Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | 2-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GigOptix, Inc. | ' |
Entity Central Index Key | '0001432150 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 32,178,899 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Mar-14 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $19,865 | $20,377 | [1] |
Accounts receivable, net | 6,065 | 5,021 | [1] |
Inventories | 4,753 | 4,617 | [1] |
Prepaid and other current assets | 308 | 434 | [1] |
Total current assets | 30,991 | 30,449 | [1] |
Property and equipment, net | 2,958 | 2,999 | [1] |
Intangible assets, net | 3,064 | 3,287 | [1] |
Goodwill | 9,860 | 9,860 | [1] |
Restricted cash | 284 | 284 | [1] |
Other assets | 159 | 183 | [1] |
Total assets | 47,316 | 47,062 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 2,527 | 831 | [1] |
Accrued compensation | 1,046 | 1,170 | [1] |
Other current liabilities | 2,420 | 2,746 | [1] |
Total current liabilities | 5,993 | 4,747 | [1] |
Pension liabilities | 141 | 140 | [1] |
Deferred rent, noncurrent | 162 | 177 | [1] |
Other long term liabilities | 422 | 418 | [1] |
Total liabilities | 6,718 | 5,482 | [1] |
Commitments and contingencies (Note 11) | ' | ' | [1] |
Stockholders' equity: | ' | ' | |
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of March 30, 2014 and December 31, 2013 | 0 | 0 | [1] |
Common stock, $0.001 par value; 50,000,000 shares authorized as of March 30, 2014 and December 31, 2013; 32,178,795 and 32,067,616 shares issued and outstanding as of March 30, 2014 and December 31, 2013, respectively | 32 | 32 | [1] |
Additional paid-in capital | 140,627 | 139,710 | [1] |
Treasury stock, at cost; 701,754 shares as of March 30, 2014 and December 31, 2013, respectively | -2,209 | -2,209 | [1] |
Accumulated other comprehensive income | 488 | 490 | [1] |
Accumulated deficit | -98,340 | -96,443 | [1] |
Total stockholders' equity | 40,598 | 41,580 | [1] |
Total liabilities and stockholders' equity | $47,316 | $47,062 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 32,178,795 | 32,067,616 |
Common stock, outstanding (in shares) | 32,178,795 | 32,067,616 |
Treasury stock, at cost (in shares) | 701,754 | 701,754 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' |
Total revenue | $7,386 | $6,921 |
Total cost of revenue | 3,126 | 2,636 |
Gross profit | 4,260 | 4,285 |
Research and development expense | 3,742 | 3,236 |
Selling, general and administrative expense | 2,398 | 2,353 |
Restructuring expense | 0 | 950 |
Special litigation-related expense | 0 | 415 |
Total operating expenses | 6,140 | 6,954 |
Loss from operations | -1,880 | -2,669 |
Interest expense, net | -17 | -54 |
Other income, net | 10 | 168 |
Loss before provision for income taxes | -1,887 | -2,555 |
Provision for income taxes | 10 | 13 |
Net loss | ($1,897) | ($2,568) |
Net loss per share-basic and diluted (in dollars per share) | ($0.06) | ($0.12) |
Weighted average number of shares used in per share calculations - basic and diluted (in shares) | 31,435 | 21,547 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) [Abstract] | ' | ' |
Net loss | ($1,897) | ($2,568) |
Other comprehensive income (loss), net of tax | ' | ' |
Foreign currency translation adjustment | -2 | 8 |
Other comprehensive income (loss), net of tax | -2 | 8 |
Comprehensive loss | ($1,899) | ($2,560) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' | |
Net loss | ($1,897) | ($2,568) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | |
Depreciation and amortization | 917 | 914 | |
Stock-based compensation | 1,010 | 1,770 | |
Change in fair value of warrants | 2 | -15 | |
Gain on sale of property and equipment | 0 | -131 | |
Changes in operating assets and liabilities | ' | ' | |
Accounts receivable, net | -1,044 | -1,574 | |
Inventories | -136 | -226 | |
Prepaid and other current assets | -25 | -280 | |
Other assets | 25 | 12 | |
Accounts payable | 1,595 | -12 | |
Accrued restructuring | -29 | 13 | |
Accrued compensation | -125 | 129 | |
Other current liabilities | -487 | -101 | |
Other long-term liabilities | -13 | -39 | |
Net cash used in operating activities | -207 | -2,108 | |
Cash flows from investing activities: | ' | ' | |
Purchases of property and equipment | -123 | -883 | |
Proceeds from sale of property and equipment | 0 | 131 | |
Net cash used in investing activities | -123 | -752 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from issuance of stock | 10 | 0 | |
Taxes paid related to net share settlement of equity awards | -103 | -75 | |
Net borrowings on line of credit | 0 | 2,300 | |
Repayment of capital lease | -89 | -117 | |
Net cash provided by (used in) financing activities | -182 | 2,108 | |
Effect of exchange rates on cash and cash equivalents | 0 | 58 | |
Net decrease in cash and cash equivalents | -512 | -694 | |
Cash and cash equivalents at beginning of period | 20,377 | [1] | 10,147 |
Cash and cash equivalents at end of period | 19,865 | 9,453 | |
Supplemental disclosure of cash flow information | ' | ' | |
Interest paid | 17 | 54 | |
Property, plant and equipment acquired with accounts payable | $406 | $25 | |
[1] | The condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 30, 2014 | |
ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION | |
Organization | |
GigOptix Inc. (“GigOptix” or the “Company”) is a leading fabless supplier of high speed semiconductor components that enable end-to-end information streaming over optical and wireless networks and address long haul and metro telecommunications applications as well as emerging high-growth opportunities for Cloud and datacenter connectivity, interactive applications for consumer electronics and the industrial, defense and avionics industries. The business is made up of two product lines: the High-Speed Communications (“HSC”) product line and the Industrial product line. | |
The HSC product line offers a broad portfolio of high performance optical and wireless components to telecommunications (“telecom”) and data communications (“datacom”) customers, i) mixed signal radio frequency integrated circuits (“RFIC”), including 10 to 400 gigabit per second (“Gbps”) laser and optical drivers and trans-impedance amplifiers (“TIA”) for telecom, datacom, and consumer electronic fiber-optic applications; ii) power amplifiers and transceivers for microwave and millimeter monolithic microwave integrated circuit (“MMIC”) wireless applications including 73 Ghz and 83 GHz power amplifiers and transceiver chips; and iii) integrated systems in a package (“SIP”) solutions for both fiber-optic and wireless applications. The HSC product line also partners with key customers on development projects that generate engineering project revenue for the Company while helping to position the Company for future product revenues with these key customers. | |
The Industrial product line offers a wide range of digital and mixed-signal application specific integrated circuit (“ASIC”) solutions for industrial, military, avionics, medical and communications markets. The Industrial product line partners with ASIC customers on development projects that generate engineering project revenue for the Company which generally leads to future product revenues with these ASIC customers. | |
The Company’s products focus on the specification, design, development and sale of analog semiconductor integrated circuits (“ICs”), multi-chip module (“MCM”) solutions, and digital and mixed signal ASICs, as well as wireless communications MMICs and modules. | |
GigOptix, Inc., the successor to GigOptix LLC, was formed as a Delaware corporation in March 2008 in order to facilitate a combination between GigOptix LLC and Lumera Corporation (“Lumera”). Before the combination, GigOptix LLC acquired the assets of iTerra Communications LLC in July 2007 (“iTerra”) and Helix Semiconductors AG (“Helix”) in January 2008. On November 9, 2009, GigOptix acquired ChipX, Incorporated (“ChipX”). On June 17, 2011, GigOptix acquired Endwave Corporation (“Endwave”). As a result of the acquisitions, Helix, Lumera, ChipX and Endwave all became wholly owned subsidiaries of GigOptix. In March 2013, the Company established a German subsidiary, GigOptix GmbH. The subsidiary is engaged in research and development for the Company’s HSC product line including electro-optical products. | |
In February 2014, together with Fundação CPqD – Centro De Pesquisa e Desenvolvimento em Telecomunicações (“CPqD”), the Company incepted a new joint venture of which the Company owns 49% and CPqD owns 51%, BrPhotonics Produtos Optoeletrônicos LTDA. (“BrP”), based in Campinas, Brazil, which will be a provider of advanced high-speed devices for optical communications and integrated transceiver components that enable information streaming over communications networks. This joint venture is engaged in research and development of Silicon-Photonics (“SiPh”) advanced electro-optical products. As noted in the Company’s Annual Report for the year ended December 31, 2013 on Form 10-K (the “2013 Form 10-K”), the Company is transferring into BrP its knowledge-base and intellectual property of Thin Film Polymer on Silicon (“TFPSTM”) technology, inventory related to the TFPSTM platform, as well as the complete production line equipment that previously resided at its Bothell, Washington, facility. Currently, BrP holds the rights to the Company’s TFPSTM technology. As of March 30, 2014, the Company had not transferred its inventory related to the TFPSTM platform, or the production line equipment into BrP. | |
