Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 09, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | SMTC CORP | |
Entity Central Index Key | 0001108320 | |
Trading Symbol | smtx | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 23,353,558 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Current assets: | ||
Cash | $ 1,596 | $ 1,601 |
Accounts receivable — net (note 4) | 74,180 | 72,986 |
Unbilled contract assets (note 4) | 24,208 | 20,405 |
Inventories (note 4) | 48,660 | 53,203 |
Prepaid expenses and other assets | 6,630 | 5,548 |
Derivative assets (note 10) | 15 | |
Income taxes receivable | 158 | 160 |
Total current assets | 155,432 | 153,918 |
Property, plant and equipment — net (note 4) | 27,213 | 28,160 |
Operating lease right of use assets — net (note 4 and 5) | 4,904 | |
Goodwill (note 4) | 18,165 | 18,165 |
Intangible assets — net (note 4) | 18,091 | 19,935 |
Deferred income taxes — net | 388 | 380 |
Deferred financing costs — net | 634 | 668 |
Total assets | 224,827 | 221,226 |
Current liabilities: | ||
Revolving Credit Facility | 23,636 | 25,020 |
Accounts payable | 78,806 | 76,893 |
Accrued liabilities (note 4) | 13,022 | 13,040 |
Warrant liability (note 5) | 1,908 | 2,009 |
Contingent consideration (note 4) | 3,050 | |
Income taxes payable | 39 | 12 |
Current portion of long-term debt (note 5) | 1,368 | 1,368 |
Current portion of operating lease obligations (notes 2 and 6) | 2,070 | |
Current portion of finance lease obligations (notes 2 and 6) | 1,485 | 1,547 |
Total current liabilities | 122,334 | 122,939 |
Long-term debt (note 5) | 55,963 | 56,039 |
Operating lease obligations (notes 2 and 6) | 3,338 | |
Finance lease obligations (notes 2 and 6) | 9,592 | 9,947 |
Total liabilities | 191,227 | 188,925 |
Shareholders’ equity: | ||
Capital stock (note 7) | 460 | 458 |
Additional paid-in capital | 278,734 | 278,648 |
Deficit | (245,594) | (246,805) |
Total Stockholders' Equity | 33,600 | 32,301 |
Total liabilities and shareholders’ equity | 224,827 | 221,226 |
Commitments (note 12) |
Interim Consolidated Statements
Interim Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Revenue (note 4) | $ 102,649 | $ 37,120 |
Cost of sales (note 11) | 94,025 | 33,270 |
Gross profit | 8,624 | 3,850 |
Selling, general and administrative expenses | 6,698 | 3,509 |
Change in fair value of contingent consideration (note 4) | (3,050) | |
Restructuring charges (note 4) | 624 | |
Operating income | 4,352 | 341 |
Interest expense (note 4) | 2,870 | 307 |
Net income before income taxes | 1,482 | 34 |
Income tax expense (recovery) (note 8): | ||
Current | 279 | 110 |
Deferred | (8) | (84) |
Total income tax expense (recovery) | 271 | 26 |
Net income and comprehensive income | $ 1,211 | $ 8 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.05 | $ 0 |
Diluted (in dollars per share) | $ 0.05 | $ 0 |
Weighted average number of shares outstanding (note 9): | ||
Basic (in shares) | 23,248,918 | 17,041,504 |
Diluted (in shares) | 24,465,435 | 17,523,890 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 16,992,627 | |||
Balance at Dec. 31, 2017 | $ 396 | $ 265,355 | $ (246,677) | $ 19,074 |
RSU vested and issued in common shares (in shares) | 99,746 | |||
RSU vested and issued in common shares | $ 1 | (1) | ||
Stock-based compensation | 126 | 126 | ||
Net income | 8 | 8 | ||
Impact of adoption of ASC 606 | 320 | 320 | ||
Balance (in shares) at Apr. 01, 2018 | 17,092,373 | |||
Balance at Apr. 01, 2018 | $ 397 | 265,480 | (246,349) | 19,528 |
Balance (in shares) at Dec. 30, 2018 | 23,189,381 | |||
Balance at Dec. 30, 2018 | $ 458 | 278,648 | (246,805) | 32,301 |
RSU vested and issued in common shares (in shares) | 164,177 | |||
RSU vested and issued in common shares | $ 2 | (2) | ||
Stock-based compensation | 88 | 88 | ||
Net income | 1,211 | 1,211 | ||
Balance (in shares) at Mar. 31, 2019 | 23,350,558 | |||
Balance at Mar. 31, 2019 | $ 460 | $ 278,734 | $ (245,594) | $ 33,600 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Operations: | ||
Net income | $ 1,211 | $ 8 |
Items not involving cash: | ||
Depreciation of property, plant & equipment | 1,627 | 774 |
Amortization of intangible assets | 1,844 | |
Unrealized foreign exchange gain on unsettled forward exchange contracts | (319) | |
Deferred income taxes (recovery) | (8) | (84) |
Amortization of deferred financing fees | 34 | 9 |
Stock-based compensation | 88 | 126 |
Change in fair value of warrant liability | (101) | |
Change in fair value of contingent consideration (note 4) | (3,050) | |
Change in non-cash operating working capital: | ||
Accounts receivable | (1,194) | (1,793) |
Unbilled contract assets | (3,803) | (1,735) |
Inventories | 4,543 | (974) |
Prepaid expenses and other assets | (1,067) | (369) |
Income taxes payable | 29 | (48) |
Accounts payable | 1,970 | 3,837 |
Accrued liabilities | 486 | 1,184 |
Net cash provided by (used in) in operating activities | 2,846 | 616 |
Financing: | ||
Repayments of revolving credit facility | (1,384) | (2,149) |
Repayment of long-term debt | (313) | (500) |
Debt issuance and deferred financing fees | (33) | |
Principal repayments of finance lease obligations | (417) | (44) |
Net cash provided by (used in) financing activities | (2,114) | (2,726) |
Investing: | ||
Purchase of property, plant and equipment | (737) | (104) |
Net cash provided by (used in) investing activities | (737) | (104) |
Decrease in cash | (5) | (2,214) |
Cash, beginning of period | 1,601 | 5,536 |
Cash, end of the period | 1,596 | 3,322 |
Supplemental Information | ||
Property, plant and equipment acquired that was unpaid in cash and included in accounts payable | $ 330 | $ 16 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of the business SMTC Corporation (the “Company” or “SMTC”) is a provider of end-to-end electronics manufacturing services (“EMS”), including product design and engineering services, printed circuit board assembly (“PCBA”), production, enclosure, cable assembly, precision metal fabrication, systems integration and comprehensive testing services, configuration to order (“CTO”), build to order (“BTO”) and direct order fulfillment (“DOF”). We have more than 50 March 31, 2019, 3,202 2,697 The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with the accounting principles and methods of application disclosed in the audited consolidated financial statements within the Company’s Form 10 December 30, 2018, ( 10 March 15, 2019, 2. 10 December 30, 2018 not Unless otherwise specified or the context requires otherwise, all statements in these notes to the interim consolidated financial statements regarding financial figures are expressed in thousands of U.S. dollars. |
Note 2 - Impact of Adoption of
