Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 27, 2014 | Oct. 27, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PERICOM SEMICONDUCTOR CORP | ' |
Entity Central Index Key | '0001001426 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--06-28 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 21,843,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $27,587 | $33,020 |
Short-term investments in marketable securities | 96,248 | 86,104 |
Accounts receivable | ' | ' |
Trade (net of reserves and allowances of $2,303 and $2,461) | 24,863 | 24,036 |
Other receivables | 2,882 | 2,878 |
Inventories | 11,918 | 12,288 |
Prepaid expenses and other current assets | 1,053 | 2,458 |
Deferred income taxes | 795 | 726 |
Total current assets | 165,346 | 161,510 |
Property, plant and equipment - net | 58,083 | 58,537 |
Investments in unconsolidated affiliates | 2,495 | 2,445 |
Deferred income taxes - non-current | 2,576 | 2,460 |
Intangible assets (net of accumulated amortization of $13,579 and $12,849) | 6,285 | 7,009 |
Other assets | 8,062 | 8,118 |
Total assets | 242,847 | 240,079 |
Current liabilities: | ' | ' |
Accounts payable | 9,697 | 8,927 |
Accrued liabilities | 10,120 | 9,934 |
Total current liabilities | 19,817 | 18,861 |
Industrial development subsidy | 6,133 | 6,354 |
Deferred income taxes | 5,577 | 5,460 |
Noncurrent tax liabilities | 1,041 | 1,041 |
Other long-term liabilities | 888 | 871 |
Total liabilities | 33,456 | 32,587 |
Commitments and contingencies (Note 6) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock and paid in capital - no par value, 60,000,000 shares authorized; shares issued and outstanding: September 27, 2014, 21,968,000; June 28, 2014, 21,974,000 | 113,039 | 113,118 |
Retained earnings | 85,699 | 83,204 |
Accumulated other comprehensive income, net of tax | 10,653 | 11,170 |
Total shareholders' equity | 209,391 | 207,492 |
Total liabilities and shareholders' equity | $242,847 | $240,079 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Balance Sheets [Abstract] | ' | ' |
Allowances for accounts receivable | $2,303 | $2,461 |
Accumulated amortization on intangible assets | $13,579 | $12,849 |
Common stock and paid in capital, no par value (in dollars per share) | ' | ' |
Common stock and paid in capital, shares authorized | 60,000,000 | 60,000,000 |
Common stock and paid in capital, shares issued | 21,968,000 | 21,974,000 |
Common stock and paid in capital, shares outstanding | 21,968,000 | 21,974,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Statements Of Operations [Abstract] | ' | ' |
Net revenues | $33,259 | $32,608 |
Cost of revenues | 19,179 | 19,800 |
Gross profit | 14,080 | 12,808 |
Operating expenses: | ' | ' |
Research and development | 4,588 | 5,045 |
Selling, general and administrative | 7,300 | 7,687 |
Total operating expenses | 11,888 | 12,732 |
Income from operations | 2,192 | 76 |
Interest and other income, net | 1,274 | 486 |
Income before income taxes | 3,466 | 562 |
Income tax expense | 1,010 | 231 |
Net income from consolidated companies | 2,456 | 331 |
Equity in net income of unconsolidated affiliate | 39 | 43 |
Net income | $2,495 | $374 |
Basic income per share | $0.11 | $0.02 |
Diluted income per share | $0.11 | $0.02 |
Shares used in computing basic income per share | 21,936 | 22,794 |
Shares used in computing diluted income per share | 22,262 | 22,951 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Statements Of Comprehensive Income [Abstract] | ' | ' |
Net income | $2,495 | $374 |
Other comprehensive income: | ' | ' |
Change in unrealized gain or loss on securities available for sale, net | -174 | 307 |
Foreign currency translation adjustment | -458 | 945 |
Tax benefit (provision) related to other comprehensive income | 115 | -128 |
Other comprehensive income, net of tax | -517 | 1,124 |
Comprehensive income | $1,978 | $1,498 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $2,495 | $374 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,260 | 2,695 |
Share-based compensation | 709 | 729 |
Tax benefit resulting from share-based transactions | 293 | 109 |
Excess tax benefit resulting from share-based transactions | -29 | ' |
Loss on disposal of equipment | 301 | 42 |
(Gain) loss on sale of investments | 6 | -44 |
Equity in net income of unconsolidated affiliate | -39 | -43 |
Deferred taxes | 50 | -103 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -1,033 | -2,276 |
Inventories | 370 | 341 |
Prepaid expenses and other current assets | 1,400 | -212 |
Other assets | 11 | 144 |
Accounts payable | 371 | -2,227 |
Accrued liabilities | -41 | 501 |
Other long-term liabilities | ' | 17 |
Net cash provided by operating activities | 7,124 | 47 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property, plant and equipment | -1,136 | -1,243 |
Purchase of available-for-sale investments | -25,719 | -20,624 |
Maturities and sales of available-for-sale investments | 15,292 | 16,538 |
Net cash used in investing activities | -11,563 | -5,329 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from common stock issuance under stock plans | 1,498 | ' |
Proceeds from short-term debt | ' | 514 |
Payments on short-term debt | ' | -514 |
Excess tax benefit resulting from stock option transactions | 29 | ' |
Repurchase of common stock | -2,302 | -765 |
Net cash used in financing activities | -775 | -765 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -219 | 166 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -5,433 | -5,881 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of period | 33,020 | 30,844 |
End of period | $27,587 | $24,963 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation [Abstract] | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
The condensed consolidated financial statements have been prepared by Pericom Semiconductor Corporation (“Pericom” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments and accruals, necessary for a fair presentation of the Company’s financial position as of September 27, 2014, the results of operations for the three months ended September 27, 2014 and September 28, 2013 and cash flows for the three months ended September 27, 2014 and September 28, 2013. This unaudited quarterly information should be read in conjunction with the audited consolidated financial statements of Pericom and the notes thereto included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on August 29, 2014. | |
The preparation of the interim condensed consolidated financial statements in conformity with accounting principles generally accepted 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 as of the date of the interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual amounts could differ from these estimates. The results of operations for the three months ended September 27, 2014 are not necessarily indicative of the results to be expected for the entire year. The three month periods ended September 27, 2014 and September 28, 2013 each had 13 week periods. | |
The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position or results of operations: advances and trends in new technologies; competitive pressures in the form of new products or price reductions on current products; changes in the overall demand for products offered by the Company; changes in customer relationships; acquisitions and the subsequent integration of the acquired entity with the Company; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; risks associated with changes in domestic and international economic and/or political conditions or regulations and environmental laws; availability of necessary components; interruptions at wafer suppliers and subcontractors; fluctuations in currencies given the Company’s sales and operations being heavily weighted and paid in foreign currencies; and the Company’s ability to attract and retain employees necessary to support its growth. | |
These interim condensed consolidated financial statements include the accounts of Pericom Semiconductor Corporation and its wholly owned subsidiaries, Pericom Global Limited (“PGL”), PSE Technology Corporation (“PSE-TW”), and Pericom Asia Limited (“PAL”). PGL has two wholly-owned subsidiaries, Pericom International Limited (“PIL”) and Pericom Semiconductor (HK) Limited (“PHK”). In addition, PAL has three subsidiaries, PSE Technology (Shandong) Corporation ("PSE-SD") and Pericom Technology Yangzhou Corporation (“PSC-YZ”) for the Jinan, China and Yangzhou, China operations, respectively, and Pericom Technology Inc. (“PTI”). The Company eliminates all intercompany balances and transactions in consolidation. | |
FISCAL PERIOD – For purposes of reporting the financial results, the Company’s fiscal years end on the Saturday closest to the end of June. The year ended June 28, 2014 is referred to as fiscal year 2014 or fiscal 2014, whereas the current fiscal year 2015 or fiscal 2015 will end on June 27, 2015. Both fiscal 2014 and fiscal 2015 contain 52 weeks or 364 days. Periodically, the Company adds a 53rd week to a year in order to end that year on the Saturday closest to the end of June. | |
WARRANTY – The Company offers a standard one-year product replacement warranty. In the past, the Company has not had to accrue for a general warranty reserve, but assesses the level and materiality of return material authorizations (“RMA”s) and determines whether it is appropriate to accrue for estimated returns of defective products at the time revenue is recognized. On occasion, management may determine to accept product returns beyond the standard one-year warranty period. In those instances, the Company accrues for the estimated cost at the time management decides to accept the return. Because of the Company’s standardized manufacturing processes and product testing procedures, returns of defective product are infrequent and the quantities have not been significant. Accordingly, historical warranty costs have not been material. | |
RECENTLY ISSUED ACCOUNTING STANDARDS | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-11, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The Company adopted the provisions of ASU 2013-11 this quarter. Since ASU 2013-11 only impacts financial statement disclosure requirements for unrecognized tax benefits, its adoption has had no impact on the Company’s financial position or results of operations. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 outlines a single comprehensive model for accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for annual and interim reporting periods beginning after December 15, 2016. The impact on the Company’s financial condition, results of operations and cash flows as a result of the adoption of ASU 2014-09 has not yet been determined. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
2. INTANGIBLE ASSETS | |||||||||||||||||||||||||
The following table summarizes the components of intangible assets and related accumulated amortization balances for each of the period-ending dates shown, which were recorded as a result of business combinations: | |||||||||||||||||||||||||
27-Sep-14 | 28-Jun-14 | ||||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 6,068 | $ | (4,167 | ) | $ | 1,901 | $ | 6,056 | $ | (3,913 | ) | $ | 2,143 | |||||||||||
Core developed technology | 13,401 | (9,412 | ) | 3,989 | 13,402 | (8,936 | ) | 4,466 | |||||||||||||||||
Total amortizable purchased intangible assets | 19,469 | (13,579 | ) | 5,890 | 19,458 | (12,849 | ) | 6,609 | |||||||||||||||||
SaRonix trade name | 395 | — | 395 | 400 | — | 400 | |||||||||||||||||||
Total purchased intangible assets | $ | 19,864 | $ | (13,579 | ) | $ | 6,285 | $ | 19,858 | $ | (12,849 | ) | $ | 7,009 | |||||||||||
Amortization expense related to finite-lived purchased intangible assets was approximately $725,000 and $785,000 for the three month periods ended September 27, 2014 and September 28, 2013, respectively. | |||||||||||||||||||||||||
The Company performs an impairment review of its intangible assets at least annually. Based on the results of its most recent impairment review, the Company determined that no impairment of its intangible assets existed as of September 27, 2014. However, future impairment reviews could result in a charge to earnings. | |||||||||||||||||||||||||
The finite-lived purchased intangible assets consist of customer relationships and existing and core technology, which have remaining useful lives from one to three years. The Company expects future amortization expense associated with its intangible assets to be: | |||||||||||||||||||||||||
