x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 36-3154957 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification Number) | |
750 North Commons Drive, Aurora, IL | 60504 | |
(Address of principal executive offices) | (Zip Code) |
Large Accelerated Filer | ¨ | Accelerated Filer | ¨ | |||
Non-Accelerated Filer | ¨ | Smaller Reporting Company | x | |||
Emerging Growth Company | ¨ |
Page No. | ||
Item 1. | Financial Statements | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
(unaudited) | |||||||||
September 30, 2017 | March 31, 2017 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 19,200 | $ | 21,778 | |||||
Short-term investments | 5,011 | — | |||||||
Accounts receivable (net of allowance of $90 at September 30, 2017, and March 31, 2017) | 11,038 | 12,075 | |||||||
Inventories | 9,983 | 12,511 | |||||||
Prepaid expenses and other current assets | 1,034 | 1,409 | |||||||
Total current assets | 46,266 | 47,773 | |||||||
Land, property and equipment, gross | 9,065 | 16,062 | |||||||
Less accumulated depreciation and amortization | (7,267 | ) | (14,078 | ) | |||||
Land, property and equipment, net | 1,798 | 1,984 | |||||||
Intangible assets, net | 13,529 | 15,624 | |||||||
Other non-current assets | 87 | 160 | |||||||
Total assets | $ | 61,680 | $ | 65,541 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 3,210 | $ | 4,163 | |||||
Accrued expenses | 3,823 | 4,273 | |||||||
Accrued restructuring | 415 | 1,171 | |||||||
Deferred revenue | 1,055 | 2,359 | |||||||
Total current liabilities | 8,503 | 11,966 | |||||||
Deferred revenue non-current | 929 | 1,102 | |||||||
Accrued restructuring non-current | — | 63 | |||||||
Other non-current liabilities | 317 | 236 | |||||||
Total liabilities | 9,749 | 13,367 | |||||||
Commitments and contingencies (Note 9) | |||||||||
Stockholders’ equity: | |||||||||
Class A common stock, par $0.01, Authorized – 109,000,000 shares Outstanding – 12,080,445 and 12,015,043(1) shares at September 30, 2017, and March 31, 2017, respectively | 121 | 120 | (1 | ) | |||||
Class B common stock, par $0.01, Authorized – 25,000,000 shares Issued and outstanding – 3,484,287(1) shares at September 30, 2017, and March 31, 2017 | 35 | 35 | (1 | ) | |||||
Preferred stock, par $0.01, Authorized – 1,000,000 shares Issued and outstanding – none | — | — | |||||||
Additional paid-in capital | 417,093 | 416,422 | (1 | ) | |||||
Treasury stock at cost – 4,593,368 and 4,440,600(1) shares at September 30, 2017, and March 31, 2017, respectively | (35,790 | ) | (35,335 | ) | |||||
Cumulative translation adjustment | — | 608 | |||||||
Accumulated deficit | (329,528 | ) | (329,676 | ) | |||||
Total stockholders’ equity | 51,931 | 52,174 | |||||||
Total liabilities and stockholders’ equity | $ | 61,680 | $ | 65,541 |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue | ||||||||||||||||
Products | $ | 16,097 | $ | 15,881 | $ | 31,642 | $ | 29,494 | ||||||||
Services | 1,135 | 1,899 | 2,164 | 3,102 | ||||||||||||
Total revenue | 17,232 | 17,780 | 33,806 | 32,596 | ||||||||||||
Cost of revenue | ||||||||||||||||
Products | 9,522 | 10,380 | (1) | 18,946 | 19,981 | (1) | ||||||||||
Services | 435 | 1,033 | 818 | 1,683 | ||||||||||||
Total cost of revenue | 9,957 | 11,413 | (1) | 19,764 | 21,664 | (1) | ||||||||||
Gross profit | 7,275 | 6,367 | (1) | 14,042 | 10,932 | (1) | ||||||||||
Operating expenses | ||||||||||||||||
Research and development | 2,205 | 3,327 | 4,481 | 7,604 | ||||||||||||
Sales and marketing | 1,992 | 2,896 | 4,328 | 6,277 | ||||||||||||
General and administrative | 1,809 | 2,218 | 3,520 | 4,563 | ||||||||||||
Intangible amortization | 1,048 | 1,201 | 2,095 | 2,401 | ||||||||||||
Restructuring | 165 | 2,601 | 165 | 2,565 | ||||||||||||
Long-lived assets impairment | — | — | — | 1,181 | ||||||||||||
Total operating expenses | 7,219 | 12,243 | 14,589 | 24,591 | ||||||||||||
Operating profit (loss) | 56 | (5,876 | ) | (547 | ) | (13,659 | ) | |||||||||
Other income, net | 677 | (2) | 74 | 720 | (2) | 91 | ||||||||||
Income (loss) before income taxes | 733 | (5,802 | ) | 173 | (13,568 | ) | ||||||||||
Income tax expense | (13 | ) | (8 | ) | (25 | ) | (10 | ) | ||||||||
Net income (loss) | $ | 720 | $ | (5,810 | ) | $ | 148 | $ | (13,578 | ) | ||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 0.05 | $ | (0.38 | ) | (3) | $ | 0.01 | $ | (0.89 | ) | (3) | ||||
Diluted | $ | 0.05 | $ | (0.38 | ) | (3) | $ | 0.01 | $ | (0.89 | ) | (3) | ||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 15,461 | 15,299 | (3) | 15,471 | 15,277 | (3) | ||||||||||
Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options (4) | 211 | — | 167 | — | ||||||||||||
Diluted | 15,672 | 15,299 | (3) | 15,638 | 15,277 | (3) |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 720 | $ | (5,810 | ) | $ | 148 | $ | (13,578 | ) | |||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustment (1) | (608 | ) | — | (608 | ) | — | |||||||||
Total comprehensive income (loss) | $ | 112 | $ | (5,810 | ) | $ | (460 | ) | $ | (13,578 | ) |
Common Stock Class A | Common Stock Class B | Additional Paid-in Capital | Treasury Stock | Cumulative Translation Adjustment | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||
Balance, March 31, 2017 (1) | $ | 120 | $ | 35 | $ | 416,422 | $ | (35,335 | ) | $ | 608 | $ | (329,676 | ) | $ | 52,174 | |||||||||||
Net income (loss) | — | — | — | — | — | 148 | 148 | ||||||||||||||||||||
Translation adjustment (2) | — | — | — | — | (608 | ) | — | (608 | ) | ||||||||||||||||||
Common stock issued | 2 | — | (1 | ) | — | — | — | 1 | |||||||||||||||||||
Purchase of treasury stock | (1 | ) | — | — | (455 | ) | — | — | (456 | ) | |||||||||||||||||
Stock-based compensation | — | — | 672 | — | — | — | 672 | ||||||||||||||||||||
Balance, September 30, 2017 | $ | 121 | $ | 35 | $ | 417,093 | $ | (35,790 | ) | $ | — | $ | (329,528 | ) | $ | 51,931 |
Six months ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 148 | $ | (13,578 | ) | ||
Reconciliation of net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 2,526 | 3,230 | |||||
Long-lived assets impairment | — | 1,181 | |||||
Stock-based compensation | 672 | 1,093 | |||||
Loss on sale of fixed assets | 8 | 11 | |||||
Restructuring | 165 | 2,565 | |||||
Deferred taxes | — | 14 | |||||
Gain on disposal of foreign operations | (608 | ) | — | ||||
Exchange rate loss (gain) | (6 | ) | — | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 1,025 | 2,722 | |||||
Inventories | 2,528 | 820 | |||||
Prepaid expenses and other current assets | 375 | (23 | ) | ||||
Other assets | 73 | 15 | |||||
Deferred revenue | (1,477 | ) | (131 | ) | |||
Accounts payable and accrued expenses | (2,082 | ) | (4,800 | ) | |||
Accrued compensation | (224 | ) | (1,109 | ) | |||
Net cash provided by (used in) operating activities | 3,123 | (7,990 | ) | ||||
Cash flows from investing activities: | |||||||
Maturities of held-to-maturity short-term debt securities | — | 12,621 | |||||
Purchases of held-to-maturity short-term debt securities | — | (2,066 | ) | ||||
Purchases of other short-term investments | (5,011 | ) | — | ||||
Purchases of property and equipment | (254 | ) | (498 | ) | |||
Net cash provided by (used in) investing activities | (5,265 | ) | 10,057 | ||||
Cash flows from financing activities: | |||||||
Purchases of treasury stock | (456 | ) | (141 | ) | |||
Payment of contingent consideration | — | (175 | ) | ||||
Net cash provided by (used in) financing activities | (456 | ) | (316 | ) | |||
Gain (loss) of exchange rate changes on cash | 20 | (3 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (2,578 | ) | 1,748 | ||||
Cash and cash equivalents, beginning of period | 21,778 | 19,169 | |||||
Cash and cash equivalents, end of period (1) | $ | 19,200 | $ | 20,917 |
Six months ended September 30, 2017 | |||||||||||
(in thousands) | Employee-related | Other costs | Total | ||||||||
Liability at beginning of period | $ | — | $ | 1,234 | $ | 1,234 | |||||
Charged | 165 | — | 165 | ||||||||
Paid | (19 | ) | (965 | ) | (984 | ) | |||||
Liability at end of period | $ | 146 | $ | 269 | $ | 415 |
Three months ended September 30, 2017 | |||||||||||||||||
(in thousands) | IBW | ISMS | CNS | Total | |||||||||||||
Revenue | $ | 7,919 | $ | 4,730 | $ | 4,583 | $ | 17,232 | |||||||||
Cost of revenue | 4,269 | 2,511 | 3,177 | 9,957 | |||||||||||||
Gross profit | 3,650 | 2,219 | 1,406 | 7,275 | |||||||||||||
Gross margin | 46.1 | % | 46.9 | % | 30.7 | % | 42.2 | % | |||||||||
Research and development | 1,443 | 523 | 239 | 2,205 | |||||||||||||
Segment profit | $ | 2,207 | $ | 1,696 | $ | 1,167 | 5,070 | ||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 1,992 | ||||||||||||||||
General and administrative | 1,809 | ||||||||||||||||
Intangible amortization | 1,048 | ||||||||||||||||
Restructuring | 165 | ||||||||||||||||
Long-lived assets impairment | — | ||||||||||||||||
Operating profit (loss) | 56 | ||||||||||||||||
Other income, net | 677 | ||||||||||||||||
Income tax expense | (13 | ) | |||||||||||||||
Net income (loss) | $ | 720 | |||||||||||||||
Three months ended September 30, 2016 | |||||||||||||||||
(in thousands) | IBW | ISMS | CNS | Total | |||||||||||||
Revenue | $ | 6,644 | $ | 5,109 | $ | 6,027 | $ | 17,780 | |||||||||
Cost of revenue | 4,411 | (1) | 2,702 | 4,300 | 11,413 | (1) | |||||||||||
Gross profit | 2,233 | (1) | 2,407 | 1,727 | 6,367 | (1) | |||||||||||
Gross margin | 33.6 | % | (1) | 47.1 | % | 28.7 | % | 35.8 | % | (1) | |||||||
