Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 03, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | U.S. Auto Parts Network, Inc. | |
Entity Central Index Key | 1,378,950 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 3, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PRTS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 34,080,828 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 5,676 | $ 7,653 |
Short-term investments | 63 | 62 |
Accounts receivable, net of allowances of $7 and $41 at October 3, 2015 and January 3, 2015, respectively | 3,543 | 3,804 |
Inventory | 46,185 | 48,362 |
Other current assets | 3,338 | 2,669 |
Total current assets | 58,805 | 62,550 |
Property and equipment, net | 18,514 | 16,966 |
Intangible assets, net | 1,387 | 1,707 |
Other non-current assets | 1,555 | 1,684 |
Total assets | 80,261 | 82,907 |
Current liabilities: | ||
Accounts payable | 24,802 | 25,362 |
Accrued expenses | 7,471 | 7,747 |
Revolving loan payable | 8,291 | 11,022 |
Current portion of capital leases payable | 551 | 269 |
Other current liabilities | 4,161 | 3,505 |
Total current liabilities | 45,276 | 47,905 |
Capital leases payable, net of current portion | 10,278 | 9,270 |
Deferred income taxes | 939 | 1,618 |
Other non-current liabilities | 1,659 | 1,891 |
Total liabilities | $ 58,152 | $ 60,684 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Series A convertible preferred stock, $0.001 par value; $1.45 per share liquidation value or aggregate of $6,017; 4,150 shares authorized; 4,150 shares issued and outstanding at October 3, 2015 and January 3, 2015 | $ 4 | $ 4 |
Common stock, $0.001 par value; 100,000 shares authorized; 34,067 and 33,624 shares issued and outstanding at October 3, 2015 and January 3, 2015 | 34 | 33 |
Additional paid-in capital | 176,060 | 174,369 |
Accumulated other comprehensive income | 360 | 360 |
Accumulated deficit | (156,496) | (155,489) |
Total stockholders’ equity | 19,962 | 19,277 |
Noncontrolling interest | 2,147 | 2,946 |
Total equity | 22,109 | 22,223 |
Total liabilities and stockholders’ equity | $ 80,261 | $ 82,907 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Accounts receivable, allowances | $ 7 | $ 41 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 34,067,000 | 34,067,000 |
Common stock, shares outstanding (in shares) | 33,624,000 | 33,624,000 |
Series A Convertible Preferred Stock | ||
Series A convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Share liquidation value (in dollars per share) | $ 1.45 | $ 1.45 |
Share aggregate value | $ 6,017 | $ 6,017 |
Series A convertible preferred stock, shares authorized (in shares) | 4,150,000 | 4,150,000 |
Series A convertible preferred stock, shares issued (in shares) | 4,150,000 | 4,150,000 |
Series A convertible preferred stock, shares outstanding (in shares) | 4,150,000 | 4,150,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | ||
Income Statement [Abstract] | |||||
Net sales | $ 70,648 | $ 67,965 | $ 223,498 | $ 212,940 | |
Cost of sales | [1] | 49,606 | 49,551 | 160,110 | 153,405 |
Gross profit | 21,042 | 18,414 | 63,388 | 59,535 | |
Operating expenses: | |||||
Marketing | 10,684 | 10,278 | 32,684 | 31,356 | |
General and administrative | 4,292 | 3,762 | 12,957 | 12,532 | |
Fulfillment | 4,881 | 5,256 | 14,919 | 15,351 | |
Technology | 1,292 | 1,228 | 3,830 | 3,640 | |
Amortization of intangible assets | 115 | 106 | 345 | 316 | |
Total operating expenses | [2] | 21,264 | 20,630 | 64,735 | 63,195 |
Loss from operations | (222) | (2,216) | (1,347) | (3,660) | |
Other income (expense): | |||||
Other income, net | 8 | 24 | 41 | 39 | |
Interest expense | (277) | (287) | (922) | (784) | |
Total other expense, net | (269) | (263) | (881) | (745) | |
Loss before income taxes | (491) | (2,479) | (2,228) | (4,405) | |
Income tax (benefit) provision | (203) | 15 | (602) | 68 | |
Net loss including noncontrolling interests | (288) | (2,494) | (1,626) | (4,473) | |
Net loss attributable to noncontrolling interests | (296) | 0 | (799) | 0 | |
Net income (loss) attributable to U.S. Auto Parts | 8 | (2,494) | (827) | (4,473) | |
Other comprehensive loss attributable to U.S. Auto Parts, net of tax: | |||||
Foreign currency translation adjustments | (28) | 23 | (50) | 19 | |
Net unrecognized losses on derivative instruments | 0 | (48) | 0 | (70) | |
Total other comprehensive loss attributable to U.S. Auto Parts | (28) | (25) | (50) | (51) | |
Comprehensive loss attributable to U.S. Auto Parts | $ (20) | $ (2,519) | $ (877) | $ (4,524) | |
Basic and diluted net loss per share (in dollars per share) | $ 0 | $ (0.08) | $ (0.03) | $ (0.14) | |
Shares used in computation of basic and diluted net loss per share (in shares) | 34,018 | 33,532 | 33,900 | 33,459 | |
[1] | Excludes depreciation and amortization expense which is included in marketing, general and administrative and fulfillment expense. | ||||
[2] | Operating costs for AutoMD primarily consist of depreciation and amortization on fixed assets and personnel costs. Indirect costs are not allocated to AutoMD. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Operating activities | ||
Net loss including noncontrolling interests | $ (1,626) | $ (4,473) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 5,618 | 6,833 |
Amortization of intangible assets | 345 | 316 |
Deferred income taxes | (674) | 60 |
Share-based compensation expense | 1,726 | 1,691 |
Stock awards issued for non-employee director service | 2 | 0 |
Amortization of deferred financing costs | 61 | 61 |
Gain from disposition of assets | (13) | (21) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 261 | 1,071 |
Inventory | 2,177 | (7,830) |
Other current assets | (706) | 106 |
Other non-current assets | 93 | (9) |
Accounts payable and accrued expenses | (460) | 2,869 |
Other current liabilities | 649 | 227 |
Other non-current liabilities | (105) | (191) |
Net cash provided by operating activities | 7,348 | 710 |
Investing activities | ||
Additions to property and equipment | (5,800) | (4,292) |
Proceeds from sale of property and equipment | 13 | 27 |
Cash paid for intangible assets | (25) | (100) |
Purchases of marketable securities and investments | 0 | (746) |
Proceeds from the sale of marketable securities and investments | 0 | 745 |
Net cash used in investing activities | (5,812) | (4,366) |
Financing activities | ||
Borrowings from revolving loan payable | 8,970 | 14,233 |
Payments made on revolving loan payable | (11,700) | (10,138) |
Proceeds from stock options | 102 | 265 |
Payments on capital leases | (297) | (170) |
Statutory tax withholding payment for share-based compensation | (438) | 0 |
Payment of liabilities related to financing activities | (100) | (100) |
Net cash (used in) provided by financing activities | (3,463) | 4,090 |
Effect of exchange rate changes on cash | (50) | 3 |
Net change in cash and cash equivalents | (1,977) | 437 |
Cash and cash equivalents, beginning of period | 7,653 | 818 |
Cash and cash equivalents, end of period | 5,676 | 1,255 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Accrued asset purchases | 902 | 801 |
Property acquired under capital lease | 1,588 | 0 |
Unrealized (loss) gain on investments | (2) | 70 |
Supplemental disclosure of cash flow information: | ||
Cash (paid) received during the period for income taxes | (84) | 34 |
Cash paid during the period for interest | $ 886 | $ 744 |
Basis of Presentation and Descr