Months from September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | Next 12 | 13-24 | 25-36 | Over 36 | Total | ||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||
Customer relationships | $ | 992 | $ | 909 | $ | — | $ | — | $ | 1,901 | |||||||||||||||
Core developed technology | 1,919 | 1,808 | 262 | — | 3,989 | ||||||||||||||||||||
Total | $ | 2,911 | $ | 2,717 | $ | 262 | $ | — | $ | 5,890 |
Income_Per_Share
Income Per Share | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Income Per Share [Abstract] | ' | ||||||||
INCOME PER SHARE | ' | ||||||||
3. INCOME PER SHARE | |||||||||
Basic income per share is based upon the weighted average number of common shares outstanding. Diluted income per share reflects the additional potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. | |||||||||
Basic and diluted income per share for the three month periods ended September 27, 2014 and September 28, 2013 are computed as follows: | |||||||||
Three Months Ended | |||||||||
September 27, | September 28, | ||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Net income | $ | 2,495 | $ | 374 | |||||
Computation of common shares outstanding – basic earnings per share: | |||||||||
Weighted average shares of common stock | 21,936 | 22,794 | |||||||
Basic earnings per share | $ | 0.11 | $ | 0.02 | |||||
Computation of common shares outstanding – diluted earnings per share: | |||||||||
Weighted average shares of common stock | 21,936 | 22,794 | |||||||
Dilutive shares using the treasury stock method | 326 | 157 | |||||||
Shares used in computing diluted earnings per share | 22,262 | 22,951 | |||||||
Diluted earnings per share | $ | 0.11 | $ | 0.02 | |||||
Options to purchase 1,256,000 and 2,366,000 shares of common stock, and restricted stock units of zero and 4,000 were outstanding during the three months ended September 27, 2014 and September 28, 2013 respectively, but are not included in the computation of diluted earnings per share because the options and units would be anti-dilutive under the treasury stock method. |
Inventories
Inventories | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
4. INVENTORIES | |||||||||
Inventories consist of: | |||||||||
September 27, | June 28, | ||||||||
(in thousands) | 2014 | 2014 | |||||||
Raw materials | $ | 5,433 | $ | 5,829 | |||||
Work in process | 2,843 | 2,468 | |||||||
Finished goods | 3,642 | 3,991 | |||||||
Total inventories | $ | 11,918 | $ | 12,288 | |||||
The Company considers raw material inventory obsolete and reserves it if the raw material has not been placed into production within 365 days. The Company reviews its assembled devices for excess and records a reserve if the quantity of assembled devices in inventory is in excess of the greater of the quantity shipped in the previous twelve months, the quantity in backlog or the quantity forecasted to be shipped in the following twelve months. In certain circumstances, management will determine, based on expected usage or other factors, that inventory considered excess by these guidelines should not be reserved. The Company does occasionally determine that the last twelve months’ sales levels will not continue and reserves inventory in line with the quantity forecasted. As of September 27, 2014 and June 28, 2014, the Company had reserved for $3.1 million and $3.2 million of inventory, respectively. |
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
ACCRUED LIABILITIES | ' | ||||||||
5. ACCRUED LIABILITIES | |||||||||
Accrued liabilities consist of: | |||||||||
September 27, | June 28, | ||||||||
(in thousands) | 2014 | 2014 | |||||||
Accrued compensation | $ | 6,564 | $ | 6,892 | |||||
Income taxes payable | 1,726 | 1,140 | |||||||
Sales commissions | 302 | 307 | |||||||
Other accrued expenses | 1,528 | 1,595 | |||||||
Total accrued liabilities | $ | 10,120 | $ | 9,934 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||
6. COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||
The Company’s future minimum commitments at September 27, 2014 are as follows: | |||||||||||||||||||||
Months from September 27, 2014 | |||||||||||||||||||||
(in thousands) | Less than | 12-24 | 24-36 | Over 36 | Total | ||||||||||||||||
12 Months | Months | Months | Months | ||||||||||||||||||
Operating lease payments | $ | 423 | $ | 48 | $ | 20 | $ | — | $ | 491 | |||||||||||
Capital equipment purchase commitments | 216 | — | — | — | 216 | ||||||||||||||||
Facility modification commitments | 238 | 65 | — | — | 303 | ||||||||||||||||
Total | $ | 877 | $ | 113 | $ | 20 | $ | — | $ | 1,010 | |||||||||||
The operating lease commitments are primarily facility leases at the Company’s various Asian subsidiaries. | |||||||||||||||||||||
The facility modification commitments have been made at the Company’s Shandong, China manufacturing operation for a general contractor and architecture firm to develop feasibility studies, plans and cost estimates for potential additional development of the plant site. The Company has no other purchase obligations beyond routine purchase orders as of September 27, 2014. |
Industry_and_Segment_Informati
Industry and Segment Information | 3 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Industry and Segment Information [Abstract] | ' | ||||||||||
INDUSTRY AND SEGMENT INFORMATION | ' | ||||||||||
7. INDUSTRY AND SEGMENT INFORMATION | |||||||||||
The Company has three operating segments which aggregate into one reportable segment, the interconnectivity device supply market. The Company designs, develops, manufactures and markets high performance integrated circuits and frequency control products. | |||||||||||
The following table indicates the percentage of the Company’s net revenues and accounts receivable in excess of 10 percent with any single customer: | |||||||||||
100 | |||||||||||
Net Revenues | |||||||||||
Three Months Ended | |||||||||||
September 27, | September 28, | ||||||||||
2014 | 2013 | ||||||||||
Customer A | 29 | % | 25 | % | |||||||
Customer B | 12 | % | 10 | % | |||||||
All others | 59 | % | 65 | % | |||||||
% | 100 | % | |||||||||
Accounts Receivable | |||||||||||
September 27, | June 28, | ||||||||||
2014 | 2014 | ||||||||||
Customer A | 28 | % | 29 | % | |||||||
Customer B | 7 | % | 8 | % | |||||||
All others | 65 | % | 63 | % | |||||||
100 | % | 100 | % | ||||||||
For geographical reporting, the Company attributes net revenues to the country where customers are located (the “bill to” location). The Company neither conducts business in nor sells to persons in Iran, Syria, Sudan, or Cuba, countries located in referenced regions identified as state sponsors of terrorism by the U.S. Department of State and subject to U.S. economic sanctions and export controls. The following table sets forth net revenues by country for the three month periods ended September 27, 2014 and September 28, 2013: | |||||||||||
Net Revenues | |||||||||||
Three Months Ended | |||||||||||
September 27, | September 28, | ||||||||||
2014 | 2013 | ||||||||||
China (including Hong Kong) | $ | 16,178 | $ | 15,092 | |||||||
Taiwan | 10,805 | 9,767 | |||||||||
United States | 1,462 | 1,814 | |||||||||
Other (less than 10% each) | 4,814 | 5,935 | |||||||||
Total net revenues | $ | 33,259 | $ | 32,608 | |||||||
Long-lived assets consist of all non-monetary assets, excluding financial assets, deferred taxes and intangible assets. The Company attributes long-lived assets to the country where they are located. The following table sets forth the Company’s long-lived assets by country of location as of September 27, 2014 and June 28, 2014: | |||||||||||
September 27, | June 28, | ||||||||||
2014 | 2014 | ||||||||||
China (including Hong Kong) | $ | 31,530 | $ | 32,234 | |||||||
Taiwan | 12,297 | 12,914 | |||||||||
United States | 13,056 | 12,154 | |||||||||
Korea | 1,023 | 1,067 | |||||||||
Others (less than 10% each) | 177 | 168 | |||||||||
Total long-lived assets | $ | 58,083 | $ | 58,537 |
Stock_Repurchase_Program
Stock Repurchase Program | 3 Months Ended |
Sep. 27, 2014 | |
Stock Repurchase Program [Abstract] | ' |
STOCK REPURCHASE PROGRAM | ' |
8. STOCK REPURCHASE PROGRAM | |
On April 26, 2012, the Board authorized a share repurchase program for $25 million of common stock, and on April 24, 2014 the Board authorized an additional $20 million for the share repurchase program. The Company may repurchase the shares from time to time in open market or private transactions, at the discretion of the Company’s management. | |
During the three month period ended September 27, 2014, the Company repurchased 250,547 shares for an aggregate cost of approximately $2.3 million. During the three month period ended September 28, 2013, the Company repurchased 106,645 shares for an aggregate cost of approximately $765,000. Current cash balances and the proceeds from stock option exercises and purchases in the employee stock purchase plan have funded stock repurchases in the past, and the Company expects to fund future stock repurchases from these same sources. As of September 27, 2014, the Company had approximately $24.3 million of repurchase authority remaining under the 2012 and 2014 share repurchase programs. |
Shareholders_Equity_and_ShareB
Shareholders' Equity and Share-Based Compensation | 3 Months Ended | |||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||
Shareholders' Equity and Share-Based Compensation [Abstract] | ' | |||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION | ' | |||||||||||||||||||||||||||
9. SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION | ||||||||||||||||||||||||||||
PREFERRED STOCK | ||||||||||||||||||||||||||||
The Company’s shareholders have authorized the Board of Directors to issue 5,000,000 shares of preferred stock from time to time in one or more series and to fix the rights, privileges and restrictions of each series. As of September 27, 2014, the Company has issued no shares of preferred stock. | ||||||||||||||||||||||||||||
STOCK OPTION PLANS | ||||||||||||||||||||||||||||
At September 27, 2014 the Company had two stock incentive plans and an employee stock purchase plan, consisting of the 2001 Stock Option Plan, 2004 Stock Incentive Plan and the 2010 Employee Stock Purchase Plan. | ||||||||||||||||||||||||||||
Under the 2004 and 2001 stock incentive plans, the Company has reserved an aggregate of 4.2 million shares of common stock as of September 27, 2014 for issuance to employees, officers, directors, independent contractors and consultants of the Company in the form of incentive or nonqualified stock options, or grants of restricted stock. | ||||||||||||||||||||||||||||
The Company may grant stock options at the fair value on the grant date for incentive stock options and nonqualified stock options. Options vest over periods of generally 48 months as determined by the Board of Directors. Options granted under the Plans expire 10 years from the grant date. | ||||||||||||||||||||||||||||
The Company estimates the fair value of each employee stock option on the date of grant using the Black-Scholes option valuation model and expenses that value as compensation using a straight-line method over the option’s vesting period, which corresponds to the requisite employee service period. The Company estimates expected stock price volatility based on actual historical volatility for periods that the Company believes represent predictors of future volatility. The Company uses historical data to estimate option exercises, expected option holding periods and option forfeitures. The Company bases the risk-free interest rate for periods within the contractual life of the option on the U.S. Treasury yield corresponding to the expected life of the underlying option. | ||||||||||||||||||||||||||||
The Company’s did not grant any stock options under its stock incentive plans during the three months ended September 27, 2014. | ||||||||||||||||||||||||||||
The value of the Company’s stock options granted under its stock incentive plans during the three months ended September 28, 2013 was estimated at the date of grant using the following weighted average assumptions: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 28, | ||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Expected Life | 5.9 years | |||||||||||||||||||||||||||
Risk-free interest rate | 0.81 | % | ||||||||||||||||||||||||||
