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Segment Information | 6 Months Ended
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Jun. 30, 2013
Segment Information |
Segment Information | Note 4—Segment Information We manage the business, review operating results and assess performance, as well as allocate resources, based upon four reporting units that are aggregated into two segments: the VIBE and Mechanical reporting units which are reported in our Data Storage segment; and the MOCVD and molecular beam epitaxy (“MBE”) reporting units which are reported in our Light Emitting Diode (“LED”) and Solar segment. In identifying the reporting units, management considered the economic characteristics of operating segments including the products and services provided, production processes, types or classes of customer and product distribution. Our LED & Solar segment consists of MOCVD systems, MBE systems and thermal deposition sources. These systems are primarily sold to customers in the LED, wireless devices and solar industries, as well as to scientific research customers. This segment has manufacturing, product development and marketing sites in Somerset, New Jersey; Poughkeepsie, New York; and St. Paul, Minnesota. Our Data Storage segment consists of the ion beam etch, ion beam deposition, diamond-like carbon, physical vapor deposition and dicing and slicing products sold primarily to customers in the data storage industry. This segment has manufacturing, product development and marketing sites in Plainview, New York; Camarillo, California; and Ft. Collins, Colorado. We evaluate the performance of our reportable segments based on income (loss) from continuing operations before interest, income taxes, amortization and certain items (in the aggregate “segment profit (loss)”), which is the primary indicator used to plan and forecast future periods. The presentation of this financial measure facilitates meaningful comparison with prior periods, as management believes segment profit (loss) reports baseline performance and thus provides useful information. Certain items include restructuring charges and equity-based compensation expense. The accounting policies of the reportable segments are the same as those described in the summary of critical accounting policies. The following tables present certain data pertaining to our reportable segments and a reconciliation of segment profit (loss) to income (loss) from continuing operations before income taxes for the three and six months ended June 30, 2013 and 2012, respectively, and goodwill and total assets as of June 30, 2013 and December 31, 2012 (in thousands):
|  | LED & Solar |  | Data Storage |  | Unallocated Corporate |  | Total |
Three months ended June 30, 2013 |  |  |  |  |  |  |  |  |
Net sales |  | $ | 75,933 |  | $ | 21,502 |  | $ | — |  | $ | 97,435 |
Segment profit (loss) |  | $ | 3,124 |  | $ | (121 | ) | $ | (5,247 | ) | $ | (2,244 | )
Interest income, net |  | — |  | — |  | 236 |  | 236 |
Amortization |  | (532 | ) | (323 | ) | — |  | (855 | )
Equity-based compensation |  | (1,316 | ) | (488 | ) | (1,909 | ) | (3,713 | )
Income (loss) from continuing operations before income taxes |  | $ | 1,276 |  | $ | (932 | ) | $ | (6,920 | ) | $ | (6,576 | )
Three months ended June 30, 2012 |  |  |  |  |  |  |  |  |
Net sales |  | $ | 86,778 |  | $ | 49,769 |  | $ | — |  | $ | 136,547 |
Segment profit (loss) |  | $ | 9,587 |  | $ | 12,136 |  | $ | (1,404 | ) | $ | 20,319 |
Interest income, net |  | — |  | — |  | 329 |  | 329 |
Amortization |  | (861 | ) | (324 | ) | — |  | (1,185 | )
Equity-based compensation |  | (1,096 | ) | (440 | ) | (2,478 | ) | (4,014 | )
Income (loss) from continuing operations before income taxes |  | $ | 7,630 |  | $ | 11,372 |  | $ | (3,553 | ) | $ | 15,449 |
Six months ended June 30, 2013 |  |  |  |  |  |  |  |  |
Net sales |  | $ | 118,240 |  | $ | 40,976 |  | $ | — |  | $ | 159,216 |
Segment (loss) profit |  | $ | (8,098 | ) | $ | 254 |  | $ | (10,058 | ) | $ | (17,902 | )
Interest income, net |  | — |  | — |  | 428 |  | 428 |
Amortization |  | (1,064 | ) | (647 | ) | — |  | (1,711 | )
Equity-based compensation |  | (2,026 | ) | (618 | ) | (3,648 | ) | (6,292 | )
Restructuring |  | (423 | ) | (50 | ) | (58 | ) | (531 | )
Loss from continuing operations before income taxes |  | $ | (11,611 | ) | $ | (1,061 | ) | $ | (13,336 | ) | $ | (26,008 | )
Six months ended June 30, 2012 |  |  |  |  |  |  |  |  |
Net sales |  | $ | 182,352 |  | $ | 94,104 |  | $ | — |  | $ | 276,456 |
Segment profit (loss) |  | $ | 27,073 |  | $ | 21,089 |  | $ | (2,489 | ) | $ | 45,673 |
Interest income, net |  | — |  | — |  | 532 |  | 532 |
Amortization |  | (1,724 | ) | (676 | ) | — |  | (2,400 | )
Equity-based compensation |  | (2,102 | ) | (851 | ) | (4,191 | ) | (7,144 | )
Restructuring |  | (58 | ) | (5 | ) | — |  | (63 | )
Income (loss) from continuing operations before income taxes |  | $ | 23,189 |  | $ | 19,557 |  | $ | (6,148 | ) | $ | 36,598 |
As of June 30, 2013 |  | LED & Solar |  | Data Storage |  | Unallocated Corporate |  | Total |
Goodwill |  | $ | 55,828 |  | $ | — |  | $ | — |  | $ | 55,828 |
Total assets |  | $ | 257,030 |  | $ | 39,275 |  | $ | 641,763 |  | $ | 938,068 |
As of December 31, 2012 |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 55,828 |  | $ | — |  | $ | — |  | $ | 55,828 |
Total assets |  | $ | 276,352 |  | $ | 38,664 |  | $ | 622,288 |  | $ | 937,304 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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