$DZSI
DZS INC.

2012 Form 10-K Financial Statement

#000119312513109545 Filed on March 15, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $115.4M $33.43M $30.20M
YoY Change -7.32% 7.78% -10.32%
Cost Of Revenue $79.10M $21.39M $19.93M
YoY Change -1.79% 14.14% -0.9%
Gross Profit $36.28M $12.04M $10.27M
YoY Change -17.46% -1.86% -24.34%
Gross Profit Margin 31.45% 36.02% 34.02%
Selling, General & Admin $26.46M $7.310M $7.711M
YoY Change -12.03% -9.42% -7.43%
% of Gross Profit 72.93% 60.7% 75.05%
Research & Development $18.54M $5.120M $5.294M
YoY Change -13.27% -5.71% 0.27%
% of Gross Profit 51.1% 42.52% 51.53%
Depreciation & Amortization $320.0K $470.0K $440.0K
YoY Change -82.32% 42.42% 15.79%
% of Gross Profit 0.88% 3.9% 4.28%
Operating Expenses $45.06M $12.43M $13.01M
YoY Change -19.09% -7.99% -4.45%
Operating Profit -$8.780M -$4.628M -$2.731M
YoY Change -25.19% 273.23% 9003.33%
Interest Expense $102.0K $33.00K
YoY Change 131.82% -114.35%
% of Operating Profit
Other Income/Expense, Net -$9.000K $80.00K $29.00K
YoY Change -108.11% -500.0% 45.0%
Pretax Income -$8.891M -$4.550M -$2.735M
YoY Change -23.79% 255.47% -259.94%
Income Tax $124.0K $90.00K $13.00K
% Of Pretax Income
Net Earnings -$9.015M -$4.642M -$2.748M
YoY Change -23.12% 265.51% -261.65%
Net Earnings / Revenue -7.81% -13.88% -9.1%
Basic Earnings Per Share -$0.29 -$0.15 -$0.09
Diluted Earnings Per Share -$0.29 -$0.15 -$0.09
COMMON SHARES
Basic Shares Outstanding 31.01M shares 30.77M shares 30.70M shares
Diluted Shares Outstanding 31.01M shares 30.77M shares 30.70M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.10M $18.20M $17.80M
YoY Change -39.01% -14.15% -17.21%
Cash & Equivalents $11.10M $18.19M $17.83M
Short-Term Investments
Other Short-Term Assets $2.600M $2.700M $2.600M
YoY Change -3.7% 8.0% 13.04%
Inventory $21.40M $27.39M $29.50M
Prepaid Expenses
Receivables $25.80M $31.60M $26.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $60.90M $79.85M $76.70M
YoY Change -23.78% -5.5% -10.61%
LONG-TERM ASSETS
Property, Plant & Equipment $600.0K $608.0K $5.200M
YoY Change 0.0% -88.53% 73.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $213.0K $200.0K
YoY Change -33.33% -46.75% -50.0%
Total Long-Term Assets $800.0K $879.0K $5.400M
YoY Change 0.0% -84.3% 58.82%
TOTAL ASSETS
Total Short-Term Assets $60.90M $79.85M $76.70M
Total Long-Term Assets $800.0K $879.0K $5.400M
Total Assets $61.70M $80.73M $82.10M
YoY Change -23.54% -10.4% -7.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.200M $11.80M $12.10M
YoY Change -38.98% -0.87% 13.08%
Accrued Expenses $7.600M $10.00M $11.70M
YoY Change -20.0% -24.24% -14.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $15.00M $10.00M
YoY Change 50.0% 0.0%
Long-Term Debt Due $10.00M
YoY Change -33.33%
Total Short-Term Liabilities $26.10M $36.83M $33.80M
YoY Change -29.08% 4.92% -1.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.700M $4.379M $4.400M
YoY Change -15.91% -21.8% -2.22%
Total Long-Term Liabilities $3.700M $4.379M $4.400M
YoY Change -15.91% -21.8% -2.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.10M $36.83M $33.80M
Total Long-Term Liabilities $3.700M $4.379M $4.400M
Total Liabilities $29.80M $41.21M $38.20M
YoY Change -27.67% 1.24% -1.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.032B
YoY Change
Common Stock $1.071B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.90M $39.53M $43.90M
YoY Change
Total Liabilities & Shareholders Equity $61.70M $80.73M $82.10M
YoY Change -23.54% -10.4% -7.96%

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income -$9.015M -$4.642M -$2.748M
YoY Change -23.12% 265.51% -261.65%
Depreciation, Depletion And Amortization $320.0K $470.0K $440.0K
YoY Change -82.32% 42.42% 15.79%
Cash From Operating Activities -$1.884M -$4.550M -$1.120M
YoY Change -72.18% -299.56% -240.0%
INVESTING ACTIVITIES
Capital Expenditures $359.0K -$150.0K -$450.0K
YoY Change -73.99% -94.27% 200.0%
Acquisitions
YoY Change
Other Investing Activities $60.00K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$301.0K -$150.0K -$450.0K
YoY Change -78.19% -94.27% -207.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.865M 5.060M 80.00K
YoY Change -193.41% 12550.0%
NET CHANGE
Cash From Operating Activities -$1.884M -4.550M -1.120M
Cash From Investing Activities -$301.0K -150.0K -450.0K
Cash From Financing Activities -$4.865M 5.060M 80.00K
Net Change In Cash -$7.050M 360.0K -1.490M
YoY Change 139.47% -220.0% -222.13%
FREE CASH FLOW
Cash From Operating Activities -$1.884M -$4.550M -$1.120M
Capital Expenditures $359.0K -$150.0K -$450.0K
Free Cash Flow -$2.243M -$4.400M -$670.0K
YoY Change -72.49% -189.8% -170.53%

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CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2011 us-gaap Increase Decrease In Accounts Payable
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CY2011 us-gaap Other Nonoperating Income Expense
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CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2011 us-gaap Comprehensive Income Net Of Tax
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CY2011 us-gaap Current Income Tax Expense Benefit
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CY2011 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2011 us-gaap Share Based Compensation
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2011 us-gaap Earnings Per Share Basic And Diluted
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CY2011 us-gaap Depreciation And Amortization
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CY2011 us-gaap Investment Income Interest
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3000