Volatility | 54 | % | ||||||||||||||||||||||||||
Dividend Yield | — | |||||||||||||||||||||||||||
The weighted average fair value of options granted during the three months ended September 28, 2013 was $3.81. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s stock option activity for the three months ended September 27, 2014: | ||||||||||||||||||||||||||||
Shares | Weighted Average Exercise | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||||
(in thousands) | Price | (years) | (in thousands) | |||||||||||||||||||||||||
Options outstanding at June 28, 2014 | 2,085 | $ | 10.25 | 4.54 | $ | 1,077 | ||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||||
Exercised | (181 | ) | 8.29 | |||||||||||||||||||||||||
Cancelled or expired | (36 | ) | 13.05 | |||||||||||||||||||||||||
Options outstanding at September 27, 2014 | 1,868 | $ | 10.39 | 4.5 | $ | 1,700 | ||||||||||||||||||||||
Options vested and expected to vest at September 27, 2014 | 1,847 | $ | 10.42 | 4.44 | $ | 1,652 | ||||||||||||||||||||||
Options exercisable at September 27, 2014 | 1,607 | $ | 10.79 | 3.82 | $ | 1,171 | ||||||||||||||||||||||
At September 27, 2014, 916,000 shares were available for future grants under the incentive plans. The aggregate intrinsic value of options exercised during the three months ended September 27, 2014 was $190,000. | ||||||||||||||||||||||||||||
At September 27, 2014, expected future compensation expense relating to options outstanding is $843,000, which will be amortized to expense over a weighted average period of 2.5 years. | ||||||||||||||||||||||||||||
Additional information regarding options outstanding and exercisable as of September 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Options Outstanding | Exercisable Options | |||||||||||||||||||||||||||
Range of Exercise | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||||
Prices | Outstanding as | Average | Average | Exercisable as | Average | |||||||||||||||||||||||
of September 27, | Remaining | Exercise | of September 27, | Exercise | ||||||||||||||||||||||||
2014 | Contractual | Price | 2014 | Price | ||||||||||||||||||||||||
Term (years) | ||||||||||||||||||||||||||||
$ | 4.89 | $ | 7.87 | 387,085 | 6.85 | $ | 7.49 | 201,593 | $ | 7.42 | ||||||||||||||||||
7.88 | 8.85 | 457,845 | 4.04 | 8.44 | 395,731 | 8.39 | ||||||||||||||||||||||
8.86 | 10.25 | 379,050 | 4.24 | 9.87 | 365,550 | 9.9 | ||||||||||||||||||||||
10.26 | 15.45 | 453,007 | 3.74 | 12.76 | 453,007 | 12.76 | ||||||||||||||||||||||
15.46 | 18.1 | 191,500 | 3.13 | 16.32 | 191,500 | 16.32 | ||||||||||||||||||||||
$ | 4.89 | $ | 18.1 | 1,868,487 | 4.5 | $ | 10.39 | 1,607,381 | $ | 10.79 | ||||||||||||||||||
Restricted Stock Units and Performance Stock Units | ||||||||||||||||||||||||||||
Restricted stock units (“RSUs”) and performance stock units (“PSUs”) are converted into shares of the Company’s common stock upon vesting on a one-for-one basis. Typically, vesting of RSUs and PSUs is subject to the employee’s continuing service to the Company. RSUs generally vest over a period of 4 years and are expensed ratably on a straight-line basis over their respective vesting period net of estimated forfeitures. PSUs are granted to executives of the Company and will vest in approximately 12 months subject to the achievement of each participant’s performance goals established at the beginning of the fiscal year. The fair value of RSUs and PSUs granted pursuant to the Company’s 2004 Stock Incentive Plan is the product of the number of shares granted and the grant date fair value of the common stock. A summary of activity of RSUs and PSUs for the three months ended September 27, 2014 is presented below: | ||||||||||||||||||||||||||||
Forfeited (8) 8.34 | ||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||||
Award | Remaining | Value | ||||||||||||||||||||||||||
Date Fair | Contractual | |||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||
(in thousands) | Value | (years) | (in thousands) | |||||||||||||||||||||||||
RSUs outstanding at June 28, 2014 | 649 | $ | 8.23 | 1.58 | $ | 5,901 | ||||||||||||||||||||||
Awarded | 114 | 9.55 | ||||||||||||||||||||||||||
Released | (65 | ) | 8.16 | |||||||||||||||||||||||||
RSUs and PSUs outstanding at September 27, 2014 | 690 | $ | 8.45 | 1.39 | $ | 6,864 | ||||||||||||||||||||||
RSUs and PSUs expected to vest after September 27, 2014 | 618 | $ | 8.46 | 1.32 | $ | 6,145 | ||||||||||||||||||||||
Of the 114,000 shares awarded during the three months ended September 27, 2014, 500 shares were RSUs while the remaining shares awarded were PSUs. At September 27, 2014, expected future compensation expense relating to RSUs and PSUs is $3.8 million, which will be amortized to expense over a weighted average remaining recognition period of 2.3 years. | ||||||||||||||||||||||||||||
2010 EMPLOYEE STOCK PURCHASE PLAN | ||||||||||||||||||||||||||||
The Company’s 2010 Employee Stock Purchase Plan (the “Stock Purchase Plan”) allows eligible employees of the Company to purchase shares of Common Stock through payroll deductions. The Company reserved 2.0 million shares of the Company’s Common Stock for issuance under this Plan, of which 1.6 million remain available at September 27, 2014. The Stock Purchase Plan permits eligible employees to purchase Common Stock at a discount through payroll deductions during six-month purchase periods. The six-month periods come to an end on or about May 1 and November 1 and the purchases are then made. Thus there were no purchases under the Stock Purchase Plan for the three months ended September 27, 2014 and September 28, 2013. Participants in the Stock Purchase Plan may purchase stock at 85% of the lower of the stock’s fair market value on the first day and last day of the offering period. The maximum number of shares of Common Stock that any employee may purchase during any offering period under the plan is 1,500 shares, and an employee may not accrue more than $15,000 for share purchases in any offering period. | ||||||||||||||||||||||||||||
The Company estimates the fair value of stock purchase rights granted under the Company’s Stock Purchase Plan on the date of grant using the Black-Scholes option valuation model. ASC Topic 718 states that a “lookback” pricing provision with a share limit should be considered a combination of stock and a call option. The valuation results for these elements have been combined to value the specific features of the stock purchase rights. The Company bases volatility on the expected volatility of the Company’s stock during the offering period. The expected term is determined by the time from enrollment until purchase, and the Company uses the U.S. Treasury yield for the risk-free interest rate for the offering period. | ||||||||||||||||||||||||||||
At September 27, 2014, the Company had $20,000 in unamortized share-based compensation related to its employee stock purchase plan which will be amortized and recognized in the consolidated statement of operations over the next month. | ||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||||||||||||
The following table shows total share-based compensation expense classified by Consolidated Statements of Operations reporting caption for the three months ended September 27, 2014 and September 28, 2013 generated from the plans described above: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Cost of goods sold | $ | 33 | $ | 36 | ||||||||||||||||||||||||
Research and development | 218 | 297 | ||||||||||||||||||||||||||
Selling, general and administrative | 458 | 396 | ||||||||||||||||||||||||||
Pre-tax share-based compensation expense | 709 | 729 | ||||||||||||||||||||||||||
Income tax impact | 230 | 238 | ||||||||||||||||||||||||||
Net share-based compensation expense | $ | 479 | $ | 491 | ||||||||||||||||||||||||
Share-based compensation by type of award is as follows: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Stock options | $ | 97 | $ | 239 | ||||||||||||||||||||||||
Restricted stock units | 340 | 438 | ||||||||||||||||||||||||||
Performance stock units | 217 | — | ||||||||||||||||||||||||||
Stock purchase plan | 55 | 52 | ||||||||||||||||||||||||||
Total share-based compensation expense | $ | 709 | $ | 729 | ||||||||||||||||||||||||
The amount of share-based compensation expense capitalized in inventory at September 27, 2014 and June 28, 2014 is immaterial. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 27, 2014 | |
Income Taxes [Abstract] | ' |
INCOME TAXES | ' |
10. INCOME TAXES | |
Income Tax Expense | |
Income tax expense for the three months ended September 27, 2014 and September 28, 2013 was $1.0 million and $231,000, respectively, and was comprised of domestic federal and state income tax and foreign income tax. The effective tax rate for the three months ended September 27, 2014 was 29%, which resulted from the allocation of earnings between different tax jurisdictions and the inability to utilize losses in certain non-includable entities. The effective tax rate for the three months ended September 28, 2013 was 41%. As of September 27, 2014 and June 28, 2014, the Company has recorded a valuation allowance of $5.1 million against its deferred tax assets. | |
The Company’s effective tax rate may differ from the federal statutory rate primarily due to the permanent differences related to the benefit of foreign rate differentials, the benefit of generating federal research and development tax credits, income inclusions under Subpart F tax rules, and non-deductible share-based compensation from equity grants. | |
Accounting for Uncertainty in Income Taxes | |
The Company’s total amount of unrecognized tax benefits as of September 27, 2014 was $1,846,000. Of this amount, $719,000 would affect the Company’s effective tax rate if recognized. In addition, as of September 27, 2014 the Company had accrued $229,000 for any interest and penalties related to unrecognized tax benefits. | |
The Company is subject to examination by federal, foreign, and various state jurisdictions for the years 2008 through 2014. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Investments in Unconsolidated Affiliate [Abstract] | ' | ||||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATE | ' | ||||||||
11. INVESTMENT IN UNCONSOLIDATED AFFILIATE | |||||||||
The Company’s investment in an unconsolidated affiliate is as follows: | |||||||||
September 27, | June 28, | ||||||||
(in thousands) | 2014 | 2014 | |||||||
Jiyuan Crystal Photoelectric Frequency Technology Ltd. | $ | 2,495 | $ | 2,445 | |||||
PSE-TW has a 49% equity interest in Jiyuan Crystal Photoelectric Frequency Technology Ltd. (“JCP”), an FCP manufacturing company located in Science Park of Jiyuan City, Henan Province, China. JCP is a key manufacturing partner of PSE-TW and supplies PSE-TW with blanks for its surface mount device (“SMD”) production lines. For the first three months of fiscal 2015 and 2014, the Company’s allocated portion of JCP’s results was income of $39,000 and $43,000, respectively. |
Equity_and_Comprehensive_Incom
Equity and Comprehensive Income | 3 Months Ended |
Sep. 27, 2014 | |
Equity and Comprehensive Income [Abstract] | ' |
EQUITY AND COMPREHENSIVE INCOME | ' |
12. EQUITY AND COMPREHENSIVE INCOME | |
Comprehensive income consists of net income, changes in net unrealized gains or losses on available-for-sale investments and changes in cumulative currency translation adjustments at consolidated subsidiaries. | |
As of September 27, 2014, accumulated other comprehensive income of $10.7 million consists of $10.6 million of accumulated currency translation gains and $126,000 of net unrealized gains on available-for-sale investments, which was recorded net of a $53,000 tax provision. As of September 28, 2013, accumulated other comprehensive income of $11.3 million was made up of $11.6 million of accumulated currency translation gains partially offset by $318,000 of net unrealized losses on available-for-sale investments, which was recorded net of a $73,000 tax benefit. |
ShortTerm_Debt
Short-Term Debt | 3 Months Ended |
Sep. 27, 2014 | |
Short-Term Debt [Abstract] | ' |
SHORT-TERM DEBT | ' |
13. SHORT-TERM DEBT | |