Note 2 - Impact of Adoption of ASC 842 | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Impact of adoption of ASC 842 The company adopted ASU No. 2016 02, 842 December 31, 2018, not not not not The Company leases various office facilities and manufacturing equipment. The Company determines if an arrangement contains a lease at contract inception. An arrangement is or contains a lease if the agreement identifies an asset, implicitly or explicitly, that the Company has the right to use over a period of time. If an arrangement contains a lease, the Company classifies the lease as either an operating lease or as a finance lease based on the five 842. Lease liabilities are recognized at commencement date based on the present value of the remaining lease payments over the lease term. The corresponding right-of-use asset is recognized for the same amount as the lease liability adjusted for any payments made at or before the commencement date, any lease incentives received, and any initial direct costs. The Company’s lease agreements may Operating lease expense is recognized on a straight-line basis over the lease term and presented within cost of sales on the Company’s consolidated statements of operations. Finance lease right-of-use assets are amortized on a straight-line basis over the shorter of the useful life of the asset or the lease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presented within interest expense on the Company’s consolidated statements of operations and comprehensive income. Variable rent payments related to both operating and finance leases are expensed as incurred. The Company’s variable lease payments primarily consists of real estate taxes, maintenance and usage charges. The Company made an accounting policy election to combine lease and non-lease components. The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. one 842 The adoption of the new standard resulted in the recording of additional net operating lease right of use assets and operating lease obligations of $5,452 $5,915, December 31, 2018. $463, not no |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements Not Yet Adopted | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 3. Recent Accounting Pronouncements Not In May 2016, 2016 13 326 December 15, 2019 December 15, 2018. not In January 2017, 2017 04: 350 not zero 2 zero December 15, 2019. may In June 2018, 2018 07: 718 December 15, 2018, not In August 2018, 2018 13: 820 820. December 15, 2019. not |
Note 4 - Interim Consolidated F
Note 4 - Interim Consolidated Financial Statement Details | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 4. Interim Consolidated financial statement details The following consolidated financial statement details are presented as of the period ended for the consolidated balance sheets and for the periods ended for each of the consolidated statements of operations and comprehensive loss. Consolidated Balance Sheets Accounts receivable – net: March 3 1 , 201 9 December 30 , 201 8 Trade accounts receivable $ 74,248 $ 72,937 Other receivables 330 447 Allowance for doubtful accounts (398 ) (398 ) Total $ 74,180 $ 72,986 Unbilled contract assets March 3 1 , 201 9 December 30 , 201 8 Opening $ 20,405 $ 3,734 Contract assets additions 24,208 205,387 Contract assets invoiced (20,405 ) (188,716 ) Ending $ 24,208 $ 20,405 Inventories: March 3 1 , 201 9 December 30 , 201 8 Raw materials $ 48,243 $ 52,102 Finished goods — 418 Parts and other 633 896 Provision for obsolescence (216 ) (213 ) Total $ 48,660 $ 53,203 Property, plant and equipment – net: March 3 1 , 201 9 December 30 , 201 8 Cost: Land $ 1,648 $ 1,648 Buildings (b) 18,985 18,985 Machinery and equipment (a) 40,596 40,083 Office furniture and equipment (c) 862 845 Computer hardware and software (d) 4,018 3,945 Leasehold improvements 3,939 3,863 70,048 69,368 Less accumulated depreciation: Land — — Buildings (b) (9,502 ) (9,190 ) Machinery and equipment (a) (28,150 ) (27,093 ) Office furniture and equipment (c) (483 ) (457 ) Computer hardware and software (d) (3,163 ) (3,053 ) Leasehold improvements (1,537 ) (1,415 ) (42,835 ) (41,208 ) Property, plant and equipment—net $ 27,213 $ 28,160 (a) Included within machinery and equipment were assets under finance leases with costs of $2,275 $550 $409 March 31, 2019 December 30, 2018, three March 31, 2019 December 30, 2018 $142 $187, (b) Included within buildings are costs associated with Melbourne facility under finance lease of $9,082 $297 $96 March 31, 2019 December 30, 2018, three March 31, 2019 December 30, 2018 $201 $96, (c) Included within office furniture and equipment were assets under finance leases with costs of $158 $15 $6 March 31, 2019 December 30, 2018, March 31, 2019 December 30, 2018 $10 $6, (d) Included within computer hardware and software were assets under finance leases with costs of $91 $28 $20 March 31, 2019 December 30, 2018, March 31, 2019 December 30, 2018 $8 $20, Intangible assets: March 31 , 201 9 December 30, 2018 Cost: Customer relationships $ 12,350 $ 12,350 Order backlog 6,990 6,990 Trade name 1,300 1,300 Non-compete agreements 360 360 21,000 21,000 Less accumulated amortization: Customer relationships (487 ) (178) Order backlog (1,838 ) (673) Trade name (513 ) (188) Non-compete agreements (71 ) (26) (2,909 ) (1,065) Intangible assets—net $ 18,091 $ 19,935 Amortization expense of $1,844 Goodwill: The carrying value of goodwill as at March 31, 2019 $18,165 December 30, 2018 – $18,165 Accrued liabilities: March 3 1 , 201 9 December 30 , 201 8 Payroll $ 6,046 $ 5,637 Customer related 3,002 2,237 Vendor related 1,498 2,048 Professional services 687 702 Restructuring 254 — Rebates — 236 Interest 259 381 Rent — 428 Other 1,276 1,371 Total $ 13,022 $ 13,040 During the first 2019, $624 10 4 167 March 31, 2019, $254 Contingent Consideration: During the quarter, fair value of the contingent consideration liability was determined to be nil $3,050 fourth $3,050 twelve March 31, 2019. no March 31, 2019. Consolidated Statements of Opera tions and Comprehensive Income Interest expense: Three months ended March 3 1 , 201 9 April 1 , 201 8 Long-term debt $ 1,752 $ 109 Revolving credit facility 619 175 Amortization of deferred financing fees 34 9 Amortization of debt issuance costs 237 — Obligations under finance leases 228 14 Total $ 2,870 $ 307 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Deb t (a) Revolving credit and long-term debt facilities The Company borrows money under an Amended and Restated Revolving Credit and Security Agreement with PNC Bank, National Association (“PNC”) which governs the PNC Revolving Credit Facility (“PNC Facility”). The PNC Facility has a term ending on November 8, 2023. 0.50% 1.00% 1, 2 3 1.50% 2.00%. The Company also borrows money under a Financing Agreement with TCW Asset Management Company, LLC, as collateral agent, and lenders from time to time party thereto (collectively, “TCW”), which governs a term loan A facility (“Term A Loan Facility”) and a term loan B facility (“Term Loan B Facility” and, together with the Term Loan A Facility, the “TCW Facilities” and, together with the PNC Facility, the “Credit Facilities”). The TCW Facilities mature on November 8, 2023 ( 5.00%.The 8.50% 10.50%. 