareholders' equity | 82,505 | 82,569 | |||||
Total liabilities and shareholders' equity | $ | 94,353 | $ | 93,529 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Revenue | $ | 13,033 | $ | 13,586 | |||
Cost of goods sold | 4,568 | 5,124 | |||||
Gross profit | 8,465 | 8,462 | |||||
Operating expenses: | |||||||
Sales and marketing | 2,625 | 2,622 | |||||
Research and product development | 2,270 | 1,941 | |||||
General and administrative | 1,598 | 2,000 | |||||
Total operating expenses | 6,493 | 6,563 | |||||
Operating income | 1,972 | 1,899 | |||||
Other income, net | 11 | 104 | |||||
Income before income taxes | 1,983 | 2,003 | |||||
Provision for income taxes | 615 | 731 | |||||
Net income | $ | 1,368 | $ | 1,272 | |||
Basic earnings per common share | $ | 0.15 | $ | 0.14 | |||
Diluted earnings per common share | $ | 0.14 | $ | 0.13 | |||
Basic weighted average shares outstanding | 9,196,522 | 9,100,107 | |||||
Diluted weighted average shares outstanding | 9,513,440 | 9,508,479 | |||||
Comprehensive income: | |||||||
Net income | $ | 1,368 | $ | 1,272 | |||
Other comprehensive income: | |||||||
Unrealized gain on available-for-sale securities, net of tax | 121 | 55 | |||||
Change in foreign currency translation adjustment | 33 | (180 | ) | ||||
Comprehensive income | $ | 1,522 | $ | 1,147 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 1,368 | $ | 1,272 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Depreciation and amortization expense | 483 | 521 | |||||
Amortization of deferred rent | (20 | ) | (23 | ) | |||
Stock-based compensation expense | 148 | 238 | |||||
Provision for doubtful accounts, net | 25 | 21 | |||||
Write-down of inventory to net realizable value | 119 | 47 | |||||
Loss on disposal of assets | 49 | — | |||||
Tax benefit from exercise of stock options | (583 | ) | (7 | ) | |||
Deferred income taxes | 47 | — | |||||
Changes in operating assets and liabilities: | |||||||
Receivables | 562 | 1,205 | |||||
Inventories | (964 | ) | (806 | ) | |||
Prepaid expenses and other assets | (144 | ) | 877 | ||||
Accounts payable | 1,378 | 820 | |||||
Accrued liabilities | (82 | ) | (832 | ) | |||
Income taxes payable | 106 | 338 | |||||
Deferred product revenue | (354 | ) | (291 | ) | |||
Other long-term liabilities | (52 | ) | (537 | ) | |||
Net cash provided by operating activities | 2,086 | 2,843 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (139 | ) | (76 | ) | |||
Proceeds from maturities and sales of marketable securities | 2,787 | 2,376 | |||||
Purchases of marketable securities | (2,538 | ) | (1,612 | ) | |||
Net cash provided by investing activities | 110 | 688 | |||||
Cash flows from financing activities: | |||||||
Proceeds from the exercise of stock options | 318 | 20 | |||||
Repurchase and cancellation of stock options | (1,752 | ) | — | ||||
Tax benefit from exercise of stock options | 583 | 7 | |||||
Dividends paid | (459 | ) | — | ||||
Repurchase and cancellation of stock | (404 | ) | — | ||||
Net cash (used in) provided by financing activities | (1,714 | ) | 27 | ||||
Effect of exchange rate changes on cash and cash equivalents | 19 | (133 | ) | ||||
Net increase in cash and cash equivalents | 501 | 3,425 | |||||
Cash and cash equivalents at the beginning of the period | 13,412 | 7,440 | |||||
Cash and cash equivalents at the end of the period | $ | 13,913 | $ | 10,865 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for income taxes | $ | 537 | $ | 881 |
1. | Business Description, Basis of Presentation and Significant Accounting Policies |
2. | Earnings Per Share |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Numerator: | |||||||
Net income | $ | 1,368 | $ | 1,272 | |||
Denominator: | |||||||
Basic weighted average shares outstanding | 9,196,522 | 9,100,107 | |||||
Dilutive common stock equivalents using treasury stock method | 316,918 | 408,372 | |||||
Diluted weighted average shares outstanding | 9,513,440 | 9,508,479 | |||||
Basic earnings per common share | $ | 0.15 | $ | 0.14 | |||
Diluted earnings per common share | $ | 0.14 | $ | 0.13 | |||
Weighted average options outstanding | 1,000,571 | 1,037,137 | |||||
Anti-dilutive options not included in the computations | 289,623 | 268,709 |
3. | Marketable Securities |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Estimated fair value | ||||||||||||||
March 31, 2016 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | $ | 19,422 | $ | 136 | $ | (52 | ) | $ | 19,506 | ||||||||
Municipal bonds | 6,691 | 41 | (1 | ) | 6,731 | ||||||||||||
Total available-for-sale securities | $ | 26,113 | $ | 177 | $ | (53 | ) | $ | 26,237 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Estimated fair value | ||||||||||||||
December 31, 2015 | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | $ | 20,827 | $ | 50 | $ | (133 | ) | $ | 20,744 | ||||||||
Municipal bonds | 5,608 | 18 | (5 | ) | 5,621 | ||||||||||||