As of September 27, 2014 and June 28, 2014, the Company has no outstanding debt. However, the Company’s subsidiary PSE-TW has two loan and credit facilities in place for equipment purchases or inventory financing via short term loans, letters of credit, and trade financing. The first is an unsecured facility for $100 million New Taiwan Dollars (“NTD”), approximately U.S. $3.3 million. Loans under this facility are limited to $70 million NTD (U.S. $2.3 million), are for up to 180 days, and are based on the Taiwan Interbank Offered Rate (“TAIBOR”) plus 1.25% and may be in NTD, USD, Japanese yen (“JPY”) or other currencies. The second is an unsecured facility for $80 million NTD (U.S. $2.6 million). Loans under this facility are limited to $60 million NTD (U.S. $2.0 million), are for up to 180 days, with the interest rate determined on a case by case basis, and may be in NTD, USD, or JPY. |
Industrial_Development_Subsidy
Industrial Development Subsidy | 3 Months Ended |
Sep. 27, 2014 | |
Industrial Development Subsidy [Abstract] | ' |
INDUSTRIAL DEVELOPMENT SUBSIDY | ' |
14. INDUSTRIAL DEVELOPMENT SUBSIDY | |
As of September 27, 2014, industrial development subsidies in the amount of $12.8 million have been earned and applied for by PSE-SD from the Jinan Hi-Tech Industries Development Zone Commission based on meeting certain pre-defined criteria. The subsidies may be used for the acquisition of assets or to cover business expenses. When a subsidy is used to acquire assets, the subsidy will be amortized over the useful life of the asset. When a subsidy is used for expenses incurred, the subsidy is regarded as earned upon the incurrence of the expenditure. The remaining balance of the subsidies at September 27, 2014 was $6.1 million, which is expected to be recognized over the next five to seven years. | |
A portion of the $12.8 million in subsidies was previously recorded as a receivable. As of June 28, 2014, the Company concluded that the remaining $843,000 of receivables will not be paid and accordingly the balance was written off. | |
The Company recognized $188,000 and $188,000 of industrial development subsidy as a reduction of cost of goods sold and $47,000 and $46,000 of industrial development subsidy as a reduction of operating expenses in the consolidated statements of operations for the three month periods ended September 27, 2014 and September 28, 2013, respectively. |
Investments_in_Marketable_Secu
Investments in Marketable Securities | 3 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Investments In Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENTS IN MARKETABLE SECURITIES | ' | ||||||||||||||||||||||||
15. INVESTMENTS IN MARKETABLE SECURITIES | |||||||||||||||||||||||||
The Company’s policy is to invest in instruments with investment grade credit ratings. The Company classifies its short-term investments as “available-for-sale” securities and the Company bases the cost of securities sold using the specific identification method. The Company accounts for unrealized gains and losses on its available-for-sale securities as a separate component of shareholders’ equity in the consolidated balance sheets in the period in which the gain or loss occurs. At September 27, 2014, a summary of investments by major security type is as follows: | |||||||||||||||||||||||||
As of September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Unrealized | Net | Fair Value | ||||||||||||||||||||
Cost | Gains | Losses | Unrealized | ||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
Time deposits | $ | 30,257 | $ | — | $ | — | $ | — | $ | 30,257 | |||||||||||||||
Repurchase agreements | 501 | — | — | — | 501 | ||||||||||||||||||||
National government and agency securities | 4,916 | 96 | (4 | ) | 92 | 5,008 | |||||||||||||||||||
State and municipal bond obligations | 7,801 | 36 | (15 | ) | 21 | 7,822 | |||||||||||||||||||
Corporate bonds and notes | 40,971 | 138 | (137 | ) | 1 | 40,972 | |||||||||||||||||||
Asset backed securities | 7,231 | 12 | (14 | ) | (2 | ) | 7,229 | ||||||||||||||||||
Mortgage backed securities | 4,445 | 23 | (9 | ) | 14 | 4,459 | |||||||||||||||||||
Total | $ | 96,122 | $ | 305 | $ | (179 | ) | $ | 126 | $ | 96,248 | ||||||||||||||
At June 28, 2014 a summary of investments by major security type is as follows: | |||||||||||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Unrealized | Net | Fair Value | ||||||||||||||||||||
Cost | Gains | Losses | Unrealized | ||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
Time deposits | $ | 17,693 | $ | — | $ | — | $ | — | $ | 17,693 | |||||||||||||||
Repurchase agreements | 500 | — | — | — | 500 | ||||||||||||||||||||
US Treasury securities | 526 | 1 | — | 1 | 527 | ||||||||||||||||||||
National government and agency securities | 4,962 | 95 | (2 | ) | 93 | 5,055 | |||||||||||||||||||
State and municipal bond obligations | 7,090 | 63 | (4 | ) | 59 | 7,149 | |||||||||||||||||||
Corporate bonds and notes | 42,675 | 249 | (143 | ) | 106 | 42,781 | |||||||||||||||||||
Asset backed securities | 7,592 | 28 | (6 | ) | 22 | 7,614 | |||||||||||||||||||
Mortgage backed securities | 4,766 | 26 | (7 | ) | 19 | 4,785 | |||||||||||||||||||
Total | $ | 85,804 | $ | 462 | $ | (162 | ) | $ | 300 | $ | 86,104 | ||||||||||||||
The above investments are included in short-term investments in marketable securities on the Company’s condensed consolidated balance sheets. | |||||||||||||||||||||||||
The following tables show the unrealized losses and fair market values of the Company’s investments that have unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 27, 2014 and June 28, 2014: | |||||||||||||||||||||||||
Continuous Unrealized Losses at September 27, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
National government and agency securities | $ | 946 | $ | 3 | $ | 32 | $ | 1 | $ | 978 | $ | 4 | |||||||||||||
State and municipal bond obligations | 3,867 | 11 | 471 | 4 | 4,338 | 15 | |||||||||||||||||||
Corporate bonds and notes | 10,466 | 44 | 5,425 | 93 | 15,891 | 137 | |||||||||||||||||||
Asset backed securities | 2,760 | 9 | 1,080 | 5 | 3,840 | 14 | |||||||||||||||||||
Mortgage backed securities | 1,933 | 8 | 399 | 1 | 2,332 | 9 | |||||||||||||||||||
Total | $ | 19,972 | $ | 75 | $ | 7,407 | $ | 104 | $ | 27,379 | $ | 179 | |||||||||||||
Continuous Unrealized Losses at June 28, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
National government and agency securities | $ | 282 | $ | 1 | $ | 91 | $ | 1 | $ | 373 | $ | 2 | |||||||||||||
State and municipal bond obligations | — | — | 695 | 4 | 695 | 4 | |||||||||||||||||||
Corporate bonds and notes | 3,901 | 11 | 5,801 | 132 | 9,702 | 143 | |||||||||||||||||||
Asset backed securities | 895 | 1 | 1,195 | 5 | 2,090 | 6 | |||||||||||||||||||
Mortgage backed securities | 1,083 | 3 | 504 | 4 | 1,587 | 7 | |||||||||||||||||||
Total | $ | 6,161 | $ | 16 | $ | 8,286 | $ | 146 | $ | 14,447 | $ | 162 | |||||||||||||
The unrealized losses are of a temporary nature due to the Company’s intent and ability to hold the investments until maturity or until the cost is recoverable. The unrealized losses are primarily due to fluctuations in market interest rates. The Company reports unrealized gains and losses on its “available-for-sale” securities in accumulated other comprehensive income in shareholders’ equity. | |||||||||||||||||||||||||
The Company records gains or losses realized on sales of available-for-sale securities in interest and other income, net on its condensed consolidated statements of operations. The cost of securities sold is based on the specific identification of the security and its amortized cost. For the three months ended September 27, 2014 and September 28, 2013, proceeds from sales and maturities of available-for-sale securities were $15.3 million and $16.5 million, respectively, and realized gains (losses) were $(6,000) and $44,000, respectively. | |||||||||||||||||||||||||
The following table lists the fair market value of the Company’s short-term investments by length of time to maturity as of September 27, 2014. Securities with maturities over multiple dates are mortgage-backed (“MBS”) or asset-backed securities (“ABS”) featuring periodic principle paydowns through 2052. | |||||||||||||||||||||||||
(in thousands) | 27-Sep-14 | ||||||||||||||||||||||||
Contractual Maturities | |||||||||||||||||||||||||
Less than 12 months | $ | 27,393 | |||||||||||||||||||||||
One to three years | 32,947 | ||||||||||||||||||||||||
Over three years | 28,486 | ||||||||||||||||||||||||
Multiple dates | 7,422 | ||||||||||||||||||||||||
Total | $ | 96,248 | |||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
16. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable: | ||||||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||
The following table represents the Company’s fair value hierarchy for financial assets measured at fair value on a recurring basis. All of the investments are classified as Level 2 at September 27, 2014. Level 2 pricing is provided by third party sources of market information obtained through the Company’s investment advisors. The Company does not adjust for or apply any additional assumptions or estimates to the pricing information it receives from advisors. The Company’s investment advisors obtain pricing data from independent sources, such as Standard & Poor’s, Bloomberg and Interactive Data Corporation, and rely on comparable pricing of other securities because the Level 2 securities it holds are not actively traded and have fewer observable transactions. The Company considers this the most reliable information available for the valuation of the securities. | ||||||||||||||||||||
The Company’s Level 2 securities include time deposits, government securities, corporate debt securities and mortgage-backed and asset-backed securities. Government securities include US federal agency securities, foreign government and agency securities, and US state and municipal bond obligations. Many of the municipal bonds are insured; those that are not are nearly all AAA/Aaa rated. The corporate debt securities are all investment grade and most are single A-rated or better. The asset-backed securities are AAA/Aaa rated and are backed by auto loans, student loans, credit card balances and residential or commercial mortgages. | ||||||||||||||||||||
As of September 27, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Investments | ||||||||||||||||||||
Time deposits | $ | 30,745 | $ | — | $ | 30,745 | $ | — | ||||||||||||
Repurchase Agreements | 9,679 | — | 9,679 | — | ||||||||||||||||
National government and agency securities | 5,008 | — | 5,008 | — | ||||||||||||||||
State and municipal bond obligations | 7,822 | — | 7,822 | — | ||||||||||||||||
Corporate bonds and notes | 40,972 | — | 40,972 | — | ||||||||||||||||
Asset backed securities | 7,229 | — | 7,229 | — | ||||||||||||||||
Mortgage backed securities | 4,459 | — | 4,459 | — | ||||||||||||||||
Total | $ | 105,914 | $ | — | $ | 105,914 | $ | — | ||||||||||||
-1 | $488,000 of the time deposits and $9,178,000 of the repurchase agreements are included in cash and cash equivalents; the balance of the investments are included in short-term investments in marketable securities on our consolidated balance sheet. | |||||||||||||||||||
The Company had no transfers into or out of Level 2 during the three months ended September 27, 2014. | ||||||||||||||||||||
When assessing marketable securities for other-than-temporary declines in value, a number of factors are considered. Analyses of the severity and duration of price declines, remaining years to maturity, portfolio manager reports, economic forecasts, and the specific circumstances of issuers indicate that it is reasonable to expect marketable securities with unrealized losses at September 27, 2014 to recover in fair value up to the Company’s cost bases within a reasonable period of time. The Company does not intend to sell investments with unrealized losses before maturity, when the obligors are required to redeem them at full face value or par. The Company believes the obligors have the financial resources to redeem the debt securities. Accordingly, the Company does not consider the investments to be other-than-temporarily impaired at September 27, 2014. | ||||||||||||||||||||
The Company has determined that the amounts reported for cash and cash equivalents, accounts receivable, deposits, accounts payable, accrued liabilities and debt approximate fair value because of their short maturities and/or variable interest rates. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation [Abstract] | ' |
FISCAL PERIOD | ' |
