Discontinued Operations (Tables)

9 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of financial results

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

	Three Months Ended June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
Revenue
Products	$	23,546	$	38,834	$	76,227	$	114,706
Services		10,994		12,283		33,291		33,448
Total revenue		34,540		51,117		109,518		148,154
Cost of revenue
Products		15,451		22,289		47,148		65,436
Services		6,288		6,231		19,016		16,866
Total cost of revenue		21,739		28,520		66,164		82,302
Gross profit		12,801		22,597		43,354		65,852
Operating expenses
Research and development		2,279		2,073		6,605		5,483
Selling, general and administrative		4,808		6,392		17,005		16,823
Restructuring charges		24		-		24		2
Total operating expenses		7,111		8,465		23,634		22,308
Operating income		5,690		14,132		19,720		43,544
Other income, net		418		292		985		819
Income before income taxes and earnings of equity method investment		6,108		14,424		20,705		44,363
Income tax provision (benefit)		1,610		(2,040)		4,850		12,111
Income before equity in earnings of equity method investment		4,498		16,464		15,855		32,252
Equity in earnings of equity method investment		1,835		1,329		4,876		4,931
Net income	$	6,333	$	17,793	$	20,731	$	37,183

Schedule of unconsolidated subsidiaries accounted for based on the equity method

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

	June 30,		September 30,
	2019		2018
Balance Sheets:
Current assets	$	76,534	$	69,302
Non-current assets		22,175		21,338
Current liabilities		27,928		26,006
Non-current liabilities		9,338		8,397

	Three Months Ended June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
Statements of Operations:
Total revenue	$	23,209	$	22,272	$	68,252	$	68,236
Gross profit		9,905		7,998		27,134		26,209
Operating Income		5,267		3,845		14,476		14,103
Net income		3,674		2,436		9,777		9,715

Schedule of non-cash items and capital expenditures

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

	Three Months Ended June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
Depreciation and amortization	$	4	$	196	$	4	$	588
Capital expenditures		87		55		494		127
Stock-based compensation		215		238		635		730
Earnings of equity method investment		(1,835)		(1,329)		(4,876)		(4,931)

Schedule of carrying value of the assets and liabilities

	June 30,		September 30,
	2019		2018
Assets
Accounts receivable, net	$	22,812	$	27,852
Inventories		38,513		37,953
Other current assets		340		343

Total current assets of discontinued operation	$	61,665	$	66,148
Property, plant and equipment, net	$	1,320	$	1,081
Goodwill		26,484		26,485
Intangibles, net		15		14
Equity method investment		37,735		31,472
Other assets		7		-
Total long-term assets of discontinued operation	$	65,561	$	59,052
Liabilities
Accounts payable	$	8,511	$	11,149
Deferred revenue		1,126		1,052
Accrued warranty and retrofit costs		2,555		2,464
Other current liabilities		549		3,872
Total current liabilities of discontinued operation	$	12,741	$	18,537
Long-term liabilities of discontinued operation	$	107	$	698