Basis of Presentation | |
The Company’s fiscal year ends on December 31. For quarterly reporting, the Company employs a five-week, four-week, four-week, reporting period. The first quarter of 2014 ended on Sunday, March 30, 2014. The first quarter of 2013 ended on Sunday, March 31, 2013. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
The accompanying unaudited condensed consolidated financial statements as of March 30, 2014 and for the three months ended March 30, 2014 and March 31, 2013, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X, and include the accounts of the Company and all of its subsidiaries. Accordingly, they do not include all of the information and footnotes required by such accounting principles for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of March 30, 2014 and the results of operations and cash flows for the three months ended March 30, 2014 and March 31, 2013. The condensed consolidated results of operations for the three months ended March 30, 2014 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending December 31, 2014. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s 2013 Form 10-K. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported periods. These judgments can be subjective and complex, and consequently, actual results could differ materially from those estimates and assumptions. Descriptions of these estimates and assumptions are included in the 2013 Form 10-K and the Company encourages you to read its 2013 Form 10-K for more information about such estimates and assumptions. |
BALANCE_SHEET_COMPONENTS
BALANCE SHEET COMPONENTS | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
BALANCE SHEET COMPONENTS [Abstract] | ' | ||||||||||||
BALANCE SHEET COMPONENTS | ' | ||||||||||||
NOTE 2—BALANCE SHEET COMPONENTS | |||||||||||||
Accounts receivable, net consisted of the following (in thousands): | |||||||||||||
March 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 6,130 | $ | 5,241 | |||||||||
Allowance for doubtful accounts | (65 | ) | (220 | ) | |||||||||
$ | 6,065 | $ | 5,021 | ||||||||||
Property and equipment, net consisted of the following (in thousands, except depreciable life): | |||||||||||||
Life | March 30, | December 31, | |||||||||||
(In years) | 2014 | 2013 | |||||||||||
Network and laboratory equipment | 3 – 5 | $ | 11,676 | $ | 11,250 | ||||||||
Computer software and equipment | 2 – 3 | 4,018 | 3,928 | ||||||||||
Furniture and fixtures | 3 – 7 | 176 | 176 | ||||||||||
Office equipment | 3 – 5 | 137 | 137 | ||||||||||
Leasehold improvements | 1 – 5 | 378 | 378 | ||||||||||
16,385 | 15,869 | ||||||||||||
Accumulated depreciation and amortization | (13,427 | ) | (12,870 | ) | |||||||||
Property and equipment, net | $ | 2,958 | $ | 2,999 | |||||||||
For the three months ended March 30, 2014 and March 31, 2013, depreciation expense related to property and equipment was $543,000 and $572,000, respectively. | |||||||||||||
In addition to the property and equipment above, the Company has prepaid licenses. For the three months ended March 30, 2014 and March 31, 2013, amortization related to these prepaid licenses was $151,000 and $89,000, respectively. | |||||||||||||
Inventories consisted of the following (in thousands): | |||||||||||||
March 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Raw materials | $ | 2,278 | $ | 2,103 | |||||||||
Work in process | 734 | 780 | |||||||||||
Finished goods | 1,741 | 1,734 | |||||||||||
$ | 4,753 | $ | 4,617 | ||||||||||
Accrued and other current liabilities consisted of the following (in thousands): | |||||||||||||
March 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Amounts billed to the U.S. government in excess of approved rates | $ | 191 | $ | 191 | |||||||||
Warranty liability | 315 | 330 | |||||||||||
Customer deposits | 355 | 313 | |||||||||||
Capital lease obligations, current portion | 196 | 284 | |||||||||||
Restructuring liabilities, current portion | - | 30 | |||||||||||
Sales return reserve | 196 | 151 | |||||||||||
Other | 1,167 | 1,447 | |||||||||||
$ | 2,420 | $ | 2,746 | ||||||||||
The Company generally offers a one year warranty on its products. The Company records a liability based on estimates of the costs that may be incurred under its warranty obligations and charges to the cost of product revenue the amount of such costs at the time revenues are recognized. The warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The estimates of anticipated rates of warranty claims and costs per claim are primarily based on historical information and future forecasts. | |||||||||||||
Changes in the Company’s product warranty liability during the three months ended March 30, 2014 and March 31, 2013 are as follows (in thousands): | |||||||||||||
Three months ended | |||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||
Beginning balance | $ | 330 | $ | 612 | |||||||||
Warranties accrued | 112 | 127 | |||||||||||
Warranties settled or reversed | (127 | ) | (253 | ) | |||||||||
Ending balance | $ | 315 | $ | 486 |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
FAIR VALUE [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
FAIR VALUE | ' | |||||||||||||||||||||||||||||||||||||||
NOTE 3—FAIR VALUE | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active | Significant Other | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||
March 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 16,357 | $ | 16,357 | $ | - | $ | - | ||||||||||||||||||||||||||||||||
$ | 16,357 | $ | 16,357 | $ | - | $ | - | |||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Liability warrants | $ | 17 | $ | - | $ | - | $ | 17 | ||||||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 1,356 | $ | 1,356 | $ | - | $ | - | ||||||||||||||||||||||||||||||||
$ | 1,356 | $ | 1,356 | $ | - | $ | - | |||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Liability warrants | $ | 15 | $ | - | $ | - | $ | 15 | ||||||||||||||||||||||||||||||||
The Company’s financial assets and liabilities are valued using market prices on active markets (“Level 1”), less active markets (“Level 2”) and unobservable markets (“Level 3”). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily-available pricing sources for comparable instruments. Level 3 instruments are valued using unobservable market values in which there is little or no market data, and which require the Company to apply judgment to determine the fair value. | ||||||||||||||||||||||||||||||||||||||||
For the period ended March 30, 2014, the Company did not have any significant transfers between Level 1, Level 2 and Level 3. | ||||||||||||||||||||||||||||||||||||||||
The amounts reported as cash and cash equivalents, accounts receivable, accounts payable, accrued compensation and other current liabilities approximate fair value due to their short-term maturities. The carrying value of the Company’s line of credit and capital lease obligations approximates fair value and is based upon borrowing rates currently available to the Company for loans and capital leases with similar terms. | ||||||||||||||||||||||||||||||||||||||||
Liability Warrants | ||||||||||||||||||||||||||||||||||||||||
The Company issued warrants to Bridge Bank in connection with a waiver of certain events of default that arose under a November 2009 loan and security agreement with Bridge Bank. Certain provisions in the warrant agreements provided for down-round protection if the Company raised equity capital at a per share price which was less than the per share price of the warrants. Such down-round protection also requires the Company to classify the value of the warrants as a liability on the issuance date and then record changes in the fair value through the consolidated statements of operations for each reporting period until the warrants are either exercised or cancelled. The fair value of the liability is recalculated and adjusted each quarter with the differences being charged to other income (expense), net on the consolidated statements of operations. The fair value of these warrants was determined using a Black-Scholes option-pricing model, which requires the use of significant unobservable market values. As a result, these warrants are classified as Level 3 financial instruments. On July 7, 2010, the Company raised additional equity through an offering of 2,760,000 shares at $1.75 per share, thus triggering the down-round protection and adjustment of the number of warrants issued to Bridge Bank. On December 24, 2013, the Company raised additional equity through an offering of 9,573,750 shares at $1.42 per share, thus triggering the down-round protection and adjustment of the number of warrants issued to Bridge Bank. | ||||||||||||||||||||||||||||||||||||||||
The fair value of the warrants was estimated using the following assumptions: | ||||||||||||||||||||||||||||||||||||||||
As of March 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Stock price | $ | 1.67 | $ | 1.53 | ||||||||||||||||||||||||||||||||||||
Strike price | $ | 2.51 | $ | 2.51 | ||||||||||||||||||||||||||||||||||||
Expected life | 3.30 years | 3.55 years | ||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.9 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Volatility | 65 | % | 65 | % | ||||||||||||||||||||||||||||||||||||
Fair value per share | $ | 0.57 | $ | 0.52 | ||||||||||||||||||||||||||||||||||||