3.00% first 2.00% first second 1.00% second third No third As at March 31, 2019, $16,577 December 30, 2018 - $13,974 $45,000. At March 31, 2019, $23,636 December 30, 2018 - $25,020 At March 31, 2019, $49,688 December 30, 2018 - $50,000 $12,000 December 30, 2018 - $12,000 $2,608 December 30, 2018 - $2,749 $1,749 December 30, 2018 - $1,843 The Credit Facilities are a joint and several obligations of the Company and its subsidiaries that are borrowers under the facilities and are jointly and severally guaranteed by other subsidiaries of the Company. Repayment under the PNC Facility and TCW Facilities are collateralized by the assets of the Company and each of its subsidiaries. (b) Covenants The Credit Facilities contain certain financial and non-financial covenants. The financial covenants require the Company to maintain a Fixed Charge Coverage Ratio, a Total Leverage Ratio, and a Senior Leverage Ratio quarterly during the term of the Credit Facilities. The Company is in compliance with the financial covenants included in the Credit Facilities as at March 31, 2019. (c) Warrant liability On November 8, 2018, 504,735 December 30, 2018. $0.01. $1,898. $3.78 $1,908 March 31, 2019. March 31, 2019. |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Financing Leases [Text Block] | 6. Leases The Company leases certain facility leases in various jurisdictions, including office space and manufacturing, warehouse space. The Company also leases certain production equipment. Leases with an initial term of 12 not three March 31, 2019 not Most leases contain renewal options, this is at the Company’s sole discretion. The extension terms are typically one five may not $1,522 not March 31, 2019. not $6,456 not March 31, 2019. We rent or sublease one not Leases Classification March 31, 2019 ($) Assets Operating lease assets Operating lease right-of-use-asset 4,904 Finance lease assets (a) Property, plant and equipment 10,716 Total leased assets 15,620 Liabilities Current Operating leases Current portion of operating lease obligations 2,070 Finance leases Current portion of finance lease obligations 1,485 Noncurrent Operating leases Operating lease obligations 3,338 Finance leases Finance lease obligations 9,592 (a) Refer to note 4 Three months ended Lease Cost Classification March 31, 2019 ($) Operating lease costs Fixed lease costs Cost of sales 547 Finance lease costs Depreciation of leased assets Cost of sales 361 Interest on lease liabilities Interest expense 228 Sublease income Selling, general and administrative expenses 78 Maturity of lease liabilities Operating leases Finance leases Total 2019 1,972 1,772 3,744 2020 1,328 1,953 3,281 2021 930 1,633 2,563 2022 632 1,291 1,923 2023 606 1,229 1,835 Thereafter 872 7,637 8,509 Total lease payments 6,340 15,515 21,855 Less: Interest (932 ) (4,438 ) (5,370 ) Present value of lease liabilities 5,408 11,077 16,485 The company’s future minimum lease payments as of December 30, 2018, Operating leases Finance leases 2019 2,590 2,417 2020 1,328 1,953 2021 930 1,633 2022 632 1,291 2023 606 1,229 Thereafter 872 7,637 Total minimum lease payments 6,958 16,160 Less interest (1,043 ) (4,666 ) Present value of capital lease obligations 5,915 11,494 Lease term and discount rate March 31, 2019 Weighted average remaining term (years) Operating leases 3.9 Finance leases 9.0 Weighted average discount rate Operating leases 8.0 % Finance leases 7.8 % Other information Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 636 Operating cash flows from finance leases N/A Financing cash flows from finance leases 417 Leased assets obtained in exchange for new operating lease liabilities — Leased assets obtained in exchange for new finance lease liabilities — |
Note 7 - Capital Stock
Note 7 - Capital Stock | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Capital stock Common shares Issued and outstanding: The issued and outstanding number of common shares included in shareholders’ equity consisted of the following: Number of shares $ Balance at December 30, 2018 23,189,381 $ 458 RSU’s vested and issued in common shares 164,177 2 Balance as March 31, 2019 23,353,558 $ 460 Stock Options For more detailed information regarding the Company’s stock option arrangements, see Note 6 10 December 30, 2018. three March 31, 2019, no three March 31, 2019 Number of options Weighted Aggregate Weighted Outstanding at December 30, 2018 1,719,824 $ 1.55 1,998 8.6 Options granted — — Options exercised — — Options forfeited — — Outstanding at March 31, 2019 1,719,824 1.55 2,516 8.1 Exercisable at March 31, 2019 1,101,090 1.54 2,464 7.9 During the three March 31, 2019 April 1, 2018, $22 $25, Certain stock options outstanding have market conditions such that the awards are vested and exercisable only if the Company’s stock exceeds specified targets during the vesting period. If the market conditions are not not Restricted Stock Units For more detailed information regarding the Company’s Restricted Stock Units (“RSU”) arrangements, see Note 6 10 December 30, 2018. no three March 31, 2019. three March 31, 2019 Outstanding Weighted Weighted Outstanding balance at December 30, 2018 357,377 $ 0.96 1.21 RSU granted — — — RSU vested and issued in common shares (164,177 ) $ (0.32 ) — RSU forfeited — $ — — Outstanding balance at March 31, 2019 193,200 $ 1.51 1.15 Certain RSUs outstanding have a market condition such that the awards are vested and issuable only if the market price of the Company’s stock meets or exceeds a specified target during the vesting period. If the market condition is not not Stock based compensation recognized during the three March 31, 2019 April 1, 2018 $66 $101. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income taxes During the three March 31, 2019 April 1, 2018, $279 $110, $8 $84, In assessing the realization of deferred tax assets, management considers whether it is more likely than not not 740, 740” not |
Note 9 - Earnings Per Common Sh
Note 9 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9 . Earnings per common share The following table details the weighted average number of common shares outstanding for the purposes of computing basic and diluted earnings per common share for the following periods: Three months ended (Number of common shares) March 31 , 201 9 April 1 , 201 8 Basic weighted average shares outstanding 23,248,918 17,041,504 Dilutive stock awards (a) (b) 1,216,517 482,386 Diluted weighted average shares outstanding 24,465,435 17,523,890 (a) For the three March 31, 2019, 1,216,517 three March 31, 2019 (b) For the three April 1, 2018, 482,386 three April 1, 2018 |
Note 10 - Segmented Information
Note 10 - Segmented Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 . Segmented information General description The Company is operated and managed geographically and has production facilities in the United States, Mexico and China. The Company utilizes reportable segment’s site contribution (site revenue minus operating expenses, excluding unrealized foreign exchange, corporate allocations and restructuring expenses) to monitor reportable segment performance. Site contribution is utilized by the chief operating decision-maker as the indicator of reportable segment performance, as it reflects costs which our operating site management is directly responsible for. Intersegment adjustments reflect intersegment sales that are generally recorded at prices that approximate arm’s-length transactions. In assessing the performance of the reportable segments, management attributes site revenue to the reportable segment that ships the product to the customer, irrespective of the product’s destination. Information about the reportable segments is as follows: Three months ended March 31 , 201 9 April 1 , 201 8 Revenue Mexico $ 65,760 $ 29,073 China 8,656 5,233 U.S. 29,811 5,255 Total $ 104,227 $ 39,561 Intersegment revenue Mexico $ (34 ) $ (120 ) China (1,427 ) (2,227 ) U.S. (117 ) (94 ) Total $ (1,578 ) $ (2,441 ) Net external revenue Mexico $ 65,726 $ 28,953 China 7,229 3,006 U.S. 29,694 5,161 Total segment revenue (which also equals consolidated revenue) $ 102,649 $ 37,120 Site Contribution Mexico $ 4,806 $ 2,506 China 855 128 U.S. 1,423 23 Total $ 7,084 $ 2,657 Corporate