FISCAL PERIOD – For purposes of reporting the financial results, the Company’s fiscal years end on the Saturday closest to the end of June. The year ended June 28, 2014 is referred to as fiscal year 2014 or fiscal 2014, whereas the current fiscal year 2015 or fiscal 2015 will end on June 27, 2015. Both fiscal 2014 and fiscal 2015 contain 52 weeks or 364 days. Periodically, the Company adds a 53rd week to a year in order to end that year on the Saturday closest to the end of June. | |
WARRANTY | ' |
WARRANTY – The Company offers a standard one-year product replacement warranty. In the past, the Company has not had to accrue for a general warranty reserve, but assesses the level and materiality of return material authorizations (“RMA”s) and determines whether it is appropriate to accrue for estimated returns of defective products at the time revenue is recognized. On occasion, management may determine to accept product returns beyond the standard one-year warranty period. In those instances, the Company accrues for the estimated cost at the time management decides to accept the return. Because of the Company’s standardized manufacturing processes and product testing procedures, returns of defective product are infrequent and the quantities have not been significant. Accordingly, historical warranty costs have not been material. | |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-11, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The Company adopted the provisions of ASU 2013-11 this quarter. Since ASU 2013-11 only impacts financial statement disclosure requirements for unrecognized tax benefits, its adoption has had no impact on the Company’s financial position or results of operations. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 outlines a single comprehensive model for accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for annual and interim reporting periods beginning after December 15, 2016. The impact on the Company’s financial condition, results of operations and cash flows as a result of the adoption of ASU 2014-09 has not yet been determined. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Summary of components intangible assets and related accumulated amortization as result of business combinations | ' | ||||||||||||||||||||||||
27-Sep-14 | 28-Jun-14 | ||||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 6,068 | $ | (4,167 | ) | $ | 1,901 | $ | 6,056 | $ | (3,913 | ) | $ | 2,143 | |||||||||||
Core developed technology | 13,401 | (9,412 | ) | 3,989 | 13,402 | (8,936 | ) | 4,466 | |||||||||||||||||
Total amortizable purchased intangible assets | 19,469 | (13,579 | ) | 5,890 | 19,458 | (12,849 | ) | 6,609 | |||||||||||||||||
SaRonix trade name | 395 | — | 395 | 400 | — | 400 | |||||||||||||||||||
Total purchased intangible assets | $ | 19,864 | $ | (13,579 | ) | $ | 6,285 | $ | 19,858 | $ | (12,849 | ) | $ | 7,009 | |||||||||||
Summary of future amortization expense associated with intangible assets | ' | ||||||||||||||||||||||||
Months from September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | Next 12 | 13-24 | 25-36 | Over 36 | Total | ||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||
Customer relationships | $ | 992 | $ | 909 | $ | — | $ | — | $ | 1,901 | |||||||||||||||
Core developed technology | 1,919 | 1,808 | 262 | — | 3,989 | ||||||||||||||||||||
Total | $ | 2,911 | $ | 2,717 | $ | 262 | $ | — | $ | 5,890 | |||||||||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Income Per Share [Abstract] | ' | ||||||||
Computation of basic and diluted income per share | ' | ||||||||
Three Months Ended | |||||||||
September 27, | September 28, | ||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Net income | $ | 2,495 | $ | 374 | |||||
Computation of common shares outstanding – basic earnings per share: | |||||||||
Weighted average shares of common stock | 21,936 | 22,794 | |||||||
Basic earnings per share | $ | 0.11 | $ | 0.02 | |||||
Computation of common shares outstanding – diluted earnings per share: | |||||||||
Weighted average shares of common stock | 21,936 | 22,794 | |||||||
Dilutive shares using the treasury stock method | 326 | 157 | |||||||
Shares used in computing diluted earnings per share | 22,262 | 22,951 | |||||||
Diluted earnings per share | $ | 0.11 | $ | 0.02 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
September 27, | June 28, | ||||||||
(in thousands) | 2014 | 2014 | |||||||
Raw materials | $ | 5,433 | $ | 5,829 | |||||
Work in process | 2,843 | 2,468 | |||||||
Finished goods | 3,642 | 3,991 | |||||||
Total inventories | $ | 11,918 | $ | 12,288 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of accrued liabilities | ' | ||||||||
September 27, | June 28, | ||||||||
(in thousands) | 2014 | 2014 | |||||||
Accrued compensation | $ | 6,564 | $ | 6,892 | |||||
Income taxes payable | 1,726 | 1,140 | |||||||
Sales commissions | 302 | 307 | |||||||
Other accrued expenses | 1,528 | 1,595 | |||||||
Total accrued liabilities | $ | 10,120 | $ | 9,934 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||||||||||
Schedule of future minimum commitments | ' | ||||||||||||||||||||
Months from September 27, 2014 | |||||||||||||||||||||
(in thousands) | Less than | 12-24 | 24-36 | Over 36 | Total | ||||||||||||||||
12 Months | Months | Months | Months | ||||||||||||||||||
Operating lease payments | $ | 423 | $ | 48 | $ | 20 | $ | — | $ | 491 | |||||||||||
Capital equipment purchase commitments | 216 | — | — | — | 216 | ||||||||||||||||
Facility modification commitments | 238 | 65 | — | — | 303 | ||||||||||||||||
Total | $ | 877 | $ | 113 | $ | 20 | $ | — | $ | 1,010 | |||||||||||
Industry_and_Segment_Informati1
Industry and Segment Information (Tables) | 3 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Industry and Segment Information [Abstract] | ' | ||||||||||
Summary of net revenues and accounts receivable in excess of 10 percent with any single customer | ' | ||||||||||
Net Revenues | |||||||||||
Three Months Ended | |||||||||||
September 27, | September 28, | ||||||||||
2014 | 2013 | ||||||||||
Customer A | 29 | % | 25 | % | |||||||
Customer B | 12 | % | 10 | % | |||||||
All others | 59 | % | 65 | % | |||||||
100 | % | 100 | % | ||||||||
Accounts Receivable | |||||||||||
September 27, | June 28, | ||||||||||
2014 | 2014 | ||||||||||
Customer A | 28 | % | 29 | % | |||||||
Customer B | 7 | % | 8 | % | |||||||
All others | 65 | % | 63 | % | |||||||
100 | % | 100 | % | ||||||||
Schedule of net revenues and net book value of long-lived assets by geographical segment | ' | ||||||||||
Net Revenues | |||||||||||
Three Months Ended | |||||||||||
September 27, | September 28, | ||||||||||
2014 | 2013 | ||||||||||
China (including Hong Kong) | $ | 16,178 | $ | 15,092 | |||||||
Taiwan | 10,805 | 9,767 | |||||||||
United States | 1,462 | 1,814 | |||||||||
Other (less than 10% each) | 4,814 | 5,935 | |||||||||
Total net revenues | $ | 33,259 | $ | 32,608 | |||||||
Long-lived assets consist of all non-monetary assets, excluding financial assets, deferred taxes and intangible assets. The Company attributes long-lived assets to the country where they are located. The following table sets forth the Company’s long-lived assets by country of location as of September 27, 2014 and June 28, 2014: | |||||||||||
September 27, | June 28, | ||||||||||
2014 | 2014 | ||||||||||
China (including Hong Kong) | $ | 31,530 | $ | 32,234 | |||||||
Taiwan | 12,297 | 12,914 | |||||||||
United States | 13,056 | 12,154 | |||||||||
Korea | 1,023 | 1,067 | |||||||||
Others (less than 10% each) | 177 | 168 | |||||||||
Total long-lived assets | $ | 58,083 | $ | 58,537 |
Shareholders_Equity_and_ShareB1
Shareholders' Equity and Share-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||
Shareholders' Equity and Share-Based Compensation [Abstract] | ' | |||||||||||||||||||||||||||
Shedule of weighted average assumptions of stock options granted under its stock incentive plans | ' | |||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 28, | ||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Expected Life | 5.9 years | |||||||||||||||||||||||||||
Risk-free interest rate | 0.81 | % | ||||||||||||||||||||||||||
Volatility | 54 | % | ||||||||||||||||||||||||||
Dividend Yield | — | |||||||||||||||||||||||||||
Schedule of stock option activity | ' | |||||||||||||||||||||||||||
Shares | Weighted Average Exercise | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||||
(in thousands) | Price | (years) | (in thousands) | |||||||||||||||||||||||||
Options outstanding at June 28, 2014 | 2,085 | $ | 10.25 | 4.54 | $ | 1,077 | ||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||||
Exercised | (181 | ) | 8.29 | |||||||||||||||||||||||||
Cancelled or expired | (36 | ) | 13.05 | |||||||||||||||||||||||||
Options outstanding at September 27, 2014 | 1,868 | $ | 10.39 | 4.5 | $ | 1,700 | ||||||||||||||||||||||
Options vested and expected to vest at September 27, 2014 | 1,847 | $ | 10.42 | 4.44 | $ | 1,652 | ||||||||||||||||||||||
Options exercisable at September 27, 2014 | 1,607 | $ | 10.79 | 3.82 | $ | 1,171 | ||||||||||||||||||||||
Schedule of options outstanding and exercisable | ' | |||||||||||||||||||||||||||
Options Outstanding | Exercisable Options | |||||||||||||||||||||||||||
Range of Exercise | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||||
Prices | Outstanding as | Average | Average | Exercisable as | Average | |||||||||||||||||||||||
of September 27, | Remaining | Exercise | of September 27, | Exercise | ||||||||||||||||||||||||
2014 | Contractual | Price | 2014 | Price | ||||||||||||||||||||||||
Term (years) | ||||||||||||||||||||||||||||
$ | 4.89 | $ | 7.87 | 387,085 | 6.85 | $ | 7.49 | 201,593 | $ | 7.42 | ||||||||||||||||||
7.88 | 8.85 | 457,845 | 4.04 | 8.44 | 395,731 | 8.39 | ||||||||||||||||||||||
8.86 | 10.25 | 379,050 | 4.24 | 9.87 | 365,550 | 9.9 | ||||||||||||||||||||||
10.26 | 15.45 | 453,007 | 3.74 | 12.76 | 453,007 | 12.76 | ||||||||||||||||||||||
15.46 | 18.1 | 191,500 | 3.13 | 16.32 | 191,500 | 16.32 | ||||||||||||||||||||||
$ | 4.89 | $ | 18.1 | 1,868,487 | 4.5 | $ | 10.39 | 1,607,381 | $ | 10.79 | ||||||||||||||||||
Summary of activity of restricted stock units (RSUs) | ' | |||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||||
Award | Remaining | Value | ||||||||||||||||||||||||||
Date Fair | Contractual | |||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||
(in thousands) | Value | (years) | (in thousands) | |||||||||||||||||||||||||
RSUs outstanding at June 28, 2014 | 649 | $ | 8.23 | 1.58 | $ | 5,901 | ||||||||||||||||||||||
Awarded | 114 | 9.55 | ||||||||||||||||||||||||||
Released | (65 | ) | 8.16 | |||||||||||||||||||||||||
Forfeited | (8 | ) | 8.34 | |||||||||||||||||||||||||
RSUs and PSUs outstanding at September 27, 2014 | 690 | $ | 8.45 | 1.39 | $ | 6,864 | ||||||||||||||||||||||
RSUs and PSUs expected to vest after September 27, 2014 | 618 | $ | 8.46 | 1.32 | $ | 6,145 | ||||||||||||||||||||||
Summary of share based compensation expenses classified by consolidated statement of operations | ' | |||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Cost of goods sold | $ | 33 | $ | 36 | ||||||||||||||||||||||||
Research and development | 218 | 297 | ||||||||||||||||||||||||||
Selling, general and administrative | 458 | 396 | ||||||||||||||||||||||||||
Pre-tax share-based compensation expense | 709 | 729 | ||||||||||||||||||||||||||
Income tax impact | 230 | 238 | ||||||||||||||||||||||||||
Net share-based compensation expense | $ | 479 | $ | 491 | ||||||||||||||||||||||||
Summary of share-based compensation by type of award | ' | |||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Stock options | $ | 97 | $ | 239 | ||||||||||||||||||||||||
Restricted stock units | 340 | 438 | ||||||||||||||||||||||||||
Performance stock units | 217 | — | ||||||||||||||||||||||||||
Stock purchase plan | 55 | 52 | ||||||||||||||||||||||||||
Total share-based compensation expense | $ | 709 | $ | 729 |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Tables) | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Investments in Unconsolidated Affiliate [Abstract] | ' | ||||||||
Investment in unconsolidated affiliate | ' | ||||||||
September 27, | June 28, | ||||||||
(in thousands) | 2014 | 2014 | |||||||
Jiyuan Crystal Photoelectric Frequency Technology Ltd. | $ | 2,495 | $ | 2,445 | |||||
Investments_in_Marketable_Secu1
Investments in Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Investments In Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of investments by major security type | ' | ||||||||||||||||||||||||
