Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities and Deferred Revenue (Tables)

v2.4.0.8
Accrued Liabilities and Deferred Revenue (Tables)
6 Months Ended
Jun. 30, 2014
Components of Accrued Liabilities

Accrued liabilities are comprised of the following (in thousands):

 

 

June 30,

 

 

December 31,

 

 

2014

 

 

2013

 

Payroll and benefits

$

1,744

 

 

$

1,898

 

Warranty accrual, current portion

 

1,008

 

 

 

1,096

 

Sales and excise tax

 

216

 

 

 

527

 

Accrued professional services

 

2,600

 

 

 

912

 

Accrued insurance premium

 

107

 

 

 

428

 

Other

 

232

 

 

 

136

 

Total accrued liabilities

$

5,907

 

 

$

4,997

 

 

Changes in Initial Product Warranty Accrual and Expenses Under Initial and Extended Warranties

Changes in the initial product warranty accrual, and the expenses incurred under the Company’s initial and extended warranties, for the three and six months ended June 30, 2014 and 2013 were as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Initial warranty accrual, beginning balance

$

1,025

 

 

$

1,755

 

 

$

1,096

 

 

$

1,699

 

Provision for estimated warranty cost

 

461

 

 

 

23

 

 

 

609

 

 

 

360

 

Warranty expenditures

 

(231

)

 

 

(260

)

 

 

(450

)

 

 

(541

)

 

 

1,255

 

 

 

1,518

 

 

 

1,255

 

 

 

1,518

 

Less warranty accrual, long-term

 

247

 

 

 

 

 

 

247

 

 

 

 

Total warranty accrual, current portion

$

1,008

 

 

$

1,518

 

 

$

1,008

 

 

$

1,518

 

 

In June 2014, the Company extended the warranty for WaterLase systems from one year to two years for systems purchased after January 1, 2014.

 

Summary of Deferred Revenue

Deferred revenue is comprised of the following (in thousands):

 

 

June 30,

 

 

December 31,

 

 

2014

 

 

2013

 

Undelivered elements (training, installation and

   product and support services)

$

1,641

 

 

$

1,823

 

Extended warranty contracts

 

1,593

 

 

 

1,642

 

Total deferred revenue

 

3,234

 

 

 

3,465

 

Less long-term amounts:

 

 

 

 

 

 

 

Extended warranty contracts

 

-

 

 

 

1

 

Total deferred revenue, long-term

 

-

 

 

 

1

 

Total deferred revenue, current portion

$

3,234

 

 

$

3,464