allocations 2,108 2,635 Restructuring charges 624 — Unrealized foreign exchange gain on unsettled forward exchange contracts — (319 ) Interest 2,870 307 Income before income taxes $ 1,482 $ 34 Three months Mexico U . S . China Total Market Sector: Test and Measurement $ 19,917 $ 11,005 $ 1,583 $ 32,505 Retail and Payment Systems 12,942 — — 12,942 Telecom, Networking and Communications 4,004 2,077 4,726 10,807 Medical 8,459 3,652 394 12,505 Industrial, Power and Clean Technology 13,099 5,979 526 19,604 Semiconductor 7,305 — — 7,305 Aerospace and Defense — 6,981 — 6,981 Segment Revenue 65,726 29,694 7,229 102,649 Three months Mexico U . S . China Total Market Sector: Test and Measurement $ 2,640 $ 2,891 $ — $ 5,530 Retail and Payment Systems 7,260 — — 7,260 Telecom, Networking and Communications 2,963 1,866 2,486 7,315 Medical 7,689 143 — 7,832 Industrial, Power and Clean Technology 2,802 262 520 3,584 Semiconductor 5,600 — — 5,600 Aerospace and Defense — — — — Segment Revenue 28,953 5,161 3,006 37,120 Additions to property, plant and equipment The following table contains additions, including those acquired through capital leases, to property, plant and equipment for the three Three months ended March 3 1 , 201 9 December 30 , 201 8 Mexico $ 387 $ 4,328 China 32 208 U.S. 261 1,049 Segment total 680 5,585 Corporate and other — 118 Total $ 680 $ 5,703 Property, plant and equipment (a) March 3 1 , 201 9 December 30 , 201 8 Mexico $ 11,414 $ 11,851 China 1,098 1,153 U.S 14,582 15,013 Segment total 27,094 28,017 Corporate and other 119 143 Segment assets $ 27,213 $ 28,160 (a) Property, plant and equipment information is based on the principal location of the asset. Geographic revenue The following table contains geographic revenue based on the product shipment destination, for the three March 31, 2019 April 1, 2018. Three months ended March 3 1 , 201 9 April 1 , 201 8 U.S. $ 94,186 $ 30,130 Canada 5,039 5,161 China 3,424 1,829 Total $ 102,649 $ 37,120 Significant customers and concentration of credit risk Sales of the Company’s products are concentrated in certain cases among specific customers in the same industry. The Company is subject to concentrations of credit risk in trade receivables. The Company considers concentrations of credit risk in establishing the allowance for doubtful accounts and believes the recorded allowances are adequate. The Company expects to continue to depend upon a relatively small number of customers for a significant percentage of its revenue. In addition to having a limited number of customers, the Company manufactures a limited number of products for each customer. If the Company loses any of its larger customers or any product line manufactured for one one one During the three March 31, 2019, one 10% 13.1% three April 1, 2018, four 10% 45.8% As of March 31, 2019, no 10% December 30, 2018, two 21% 11% 10%, No 10% |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11 . Derivative financial instruments The Company previously entered into forward foreign exchange contracts to reduce its exposure to foreign exchange currency rate fluctuations related to forecasted Canadian dollar and Mexican peso expenditures. These contracts were effective as hedges from an economic perspective, but do not 815 no first 2019. first 2019 $0.01 first 2018 $0.3 $0.05 March 31 , 201 9 December 30 , 201 8 Average USD:CAD contract rate N/A N/A Average USD:CAD mark-to-market rate N/A N/A Average USD:PESO contract rate N/A 20.43 Average USD:PESO mark-to-market rate N/A 19.66 |
Note 12 - Commitments
Note 12 - Commitments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12 . Commitments Purchase obligations not March 31, 2019 $23,785 12 not December 30, 2018 $39,951 12 |
Note 4 - Interim Consolidated_2
Note 4 - Interim Consolidated Financial Statement Details (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | March 3 1 , 201 9 December 30 , 201 8 Trade accounts receivable $ 74,248 $ 72,937 Other receivables 330 447 Allowance for doubtful accounts (398 ) (398 ) Total $ 74,180 $ 72,986 March 3 1 , 201 9 December 30 , 201 8 Opening $ 20,405 $ 3,734 Contract assets additions 24,208 205,387 Contract assets invoiced (20,405 ) (188,716 ) Ending $ 24,208 $ 20,405 March 3 1 , 201 9 December 30 , 201 8 Raw materials $ 48,243 $ 52,102 Finished goods — 418 Parts and other 633 896 Provision for obsolescence (216 ) (213 ) Total $ 48,660 $ 53,203 March 3 1 , 201 9 December 30 , 201 8 Cost: Land $ 1,648 $ 1,648 Buildings (b) 18,985 18,985 Machinery and equipment (a) 40,596 40,083 Office furniture and equipment (c) 862 845 Computer hardware and software (d) 4,018 3,945 Leasehold improvements 3,939 3,863 70,048 69,368 Less accumulated depreciation: Land — — Buildings (b) (9,502 ) (9,190 ) Machinery and equipment (a) (28,150 ) (27,093 ) Office furniture and equipment (c) (483 ) (457 ) Computer hardware and software (d) (3,163 ) (3,053 ) Leasehold improvements (1,537 ) (1,415 ) (42,835 ) (41,208 ) Property, plant and equipment—net $ 27,213 $ 28,160 March 31 , 201 9 December 30, 2018 Cost: Customer relationships $ 12,350 $ 12,350 Order backlog 6,990 6,990 Trade name 1,300 1,300 Non-compete agreements 360 360 21,000 21,000 Less accumulated amortization: Customer relationships (487 ) (178) Order backlog (1,838 ) (673) Trade name (513 ) (188) Non-compete agreements (71 ) (26) (2,909 ) (1,065) Intangible assets—net $ 18,091 $ 19,935 March 3 1 , 201 9 December 30 , 201 8 Payroll $ 6,046 $ 5,637 Customer related 3,002 2,237 Vendor related 1,498 2,048 Professional services 687 702 Restructuring 254 — Rebates — 236 Interest 259 381 Rent — 428 Other 1,276 1,371 Total $ 13,022 $ 13,040 |
Condensed Income Statement [Table Text Block] | Three months ended March 3 1 , 201 9 April 1 , 201 8 Long-term debt $ 1,752 $ 109 Revolving credit facility 619 175 Amortization of deferred financing fees 34 9 Amortization of debt issuance costs 237 — Obligations under finance leases 228 14 Total $ 2,870 $ 307 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lessee, Operating and Finance Leases, Assets and Liabilities [Table Text Block] | Leases Classification March 31, 2019 ($) Assets Operating lease assets Operating lease right-of-use-asset 4,904 Finance lease assets (a) Property, plant and equipment 10,716 Total leased assets 15,620 Liabilities Current Operating leases Current portion of operating lease obligations 2,070 Finance leases Current portion of finance lease obligations 1,485 Noncurrent Operating leases Operating lease obligations 3,338 Finance leases Finance lease obligations 9,592 |
Lease, Cost [Table Text Block] | Three months ended Lease Cost Classification March 31, 2019 ($) Operating lease costs Fixed lease costs Cost of sales 547 Finance lease costs Depreciation of leased assets Cost of sales 361 Interest on lease liabilities Interest expense 228 Sublease income Selling, general and administrative expenses 78 |
Maturity of Operating and Finance Lease Liability [Table Text Block] | Maturity of lease liabilities Operating leases Finance leases Total 2019 1,972 1,772 3,744 2020 1,328 1,953 3,281 2021 930 1,633 2,563 2022 632 1,291 1,923 2023 606 1,229 1,835 Thereafter 872 7,637 8,509 Total lease payments 6,340 15,515 21,855 Less: Interest (932 ) (4,438 ) (5,370 ) Present value of lease liabilities 5,408 11,077 16,485 |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Table Text Block] | Operating leases Finance leases 2019 2,590 2,417 2020 1,328 1,953 2021 930 1,633 2022 632 1,291 2023 606 1,229 Thereafter 872 7,637 Total minimum lease payments 6,958 16,160 Less interest (1,043 ) (4,666 ) Present value of capital lease obligations 5,915 11,494 |
