Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2018

Discontinued Operations

Schedule of financial results

The following table presents the financial results of discontinued operations (in thousands):

	Fiscal Year Ended September 30,
	2018		2017		2016
Revenue
Products	$	150,365	$	126,638	$	85,860
Services		45,731		38,748		40,451
Total revenue		196,096		165,386		126,311
Cost of revenue
Products		85,350		73,714		55,144
Services		22,834		22,400		28,974
Total cost of revenue		108,184		96,114		84,118
Gross profit		87,912		69,272		42,193
Operating expenses
Research and development		7,605		6,860		6,932
Selling, general and administrative		25,017		12,536		12,139
Restructuring charges		2		82		1,830
Total operating expenses		32,624		19,478		20,901
Operating income		55,288		49,794		21,292
Interest income
Interest expense
Other (expense) income, net		1,091		1,057		804
Income before income taxes and earnings of equity method investment		56,379		50,851		22,096
Income tax provision		14,420		8,760		9,560
Income before equity in earnings of equity method investment		41,959		42,091		12,536
Equity in earnings of equity method investment		6,788		9,834		3,445
Net income	$	48,747	$	51,925	$	15,981

Schedule of unconsolidated subsidiaries accounted for based on the equity method

The following table presents the summarized financial information for Ulvac Cryogenics, Inc., the unconsolidated subsidiaries accounted for based on the equity method (in thousands): 

	September 30,
	2018		2017
Balance Sheets:
Current assets	$	69,302	$	74,645
Non-current assets		21,338		16,829
Current liabilities		26,006		29,622
Non-current liabilities		8,397		7,860

	Fiscal Year Ended September 30,
	2018		2017		2016
Statements of Operations:
Total revenue	$	94,652	$	104,667	$	68,054
Gross profit		34,982		41,241		23,586
Operating Income		18,405		26,340		10,571
Net income		13,345		19,451		7,492

Schedule of non-cash items and capital expenditures

The following table presents the significant non-cash items and capital expenditures for the discontinued operations that are included in the Consolidated Statements of Cash Flows (in thousands):

	Fiscal Year Ended September 30,
	2018		2017			2016
Depreciation and amortization	$	743	$	919	$	1,034
Capital expenditures		302		1,049		560
Stock-based compensation		966		705		460
Earnings of equity method investment		(6,788)		(9,834)		(3,445)

Schedule of carrying value of the assets and liabilities

The carrying value of the assets and liabilities of the discontinued operations on the Consolidated Balance Sheet as of September 30, 2018 and September 30, 2017 were as follows (in thousands):

	Fiscal Year Ended September 30,
	2018			2017
Assets
Accounts receivable, net	$	27,852	$		27,363
Inventories		37,953			32,998
Other current assets		343			310
Total current assets of discontinued operation	$	66,148		$	60,671
Property, plant and equipment, net	$	1,081		$	1,481
Goodwill		26,485			26,485
Intangibles, net		14			16
Equity method investment		31,472			28,570
Other assets		-			1
Total long-term assets of discontinued operation	$	59,052		$	56,553
Liabilities
Deferred revenue	$	1,052		$	1,728
Accrued warranty and retrofit costs		2,464			2,574
Accrued compensation and benefits		3,648			3,189
Other current liabilities		224			334
Total current liabilities of discontinued operation	$	7,388		$	7,825
Long-term liabilities of discontinued operation	$	698		$	652