Basis of Presentation and Description of Company | 9 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Company | Basis of Presentation and Description of Company U.S. Auto Parts Network, Inc. (including its subsidiaries) is a leading online provider of aftermarket auto parts and accessories and was established in 1995. The Company entered the e-commerce sector by launching its first website in 2000 and currently derives the majority of its revenues from online sales channels. The Company sells its products to individual consumers through a network of websites and online marketplaces. Through AutoMD.com, a majority-owned subsidiary, the Company also educates consumers on maintenance and service of their vehicles. The site provides auto information, with tools for diagnosing car troubles, locating repair shops and do-it-yourself (“DIY”) repair guides. Our flagship consumer websites are located at www.autopartswarehouse.com , www.carparts.com , www.jcwhitney.com and www.AutoMD.com and our corporate website is located at www.usautoparts.net . References to the “Company,” “we,” “us,” or “our” refer to U.S. Auto Parts Network, Inc. and its consolidated subsidiaries. The Company’s products consist of body parts, hard parts, performance parts and accessories. The body parts category is primarily comprised of replacement parts for the exterior of an automobile. Our parts in this category are typically replacement parts for original body parts that have been damaged as a result of a collision or through general wear and tear. The majority of these products are sold through our websites and wholesale operations. In addition, we sell an extensive line of mirror products, including our own private label brand called Kool-Vue™, which are marketed and sold as aftermarket replacement parts and as upgrades to existing parts. The hard parts category is comprised of engine components and other mechanical and electrical parts. These parts serve as replacement parts for existing engine parts and are generally used by professionals and do-it-yourselfers for engine and mechanical maintenance and repair. We offer performance and accessory versions of many parts sold in each of the above categories. Performance parts and accessories generally consist of parts that enhance the performance of the automobile, upgrade existing functionality of a specific part or improve the physical appearance or comfort of the automobile. The Company is a Delaware C corporation and is headquartered in Carson, California. The Company has employees located in both the United States and the Philippines. Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to U.S. Securities and Exchange Commission (“SEC”) Form 10-Q and Article 10 of SEC Regulation S-X. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position of the Company as of October 3, 2015 and the consolidated results of operations for the thirteen and thirty-nine weeks ended October 3, 2015 and September 27, 2014 , and cash flows for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 . The Company’s results for the interim periods are not necessarily indicative of the results that may be expected for any other interim period, or for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended January 3, 2015 , which was filed with the SEC on March 20, 2015 and all our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2014 fiscal year, and throughout the date of this report. During the thirteen and thirty-nine weeks ended October 3, 2015 , the Company had a net income of $8 , and a net loss of $827 , respectively, compared to a net loss of $2,494 , and $4,473 , respectively, during the thirteen and thirty-nine weeks ended September 27, 2014 . Based on our current operating plan, we believe that our existing cash, cash equivalents, investments, cash flows from operations and available debt financing will be sufficient to finance our operational cash needs through at least the next twelve months. When compared to fiscal year 2014, we expect our net loss to be significantly lower in fiscal year 2015. Should the Company’s operating results not meet expectations in 2015, it could negatively impact our liquidity as we may not be able to provide positive cash flows from operations in order to meet our working capital requirements. We may need to borrow additional funds from our credit facility, which under certain circumstances may not be available, sell assets or seek additional equity or additional debt financing in the future. There can be no assurance that we would be able to raise such additional financing or engage in such additional asset sales on acceptable terms, or at all. If revenues were to decline and losses are larger or continue for longer than we expect because our strategies to return to profitability are not successful or otherwise, and if we are not able to raise adequate additional financing or proceeds from asset sales to continue to fund our ongoing operations, we will need to defer, reduce or eliminate significant planned expenditures, restructure or significantly curtail our operations. Segment Data The Company operates in two reportable operating segments. The criteria the Company uses to identify operating segments are primarily the nature of the products we sell or services we provide and the consolidated operating results that are regularly reviewed by our chief operating decision maker to assess performance and make operating decisions. We identified two reportable operating segments, the core auto parts business ("Base USAP"), and AutoMD, Inc. ("AutoMD") an online automotive repair source. Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-11, “Simplifying the Measurement of Inventory,” (“ASU 2015-11”) which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the effect that ASU 2015-11 will have on the consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has the effect of the standard on ongoing financial reporting been determined. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-9, “Revenue from Contracts with Customers,” (“ASU 2014-9”) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2016. In August, 2015 the FASB amended the standard to take effect for reporting periods beginning after December 15, 2017 and early adoption is permitted for public companies for reporting periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-9 will have on the consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has the effect of the standard on ongoing financial reporting been determined. |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Oct. 03, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Intangible Assets, Net Intangible assets consisted of the following at October 3, 2015 and January 3, 2015 (in thousands): October 3, 2015 January 3, 2015 Useful Life Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Intangible assets subject to amortization: Product design intellectual property 4 years $ 2,750 $ (2,296 ) $ 454 $ 2,750 $ (2,102 ) $ 648 Patent license agreements 3 - 5 years 562 (187 ) $ 375 537 (94 ) $ 443 Domain and trade names 10 years 1,199 (641 ) $ 558 1,199 (583 ) $ 616 Total $ 4,511 $ (3,124 ) $ 1,387 $ 4,486 $ (2,779 ) $ 1,707 Intangible assets subject to amortization are amortized on a straight-line basis. Amortization expense relating to intangible assets for the thirteen weeks ended October 3, 2015 and September 27, 2014 was $115 and $106 , respectively. Amortization expense relating to intangible assets for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 was $345 and $316 , respectively. The following table summarizes the future estimated annual amortization expense for these assets over the next five years: 2015 (fourth quarter) $ 115 2016 460 2017 323 2018 165 2019 80 Thereafter 244 Total $ 1,387 |
Borrowings
Borrowings | 9 Months Ended |