Lessee, Operating and Finance Leases, Weighted Average Remaining Term and Discount Rate [Table Text Block] | Lease term and discount rate March 31, 2019 Weighted average remaining term (years) Operating leases 3.9 Finance leases 9.0 Weighted average discount rate Operating leases 8.0 % Finance leases 7.8 % |
Lessee, Operating and Finance Leases, Other Information [Table Text Block] | Other information Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 636 Operating cash flows from finance leases N/A Financing cash flows from finance leases 417 Leased assets obtained in exchange for new operating lease liabilities — Leased assets obtained in exchange for new finance lease liabilities — |
Note 7 - Capital Stock (Tables)
Note 7 - Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Number of shares $ Balance at December 30, 2018 23,189,381 $ 458 RSU’s vested and issued in common shares 164,177 2 Balance as March 31, 2019 23,353,558 $ 460 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of options Weighted Aggregate Weighted Outstanding at December 30, 2018 1,719,824 $ 1.55 1,998 8.6 Options granted — — Options exercised — — Options forfeited — — Outstanding at March 31, 2019 1,719,824 1.55 2,516 8.1 Exercisable at March 31, 2019 1,101,090 1.54 2,464 7.9 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Outstanding Weighted Weighted Outstanding balance at December 30, 2018 357,377 $ 0.96 1.21 RSU granted — — — RSU vested and issued in common shares (164,177 ) $ (0.32 ) — RSU forfeited — $ — — Outstanding balance at March 31, 2019 193,200 $ 1.51 1.15 |
Note 9 - Earnings Per Common _2
Note 9 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three months ended (Number of common shares) March 31 , 201 9 April 1 , 201 8 Basic weighted average shares outstanding 23,248,918 17,041,504 Dilutive stock awards (a) (b) 1,216,517 482,386 Diluted weighted average shares outstanding 24,465,435 17,523,890 |
Note 10 - Segmented Informati_2
Note 10 - Segmented Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended March 31 , 201 9 April 1 , 201 8 Revenue Mexico $ 65,760 $ 29,073 China 8,656 5,233 U.S. 29,811 5,255 Total $ 104,227 $ 39,561 Intersegment revenue Mexico $ (34 ) $ (120 ) China (1,427 ) (2,227 ) U.S. (117 ) (94 ) Total $ (1,578 ) $ (2,441 ) Net external revenue Mexico $ 65,726 $ 28,953 China 7,229 3,006 U.S. 29,694 5,161 Total segment revenue (which also equals consolidated revenue) $ 102,649 $ 37,120 Site Contribution Mexico $ 4,806 $ 2,506 China 855 128 U.S. 1,423 23 Total $ 7,084 $ 2,657 Corporate allocations 2,108 2,635 Restructuring charges 624 — Unrealized foreign exchange gain on unsettled forward exchange contracts — (319 ) Interest 2,870 307 Income before income taxes $ 1,482 $ 34 Three months ended March 3 1 , 201 9 December 30 , 201 8 Mexico $ 387 $ 4,328 China 32 208 U.S. 261 1,049 Segment total 680 5,585 Corporate and other — 118 Total $ 680 $ 5,703 Three months ended March 3 1 , 201 9 April 1 , 201 8 U.S. $ 94,186 $ 30,130 Canada 5,039 5,161 China 3,424 1,829 Total $ 102,649 $ 37,120 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months Mexico U . S . China Total Market Sector: Test and Measurement $ 19,917 $ 11,005 $ 1,583 $ 32,505 Retail and Payment Systems 12,942 — — 12,942 Telecom, Networking and Communications 4,004 2,077 4,726 10,807 Medical 8,459 3,652 394 12,505 Industrial, Power and Clean Technology 13,099 5,979 526 19,604 Semiconductor 7,305 — — 7,305 Aerospace and Defense — 6,981 — 6,981 Segment Revenue 65,726 29,694 7,229 102,649 Three months Mexico U . S . China Total Market Sector: Test and Measurement $ 2,640 $ 2,891 $ — $ 5,530 Retail and Payment Systems 7,260 — — 7,260 Telecom, Networking and Communications 2,963 1,866 2,486 7,315 Medical 7,689 143 — 7,832 Industrial, Power and Clean Technology 2,802 262 520 3,584 Semiconductor 5,600 — — 5,600 Aerospace and Defense — — — — Segment Revenue 28,953 5,161 3,006 37,120 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | March 3 1 , 201 9 December 30 , 201 8 Mexico $ 11,414 $ 11,851 China 1,098 1,153 U.S 14,582 15,013 Segment total 27,094 28,017 Corporate and other 119 143 Segment assets $ 27,213 $ 28,160 |
Note 11 - Derivative Financia_2
Note 11 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Rates at Fair Value [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; margin-left: 36pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31</div><div style="display: inline; font-weight: bold;">, </div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">201</div><div style="display: inline; font-weight: bold;">9</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">30</div><div style="display: inline; font-weight: bold;">,</div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 64%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:CAD contract rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:CAD mark-to-market rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:PESO contract rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.43</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:PESO mark-to-market rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.66</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; margin-left: 36pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31</div><div style="display: inline; font-weight: bold;">, </div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">201</div><div style="display: inline; font-weight: bold;">9</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">30</div><div style="display: inline; font-weight: bold;">,</div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 64%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:CAD contract rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:CAD mark-to-market rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:PESO contract rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.43</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Average USD:PESO mark-to-market rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N/A</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.66</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table></div> |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business (Details Textual) | Mar. 31, 2019 |
Number of Manufacturing and Assembly Lines | 50 |
Entity Number of Employees | 3,202 |
Full Time Employees [Member] | |
Entity Number of Employees | 2,697 |
Note 2 - Impact of Adoption o_2
Note 2 - Impact of Adoption of ASC 842 (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Operating Lease, Right-of-Use Asset | $ 4,904 | $ 5,452 | |
Operating Lease, Liability, Total | $ 5,408 | 5,915 | |
Prepaid Rent | $ 463 |
Note 4 - Interim Consolidated_3
Note 4 - Interim Consolidated Financial Statement Details (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Apr. 01, 2018USD ($) | Dec. 30, 2018USD ($) | |
Depreciation, Total | $ 1,627 | $ 774 | |
Amortization of Intangible Assets, Total | 1,844 | ||
Goodwill, Ending Balance | 18,165 | $ 18,165 | |
Restructuring Charges, Total | 624 | ||
Restructuring Reserve, Ending Balance | 254 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (3,050) | ||