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CY2011 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2011 us-gaap Proceeds From Repayments Of Lines Of Credit
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5000000
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1380000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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300000
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CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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158000
CY2011 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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77000
CY2011 us-gaap Sales Revenue Net
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124502000
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P4Y5M12D
CY2011 us-gaap Increase Decrease In Accounts Receivable
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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518000
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21380000
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1086000
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CY2011 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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7065000
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CY2011 us-gaap Current State And Local Tax Expense Benefit
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15000
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2011 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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2300000
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CY2011 us-gaap Current Foreign Tax Expense Benefit
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CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2011 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2011 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-3532000
CY2011 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
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CY2011 us-gaap Income Tax Expense Benefit
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CY2011 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 zhne Provision For Doubtful Accounts Receivable And Sales Returns
ProvisionForDoubtfulAccountsReceivableAndSalesReturns
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108000
CY2011 zhne Allowance For Doubtful Accounts Receivable And Sales Returns Charged To Revenue
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CY2011 zhne Allowance For Doubtful Accounts Receivable And Sales Returns Charged To Expense
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100000
CY2011 zhne Allowance For Doubtful Accounts Receivable And Sales Returns Utilized
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsUtilized
2348000
CY2012 dei Trading Symbol
TradingSymbol
ZHNE
CY2012 dei Entity Registrant Name
EntityRegistrantName
ZHONE TECHNOLOGIES INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001101680
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
17000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-8780000
CY2012 us-gaap Operating Leases Income Statement Sublease Revenue
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400000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P3Y5M9D
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CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1214000
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9036000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
124000
CY2012 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
135000
CY2012 us-gaap Revenue Recognition Multiple Element Arrangements
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(e) Revenue Recognition</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company recognizes revenue when the earnings process is complete. The Company recognizes product revenue upon shipment of product under contractual terms which transfer title to customers upon shipment, under normal credit terms, net of estimated sales returns and allowances at the time of shipment. Revenue is deferred if there are significant post-delivery obligations or if the fees are not fixed or determinable. When significant post-delivery obligations exist, revenue is deferred until such obligations are fulfilled. The Company&#x2019;s arrangements generally do not have any significant post-delivery obligations. If the Company&#x2019;s arrangements include customer acceptance provisions, revenue is recognized upon obtaining the signed acceptance certificate from the customer, unless the Company can objectively demonstrate that the delivered products or services meet all the acceptance criteria specified in the arrangement prior to obtaining the signed acceptance.&#xA0;In those instances where revenue is recognized prior to obtaining the signed acceptance certificate, the Company uses successful completion of customer testing as the basis to objectively demonstrate that the delivered products or services meet all the acceptance criteria specified in the arrangement. The Company also considers historical acceptance experience with the customer, as well as the payment terms specified in the arrangement, when revenue is recognized prior to obtaining the signed acceptance certificate. When collectability is not reasonably assured, revenue is recognized when cash is collected.