Research and development | 1,594 | 1,237 | 496 | 3,327 | |||||||||||||
Segment profit | $ | 639 | $ | 1,170 | $ | 1,231 | 3,040 | ||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 2,896 | ||||||||||||||||
General and administrative | 2,218 | ||||||||||||||||
Intangible amortization | 1,201 | ||||||||||||||||
Restructuring | 2,601 | ||||||||||||||||
Long-lived assets impairment | — | ||||||||||||||||
Operating profit (loss) | (5,876 | ) | |||||||||||||||
Other income, net | 74 | ||||||||||||||||
Income tax expense | (8 | ) | |||||||||||||||
Net income (loss) | $ | (5,810 | ) | ||||||||||||||
(1) The three and six months ended September 30, 2016, includes E&O expense for ClearLink DAS inventory and pipeline inventory. See Note 2, Restructuring Charges. |
Six months ended September 30, 2017 | |||||||||||||||||
(in thousands) | IBW | ISMS | CNS | Total | |||||||||||||
Revenue | $ | 14,875 | $ | 8,860 | $ | 10,071 | $ | 33,806 | |||||||||
Cost of revenue | 8,211 | 4,515 | 7,038 | 19,764 | |||||||||||||
Gross profit | 6,664 | 4,345 | 3,033 | 14,042 | |||||||||||||
Gross margin | 44.8 | % | 49.0 | % | 30.1 | % | 41.5 | % | |||||||||
Research and development | 2,906 | 1,088 | 487 | 4,481 | |||||||||||||
Segment profit | $ | 3,758 | $ | 3,257 | $ | 2,546 | 9,561 | ||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 4,328 | ||||||||||||||||
General and administrative | 3,520 | ||||||||||||||||
Intangible amortization | 2,095 | ||||||||||||||||
Restructuring | 165 | ||||||||||||||||
Long-lived assets impairment | — | ||||||||||||||||
Operating profit (loss) | (547 | ) | |||||||||||||||
Other income, net | 720 | ||||||||||||||||
Income tax expense | (25 | ) | |||||||||||||||
Net income (loss) | $ | 148 | |||||||||||||||
Six months ended September 30, 2016 | |||||||||||||||||
(in thousands) | IBW | ISMS | CNS | Total | |||||||||||||
Revenue | $ | 12,765 | $ | 9,248 | $ | 10,583 | $ | 32,596 | |||||||||
Cost of revenue | 9,538 | (1) | 4,822 | 7,304 | 21,664 | (1) | |||||||||||
Gross profit | 3,227 | (1) | 4,426 | 3,279 | 10,932 | (1) | |||||||||||
Gross margin | 25.3 | % | (1) | 47.9 | % | 31.0 | % | 33.5 | % | (1) | |||||||
Research and development | 3,958 | 2,531 | 1,115 | 7,604 | |||||||||||||
Segment profit (loss) | $ | (731 | ) | $ | 1,895 | $ | 2,164 | 3,328 | |||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 6,277 | ||||||||||||||||
General and administrative | 4,563 | ||||||||||||||||
Intangible amortization | 2,401 | ||||||||||||||||
Restructuring | 2,565 | ||||||||||||||||
Long-lived assets impairment | 1,181 | ||||||||||||||||
Operating profit (loss) | (13,659 | ) | |||||||||||||||
Other income, net | 91 | ||||||||||||||||
Income tax expense | (10 | ) | |||||||||||||||
Net income (loss) | $ | (13,578 | ) |
(in thousands) | September 30, 2017 | March 31, 2017 | |||||
Raw materials | $ | 3,634 | $ | 3,871 | |||
Work-in-process | — | — | |||||
Finished goods | 6,349 | 8,640 | |||||
Total inventories | $ | 9,983 | $ | 12,511 |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Stock-based compensation expense | $ | 342 | $ | 687 | $ | 672 | $ | 1,093 | |||||||
Income tax benefit | — | — | — | — | |||||||||||
Total stock-based compensation expense, after taxes | $ | 342 | $ | 687 | $ | 672 | $ | 1,093 |
Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (1) (in thousands) | |||||||||
Outstanding on March 31, 2017 | 362,396 | $ | 4.89 | 5.4 | $ | 39 | ||||||
Granted | 100,000 | 3.06 | ||||||||||
Exercised | — | — | ||||||||||
Forfeited | (97,399 | ) | 4.38 | |||||||||
Expired | (30,501 | ) | 6.83 | |||||||||
Outstanding on September 30, 2017 | 334,496 | $ | 4.32 | 5.1 | $ | 12 |
(1) | The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the Westell Technologies’ closing stock price as of the respective reporting date. |
Shares | Weighted-Average Grant Date Fair Value | |||||
Non-vested as of March 31, 2017 | 34,375 | $ | 4.11 | |||
Granted | 104,636 | 3.01 | ||||
Vested | (66,250 | ) | 3.30 | |||
Forfeited | — | — | ||||
Non-vested as of September 30, 2017 | 72,761 | $ | 3.26 |
Shares | Weighted-Average Grant Date Fair Value | |||||
Non-vested as of March 31, 2017 | 373,886 | $ | 4.48 | |||
Granted | 527,000 | 2.84 | ||||
Vested | (111,954 | ) | 5.27 | |||
Forfeited | (189,609 | ) | 3.79 | |||
Non-vested as of September 30, 2017 | 599,323 | $ | 3.10 |
Shares | Weighted-Average Grant Date Fair Value | |||||
Non-vested as of March 31, 2017 (at target) | 76,053 | $ | 3.56 | |||
Granted, at target | 40,000 | 2.63 | ||||
Vested | (2,343 | ) | 10.22 | |||
Forfeited | (18,864 | ) | 2.17 | |||
Non-vested as of September 30, 2017 (at target) | 94,846 | $ | 3.29 |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total product warranty reserve at the beginning of the period | $ | 385 | $ | 439 | $ | 395 | $ | 436 | |||||||
Warranty expense to cost of revenue | 105 | 33 | 118 | 67 | |||||||||||
Utilization | (44 | ) | (12 | ) | (67 | ) | (43 | ) | |||||||
Total product warranty reserve at the end of the period | $ | 446 | $ | 460 | $ | 446 | $ | 460 |
• | Level 1 – Quoted prices in active markets for identical assets and liabilities. |
• | Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
(in thousands) | Total Fair Value of Asset or Liability | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance Sheet Classification | ||||||||||
Assets: | |||||||||||||||
Money market funds | $ | 11,960 | $ | 11,960 | — | — | Cash and cash equivalents |
(in thousands) | Total Fair Value of Asset or Liability | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance Sheet Classification | ||||||||||
Assets: | |||||||||||||||
Money market funds | $ | 17,162 | $ | 17,162 | — | — | Cash and cash equivalents |
(in thousands) | September 30, 2017 | March 31, 2017 | |||||
Accrued compensation | $ | 1,032 | $ | 1,256 | |||
Accrued contractual obligation | 1,445 | 1,445 | |||||
Other accrued expenses | 1,346 | 1,572 | |||||
Total accrued expenses | $ | 3,823 | $ | 4,273 |
(in thousands) | September 30, 2017 | March 31, 2017 | |||||
Land | $ | 672 | $ | 672 | |||
Machinery and equipment | 1,603 | 1,698 | |||||
Office, computer and research equipment | 5,522 | 6,012 | |||||
Leasehold improvements | 1,268 | 7,680 | |||||
Land, property and equipment, gross | $ | 9,065 | $ | 16,062 | |||
Less accumulated depreciation and amortization | (7,267 | ) | (14,078 | ) | |||
Land, property and equipment, net | $ | 1,798 | $ | 1,984 |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
IBW | $ | 7,919 | $ | 6,644 | $ | 1,275 | $ | 14,875 | $ | 12,765 | $ | 2,110 | |||||||||||
ISMS | 4,730 | 5,109 | (379 | ) | 8,860 | 9,248 | (388 | ) | |||||||||||||||
CNS | 4,583 | 6,027 | (1,444 | ) | 10,071 | 10,583 | (512 | ) | |||||||||||||||
Consolidated revenue | $ | 17,232 | $ | 17,780 | $ | (548 | ) | $ | 33,806 | $ | 32,596 | $ | 1,210 |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||
IBW | 46.1 | % | 33.6 | % | 12.5 | % | 44.8 | % | 25.3 | % | 19.5 | % | |||||
ISMS | 46.9 | % | 47.1 | % | (0.2 | )% | 49.0 | % | 47.9 | % | 1.1 | % | |||||
CNS | 30.7 | % | 28.7 | % | 2.0 | % | 30.1 | % | 31.0 | % | (0.9 | )% | |||||
Consolidated gross margin | 42.2 | % | 35.8 | % | 6.4 | % | 41.5 | % | 33.5 | % | 8.0 | % |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
IBW | $ | 1,443 | $ | 1,594 | $ | (151 | ) | $ | 2,906 | $ | 3,958 | $ | (1,052 | ) | |||||||||
ISMS | 523 | 1,237 | (714 | ) | 1,088 | 2,531 | (1,443 | ) | |||||||||||||||
CNS | 239 | 496 | (257 | ) | 487 | 1,115 | (628 | ) | |||||||||||||||
Consolidated research and development expense | $ | 2,205 | $ | 3,327 | $ | (1,122 | ) | $ | 4,481 | $ | 7,604 | $ | (3,123 | ) |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Consolidated sales and marketing expense | $ | 1,992 | $ | 2,896 | $ | (904 | ) | $ | 4,328 | $ | 6,277 | $ | (1,949 | ) |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Consolidated general and administrative expense | $ | 1,809 | $ | 2,218 | $ | (409 | ) | $ | 3,520 | $ | 4,563 | $ | (1,043 | ) |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Consolidated intangible amortization | $ | 1,048 | $ | 1,201 | $ | (153 | ) | $ | 2,095 | $ | 2,401 | $ | (306 | ) |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Consolidated other income (expense) | $ | 677 | $ | 74 | $ | 603 | $ | 720 | $ | 91 | $ | 629 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs (b) | Maximum Number (or Approximate Dollar Value) that May Yet Be Purchased Under the Programs (b) | ||||||||||
July 1 - 31, 2017 | 5,393 | $ | 3.0594 | — | $ | 1,800,011 | ||||||||
August 1 - 31, 2017 | 8,231 | 3.2000 | — | 1,800,011 | ||||||||||
September 1 - 30, 2017 | 13,707 | 2.8765 | 9,329 | 1,773,056 | ||||||||||
Total | 27,331 | $ | 3.0100 | 9,329 | $ | 1,773,056 |
(a) | In the three months ended September 30, 2017, the Company repurchased 18,002 shares from employees that were surrendered to satisfy the minimum statutory tax withholding obligations on the vesting of restricted stock, restricted stock units and performance-based restricted stock units. These repurchases were not included in the authorized share repurchase program and had a weighted-average purchase price of $3.07 per share. |
(b) | In May 2017, the Board of Directors authorized a new share repurchase program whereby the Company may repurchase up to an aggregate of $2.0 million of its outstanding Class A Common Stock in addition to the $0.1 million remaining from the August 2011 authorization. The August 2011 authorization was exhausted during the first quarter of fiscal year 2018 and there was approximately $1.8 million remaining under the May 2017 authorization as of September 30, 2017. |