Oct. 03, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company maintains an asset-based revolving credit facility ("Credit Facility") that provides for, among other things, a revolving commitment in an aggregate principal amount of up to $25,000 , which is subject to a borrowing base derived from certain receivables, inventory, and property and equipment. Upon satisfaction of certain conditions, the Company has the right to increase the revolving commitment to up to $40,000 . The Company, to date, has not requested such an increase. The Credit Facility matures on April 26, 2017 . At October 3, 2015 , our outstanding revolving loan balance was $8,291 . The customary events of default under the Credit Facility (discussed below) include certain subjective acceleration clauses. Management has determined the likelihood of an acceleration is more than remote, considering the recurring losses experienced by the Company. As a result, outstanding borrowings under the Credit Facility have been classified as a current liability. On March 24, 2015, the Company and JPMorgan Chase Bank, N.A. (“JPMorgan”) entered into a Seventh Amendment to Credit Agreement and Second Amendment to Pledge and Security Agreement (the “Amendment”), which amended the Credit Agreement previously entered into by the Company, certain of its domestic subsidiaries and JPMorgan on April 26, 2012 (as amended, the “Credit Agreement”) and the Pledge and Security Agreement previously entered into by the Company, certain of its domestic subsidiaries and JPMorgan on April 26, 2012. Pursuant to the Amendment, the aggregate principal amount of indebtedness that is permitted related to capital leases was increased from $1,000 to $1,500 . Loans drawn under the Credit Facility bear interest, at the Company’s option, at a per annum rate equal to either (a) one month LIBOR plus an applicable margin of 2.25% , or (b) an “alternate prime base rate” plus an applicable margin of 0.25% . Subsequent to June 30, 2016, each applicable margin as set forth in the prior sentence is subject to reduction by up to 0.50% per annum based upon the Company’s fixed charge coverage ratio. At October 3, 2015 , the Company’s LIBOR based interest rate was 2.50% (on $8,250 principal) and the Company’s prime based rate was 3.50% (on $41 principal). A commitment fee, based upon undrawn availability under the Credit Facility bearing interest at a rate of 0.25% per annum, is payable monthly. Under the terms of the Credit Agreement, cash receipts are deposited into a lock-box, which are at the Company’s discretion unless the “cash dominion period” is in effect, during which cash receipts will be used to reduce amounts owing under the Credit Agreement. The cash dominion period is triggered in an event of default or if excess availability is less than the $4,000 as defined, and will continue until, during the preceding 60 consecutive days, no event of default existed and excess availability has been greater than $5,000 at all times. Beginning on July 1, 2016, in the event that “excess availability,” as defined under the Credit Agreement, is less than $2,000 the Company shall be required to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0 . The Company's excess availability, net of the "Availability Block" (as defined under the Credit Agreement) of $2,000 was $11,955 at October 3, 2015 . As of the date hereof, the cash dominion period has not been in effect; accordingly, no principal payments are due. As of October 3, 2015 , the Company had total capital leases payable of $10,829 . The present value of the net minimum payments on capital leases as of October 3, 2015 was as follows (in thousands): Total minimum lease payments 19,429 Less amount representing interest (8,600 ) Present value of net minimum lease payments 10,829 Current portion of capital leases payable (551 ) Capital leases payable, net of current portion $ 10,278 |
Stockholders' Equity and Share-
Stockholders' Equity and Share-Based Compensation | 9 Months Ended |
Oct. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Share-Based Compensation | Stockholders’ Equity and Share-Based Compensation Non-Controlling Interest Non-controlling interests represent equity interests in consolidated subsidiaries that are not attributable, either directly or indirectly, to the Company (i.e., minority interests). Non-controlling interests include the minority equity holders' proportionate share of the equity of AutoMD. Ownership interests in subsidiaries held by parties other than the Company are presented as non-controlling interests within stockholders' equity, separately from the equity held by the Company. Revenues, expenses, net income (loss) and other comprehensive loss are reported in the consolidated financial statements at the consolidated amounts, which includes amounts allocated to both the Company's interest and the non-controlling interests in AutoMD. Net loss and other comprehensive loss is then attributed to the Company's interest and the non-controlling interests. Net income (loss) to non-controlling interests is deducted from net income (loss) in the consolidated statements of comprehensive operations to determine net loss attributable to the Company's common stockholders. The following table summarizes the Company’s stock option activity under the AutoMD 2014 Equity Incentive Plan (the "AMD Plan") for the thirty-nine weeks ended October 3, 2015 , and details regarding the options outstanding and exercisable at October 3, 2015 : Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding, January 3, 2015 180 $1.00 Granted 1,060 $1.00 Exercised — — Expired — — Forfeited — — Options outstanding, October 3, 2015 1,240 $1.00 9.33 $ — Vested and expected to vest at October 3, 2015 916 $1.00 9.33 $ — Options exercisable, October 3, 2015 — — 0.00 $ — At October 3, 2015 , 710 shares were available for future grants under the AMD Plan. The weighted-average fair value of options granted during the thirty-nine weeks ended October 3, 2015 and September 27, 2014 was $ 0.54 and $ 0 , respectively. The intrinsic value of stock options at the date of exercise is the difference between the fair value of the stock at the date of the balance sheet and the exercise price. During the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , the options had $0 intrinsic value as none were exercisable. The Company had $414 of unrecognized share-based compensation expense related to stock options outstanding as of October 3, 2015 , which expense is expected to be recognized over a weighted-average period of 3.33 years. Options exercised under all share-based compensation plans are granted net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. For those employees who elect not to receive shares net of the minimum statutory withholding requirements, the appropriate taxes are paid directly by the employee. During the thirty-nine weeks ended October 3, 2015 , we withheld 27 shares to satisfy $80 of employees' tax obligations and 64 shares related to the net settlement of the stock options. USAP Options and Restricted Stock Units The Company had the following common stock option activity during the thirty-nine weeks ended October 3, 2015 : • Granted options to purchase 1,230 common shares. • Forfeitures of 250 options to purchase common shares. The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirty-nine weeks ended October 3, 2015 , and details regarding the awards outstanding and exercisable at October 3, 2015 (in thousands): Shares Weighted Weighted Average Aggregate Awards outstanding, January 3, 2015 880 $ — Awarded 435 $ — Vested (398 ) $ — Forfeited (113 ) $ — Awards outstanding, October 3, 2015 804 $ — 0.34 $ 1,617 Vested and expected to vest at October 3, 2015 772 $ — 0.34 $ 1,552 During the thirty-nine weeks ended October 3, 2015 , 398 RSUs vested, of which 221 were time-based and 177 were performance-based. For the majority of RSUs awarded, the number of shares issued on the date the RSUs vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. For those employees who elect not to receive shares net of the minimum statutory withholding requirements, the appropriate taxes are paid directly by the employee. During the thirty-nine weeks ended October 3, 2015 , we withheld 151 shares to satisfy $358 of employees' tax obligations. Although shares withheld are not issued, they are treated as a common stock repurchase in our consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. For the thirteen and thirty-nine weeks ended October 3, 2015 , we recorded compensation expense of $ 357 and $915 , respectively. As of October 3, 2015 , there was unrecognized compensation expense of $485 related to unvested RSUs based on awards that are expected to vest. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 0.34 years . |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share has been computed in accordance with ASC 260 Earnings per Share. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Net income (loss) per share: Numerator: Net income (loss) attributable to U.S. Auto Parts $ 8 $ (2,494 ) (827 ) (4,473 ) Dividends on Series A Convertible Preferred Stock 61 61 180 180 Net loss available to common shares $ (53 ) $ (2,555 ) $ (1,007 ) $ (4,653 ) Denominator: Weighted-average common shares outstanding (basic) 34,018 33,532 33,900 33,459 Common equivalent shares from common stock options and warrants — — — — Weighted-average common shares outstanding (diluted) 34,018 33,532 33,900 33,459 Basic and diluted net loss per share $ 0.00 $ (0.08 ) $ (0.03 ) $ (0.14 ) The weighted-average anti-dilutive securities, which are excluded from the calculation of diluted earnings per share due to the Company's net loss available to common shares position for the periods then ended (including securities that would otherwise be excluded from the calculation of diluted earnings per share due to the Company's stock price), are as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Common stock warrants 50 50 50 50 Series A Convertible Preferred Stock 4,150 4,150 4,150 4,150 Restricted stock units 861 815 853 760 Options to purchase common stock 6,125 5,694 5,960 5,681 Total 11,186 10,709 11,013 10,641 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to U.S. federal income tax as well as income tax of foreign and state tax jurisdictions. The tax years 2011-2014 remain open to examination by the major taxing jurisdictions to which the Company is subject, except the Internal Revenue Service for which the tax years 2012-2014 remain open. For the thirteen and thirty-nine weeks ended October 3, 2015 the effective tax rate for the Company was 41.3% and 27.0% , respectively. The Company's effective tax rate for the thirteen and thirty-nine weeks ended October 3, 2015 differed from the U.S. federal statutory rate primarily as a result of the recording of valuation allowance against the pre-tax losses that was offset by the tax benefit resulting from the reduction of excess book basis in the Company's investment in AutoMD over its tax basis due to AutoMD's pre-tax losses. For the thirteen and thirty-nine weeks ended September 27, 2014 , the effective tax rate for the Company was 0.6% and 1.5% , respectively. The Company’s effective tax rate for the thirteen and thirty-nine weeks ended September 27, 2014 differed from the U.S. federal statutory rate primarily as a result of the recording of valuation allowance against the pre-tax losses. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Facilities Leases The Company’s corporate headquarters is located in Carson, California. The Company’s corporate headquarters has an initial lease term of five years through October 2016, and an option to renew through January 2020. The Company leases warehouse space in Chesapeake, Virginia under an agreement scheduled to expire in June 2016. The Company’s Philippines subsidiary leases office space under an agreement through April 2020. Facility rent expense for the thirteen and thirty-nine weeks ended October 3, 2015 was $395 and $1,159 , respectively, compared to $457 and $1,532 , for the thirteen and thirty-nine weeks ended September 27, 2014 , respectively. The year over year decline is primarily due to the closure of the Carson warehouse facility last year. The Company’s facility rent expense was inclusive of amounts charged from a related party during the thirteen and thirty-nine weeks ended September 27, 2014 of $97 and $428 , respectively. Minimum lease commitments under non-cancellable operating leases as of October 3, 2015 were as follows (in thousands): 2015 $ 384 2016 1,084 2017 388 2018 408 2019 428 2020 onwards $ 182 Total $ 2,874 On April 17, 2013, the Company entered into a sale lease-back transaction with STORE Master Funding III, LLC whereby we leased back our facility located in LaSalle, Illinois for our continued use as an office, retail and warehouse facility for storage, sale and distribution of automotive parts, accessories and related items for 20 years commencing upon the execution of the lease and terminating on April 30, 2033. The lease was accounted for as a capital lease and the $376 excess of the net proceeds over the net carrying amount of the property is amortized in interest expense on a straight-line basis over the lease term of 20 years. Capital lease commitments as of October 3, 2015 were as follows (in thousands): 2015 $ 321 2016 1,309 2017 1,255 2018 1,261 2019 1,275 2020 onwards 14,008 Total minimum payments required 19,429 Less amount representing interest (8,600 ) Present value of minimum capital lease payments $ 10,829 Legal Matters Asbestos . A wholly-owned subsidiary of the Company, Automotive Specialty Accessories and Parts, Inc. and its wholly-owned subsidiary Whitney Automotive Group ("WAG"), are named defendants in several lawsuits involving claims for damages caused by installation of brakes during the late 1960’s and early 1970’s that contained asbestos. WAG marketed certain brakes, but did not manufacture any brakes. WAG maintains liability insurance coverage to protect its and the Company’s assets from losses arising from the litigation and coverage is provided on an occurrence rather than a claims made basis, and the Company is not expected to incur significant out-of-pocket costs in connection with this matter that would be material to its consolidated financial statements. The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. As of the date hereof, the Company believes that the final disposition of such matters will not have a material adverse effect on the financial position, results of operations or cash flow of the Company. The Company maintains liability insurance coverage to protect the Company’s assets from losses arising out of or involving activities associated with ongoing and normal business operations. |
Segment Information
Segment Information | 9 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment information As described in Note 1 above, the Company operates in two reportable segments identified as Base USAP, which is the core auto parts business, and AutoMD, an online automotive repair source of which the Company is a majority stockholder. Segment information is prepared on the same basis that our chief executive officer, who is our chief operating decision maker, manages the segments, evaluates financial results, and makes key operating decisions. Management evaluates the performance of its operating segments based on net sales, gross profit and income (loss) from operations. Operating income (loss) represents earnings (loss) before other income, interest expense and income taxes. The identifiable assets by segment disclosed in this note are those assets specifically identifiable within each segment. Summarized segment information for our continuing operations from the two reportable segments for the periods presented is as follows (in thousands): Base USAP AutoMD Consolidated Thirteen weeks ended October 3, 2015 Net sales $ 70,573 $ 75 $ 70,648 Gross profit $ 20,967 $ 75 $ 21,042 Operating costs (1) $ 20,367 $ 897 $ 21,264 Income (loss) from operations $ 600 $ (822 ) $ (222 ) Capital expenditures $ 1,636 $ 332 $ 1,968 Depreciation and amortization $ 1,539 $ 323 $ 1,862 Total assets, net $ 73,946 $ 6,315 $ 80,261 Thirteen weeks ended September 27, 2014 Net sales $ 67,885 $ 80 $ 67,965 Gross profit $ 18,334 $ 80 $ 18,414 Operating costs (1) $ 20,016 $ 614 $ 20,630 Loss from operations $ (1,682 ) $ (534 ) $ (2,216 ) Capital expenditures $ 887 $ 369 $ 1,256 Depreciation and amortization $ 1,803 $ 410 $ 2,213 Total assets, net $ 71,856 $ 1,828 $ 73,684 Thirty-nine weeks ended October 3, 2015 Net sales $ 223,309 $ 189 $ 223,498 Gross profit $ 63,199 $ 189 $ 63,388 Operating costs (1) $ 62,322 $ 2,413 $ 64,735 Income (loss) from operations $ 877 $ (2,224 ) $ (1,347 ) Capital expenditures $ 4,974 $ 826 $ 5,800 Depreciation and amortization $ 4,571 $ 1,047 $ 5,618 Total assets, net $ 73,946 $ 6,315 $ 80,261 Thirty-nine weeks ended September 27, 2014 Net sales $ 212,717 $ 223 $ 212,940 Gross profit $ 59,312 $ 223 $ 59,535 Operating costs (1) $ 61,396 $ 1,799 $ 63,195 Loss from operations $ (2,084 ) $ (1,576 ) $ (3,660 ) Capital expenditures $ 3,231 $ 1,061 $ 4,292 Depreciation and amortization $ 5,554 $ 1,279 $ 6,833 Total assets, net $ 71,856 $ 1,828 $ 73,684 (1) Operating costs for AutoMD primarily consist of depreciation and amortization on fixed assets and personnel costs. Indirect costs are not allocated to AutoMD. |