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company makes certain sales to product distributors. These customers are given certain privileges to return a portion of inventory. Return privileges generally allow distributors to return inventory based on a percent of purchases made within a specific period of time. The Company recognizes revenue on sales to distributors that have contractual return rights when the products have been sold by the distributors, unless there is sufficient customer specific sales and sales returns history to support revenue recognition upon shipment. In those instances when revenue is recognized upon shipment to distributors, the Company uses historical rates of return from the distributors to provide for estimated product returns.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company derives revenue primarily from stand-alone sales of its products. In certain cases, the Company&#x2019;s products are sold along with services, which include education, training, installation, and/or extended warranty services. As such, some of the Company&#x2019;s sales have multiple deliverables. The Company&#x2019;s products and services qualify as separate units of accounting and are deemed to be non-contingent deliverables as the Company&#x2019;s arrangements typically do not have any significant performance, cancellation, termination and refund type provisions. Products are typically considered delivered upon shipment. Revenue from services is recognized ratably over the period during which the services are to be performed.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">For multiple deliverable revenue arrangements, the Company allocates revenue to products and services using the relative selling price method to recognize revenue when the revenue recognition criteria for each deliverable are met. The selling price of a deliverable is based on a hierarchy and if the Company is unable to establish vendor-specific objective evidence of selling price (&#x201C;VSOE&#x201D;) it uses third-party evidence of selling price (&#x201C;TPE&#x201D;), and if no such data is available, it uses a best estimated selling price (&#x201C;BSP&#x201D;). In most instances, particularly as it relates to products, the Company is not able to establish VSOE for all deliverables in an arrangement with multiple elements. This may be due to infrequently selling each element separately, not pricing products within a narrow range, or only having a limited sales history. When VSOE cannot be established, the Company attempts to establish the selling price of each element based on TPE. Generally, the Company&#x2019;s marketing strategy differs from that of the Company&#x2019;s peers and the Company&#x2019;s offerings contain a significant level of customization and differentiation such that the comparable pricing of products with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitor products&#x2019; selling prices are on a stand-alone basis. Therefore, the Company is typically not able to determine TPE for the Company&#x2019;s products.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">When the Company is unable to establish selling price using VSOE or TPE, the Company uses BSP. The objective of BSP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The BSP of each deliverable is determined using average discounts from list price from historical sales transactions or cost plus margin approaches based on the factors, including but not limited to, the Company&#x2019;s gross margin objectives and pricing practices plus customer and market specific considerations.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company has established TPE for its training, education and installation services. TPE is determined based on competitor prices for similar deliverables when sold separately. These service arrangements are typically short term in nature and are largely completed shortly after delivery of the product. Training and education services are based on a daily rate per person and vary according to the type of class offered. Installation services are based on daily rate per person and vary according to the complexity of the products being installed.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Extended warranty services are priced based on the type of product and are sold in one to five year durations. Extended warranty services include the right to warranty coverage beyond the standard warranty period. In substantially all of the arrangements with multiple deliverables pertaining to arrangements with these services, the Company has used and intends to continue using VSOE to determine the selling price for the services. The Company determines VSOE based on its normal pricing practices for these specific services when sold separately.</font></p> </div>
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-3155000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.89
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.84
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-58000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
CY2012 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1083000
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
95000 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
On January 1 of each year, if the number of shares available for grant under the Amended and Restated 2001 Stock Incentive Plan is less than 5% of the total number of shares of common stock outstanding as of that date, the shares available for grant under the plan are automatically increased by the amount necessary to make the total number of shares available for grant equal to 5% of the total number of shares of common stock outstanding, or by a lesser amount as determined by the Board of Directors.