Full Time Employees [Member] | UNITED STATES | |||
Restructuring and Related Cost, Number of Positions Eliminated | 10 | ||
Full Time Employees [Member] | CANADA | |||
Restructuring and Related Cost, Number of Positions Eliminated | 4 | ||
Full Time Employees [Member] | MEXICO | |||
Restructuring and Related Cost, Number of Positions Eliminated | 167 | ||
Machinery and Equipment [Member] | |||
Capital Leased Assets, Gross, Total | $ 2,275 | 2,275 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 550 | 409 | |
Machinery and Equipment [Member] | Assets Under Capital Lease [Member] | |||
Depreciation, Total | 142 | 187 | |
Building and Building Improvements [Member] | |||
Capital Leased Assets, Gross, Total | 9,082 | 9,082 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 297 | 96 | |
Building and Building Improvements [Member] | Assets Under Capital Lease [Member] | |||
Depreciation, Total | 201 | 96 | |
Furniture and Fixtures [Member] | |||
Capital Leased Assets, Gross, Total | 158 | 158 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 15 | 6 | |
Furniture and Fixtures [Member] | Assets Under Capital Lease [Member] | |||
Depreciation, Total | 10 | 6 | |
Computer Equipment [Member] | |||
Capital Leased Assets, Gross, Total | 91 | 91 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 28 | 20 | |
Computer Equipment [Member] | Assets Under Capital Lease [Member] | |||
Depreciation, Total | $ 8 | $ 20 |
Note 4 - Interim Consolidated_4
Note 4 - Interim Consolidated Financial Statement Details - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 30, 2018 | ||
Trade accounts receivable | $ 74,248 | $ 72,937 | |
Other receivables | 330 | 447 | |
Allowance for doubtful accounts | (398) | (398) | |
Total | 74,180 | 72,986 | |
Opening | 20,405 | 3,734 | |
Contract assets additions | 24,208 | 205,387 | |
Contract assets invoiced | (20,405) | (188,716) | |
Ending | 24,208 | 20,405 | |
Raw materials | 48,243 | 52,102 | |
Finished goods | 418 | ||
Parts and other | 633 | 896 | |
Provision for obsolescence | (216) | (213) | |
Total | 48,660 | 53,203 | |
Property, plant and equipment | 70,048 | 69,368 | |
Accumulated depreciation, property, plant and equipment | (42,835) | (41,208) | |
Property, plant and equipment—net | 27,213 | 28,160 | |
Intangible assets | 21,000 | 21,000 | |
Intangible assets, accumulated amortization | (2,909) | (1,065) | |
Intangible assets—net | 18,091 | 19,935 | |
Payroll | 6,046 | 5,637 | |
Professional services | 687 | 702 | |
Interest | 259 | 381 | |
Rent | 428 | ||
Total | 13,022 | 13,040 | |
Rebated Related [Member] | |||
Other accrued liabilities | 236 | ||
Customer Related [Member] | |||
Other accrued liabilities | 3,002 | 2,237 | |
Vendor Related [Member] | |||
Other accrued liabilities | 1,498 | 2,048 | |
Restructuring [Member] | |||
Other accrued liabilities | 254 | ||
Other Accrued Liabilities [Member] | |||
Other accrued liabilities | 1,276 | 1,371 | |
Customer Relationships [Member] | |||
Intangible assets | 12,350 | 12,350 | |
Intangible assets, accumulated amortization | (487) | (178) | |
Order or Production Backlog [Member] | |||
Intangible assets | 6,990 | 6,990 | |
Intangible assets, accumulated amortization | (1,838) | (673) | |
Trade Names [Member] | |||
Intangible assets | 1,300 | 1,300 | |
Intangible assets, accumulated amortization | (513) | (188) | |
Noncompete Agreements [Member] | |||
Intangible assets | 360 | 360 | |
Intangible assets, accumulated amortization | (71) | (26) | |
Land [Member] | |||
Property, plant and equipment | 1,648 | 1,648 | |
Accumulated depreciation, property, plant and equipment | |||
Building [Member] | |||
Property, plant and equipment | [1] | 18,985 | 18,985 |
Accumulated depreciation, property, plant and equipment | [1] | (9,502) | (9,190) |
Machinery and Equipment [Member] | |||
Property, plant and equipment | [2] | 40,596 | 40,083 |
Accumulated depreciation, property, plant and equipment | [2] | (28,150) | (27,093) |
Furniture and Fixtures [Member] | |||
Property, plant and equipment | [3] | 862 | 845 |
Accumulated depreciation, property, plant and equipment | [3] | (483) | (457) |
Computer Equipment [Member] | |||
Property, plant and equipment | [4] | 4,018 | 3,945 |
Accumulated depreciation, property, plant and equipment | [4] | (3,163) | (3,053) |
Leasehold Improvements [Member] | |||
Property, plant and equipment | 3,939 | 3,863 | |
Accumulated depreciation, property, plant and equipment | $ (1,537) | $ (1,415) | |
[1] | Included within buildings are costs associated with Melbourne facility under finance lease of $9,082 and associated accumulated depreciation of $297 and $96 as of March 31, 2019 and December 30, 2018, respectively. The related depreciation expense for three months ended March 31, 2019 and December 30, 2018 was $201 and $96, respectively. | ||
[2] | Included within machinery and equipment were assets under finance leases with costs of $2,275 and associated accumulated depreciation of $550 and $409 as of March 31, 2019 and December 30, 2018, respectively. The related depreciation expense for the three months ended March 31, 2019 and December 30, 2018 was $142 and $187, respectively. | ||
[3] | Included within office furniture and equipment were assets under finance leases with costs of $158 and associated accumulated depreciation of $15 and $6 as of March 31, 2019 and December 30, 2018, respectively. The related depreciation expense for the year ended March 31, 2019 and December 30, 2018 was $10 and $6, respectively. | ||
[4] | Included within computer hardware and software were assets under finance leases with costs of $91 and associated accumulated depreciation of $28 and $20 as of March 31, 2019 and December 30, 2018, respectively. The related depreciation expense for the year ended March 31, 2019 and December 30, 2018 was $8 and $20, respectively. |
Note 4 - Interim Consolidated_5
Note 4 - Interim Consolidated Financial Statement Details - Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Long-term debt | $ 1,752 | $ 109 |
Amortization of deferred financing fees | 34 | 9 |
Amortization of debt issuance costs | 237 | |
Obligations under finance leases | 228 | 14 |
Total | 2,870 | 307 |
Revolving Credit Facility [Member] | ||
Line of credit facility, periodic payment, interest | $ 619 | $ 175 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 30, 2018 | Nov. 08, 2018 | |
PNC Bank [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16,577 | $ 13,974 | |
Line of Credit Facility, Maximum Borrowing Capacity | 45,000 | ||
Long-term Line of Credit, Total | $ 23,636 | 25,020 | |
PNC Bank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
PNC Bank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
PNC Bank [Member] | Revolving Credit Facility [Member] | One, Two, or Three Month Fully Absorbed PNC LIBOR Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
PNC Bank [Member] | Revolving Credit Facility [Member] | One, Two, or Three Month Fully Absorbed PNC LIBOR Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
TCW Asset Management Company, LLC [Member] | |||
Debt Issuance Cost, Gross, Noncurrent | $ 2,608 | 2,749 | |
Debt Instrument, Unamortized Discount, Total | $ 1,749 | $ 1,843 | |
Class of Warrant or Right, Outstanding | 504,735 | 504,735 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.78 | $ 0.01 | |