Total available-for-sale securities | $ | 26,435 | $ | 68 | $ | (138 | ) | $ | 26,365 |
Amortized cost | Estimated fair value | |||||||
March 31, 2016 | ||||||||
Due within one year | $ | 5,881 | $ | 5,890 | ||||
Due after one year through five years | 19,247 | 19,365 | ||||||
Due after five years through ten years | 985 | 982 | ||||||
Total available-for-sale securities | $ | 26,113 | $ | 26,237 |
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||
(In thousands) | Estimated fair value | Gross unrealized holding losses | Estimated fair value | Gross unrealized holding losses | Estimated fair value | Gross unrealized holding losses | |||||||||||||||||
As of March 31, 2016 | |||||||||||||||||||||||
Corporate bonds and notes | $ | 3,416 | $ | (38 | ) | $ | 1,644 | $ | (14 | ) | $ | 5,060 | $ | (52 | ) | ||||||||
Municipal bonds | — | — | 200 | (1 | ) | 200 | (1 | ) | |||||||||||||||
$ | 3,416 | $ | (38 | ) | $ | 1,844 | $ | (15 | ) | $ | 5,260 | $ | (53 | ) |
4. | Intangible Assets |
Estimated useful lives | March 31, 2016 | December 31, 2015 | |||||||
Tradename | 7 years | $ | 555 | $ | 555 | ||||
Patents and technological know-how | 10 years | 5,869 | 5,850 | ||||||
Proprietary software | 3 to 15 years | 4,341 | 4,341 | ||||||
Other | 5 years | 324 | 324 | ||||||
11,089 | 11,070 | ||||||||
Accumulated amortization | (4,721 | ) | (4,432 | ) | |||||
$ | 6,368 | $ | 6,638 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Amortization of intangible assets | $ | 289 | $ | 315 |
Years ending December 31, | |||
2016 (remainder) | $ | 831 | |
2017 | 925 | ||
2018 | 851 | ||
2019 | 778 | ||
2020 | 600 | ||
Thereafter | 2,383 | ||
$ | 6,368 |
5. | Inventories |
March 31, 2016 | December 31, 2015 | ||||||
Current: | |||||||
Raw materials | $ | 3,404 | $ | 2,735 | |||
Finished goods | 11,066 | 10,712 | |||||
$ | 14,470 | $ | 13,447 | ||||
Long-term: | |||||||
Raw materials | $ | 438 | $ | 375 | |||
Finished goods | 1,583 | 1,643 | |||||
$ | 2,021 | $ | 2,018 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Net loss (gain) on valuation of inventory and write-off of obsolete inventory | $ | 119 | $ | 47 |
6. | Share-based Compensation |
Number of shares | Weighted average exercise price | ||
Options outstanding at beginning of quarter | 1,028,935 | $6.03 | |
Granted | 157,200 | 11.97 | |
Less: | |||
Exercised | (69,621) | 4.21 | |
Repurchased | (225,542) | 4.37 | |
Canceled or Expired | (980) | 8.51 | |
Options outstanding at end of quarter | 889,992 | 7.64 | |
Options exercisable at end of quarter | 550,097 | $5.64 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Cost of goods sold | $ | 4 | $ | 5 | |||
Sales and marketing | 14 | 40 | |||||
Research and product development | 27 | 33 | |||||
General and administrative | 103 | 160 | |||||
$ | 148 | $ | 238 |
7. | Shareholders’ Equity |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Balance at the beginning of the period | $ | 82,569 | $ | 76,016 | |||
Exercise of stock options | 293 | 20 | |||||
Stock repurchased | (404 | ) | — | ||||
Options repurchased | (1,752 | ) | — | ||||
Proceeds from stock purchase plan | 25 | — | |||||
Dividends | (459 | ) | (319 | ) | |||
Share-based compensation - options | 143 | 238 | |||||
Share-based compensation - ESPP | 5 | — | |||||
Tax benefit - stock option exercises | 563 | 7 | |||||
Unrealized gain or loss on investments, net of tax | 121 | 55 | |||||
Foreign currency translation adjustment | 33 | (180 | ) | ||||
Net Income during the period | 1,368 | 1,272 | |||||
Balance at end of the period | $ | 82,505 | $ | 77,109 |
8. | Fair Value Measurements |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
March 31, 2016 | ||||||||||||||||
Corporate bonds and notes | $ | — | $ | 19,506 | $ | — | $ | 19,506 | ||||||||
Municipal bonds | — | 6,731 | — | 6,731 | ||||||||||||
Total | $ | — | $ | 26,237 | $ | — | $ | 26,237 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2015 | ||||||||||||||||
Corporate bonds and notes | $ | — | $ | 20,744 | $ | — | $ | 20,744 | ||||||||
Municipal bonds | — | 5,621 | — | 5,621 | ||||||||||||
Total | $ | — | $ | 26,365 | $ | — | $ | 26,365 |
9. | Income Taxes |
10. | Subsequent Events |
• | Maintain our leading global market share in professional audio conferencing products for large businesses and organizations; |
• | Leverage the video conferencing & collaboration, streaming and digital signage technologies to enter new growth markets; |
• | Focus on the small and medium business (SMB) market with scaled, lower cost and less complex products and solutions; |
• | Capitalize on the growing adoption of unified communications and introduce new products through emerging information technology channels; |
• | Capitalize on emerging market opportunities as audio visual, information technology, unified communications and traditional digital signage converge to meet enterprise and commercial multimedia needs; and |