The following table summarizes the warrants subject to liability accounting as of March 30, 2014 and December 31, 2013 (in thousands, except share and per share amounts) (see also Note 6): | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 30, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Holder | Original Warrants | Adjusted Warrants | Grant Date | Expiration Date | Price per Share | Fair Value March 30, 2014 | Fair Value December 31, 2013 | Exercise of Warrants | Change in Fair Value | Exercise of Warrants | Change in Fair Value | Related Agreement | ||||||||||||||||||||||||||||
Bridge Bank | 20,000 | 29,115 | 4/7/10 | 7/7/17 | $ | 2.51 | $ | 17 | $ | 15 | - | $ | 2 | - | $ | (15 | ) | Credit Agreement | ||||||||||||||||||||||
The change in the fair value of the Level 3 liability warrants during the three months ended March 30, 2014 is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | 15 | ||||||||||||||||||||||||||||||||||||||
Exercise of warrants | - | |||||||||||||||||||||||||||||||||||||||
Change in fair value | 2 | |||||||||||||||||||||||||||||||||||||||
Fair value at March 30, 2014 | $ | 17 | ||||||||||||||||||||||||||||||||||||||
The warrant liability is included in other current liabilities on the condensed consolidated balance sheets. |
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | ' | ||||||||||||||||||||||||
NOTE 4—INTANGIBLE ASSETS AND GOODWILL | |||||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||
Customer relationships | $ | 3,277 | $ | (1,803 | ) | $ | 1,474 | $ | 3,277 | $ | (1,697 | ) | $ | 1,580 | |||||||||||
Existing technology | 3,783 | (2,575 | ) | 1,208 | 3,783 | (2,473 | ) | 1,310 | |||||||||||||||||
Order backlog | 732 | (732 | ) | - | 732 | (732 | ) | - | |||||||||||||||||
Patents | 457 | (398 | ) | 59 | 457 | (397 | ) | 60 | |||||||||||||||||
Trade name | 659 | (336 | ) | 323 | 659 | (322 | ) | 337 | |||||||||||||||||
Total | $ | 8,908 | $ | (5,844 | ) | $ | 3,064 | $ | 8,908 | $ | (5,621 | ) | $ | 3,287 | |||||||||||
For the three months ended March 30, 2014 and March 31, 2013, amortization of intangible assets was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Cost of revenue | $ | 103 | $ | 122 | |||||||||||||||||||||
Selling, general and administrative expense | 120 | 131 | |||||||||||||||||||||||
$ | 223 | $ | 253 | ||||||||||||||||||||||
Estimated future amortization expense related to intangible assets as of March 30, 2014 is as follows (in thousands): | |||||||||||||||||||||||||
Years ending December 31, | |||||||||||||||||||||||||
2014 | $ | 670 | |||||||||||||||||||||||
2015 | 893 | ||||||||||||||||||||||||
2016 | 869 | ||||||||||||||||||||||||
2017 | 487 | ||||||||||||||||||||||||
2018 | 145 | ||||||||||||||||||||||||
Total | $ | 3,064 | |||||||||||||||||||||||
As of March 30, 2014, the Company had $9.9 million of goodwill in connection with the acquisitions of ChipX and Endwave. In addition to its annual review, the Company also performs a review of the carrying value of its intangible assets if the Company believes that indicators of impairment exist. During the first quarter of 2014, there were no factors which indicated impairment. The Company did not record impairment on any intangibles, including goodwill, for the three months ended March 30, 2014. In addition, the Company did not record an impairment of goodwill for the year ended December 31, 2013. |
CREDIT_FACILITIES
CREDIT FACILITIES | 3 Months Ended | ||
Mar. 30, 2014 | |||
CREDIT FACILITIES [Abstract] | ' | ||
CREDIT FACILITIES | ' | ||
NOTE 5—CREDIT FACILITIES | |||
On March 25, 2013, the Company entered into a second amended and restated loan and security agreement (“Loan Agreement”) with Silicon Valley Bank (“SVB”) to replace the amended and restated loan and security agreement entered on December 9, 2011. Pursuant to the Loan Agreement, the total aggregate amount that the Company is entitled to borrow from SVB has increased to $7 million, which is now split into two different credit facilities, comprised of (i) the existing Revolving Loan facility which was amended to provide that the Company is entitled to borrow from SVB up to $3.5 million, based on net eligible accounts receivable after an 80% advance rate and subject to limits based on the Company’s eligible accounts as determined by SVB and (ii) a new facility under which the Company is entitled to borrow from SVB up to $3.5 million without reference to accounts receivable under which the principal balance and accrued interest must be repaid within 3 business days after the date of any advance under the facility. In addition, the Loan Agreement eliminates the financial covenants contained in the previous loan agreement. | |||
The Loan Agreement with SVB is secured by all of the Company’s assets, including all accounts, equipment, inventory, receivables, and general intangibles. The Loan Agreement contains certain restrictive covenants that will impose significant operating and financial restrictions on its operations, including, but not limited to restrictions that limit its ability to: | |||
• | Sell, lease, or otherwise transfer, or permit any of its subsidiaries to sell, lease or otherwise transfer, all or any part of its business or property, except in the ordinary course of business or in connection with certain indebtedness or investments permitted under the amended and restated loan agreement; | ||
• | Merge or consolidate, or permit any of its subsidiaries to merge or consolidate, with or into any other business organization, or acquire, or permit any of its subsidiaries to acquire, all or substantially all of the capital stock or property of another person; | ||
• | Create, incur, assume or be liable for any indebtedness, other than certain indebtedness permitted under the amended and restated loan and security agreement; | ||
• | Pay any dividends or make any distribution or payment on, or redeem, retire, or repurchase, any capital stock; and | ||
• | Make any investment, other than certain investments permitted under the amended and restated loan and security agreement. | ||
The Company had no outstanding balance on its line of credit as of March 30, 2014. |
STOCKHOLDERS_EQUITY_AND_STOCKB
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | ' | ||||||||||||||||
NOTE 6—STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | |||||||||||||||||
Public Offering | |||||||||||||||||
On December 19, 2013, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC as representative of several underwriters to the Underwriting Agreement relating to a public offering of an aggregate of 8,325,000 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share at a public offering price of $1.42 per share. The Shares are accompanied by the associated rights to purchase shares of Series A Junior Preferred Stock, par value $0.001 per share, of the Company created by the Rights Agreement, dated December 16, 2011, between the Company and the American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agreement”). Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30 day option to purchase up to an additional 1,248,750 shares of common stock to cover over-allotments. | |||||||||||||||||
On December 24, 2013, the Company completed its public offering of 9,573,750 newly issued shares of common stock at a price to the public of $1.42 per share. The number of shares sold in the offering included the underwriter’s full exercise on December 24, 2013 of their over-allotment option of 1,248,750 shares of common stock. The net proceeds to the Company from the offering was approximately $12.3 million which consisted of $12.5 million after underwriting discounts, commissions and expenses less an additional $250,000 for legal, accounting, registration and other transaction costs related to the public offering. | |||||||||||||||||
Common and Preferred Stock | |||||||||||||||||
In December 2008, the Company’s stockholders approved an amendment to the Certificate of Incorporation to authorize 50,000,000 shares of common stock of par value $0.001. In addition, the Company is authorized to issue 1,000,000 shares of preferred stock of $0.001 par value of which 300,000 shares have been designated Series A Junior Preferred Stock with powers, preferences and rights as set forth in the certificate of designation dated December 16, 2011; the remainder of the shares of preferred stock are undesignated, for which the Board of Directors is authorized to fix the designation, powers, preferences and rights. As of March 30, 2014 and December 31, 2013, there were no shares of preferred stock issued or outstanding. | |||||||||||||||||
2008 Equity Incentive Plan | |||||||||||||||||
In December 2008, the Company adopted the 2008 Equity Incentive Plan (the “2008 Plan”) for directors, employees, consultants and advisors to the Company or its affiliates. Under the 2008 Plan, 2,500,000 shares of common stock were reserved for issuance upon the completion of a merger with Lumera Corporation (“Lumera”) on December 9, 2008. On January 1 of each year, starting in 2009, the aggregate number of shares reserved for issuance under the 2008 Plan increase automatically by the lesser of (i) 5% of the number of shares of common stock outstanding as of the Company’s immediately preceding fiscal year, or (ii) a number of shares determined by the Board of Directors. The maximum number of shares of common stock to be granted is up to 21,000,000 shares. Forfeited options or awards generally become available for future awards. As of December 31, 2013, the stockholders had approved 15,021,253 shares for future issuance. On January 1, 2014, there was an automatic increase of 1,603,381 shares. As of March 30, 2014, 12,255,761 options to purchase common stock and restricted stock were outstanding and 3,379,835 shares are authorized for future issuance under the 2008 equity incentive plan. | |||||||||||||||||