AutoMD
AutoMD | 9 Months Ended |
Oct. 03, 2015 | |
Noncontrolling Interest [Abstract] | |
AutoMD | AutoMD On October 8, 2014, AutoMD entered into a Common Stock Purchase Agreement ("Purchase Agreement") to sell an aggregate of 7,000 shares of AutoMD common stock at a purchase price of $1.00 per share to third-party investors and investors that are affiliated with two of our board members. The Company retained 64.1% of AutoMD's outstanding common stock, and continues to consolidate AutoMD. In connection with the sale of the shares of AutoMD, the Company recorded an increase to additional paid-in-capital of $2,534 . This amount is equal to the increase in the Company’s interest in the net assets of AutoMD, resulting from this sale of common shares valued at $3,847 , less the related deferred tax liability of $1,313 . Additionally, pursuant to the terms of the Purchase Agreement, the Company may be required to purchase 2,000 shares of AutoMD common stock at a purchase price of $1.00 per share, with such purchase to be triggered only if as of October 8, 2016, AutoMD does not meet a required minimum number of approved auto repair shops permitted to submit a quotation on AutoMD’s website ("Registered Repair Shops"), or separately if at any time during the two years following the closing date AutoMD fails to meet specified minimum cash balances and minimum numbers of Registered Repair Shops. The Purchase Agreement also limits the use of the $7,000 in proceeds from the sale of AutoMD common stock to only general operating purposes of AutoMD. The Company cannot use or borrow any of the proceeds without the approval of AutoMD's Board of Directors. In addition to the Purchase Agreement, AutoMD entered into an Investor Rights Agreement. The Investor Rights Agreement includes certain demand and piggyback registration rights, and restrictions on transfers or dilutive transactions involving AutoMD common stock. Prior to October 8, 2017, the Company is prohibited from transferring shares of AutoMD owned by U.S. Auto Parts or enter into any transaction or arrangement (including, without limitation, any sale, gift, merger or consolidation) that would result in U.S. Auto Parts owning, at any time, less than 50% of the shares of capital stock of the Company without the prior written consent of AutoMD shareholders. In the event of a proposed transfer or dilutive transaction for which any shareholder does not provide its written consent, in the alternative, upon not less than 30 days prior written notice to such non-consenting party, the Company may elect, at its sole option, to purchase all shares of the AutoMD common stock then owned by any non-consenting shareholder at a purchase price equal to $1.00 per share (as adjusted for any stock combinations, splits, recapitalizations, etc.) plus an annual rate of 10% thereon, compounded annually, and effect such transfer following the purchase from the non-consenting shareholders. The table below presents the effect of changes in the Company's ownership interest in AutoMD on the Company's equity during the thirty-nine weeks ended October 3, 2015 : Noncontrolling Interest Balance, January 3, 2015 $ 2,946 Net loss allocable to noncontrolling interest (799 ) Balance, October 3, 2015 $ 2,147 |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Oct. 03, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs Fiscal 2014 On June 25, 2014, the Company committed to a plan to permanently close its distribution facility located in Carson, California (the “Carson Distribution Facility”) on July 25, 2014. The Company consolidated the Carson Distribution Facility’s distribution and warehousing operations into the Company’s existing distribution facilities located in LaSalle, Illinois and Chesapeake, Virginia. This consolidation was part of the Company’s continued efforts for simplification and improved efficiencies. The closure of the Carson Distribution Facility resulted in a head count reduction of approximately 77 employees. The following table summarizes the charges related to the restructure recognized during the thirteen and thirty-nine weeks ended September 27, 2014 (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended September 27, 2014 September 27, 2014 Employee severance $ — $ 552 Accounts receivable allowance — 73 Relocations costs (employee and equipment) 127 127 Inventory transfers 283 283 Total restructuring costs $ 410 $ 1,035 The severance costs were included in fulfillment and marketing expense in the second quarter of fiscal 2014 and were paid during the third quarter of fiscal 2014 . Substantially all of the unsold inventory in the Carson warehouse on the date of closure was moved to the remaining two warehouses. A charge for $130 was taken during the second quarter of 2014 for inventory that was not deemed economical to transfer. Additionally, due to expected future capacity constraints, the Company reduced the sales price of certain inventory resulting in a charge of $348 during the second quarter of 2014. The aggregate charge of $478 , was recorded to cost of sales. The severance charges and relocation costs were included in fulfillment expense. All restructuring costs incurred in connection with the closure of the Carson Distribution Facility are included in the Base USAP reportable segment. |
Basis of Presentation and Des16
Basis of Presentation and Description of Company (Policies) | 9 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to U.S. Securities and Exchange Commission (“SEC”) Form 10-Q and Article 10 of SEC Regulation S-X. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position of the Company as of October 3, 2015 and the consolidated results of operations for the thirteen and thirty-nine weeks ended October 3, 2015 and September 27, 2014 , and cash flows for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 . The Company’s results for the interim periods are not necessarily indicative of the results that may be expected for any other interim period, or for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended January 3, 2015 , which was filed with the SEC on March 20, 2015 and all our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2014 fiscal year, and throughout the date of this report. |
Segment Data | Segment Data The Company operates in two reportable operating segments. The criteria the Company uses to identify operating segments are primarily the nature of the products we sell or services we provide and the consolidated operating results that are regularly reviewed by our chief operating decision maker to assess performance and make operating decisions. We identified two reportable operating segments, the core auto parts business ("Base USAP"), and AutoMD, Inc. ("AutoMD") an online automotive repair source. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-11, “Simplifying the Measurement of Inventory,” (“ASU 2015-11”) which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the effect that ASU 2015-11 will have on the consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has the effect of the standard on ongoing financial reporting been determined. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-9, “Revenue from Contracts with Customers,” (“ASU 2014-9”) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2016. In August, 2015 the FASB amended the standard to take effect for reporting periods beginning after December 15, 2017 and early adoption is permitted for public companies for reporting periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-9 will have on the consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has the effect of the standard on ongoing financial reporting been determined. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets consisted of the following at October 3, 2015 and January 3, 2015 (in thousands): October 3, 2015 January 3, 2015 Useful Life Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Intangible assets subject to amortization: Product design intellectual property 4 years $ 2,750 $ (2,296 ) $ 454 $ 2,750 $ (2,102 ) $ 648 Patent license agreements 3 - 5 years 562 (187 ) $ 375 537 (94 ) $ 443 Domain and trade names 10 years 1,199 (641 ) $ 558 1,199 (583 ) $ 616 Total $ 4,511 $ (3,124 ) $ 1,387 $ 4,486 $ (2,779 ) $ 1,707 |