Exhibit Number | Description | ||
Exhibit 31.1 | |||
Exhibit 31.2 | |||
Exhibit 32.1 | |||
Exhibit 101 | The following financial information from the Quarterly Report on Form 10-Q for the period ended September 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss); (iv) the Condensed Consolidated Statements of Stockholders' Equity (v) the Condensed Consolidated Statements of Cash Flows; and (vi) the Notes to the Condensed Consolidated Financial Statements. |
WESTELL TECHNOLOGIES, INC. | ||||
(Registrant) | ||||
DATE: | November 2, 2017 | By: | /s/ Matthew B. Brady | |
Matthew B. Brady | ||||
Chief Executive Officer | ||||
By: | /s/ Thomas P. Minichiello | |||
Thomas P. Minichiello | ||||
Chief Financial Officer |
/s/ Matthew B. Brady |
Matthew B. Brady |
Chief Executive Officer |
/s/ Thomas P. Minichiello |
Thomas P. Minichiello |
Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company as of and for the periods covered in the Report. |
/s/ Matthew B. Brady |
Matthew B. Brady |
Chief Executive Officer |
November 2, 2017 |
/s/ Thomas P. Minichiello |
Thomas P. Minichiello |
Chief Financial Officer |
November 2, 2017 |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 23, 2017 |
|
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | WESTELL TECHNOLOGIES INC | |
Entity Central Index Key | 0001002135 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 12,068,162 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 3,484,287 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Mar. 31, 2017 |
|||
---|---|---|---|---|---|
Accounts receivable, allowance | $ 90 | $ 90 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Treasury stock, shares | 4,593,368 | 4,440,600 | [1] | ||
Class A Common Stock | |||||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Common stock, shares authorized | 109,000,000 | 109,000,000 | |||
Common stock, shares outstanding | 12,080,445 | 12,015,043 | [1] | ||
Class B Common Stock | |||||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Common stock, shares authorized | 25,000,000 | 25,000,000 | |||
Common stock, shares issued | 3,484,287 | 3,484,287 | [1] | ||
Common stock, shares outstanding | 3,484,287 | 3,484,287 | [1] | ||
|
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||||||||||||
Sales Revenue, Goods, Net | $ 16,097 | $ 15,881 | $ 31,642 | $ 29,494 | ||||||||||||
Sales Revenue, Services, Net | 1,135 | 1,899 | 2,164 | 3,102 | ||||||||||||
Total revenue | 17,232 | 17,780 | 33,806 | 32,596 | ||||||||||||
Cost of Goods Sold | 9,522 | 10,380 | [1] | 18,946 | 19,981 | [1] | ||||||||||
Cost of Services | 435 | 1,033 | 818 | 1,683 | ||||||||||||
Total cost of revenue | 9,957 | 11,413 | [1] | 19,764 | 21,664 | [1] | ||||||||||
Gross profit | 7,275 | 6,367 | [1] | 14,042 | 10,932 | [1] | ||||||||||
Operating expenses | ||||||||||||||||
Research and development | 2,205 | 3,327 | 4,481 | 7,604 | ||||||||||||
Sales and marketing | 1,992 | 2,896 | 4,328 | 6,277 | ||||||||||||
General and administrative | 1,809 | 2,218 | 3,520 | 4,563 | ||||||||||||
Intangible amortization | 1,048 | 1,201 | 2,095 | 2,401 | ||||||||||||
Restructuring | 165 | 2,601 | 165 | 2,565 | ||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 0 | 1,181 | ||||||||||||
Total operating expenses | 7,219 | 12,243 | 14,589 | 24,591 | ||||||||||||
Operating profit (loss) | 56 | (5,876) | (547) | (13,659) | ||||||||||||
Other income, net | 677 | [2] | 74 | 720 | [2] | 91 | ||||||||||
Income (loss) before income taxes | 733 | (5,802) | 173 | (13,568) | ||||||||||||
Income tax expense | (13) | (8) | (25) | (10) | ||||||||||||
Net income (loss) | $ 720 | $ (5,810) | $ 148 | $ (13,578) | ||||||||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ 0.05 | $ (0.38) | [3] | $ 0.01 | $ (0.89) | [3] | ||||||||||
Diluted | $ 0.05 | $ (0.38) | [3] | $ 0.01 | $ (0.89) | [3] | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic (shares) | 15,461 | 15,299 | [3] | 15,471 | 15,277 | [3] | ||||||||||
Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options (4) | [4] | 211 | 0 | 167 | 0 | |||||||||||
Diluted (shares) | 15,672 | 15,299 | [3] | 15,638 | 15,277 | [3] | ||||||||||
|
Condensed Consolidated Statements of Operations (Unaudited) Condensed Consolidated Statements of Operations Parenthetical (Unaudited) - USD ($) shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Statement [Abstract] | ||||
Production Related Impairments or Charges | $ 200 | $ 0 | $ 1,600,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 1.3 | 0.5 | 1.4 |
Condensed Statements of Comprehensive Income ( Loss) (Unaudited) Statement - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Net income (loss) | $ 720 | $ (5,810) | $ 148 | $ (13,578) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | [1] | (608) | (608) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 112 | $ (5,810) | $ (460) | $ (13,578) | ||
|
Condensed Statements of Stockholders' Equity (Unaudited) Statement - 6 months ended Sep. 30, 2017 - USD ($) $ in Thousands |
Total |
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Treasury Stock [Member] |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
Retained Earnings [Member] |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Stockholders' Equity Attributable to Parent at Mar. 31, 2017 | $ 52,174 | $ 120 | [1] | $ 35 | [1] | $ 416,422 | [1] | $ (35,335) | $ 608 | $ (329,676) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 148 | 148 | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | [2] | (608) | (608) | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 1 | 2 | (1) | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | (456) | (1) | (455) | |||||||||||
Stock-based compensation | 672 | 672 | ||||||||||||
Stockholders' Equity Attributable to Parent at Sep. 30, 2017 | $ 51,931 | $ 121 | $ 35 | $ 417,093 | $ (35,790) | $ 0 | $ (329,528) | |||||||
|
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
Cash flows from operating activities: | |||||
Net income (loss) | $ 148 | $ (13,578) | |||
Reconciliation of net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 2,526 | 3,230 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | 1,181 | |||
Stock-based compensation | 672 | 1,093 | |||
Loss on sale of fixed assets | 8 | 11 | |||
Restructuring | 165 | 2,565 | |||
Deferred taxes | 0 | 14 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | (608) | ||||
Exchange rate loss (gain) | (6) | 0 | |||
Changes in assets and liabilities: | |||||
Accounts receivable | 1,025 | 2,722 | |||
Inventories | 2,528 | 820 | |||
Prepaid expenses and other current assets | 375 | (23) | |||
Other assets | 73 | 15 | |||
Deferred revenue | (1,477) | (131) | |||
Accounts payable and accrued expenses | (2,082) | (4,800) | |||
Accrued compensation | (224) | (1,109) | |||
Net cash provided by (used in) operating activities | 3,123 | (7,990) | |||
Cash flows from investing activities: | |||||
Maturities of held-to-maturity short-term debt securities | 0 | 12,621 | |||
Purchases of held-to-maturity short-term debt securities | 0 | (2,066) | |||
Purchases of other short-term investments | (5,011) | 0 | |||
Purchases of property and equipment | (254) | (498) | |||
Net cash provided by (used in) investing activities | (5,265) | 10,057 | |||
Cash flows from financing activities: | |||||
Purchases of treasury stock | (456) | (141) | |||
Payment of contingent consideration | 0 | (175) | |||
Net cash provided by (used in) financing activities | (456) | (316) | |||
Gain (loss) of exchange rate changes on cash | 20 | (3) | |||
Net increase (decrease) in cash and cash equivalents | (2,578) | 1,748 | |||
Cash and cash equivalents, beginning of period | 21,778 | 19,169 | |||
Cash and cash equivalents, end of period (1) | $ 19,200 | [1] | $ 20,917 | ||
|
Basis of Presentation (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Reverse Stock Split All common stock, equity, share and per share amounts in the financial statements and notes have been retroactively adjusted to reflect a one-for-four reverse stock split, which was effective June 7, 2017. Description of Business Westell Technologies, Inc. (the Company) is a holding company. Its wholly owned subsidiary, Westell, Inc., designs and distributes telecommunications products, which are sold primarily to major telephone companies. During the second quarter ended September 30, 2017, the Company dissolved Noran Tel, Inc. (NoranTel) a wholly owned subsidiary of Westell, Inc. NoranTel's operations have been fully incorporated into Westell, Inc. As a result of the wind-up of NoranTel, the Company recognized a one-time $0.6 million foreign currency translation gain, which is presented in Other income, net on the Condensed Consolidated Statements of Operations. Basis of Presentation and Reporting The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. The Condensed Consolidated Financial Statements have been prepared using generally accepted accounting principles (GAAP) in the United States for interim financial reporting, and consistent with the instructions of Form 10-Q and Article 10 of Regulation S-X and, accordingly, they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes. The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2017. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited interim financial statements included herein reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s condensed consolidated financial position and the results of operations, comprehensive income (loss) and cash flows at September 30, 2017, and for all periods presented. The results of operations for the periods presented are not necessarily indicative of the results that may be expected for fiscal year 2018. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and that affect revenue and expenses during the periods reported. Estimates are used when accounting for the allowance for uncollectible accounts receivable, net realizable value of inventory, product warranty accrued, relative selling prices, stock-based compensation, intangible assets fair value, depreciation, income taxes, and contingencies, among other things. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). The core principle of the guidance is that an entity should measure inventory at the "lower of cost and net realizable value" and options that currently exist for "market value" will be eliminated. The ASU defines net realizable value as the "estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation." The Company adopted ASU 2015-11 on April 1, 2017. The adoption of this ASU did not have a material impact to the Company's Consolidated Financial Statements or related disclosures. In the fourth quarter of fiscal year 2017, the Company adopted ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. For each annual and interim reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The adoption of ASU 2014-15 had no significant effect on its Consolidated Financial Statements or related disclosures as of September 30, 2017. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). ASU 2017-09 clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the potential impact ASU 2017-09 will have on the Company's Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). ASU 2016-16 requires the recognition of current and deferred income taxes for intra-entity asset transfers when the transaction occurs. ASU 2016-16 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. ASU 2016-16 is effective for the Company in the first quarter of fiscal 2019, and the Company is currently in the process of evaluating the potential impact of adoption of this updated authoritative guidance on the Company's Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow (Topic 230) (ASU 2016-15). This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The update provides new guidance regarding the classification of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitized transactions, and separately identifiable cash flows and application of the predominance principle. This standard will be effective for financial statements issued by public companies for the annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted. The standard will be applied in a retrospective approach for each period presented. The Company is currently evaluating the potential impact ASU 2016-15 will have on the Company's Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02). In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) (ASU 2017-13), which provides additional implementation guidance on the previously issued ASU 2016-02. ASU 2016-02 requires lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than one year. ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. The Company is currently evaluating the impact that ASU 2016-02 will have on the Company's Consolidated Financial Statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09), that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 is initially scheduled to become effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period; early adoption is not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date (ASU 2015-14), which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In 2016, the FASB issued additional guidance to clarify the implementation guidance (ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients:and ASU 2016-20 (Topic 606) Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. In September 2017, the FASB issued ASU 2017-13. These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09. The Company commenced the assessment of ASU 2014-09 during the first quarter of fiscal year 2018 and developed a project plan to guide the implementation. This project plan includes analyzing the standard’s impact on the Company’s contract portfolio, comparing historical accounting policies and practices to the requirements of the new standard and identifying potential differences from applying the requirements of the new standard to its contracts. The Company will draft an updated accounting policy, evaluate new disclosure requirements and identify and implement appropriate changes to business processes, systems and controls to support recognition and disclosure under the new standard. The Company expects to adopt this new standard using the modified retrospective method that will result in a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating this guidance and the impact it will have on the Company's Consolidated Financial Statements and related disclosures. |
Restructuring Charge (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charge | Restructuring Charges In the three and six months ended September 30, 2017, the Company recorded a restructuring expense of $0.2 million related to employee termination costs that spanned all three segments (the 2018 restructuring). In the second quarter of fiscal year 2017, the Company approved a restructuring plan (the 2017 restructuring), including discontinuing development of the ClearLink Distributed Antenna System (DAS), a general reduction of headcount that spanned all three segments, and consolidation of facilities in Manchester, NH and Aurora, IL. The Company recognized a restructuring expense of $2.6 million in the six months ended September 30, 2016. The 2017 restructuring costs totaled $3.2 million in the twelve months ended March 31, 2017, inclusive of non-cash charges of approximately $1.2 million related to losses on leased facilities, $1.3 million of employee termination costs, and $0.7 million of other associated costs. In the six months ended September 30, 2016, a $1.2 million impairment charge of fixed assets and $1.6 million of E&O expense for ClearLink DAS inventory and pipeline inventory, associated with the IBW segment was recognized. The planned restructuring was substantially completed by March 31, 2017. As of September 30, 2017, $0.4 million of the restructuring costs, related to employee termination costs from the 2018 restructuring and the office space from the 2017 restructuring, are unpaid and accrued on the Condensed Consolidated Balance Sheets presented in Accrued restructuring. As of March 31, 2017, $1.2 million and $63,000 of the restructuring costs, primarily related to the office space from the 2015 restructuring and 2017 restructuring, are unpaid and accrued on the Condensed Consolidated Balance Sheets presented in Accrued restructuring and Accrued restructuring non-current, respectively. The restructuring costs are expected to be paid in full by the first quarter of fiscal year 2019 concurrent with the termination date of the contractual lease in Manchester, NH. Total liability for restructuring charges and their utilization for the six months ended September 30, 2017, are summarized as follows:
|
Interim Segment Information (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interim Segment Information | Interim Segment Information Segment information is presented in accordance with a “management approach", which designates the internal reporting used by the chief operating decision-maker (CODM) for making decisions and assessing performance as the source of the Company's reportable segments. Westell’s Chief Executive Officer is the CODM. The CODM continues to define segment profit as gross profit less research and development expenses. The accounting policies of the segments are the same as those for Westell Technologies, Inc. described in the summary of significant accounting policies included in the Company's Annual Report on Form 10-K for year ended March 31, 2017. The Company’s three reportable segments are as follows: In-Building Wireless (IBW) Segment The IBW segment solutions enable cellular coverage in stadiums, arenas, malls, buildings, and other indoor areas not served well or at all by the existing "macro" outdoor cellular network. For commercial service, the IBW segment solutions include distributed antenna systems (DAS) conditioners and digital repeaters. For the public safety market, the IBW segment solutions include half-watt and two-watt repeaters and a battery backup unit. The Company’s IBW segment also offers ancillary products that consist of passive system components and antennas for both the commercial and public safety markets. Intelligent Site Management and Services (ISMS) Segment The ISMS segment solutions include a suite of remote units which provide machine-to-machine (M2M) communications that enable operators to remotely monitor, manage, and control site infrastructure and support systems. Remote units can be and often are combined with the Company’s Optima management software system. The Company also offers support agreement services (i.e., maintenance) and deployment services (i.e., installation). Communications Network Solutions (CNS) Segment The CNS segment solutions include a broad range of outdoor network infrastructure offerings consisting of integrated cabinets, power distribution products, copper and fiber connectivity panels, T1 network interface units (NIUs), and tower mounted amplifiers (TMAs). Segment information for the three and six months ended September 30, 2017, and 2016, is set forth below:
(1) The three and six months ended September 30, 2016, includes E&O expense for ClearLink DAS inventory and pipeline inventory. See Note 2, Restructuring Charges. Segment asset information is not reported to or used by the CODM. |
[1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Inventories (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of first-in, first-out cost or market value. The components of inventories are as follows:
|
Stock-Based Compensation (Notes) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Westell Technologies, Inc. 2015 Omnibus Incentive Compensation Plan (the 2015 Plan) was approved at the annual meeting of stockholders on September 16, 2015. The 2015 Plan replaced the Westell Technologies, Inc. 2004 Stock Incentive Plan (the 2004 Plan). If any award granted under the 2015 Plan or the 2004 Plan is canceled, terminates, expires, or lapses for any reason, any Shares subject to such award shall again be available for the grant of an award under the 2015 Plan. Shares subject to an award shall not again be made available for issuance under the Plan if such Shares are: (a) shares delivered to or withheld by the Company to pay the grant or purchase price of an award, or (b) shares delivered to or withheld by the Company to pay the withholding taxes related to an award. The stock options, restricted stock awards, and restricted stock units (RSUs) awarded under the 2015 Plan vest in equal annual installments over 3 years for employees and 1 year for independent directors. The stock options, restricted stock awards, and RSUs awarded under the 2004 Plan vest in equal annual installments over 4 years. Performance stock units (PSUs) earned vest over the performance period. Certain awards provide for accelerated vesting if there is a change in control (as defined in the 2015 Plan), or when provided within individual employment contracts. The Company accounts for forfeitures as they occur. The Company issues new shares for stock awards under the 2015 Plan. The following table is a summary of total stock-based compensation expense resulting from stock options, restricted stock, RSUs and PSUs, during the three and six months ended September 30, 2017, and 2016:
Stock Options Stock option activity for the six months ended September 30, 2017, is as follows:
Restricted Stock The following table sets forth restricted stock activity for the six months ended September 30, 2017:
RSUs The following table sets forth the RSU activity for the six months ended September 30, 2017:
PSUs The following table sets forth the PSU activity for the six months ended September 30, 2017:
|
Product Warranties (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties | Product Warranties The Company’s products carry a limited warranty ranging from one to five years for the products within the IBW segment, typically one year for products within the ISMS segment, and one to seven years for products within the CNS segment. The specific terms and conditions of those warranties vary depending upon the customer and the products sold. Factors that affect the estimate of the Company’s warranty reserve include: the number of units shipped, anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the reserve as necessary. The current portions of the warranty reserve are $164,000 and $163,000 as of September 30, 2017, and March 31, 2017, respectively, and are presented on the Condensed Consolidated Balance Sheets in Accrued expenses. The non-current portions of the warranty reserves are $282,000 and $232,000 as of September 30, 2017, and March 31, 2017, respectively, and are presented on the Condensed Consolidated Balance Sheets in Other non-current liabilities. The following table presents the changes in the Company’s product warranty reserve:
|
Variable Interest Entity and Guarantee (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Guarantees [Abstract] | |
Equity Method Investment [Text Block] | Variable Interest Entity and Guarantee The Company has a 50% equity ownership in AccessTel Kentrox Australia PTY LTD (AKA). AKA distributes network management solutions provided by the Company and the other 50% owner to one customer. The Company holds equal voting control with the other owner. All actions of AKA are decided at the board level by majority vote. The Company evaluated ASC 810, Consolidations, and concluded that AKA is a variable interest entity (VIE) and the Company has a variable interest in the VIE. The Company has concluded that it is not the primary beneficiary of AKA and, therefore, consolidation is not required. As of September 30, 2017, and March 31, 2017, the carrying amount of the Company's investment in AKA was approximately $56,000 and $111,000, respectively, which is presented on the Condensed Consolidated Balance Sheets within Other non-current assets. The Company received a cash dividend payment of $59,000 from AKA during the three months ended September 30, 2017. The Company's revenue from sales to AKA for the three months ended September 30, 2017, and 2016, was $0.9 million and $0.6 million, respectively. The Company's revenue from sales to AKA for both the six months ended September 30, 2017 and 2016, was $1.7 million. Accounts receivable from AKA was $0.2 million and $0.5 million as of September 30, 2017, and March 31, 2017, respectively. Deferred revenue, which primarily relates to AKA maintenance contracts, was $1.7 million and $2.8 million as of September 30, 2017, and March 31, 2017, respectively. The Company also has provided an unlimited guarantee for the performance of the other 50% owner in AKA, which primarily provides support and engineering services to the customer. This guarantee was put in place at the request of the AKA customer. The guarantee, which is estimated to have a maximum potential future payment of $0.7 million, will stay in place as long as the contract between AKA and the customer is in place. The Company would have recourse against the other 50% owner in AKA in the event the guarantee is triggered. The Company determined that it could perform on the obligation it guaranteed at a positive rate of return and, therefore, did not assign value to the guarantee. The Company's exposure to loss as a result of its involvement with AKA, exclusive of lost profits, is limited to the items noted above. |
Income Taxes (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At the end of each interim period, the Company makes its best estimate of the effective tax rate expected to be applicable for the full fiscal year and uses that rate to provide for income taxes on a current year-to-date basis before discrete items. If a reliable estimate cannot be made, the Company may make a reasonable estimate of the annual effective tax rate, including use of the actual effective rate for the year-to-date. The impact of discrete items is recorded in the quarter in which they occur. The Company utilizes the liability method of accounting for income taxes and deferred taxes, which are determined based on the differences between the financial statements and tax basis of assets and liabilities given the enacted tax laws. The Company evaluates the need for valuation allowances on the net deferred tax assets under the rules of ASC 740, Income Taxes. In assessing the realizability of the Company's deferred tax assets, the Company considers whether it is more likely than not that some or all of the deferred tax assets will be realized through the generation of future taxable income. In making this determination, the Company assessed all of the evidence available at the time, including recent earnings, forecasted income projections and historical performance. The Company determined that the negative evidence outweighed the objectively verifiable positive evidence and previously recorded a full valuation allowance against deferred tax assets. The Company will continue to reassess realizability going forward. The Company recorded $13,000 and $25,000 of income tax expense in the three and six months ended September 30, 2017, respectively, using an effective income tax rate of (1.07)% plus discrete items. The Company recorded $8,000 and $10,000 of income tax expense in the three and six months ended September 30, 2016, respectively, using an effective rate of (0.10)% plus discrete items. The effective rate is impacted by the intraperiod allocation as a result of loss from continuing operations and income from discontinued operations, loss in a foreign jurisdiction with no valuation allowance, and states that base tax on gross margin and not pretax income. |