• | Expand and strengthen our sales channels. |
• | Providing a superior conferencing and collaboration experience; |
• | Significantly impacting multimedia distribution and control; |
• | Offering greater value to our customers and partners; |
• | Leveraging and extending ClearOne technology, leadership and innovation; |
• | Leveraging our strong domestic and international channels to distribute new products; and |
• | Strengthening existing customer and partner relationships through dedicated support. |
Three months ended March 31, | |||||||||||
2016 | % of Revenue | 2015 | % of Revenue | ||||||||
Revenue | $ | 13,033 | 100% | $ | 13,586 | 100% | |||||
Cost of goods sold | 4,568 | 35% | 5,124 | 38% | |||||||
Gross profit | 8,465 | 65% | 8,462 | 62% | |||||||
Sales and marketing | 2,625 | 20% | 2,622 | 19% | |||||||
Research and product development | 2,270 | 17% | 1,941 | 14% | |||||||
General and administrative | 1,598 | 12% | 2,000 | 15% | |||||||
Operating income | 1,972 | 15% | 1,899 | 14% | |||||||
Other income (expense), net | 11 | 0% | 104 | 1% | |||||||
Income before income taxes | 1,983 | 15% | 2,003 | 15% | |||||||
Provision for income taxes | 615 | 5% | 731 | 5% | |||||||
Net income | $ | 1,368 | 10% | $ | 1,272 | 9% |
March 31, 2016 | December 31, 2015 | ||||||
Deferred revenue | $ | 4,203 | $ | 4,549 | |||
Deferred cost of goods sold | 1,445 | 1,628 | |||||
Deferred gross profit | $ | 2,758 | $ | 2,921 |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
Item 1. | LEGAL PROCEEDINGS |
Item 1A. | RISK FACTORS |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
January 1 to January 31 | — | — | 10,000,000 | ||||||||||
February 1 to February 29 | — | — | 10,000,000 | ||||||||||
March 1 to March 31 | 33,600 | $ | 12.02 | 33,600 | 9,596,063 | ||||||||
Total | 33,600 | 12.02 | 33,600 | 9,596,063 |
Item 3. | DEFAULTS UPON SENIOR SECURITIES |
Item 4. | MINE SAFETY DISCLOSURES |
Item 5. | OTHER INFORMATION |
Item 6. | EXHIBITS |
Exhibit No. | Title of Document | |
10.1 | Form of Offer to Repurchase Eligible Options for Cash | |
31.1 | Section 302 Certification of Chief Executive Officer (filed herewith) | |
31.2 | Section 302 Certification of Principal Financial Officer (filed herewith) | |
32.1 | Section 906 Certification of Chief Executive Officer (filed herewith) | |
32.2 | Section 906 Certification of Principal Financial Officer (filed herewith) | |
101.INS | XBRL Instance Document (filed herewith) | |
101.SCH | XBRL Taxonomy Extension Schema (filed herewith) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase (filed herewith) | |
101.DEF | XBRL Taxonomy Extension Definitions Linkbase (filed herewith) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase (filed herewith) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase (filed herewith) |
ClearOne, Inc., (Registrant) | ||
May 10, 2016 | By: | /s/ Zeynep Hakimoglu |
Zeynep Hakimoglu Chief Executive Officer (Principal Executive Officer) | ||
May 10, 2016 | By: | /s/ Narsi Narayanan |
Narsi Narayanan Senior Vice President of Finance (Principal Financial and Accounting Officer) |
EXAMPLE FOR CALCULATING REPURCHASE VALUE | ||
No. of eligible options (Refer to Optionee Statement) | 800 | |
No. of options that you have chosen to deliver for repurchase (delivered options) | (A) | 500 |
Exercise price for each delivered option | (B) | $3.65 |
Date when you sent the acceptance of this offer to ClearOne | 03/11/2015 | |
Closing Market price on 03/11/2015 | (C) | $12.00 |
Repurchase value per option (C) - (B) | (D) | $8.35 |
Repurchase value of delivered options(D) x (A) | $4,175 |
1. | What is the Offer? |
2. | Do I have a choice to participate in this Offer? |
3. | How do I benefit by delivering the Options for repurchase pursuant to this Offer? |
4. | How many options am I eligible to deliver pursuant to this Offer? |
5. | How much will I receive for my delivered options? |
EXAMPLE FOR CALCULATING REPURCHASE VALUE | ||
No. of eligible options (Refer to Optionee Statement) | 800 | |
No. of options that you have chosen to deliver for repurchase (delivered options) | (A) | 500 |
Exercise price for each delivered option | (B) | $3.65 |
Date when you sent the acceptance of this offer to ClearOne | 03/11/2015 | |
Closing Market price on 03/11/2015 | (C) | $12.00 |
Repurchase value per option (C) - (B) | (D) | $8.35 |
Repurchase value of delivered options(D) x (A) | $4,175 |
6. | When will I receive my cash payment for delivered options? |
7. | Can I forfeit any portion of my cash payment for delivered options after receiving it? |
8. | Why is the Company conducting the Offer? |
9. | Will my decision to participate in the Offer have an impact on my ability to receive options or other equity grants in the future? |
10. | How should I decide whether or not to participate in the Offer? |
