$IRIX
IRIDEX CORP

2014 Q1 Form 10-Q Financial Statement

#000156459014001781 Filed on May 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $10.33M $10.60M $8.939M
YoY Change 15.55% 14.84% 7.57%
Cost Of Revenue $5.274M $5.450M $4.708M
YoY Change 12.02% 11.45% 8.98%
Gross Profit $5.055M $5.150M $4.231M
YoY Change 19.48% 18.66% 6.04%
Gross Profit Margin 48.94% 48.58% 47.33%
Selling, General & Admin $3.264M $3.710M $2.811M
YoY Change 16.12% -0.8% -4.39%
% of Gross Profit 64.57% 72.04% 66.44%
Research & Development $1.194M $880.0K $996.0K
YoY Change 19.88% -19.27% -15.59%
% of Gross Profit 23.62% 17.09% 23.54%
Depreciation & Amortization $108.0K $130.0K $126.0K
YoY Change -14.29% 8.33% 14.55%
% of Gross Profit 2.14% 2.52% 2.98%
Operating Expenses $4.458M $4.590M $3.334M
YoY Change 33.71% -4.97% -19.08%
Operating Profit $597.0K $560.0K $897.0K
YoY Change -33.44% -214.29% -790.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$97.00K -$170.0K -$18.00K
YoY Change 438.89% 750.0% -40.0%
Pretax Income $500.0K $390.0K $879.0K
YoY Change -43.12% 34.48% -438.08%
Income Tax $13.00K -$30.00K $5.000K
% Of Pretax Income 2.6% -7.69% 0.57%
Net Earnings $487.0K $410.0K $874.0K
YoY Change -44.28% 70.83% -45.71%
Net Earnings / Revenue 4.71% 3.87% 9.78%
Basic Earnings Per Share $0.05 $0.10
Diluted Earnings Per Share $0.05 $41.46K $0.09
COMMON SHARES
Basic Shares Outstanding 9.963M 9.805M 8.511M
Diluted Shares Outstanding 10.53M 9.802M

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.97M $13.44M $11.58M
YoY Change 20.64% 12.94% -16.45%
Cash & Equivalents $13.97M $13.44M $11.58M
Short-Term Investments
Other Short-Term Assets $730.0K $580.0K $1.630M
YoY Change -55.21% -64.63% -36.58%
Inventory $9.860M $10.61M $8.150M
Prepaid Expenses
Receivables $6.730M $7.345M $6.030M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.29M $31.97M $27.39M
YoY Change 14.24% 18.17% -4.26%
LONG-TERM ASSETS
Property, Plant & Equipment $575.0K $543.0K $440.0K
YoY Change 30.68% 12.42% 15.79%
Goodwill $533.0K $533.0K
YoY Change 0.0%
Intangibles $328.0K
YoY Change -40.79%
Long-Term Investments
YoY Change
Other Assets $288.0K $303.0K $300.0K
YoY Change -4.0% 5.57% -57.14%
Total Long-Term Assets $1.692M $1.707M $1.760M
YoY Change -3.86% -8.08% -23.81%
TOTAL ASSETS
Total Short-Term Assets $31.29M $31.97M $27.39M
Total Long-Term Assets $1.692M $1.707M $1.760M
Total Assets $32.98M $33.68M $29.15M
YoY Change 13.14% 16.48% -5.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.770M $2.278M $1.280M
YoY Change 38.28% 8.22% -16.88%
Accrued Expenses $1.335M $1.592M $3.260M
YoY Change -59.05% 28.18% 0.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.071M $7.362M $5.480M
YoY Change 10.78% 15.63% -7.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $342.0K $461.0K $540.0K
YoY Change -36.67% -27.97% -25.0%
Total Long-Term Liabilities $342.0K $461.0K $540.0K
YoY Change -36.67% -27.97% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.071M $7.362M $5.480M
Total Long-Term Liabilities $342.0K $461.0K $540.0K
Total Liabilities $6.413M $7.823M $6.030M
YoY Change 6.35% 11.65% -9.46%
SHAREHOLDERS EQUITY
Retained Earnings -$14.43M -$14.92M
YoY Change -13.01%
Common Stock $105.0K $40.78M
YoY Change 43277.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.57M $25.85M $23.13M
YoY Change
Total Liabilities & Shareholders Equity $32.98M $33.68M $29.15M
YoY Change 13.14% 16.48% -5.72%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $487.0K $410.0K $874.0K
YoY Change -44.28% 70.83% -45.71%
Depreciation, Depletion And Amortization $108.0K $130.0K $126.0K
YoY Change -14.29% 8.33% 14.55%
Cash From Operating Activities $645.0K -$590.0K -$406.0K
YoY Change -258.87% -205.36% -72.75%
INVESTING ACTIVITIES
Capital Expenditures $108.0K -$140.0K $18.00K
YoY Change 500.0% 75.0% -115.0%
Acquisitions
YoY Change
Other Investing Activities -$90.00K -$90.00K -$80.00K
YoY Change 12.5% 0.0% -101.73%
Cash From Investing Activities -$202.0K -$240.0K -$101.0K
YoY Change 100.0% 41.18% -102.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $247.0K $46.00K
YoY Change 436.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.00K 190.0K 187.0K
YoY Change -56.15% -108.44% 274.0%
NET CHANGE
Cash From Operating Activities 645.0K -590.0K -406.0K
Cash From Investing Activities -202.0K -240.0K -101.0K
Cash From Financing Activities 82.00K 190.0K 187.0K
Net Change In Cash 525.0K -640.0K -320.0K
YoY Change -264.06% -65.59% -110.42%
FREE CASH FLOW
Cash From Operating Activities $645.0K -$590.0K -$406.0K
Capital Expenditures $108.0K -$140.0K $18.00K
Free Cash Flow $537.0K -$450.0K -$424.0K
YoY Change -226.65% -170.31% -69.05%