Commitments and Contingencies (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Contingency Reserves The Company and its subsidiaries are involved in various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that may be incorporated in the Company’s products, which are being handled and defended in the ordinary course of business. These matters are in various stages of investigation and litigation, and they are being vigorously defended. Although the Company does not expect that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial condition or results of operations, litigation is inherently unpredictable. Therefore, judgments could be rendered, or settlements entered, that could adversely affect the Company’s operating results or cash flows in a particular period. The Company routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability, and it records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. As of September 30, 2017, and March 31, 2017, the Company has not recorded any contingent liability attributable to existing litigation. In the ordinary course of operations, the Company receives claims where the Company believes an unfavorable outcome is possible and/or for which is probable and no estimate of possible losses can currently be made. A significant customer was a defendant in patent infringement claims and is asserting possible indemnity rights under contracts with the Company. The customer has settled one matter, which has been dismissed, and won summary judgment of all claims in the other. The customer has informed the Company that the customer intends to seek to recover from the Company a share of the settlement and defense costs. The Company has not been involved in any settlement discussions nor informed by the customer of any settlement details and therefore management is currently unable to estimate a range of potential loss associated with this claim with any degree of certainty, and the Company is not yet able to calculate the exposure to this claim, which will vary depending upon the settlement reached by the customer and the Company's contribution ratio. |
Short-term Investments (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Short Term Investments [Text Block] | Short-term Investments As of September 30, 2017, the Company owned Certificates of Deposit amounting to $5.0 million held at cost There were no short-term investments as of March 31, 2017. |
Fair Value Measurements (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is defined by ASC 820, Fair Value Measurements and Disclosures (ASC 820), as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
The Company’s money market funds are measured using Level 1 inputs. The following table presents available-for-sale securities measured at fair value on a recurring basis as of September 30, 2017:
The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2017:
The fair value of the money market funds approximates their carrying amounts due to the short-term nature of these financial assets. |
Share Repurchases (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Payments for Repurchase of Equity [Abstract] | |
Share Repurchases | Share Repurchases In May 2017, the Board of Directors authorized a new share repurchase program whereby the Company may repurchase up to an aggregate of $2.0 million of its outstanding Class A Common Stock (the 2017 authorization). The 2017 authorization is in addition to the $0.1 million that was remaining from the August 2011 $20.0 million authorization (the 2011 authorization). There were 113,484 shares repurchased under the 2011 and 2017 authorizations during the six months ended September 30, 2017 at a weighted average purchase price of $2.99 per share. There were no shares repurchased under the 2011 authorization during the six months ended September 30, 2016. There was approximately $1.8 million remaining for additional share repurchases under the 2017 authorization as of September 30, 2017. Additionally, in the six months ended September 30, 2017, and September 30, 2016, the Company repurchased 39,269 and 41,544 shares of Class A Common Stock, respectively, from certain employees that were surrendered to satisfy the minimum statutory tax withholding obligations on the vesting of restricted stock, RSUs and PSUs. These repurchases were not included in the authorized share repurchase programs and had a weighted-average purchase price of $2.91 and $3.40 per share, respectively. |
Intangibles Assets (Notes) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets Intangible assets include customer relationships, trade names, developed technology and other intangibles. Intangible assets with determinable lives are amortized over their estimated useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying amount over its fair value. Intangible asset impairment charges are presented in Intangible amortization on the Condensed Consolidated Statements of Operations. There was no intangible asset impairment during the six months ended September 30, 2017, or September 30, 2016, for the IBW, ISMS and CNS reporting units. |
Accrued Liabilities (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses The components of accrued expenses are as follows:
|
Land Property and Equipment (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Land, Property, and Equipment Long-lived assets consist of property and equipment. Long-lived assets that are held and used should be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived assets might not be recoverable. Due to a significant adverse change in the business climate connected to the ClearLink DAS development project, the Company determined indicators of impairment were present as of June 30, 2016. The Company determined that equipment related to development and manufacturing of this product was fully impaired and recorded an impairment charge of $1.2 million in the six months ended September 30, 2016. Long-lived asset impairment charges are presented in Long-lived assets impairment on the Condensed Consolidated Statements of Operations. See Note 2 Restructuring Charges. There was no long-lived asset impairment during the six months ended September 30, 2017, or the three months ended September 30, 2016. The components of fixed assets are as follows:
The significant decrease in the gross fixed assets and accumulated depreciation is primarily related to the disposals of fully depreciated leasehold improvements associated with a building operating lease that ended on September 30, 2017. |
Basis of Presentation (Policies) |
6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Condensed consolidated financial statements | The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. The Condensed Consolidated Financial Statements have been prepared using generally accepted accounting principles (GAAP) in the United States for interim financial reporting, and consistent with the instructions of Form 10-Q and Article 10 of Regulation S-X and, accordingly, they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes. The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2017. All intercompany accounts and transactions have been eliminated in consolidation. |
||||||||||||
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and that affect revenue and expenses during the periods reported. Estimates are used when accounting for the allowance for uncollectible accounts receivable, net realizable value of inventory, product warranty accrued, relative selling prices, stock-based compensation, intangible assets fair value, depreciation, income taxes, and contingencies, among other things. Actual results could differ from those estimates. |
||||||||||||
New Accounting Pronouncements | Recently Adopted Accounting Pronouncements In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). The core principle of the guidance is that an entity should measure inventory at the "lower of cost and net realizable value" and options that currently exist for "market value" will be eliminated. The ASU defines net realizable value as the "estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation." The Company adopted ASU 2015-11 on April 1, 2017. The adoption of this ASU did not have a material impact to the Company's Consolidated Financial Statements or related disclosures. In the fourth quarter of fiscal year 2017, the Company adopted ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. For each annual and interim reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The adoption of ASU 2014-15 had no significant effect on its Consolidated Financial Statements or related disclosures as of September 30, 2017. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). ASU 2017-09 clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the potential impact ASU 2017-09 will have on the Company's Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). ASU 2016-16 requires the recognition of current and deferred income taxes for intra-entity asset transfers when the transaction occurs. ASU 2016-16 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. ASU 2016-16 is effective for the Company in the first quarter of fiscal 2019, and the Company is currently in the process of evaluating the potential impact of adoption of this updated authoritative guidance on the Company's Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow (Topic 230) (ASU 2016-15). This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The update provides new guidance regarding the classification of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitized transactions, and separately identifiable cash flows and application of the predominance principle. This standard will be effective for financial statements issued by public companies for the annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted. The standard will be applied in a retrospective approach for each period presented. The Company is currently evaluating the potential impact ASU 2016-15 will have on the Company's Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02). In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) (ASU 2017-13), which provides additional implementation guidance on the previously issued ASU 2016-02. ASU 2016-02 requires lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than one year. ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. The Company is currently evaluating the impact that ASU 2016-02 will have on the Company's Consolidated Financial Statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09), that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 is initially scheduled to become effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period; early adoption is not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date (ASU 2015-14), which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In 2016, the FASB issued additional guidance to clarify the implementation guidance (ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients:and ASU 2016-20 (Topic 606) Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. In September 2017, the FASB issued ASU 2017-13. These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09. |