CY2012 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(k) Concentration of Risk</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents consist principally of demand deposit and money market accounts. Cash and cash equivalents are principally held with various domestic financial institutions with high credit standing.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s customers include competitive and incumbent local exchange carriers, competitive access providers, Internet service providers, wireless carriers and resellers serving these markets. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. Allowances are maintained for potential doubtful accounts. Axtel S.A.B. DE C.V. ("Axtel") accounted for 10%, 9%, and 5% of net revenue in 2012, 2011, and 2010, respectively. Emirates Telecommunications Corporation ("Etisalat") accounted for 8%, 15%, and 24% of net revenue in 2012, 2011, and 2010, respectively.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The target customers for the Company&#x2019;s products are network service providers that operate voice, data and video communications networks. There are a limited number of potential customers in this target market. The Company expects that a significant portion of the Company&#x2019;s future revenue will depend on sales of its products to a limited number of customers. Any failure of one or more customers to purchase products from the Company for any reason, including any downturn in their businesses, would seriously harm the Company&#x2019;s business, financial condition and results of operations.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Axtel accounted for 26% and 24% of net accounts receivable as of December&#xA0;31, 2012 and December&#xA0;31, 2011, respectively. Etisalat accounted for 20% and 29% of net accounts receivable as of December&#xA0;31, 2012 and December&#xA0;31, 2011, respectively. Etisalat receivables are denominated in United Arab Emirates Dirhams, a currency that tracks to the U.S. dollar.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">As of December&#xA0;31, 2012 and December&#xA0;31, 2011, receivables from customers in countries other than the United States represented 70% and 71%, respectively, of net accounts receivable.</font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">From time to time, the Company may provide or commit to extend credit or credit support to its customers. This financing may include extending the terms for product payments to customers. Depending upon market conditions, the Company may seek to factor these arrangements to financial institutions and investors to reduce the amount of its financial commitments associated with such arrangements. As of December&#xA0;31, 2012, the Company did not have any significant customer financing commitments or guarantees.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s products are concentrated in the communications equipment market, which is highly competitive and subject to rapid change. Significant technological changes in the industry could adversely affect operating results. The Company&#x2019;s inventories include components that may be specialized in nature, and subject to rapid technological obsolescence. The Company actively manages inventory levels, and the Company considers technological obsolescence and potential changes in product demand based on macroeconomic conditions when estimating required allowances to reduce recorded inventory amounts to market value. Such estimates could change in the future.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s growth and ability to meet customer demands are also dependent on its ability to obtain timely deliveries of components from suppliers and contract manufacturers. The Company depends on contract manufacturers and sole or limited source suppliers for several key components. If the Company were unable to obtain these components on a timely basis, the Company would be unable to meet its customers&#x2019; product delivery requirements which could adversely impact operating results. While the Company is not solely dependent on one contract manufacturer, it expects to continue to rely on contract manufacturers to fulfill a portion of its product manufacturing requirements.</font></p> </div>
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26000
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0.35 pure
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11100000
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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1314000
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P4Y
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102000
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LeaseAndRentalExpense
2500000
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IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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GainLossOnDispositionOfIntangibleAssets
1000000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
306000 shares
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IncomeTaxReconciliationOtherReconcilingItems
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IncomeTaxExpenseBenefit
124000
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(d) Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States of America 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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.</font></p> </div>
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DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2012 us-gaap Interest Expense
InterestExpense
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.95
CY2012 zhne Supplemental Noncash Transactions
SupplementalNoncashTransactions
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2594000
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40000
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2031
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EarningsPerShareDiluted
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EmployeeStockPurchasePlanMaximumPercentageOfCompensationToPurchaseSharesByEligibleParticipants
0.10 pure
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ContractualAndEstimatedSubleaseRevenue
835000