Under the 2008 Plan, the exercise price of a stock option is at least 100% of the stock’s fair market value on the date of grant, and if an ISO is granted to a 10% stockholder at least 110% of the stock’s fair market value on the date of grant. Vesting periods for awards are recommended by the chief executive officer and generally provide for stock options to vest over a four-year period, with a one year vesting cliff of 25%, and have a maximum life of ten years from the date of grant. The Company has also issued restricted stock units (“RSUs”) which generally vest over a one to four-year period. | |||||||||||||||||
2007 Equity Incentive Plan | |||||||||||||||||
In August 2007, GigOptix LLC adopted the GigOptix LLC Equity Incentive Plan (the "2007 Plan"). The 2007 Plan provided for grants of options to purchase membership units, membership awards and restricted membership units to employees, officers and non-employee directors, and upon the completion of the merger with Lumera were converted into grants of up to 632,500 shares of stock. Vesting periods are determined by the Board of Directors and generally provide for stock options to vest over a four-year period and expire ten years from date of grant. Vesting for certain shares of restricted stock is contingent upon both service and performance criteria. The 2007 Plan was terminated upon the completion of merger with Lumera on December 9, 2008 and the remaining 864 stock options not granted under the 2007 Plan were cancelled. No shares of the Company’s common stock remain available for issuance of new grants under the 2007 Plan other than for satisfying exercises of stock options granted under this plan prior to its termination. As of March 30, 2014, options to purchase a total of 414,936 shares of common stock and 4,125 warrants to purchase common stock were outstanding. | |||||||||||||||||
Lumera 2000 and 2004 Stock Option Plan | |||||||||||||||||
In December 2008, in connection with the merger with Lumera, the Company assumed the existing Lumera 2000 Equity Incentive Plan and the Lumera 2004 Stock Option Plan (the “Lumera Plan”). All unvested options granted under the Lumera Plan were assumed by the Company as part of the merger. All contractual terms of the assumed options remain the same, except for the converted number of shares and exercise price based on merger conversion ratio of 0.125. As of March 30, 2014, no additional options can be granted under the Lumera Plan, and options to purchase a total of 72,428 shares of common stock were outstanding. | |||||||||||||||||
Warrants | |||||||||||||||||
As of December 31, 2013, the Company had a total of 1,468,239 warrants to purchase common stock outstanding under all warrant arrangements. During the three months ended March 30, 2014, no warrants were exercised and 284,999 warrants expired. As a result, as of March 30, 2014, the Company had 1,183,240 warrants to purchase common stock outstanding under all warrant arrangements. Some of the warrants have anti-dilution provisions which adjust the number of warrants available to the holder such as, but not limited to, stock dividends, stock splits and certain reclassifications, exchanges, combinations or substitutions. These provisions are specific to each warrant agreement. | |||||||||||||||||
Stock-based Compensation Expense | |||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the three months ended March 30, 2014 and March 31, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||
Cost of revenue | $ | 76 | $ | 80 | |||||||||||||
Research and development expense | 275 | 323 | |||||||||||||||
Selling, general and administrative expense | 659 | 705 | |||||||||||||||
Restructuring expense | - | 662 | |||||||||||||||
$ | 1,010 | $ | 1,770 | ||||||||||||||
For the three months ended March 31, 2013, included in the $1.8 million of stock-based compensation expense was $662,000 in restructuring expense to modify the exercise period and accelerate the vesting of stock options and RSUs (see Note 7). | |||||||||||||||||
The Company did not grant any options during the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||||||
During the three months ended March 30, 2014, the Company granted 1,405,085 RSUs with a grant-date fair value of $2.4 million or $1.70 per share. The Company did not grant any RSUs during the three months ended March 31, 2013. | |||||||||||||||||
As of March 30, 2014, the total compensation cost not yet recognized in connection with unvested stock options and RSUs under the Company’s equity compensation plans was approximately $3.3 million and $3.3 million, respectively. Unrecognized compensation will be amortized on a straight-line basis over a weighted-average period of approximately 1.9 years for stock options and approximately 2.33 years for RSUs. | |||||||||||||||||
Stock Option and RSU Activity | |||||||||||||||||
The following is a summary of option activity for the Company’s equity incentive plans, including both the 2008 Plan and other prior plans for which there are outstanding options but no new grants since the 2008 Plan was adopted: | |||||||||||||||||
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term, in Years | |||||||||||||||
Outstanding, December 31, 2013 | 10,306,671 | $ | 2.34 | 6.96 | |||||||||||||
Granted | - | ||||||||||||||||
Exercised | (9,075 | ) | $ | 1.08 | |||||||||||||
Forfeited/Expired | (98,309 | ) | $ | 2.71 | |||||||||||||
Ending balance, March 30, 2014 | 10,199,287 | 6.71 | |||||||||||||||
Vested and exercisable and expected to vest, March 30, 2014 | 10,024,189 | $ | 2.34 | 6.68 | |||||||||||||
Vested and exercisable, March 30, 2014 | 7,629,091 | $ | 2.39 | 6.27 | |||||||||||||
The aggregate intrinsic value of options vested, exercisable and expected to vest, based on the fair value of the underlying stock options as of March 30, 2014 was approximately $1.7 million. The aggregate intrinsic value reflects the difference between the exercise price of the underlying stock options and the Company’s closing share price of $1.67 as of March 28, 2014. | |||||||||||||||||
The total intrinsic value of options exercised during the three months ended March 30, 2014 was $5,000. During the three months ended March 31, 2013, the Company did not have any options exercised. | |||||||||||||||||
RSUs are converted into shares of the Company’s common stock upon vesting on a one-for-one basis. Typically, vesting of RSUs is subject to the employee’s continuing service to the Company. RSUs generally vest over a period of one to four years and are expensed ratably on a straight line basis over their respective vesting period net of estimated forfeitures. The fair value of the RSUs granted is the product of the number of shares granted and the grant date fair value of the Company’s common stock. | |||||||||||||||||
The following is a summary of RSU activity for the indicated periods: | |||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Vesting Term, Years | Aggregate | ||||||||||||||
Intrinsic | |||||||||||||||||
Value | |||||||||||||||||
(In thousands) | |||||||||||||||||
Outstanding, December 31, 2013 | 1,313,801 | $ | 1.19 | 1.85 | $ | 2,010 | |||||||||||
Granted | 1,405,085 | 1.7 | |||||||||||||||
Released | (161,700 | ) | 1.14 | ||||||||||||||
Forfeited/expired | (13,348 | ) | 0.86 | ||||||||||||||
Outstanding, March 30, 2014 | 2,543,838 | $ | 1.48 | 2.33 | $ | 4,248 | |||||||||||
The majority of the RSUs that vested in the three months ended March 30, 2014 were net-share settled such that the Company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were based on the value of the RSUs on their vesting date as determined by the Company’s closing stock price. These net-share settlements had the effect of share repurchases by the Company as they reduced and retired the number of shares that would have otherwise been issued as a result of the vesting and did not represent an expense to the Company. For the three months ended March 30, 2014, 161,700 shares of RSUs vested with an intrinsic value of approximately $270,000. The Company withheld 60,000 shares to satisfy approximately $103,000 of employees’ minimum tax obligation on the vested RSUs. |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
RESTRUCTURING [Abstract] | ' | ||||||||
RESTRUCTURING | ' | ||||||||
NOTE 7—RESTRUCTURING | |||||||||
During the first of quarter of 2013, the Company undertook restructuring activities to reduce its expenses. The components of the restructuring charge included $662,000 of non-cash expenses associated with the acceleration of stock options and RSUs, $288,000 of cash expenses for severance, benefits and payroll taxes and other costs associated with employee terminations. The net charge for these restructuring activities was $950,000. The Company had no restructuring activities during the three months ended March 30, 2014. | |||||||||
The following is a summary of the restructuring activity (in thousands): | |||||||||
Three Months Ended | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Beginning balance | $ | 30 | $ | 168 | |||||
Charges | - | 950 | |||||||
