XML 51 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Basis of Presentation (Tables)
 9 Months Ended
Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Deferred Revenue, by Arrangement, Disclosure
The components of deferred profit are as follows:
 
 
June 30,
2015
 
September 30,
2014
 
(dollars in thousands)
Deferred revenues
$
7,536

 
$
8,118

Deferred costs
2,416

 
1,210

Deferred profit
$
5,120

 
$
6,908
Schedule of Inventory, Current
The components of inventories are as follows:
 
 
June 30,
2015
 
September 30,
2014
 
(dollars in thousands)
Purchased parts and raw materials
$
13,129

 
$
8,797

Work-in-process
6,248

 
4,809

Finished goods
10,059

 
3,154

 
$
29,436

 
$
16,760
Property, Plant and Equipment
The following is a summary of property, plant and equipment:
 
 
June 30,
2015
 
September 30,
2014
 
(dollars in thousands)
Land, building and leasehold improvements
$
18,137

 
$
10,414

Equipment and machinery
11,704

 
8,189

Furniture and fixtures
5,418

 
5,453

 
35,259

 
24,056

Accumulated depreciation
(15,217
)
 
(14,304
)
 
$
20,042

 
$
9,752
Schedule of Goodwill
The following is a summary of activity in goodwill:
 
 
Solar
 
Semiconductor
 
Polishing
 
Total
 
(dollars in thousands)
   Goodwill
$
12,315

 
$
—

 
$
728

 
$
13,043

   Accumulated impairment losses
(4,720
)
 
—

 
—

 
(4,720
)
Carrying value at September 30, 2014
7,595

 
—

 
728

 
8,323

Goodwill recognized due to acquisitions
2,324

 
4,697

 
—

 
7,021

Net exchange differences
(301
)
 
—

 
—

 
(301
)
Carrying value at June 30, 2015
$
9,618

 
$
4,697

 
$
728

 
$
15,043

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Goodwill
$
14,155

 
$
4,697

 
$
728

 
$
19,580

   Accumulated impairment losses
(4,537
)
 
—

 
—

 
(4,537
)
Carrying value at June 30, 2015
$
9,618

 
$
4,697

 
$
728

 
$
15,043
Schedule of Finite-Lived Intangible Assets
The following is a summary of intangibles:
 
 
Useful Life
 
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
 
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
 
 
 
June 30, 2015
 
September 30, 2014
 
 
 
(dollars in thousands)
Non-compete agreements
4-8 years
 
$
1,035

$
(1,035
)
$
—

 
$
1,055

$
(955
)
$
100

Customer lists
10 years
 
714

(595
)
119

 
817

(592
)
225

Technology
5-10 years
 
2,116

(1,805
)
311

 
2,319

(1,682
)
637

In-process research and development
5 years
 
1,600

(267
)
1,333

 
1,600

(27
)
1,573

Trade names
15 years
 
1,330

(37
)
1,293

 
—

—

—

Other
2-12 years
 
2,484

(353
)
2,131

 
321

(178
)
143

 
 
 
$
9,279

$
(4,092
)
$
5,187

 
$
6,112

$
(3,434
)
$
2,678
Schedule of Product Warranty Liability
The following is a summary of activity in accrued warranty expense:
 
 
Nine Months Ended June 30,
 
2015
 
2014
 
(dollars in thousands)
Beginning balance
$
628

 
$
1,454

Warranty expenditures
(530
)
 
(663
)
Warranty provisions/(adjustment)
925

 
(25
)
Ending balance
$
1,023

 
$
766
Effects of share-based compensation expense
Stock-based compensation expense reduced the Company’s results of operations by the following amounts:
 
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
 
(dollars in thousands)
Effect on income before income taxes (1)
$
(296
)
 
$
(230
)
 
$
(864
)
 
$
(603
)
Effect on income taxes
40

 
36

 
134

 
196

Effect on net income
$
(256
)
 
$
(194
)
 
$
(730
)
 
$
(407
)
 
(1)
Stock-based compensation expense is included in selling, general and administrative expenses.
Schedule of Share-based Compensation, Stock Options, Activity
Stock option transactions and the options outstanding are summarized as follows:
 
 
Nine Months Ended June 30,
 
2015
 
2014
 
Options
 
Weighted
Average
Exercise
Price
 
Options
 
Weighted
Average
Exercise
Price
Outstanding at beginning of period
1,063,324

 
$
7.37

 
1,059,417

 
$
6.71

Granted
327,500

 
9.74

 
272,906

 
7.01

Assumed - merger
367,229

 
14.19

 


 


Exercised
(94,454
)
 
5.51

 
(263,358
)
 
4.31

Forfeited
(26,571
)
 
29.48

 
(4,546
)
 
8.71

Outstanding at end of period
1,637,028

 
$
9.12

 
1,064,419

 
$
7.37

 
 
 
 
 
 
 
 
Exercisable at end of period
1,005,690

 
$
9.75

 
663,220

 
$
8.14

Weighted average fair value of options
granted during the period
$
5.91

 
 
 
$
4.38

 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of options was estimated at the grant date using the Black-Scholes option pricing model with the following assumptions:
 
 
Nine Months Ended June 30,
 
2015
 
2014
Risk free interest rate
2%
 
2%
Expected life
6 years
 
6 years
Dividend rate
0%
 
0%
Volatility
67%
 
69%
Schedule of Share-based Compensation, Restricted Stock Activity
Restricted stock transactions and awards outstanding are summarized as follows:
 
 
Nine Months Ended June 30,
 
2015
 
2014
 
Awards
 
Weighted
Average
Grant Date
Fair Value
 
Awards
 
Weighted
Average
Grant Date
Fair Value
Beginning Outstanding
35,203

 
$
10.13

 
69,154

 
$
10.13

Released
(21,663
)
 
11.47

 
(30,828
)
 
10.08

Ending Outstanding
13,540

 
$
7.98

 
38,326

 
$
10.17
Research and Development Expense
The table below shows gross research and development expenses and grants earned:
 
 
Three Months Ended
 
Nine Months Ended
 
June 30,
2015
 
June 30,
2014
 
June 30,
2015
 
June 30,
2014
 
(dollars in thousands)
 
(dollars in thousands)
Research, development and engineering
$
3,650

 
$
3,054

 
$
9,763

 
$
8,442

Grants earned
(2,342
)
 
(1,655
)
 
(5,869
)
 
(3,999
)
Net research, development and engineering
$
1,308

 
$
1,399

 
$
3,894

 
$
4,443