11. | If I choose to participate, what will happen to my options that will be delivered for repurchase? |
12. | What do I need to do to participate in the Offer? |
13. | What will happen if I do not turn in an executed Letter of Transmittal by the deadline? |
14. | What if I don’t want to accept the Offer? |
15. | What are the U.S. federal income and withholding tax consequences of accepting the Offer for payment of the cash payment? |
16. | Are there any other tax consequences to which I may be subject? |
17. | What should I do if I have additional questions about this Offer to Repurchase? |
Choice A | I have accepted to deliver all my eligible options totaling_______options for repurchase by the Company. | |
Initial | ||
Choice B | I have accepted to deliver only _______ options for repurchase by the Company. I authorize ClearOne to choose from eligible options, those options that will maximize the cash payment to me. I understand that ClearOne will choose those options that have the least exercise price. | |
Initial | ||
Choice C | I have accepted to deliver only _______ options for repurchase by the Company. I have selected the options to be delivered by marking the options in the attached Optionee Statement. I have also initialed the Optionee Statement. | |
Initial |
Name | ||||||
Address | ||||||
City, State, Zip | ||||||
Date of grant | Expiry Date | Grant ID | Plan | Eligible Options | Exercise Price for Eligible Options | Repurchase Value of Eligible Options if Stock Price is $12.00 (before taxes) |
1. | I have reviewed this quarterly report of ClearOne, Inc. on Form 10-Q; |
2. | 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; |
3. | 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; |
4. | 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: |
a) | 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; |
b) | 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; |
c) | 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 |
d) | 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. |
5. | 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): |
a) | 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 |
b) | 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. |
May 10, 2016 | By: | /s/ Zeynep Hakimoglu | |
Zeynep Hakimoglu Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report of ClearOne, Inc. on Form 10-Q; |
2. | 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; |
3. | 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; |
4. | 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: |
a) | 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; |
b) | 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; |
c) | 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 |
d) | 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. |
5. | 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): |
a) | 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 |
b) | 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. |
May 10, 2016 | By: | /s/ Narsi Narayanan | |
Narsi Narayanan Senior Vice President of Finance (Principal Financial and Accounting Officer) |
May 10, 2016 | By: | /s/ Zeynep Hakimoglu | |
Zeynep Hakimoglu Chief Executive Officer (Principal Executive Officer) |
May 10, 2016 | By: | /s/ Narsi Narayanan | |
Narsi Narayanan Senior Vice President of Finance (Principal Financial and Accounting Officer) |
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Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2016 |
Apr. 30, 2016 |
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Document Information [Line Items] | ||
Entity Registrant Name | CLEARONE INC | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Entity Central Index Key | 0000840715 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 9,253,578 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Allowance for doubtful accounts | $ 77 | $ 54 |
Common Stock: | ||
Par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, sharse issued (in shares) | 9,219,978 | 9,183,957 |
Common stock, shares outstanding (in shares) | 9,219,978 | 9,183,957 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Revenue | $ 13,033 | $ 13,586 |
Cost of goods sold | 4,568 | 5,124 |
Gross profit | 8,465 | 8,462 |
Operating expenses: | ||
Sales and marketing | 2,625 | 2,622 |
Research and product development | 2,270 | 1,941 |
General and administrative | 1,598 | 2,000 |
Total operating expenses | 6,493 | 6,563 |
Operating income | 1,972 | 1,899 |
Other income, net | 11 | 104 |
Income before income taxes | 1,983 | 2,003 |
Provision for income taxes | 615 | 731 |
Net income | $ 1,368 | $ 1,272 |
Basic earnings per common share | $ 0.15 | $ 0.14 |
Diluted earnings per common share | $ 0.14 | $ 0.13 |
Basic weighted average shares outstanding | 9,196,522 | 9,100,107 |