As of September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Unrealized | Net | Fair Value | ||||||||||||||||||||
Cost | Gains | Losses | Unrealized | ||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
Time deposits | $ | 30,257 | $ | — | $ | — | $ | — | $ | 30,257 | |||||||||||||||
Repurchase agreements | 501 | — | — | — | 501 | ||||||||||||||||||||
National government and agency securities | 4,916 | 96 | (4 | ) | 92 | 5,008 | |||||||||||||||||||
State and municipal bond obligations | 7,801 | 36 | (15 | ) | 21 | 7,822 | |||||||||||||||||||
Corporate bonds and notes | 40,971 | 138 | (137 | ) | 1 | 40,972 | |||||||||||||||||||
Asset backed securities | 7,231 | 12 | (14 | ) | (2 | ) | 7,229 | ||||||||||||||||||
Mortgage backed securities | 4,445 | 23 | (9 | ) | 14 | 4,459 | |||||||||||||||||||
Total | $ | 96,122 | $ | 305 | $ | (179 | ) | $ | 126 | $ | 96,248 | ||||||||||||||
At June 28, 2014 a summary of investments by major security type is as follows: | |||||||||||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Unrealized | Net | Fair Value | ||||||||||||||||||||
Cost | Gains | Losses | Unrealized | ||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
Time deposits | $ | 17,693 | $ | — | $ | — | $ | — | $ | 17,693 | |||||||||||||||
Repurchase agreements | 500 | — | — | — | 500 | ||||||||||||||||||||
US Treasury securities | 526 | 1 | — | 1 | 527 | ||||||||||||||||||||
National government and agency securities | 4,962 | 95 | (2 | ) | 93 | 5,055 | |||||||||||||||||||
State and municipal bond obligations | 7,090 | 63 | (4 | ) | 59 | 7,149 | |||||||||||||||||||
Corporate bonds and notes | 42,675 | 249 | (143 | ) | 106 | 42,781 | |||||||||||||||||||
Asset backed securities | 7,592 | 28 | (6 | ) | 22 | 7,614 | |||||||||||||||||||
Mortgage backed securities | 4,766 | 26 | (7 | ) | 19 | 4,785 | |||||||||||||||||||
Total | $ | 85,804 | $ | 462 | $ | (162 | ) | $ | 300 | $ | 86,104 | ||||||||||||||
Gross unrealized losses and fair market values of the Company's investments | ' | ||||||||||||||||||||||||
Continuous Unrealized Losses at September 27, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
National government and agency securities | $ | 946 | $ | 3 | $ | 32 | $ | 1 | $ | 978 | $ | 4 | |||||||||||||
State and municipal bond obligations | 3,867 | 11 | 471 | 4 | 4,338 | 15 | |||||||||||||||||||
Corporate bonds and notes | 10,466 | 44 | 5,425 | 93 | 15,891 | 137 | |||||||||||||||||||
Asset backed securities | 2,760 | 9 | 1,080 | 5 | 3,840 | 14 | |||||||||||||||||||
Mortgage backed securities | 1,933 | 8 | 399 | 1 | 2,332 | 9 | |||||||||||||||||||
Total | $ | 19,972 | $ | 75 | $ | 7,407 | $ | 104 | $ | 27,379 | $ | 179 | |||||||||||||
Continuous Unrealized Losses at June 28, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
National government and agency securities | $ | 282 | $ | 1 | $ | 91 | $ | 1 | $ | 373 | $ | 2 | |||||||||||||
State and municipal bond obligations | — | — | 695 | 4 | 695 | 4 | |||||||||||||||||||
Corporate bonds and notes | 3,901 | 11 | 5,801 | 132 | 9,702 | 143 | |||||||||||||||||||
Asset backed securities | 895 | 1 | 1,195 | 5 | 2,090 | 6 | |||||||||||||||||||
Mortgage backed securities | 1,083 | 3 | 504 | 4 | 1,587 | 7 | |||||||||||||||||||
Total | $ | 6,161 | $ | 16 | $ | 8,286 | $ | 146 | $ | 14,447 | $ | 162 | |||||||||||||
Fair market value of short and long-term investments | ' | ||||||||||||||||||||||||
(in thousands) | 27-Sep-14 | ||||||||||||||||||||||||
Contractual Maturities | |||||||||||||||||||||||||
Less than 12 months | $ | 27,393 | |||||||||||||||||||||||
One to three years | 32,947 | ||||||||||||||||||||||||
Over three years | 28,486 | ||||||||||||||||||||||||
Multiple dates | 7,422 | ||||||||||||||||||||||||
Total | $ | 96,248 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
Fair value measurement | ' | |||||||||||||||||||
As of September 27, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Investments | ||||||||||||||||||||
Time deposits | $ | 30,745 | $ | — | $ | 30,745 | $ | — | ||||||||||||
Repurchase Agreements | 9,679 | — | 9,679 | — | ||||||||||||||||
National government and agency securities | 5,008 | — | 5,008 | — | ||||||||||||||||
State and municipal bond obligations | 7,822 | — | 7,822 | — | ||||||||||||||||
Corporate bonds and notes | 40,972 | — | 40,972 | — | ||||||||||||||||
Asset backed securities | 7,229 | — | 7,229 | — | ||||||||||||||||
Mortgage backed securities | 4,459 | — | 4,459 | — | ||||||||||||||||
Total | $ | 105,914 | $ | — | $ | 105,914 | $ | — | ||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation [Textual] | ' |
Period of warranty | '1 year |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Summary of components of other intangible assets and related accumulated amortization as part of business combinations | ' | ' |
Finite lived intangible assets. Gross | $19,469 | $19,458 |
Finite lived intangible assets, Accumulated Amortization | -13,579 | -12,849 |
Total | 5,890 | 6,609 |
Purchased intangible assets, Gross | 19,864 | 19,858 |
Purchased intangible assets, Accumulated Amortization | -13,579 | -12,849 |
Purchased intangible assets, Net | 6,285 | 7,009 |
Customer relationships [Member] | ' | ' |
Summary of components of other intangible assets and related accumulated amortization as part of business combinations | ' | ' |
Finite lived intangible assets. Gross | 6,068 | 6,056 |
Finite lived intangible assets, Accumulated Amortization | -4,167 | -3,913 |
Total | 1,901 | 2,143 |
Core developed technology [Member] | ' | ' |
Summary of components of other intangible assets and related accumulated amortization as part of business combinations | ' | ' |
Finite lived intangible assets. Gross | 13,401 | 13,402 |
Finite lived intangible assets, Accumulated Amortization | -9,412 | -8,936 |
Total | 3,989 | 4,466 |
SaRonix trade name [Member] | ' | ' |
Summary of components of other intangible assets and related accumulated amortization as part of business combinations | ' | ' |
Indefinite lived intangible assets, Gross | 395 | 400 |
Indefinite lived intangible assets, Accumulated Amortization | ' | ' |
Indefinite lived intangible assets, Net | $395 | $400 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Summary of future amortization expense associated with intangible assets | ' | ' |
Next 12 Months | $2,911 | ' |
13-24 Months | 2,717 | ' |
25-36 Months | 262 | ' |
Over 36 Months | ' | ' |
Total | 5,890 | 6,609 |
Customer relationships [Member] | ' | ' |
Summary of future amortization expense associated with intangible assets | ' | ' |
Next 12 Months | 992 | ' |
13-24 Months | 909 | ' |
25-36 Months | ' | ' |
Over 36 Months | ' | ' |
Total | 1,901 | 2,143 |
Core developed technology [Member] | ' | ' |
Summary of future amortization expense associated with intangible assets | ' | ' |
Next 12 Months | 1,919 | ' |
13-24 Months | 1,808 | ' |
25-36 Months | 262 | ' |
Over 36 Months | ' | ' |
Total | $3,989 | $4,466 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 3 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Intangible Assets (Textual) | ' | ' |
Amortization expense related to finite-lived purchased intangible assets | $725,000,000 | $785,000,000 |
Impairment of intangible assets | $0 | ' |
Customer Relationships [Member] | Minimum [Member] | ' | ' |
Intangible Assets (Textual) | ' | ' |
Finite lived intangible assets weighted average useful lives | '1 year | ' |
Customer Relationships [Member] | Maximum [Member] | ' | ' |
Intangible Assets (Textual) | ' | ' |
Finite lived intangible assets weighted average useful lives | '3 years | ' |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Computation of basic and diluted income per share | ' | ' |
Net income | $2,495 | $374 |
Computation of common shares outstanding - basic earnings per share: | ' | ' |
Weighted average shares of common stock | 21,936 | 22,794 |
Basic earnings per share | $0.11 | $0.02 |
Computation of common shares outstanding - diluted earnings per share: | ' | ' |
Weighted average shares of common stock | 21,936 | 22,794 |
Dilutive shares using the treasury stock method | 326 | 157 |
Shares used in computing diluted earnings per share | 22,262 | 22,951 |
Diluted earnings per share | $0.11 | $0.02 |
Income_Per_Share_Details_Textu
Income Per Share (Details Textual) | 3 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Common Stock [Member] | ' | ' |
Income Per Share (Textual) | ' | ' |
Number of shares excluded from the computation of diluted net earnings per share | 1,256,000 | 2,366,000 |
Restricted Stock [Member] | ' | ' |
Income Per Share (Textual) | ' | ' |
Number of shares excluded from the computation of diluted net earnings per share | 0 | 4,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Components of inventories | ' | ' |
Raw materials | $5,433 | $5,829 |
Work in process | 2,843 | 2,468 |
Finished goods | 3,642 | 3,991 |
Total inventories | $11,918 | $12,288 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 |
Inventories (Textual) | ' | ' |
Raw material inventory reserves, Description | ' | ' |
The Company considers raw material inventory obsolete and reserves it if the raw material has not been placed into production within 365 days. | ||
Description of inventory assembled devices | ' | ' |
The Company reviews its assembled devices for excess and records a reserve if the quantity of assembled devices in inventory is in excess of the greater of the quantity shipped in the previous twelve months, the quantity in backlog or the quantity forecasted to be shipped in the following twelve months. In certain circumstances, management will determine, based on expected usage or other factors, that inventory considered excess by these guidelines should not be reserved. The Company does occasionally determine that the last twelve months’ sales levels will not continue and reserves inventory in line with the quantity forecasted. | ||
Inventory reserved | $3.10 | $3.20 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of accrued liabilities | ' | ' |
Accrued compensation | $6,564 | $6,892 |
Income taxes payable | 1,726 | 1,140 |
Sales commissions | 302 | 307 |
Other accrued expenses | 1,528 | 1,595 |
Total accrued liabilities | $10,120 | $9,934 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Schedule of future minimum commitments | ' |
Less than 12 Months | $877 |
12-24 Months | 113 |
24-36 Months | 20 |
Over 36 | ' |
Total | 1,010 |
Operating lease payments [Member] | ' |
Schedule of future minimum commitments | ' |
Less than 12 Months | 423 |
12-24 Months | 48 |
24-36 Months | 20 |
Over 36 | ' |
Total | 491 |
Capital equipment purchase commitments [Member] | ' |
Schedule of future minimum commitments | ' |
Less than 12 Months | 216 |
12-24 Months | ' |
24-36 Months | ' |
Over 36 | ' |
Total | 216 |
Facility modification commitments [Member] | ' |
Schedule of future minimum commitments | ' |
Less than 12 Months | 238 |
12-24 Months | 65 |
24-36 Months | ' |
Over 36 | ' |
Total | $303 |
Industry_and_Segment_Informati2
Industry and Segment Information (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | |
Net Revenues [Member] | Net Revenues [Member] | Net Revenues [Member] | Net Revenues [Member] | Net Revenues [Member] | Net Revenues [Member] | Net Revenues [Member] | Net Revenues [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | |
Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | All others [Member] | All others [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | All others [Member] | All others [Member] | |||||
Summary of net revenues and accounts receivable in excess of 10 percent with any single customer [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues and accounts receivable in excess of 10 percent with any single customer | 100.00% | 100.00% | 29.00% | 25.00% | 12.00% | 10.00% | 59.00% | 65.00% | 100.00% | 100.00% | 28.00% | 29.00% | 7.00% | 8.00% | 65.00% | 63.00% |
Industry_and_Segment_Informati3
Industry and Segment Information (Details 1) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 |
Schedule of net revenues and net book value of long-lived assets by geographical segment [Abstract] | ' | ' | ' |
Net revenues | $33,259 | $32,608 | ' |
Total long-lived assets | 58,083 | ' | 58,537 |
China (including Hong Kong) [Member] | ' | ' | ' |
Schedule of net revenues and net book value of long-lived assets by geographical segment [Abstract] | ' | ' | ' |
Net revenues | 16,178 | 15,092 | ' |