Summary of Future Estimated Annual Amortization Expense | The following table summarizes the future estimated annual amortization expense for these assets over the next five years: 2015 (fourth quarter) $ 115 2016 460 2017 323 2018 165 2019 80 Thereafter 244 Total $ 1,387 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Debt Disclosure [Abstract] | |
Present Value of Net Minimum Payments on Capital Leases | The present value of the net minimum payments on capital leases as of October 3, 2015 was as follows (in thousands): Total minimum lease payments 19,429 Less amount representing interest (8,600 ) Present value of net minimum lease payments 10,829 Current portion of capital leases payable (551 ) Capital leases payable, net of current portion $ 10,278 Capital lease commitments as of October 3, 2015 were as follows (in thousands): 2015 $ 321 2016 1,309 2017 1,255 2018 1,261 2019 1,275 2020 onwards 14,008 Total minimum payments required 19,429 Less amount representing interest (8,600 ) Present value of minimum capital lease payments $ 10,829 |
Stockholders' Equity and Shar19
Stockholders' Equity and Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity under the AutoMD 2014 Equity Incentive Plan (the "AMD Plan") for the thirty-nine weeks ended October 3, 2015 , and details regarding the options outstanding and exercisable at October 3, 2015 : Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding, January 3, 2015 180 $1.00 Granted 1,060 $1.00 Exercised — — Expired — — Forfeited — — Options outstanding, October 3, 2015 1,240 $1.00 9.33 $ — Vested and expected to vest at October 3, 2015 916 $1.00 9.33 $ — Options exercisable, October 3, 2015 — — 0.00 $ — |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirty-nine weeks ended October 3, 2015 , and details regarding the awards outstanding and exercisable at October 3, 2015 (in thousands): Shares Weighted Weighted Average Aggregate Awards outstanding, January 3, 2015 880 $ — Awarded 435 $ — Vested (398 ) $ — Forfeited (113 ) $ — Awards outstanding, October 3, 2015 804 $ — 0.34 $ 1,617 Vested and expected to vest at October 3, 2015 772 $ — 0.34 $ 1,552 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Net income (loss) per share: Numerator: Net income (loss) attributable to U.S. Auto Parts $ 8 $ (2,494 ) (827 ) (4,473 ) Dividends on Series A Convertible Preferred Stock 61 61 180 180 Net loss available to common shares $ (53 ) $ (2,555 ) $ (1,007 ) $ (4,653 ) Denominator: Weighted-average common shares outstanding (basic) 34,018 33,532 33,900 33,459 Common equivalent shares from common stock options and warrants — — — — Weighted-average common shares outstanding (diluted) 34,018 33,532 33,900 33,459 Basic and diluted net loss per share $ 0.00 $ (0.08 ) $ (0.03 ) $ (0.14 ) |
Anti-Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share | The weighted-average anti-dilutive securities, which are excluded from the calculation of diluted earnings per share due to the Company's net loss available to common shares position for the periods then ended (including securities that would otherwise be excluded from the calculation of diluted earnings per share due to the Company's stock price), are as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Common stock warrants 50 50 50 50 Series A Convertible Preferred Stock 4,150 4,150 4,150 4,150 Restricted stock units 861 815 853 760 Options to purchase common stock 6,125 5,694 5,960 5,681 Total 11,186 10,709 11,013 10,641 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments under Non-Cancellable Operating Leases | Minimum lease commitments under non-cancellable operating leases as of October 3, 2015 were as follows (in thousands): 2015 $ 384 2016 1,084 2017 388 2018 408 2019 428 2020 onwards $ 182 Total $ 2,874 |
Summary of Capital Lease Commitments | The present value of the net minimum payments on capital leases as of October 3, 2015 was as follows (in thousands): Total minimum lease payments 19,429 Less amount representing interest (8,600 ) Present value of net minimum lease payments 10,829 Current portion of capital leases payable (551 ) Capital leases payable, net of current portion $ 10,278 Capital lease commitments as of October 3, 2015 were as follows (in thousands): 2015 $ 321 2016 1,309 2017 1,255 2018 1,261 2019 1,275 2020 onwards 14,008 Total minimum payments required 19,429 Less amount representing interest (8,600 ) Present value of minimum capital lease payments $ 10,829 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Summarized Segment Information | Summarized segment information for our continuing operations from the two reportable segments for the periods presented is as follows (in thousands): Base USAP AutoMD Consolidated Thirteen weeks ended October 3, 2015 Net sales $ 70,573 $ 75 $ 70,648 Gross profit $ 20,967 $ 75 $ 21,042 Operating costs (1) $ 20,367 $ 897 $ 21,264 Income (loss) from operations $ 600 $ (822 ) $ (222 ) Capital expenditures $ 1,636 $ 332 $ 1,968 Depreciation and amortization $ 1,539 $ 323 $ 1,862 Total assets, net $ 73,946 $ 6,315 $ 80,261 Thirteen weeks ended September 27, 2014 Net sales $ 67,885 $ 80 $ 67,965 Gross profit $ 18,334 $ 80 $ 18,414 Operating costs (1) $ 20,016 $ 614 $ 20,630 Loss from operations $ (1,682 ) $ (534 ) $ (2,216 ) Capital expenditures $ 887 $ 369 $ 1,256 Depreciation and amortization $ 1,803 $ 410 $ 2,213 Total assets, net $ 71,856 $ 1,828 $ 73,684 Thirty-nine weeks ended October 3, 2015 Net sales $ 223,309 $ 189 $ 223,498 Gross profit $ 63,199 $ 189 $ 63,388 Operating costs (1) $ 62,322 $ 2,413 $ 64,735 Income (loss) from operations $ 877 $ (2,224 ) $ (1,347 ) Capital expenditures $ 4,974 $ 826 $ 5,800 Depreciation and amortization $ 4,571 $ 1,047 $ 5,618 Total assets, net $ 73,946 $ 6,315 $ 80,261 Thirty-nine weeks ended September 27, 2014 Net sales $ 212,717 $ 223 $ 212,940 Gross profit $ 59,312 $ 223 $ 59,535 Operating costs (1) $ 61,396 $ 1,799 $ 63,195 Loss from operations $ (2,084 ) $ (1,576 ) $ (3,660 ) Capital expenditures $ 3,231 $ 1,061 $ 4,292 Depreciation and amortization $ 5,554 $ 1,279 $ 6,833 Total assets, net $ 71,856 $ 1,828 $ 73,684 (1) Operating costs for AutoMD primarily consist of depreciation and amortization on fixed assets and personnel costs. Indirect costs are not allocated to AutoMD. |
AutoMD (Tables)
AutoMD (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Company's Ownership Interests in AutoMD | The table below presents the effect of changes in the Company's ownership interest in AutoMD on the Company's equity during the thirty-nine weeks ended October 3, 2015 : Noncontrolling Interest Balance, January 3, 2015 $ 2,946 Net loss allocable to noncontrolling interest (799 ) Balance, October 3, 2015 $ 2,147 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Charges Related to Restructure | The following table summarizes the charges related to the restructure recognized during the thirteen and thirty-nine weeks ended September 27, 2014 (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended September 27, 2014 September 27, 2014 Employee severance $ — $ 552 Accounts receivable allowance — 73 Relocations costs (employee and equipment) 127 127 Inventory transfers 283 283 Total restructuring costs $ 410 $ 1,035 |
Basis of Presentation and Des25
Basis of Presentation and Description of Company (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015USD ($) | Sep. 27, 2014USD ($) | Oct. 03, 2015USD ($)segment | Sep. 27, 2014USD ($) | |
Accounting Policies [Abstract] | ||||
Net loss | $ | $ 8 | $ (2,494) | $ (827) | $ (4,473) |