Diluted weighted average shares outstanding | 9,513,440 | 9,508,479 |
Other comprehensive income: | ||
Unrealized gain on available-for-sale securities, net of tax | $ 121 | $ 55 |
Change in foreign currency translation adjustment | 33 | (180) |
Comprehensive income | $ 1,522 | $ 1,147 |
Business Description, Basis of Presentation and Significant Accounting Policies |
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Mar. 31, 2016 | |||||
Accounting Policies [Abstract] | |||||
Business Description, Basis of Presentation and Significant Accounting Policies |
Business Description: ClearOne, Inc. together with its subsidiaries (collectively, “ClearOne” or the “Company”) is a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability. Basis of Presentation: The fiscal year for ClearOne is the 12 months ending on December 31st. The consolidated financial statements include the accounts of ClearOne and its subsidiaries. All significant inter-company accounts and transactions have been eliminated. These accompanying interim condensed consolidated financial statements for the three months ended March 31, 2016 and 2015, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are not audited. Certain information and footnote disclosures that are usually included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been either condensed or omitted in accordance with SEC rules and regulations. The accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial position as of March 31, 2016 and December 31, 2015, the results of operations for the three months ended March 31, 2016 and 2015, and the statements of cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results for a full-year period. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. Significant Accounting Policies: The significant accounting policies were described in Note 1 to the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2015. There have been no changes to these policies during the three months ended March 31, 2016 that are of significance or potential significance to the Company. Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company on January 1, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), simplifying the presentation of deferred taxes on the balance sheet by requiring companies to classify everything as either a non-current asset or non-current liability. Early adoption of this ASU is permitted. ClearOne has adopted this standard update early as it would simplify the presentation of taxes on the balance sheet and within the income tax footnote. In February 2016, FASB released Accounting Standards Update No. 2016-02, Leases (Topic 842) to bring transparency to lessee balance sheets. The ASU will require organizations that lease assets (lessees) to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The standard will apply to both types of leases-capital (or finance) leases and operating leases. Previously, GAAP has required only capital leases to be recognized on lessee balance sheets. The standard will take effect the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early application will be permitted for all organizations. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Shared-Based Payment Accounting. The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for the Company on January 1, 2017. The Company is currently evaluating the impact that ASU 2016-09 will have on the consolidated financial statements. |
Earnings Per Share |
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Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per common share:
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities The Company has classified its marketable securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income/loss in stockholders' equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2016 and December 31, 2015 were as follows:
Maturities of marketable securities classified as available-for-sale securities were as follows at March 31, 2016:
Debt securities in an unrealized loss position as of March 31, 2016 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value. The available-for-sale marketable securities in a gross unrealized loss position as of March 31, 2016 are summarized as follows:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories, net of reserves, as of March 31, 2016 and December 31, 2015 consisted of the following:
Long-term inventory represents inventory held in excess of our current (next 12 months) requirements based on our recent sales and forecasted level of sales. We expect to sell the above inventory, net of reserves, at or above the stated cost and believe that no loss will be incurred on its sale. Current finished goods do not include distributor channel inventories in the amounts of approximately $1,445 and $1,628 as of March 31, 2016 and December 31, 2015, respectively. Distributor channel inventories represent inventory at distributors and other customers where revenue recognition criteria have not yet been achieved. The following table summarizes the losses incurred on valuation of inventory at lower of cost or market value and write-off of obsolete inventory during the three months ended March 31, 2016 and 2015, respectively.