Uses and adjustments | (30 | ) | (936 | ) | |||||
Ending balance | $ | - | $ | 182 | |||||
During the three months ended March 30, 2014, the Company paid out its remaining balance in accrued restructuring, which was the deposit for the Palo Alto facilities. As of March 30, 2014, the Company had no balance in accrued restructuring. | |||||||||
As of March 31, 2013, the Company had $182,000 in accrued restructuring, which was included in other current liabilities. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 30, 2014 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
NOTE 8—INCOME TAXES | |
The Company recorded a provision for income taxes of $10,000 for the three months ended March 30, 2014, and $13,000 for the three months ended March 31, 2013. The Company's effective tax rate was less than 1% for the three months ended March 30, 2014 and March 31, 2013. | |
The income tax provision for the three months ended March 30, 2014 and March 31, 2013 was due primarily to state taxes and foreign taxes due. The Company has incurred book losses in all tax jurisdictions and has a full valuation allowance against such losses. | |
In assessing the potential realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial performance. In order to support a conclusion that a valuation allowance is not needed, positive evidence of sufficient quantity and quality is necessary to overcome negative evidence. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. A valuation allowance has been recorded for the entire deferred tax asset as a result of uncertainties regarding realization of the asset including lack of profitability through March 30, 2014 and the uncertainty over future operating profitability and taxable income. The Company will continue to evaluate the potential realization of the deferred tax assets on a quarterly basis. | |
The Company files tax returns as prescribed by the tax laws of the jurisdictions it operates which include U.S. federal, U.S. state and foreign tax returns. The Company’s major tax jurisdictions are the U.S., California, Switzerland, Germany and Israel. The Company’s federal and state tax returns for the years 2000 through 2013 remain subject to examination. |
NET_LOSS_PER_SHARE
NET LOSS PER SHARE | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||
NET LOSS PER SHARE | ' | ||||||||
NOTE 9—NET LOSS PER SHARE | |||||||||
The following table summarizes total securities outstanding which were not included in the calculation of diluted net loss per share because to do so would have been anti-dilutive: | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Stock options and RSUs | 12,743,125 | 11,620,472 | |||||||
Common stock warrants | 1,183,240 | 1,468,239 | |||||||
Total | 13,926,365 | 13,088,711 |
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | ' | ||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||||||||
NOTE 10—SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||
The Company has determined that it operates as a single operating and reportable segment. The following tables reflect the results of the Company’s reportable segment consistent with the management system used by the Company’s Chief Executive Officer, the chief operating decision maker. | |||||||||||||||||
The following table summarizes revenue by geographic region (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||
North America | $ | 2,227 | 30 | % | $ | 1,979 | 29 | % | |||||||||
Asia | 2,158 | 29 | % | 2,280 | 33 | % | |||||||||||
Europe | 2,909 | 40 | % | 2,163 | 31 | % | |||||||||||
Other | 92 | 1 | % | 499 | 7 | % | |||||||||||
$ | 7,386 | 100 | % | $ | 6,921 | 100 | % | ||||||||||
The Company determines geographic location of its revenue based upon the destination of shipments of its products. | |||||||||||||||||
For the three months ended March 30, 2014, one customer accounted for 28% of total revenue. For the three months ended March 31, 2013, one customer accounted for 26% of our total revenue. No other customers accounted for more than 10% of total revenue during the periods presented. | |||||||||||||||||
During three months ended March 30, 2014, Italy, the United States, and Japan accounted for 36%, 28%, and 15% of revenue, respectively. During three months ended March 31, 2013 the United States, Italy, and Japan accounted for 29%, 26%, and 13% of revenue, respectively. No other countries accounted for more than 10% of the Company’s consolidated revenue during the periods presented. | |||||||||||||||||
The following table summarizes revenue by product line (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||
HSC | $ | 5,282 | $ | 4,565 | |||||||||||||
Industrial | 2,104 | 2,356 | |||||||||||||||
Total revenue | $ | 7,386 | $ | 6,921 | |||||||||||||
The following table summarizes long-lived assets by country (in thousands): | |||||||||||||||||
30-Mar-14 | 31-Dec-13 | ||||||||||||||||
United States | $ | 2,181 | $ | 2,004 | |||||||||||||
Switzerland | 777 | 995 | |||||||||||||||
$ | 2,958 | $ | 2,999 | ||||||||||||||
Long-lived assets, comprised of property and equipment, are reported based on the location of the assets at each balance sheet date. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||
NOTE 11—COMMITMENTS AND CONTINGENCIES | |||||||||
Commitments | |||||||||
Leases | |||||||||
The Company leases its domestic and foreign sales offices under non-cancelable operating leases. These leases contain various expiration dates and renewal options. The Company also leases certain software licenses under operating leases. Total facilities rent expense for the three months ended March 30, 2014 was $141,000, and for the three months ended March 31, 2013 was $140,000. | |||||||||
As of April 2014, the Company moved out of its Bothell, Washington facility which comprised 11,666 square feet and entered into a new one-year lease located in Bellevue, Washington which comprises approximately 2,100 square feet. | |||||||||
Aggregate non-cancelable future minimum rental payments under capital and operating leases are as follows (in thousands): | |||||||||
Capital Leases | Operating Leases | ||||||||
Years ending December 31, | Minimum lease | Minimum lease | |||||||
payments | payments | ||||||||
2014 | $ | 209 | $ | 358 | |||||
2015 | 4 | 432 | |||||||
2016 | 3 | 339 | |||||||
2017 | 3 | 57 | |||||||
Total minimum lease payments | 219 | $ | 1,186 | ||||||
Less: Amount representing interest | (14 | ) | |||||||
Total capital lease obligations | 205 | ||||||||
Less: current portion | (196 | ) | |||||||
Long-term portion of capital lease obligations | $ | 9 | |||||||
Legal Contingencies | |||||||||
From time to time, the Company may become involved in legal proceedings, claims and litigation arising in the ordinary course of business. When the Company believes a loss is probable and can be reasonably estimated, the Company accrues the estimated loss in the consolidated financial statements. Where the outcome of these matters is not determinable, the Company does not make a provision in the financial statements until the loss, if any, is probable and can be reasonably estimated or the outcome becomes known. There are no known losses at this time. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 30, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 12—RECENT ACCOUNTING PRONOUNCEMENTS | |
In April 2014, the Financial Accounting Standards Board issued an accounting standards update improving the definition of discontinued operation and expanding the related disclosure. The discontinued operations reporting is limited to the disposals of components of an entity, which can be a business, a nonprofit activity, or an equity method investment, that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The additional disclosures include major classes of line items constituting the pretax profit and loss, cash flows, and assets and liabilities. An entity also needs to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. This standard is effective for beginning after December 15, 2014 and early adoption is permitted if disposals or classifications as held for sale have not been reported previously. The Company does not expect the adoption will have a material impact on the Company’s condensed consolidated financial statements. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 30, 2014 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 13—SUBSEQUENT EVENTS | |
During the second quarter of 2014, the Company undertook restructuring activities to reduce its expenses. In conjunction with the creation of the BrP joint venture and the subsequent relocation of the related manufacturing activities to BrP, the Company ended its lease in the Bothell, Washington location and reduced its headcount. The Company estimates that its restructuring charges will be approximately $300,000 which will include expenses to move out of the facility and expenses for severance, benefits and payroll taxes and other costs associated with employee terminations. |
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | ' |
Organization | ' |
Organization | |
GigOptix Inc. (“GigOptix” or the “Company”) is a leading fabless supplier of high speed semiconductor components that enable end-to-end information streaming over optical and wireless networks and address long haul and metro telecommunications applications as well as emerging high-growth opportunities for Cloud and datacenter connectivity, interactive applications for consumer electronics and the industrial, defense and avionics industries. The business is made up of two product lines: the High-Speed Communications (“HSC”) product line and the Industrial product line. | |