Total long-lived assets | 31,530 | ' | 32,234 |
Taiwan [Member] | ' | ' | ' |
Schedule of net revenues and net book value of long-lived assets by geographical segment [Abstract] | ' | ' | ' |
Net revenues | 10,805 | 9,767 | ' |
Total long-lived assets | 12,297 | ' | 12,914 |
US (Member) | ' | ' | ' |
Schedule of net revenues and net book value of long-lived assets by geographical segment [Abstract] | ' | ' | ' |
Net revenues | 1,462 | 1,814 | ' |
Total long-lived assets | 13,056 | ' | 12,154 |
Korea [Member] | ' | ' | ' |
Schedule of net revenues and net book value of long-lived assets by geographical segment [Abstract] | ' | ' | ' |
Total long-lived assets | 1,023 | ' | 1,067 |
Others (less than 10% each) [Member] | ' | ' | ' |
Schedule of net revenues and net book value of long-lived assets by geographical segment [Abstract] | ' | ' | ' |
Net revenues | 4,814 | 5,935 | ' |
Total long-lived assets | $177 | ' | $168 |
Industry_and_Segment_Informati4
Industry and Segment Information (Details Textual) | 3 Months Ended |
Sep. 27, 2014 | |
Segment | |
Segment Reporting (Textual) | ' |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Net revenues and accounts receivable in excess rate | 10.00% |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 3 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Apr. 24, 2014 | Apr. 26, 2012 | |
Stock Repurchase Program (Textual) | ' | ' | ' | ' |
Common stock value authorized to repurchase under share repurchase program | ' | ' | $20,000,000 | $25,000,000 |
Stock repurchased during period, Shares | 250,547 | 106,645 | ' | ' |
Stock repurchased during period, Value | 2,300,000 | 765,000 | ' | ' |
Remaining shares authorized to repurchase under the 2012 authority and 2014 share repurchase programs | $24,300,000 | ' | ' | ' |
Shareholders_Equity_and_ShareB2
Shareholders' Equity and Share-Based Compensation (Details) (Stock Option [Member]) | 3 Months Ended |
Sep. 28, 2013 | |
Stock Option [Member] | ' |
Shedule of weighted average assumptions of stock options granted under its stock incentive plans | ' |
Expected Life | '5 years 10 months 24 days |
Risk-free interest rate | 0.81% |
Volatility | 54.00% |
Dividend Yield | ' |
Shareholders_Equity_and_ShareB3
Shareholders' Equity and Share-Based Compensation (Details 1) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 |
Schedule of stock option plan activity | ' |
Beginning Balance, Options Outstanding | 2,085 |
Options Outstanding, granted | ' |
Option Outstanding, exercised | -181 |
Option Outstanding, forfeited or expired | -36 |
Ending balance, Option Outstanding | 1,868 |
Option Outstanding, Options vested and expected to vest | 1,847 |
Option Outstanding, Options exercisable | 1,607 |
Beginning Balance, Weighted Average Exercise Price | $10.25 |
Weighted Average Exercise Price, granted | ' |
Weighted Average Exercise Price, Exercised | $8.29 |
Weighted Average Exercise Price, forfeited or expired | $13.05 |
Ending Balance, Weighted Average Exercise Price | $10.39 |
Weighted Average Exercise Price, Options vested and expected to vest | $10.42 |
Weighted Average Exercise Price, Options exercisable | $10.79 |
Weighted Average Remaining Contractual Term, Options outstanding, Beginning balance | '4 years 6 months 15 days |
Weighted Average Remaining Contractual Term, Options outstanding, Ending balance | '4 years 6 months |
Options vested and expected to vest at September 27, 2014, Weighted Average Remaining Contractual Term | '4 years 5 months 9 days |
Weighted Average Remaining Contractual Term, Options exercisable | '3 years 9 months 26 days |
Beginning balance, Aggregate Intrinsic Value | $1,077 |
Ending balance, Aggregate Intrinsic Value | 1,700 |
Aggregate intrinsic value, Options vested and expected to vest | 1,652 |
Aggregate intrinsic value, Options exercisable | $1,171 |
Shareholders_Equity_and_ShareB4
Shareholders' Equity and Share-Based Compensation (Details 2) (USD $) | 3 Months Ended |
Sep. 27, 2014 | |
Exercise price range one [Member] | ' |
Schedule of options outstanding and exercisable | ' |
Range of exercise price, lower range limit | $4.89 |
Range of exercise price, Upper range limit | $7.87 |
Exercise price range, Weighted Number of outstanding | 387,085 |
Option Outstanding, Weighted Average Remaining Contractual Term (years) | '6 years 10 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $7.49 |
Exercisable Options, Number Exercisable | 201,593 |
Exercisable Options, Weighted Average Exercise Price | $7.42 |
Exercise price range two [Member] | ' |
Schedule of options outstanding and exercisable | ' |
Range of exercise price, lower range limit | $7.88 |
Range of exercise price, Upper range limit | $8.85 |
Exercise price range, Weighted Number of outstanding | 457,845 |
Option Outstanding, Weighted Average Remaining Contractual Term (years) | '4 years 15 days |
Options Outstanding, Weighted Average Exercise Price | $8.44 |
Exercisable Options, Number Exercisable | 395,731 |
Exercisable Options, Weighted Average Exercise Price | $8.39 |
Exercise price range three [Member] | ' |
Schedule of options outstanding and exercisable | ' |
Range of exercise price, lower range limit | $8.86 |
Range of exercise price, Upper range limit | $10.25 |
Exercise price range, Weighted Number of outstanding | 379,050 |
Option Outstanding, Weighted Average Remaining Contractual Term (years) | '4 years 2 months 27 days |
Options Outstanding, Weighted Average Exercise Price | $9.87 |
Exercisable Options, Number Exercisable | 365,550 |
Exercisable Options, Weighted Average Exercise Price | $9.90 |
Exercise price range four [Member] | ' |
Schedule of options outstanding and exercisable | ' |
Range of exercise price, lower range limit | $10.26 |
Range of exercise price, Upper range limit | $15.45 |
Exercise price range, Weighted Number of outstanding | 453,007 |
Option Outstanding, Weighted Average Remaining Contractual Term (years) | '3 years 8 months 27 days |
Options Outstanding, Weighted Average Exercise Price | $12.76 |
Exercisable Options, Number Exercisable | 453,007 |
Exercisable Options, Weighted Average Exercise Price | $12.76 |
Exercise price range five [Member] | ' |
Schedule of options outstanding and exercisable | ' |
Range of exercise price, lower range limit | $15.46 |
Range of exercise price, Upper range limit | $18.10 |
Exercise price range, Weighted Number of outstanding | 191,500 |
Option Outstanding, Weighted Average Remaining Contractual Term (years) | '3 years 1 month 17 days |
Options Outstanding, Weighted Average Exercise Price | $16.32 |
Exercisable Options, Number Exercisable | 191,500 |
Exercisable Options, Weighted Average Exercise Price | $16.32 |
Exercise price range six [Member] | ' |
Schedule of options outstanding and exercisable | ' |
Range of exercise price, lower range limit | $4.89 |
Range of exercise price, Upper range limit | $18.10 |
Exercise price range, Weighted Number of outstanding | 1,868,487 |
Option Outstanding, Weighted Average Remaining Contractual Term (years) | '4 years 6 months |
Options Outstanding, Weighted Average Exercise Price | $10.39 |
Exercisable Options, Number Exercisable | 1,607,381 |
Exercisable Options, Weighted Average Exercise Price | $10.79 |
Shareholders_Equity_and_ShareB5
Shareholders' Equity and Share-Based Compensation (Details 3) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 |
Restricted Stock Units (RSUs) [Member] | ' |
Summary of activity of restricted stock units (RSUs) | ' |
RUS's outstanding, Awarded | 500 |
Restricted Stock Units and Performance Stock Units [Member] | ' |
Summary of activity of restricted stock units (RSUs) | ' |
RSUs outstanding , Beginning balance | 649,000 |
RUS's outstanding, Awarded | 114,000 |
RUS's outstanding, Released | -65,000 |
RUS's outstanding, Forfeited | -8,000 |
RSUs and PSUs outstanding, Ending Balance | 690,000 |
RSU's and PSUs expected to vest, Number of Shares | 618,000 |
RSUs outstanding, Weighted average grant date fair value, Beginning balance | 8.23 |
RUS's awarded, Weighted average grant date fair value | 9.55 |
RUS's realeased, Weighted average grant date fair value | 8.16 |
RUS's forfeited, Weighted average grant date fair value | 8.34 |
RSUs outstanding, Weighted average grant date fair value, Ending Balance | 8.45 |
RSU's vested and expected to vested, Weighted average grant date fair value | 8.46 |
RSUs outstanding, Weighted average remaining contractual term, Beginning balance | '1 year 6 months 29 days |
RSUs outstanding, Weighted average remaining contractual term, Ending balance | '1 year 4 months 21 days |
RSU's vested and expected to vested, Weighted average remaing contractual term | '1 year 3 months 26 days |
RSUs outstanding, Aggregate intrinsic value, Beginning balance | 5,901 |
RSUs outstanding, Aggregate intrinsic value, Ending balance | 6,864 |
RSU's vested and expected to vested, Aggregate intrinsic value | 6,145 |
Shareholders_Equity_and_ShareB6
Shareholders' Equity and Share-Based Compensation (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Summary of share based compensation expenses classified by consolidated statement of operations | ' | ' |
Pre-tax share-based compensation expense | $709 | $729 |
Income tax impact | 230 | 238 |
Net share-based compensation expense | 479 | 491 |
Cost of goods sold [Member] | ' | ' |
Summary of share based compensation expenses classified by consolidated statement of operations | ' | ' |
Pre-tax share-based compensation expense | 33 | 36 |
Research and development [Member] | ' | ' |
Summary of share based compensation expenses classified by consolidated statement of operations | ' | ' |
Pre-tax share-based compensation expense | 218 | 297 |
Selling, general and administrative [Member] | ' | ' |
Summary of share based compensation expenses classified by consolidated statement of operations | ' | ' |
Pre-tax share-based compensation expense | $458 | $396 |
Shareholders_Equity_and_ShareB7
Shareholders' Equity and Share-Based Compensation (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Summary of share-based compensation by type of award | ' | ' |
Stock options | $97 | $239 |
Restricted stock units | 340 | 438 |
Performance stock units | 217 | ' |
Stock purchase plan | 55 | 52 |
Total share-based compensation expense | $709 | $729 |
Shareholders_Equity_and_ShareB8
Shareholders' Equity and Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended |
Sep. 27, 2014 | |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Aggregate intrinsic value, Options vested and expected to vest | $1,652,000 |
Options exercised during the period | 181,000 |
Board of Directors [Member] | ' |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Preferred stock, shares authorized | 5,000,000 |
Preferred stock, shares issued | 0 |
Restricted Stock Units (RSUs) [Member] | ' |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Options vesting period | '4 years |
Number of shares awarded during the period | 500 |
Performance Stock Units [Member] | ' |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Options vesting period | '12 months |
Restricted Stock Units And Performance Stock Units [Member] | ' |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Unamortized sharebased compensation expense | 3,800,000 |
Weighted average period of recognition | '2 years 3 months 18 days |
Number of shares awarded during the period | 114,000 |
Stock Option Plan [Member] | ' |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Number of stock option plan | 2 |
Reserve of common stock for issuance to employees and officers | 4,200,000 |
Options vesting period | '48 months |
Option expiration period | '10 years |
Unamortized sharebased compensation expense | 843,000 |
Weighted average period of recognition | '2 years 6 months |
Shares available for future grant | 916,000 |
Aggregate intrinsic value of options exercised | 190,000 |
Weighted average fair value of options granted | $3.81 |
2010 Employee stock purchase plan [Member] | ' |
Shareholders' Equity and Share-Based Compensation (Textual) | ' |
Reserve of common stock for issuance to employees and officers | 2,000,000 |
Unamortized sharebased compensation expense | 20,000 |
Shares available for future grant | 1,600,000 |
Purchase option for participants in purchase period | '85% of the lower of the stock's fair market value on the first day and last day of the purchase period. |
Maximum number of common stock by employees in purchase period | 1,500 |