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Share-Based Payments |
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Shareholders' Equity and Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-based Compensation Employee Stock Option Plans The Company’s share-based incentive plans offering stock options primarily consists of two plans. Under both plans, one new share is issued for each stock option exercised. The plans are described below. The Company’s 1998 Incentive Plan (the “1998 Plan”) was the Company's primary plan through November 2007. Under this plan shares of common stock was made available for issuance to employees and directors. Through December 1999, 1,066,000 options were granted that would cliff vest after 9.8 years; however, such vesting was accelerated for 637,089 of these options upon meeting certain earnings per share goals through the fiscal year ended June 30, 2003. Subsequent to December 1999 and through June 2002, 1,248,250 options were granted that would cliff vest after 6.0 years; however, such vesting was accelerated for 300,494 of these options upon meeting certain earnings per share goals through the fiscal year ended June 30, 2005. The Company's 2007 Equity Incentive Plan (the “2007 Plan”) was restated and approved by the shareholders on December 12, 2014. Provisions of the restated 2007 Plan include the granting of up to 2,000,000 incentive and non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units. Options may be granted to employees, officers, non-employee directors and other service providers and may be granted upon such terms as the Compensation Committee of the Board of Directors determines in their sole discretion. Of the options granted subsequent to June 2002, all vesting schedules are based on 3 or 4-year vesting schedules, with either one-third or one-fourth vesting on the first anniversary and the remaining options vesting ratably over the remainder of the vesting term. Generally, directors and officers have 3-year vesting schedules and all other employees have 4-year vesting schedules. Additionally, in the event of a change in control or the occurrence of a corporate transaction, the Company’s Board of Directors has the authority to elect that all unvested options shall vest and become exercisable immediately prior to the event or closing of the transaction. All options outstanding as of March 31, 2016 had contractual lives of ten years. Under the 1998 Plan, 2,500,000 shares were authorized for grant. As of March 31, 2016, there were 177,000 options outstanding under the 1998 Plan, which includes the cliff vesting and 3 or 4-year vesting options discussed above. As of March 31, 2016, there were 712,992 options outstanding under the 2007 Plan. As of March 31, 2016, the 2007 Plan had 893,698 authorized unissued options, while there were no options remaining that could be granted under the 1998 Plan. A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2016 is as follows:
As of March 31, 2016, the total remaining unrecognized compensation cost related to non-vested stock options, net of forfeitures, was approximately $340, which will be recognized over a weighted average period of 2.57 years. Stock Option Repurchase: From March 11, 2016 to March 17, 2016, the Company offered to repurchase eligible vested options to purchase shares under the 1998 Plan and the 2007 Plan from employees. The Company repurchased delivered options at a repurchase price equal to the difference between the closing market price on the date of the employee’s communication of accepting the repurchase offer and the exercise price of such employee’s delivered options, subject to applicable withholding taxes and charges. The Company repurchased 225,542 stock options from employees at an average purchase price of $7.77. Employee Stock Purchase Plan The Company issues shares to employees under the Company's 2014 Employee Stock Purchase Plan (the "ESPP"). The ESPP was approved by the Company’s shareholders on December 12, 2014. As of March 31, 2016, 485,033 of the originally approved 500,000 shares were available for offerings under the ESPP. Offering periods under the ESPP commence on each Jan 1 and July 1, and continue for a duration of six months. The ESPP is available to all employees who do not own, or are deemed to own, shares of stock making up an excess of 5% of the combined voting power of the Company, its parent or subsidiary. During each offering period, each eligible employee may purchase shares under the ESPP after authorizing payroll deductions. Under the ESPP, each employee may purchase up to the lesser of 2,500 shares or $25 of fair market value (based on the established purchase price) of the Company's stock for each offering period. Unless the employee has previously withdrawn from the offering, his or her accumulated payroll deductions will be used to purchase common stock on the last business day of the period at a price equal to 85% (or a 15% discount) of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. Share-based compensation expense has been recorded as follows:
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Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity The following table summarizes the change in shareholders’ equity during the three months ended March 31, 2016 and 2015, respectively:
On February 25, 2016, the Company announced a quarterly cash dividend of $0.05 per share to be paid on March 18, 2016 to shareholders of record as of March 7, 2016. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The fair value of the Company's financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 - Quoted prices in active markets for identical assets and liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. This category generally includes U.S. Government and agency securities; municipal securities; mutual funds and securities sold and not yet settled. Level 3 - Unobservable inputs. The substantial majority of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. The following table sets forth the fair value of the financial instruments re-measured by the Company as of March 31, 2016 and December 31, 2015:
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Income Taxes |
3 Months Ended |
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Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's forecasted effective tax rate at March 31, 2016 is 35.2%, a 0.6% decrease from the 35.8% effective tax rate recorded at December 31, 2015. The forecasted effective tax rate of 35.2% excludes jurisdictions for which no benefit from forecasted current year losses is anticipated. Including losses from such jurisdictions results in a forecasted effective tax rate of 35.5%. Our forecasted effective tax rate could fluctuate significantly on a quarterly basis and could change, to the extent that earnings in countries with tax rates that differ from that of the U.S. differ, from amounts anticipated at March 31, 2016. After discrete tax benefit of $93, the effective tax rate for the quarter ended March 31, 2016 is 31.3%. The discrete tax benefit is primarily attributable to tax benefit related to stock-based compensation. |
Subsequent Events |
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Mar. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events The Company evaluated its consolidated financial statements as of and for the three months ended March 31, 2016 for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent event which would require recognition or disclosure in the financial statements. |
Earnings Per Share (Tables) |
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Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per common share:
|
Marketable Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2016 and December 31, 2015 were as follows:
Maturities of marketable securities classified as available-for-sale securities were as follows at March 31, 2016:
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Available-for-sale Securities | The available-for-sale marketable securities in a gross unrealized loss position as of March 31, 2016 are summarized as follows:
|
Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Intangible Assets Intangible assets as of March 31, 2016 and December 31, 2015 consisted of the following:
The amortization of intangible assets for the three months ended March 31, 2016 and March 31, 2015 was as follows:
The estimated future amortization expense of intangible assets is as follows:
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Schedule of Intangible Assets | Intangible assets as of March 31, 2016 and December 31, 2015 consisted of the following:
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Schedule of Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense of intangible assets is as follows:
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory, net of reserves | Inventories, net of reserves, as of March 31, 2016 and December 31, 2015 consisted of the following:
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Schedule of Non-Current Inventory Valuation Losses | The following table summarizes the losses incurred on valuation of inventory at lower of cost or market value and write-off of obsolete inventory during the three months ended March 31, 2016 and 2015, respectively.