The HSC product line offers a broad portfolio of high performance optical and wireless components to telecommunications (“telecom”) and data communications (“datacom”) customers, i) mixed signal radio frequency integrated circuits (“RFIC”), including 10 to 400 gigabit per second (“Gbps”) laser and optical drivers and trans-impedance amplifiers (“TIA”) for telecom, datacom, and consumer electronic fiber-optic applications; ii) power amplifiers and transceivers for microwave and millimeter monolithic microwave integrated circuit (“MMIC”) wireless applications including 73 Ghz and 83 GHz power amplifiers and transceiver chips; and iii) integrated systems in a package (“SIP”) solutions for both fiber-optic and wireless applications. The HSC product line also partners with key customers on development projects that generate engineering project revenue for the Company while helping to position the Company for future product revenues with these key customers. | |
The Industrial product line offers a wide range of digital and mixed-signal application specific integrated circuit (“ASIC”) solutions for industrial, military, avionics, medical and communications markets. The Industrial product line partners with ASIC customers on development projects that generate engineering project revenue for the Company which generally leads to future product revenues with these ASIC customers. | |
The Company’s products focus on the specification, design, development and sale of analog semiconductor integrated circuits (“ICs”), multi-chip module (“MCM”) solutions, and digital and mixed signal ASICs, as well as wireless communications MMICs and modules. | |
GigOptix, Inc., the successor to GigOptix LLC, was formed as a Delaware corporation in March 2008 in order to facilitate a combination between GigOptix LLC and Lumera Corporation (“Lumera”). Before the combination, GigOptix LLC acquired the assets of iTerra Communications LLC in July 2007 (“iTerra”) and Helix Semiconductors AG (“Helix”) in January 2008. On November 9, 2009, GigOptix acquired ChipX, Incorporated (“ChipX”). On June 17, 2011, GigOptix acquired Endwave Corporation (“Endwave”). As a result of the acquisitions, Helix, Lumera, ChipX and Endwave all became wholly owned subsidiaries of GigOptix. In March 2013, the Company established a German subsidiary, GigOptix GmbH. The subsidiary is engaged in research and development for the Company’s HSC product line including electro-optical products. | |
In February 2014, together with Fundação CPqD – Centro De Pesquisa e Desenvolvimento em Telecomunicações (“CPqD”), the Company incepted a new joint venture of which the Company owns 49% and CPqD owns 51%, BrPhotonics Produtos Optoeletrônicos LTDA. (“BrP”), based in Campinas, Brazil, which will be a provider of advanced high-speed devices for optical communications and integrated transceiver components that enable information streaming over communications networks. This joint venture is engaged in research and development of Silicon-Photonics (“SiPh”) advanced electro-optical products. As noted in the Company’s Annual Report for the year ended December 31, 2013 on Form 10-K (the “2013 Form 10-K”), the Company is transferring into BrP its knowledge-base and intellectual property of Thin Film Polymer on Silicon (“TFPSTM”) technology, inventory related to the TFPSTM platform, as well as the complete production line equipment that previously resided at its Bothell, Washington, facility. Currently, BrP holds the rights to the Company’s TFPSTM technology. As of March 30, 2014, the Company had not transferred its inventory related to the TFPSTM platform, or the production line equipment into BrP. | |
Basis of Presentation | ' |
Basis of Presentation | |
The Company’s fiscal year ends on December 31. For quarterly reporting, the Company employs a five-week, four-week, four-week, reporting period. The first quarter of 2014 ended on Sunday, March 30, 2014. The first quarter of 2013 ended on Sunday, March 31, 2013. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
The accompanying unaudited condensed consolidated financial statements as of March 30, 2014 and for the three months ended March 30, 2014 and March 31, 2013, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X, and include the accounts of the Company and all of its subsidiaries. Accordingly, they do not include all of the information and footnotes required by such accounting principles for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of March 30, 2014 and the results of operations and cash flows for the three months ended March 30, 2014 and March 31, 2013. The condensed consolidated results of operations for the three months ended March 30, 2014 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending December 31, 2014. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s 2013 Form 10-K. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported periods. These judgments can be subjective and complex, and consequently, actual results could differ materially from those estimates and assumptions. Descriptions of these estimates and assumptions are included in the 2013 Form 10-K and the Company encourages you to read its 2013 Form 10-K for more information about such estimates and assumptions. |
BALANCE_SHEET_COMPONENTS_Table
BALANCE SHEET COMPONENTS (Tables) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
BALANCE SHEET COMPONENTS [Abstract] | ' | ||||||||||||
Accounts receivable, net | ' | ||||||||||||
Accounts receivable, net consisted of the following (in thousands): | |||||||||||||
March 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 6,130 | $ | 5,241 | |||||||||
Allowance for doubtful accounts | (65 | ) | (220 | ) | |||||||||
$ | 6,065 | $ | 5,021 | ||||||||||
Property and equipment, net | ' | ||||||||||||
Property and equipment, net consisted of the following (in thousands, except depreciable life): | |||||||||||||
Life | March 30, | December 31, | |||||||||||
(In years) | 2014 | 2013 | |||||||||||
Network and laboratory equipment | 3 – 5 | $ | 11,676 | $ | 11,250 | ||||||||
Computer software and equipment | 2 – 3 | 4,018 | 3,928 | ||||||||||
Furniture and fixtures | 3 – 7 | 176 | 176 | ||||||||||
Office equipment | 3 – 5 | 137 | 137 | ||||||||||
Leasehold improvements | 1 – 5 | 378 | 378 | ||||||||||
16,385 | 15,869 | ||||||||||||
Accumulated depreciation and amortization | (13,427 | ) | (12,870 | ) | |||||||||
Property and equipment, net | $ | 2,958 | $ | 2,999 | |||||||||
Inventories | ' | ||||||||||||
Inventories consisted of the following (in thousands): | |||||||||||||
March 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Raw materials | $ | 2,278 | $ | 2,103 | |||||||||
Work in process | 734 | 780 | |||||||||||
Finished goods | 1,741 | 1,734 | |||||||||||
$ | 4,753 | $ | 4,617 | ||||||||||
Accrued and other current liabilities | ' | ||||||||||||
Accrued and other current liabilities consisted of the following (in thousands): | |||||||||||||
March 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Amounts billed to the U.S. government in excess of approved rates | $ | 191 | $ | 191 | |||||||||
Warranty liability | 315 | 330 | |||||||||||
Customer deposits | 355 | 313 | |||||||||||
Capital lease obligations, current portion | 196 | 284 | |||||||||||
Restructuring liabilities, current portion | - | 30 | |||||||||||
Sales return reserve | 196 | 151 | |||||||||||
Other | 1,167 | 1,447 | |||||||||||
$ | 2,420 | $ | 2,746 | ||||||||||
Summary of changes in warranty accrual | ' | ||||||||||||
Changes in the Company’s product warranty liability during the three months ended March 30, 2014 and March 31, 2013 are as follows (in thousands): | |||||||||||||
Three months ended | |||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||
Beginning balance | $ | 330 | $ | 612 | |||||||||
Warranties accrued | 112 | 127 | |||||||||||
Warranties settled or reversed | (127 | ) | (253 | ) | |||||||||
Ending balance | $ | 315 | $ | 486 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
FAIR VALUE [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Financial assets and liabilities measured at fair value, recurring basis | ' | |||||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active | Significant Other | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||
March 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 16,357 | $ | 16,357 | $ | - | $ | - | ||||||||||||||||||||||||||||||||
$ | 16,357 | $ | 16,357 | $ | - | $ | - | |||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Liability warrants | $ | 17 | $ | - | $ | - | $ | 17 | ||||||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 1,356 | $ | 1,356 | $ | - | $ | - | ||||||||||||||||||||||||||||||||
$ | 1,356 | $ | 1,356 | $ | - | $ | - | |||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Liability warrants | $ | 15 | $ | - | $ | - | $ | 15 | ||||||||||||||||||||||||||||||||
Estimate of fair value for warrants assumptions | ' | |||||||||||||||||||||||||||||||||||||||
The fair value of the warrants was estimated using the following assumptions: | ||||||||||||||||||||||||||||||||||||||||
As of March 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Stock price | $ | 1.67 | $ | 1.53 | ||||||||||||||||||||||||||||||||||||
Strike price | $ | 2.51 | $ | 2.51 | ||||||||||||||||||||||||||||||||||||