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CY2014Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates. </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of consolidated financial statements in conformity with US&#160;GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on our operating results. </font></p></div>
CY2014Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Deferred Revenue. </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Revenue related to extended service contracts is deferred and recognized on a straight line basis over the period of the applicable service contract. Costs associated with these service arrangements are recognized as incurred. </font></p><p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">A reconciliation of the changes in the Company&#8217;s deferred revenue balance for the three months ended March&#160;29, 2014 and March&#160;30, 2013 is as follows: </font></p><p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p><div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:76%;"> <tr> <td valign="bottom" style="width:65.88%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td colspan="6" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:31.12%; border-bottom:solid 1pt #000000;"><p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Three&#160;Months&#160;Ended</font></p></td> <td valign="bottom" style="width:1.6%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> </tr> <tr> <td valign="bottom" style="width:65.88%;"><p style="margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(in thousands)</font></p></td> <td valign="bottom" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:14.06%; border-bottom:solid 1pt #000000;"><p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March&#160;29,</font><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></font><font style="font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</font></p></td> <td valign="bottom" style="width:1.6%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:14.08%; border-bottom:solid 1pt #000000;"><p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March&#160;30,<br />2013</font></p></td> <td valign="bottom" style="width:1.6%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;;"><font style="font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:65.88%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-bottom:0pt;margin-bottom:0pt;margin-left:12pt;;text-indent:-12pt;;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance, beginning of period&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.4%;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:12.66%;white-space:nowrap;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,133</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.6%;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.4%;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:12.68%;white-space:nowrap;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,004</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.6%;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> </tr> <tr> <td valign="bottom" style="width:65.88%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-bottom:0pt;margin-bottom:0pt;margin-left:12pt;;text-indent:-12pt;;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additions to deferral&#160;</font></p></td> <td valign="bottom" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" style="width:1.4%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" style="width:12.66%;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;337</font></p></td> <td valign="bottom" style="width:1.6%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" style="width:1.38%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" style="width:1.4%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" style="width:12.68%;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">269</font></p></td> <td valign="bottom" style="width:1.6%;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:65.88%; border-bottom:solid 0.75pt transparent;"><p style="margin-bottom:0pt;margin-top:0pt;margin-bottom:0pt;margin-bottom:0pt;margin-left:12pt;;text-indent:-12pt;;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue recognized&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.38%; border-bottom:solid 0.75pt transparent;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.4%; border-bottom:solid 0.75pt #000000;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:12.66%; border-bottom:solid 0.75pt #000000;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(386</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.6%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.38%; border-bottom:solid 0.75pt transparent;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.4%; border-bottom:solid 0.75pt #000000;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:12.68%; border-bottom:solid 0.75pt #000000;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(330</font></p></td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.6%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)&#160;</font></p></td> </tr> <tr> <td valign="bottom" style="width:65.88%; border-bottom:double 2.5pt transparent;"><p style="margin-bottom:0pt;margin-top:0pt;margin-bottom:0pt;margin-bottom:0pt;margin-left:12pt;;text-indent:-12pt;;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance, end of period&#160;</font></p></td> <td valign="bottom" style="width:1.38%; border-bottom:double 2.5pt transparent;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" style="width:1.4%; border-bottom:double 2.5pt #000000;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</font></p></td> <td valign="bottom" style="width:12.66%; border-bottom:double 2.5pt #000000;white-space:nowrap;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,084</font></p></td> <td valign="bottom" style="width:1.6%; border-bottom:double 2.5pt transparent;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" style="width:1.38%; border-bottom:double 2.5pt transparent;"><p style="margin-bottom:0pt;margin-top:0pt;margin-top:0pt;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> <td valign="bottom" style="width:1.4%; border-bottom:double 2.5pt #000000;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</font></p></td> <td valign="bottom" style="width:12.68%; border-bottom:double 2.5pt #000000;white-space:nowrap;"><p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">943</font></p></td> <td valign="bottom" style="width:1.6%; border-bottom:double 2.5pt transparent;white-space:nowrap;"><p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</font></p></td> </tr> </table></div><p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></div>
CY2012Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1004000
CY2014Q1 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
386000
CY2013Q1 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
330000
CY2014Q1 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-51000
CY2013Q1 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-74000
CY2014Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
5004000
CY2013Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
5922000
CY2014Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1036000
CY2013Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
976000
CY2014Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3818000
CY2013Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3707000
CY2014Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
960000
CY2012Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
652000
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
94000
CY2013Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
83000
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
629000
CY2014Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
664000
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
960000
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
632000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
12000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
30000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
52000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
86000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
16000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
100000
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1102842
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
98000
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
84303
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2208
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1114331
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.97
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.66
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.90
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.26
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.39
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4697000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.09
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.05
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0149
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0059
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.57
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.86
CY2014Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
17000
CY2013Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
17000
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y9M11D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.29
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y7M10D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4478000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
659237
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.71
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3218000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
462000
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1800000
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y11M5D
CY2014Q1 irix Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedGrantDateFairValue
234000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.67
CY2012Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
4000000
CY2013Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
3000000
CY2014Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
39813
CY2014Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.69
CY2014Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
2200000
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
10000000
CY2013Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1000000
CY2013Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
1000000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
371000
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
261000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
192000
CY2013Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
30000
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2013Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2014Q1 irix Individual Country Accounted
IndividualCountryAccounted
1
CY2013Q1 irix Individual Country Accounted
IndividualCountryAccounted
1
CY2014Q1 irix Number Of Customers Accounted For More Than Ten Percent Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue
0
CY2013Q1 irix Number Of Customers Accounted For More Than Ten Percent Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue
0
CY2014Q1 irix Number Of Customers Accounted For More Than Ten Percent Of Accounts Receivable
NumberOfCustomersAccountedForMoreThanTenPercentOfAccountsReceivable
1
CY2013Q1 irix Number Of Customers Accounted For More Than Ten Percent Of Accounts Receivable
NumberOfCustomersAccountedForMoreThanTenPercentOfAccountsReceivable
0

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