|
Share-Based Payments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Share-based compensation expense has been recorded as follows:
A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2016 is as follows:
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Share-based Compensation Stock Option Rollforward (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Share-based compensation expense has been recorded as follows:
A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2016 is as follows:
|
Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shareholders' Equity | The following table summarizes the change in shareholders’ equity during the three months ended March 31, 2016 and 2015, respectively:
On February 25, 2016, the Company announced a quarterly cash dividend of $0.05 per share to be paid on March 18, 2016 to shareholders of record as of March 7, 2016. |
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the fair value of the financial instruments re-measured by the Company as of March 31, 2016 and December 31, 2015:
|
Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 26,113 | $ 26,435 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 177 | 68 |
Gross unrealized holding losses | (53) | (138) |
Estimated fair value | 26,237 | 26,365 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 19,422 | 20,827 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 136 | 50 |
Gross unrealized holding losses | (52) | (133) |
Estimated fair value | 19,506 | 20,744 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,691 | 5,608 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 41 | 18 |
Gross unrealized holding losses | (1) | (5) |
Estimated fair value | $ 6,731 | $ 5,621 |
Inventories (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Inventory [Line Items] | |||
Distributor channel inventories | $ 1,445 | $ 1,628 | |
Losses incurred on valuation of inventory and write-off of obsolete inventory | 119 | $ 47 | |
Current: | |||
Raw materials | 3,404 | 2,735 | |
Finished goods | 11,066 | 10,712 | |
Inventoryincludingdistributorchannelinventories,net | 14,470 | 13,447 | |
Long-term: | |||
Raw materials | 438 | 375 | |
Finished Goods | 1,583 | 1,643 | |
Inventory, Noncurrent | $ 2,021 | $ 2,018 |
Share-Based Payments (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 148,000 | $ 238,000 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
unrecognized compensation cost related to non-vested stock options, net of forfeitures | $ 340 | |
Outstanding, weighted average remaining contractual term (in years) | 2 years 6 months 25 days |
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Feb. 26, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | $ 82,569 | $ 76,016 | |
Exercise of stock options | 293 | 20 | |
Stock Repurchased and Retired During Period, Value | (404) | 0 | |
Stock Options Repurchased During Period, Value | (1,752) | 0 | |
Proceeds from stock purchase plan | 25 | 0 | |
Dividends | (459) | (319) | |
Share-based compensation - options | 143 | 238 | |
Share-based compensation - ESPP | 5 | 0 | |
Tax benefit - stock option exercises | 563 | 7 | |
Unrealized gain or loss on investments, net of tax | 121 | 55 | |
Foreign currency translation adjustment | 33 | (180) | |
Net Income during the period | 1,368 | 1,272 | |
Balance at end of the period | $ 82,505 | $ 77,109 |
Income Taxes Income Tax Rates (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Rate Disclosures [Abstract] | ||
Effective tax rate, forecasted | 35.20% | |
Effective Income Tax Rate, Continuing Operations, Forecasted Increase (Decrease) in Rate | 0.60% | |
Effective Income Tax Rate, Continuing Operations | 35.80% | |
Effective tax rate, including loss jurisdictions | 35.50% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 93 | |
Effective Tax Rate, After Discreet Benefits | 31.30% |
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