Expected life | 3.30 years | 3.55 years | ||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.9 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Volatility | 65 | % | 65 | % | ||||||||||||||||||||||||||||||||||||
Fair value per share | $ | 0.57 | $ | 0.52 | ||||||||||||||||||||||||||||||||||||
Warrants subject to liability accounting | ' | |||||||||||||||||||||||||||||||||||||||
The following table summarizes the warrants subject to liability accounting as of March 30, 2014 and December 31, 2013 (in thousands, except share and per share amounts) (see also Note 6): | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 30, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Holder | Original Warrants | Adjusted Warrants | Grant Date | Expiration Date | Price per Share | Fair Value March 30, 2014 | Fair Value December 31, 2013 | Exercise of Warrants | Change in Fair Value | Exercise of Warrants | Change in Fair Value | Related Agreement | ||||||||||||||||||||||||||||
Bridge Bank | 20,000 | 29,115 | 4/7/10 | 7/7/17 | $ | 2.51 | $ | 17 | $ | 15 | - | $ | 2 | - | $ | (15 | ) | Credit Agreement | ||||||||||||||||||||||
Change in the fair value of level 3 liabilities | ' | |||||||||||||||||||||||||||||||||||||||
The change in the fair value of the Level 3 liability warrants during the three months ended March 30, 2014 is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | 15 | ||||||||||||||||||||||||||||||||||||||
Exercise of warrants | - | |||||||||||||||||||||||||||||||||||||||
Change in fair value | 2 | |||||||||||||||||||||||||||||||||||||||
Fair value at March 30, 2014 | $ | 17 |
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ||||||||||||||||||||||||
Intangible assets | ' | ||||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||
Customer relationships | $ | 3,277 | $ | (1,803 | ) | $ | 1,474 | $ | 3,277 | $ | (1,697 | ) | $ | 1,580 | |||||||||||
Existing technology | 3,783 | (2,575 | ) | 1,208 | 3,783 | (2,473 | ) | 1,310 | |||||||||||||||||
Order backlog | 732 | (732 | ) | - | 732 | (732 | ) | - | |||||||||||||||||
Patents | 457 | (398 | ) | 59 | 457 | (397 | ) | 60 | |||||||||||||||||
Trade name | 659 | (336 | ) | 323 | 659 | (322 | ) | 337 | |||||||||||||||||
Total | $ | 8,908 | $ | (5,844 | ) | $ | 3,064 | $ | 8,908 | $ | (5,621 | ) | $ | 3,287 | |||||||||||
Amortization of intangible assets | ' | ||||||||||||||||||||||||
For the three months ended March 30, 2014 and March 31, 2013, amortization of intangible assets was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Cost of revenue | $ | 103 | $ | 122 | |||||||||||||||||||||
Selling, general and administrative expense | 120 | 131 | |||||||||||||||||||||||
$ | 223 | $ | 253 | ||||||||||||||||||||||
Estimated future amortization expense | ' | ||||||||||||||||||||||||
Estimated future amortization expense related to intangible assets as of March 30, 2014 is as follows (in thousands): | |||||||||||||||||||||||||
Years ending December 31, | |||||||||||||||||||||||||
2014 | $ | 670 | |||||||||||||||||||||||
2015 | 893 | ||||||||||||||||||||||||
2016 | 869 | ||||||||||||||||||||||||
2017 | 487 | ||||||||||||||||||||||||
2018 | 145 | ||||||||||||||||||||||||
Total | $ | 3,064 |
STOCKHOLDERS_EQUITY_AND_STOCKB1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
Schedule of stock-based compensation expense | ' | ||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the three months ended March 30, 2014 and March 31, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||
Cost of revenue | $ | 76 | $ | 80 | |||||||||||||
Research and development expense | 275 | 323 | |||||||||||||||
Selling, general and administrative expense | 659 | 705 | |||||||||||||||
Restructuring expense | - | 662 | |||||||||||||||
$ | 1,010 | $ | 1,770 | ||||||||||||||
Summary of option activity | ' | ||||||||||||||||
The following is a summary of option activity for the Company’s equity incentive plans, including both the 2008 Plan and other prior plans for which there are outstanding options but no new grants since the 2008 Plan was adopted: | |||||||||||||||||
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term, in Years | |||||||||||||||
Outstanding, December 31, 2013 | 10,306,671 | $ | 2.34 | 6.96 | |||||||||||||
Granted | - | ||||||||||||||||
Exercised | (9,075 | ) | $ | 1.08 | |||||||||||||
Forfeited/Expired | (98,309 | ) | $ | 2.71 | |||||||||||||
Ending balance, March 30, 2014 | 10,199,287 | 6.71 | |||||||||||||||
Vested and exercisable and expected to vest, March 30, 2014 | 10,024,189 | $ | 2.34 | 6.68 | |||||||||||||
Vested and exercisable, March 30, 2014 | 7,629,091 | $ | 2.39 | 6.27 | |||||||||||||
Summary of restricted stock unit activity | ' | ||||||||||||||||
The following is a summary of RSU activity for the indicated periods: | |||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Vesting Term, Years | Aggregate | ||||||||||||||
Intrinsic | |||||||||||||||||
Value | |||||||||||||||||
(In thousands) | |||||||||||||||||
Outstanding, December 31, 2013 | 1,313,801 | $ | 1.19 | 1.85 | $ | 2,010 | |||||||||||
Granted | 1,405,085 | 1.7 | |||||||||||||||
Released | (161,700 | ) | 1.14 | ||||||||||||||
Forfeited/expired | (13,348 | ) | 0.86 | ||||||||||||||
Outstanding, March 30, 2014 | 2,543,838 | $ | 1.48 | 2.33 | $ | 4,248 |
RESTRUCTURING_Tables
RESTRUCTURING (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
RESTRUCTURING [Abstract] | ' | ||||||||
Summary of restructuring activity | ' | ||||||||
The following is a summary of the restructuring activity (in thousands): | |||||||||
Three Months Ended | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Beginning balance | $ | 30 | $ | 168 | |||||
Charges | - | 950 | |||||||
Uses and adjustments | (30 | ) | (936 | ) | |||||
Ending balance | $ | - | $ | 182 |
NET_LOSS_PER_SHARE_Tables
NET LOSS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||
The following table summarizes total securities outstanding which were not included in the calculation of diluted net loss per share because to do so would have been anti-dilutive: | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Stock options and RSUs | 12,743,125 | 11,620,472 | |||||||
Common stock warrants | 1,183,240 | 1,468,239 | |||||||
Total | 13,926,365 | 13,088,711 |
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | ' | ||||||||||||||||
Revenue by geographic region and long lived assets by country | ' | ||||||||||||||||
The following table summarizes revenue by geographic region (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||
North America | $ | 2,227 | 30 | % | $ | 1,979 | 29 | % | |||||||||
Asia | 2,158 | 29 | % | 2,280 | 33 | % | |||||||||||
Europe | 2,909 | 40 | % | 2,163 | 31 | % | |||||||||||
Other | 92 | 1 | % | 499 | 7 | % | |||||||||||
$ | 7,386 | 100 | % | $ | 6,921 | 100 | % | ||||||||||
Revenue by product line | ' | ||||||||||||||||
The following table summarizes revenue by product line (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||
HSC | $ | 5,282 | $ | 4,565 | |||||||||||||
Industrial | 2,104 | 2,356 | |||||||||||||||
Total revenue | $ | 7,386 | $ | 6,921 | |||||||||||||
Long-lived Assets by Country | ' | ||||||||||||||||
The following table summarizes long-lived assets by country (in thousands): | |||||||||||||||||
30-Mar-14 | 31-Dec-13 | ||||||||||||||||
United States | $ | 2,181 | $ | 2,004 | |||||||||||||
Switzerland | 777 | 995 | |||||||||||||||
$ | 2,958 | $ | 2,999 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||
Aggregate non-cancelable future minimum rental payments | ' | ||||||||
Aggregate non-cancelable future minimum rental payments under capital and operating leases are as follows (in thousands): | |||||||||
Capital Leases | Operating Leases | ||||||||
Years ending December 31, | Minimum lease | Minimum lease | |||||||
payments | payments | ||||||||
2014 | $ | 209 | $ | 358 | |||||
2015 | 4 | 432 | |||||||
2016 | 3 | 339 | |||||||
2017 | 3 | 57 | |||||||
Total minimum lease payments | 219 | $ | 1,186 | ||||||
Less: Amount representing interest | (14 | ) | |||||||
Total capital lease obligations | 205 | ||||||||
Less: current portion | (196 | ) | |||||||
Long-term portion of capital lease obligations | $ | 9 |
ORGANIZATION_AND_BASIS_OF_PRES2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | 3 Months Ended |
Mar. 30, 2014 | |
ProductLine | |
Organization [Abstract] | ' |
Number of product lines | 2 |
BALANCE_SHEET_COMPONENTS_Detai
BALANCE SHEET COMPONENTS (Details) (USD $) | 3 Months Ended | |||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
BALANCE SHEET COMPONENTS [Abstract] | ' | ' | ' | |
Accounts receivable | $6,130,000 | ' | $5,241,000 | |
Allowance for doubtful accounts | -65,000 | ' | -220,000 | |
Accounts receivable, net | 6,065,000 | ' | 5,021,000 | [1] |
Property and equipment [Line Items] | ' | ' | ' | |
Property and equipment, gross | 16,385,000 | ' | 15,869,000 | |
Accumulated depreciation and amortization | -13,427,000 | ' | -12,870,000 | |
Property and equipment, net | 2,958,000 | ' | 2,999,000 | [1] |
Depreciation and amortization expense related to property and equipment | 543,000 | 572,000 | ' | |
Amortization | 151,000 | 89,000 | ' | |
Inventory, net [Abstract] | ' | ' | ' | |
Raw materials | 2,278,000 | ' | 2,103,000 | |
Work in process | 734,000 | ' | 780,000 | |
Finished goods | 1,741,000 | ' | 1,734,000 | |
Inventories | 4,753,000 | ' | 4,617,000 | [1] |
Accrued and other current liabilities [Abstract] | ' | ' | ' | |