Warrants and Rights Outstanding | $ 1,908 | $ 1,898 | |
TCW Asset Management Company, LLC [Member] | Term Loan A [Member] | |||
Additional Prepayment Fee After Closing Date, Percent, First Twelve Months | 3.00% | ||
Additional Prepayment Fee After Closing Date, Percent, Year Two | 2.00% | ||
Additional Prepayment Fee After Closing Date, Percent, Year Three | 1.00% | ||
Additional Prepayment Fee After Closing Date, Percent, After Year Three | 0.00% | ||
Long-term Line of Credit, Total | $ 49,688 | $ 50,000 | |
TCW Asset Management Company, LLC [Member] | Term Loan B [Member] | |||
Long-term Line of Credit, Total | $ 12,000 | $ 12,000 | |
TCW Asset Management Company, LLC [Member] | Base Rate [Member] | Term Loan A [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||
TCW Asset Management Company, LLC [Member] | Base Rate [Member] | Term Loan B [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | ||
TCW Asset Management Company, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan B [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 10.50% |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) $ in Thousands | Mar. 31, 2019USD ($) |
Lessee, Operating Lease, Option to Extend Amount | $ 1,522 |
Lessee, Finance Lease, Option to Extend Amount | $ 6,456 |
Minimum [Member] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Note 6 - Leases - Operating and
Note 6 - Leases - Operating and Finance Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 30, 2018 | |
Operating Lease, Right-of-Use Asset | $ 4,904 | $ 5,452 | ||
Finance lease assets (a) | [1] | 10,716 | ||
Total leased assets | 15,620 | |||
Operating leases | 2,070 | |||
Finance leases | 1,485 | 1,547 | ||
Operating leases | 3,338 | |||
Finance leases | $ 9,592 | $ 9,947 | ||
[1] | Refer to note 4 for details of the corresponding balances and accumulated amortization included within property, plant and equipment |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Fixed lease costs | $ 547 | |
Depreciation of leased assets | 361 | |
Obligations under finance leases | 228 | $ 14 |
Sublease income | $ 78 |
Note 6 - Leases - Maturity of O
Note 6 - Leases - Maturity of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 1,972 | |
2019 | 1,772 | |
2019 | 3,744 | |
2020 | 1,328 | |
2020 | 1,953 | |
2020 | 3,281 | |
2021 | 930 | |
2021 | 1,633 | |
2021 | 2,563 | |
2022 | 632 | |
2022 | 1,291 | |
2022 | 1,923 | |
2023 | 606 | |
2023 | 1,229 | |
2023 | 1,835 | |
Thereafter | 872 | |
Thereafter | 7,637 | |
Thereafter | 8,509 | |
Total lease payments | 6,340 | |
Total lease payments | 15,515 | |
Total lease payments | 21,855 | |
Less: Interest | (932) | |
Less: Interest | (4,438) | |
Less: Interest | (5,370) | |
Operating Lease, Liability, Total | 5,408 | $ 5,915 |
Present value of lease liabilities | 11,077 | |
Present value of lease liabilities | $ 16,485 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
2019 | $ 2,590 |
2019 | 2,417 |
2020 | 1,328 |
2020 | 1,953 |
2021 | 930 |
2021 | 1,633 |
2022 | 632 |
2022 | 1,291 |
2023 | 606 |
2023 | 1,229 |
Thereafter | 872 |
Thereafter | 7,637 |
Total minimum lease payments | 6,958 |
Total minimum lease payments | 16,160 |
Less interest | (1,043) |
Less interest | (4,666) |
Present value of capital lease obligations | 5,915 |
Present value of capital lease obligations | $ 11,494 |
Note 6 - Leases - Operating a_2
Note 6 - Leases - Operating and Financing Leases Weighted Average (Details) | Mar. 31, 2019 |
Operating leases (Year) | 3 years 328 days |
Finance leases (Year) | 9 years |
Operating leases | 8.00% |
Finance leases | 7.80% |
Note 6 - Leases - Other Informa
Note 6 - Leases - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Operating cash flows from operating leases | $ 636 | |
Financing cash flows from finance leases | 417 | $ 44 |
Leased assets obtained in exchange for new operating lease liabilities | ||
Leased assets obtained in exchange for new finance lease liabilities |
Note 7 - Capital Stock (Details
Note 7 - Capital Stock (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Expense | $ 22 | $ 25 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Expense | $ 66 | $ 101 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 |
Note 7 - Capital Stock - Common
Note 7 - Capital Stock - Common Shares Issued and Outstanding (Details) - Common Stock [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
Balance (in shares) | shares | 23,189,381 |
Balance | $ | $ 458 |
RSU’s vested and issued in common shares (in shares) | shares | 164,177 |
RSU’s vested and issued in common shares | $ | $ 2 |
Balance (in shares) | shares | 23,353,558 |
Balance | $ | $ 460 |
Note 7 - Capital Stock - Stock
Note 7 - Capital Stock - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 30, 2018 | Dec. 31, 2018 | |
Balance, options outstanding (in shares) | 1,719,824 | ||
Balance, outstanding weighted average exercise price (in dollars per share) | $ 1.55 | ||
Balance, aggregate intrinsic value | $ 2,516 | $ 1,998 | |
Balance, outstanding weighted average remaining contractual term (Year) | 8 years 36 days | 8 years 219 days | |
Options granted, number of options (in shares) | 0 | ||
Options granted, weighted average exercise price (in dollars per share) | |||
Options exercised (in shares) | 0 | ||
Options exercised, weighted average exercise price (in dollars per share) | |||
Options forfeited (in shares) | 0 | ||
Options forfeited, weighted average exercise price (in dollars per share) | |||
Balance, options outstanding (in shares) | 1,719,824 | 1,719,824 | |
Balance, outstanding weighted average exercise price (in dollars per share) | $ 1.55 | $ 1.55 | |
Exercisable, number of options (in shares) | 1,101,090 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 1.54 | ||
Exercisable, aggregate intrinsic value | $ 2,464 | ||
Exercisable weighted average remaining contractual term (Year) | 7 years 328 days |
Note 7 - Capital Stock - Restri
Note 7 - Capital Stock - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 30, 2018 | |
Balance, outstanding options (in shares) | 357,377 | |
Balance, outstanding weighted average stock price (in dollars per share) | $ 0.96 | |
Balance, outstanding weighted average remaining contractual term (Year) | 1 year 54 days | 1 year 76 days |
RSU granted (in shares) | 0 | |
RSU granted (in dollars per share) | ||
RSU vested and issued in common shares (in shares) | (164,177) | |
RSU vested and issued in common shares (in dollars per share) | $ (0.32) | |
RSU forfeited (in shares) | ||
RSU forfeited (in dollars per share) | ||
Balance, outstanding options (in shares) | 193,200 | 357,377 |
Balance, outstanding weighted average stock price (in dollars per share) | $ 1.51 | $ 0.96 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Current Income Tax Expense (Benefit), Total | $ 279 | $ 110 |
Deferred Income Tax Expense (Benefit), Total | $ (8) | $ (84) |
Note 9 - Earnings Per Common _3
Note 9 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,216,517 | 482,386 |
Note 9 - Earnings Per Common _4
Note 9 - Earnings Per Common Share - Common Shares Outstanding for Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | ||
Basic weighted average shares outstanding (in shares) | 23,248,918 | 17,041,504 | |
Dilutive stock awards (a) (b) (in shares) | [1],[2] | 1,216,517 | 482,386 |
Diluted weighted average shares outstanding (in shares) | 24,465,435 | 17,523,890 | |