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2190000
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-404000
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1740000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
900000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedVestingShares
900000 shares
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2502000
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EarningsPerShareDiluted
-0.08
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30591000 shares
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29572000
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EarningsPerShareBasic
-0.08
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30591000 shares
CY2011Q1 us-gaap Gross Profit
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10579000
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NetIncomeLoss
-2440000
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OperatingIncomeLoss
-1875000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30644000 shares
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31294000
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EarningsPerShareBasic
-0.06
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30644000 shares
CY2011Q2 us-gaap Gross Profit
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11066000
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NetIncomeLoss
-1896000
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700000
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OperatingIncomeLoss
-3354000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30857000 shares
CY2012Q1 us-gaap Sales Revenue Net
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27062000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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30857000 shares
CY2012Q1 us-gaap Gross Profit
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8380000
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NetIncomeLoss
-3414000
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300000
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OperatingIncomeLoss
-2092000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30985000 shares
CY2012Q2 us-gaap Sales Revenue Net
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30835000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30985000 shares
CY2012Q2 us-gaap Gross Profit
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9272000
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CY2010Q3 us-gaap Gains Losses On Extinguishment Of Debt
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800000
CY2010Q3 us-gaap Sale Leaseback Transaction Annual Rental Payments
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600000
CY2010Q3 us-gaap Sale Leaseback Transaction Other Payments Required
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400000
CY2010Q3 us-gaap Sale Leaseback Transaction Net Proceeds
SaleLeasebackTransactionNetProceeds
600000
CY2010Q3 us-gaap Sale Leaseback Transaction Description
SaleLeasebackTransactionDescription
In the third quarter of 2010, the Company sold its Oakland, California campus, consisting of land and three buildings, to LBA Realty, LLC
CY2010Q3 us-gaap Sale Leaseback Transaction Gross Proceeds
SaleLeasebackTransactionGrossProceeds
18800000
CY2010Q3 us-gaap Extinguishment Of Debt Amount
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18400000
CY2010Q3 us-gaap Repayments Of Secured Debt
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17600000
CY2010Q3 zhne Sale Leaseback Transaction Lease Period
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P5Y
CY2010Q3 zhne Percentage Of Rent Escalation
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0.02 pure
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200000
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OperatingIncomeLoss
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EarningsPerShareDiluted
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700000
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WeightedAverageNumberOfDilutedSharesOutstanding
30701000 shares
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SalesRevenueNet
30204000
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EarningsPerShareBasic
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WeightedAverageNumberOfSharesOutstandingBasic
30701000 shares
CY2011Q3 us-gaap Gross Profit
GrossProfit
10274000
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NetIncomeLoss
-2748000
CY2011Q3 zhne Share Based Compensation Arrangement By Share Based Payment Award Accelerated Vesting Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedVestingShares
600000 shares
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4139000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
700000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31086000 shares
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
29198000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31086000 shares
CY2012Q3 us-gaap Gross Profit
GrossProfit
8232000
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NetIncomeLoss
-4198000
CY2012Q3 zhne Share Based Compensation Arrangement By Share Based Payment Award Accelerated Vesting Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedVestingShares
600000 shares
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-4628000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30766000 shares
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
33432000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2011Q4 us-gaap Impairment Of Long Lived Assets Held For Use
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4236000
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30766000 shares
CY2011Q4 us-gaap Gross Profit
GrossProfit
12042000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-4642000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
805000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31114000 shares
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
28290000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31114000 shares
CY2012Q4 us-gaap Gross Profit
GrossProfit
10400000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
699000

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