Number of reportable segments | 2 | |||
Number of operating segments | 2 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2015 | Jan. 03, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,511 | $ 4,486 |
Accumulated Amort. and Impairment | (3,124) | (2,779) |
Net Carrying Amount | $ 1,387 | 1,707 |
Product design intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 4 years | |
Gross Carrying Amount | $ 2,750 | 2,750 |
Accumulated Amort. and Impairment | (2,296) | (2,102) |
Net Carrying Amount | 454 | 648 |
Patent license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 562 | 537 |
Accumulated Amort. and Impairment | (187) | (94) |
Net Carrying Amount | $ 375 | 443 |
Domain and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Gross Carrying Amount | $ 1,199 | 1,199 |
Accumulated Amort. and Impairment | (641) | (583) |
Net Carrying Amount | $ 558 | $ 616 |
Minimum | Patent license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Maximum | Patent license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense relating to intangibles assets | $ 115 | $ 106 | $ 345 | $ 316 |
Intangible Assets, Net - Summ28
Intangible Assets, Net - Summary of Future Estimated Annual Amortization Expense (Detail) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2015 (fourth quarter) | $ 115 | |
2,016 | 460 | |
2,017 | 323 | |
2,018 | 165 | |
2,019 | 80 | |
Thereafter | 244 | |
Net Carrying Amount | $ 1,387 | $ 1,707 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Jul. 01, 2016 | Oct. 03, 2015USD ($) | Jun. 30, 2016USD ($) | Mar. 24, 2015USD ($) | Mar. 23, 2015USD ($) | Jan. 03, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||||
Revolving loan payable | $ 8,291,000 | $ 11,022,000 | ||||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Event of default amount | 0 | |||||
Principal payments due | 0 | |||||
Jp Morgan Chase Bank | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 25,000,000 | |||||
Maximum revolving commitment upon fulfillment of certain conditions (up to) | 40,000,000 | |||||
Revolving loan payable | $ 8,291,000 | |||||
Aggregate principal amount of indebtedness permitted related to capital leases | $ 1,500,000 | $ 1,000,000 | ||||
Unused credit commitment fee | 0.25% | |||||
Minimum availability required trigger amount (if less than) | $ 4,000,000 | |||||
Number of consecutive days excess availability is above required amount | 60 days | |||||
Excess availability (greater than) | $ 5,000,000 | |||||
Minimum availability required under availability block | 2,000,000 | |||||
Excess availability under credit facility | $ 11,955,000 | |||||
One-Month London Interbank Offered Rate (LIBOR) | Jp Morgan Chase Bank | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin for LIBOR-based interest rate/ Applicable margin for alternate based rate | 2.25% | |||||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 2.50% | |||||
LIBOR based interest rate, principal | $ 8,250,000 | |||||
Base Rate | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 3.50% | |||||
Prime based rate, principal | $ 41,000 | |||||
Base Rate | Jp Morgan Chase Bank | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin for LIBOR-based interest rate/ Applicable margin for alternate based rate | 0.25% | |||||
Scenario, Forecast | Jp Morgan Chase Bank | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Decrease to the applicable margin (up to) | 0.50% | |||||
Minimum availability required under availability block | $ 2,000,000 | |||||
Minimum fixed charge ratio if less than minimum excess availability | 1 |
Borrowings - Present Value of N
Borrowings - Present Value of Net Minimum Payments on Capital Leases (Detail) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Debt Disclosure [Abstract] | ||
Capital leases payable | $ 10,829 | |
Total minimum lease payments | 19,429 | |
Less amount representing interest | (8,600) | |
Present value of net minimum lease payments | 10,829 | |
Current portion of capital leases payable | (551) | $ (269) |
Capital leases payable, net of current portion | $ 10,278 | $ 9,270 |
Stockholders' Equity and Shar31
Stockholders' Equity and Share-Based Compensation - Summary of Stock Option Activity for AutoMD (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Granted (in shares) | 1,230,000 | |
Forfeited (in shares) | (250,000) | |
AMD Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding, beginning balance (in shares) | 180,000 | |
Granted (in shares) | 1,060,000 | |
Exercised (in shares) | 0 | |
Expired (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Options outstanding, ending balance (in shares) | 1,240,000 | |
Vested and expected to vest, ending balance (in shares) | 916,000 | |
Options exercisable, ending balance (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 1 | |
Granted, weighted average exercise price (in dollars per share) | 1 | |
Exercised, weighted average exercise price (in dollars per share) | 0 | |
Expired, weighted average exercise price (in dollars per share) | 0 | |
Forfeited, weighted average exercise price (in dollars per share) | 0 | |
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | 1 | |
Vested and expected to vest, weighted average exercise price ending balance (in dollars per share) | 1 | |
Options exercisable, weighted average exercise price, ending balance (in dollars per share) | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding, weighted average remaining contractual term (in years) | 9 years 3 months 29 days | |
Vested and expected to vest, weighted average remaining contractual term (in years) | 9 years 3 months 29 days | |
Options exercisable, weighted average remaining contractual term (in years) | 0 days | |
Options outstanding, aggregate intrinsic value | $ 0 | |
Vested and expected to vest, aggregate intrinsic value | 0 | |
Options exercisable, aggregate intrinsic value | $ 0 |
Stockholders' Equity and Shar32
Stockholders' Equity and Share-Based Compensation - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Net settlement of stock options (in shares) | 64,000 | |
Number of stock options granted (in shares) | 1,230,000 | |
Number of stock options forfeited (in shares) | 250,000 | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares withheld to satisfy employee tax obligations | 27,000 | |
Adjustment related employee tax obligations | $ 80,000 | |
AMD Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of options granted (in dollars per share) | $ 0.54 | $ 0 |
Intrinsic value | $ 0 | $ 0 |
Options exercisable (in shares) | 0 | 0 |
Unrecognized share-based compensation expense | $ 414,000 | |
Number of stock options granted (in shares) | 1,060,000 | |
Number of stock options forfeited (in shares) | 0 | |
AMD Plan | Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant | 710,000 | |
Weighted-average period of unrecognized share-based compensation expense | 3 years 3 months 29 days |
Stockholders' Equity and Shar33
Stockholders' Equity and Share-Based Compensation - Summary of Restricted Stock Option Activity (Details) - Restricted Stock Units $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Oct. 03, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awards outstanding, beginning balance (in shares) | 880 |
Awarded (in shares) | 435 |
Vested (in shares) | (398) |
Forfeited (in shares) | (113) |
Awards outstanding, ending balance (in shares) | 804 |
Vested and expected to vest, ending balance (in shares) | 772 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Awards outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 0 |
Awarded, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Vested, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Awards outstanding, weighted average exercise price, ending balance (in dollars per share) | $ / shares | 0 |
Vested and expected to vest, weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |
Awards outstanding, weighted average remaining contractual term (in years) | 4 months 2 days |
Vested and expected to vest, weighted average remaining contractual term (in years) | 4 months 2 days |
