Prior Period Revision

12 Months Ended

Sep. 30, 2014

Prior Period Adjustment [Abstract]

PRIOR PERIOD REVISION

PRIOR PERIOD REVISION

During the third quarter of fiscal 2014, we identified an error in accounting for our state research and development tax credit carryforwards. The error primarily related to fiscal 2008. This error resulted in a $0.3 million cumulative understatement of retained earnings and the long-term deferred tax asset associated with the tax credit carryforwards. We evaluated this error in accordance with the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99 and No. 108 and determined that the cumulative impact of the error was not material to our results of operations, financial position or cash flows in our previously issued consolidated financial statements. Therefore, amendments of previously filed reports were not required. However, we revised our prior period consolidated financial statements to reflect the correction of the error by increasing retained earnings and long-term deferred tax assets by $0.3 million as of September 30, 2013. We also corrected the Consolidated Statements of Stockholders’ Equity by increasing retained earnings by $0.3 million as of September 30, 2013, 2012 and 2011. The Consolidated Statements of Operations, Comprehensive (Loss) Income and Cash Flows for fiscal 2013 and 2012 were not affected by this revision.  Our fiscal 2014 consolidated financial statements were not affected by this revision.

During the fourth quarter of fiscal 2014, we identified an error related to our income taxes receivable account, which originated in prior fiscal years and resulted in a $0.3 million overstatement of current income taxes receivable and retained earnings. Our income taxes receivable account is included with our other current assets as of September 30, 2013. We evaluated this error in accordance with the SEC Staff Accounting Bulletin No. 99 and No. 108 and determined that the impact of the error was not material to our previously issued consolidated financial statements. Therefore, amendments of previously filed reports were not required. However, we revised our prior period consolidated financial statements to reflect the correction of the error by reducing retained earnings and current income taxes receivable by $0.3 million as of September 30, 2013. We also corrected the Consolidated Statements of Stockholders’ Equity by reducing retained earnings by $0.3 million as of September 30, 2013, 2012 and 2011. The Consolidated Statements of Operations, Comprehensive (Loss) Income and Cash Flows for fiscal 2013 and 2012 were not affected by this revision.  Our fiscal 2014 consolidated financial statements were not affected by this revision.

We evaluated these two errors individually and in the aggregate and concluded that no prior financial statements were materially misstated.

2. PRIOR PERIOD REVISION (CONTINUED)

The impact of this revision to our Consolidated Balance Sheet as of September 30, 2013 is summarized below (in thousands):

	As of September 30, 2013
	As Previously Reported		As Revised
Other current assets	$	4,835	$	4,493
Total current assets	$	149,304	$	148,962
Deferred tax assets - non-current	$	5,832	$	6,151
Total assets	$	299,953	$	299,930
Retained earnings	$	116,088	$	116,065
Total stockholders’ equity	$	274,266	$	274,243
Total liabilities and stockholders’ equity	$	299,953	$	299,930

The impact of this revision to our Consolidated Statements of Stockholders’ Equity as of September 30, 2013, 2012 and 2011 is summarized below (in thousands):

	Retained Earnings				Total Stockholders’ Equity
	As Previously Reported		As Revised		As Previously Reported		As Revised
Balances, September 30, 2011	$	102,668	$	102,645	$	260,716	$	260,693
Balances, September 30, 2012	$	110,283	$	110,260	$	270,857	$	270,834
Balances, September 30, 2013	$	116,088	$	116,065	$	274,266	$	274,243