||||||||||||
Inventory | Inventories are stated at the lower of first-in, first-out cost or market value. |
||||||||||||
Fair Value Measurement | Fair value is defined by ASC 820, Fair Value Measurements and Disclosures (ASC 820), as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
|
Restructuring Charge (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | Total liability for restructuring charges and their utilization for the six months ended September 30, 2017, are summarized as follows:
|
Interim Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information | Segment information for the three and six months ended September 30, 2017, and 2016, is set forth below:
(1) The three and six months ended September 30, 2016, includes E&O expense for ClearLink DAS inventory and pipeline inventory. See Note 2, Restructuring Charges. |
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of inventories | The components of inventories are as follows:
|
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | The following table is a summary of total stock-based compensation expense resulting from stock options, restricted stock, RSUs and PSUs, during the three and six months ended September 30, 2017, and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option activity | Stock option activity for the six months ended September 30, 2017, is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock activity | Restricted Stock The following table sets forth restricted stock activity for the six months ended September 30, 2017:
RSUs The following table sets forth the RSU activity for the six months ended September 30, 2017:
PSUs The following table sets forth the PSU activity for the six months ended September 30, 2017:
|
Product Warranties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Company's product warranty reserve | The following table presents the changes in the Company’s product warranty reserve:
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis and their related valuation inputs | The following table presents available-for-sale securities measured at fair value on a recurring basis as of September 30, 2017:
The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2017:
|
Land Property and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | The components of fixed assets are as follows:
|
Basis of Presentation (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2017 |
|||
Business Acquisition [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | [1] | $ 608 | $ 608 | |
|
Restructuring Charge (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Mar. 31, 2017 |
|
Restructuring charges | |||||
Liability at beginning of period | $ 1,234 | ||||
Restructuring Charges | $ 165 | $ 2,601 | 165 | $ 2,565 | $ 3,200 |
Paid | (984) | ||||
Liability at end of period | 415 | 415 | 1,234 | ||
Employee Severance [Member] | |||||
Restructuring charges | |||||
Liability at beginning of period | 0 | ||||
Restructuring Charges | 165 | 1,300 | |||
Paid | (19) | ||||
Liability at end of period | 146 | 146 | 0 | ||
Other Restructuring [Member] | |||||
Restructuring charges | |||||
Liability at beginning of period | 1,234 | ||||
Restructuring Charges | 0 | ||||
Paid | (965) | ||||
Liability at end of period | $ 269 | $ 269 | $ 1,234 |
Restructuring Charge (Details Textual) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Mar. 31, 2017 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 0 | $ 1,181,000 | |
Production Related Impairments or Charges | 200 | 0 | 1,600,000 | ||
Impairment of Leasehold | $ 1,200,000 | ||||
Restructuring | 165,000 | $ 2,601,000 | 165,000 | $ 2,565,000 | 3,200,000 |
restructuringexpenseconsultants | 700,000 | ||||
Unpaid balance of restructuring charges | 415,000 | 415,000 | 1,234,000 | ||
Restructuring Reserve, Noncurrent | 0 | 0 | 63,000 | ||
Restructuring Reserve, Current | 415,000 | 415,000 | 1,171,000 | ||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 165,000 | 1,300,000 | |||
Unpaid balance of restructuring charges | 146,000 | 146,000 | 0 | ||
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 0 | ||||
Unpaid balance of restructuring charges | $ 269,000 | $ 269,000 | $ 1,234,000 |
Interim Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Mar. 31, 2017 |
|||||||||
Segment information | |||||||||||||
Total revenue | $ 17,232 | $ 17,780 | $ 33,806 | $ 32,596 | |||||||||
Total cost of revenue (1) | 9,957 | 11,413 | [1] | 19,764 | 21,664 | [1] | |||||||
Gross profit | $ 7,275 | $ 6,367 | [1] | $ 14,042 | $ 10,932 | [1] | |||||||
Gross margin | 42.20% | 35.80% | [1] | 41.50% | 33.50% | [1] | |||||||
Research and development | $ 2,205 | $ 3,327 | $ 4,481 | $ 7,604 | |||||||||
Segment Profit Loss | 5,070 | 3,040 | 9,561 | 3,328 | |||||||||
Operating expenses | |||||||||||||
Sales and marketing | 1,992 | 2,896 | 4,328 | 6,277 | |||||||||
General and administrative | 1,809 | 2,218 | 3,520 | 4,563 | |||||||||
Intangible amortization | 1,048 | 1,201 | 2,095 | 2,401 | |||||||||
Restructuring | 165 | 2,601 | 165 | 2,565 | $ 3,200 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 0 | 1,181 | |||||||||
Operating profit (loss) | 56 | (5,876) | (547) | (13,659) | |||||||||
Other Nonoperating Income (Expense) | 677 | [2] | 74 | 720 | [2] | 91 | |||||||
Income tax expense | (13) | (8) | (25) | (10) | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 720 | (5,810) | 148 | (13,578) | |||||||||
IBW [Member] | |||||||||||||
Segment information | |||||||||||||
Total revenue | 7,919 | 6,644 | 14,875 | 12,765 | |||||||||
Total cost of revenue (1) | 4,269 | 4,411 | [1] | 8,211 | 9,538 | [1] | |||||||
Gross profit | $ 3,650 | $ 2,233 | [1] | $ 6,664 | $ 3,227 | [1] | |||||||
Gross margin | 46.10% | 33.60% | [1] | 44.80% | 25.30% | [1] | |||||||
Research and development | $ 1,443 | $ 1,594 | $ 2,906 | $ 3,958 | |||||||||
Segment Profit Loss | 2,207 | 639 | 3,758 | (731) | |||||||||
ISMS [Member] | |||||||||||||
Segment information | |||||||||||||
Total revenue | 4,730 | 5,109 | 8,860 | 9,248 | |||||||||
Total cost of revenue (1) | 2,511 | 2,702 | 4,515 | 4,822 | |||||||||
Gross profit | $ 2,219 | $ 2,407 | $ 4,345 | $ 4,426 | |||||||||
Gross margin | 46.90% | 47.10% | 49.00% | 47.90% | |||||||||
Research and development | $ 523 | $ 1,237 | $ 1,088 | $ 2,531 | |||||||||
Segment Profit Loss | 1,696 | 1,170 | 3,257 | 1,895 | |||||||||
CNS [Member] | |||||||||||||
Segment information | |||||||||||||
Total revenue | 4,583 | 6,027 | 10,071 | 10,583 | |||||||||
Total cost of revenue (1) | 3,177 | 4,300 | 7,038 | 7,304 | |||||||||
Gross profit | $ 1,406 | $ 1,727 | $ 3,033 | $ 3,279 | |||||||||
Gross margin | 30.70% | 28.70% | 30.10% | 31.00% | |||||||||
Research and development | $ 239 | $ 496 | $ 487 | $ 1,115 | |||||||||
Segment Profit Loss | $ 1,167 | $ 1,231 | $ 2,546 | $ 2,164 | |||||||||
|
Interim Segment Information (Details Textual) |
6 Months Ended |
---|---|
Sep. 30, 2017
segments
| |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Mar. 31, 2017 |
---|---|---|
Components of inventories | ||
Raw materials | $ 3,634 | $ 3,871 |
Work-in-process | 0 | 0 |
Finished goods | 6,349 | 8,640 |
Total inventories | $ 9,983 | $ 12,511 |
Stock-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Stock-based compensation expense | ||||
Stock-based compensation expense | $ 342 | $ 687 | $ 672 | $ 1,093 |
Income tax benefit | 0 | 0 | 0 | 0 |
Total stock-based compensation expense, after taxes | $ 342 | $ 687 | $ 672 | $ 1,093 |
Stock-Based Compensation (Details 1) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Mar. 31, 2017 |
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding on March 31, 2017 | 362,396 | ||||
Granted | 100,000 | ||||
Exercised | 0 | ||||
Forfeited | (97,399) | ||||
Expired | (30,501) | ||||
Outstanding on September 30, 2017 | 334,496 | 362,396 | |||
Weighted-Average Exercise Price Per Share, Outstanding on March 31, 2017 | $ 4.89 | ||||
Weighted-Average Exercise Price Per Share, Granted | 3.06 | ||||
Weighted-Average Exercise Price Per Share, Exercised | 0.00 | ||||
Weighted-Average Exercise Price Per Share, Forfeited | 4.38 | ||||
Weighted-Average Exercise Price Per Share, Expired | 6.83 | ||||
Weighted-Average Exercise Price Per Share, Outstanding on September 30, 2017 | $ 4.32 | $ 4.89 | |||
Weighted-Average Remaining Contractual Term (in years), Outstanding on March 31, 2017 | 5 years 26 days | 5 years 4 months 24 days | |||
Weighted-Average Remaining Contractual Term (in years), Outstanding on September 30, 2017 | 5 years 26 days | 5 years 4 months 24 days | |||
Aggregate Intrinsic Value, Outstanding on March 31, 2017 | [1] | $ 39 | |||
Aggregate Intrinsic Value, Outstanding on September 30, 2017 | [1] | $ 12 | $ 39 | ||
|
Stock-Based Compensation (Details 2) |
6 Months Ended |
---|---|
Sep. 30, 2017
$ / shares
shares
| |
Restricted Stock [Member] | |
Restricted stock activity | |
Non-vested as of March 31, 2017 | shares | 34,375 |
Granted | shares | 104,636 |
Vested | shares | (66,250) |
Forfeited | shares | 0 |
Non-vested as of September 30, 2017 | shares | 72,761.000 |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2017 | $ / shares | $ 4.11 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 3.01 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 3.30 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0.00 |
Weighted-Average Grant Date Fair Value, Non-vested as of September 30, 2017 | $ / shares | $ 3.26 |
Restricted Stock Units (RSUs) [Member] | |
Restricted stock activity | |
Non-vested as of March 31, 2017 | shares | 373,886 |
Granted | shares | 527,000 |
Vested | shares | (111,954) |
Forfeited | shares | (189,609) |
Non-vested as of September 30, 2017 | shares | 599,323 |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2017 | $ / shares | $ 4.48 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 2.84 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 5.27 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 3.79 |
Weighted-Average Grant Date Fair Value, Non-vested as of September 30, 2017 | $ / shares | $ 3.10 |
Performance Shares [Member] | |
Restricted stock activity | |
Non-vested as of March 31, 2017 | shares | 76,053 |
Granted | shares | 40,000 |
Vested | shares | (2,343) |
Forfeited | shares | (18,864) |
Non-vested as of September 30, 2017 | shares | 94,846 |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2017 | $ / shares | $ 3.56 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 2.63 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 10.22 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 2.17 |
Weighted-Average Grant Date Fair Value, Non-vested as of September 30, 2017 | $ / shares | $ 3.29 |
Stock-Based Compensation (Details Textual) |
6 Months Ended |
---|---|
Sep. 30, 2017 | |
2014 Stock Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting schedule of equal annual installments | 4 years |
Restricted Stock Units (RSUs) [Member] | 2015 Omnibus Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting schedule of equal annual installments | 3 years |
Restricted Stock [Member] | 2015 Omnibus Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting schedule of equal annual installments | 1 year |
Product Warranties (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Changes in Company's standard product warranty reserve [Roll Forward] | ||||
Total product warranty reserve at the beginning of the period | $ 385 | $ 439 | $ 395 | $ 436 |
Warranty expense to cost of revenue | 105 | 33 | 118 | 67 |
Utilization | (44) | (12) | (67) | (43) |
Total product warranty reserve at the end of the period | $ 446 | $ 460 | $ 446 | $ 460 |
Product Warranties (Details Textual) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Mar. 31, 2017 |
|
Product Warranties (Textual) [Abstract] | ||
Current portions of warranty reserve | $ 164 | $ 163 |
Non-current portions of the warranty reserve | $ 282 | $ 232 |
IBW [Member] | Minimum [Member] | ||
Product Warranties (Textual) [Abstract] | ||
Standard Product Warranty Description | P1Y | |
IBW [Member] | Maximum [Member] | ||
Product Warranties (Textual) [Abstract] | ||
Standard Product Warranty Description | P5Y | |
ISMS [Member] | ||
Product Warranties (Textual) [Abstract] | ||
Standard Product Warranty Description | P1Y | |
CNS [Member] | Minimum [Member] | ||
Product Warranties (Textual) [Abstract] | ||
Standard Product Warranty Description | P1Y | |
CNS [Member] | Maximum [Member] | ||
Product Warranties (Textual) [Abstract] | ||
Standard Product Warranty Description | P7Y |
Variable Interest Entity and Guarantee (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Mar. 31, 2017 |
Apr. 02, 2013 |
|
Concentration Risk [Line Items] | ||||||
Total revenue | $ 17,232 | $ 17,780 | $ 33,806 | $ 32,596 | ||
AKA [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Equity Method Investments | 56 | 56 | $ 111 | |||
Dividend Income, Operating | 59 | |||||
Total revenue | 900 | $ 600 | 1,700 | $ 1,700 | ||
Accounts Receivable, Net, Current | 200 | 200 | 500 | |||
Deferred Revenue | 1,700 | 1,700 | $ 2,800 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 700 | $ 700 | ||||
AKA [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Taxes (Textual) [Abstract] | ||||
Income tax expense | $ (13) | $ (8) | $ (25) | $ (10) |
Effective tax rate | (1.07%) | (0.10%) |
Short-term Investments (Details) - USD ($) |
Sep. 30, 2017 |
Mar. 31, 2017 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Short-term Investments | $ 5,011,000 | $ 0 |
Fair Value Measurements (Details) - Recurring [Member] - Cash and cash equivalents [Member] - USD ($) $ in Thousands |
Sep. 30, 2017 |
Mar. 31, 2017 |
---|---|---|
Assets and liabilities measured at fair value on a recurring basis and their related valuation inputs | ||
Money market funds | $ 11,960 | $ 17,162 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets and liabilities measured at fair value on a recurring basis and their related valuation inputs | ||
Money market funds | $ 11,960 | $ 17,162 |
Share Repurchases (Details Textual) - Class A Common Stock - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
May 17, 2017 |
Mar. 31, 2017 |
Aug. 31, 2011 |
|
MayTwoThousandSeventeenAuthorization [Member] | |||||
Share Repurchases (Textual) [Abstract] | |||||
Stock Repurchase Program | $ 2.0 | ||||
Treasury Stock, Shares, Acquired | 113,484 | ||||
Stock Repurchase Program Remaining Authorized Repurchases Amount | $ 1.8 | ||||
Treasury stock acquired volume weighted-average price | $ 2.99 | ||||
August 2011 authorization [Member] | |||||
Share Repurchases (Textual) [Abstract] | |||||
Stock Repurchase Program | $ 20.0 | ||||
Treasury Stock, Shares, Acquired | 0 | ||||
Stock Repurchase Program Remaining Authorized Repurchases Amount | $ 0.1 | ||||
Outside of Publically Announced Repurchase Program [Member] | |||||
Share Repurchases (Textual) [Abstract] | |||||
Treasury Stock, Shares, Acquired | 39,269 | 41,544 | |||
Treasury stock acquired volume weighted-average price | $ 2.91 | $ 3.40 |
Intangibles Assets (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 |
Accrued Liabilities (Details Textual) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Mar. 31, 2017 |
---|---|---|
Accrued Liabilities [Abstract] | ||
Employee-related Liabilities, Current | $ 1,032 | $ 1,256 |
Liabilities of Business Transferred under Contractual Arrangement, Current | 1,445 | 1,445 |
Other Liabilities | 1,346 | 1,572 |
Accrued Liabilities, Current | $ 3,823 | $ 4,273 |
Land Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Mar. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land | $ 672 | $ 672 |
Machinery and equipment | 1,603 | 1,698 |
Office, computer and research equipment | 5,522 | 6,012 |
Leasehold improvements | 1,268 | 7,680 |
Land, property and equipment, gross | 9,065 | 16,062 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 7,267 | 14,078 |
Land, property and equipment, net | $ 1,798 | $ 1,984 |
Land Property and Equipment Textual (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Property, Plant and Equipment [Abstract] | ||||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 0 | $ 1,181,000 |
">*=P 62>Y39<>C\*&B %'-%]F@"8R
MGPMO4&&5E!]T\=HX6W:JA H=]+8%\EH5R*I",_J?<"P'8F!$ *9&DFH#!R@32T
M,C'+B-'!I):Y<1%27AP$2E-3"^X-23HO!4.),Y2Z@'*.)OWJK+M!=&(Y.C&/
M#O&1QFPDAJ4RQ_C@:$*<@Q(@"R<3#-E$RY02F5+"*9&Y3!,^X2ZBVPX' 1@@
MI!;<&YMPP9"+V1KF*+_0*6IUUMT@.DZ.CN/1(912QT82(ZUB =O)LP."DS7.BQ:/M9.U&\=JT:=]^+]"]02P,$%
M @
2X
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MN/?#S3898 %*")S$1])I+D*6>CPZ>/-1!])_P#5H=9ZDES=F9-I15J
M]IH'^S!%5VTT:YXF3;#6W"H*B^*?"5( "T5@I0A,?;RNQ]AN@*T&V!C@FQC1
M)L:D28RF-QH O51(D);@JHUFSG3312A/=*VJ'XK\)D +1>2D
MB'0\7,>'D=L@=AK$VB"^2R,UTI@TF=;T6@,S,Y&/-7<@B1,D<8! V32)*M)
M0AC$!HE+5.1NE-2)DCI0,@,EM69)T\@LBBV"P:/E@4X4Z$#)#11H)QQ!0U3;
MH@SF@1LE)*RMYYHR86E*+XV[@+'?=AO+E.
M)]@Z()T Z0S8QSQL3!25?^6>%YDU [%C[SL>GGAS2+$W97#&5L0[%._0>RDV
M^WW&+H%HBCF.,>DR9HY@R#ZG2-=2'-/_X.DZ?+NJATG>>&=!_8N/B+["!^G_2>WC=".G(W'
MEXW]KXWQ@%*2*QRA%C_8;$BH?3A^P;,=QVPTO.FF'\3F;US\!5!+ P04
M" !S66)+5[_=N^-(!V.?70/@R8M6K
-?$2,A#7YW?U+[%V7\N96;C7XA>O75?@
M/48U-&P0[DF/7V&NYQJCN?@'N(#P\)")CU%I8>.*JL$Z+6<5GXID+]/.5=S'
MZ2:[G6G;!#H3Z$+8QSAD"A0S_\P<*W.C1V2FWO&ULE5==;YLP%/TKB/<5
MS&>(DDA-4K1)FU2UVO;L)DZ""I@9)^G^_6SC4L"7E+T$;,X]]\.'F\OB2MEK
M?2*$6V]%7M9+^\1Y-7><>G1 68&Y6+*C4U>,X+TR*G+'<]W(
M*7!6VJN%VGMDJP4]\SPKR2.SZG-18/9W37)Z7=K(?M]XRHXG+C>H,\^:7Z/YIKV;O,FT5Z7OF!V+FCO/5,@359][!TH%
MD3'Z,[F%)WD[ZP8E.0CUFLIWUEY1VH&@C;E^>=T=4/4$L#!!0 ( '-9
M8DMVK?[FV0$ %X$ 9 >&PO=V]R:W-H965T
NK;PSG(Y4MWE;.&!Q7"I
M.JK88D'ZR4+5S9
/5?"AZ&=Z&X>1X_!H%
M"QA^#W[A[5GLP2\XH09^C8(9?/=%&-:;!HOY#!"GC6?SB1?-%AU8AB.%0U1"
M =Q7)Q)"M_;MEQOVG/*OY&GVN10&C]'S]UZ(< *@G,(?BV Q(RP9 @$*X8_Q
M&$C'K'4E%G#@(9+?< KD
GMQQ1;GG/H(+=[#PS8,3$%MU7O#[7.F8OI<,MN+N!'+^F
MFIFI7(*/F)&)@T;2Q>23M)PC(0^ F+98BJY>CP'ZMZD8-04'S)A-F@(R)!