Awards outstanding, aggregate intrinsic value | $ | $ 1,617 |
Vested and expected to vest, aggregate intrinsic value | $ | $ 1,552 |
Stockholders' Equity and Shar34
Stockholders' Equity and Share-Based Compensation - Restricted Stock Units (Details) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 03, 2015USD ($) | Oct. 03, 2015USD ($)shares | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vested | 398 | |
Shares withheld to satisfy employee tax obligations | 151 | |
Adjustment related employee tax obligations | $ | $ 358 | |
Compensation expense | $ | $ 357 | 915 |
Unrecognized compensation expense | $ | $ 485 | $ 485 |
Weighted-average period of unrecognized share-based compensation expense | 4 months 2 days | |
Time-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vested | 221 | |
Performance-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vested | 177 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Numerator: | ||||
Net income (loss) attributable to U.S. Auto Parts | $ 8 | $ (2,494) | $ (827) | $ (4,473) |
Dividends on Series A Convertible Preferred Stock | 61 | 61 | 180 | 180 |
Net loss available to common shares | $ (53) | $ (2,555) | $ (1,007) | $ (4,653) |
Denominator: | ||||
Weighted-average common shares outstanding (basic) (in shares) | 34,018 | 33,532 | 33,900 | 33,459 |
Common equivalent shares from common stock options and warrants (in shares) | 0 | 0 | 0 | 0 |
Weighted-average common shares outstanding (diluted) (in shares) | 34,018 | 33,532 | 33,900 | 33,459 |
Basic and diluted net loss per share (in dollars per share) | $ 0 | $ (0.08) | $ (0.03) | $ (0.14) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Anti-Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share | 11,186 | 10,709 | 11,013 | 10,641 |
Common stock warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share | 50 | 50 | 50 | 50 |
Series A Convertible Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share | 4,150 | 4,150 | 4,150 | 4,150 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share | 861 | 815 | 853 | 760 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share | 6,125 | 5,694 | 5,960 | 5,681 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 41.30% | (0.60%) | 27.00% | (1.50%) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 17, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 |
Other Commitments [Line Items] | |||||
Initial lease term | 5 years | ||||
Facility rent expense | $ 395 | $ 457 | $ 1,159 | $ 1,532 | |
Nia Chloe, LLC | Director | |||||
Other Commitments [Line Items] | |||||
Facility rent expense | $ 97 | $ 428 | |||
LaSalle, Illinois Facility | STORE | |||||
Other Commitments [Line Items] | |||||
Period of lease under sale and leaseback transaction | 20 years | ||||
Excess of net proceeds over the net carrying value of capital lease under sale leaseback transaction | $ 376 | ||||
Facility subject to capital lease | LaSalle, Illinois Facility | STORE | |||||
Other Commitments [Line Items] | |||||
Estimated useful life of property and equipment | 20 years |
Commitments and Contingencies39
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-Cancellable Operating Leases (Detail) $ in Thousands | Oct. 03, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 384 |
2,016 | 1,084 |
2,017 | 388 |
2,018 | 408 |
2,019 | 428 |
2020 onwards | 182 |
Total | $ 2,874 |
Commitments and Contingencies40
Commitments and Contingencies - Summary of Capital Lease Commitments (Detail) $ in Thousands | Oct. 03, 2015USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 321 |
2,016 | 1,309 |
2,017 | 1,255 |
2,018 | 1,261 |
2,019 | 1,275 |
2020 onwards | 14,008 |
Total minimum payments required | 19,429 |
Less amount representing interest | (8,600) |
Present value of net minimum lease payments | $ 10,829 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Oct. 03, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Summarize
Segment Information - Summarized Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | ||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 70,648 | $ 67,965 | $ 223,498 | $ 212,940 | ||
Gross profit | 21,042 | 18,414 | 63,388 | 59,535 | ||
Operating costs | [1] | 21,264 | 20,630 | 64,735 | 63,195 | |
Loss from operations | (222) | (2,216) | (1,347) | (3,660) | ||
Capital expenditures | 1,968 | 1,256 | 5,800 | 4,292 | ||
Depreciation and amortization | 1,862 | 2,213 | 5,618 | 6,833 | ||
Total assets, net | 80,261 | 73,684 | 80,261 | 73,684 | $ 82,907 | |
Operating Segments | Base USAP | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 70,573 | 67,885 | 223,309 | 212,717 | ||
Gross profit | 20,967 | 18,334 | 63,199 | 59,312 | ||
Operating costs | [1] | 20,367 | 20,016 | 62,322 | 61,396 | |
Loss from operations | 600 | (1,682) | 877 | (2,084) | ||
Capital expenditures | 1,636 | 887 | 4,974 | 3,231 | ||
Depreciation and amortization | 1,539 | 1,803 | 4,571 | 5,554 | ||
Total assets, net | 73,946 | 71,856 | 73,946 | 71,856 | ||
Operating Segments | AutoMD | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 75 | 80 | 189 | 223 | ||
Gross profit | 75 | 80 | 189 | 223 | ||
Operating costs | [1] | 897 | 614 | 2,413 | 1,799 | |
Loss from operations | (822) | (534) | (2,224) | (1,576) | ||
Capital expenditures | 332 | 369 | 826 | 1,061 | ||
Depreciation and amortization | 323 | 410 | 1,047 | 1,279 | ||
Total assets, net | $ 6,315 | $ 1,828 | $ 6,315 | $ 1,828 | ||
[1] | Operating costs for AutoMD primarily consist of depreciation and amortization on fixed assets and personnel costs. Indirect costs are not allocated to AutoMD. |
AutoMD (Details)
AutoMD (Details) - AutoMD $ / shares in Units, $ in Thousands | Oct. 08, 2014USD ($)board_member$ / sharesshares |
Common Stock Purchase Agreement | |
Noncontrolling Interest [Line Items] | |
Number of subsidiary shares issued | shares | 7,000,000 |
Purchase price of shares issued (in dollars per share) | $ / shares | $ 1 |
Percentage ownership after issuance of shares | 64.10% |
Issuance of shares | $ 2,534 |
Increase in Company's interest | 3,847 |
Deferred tax liability as a result of transaction | $ 1,313 |
Number of shares the Company may be required to purchase | shares | 2,000,000 |
Share price (in dollars per share) | $ / shares | $ 1 |
Period following closing date the Company is subject to stock repurchase | 2 years |
Proceeds from sale of equity in subsidiary | $ 7,000 |
Investor Rights Agreement | |
Noncontrolling Interest [Line Items] | |
Share price (in dollars per share) | $ / shares | $ 1 |
Minimum ownership percentage required by the Company in agreement | 50.00% |
Number of days written notice in event of default of agreement terms | 30 days |
Annual interest rate in event of default of agreement terms | 10.00% |
Board Member | Common Stock Purchase Agreement | |
Noncontrolling Interest [Line Items] | |
Number of board members affiliated with the transaction | board_member | 2 |
AutoMD - Schedule of Changes in
AutoMD - Schedule of Changes in Company's Ownership Interests in AutoMD (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | $ 2,946 | |||
Net loss allocable to noncontrolling interest | $ (296) | $ 0 | (799) | $ 0 |
Ending balance | $ 2,147 | $ 2,147 |
Restructuring Costs (Details)
Restructuring Costs (Details) - Fiscal 2014 $ in Thousands | Jun. 25, 2014employee | Sep. 27, 2014USD ($)warehouse | Sep. 27, 2014USD ($)warehouse |
Restructuring Cost and Reserve [Line Items] | |||
Head count reduction, number of employees | employee | 77 | ||
Restructuring costs | $ 410 | $ 1,035 | |
Number of remaining warehouses | warehouse | 2 | 2 | |
Inventory not deemed economically transferable | $ 130 | ||
Inventory write-down | 348 | ||
Cost of Sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Aggregate inventory charge | 478 | ||
Employee severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 552 | ||
Accounts receivable allowance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 73 | ||
Relocations costs (employee and equipment) | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 127 | 127 | |
Inventory transfers | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 283 | $ 283 |