Maximum amount that can be accrued in offering periog for stock purchased | $15,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | |
Income Taxes (Textual) | ' | ' | ' |
Income tax expense (benefits) | $1,010,000 | $231,000 | ' |
Effective rate of tax | 29.00% | 41.00% | ' |
Valuation allowance | 5,100,000 | ' | 5,100,000 |
Unrecognized tax benefits | 1,846,000 | ' | ' |
Unrecognized tax benefits that would affect the Company's effective tax rate if recognized | 719,000 | ' | ' |
Accrued interest and penalties related to unrecognized tax benefits | $229,000 | ' | ' |
Income tax examination year, range | '2008 through 2014 | ' | ' |
Investment_in_Unconsolidated_A2
Investment in Unconsolidated Affiliate (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Investment in unconsolidated affiliate | ' | ' |
Jiyuan Crystal Photoelectric Frequency Technology Ltd. | $2,495 | $2,445 |
Investment_in_Unconsolidated_A3
Investment in Unconsolidated Affiliate (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Investment in Unconsolidated Affiliate (Textual) | ' | ' |
Equity in net income of unconsolidated affiliate | $39 | $43 |
Jiyuan Crystal Photoelectric Frequency Technology Ltd [Member] | ' | ' |
Investment in Unconsolidated Affiliate (Textual) | ' | ' |
Equity interest | 49.00% | ' |
Equity_and_Comprehensive_Incom1
Equity and Comprehensive Income (Details) (USD $) | 3 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | |
Equity and Comprehensive Income (Textual) | ' | ' | ' |
Accumulated other comprehensive income | $10,653,000 | $11,300,000 | $11,170,000 |
Accumulated currency translation gains included in accumulated other comprehensive income | 10,600,000 | 11,600,000 | ' |
Net unrealized gains on available-for-sale investments | 126,000 | 318,000 | ' |
Tax provision/benefit | $53,000 | $73,000 | ' |
ShortTerm_Debt_Details
Short-Term Debt (Details) (PSE-TW [Member]) | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 |
Unsecured facility one [Member] | Unsecured facility one [Member] | Unsecured facility two [Member] | Unsecured facility two [Member] | |
USD ($) | TWD | USD ($) | TWD | |
Short-Term Debt (Textual) | ' | ' | ' | ' |
Unsecured debt | $3.30 | 100 | $2.60 | 80 |
Maximum borrowing capacity | $2.30 | 70 | $2 | 60 |
Unsecured facility term period | 'Loans under this facility are limited to $70 million NTD (U.S. $2.3 million), are for up to 180 days, and are based on the Taiwan Interbank Offered Rate ("TAIBOR") plus 1.25% and may be in NTD, USD, Japanese yen ("JPY") or other currencies. | 'Loans under this facility are limited to $70 million NTD (U.S. $2.3 million), are for up to 180 days, and are based on the Taiwan Interbank Offered Rate ("TAIBOR") plus 1.25% and may be in NTD, USD, Japanese yen ("JPY") or other currencies. | 'Loans under this facility are limited to $60 million NTD (U.S. $2.0 million), are for up to 180 days, with the interest rate determined on a case by case basis, and may be in NTD, USD, or JPY. | 'Loans under this facility are limited to $60 million NTD (U.S. $2.0 million), are for up to 180 days, with the interest rate determined on a case by case basis, and may be in NTD, USD, or JPY. |
Taiwan Interbank Offered Rate | 1.25% | 1.25% | ' | ' |
Industrial_Development_Subsidy1
Industrial Development Subsidy (Details) (USD $) | 3 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | |
Industrial Development Subsidy (Textual) | ' | ' | ' |
Subsidy recieved | $12,800,000 | ' | ' |
Remaining subsidy | 6,100,000 | ' | 843,000 |
Period over which remaining subsidy to be recognized | ' | ' | ' |
Five to seven years | |||
Subsidy used in reduction in cost of goods sold | 188,000 | 188,000 | ' |
Subsidy used in reduction in cost of operating expenses | $47,000 | $46,000 | ' |
Investments_in_Marketable_Secu2
Investments in Marketable Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 |
Available-for-Sale Securities | ' | ' |
Amortized Cost | $96,122 | $85,804 |
Unrealized Gains | 305 | 462 |
Unrealized Losses | -179 | -162 |
Net Unrealized Gains (Losses) | 126 | 300 |
Fair Value | 96,248 | 86,104 |
Time deposits [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 30,257 | 17,693 |
Unrealized Gains | ' | ' |
Unrealized Losses | ' | ' |
Net Unrealized Gains (Losses) | ' | ' |
Fair Value | 30,257 | 17,693 |
Repurchase agreements [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 501 | 500 |
Unrealized Gains | ' | ' |
Unrealized Losses | ' | ' |
Net Unrealized Gains (Losses) | ' | ' |
Fair Value | 501 | 500 |
US Treasury securities [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | ' | 526 |
Unrealized Gains | ' | 1 |
Unrealized Losses | ' | ' |
Net Unrealized Gains (Losses) | ' | 1 |
Fair Value | ' | 527 |
National government and agency securities [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 4,916 | 4,962 |
Unrealized Gains | 96 | 95 |
Unrealized Losses | -4 | -2 |
Net Unrealized Gains (Losses) | 92 | 93 |
Fair Value | 5,008 | 5,055 |
State and municipal bond obligations [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 7,801 | 7,090 |
Unrealized Gains | 36 | 63 |
Unrealized Losses | -15 | -4 |
Net Unrealized Gains (Losses) | 21 | 59 |
Fair Value | 7,822 | 7,149 |
Corporate bonds and notes [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 40,971 | 42,675 |
Unrealized Gains | 138 | 249 |
Unrealized Losses | -137 | -143 |
Net Unrealized Gains (Losses) | 1 | 106 |
Fair Value | 40,972 | 42,781 |
Asset backed securities [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 7,231 | 7,592 |
Unrealized Gains | 12 | 28 |
Unrealized Losses | -14 | -6 |
Net Unrealized Gains (Losses) | -2 | 22 |
Fair Value | 7,229 | 7,614 |
Mortgage backed securities [Member] | ' | ' |
Available-for-Sale Securities | ' | ' |
Amortized Cost | 4,445 | 4,766 |
Unrealized Gains | 23 | 26 |
Unrealized Losses | -9 | -7 |
Net Unrealized Gains (Losses) | 14 | 19 |
Fair Value | $4,459 | $4,785 |
Investments_in_Marketable_Secu3
Investments in Marketable Securities (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 |
Gross unrealized losses and fair market values of the Company's investments | ' | ' |
Less Than 12 months, Fair Value | $19,972 | $6,161 |
Less Than 12 Months, Unrealized Losses | 75 | 16 |
12 Months or Longer, Fair Value | 7,407 | 8,286 |
12 Months or Longer, Unrealized Losses | 104 | 146 |
Total, Fair Value | 27,379 | 14,447 |
Total, Unrealized Losses | 179 | 162 |
National government and agency securities [Member] | ' | ' |
Gross unrealized losses and fair market values of the Company's investments | ' | ' |
Less Than 12 months, Fair Value | 946 | 282 |
Less Than 12 Months, Unrealized Losses | 3 | 1 |
12 Months or Longer, Fair Value | 32 | 91 |
12 Months or Longer, Unrealized Losses | 1 | 1 |
Total, Fair Value | 978 | 373 |
Total, Unrealized Losses | 4 | 2 |
State and municipal bond obligations [Member] | ' | ' |
Gross unrealized losses and fair market values of the Company's investments | ' | ' |
Less Than 12 months, Fair Value | 3,867 | ' |
Less Than 12 Months, Unrealized Losses | 11 | ' |
12 Months or Longer, Fair Value | 471 | 695 |
12 Months or Longer, Unrealized Losses | 4 | 4 |
Total, Fair Value | 4,338 | 695 |
Total, Unrealized Losses | 15 | 4 |
Corporate bonds and notes [Member] | ' | ' |
Gross unrealized losses and fair market values of the Company's investments | ' | ' |
Less Than 12 months, Fair Value | 10,466 | 3,901 |
Less Than 12 Months, Unrealized Losses | 44 | 11 |
12 Months or Longer, Fair Value | 5,425 | 5,801 |
12 Months or Longer, Unrealized Losses | 93 | 132 |
Total, Fair Value | 15,891 | 9,702 |
Total, Unrealized Losses | 137 | 143 |
Asset backed securities [Member] | ' | ' |
Gross unrealized losses and fair market values of the Company's investments | ' | ' |
Less Than 12 months, Fair Value | 2,760 | 895 |
Less Than 12 Months, Unrealized Losses | 9 | 1 |
12 Months or Longer, Fair Value | 1,080 | 1,195 |
12 Months or Longer, Unrealized Losses | 5 | 5 |
Total, Fair Value | 3,840 | 2,090 |
Total, Unrealized Losses | 14 | 6 |
Mortgage backed securities [Member] | ' | ' |
Gross unrealized losses and fair market values of the Company's investments | ' | ' |
Less Than 12 months, Fair Value | 1,933 | 1,083 |
Less Than 12 Months, Unrealized Losses | 8 | 3 |
12 Months or Longer, Fair Value | 399 | 504 |
12 Months or Longer, Unrealized Losses | 1 | 4 |
Total, Fair Value | 2,332 | 1,587 |
Total, Unrealized Losses | $9 | $7 |
Investments_in_Marketable_Secu4
Investments in Marketable Securities (Details 2) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Fair market value of short and long-term investments | ' |
Less than 12 months | $27,393 |
One to three years | 32,947 |
Over three years | 28,486 |
Multiple dates | 7,422 |
Total | $96,248 |
Investments_in_Marketable_Secu5
Investments in Marketable Securities (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Investments in Marketable Securities (Textual) | ' | ' |
Proceeds from maturities and sales of available-for-sale investments | $15,292 | $16,538 |
(Gain) loss on sale of investments | ($6) | $44 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Level 1 [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | Time deposits [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | Repurchase Agreements [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | National government and agency securities [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | State and municipal bond obligations [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | Corporate bonds and notes [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | Asset backed securities [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 1 [Member] | Mortgage backed securities [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 2 [Member] | ' |
Fair value measurement | ' |
Total | 105,914 |
Level 2 [Member] | Time deposits [Member] | ' |
Fair value measurement | ' |
Total | 30,745 |
Level 2 [Member] | Repurchase Agreements [Member] | ' |
Fair value measurement | ' |
Total | 9,679 |
Level 2 [Member] | National government and agency securities [Member] | ' |
Fair value measurement | ' |
Total | 5,008 |
Level 2 [Member] | State and municipal bond obligations [Member] | ' |
Fair value measurement | ' |
Total | 7,822 |
Level 2 [Member] | Corporate bonds and notes [Member] | ' |
Fair value measurement | ' |
Total | 40,972 |
Level 2 [Member] | Asset backed securities [Member] | ' |
Fair value measurement | ' |
Total | 7,229 |
Level 2 [Member] | Mortgage backed securities [Member] | ' |
Fair value measurement | ' |
Total | 4,459 |
Level 3 [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | Time deposits [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | Repurchase Agreements [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | National government and agency securities [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | State and municipal bond obligations [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | Corporate bonds and notes [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | Asset backed securities [Member] | ' |
Fair value measurement | ' |
Total | ' |
Level 3 [Member] | Mortgage backed securities [Member] | ' |
Fair value measurement | ' |
Total | ' |
Fair Value [Member] | ' |
Fair value measurement | ' |
Total | 105,914 |
Fair Value [Member] | Time deposits [Member] | ' |
Fair value measurement | ' |
Total | 30,745 |
Fair Value [Member] | Repurchase Agreements [Member] | ' |
Fair value measurement | ' |
Total | 9,679 |
Fair Value [Member] | National government and agency securities [Member] | ' |
Fair value measurement | ' |
Total | 5,008 |
Fair Value [Member] | State and municipal bond obligations [Member] | ' |
Fair value measurement | ' |
Total | 7,822 |
Fair Value [Member] | Corporate bonds and notes [Member] | ' |
Fair value measurement | ' |
Total | 40,972 |
Fair Value [Member] | Asset backed securities [Member] | ' |
Fair value measurement | ' |
Total | 7,229 |
Fair Value [Member] | Mortgage backed securities [Member] | ' |
Fair value measurement | ' |
Total | $4,459 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Fair Value Measurements (Textual) | ' |
Fair value of assets transfers into or out of Level 2 | $0 |
Time deposits [Member] | ' |
Fair Value Measurements (Textual) | ' |
Cash and cash equivalents | 488,000 |
Repurchase Agreements [Member] | ' |
Fair Value Measurements (Textual) | ' |
Cash and cash equivalents | $9,178,000 |