Discontinued Operations (Tables)

3 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of financial results

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

	Three Months Ended December 31,
	2018		2017
Revenue
Products	$	28,786	$	36,412
Services		10,538		10,317
Total revenue		39,324		46,729
Cost of revenue
Products		16,516		20,648
Services		6,049		5,125
Total cost of revenue		22,565		25,773
Gross profit		16,759		20,956
Operating expenses
Research and development		2,158		1,794
Selling, general and administrative		7,203		3,247
Total operating expenses		9,361		5,041
Operating income		7,398		15,915
Other (expense) income, net		289		272
Income before income taxes and earnings of equity method investment		7,687		16,187
Income tax provision		1,310		3,500
Income before equity in earnings of equity method investment		6,377		12,687
Equity in earnings of equity method investment		1,772		2,180
Net income	$	8,149	$	14,867

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):

	December 31,		September 30,
	2018		2018
Balance Sheets:
Current assets	$	71,538	$	69,302
Non-current assets		21,568		21,338
Current liabilities		30,467		26,006
Non-current liabilities		8,588		8,397

	Three Months Ended December 31,
	2018		2017
Statements of Operations:
Total revenue	$	22,299	$	22,878
Gross profit		8,928		9,226
Operating Income		5,124		5,343
Net income		3,496		4,285

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):

	Three Months Ended December 31,
	2018		2017
Depreciation and amortization	$	2	$	195
Capital expenditures		308		26
Stock-based compensation		291		246
Earnings of equity method investment		(1,772)		(2,180)

Schedule of carrying value of the assets and liabilities

The carrying value of the assets and liabilities associated with discontinued operations as of December 31, 2018 was not significantly impacted by the adoption of ASC 606:

	December 31,			September 30,
	2018			2018
Assets
Accounts receivable, net	$	28,327	$		27,852
Inventories		39,884			37,953
Other current assets		123			343
Total current assets of discontinued operation	$	68,334		$	66,148
Property, plant and equipment, net	$	1,397		$	1,081
Goodwill		26,485			26,485
Intangibles, net		14			14
Equity method investment		34,053			31,472
Other assets		18			-
Total long-term assets of discontinued operation	$	61,967		$	59,052
Liabilities
Deferred revenue	$	1,907		$	1,052
Accrued warranty and retrofit costs		2,400			2,464
Accrued compensation and benefits		3,325			3,648
Other current liabilities		703			224
Total current liabilities of discontinued operation	$	8,335		$	7,388
Long-term liabilities of discontinued operation	$	506		$	698