[1] | For the three months ended April 1, 2018, as a result of net income for the period, dilutive earnings per share were calculated using the treasury stock method. The dilutive stock awards have been calculated as 482,386 for the three months ended April 1, 2018 related to outstanding unvested restricted stock units and incremental in-the-money stock options. | ||
[2] | For the three months ended March 31, 2019, as a result of net income for the period, dilutive earnings per share were calculated using the treasury stock method. The dilutive stock awards have been calculated as 1,216,517 for the three months ended March 31, 2019 related to outstanding unvested restricted stock units and incremental in-the-money stock options. |
Note 10 - Segmented Informati_3
Note 10 - Segmented Information (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 30, 2018 | |
Revenue Benchmark [Member] | |||
Number of Major Customers | 1 | 4 | |
Concentration Risk, Percentage | 13.10% | 45.80% | |
Accounts Receivable [Member] | |||
Number of Major Customers | 2 | ||
Concentration Risk, Percentage | 21.00% | ||
Accounts Receivable [Member] | Major Customer1 [Member] | |||
Concentration Risk, Percentage | 11.00% | ||
Accounts Receivable [Member] | Major Customer2 [Member] | |||
Concentration Risk, Percentage | 10.00% |
Note 10 - Segmented Informati_4
Note 10 - Segmented Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 30, 2018 | Apr. 01, 2018 | |
Revenues | $ 102,649 | $ 37,120 | |
Site Contribution | 8,624 | 3,850 | |
Corporate allocations | 2,108 | 2,635 | |
Restructuring charges | 624 | ||
Unrealized foreign exchange gain on unsettled forward exchange contracts | (319) | ||
Interest | 2,870 | 307 | |
Income before income taxes | 1,482 | 34 | |
Additions and Disposals to PP&E | 680 | $ 5,703 | |
MEXICO | |||
Revenues | 65,726 | 28,953 | |
UNITED STATES | |||
Revenues | 29,694 | 5,161 | |
UNITED STATES | Customers by Invoice Location [Member] | |||
Revenues | 94,186 | 30,130 | |
CHINA | |||
Revenues | 7,229 | 3,006 | |
CHINA | Customers by Invoice Location [Member] | |||
Revenues | 3,424 | 1,829 | |
CANADA | Customers by Invoice Location [Member] | |||
Revenues | 5,039 | 5,161 | |
Reportable Geographical Components [Member] | |||
Revenues | 104,227 | 39,561 | |
Site Contribution | 7,084 | 2,657 | |
Additions and Disposals to PP&E | 680 | 5,585 | |
Reportable Geographical Components [Member] | MEXICO | |||
Revenues | 65,760 | 29,073 | |
Site Contribution | 4,806 | 2,506 | |
Additions and Disposals to PP&E | 387 | 4,328 | |
Reportable Geographical Components [Member] | UNITED STATES | |||
Revenues | 29,811 | 5,255 | |
Site Contribution | 1,423 | 23 | |
Additions and Disposals to PP&E | 261 | 1,049 | |
Reportable Geographical Components [Member] | CHINA | |||
Revenues | 8,656 | 5,233 | |
Site Contribution | 855 | 128 | |
Additions and Disposals to PP&E | 32 | 208 | |
Corporate, Non-Segment [Member] | |||
Additions and Disposals to PP&E | $ 118 | ||
Geography Eliminations [Member] | |||
Revenues | (1,578) | (2,441) | |
Geography Eliminations [Member] | MEXICO | |||
Revenues | (34) | (120) | |
Geography Eliminations [Member] | UNITED STATES | |||
Revenues | (117) | (94) | |
Geography Eliminations [Member] | CHINA | |||
Revenues | $ (1,427) | $ (2,227) |
Note 10 - Segmented Informati_5
Note 10 - Segmented Information - Segment Reporting by Market Sector and Geographical Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Revenue (note 4) | $ 102,649 | $ 37,120 |
MEXICO | ||
Revenue (note 4) | 65,726 | 28,953 |
UNITED STATES | ||
Revenue (note 4) | 29,694 | 5,161 |
CHINA | ||
Revenue (note 4) | 7,229 | 3,006 |
Test and Measurement [Member] | ||
Revenue (note 4) | 32,505 | 5,530 |
Test and Measurement [Member] | MEXICO | ||
Revenue (note 4) | 19,917 | 2,640 |
Test and Measurement [Member] | UNITED STATES | ||
Revenue (note 4) | 11,005 | 2,891 |
Test and Measurement [Member] | CHINA | ||
Revenue (note 4) | 1,583 | |
Retail and Payment Systems [Member] | ||
Revenue (note 4) | 12,942 | 7,260 |
Retail and Payment Systems [Member] | MEXICO | ||
Revenue (note 4) | 12,942 | 7,260 |
Retail and Payment Systems [Member] | UNITED STATES | ||
Revenue (note 4) | ||
Retail and Payment Systems [Member] | CHINA | ||
Revenue (note 4) | ||
Telecom, Networking, and Communications [Member] | ||
Revenue (note 4) | 10,807 | 7,315 |
Telecom, Networking, and Communications [Member] | MEXICO | ||
Revenue (note 4) | 4,004 | 2,963 |
Telecom, Networking, and Communications [Member] | UNITED STATES | ||
Revenue (note 4) | 2,077 | 1,866 |
Telecom, Networking, and Communications [Member] | CHINA | ||
Revenue (note 4) | 4,726 | 2,486 |
Medical [Member] | ||
Revenue (note 4) | 12,505 | 7,832 |
Medical [Member] | MEXICO | ||
Revenue (note 4) | 8,459 | 7,689 |
Medical [Member] | UNITED STATES | ||
Revenue (note 4) | 3,652 | 143 |
Medical [Member] | CHINA | ||
Revenue (note 4) | 394 | |
Industrial, Power, and Clean Technology [Member] | ||
Revenue (note 4) | 19,604 | 3,584 |
Industrial, Power, and Clean Technology [Member] | MEXICO | ||
Revenue (note 4) | 13,099 | 2,802 |
Industrial, Power, and Clean Technology [Member] | UNITED STATES | ||
Revenue (note 4) | 5,979 | 262 |
Industrial, Power, and Clean Technology [Member] | CHINA | ||
Revenue (note 4) | 526 | 520 |
Semiconductor [Member] | ||
Revenue (note 4) | 7,305 | 5,600 |
Semiconductor [Member] | MEXICO | ||
Revenue (note 4) | 7,305 | 5,600 |
Semiconductor [Member] | UNITED STATES | ||
Revenue (note 4) | ||
Semiconductor [Member] | CHINA | ||
Revenue (note 4) | ||
Aerospace and Defense [Member] | ||
Revenue (note 4) | 6,981 | |
Aerospace and Defense [Member] | MEXICO | ||
Revenue (note 4) | ||
Aerospace and Defense [Member] | UNITED STATES | ||
Revenue (note 4) | 6,981 | |
Aerospace and Defense [Member] | CHINA | ||
Revenue (note 4) |
Note 10 - Segmented Informati_6
Note 10 - Segmented Information - Long-lived Assets in Individual Geographic Areas (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 | |
Long-lived assets | [1] | $ 27,213 | $ 28,160 |
Reportable Geographical Components [Member] | |||
Long-lived assets | [1] | 27,094 | 28,017 |
Reportable Geographical Components [Member] | MEXICO | |||
Long-lived assets | [1] | 11,414 | 11,851 |
Reportable Geographical Components [Member] | CHINA | |||
Long-lived assets | [1] | 1,098 | 1,153 |
Reportable Geographical Components [Member] | UNITED STATES | |||
Long-lived assets | [1] | 14,582 | 15,013 |
Corporate, Non-Segment [Member] | |||
Long-lived assets | [1] | $ 119 | $ 143 |
[1] | Property, plant and equipment information is based on the principal location of the asset. |
Note 11 - Derivative Financia_3
Note 11 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Unrealized Gain (Loss) on Derivatives | $ 10 | $ 300 |
Gain (Loss) on Sale of Derivatives | $ 50 |
Note 11 - Derivative Financia_4
Note 11 - Derivative Financial Instruments - Average USD Fair Value Measurements for Contracts Rates (Details) - Mexico, Pesos | Dec. 30, 2018 |
Average USD:PESO contract rate | 20.43% |
Average USD:PESO mark-to-market rate | 19.66% |
Note 12 - Commitments (Details
Note 12 - Commitments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Open Non-cancellable Purchase Orders for Raw Materials [Member] | ||
Purchase Obligation, Due in Next Twelve Months | $ 23,785 | $ 39,951 |
Indemnification Agreement [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |