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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Income (Loss) Before Income Taxes

Income (loss) before income taxes

 

     Year ended December 31,  
     2014      2013      2012  
     (in thousands)  

U.S.

   $ (46,562 )     $ (38,114 )     $ (17,849 ) 

Foreign

     2,647         2,603         5,263   
  

 

 

    

 

 

    

 

 

 

Total

$ (43,915 )  $ (35,511 )  $ (12,586 ) 
  

 

 

    

 

 

    

 

 

 
Income Tax Expense (Benefit)

Income taxes

 

     Year ended December 31,  
     2014     2013     2012  
     (in thousands)  

Current

      

U.S.

   $ —        $ —        $ (204 ) 

State

     —          —          (357 ) 

Foreign

     6        6        (163 ) 
  

 

 

   

 

 

   

 

 

 

Total current income tax expense (benefit)

     6        6        (724 ) 
  

 

 

   

 

 

   

 

 

 

Deferred

      

U.S.

     (218 )      (5,863 )      (5,536 ) 

State

     (36 )      691        (1,049 ) 

Foreign

     326        6        261   
  

 

 

   

 

 

   

 

 

 

Total deferred income tax expense

     72        (5,166 )      (6,324 ) 
  

 

 

   

 

 

   

 

 

 

Total income tax expense (benefit)

   $ 78      $ (5,160 )    $ (7,048 ) 
  

 

 

   

 

 

   

 

 

 
Reconciliation of Income Tax Computed at Federal Statutory Rate to Income Before Taxes

The reconciliation of income tax computed at the federal statutory rate to income before taxes is as follows:

 

     Year ended December 31,  
     2014     2013     2012  

U.S. Federal statutory rate

     (34.0 )%      (34.0 )%      (34.0 )% 

State taxes net of federal benefit

     (5.7 )      (5.5 )      (8.9 ) 

Permanent differences

     —          —          —     

Foreign rate differential and transactional tax

     (0.5 )      (0.7 )      (3.8 ) 

Impact of foreign tax holiday

     (1.5 )      (1.8 )      (10.4 ) 

Valuation allowance

     41.8        26.9        —     

Other

     0.1        0.6        1.1   
  

 

 

   

 

 

   

 

 

 
     0.2 %      (14.5 )%      (56.0 )% 
  

 

 

   

 

 

   

 

 

 
Significant Components of Net Deferred Income Taxes

Significant components of the Company’s net deferred income taxes are as follows at December 31:

 

     2014     2013  
     (in thousands)  

Deferred tax assets:

    

Allowance for doubtful accounts

   $ 55      $ 20   

Inventory reserves

     918        1,340   

Accrued liabilities

     57        76   

Warrant interest expense

     269        277   

Stock compensation expense

     2,689        2,850   

State net operating loss—net of tax

     5,923        3,500   

Net operating loss carryforward

     31,658        16,206   

Unrealized loss on securities held for sale

     —          240   

Tax credits

     581        514   

Valuation allowance

     (27,151 )      (9,547 ) 
  

 

 

   

 

 

 

Total deferred tax assets

     14,999        15,476   

Deferred tax liability:

    

Depreciation

     (15,423 )      (15,620 ) 

Unrealized gain on securities held for sale

     —          —     

Prepaid expenses

     (169 )      (123 ) 
  

 

 

   

 

 

 

Net deferred tax liability

   $ (593 )    $ (267 ) 
  

 

 

   

 

 

 
Deferred Income Tax Assets and Liabilities on Consolidated Balance Sheets

The Company’s deferred income tax assets and liabilities were reported on the consolidated balance sheets as follows.

 

     2014     2013  
     (in thousands)  

Current deferred income tax assets

   $ 1,267     $ —     

Long term deferred income tax liabilities

     (1,860 )      (267 ) 
  

 

 

   

 

 

 

Net deferred tax liability

   $ (593 )    $ (267 )