Amounts billed to the U.S. government in excess of approved rates | 191,000 | ' | 191,000 | |
Warranty liability | 315,000 | ' | 330,000 | |
Customer deposits | 355,000 | ' | 313,000 | |
Capital lease obligation, current portion | 196,000 | ' | 284,000 | |
Restructuring liabilities, current portion | 0 | ' | 30,000 | |
Sales return reserve | 196,000 | ' | 151,000 | |
Other | 1,167,000 | ' | 1,447,000 | |
Accrued and other current liabilities | 2,420,000 | ' | 2,746,000 | [1] |
Period of product warranty | '1 year | ' | ' | |
Movement in product warranty liability [Roll Forward] | ' | ' | ' | |
Beginning balance | 330,000 | 612,000 | ' | |
Warranties accrued | 112,000 | 127,000 | ' | |
Warranties settled or reversed | -127,000 | -253,000 | ' | |
Ending balance | 315,000 | 486,000 | ' | |
Network and Laboratory Equipment [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Property and equipment, gross | 11,676,000 | ' | 11,250,000 | |
Network and Laboratory Equipment [Member] | Minimum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '3 years | ' | ' | |
Network and Laboratory Equipment [Member] | Maximum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '5 years | ' | ' | |
Computer Software and Equipment [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Property and equipment, gross | 4,018,000 | ' | 3,928,000 | |
Computer Software and Equipment [Member] | Minimum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '2 years | ' | ' | |
Computer Software and Equipment [Member] | Maximum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '3 years | ' | ' | |
Furniture And Fixtures [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Property and equipment, gross | 176,000 | ' | 176,000 | |
Furniture And Fixtures [Member] | Minimum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '3 years | ' | ' | |
Furniture And Fixtures [Member] | Maximum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '7 years | ' | ' | |
Office Equipment [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Property and equipment, gross | 137,000 | ' | 137,000 | |
Office Equipment [Member] | Minimum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '3 years | ' | ' | |
Office Equipment [Member] | Maximum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '5 years | ' | ' | |
Leasehold Improvements [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Property and equipment, gross | $378,000 | ' | $378,000 | |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '1 year | ' | ' | |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | |
Life | '5 years | ' | ' | |
[1] | The condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 24, 2013 | Jul. 07, 2010 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 |
Liability Warrants [Member] | Liability Warrants [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | |||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | |||||||
Money Market Funds [Member] | Money Market Funds [Member] | Liability Warrants [Member] | Liability Warrants [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Liability Warrants [Member] | Liability Warrants [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Liability Warrants [Member] | Liability Warrants [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Liability Warrants [Member] | Liability Warrants [Member] | |||||||||||||||
Cash equivalents [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | $16,357 | $1,356 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $16,357 | $1,356 | ' | ' |
Total assets, fair value | ' | ' | ' | ' | ' | ' | 16,357 | 1,356 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 16,357 | 1,356 | ' | ' | ' | ' |
Current liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 17 | 15 | ' | ' | ' | ' | 17 | 15 |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional equity shares issued (in shares) | 9,573,750 | 2,760,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price of additional equity offering (in dollars per share) | $1.42 | $1.75 | $1.67 | $1.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price (in dollars per share) | $1.42 | $1.75 | $1.67 | $1.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price (in dollars per share) | ' | ' | $2.51 | $2.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | '3 years 3 months 18 days | '3 years 6 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | 0.90% | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility (in hundredths) | ' | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value per share (in dollars per share) | ' | ' | $0.57 | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants subject to liability accounting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Holder | ' | ' | 'Bridge Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original warrants (in shares) | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted warrants (in shares) | ' | ' | 1,183,240 | 1,468,239 | 29,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date | ' | ' | ' | ' | 7-Apr-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | 7-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share (in dollars per share) | ' | ' | ' | ' | $2.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value | ' | ' | ' | ' | 2 | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related agreement | ' | ' | ' | ' | 'Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of Level 3 liability warrants [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, beginning of period | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value | ' | ' | ' | ' | 2 | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, end of period | ' | ' | ' | ' | $17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gross intangible asset | $8,908 | ' | $8,908 | |
Accumulated amortization | -5,844 | ' | -5,621 | |
Net intangible asset | 3,064 | ' | 3,287 | [1] |
Amortization of intangible assets | 223 | 253 | ' | |
Cost of Revenue [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Amortization of intangible assets | 103 | 122 | ' | |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Amortization of intangible assets | 120 | 131 | ' | |
Customer Relationships [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gross intangible asset | 3,277 | ' | 3,277 | |
Accumulated amortization | -1,803 | ' | -1,697 | |
Net intangible asset | 1,474 | ' | 1,580 | |
Existing Technology [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gross intangible asset | 3,783 | ' | 3,783 | |
Accumulated amortization | -2,575 | ' | -2,473 | |
Net intangible asset | 1,208 | ' | 1,310 | |
Order Backlog [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gross intangible asset | 732 | ' | 732 | |
Accumulated amortization | -732 | ' | -732 | |
Net intangible asset | 0 | ' | 0 | |
Patents [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gross intangible asset | 457 | ' | 457 | |
Accumulated amortization | -398 | ' | -397 | |
Net intangible asset | 59 | ' | 60 | |
Trade Name [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gross intangible asset | 659 | ' | 659 | |
Accumulated amortization | -336 | ' | -322 | |
Net intangible asset | $323 | ' | $337 | |
[1] | The condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. |
INTANGIBLE_ASSETS_AND_GOODWILL3
INTANGIBLE ASSETS AND GOODWILL, Schedule of Acquired Finite-Lived Intangible Asset by Major Class (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 31, 2013 | |
Future amortization expense [Abstract] | ' | ' | |
2014 | $670 | ' | |
2015 | 893 | ' | |
2016 | 869 | ' | |
2017 | 487 | ' | |
2018 | 145 | ' | |
Total | 3,064 | ' | |
Goodwill related to acquisition | 9,860 | 9,860 | [1] |
Impairment of goodwill | $0 | $0 | |
[1] | The condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. |
CREDIT_FACILITIES_Details
CREDIT FACILITIES (Details) (Line of Credit - Silicon Valley Bank [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Line of Credit - Silicon Valley Bank [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | $7 |
Borrowing capacity with reference to accounts receivable | 3.5 |
Borrowing base percentage used for maximum borrowing capacity (in hundredths) | 80.00% |
Borrowing capacity without reference to accounts receivable | 3.5 |
Amount outstanding | $0 |
Number of business days to repay interest on borrowings unrelated to accounts receivable balances | '3 days |
STOCKHOLDERS_EQUITY_AND_STOCKB2
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2010 | Mar. 30, 2014 | Dec. 31, 2008 | |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Date of transaction | 24-Dec-13 | ' | ' | ' |
Number of shares issued in transaction (in shares) | 9,573,750 | ' | ' | ' |
Par value on common stock in public offering (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Public offering price per share (in dollars per share) | $1.42 | ' | ' | ' |
Proceeds from the sale of stock | $12,500,000 | $4,800,000 | ' | ' |
Costs related to public offering | 250,000 | ' | ' | ' |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' |
Preferred stock, authorized (in shares) | 1,000,000 | ' | 1,000,000 | 1,000,000 |
Common and preferred stock [Abstract] | ' | ' | ' | ' |
Common stock, authorized (in shares) | 50,000,000 | ' | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Preferred stock, issued (in shares) | 0 | ' | 0 | ' |
Preferred stock, outstanding (in shares) | 0 | ' | 0 | ' |
Series A Junior Preferred Stock [Member] | ' | ' | ' | ' |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' |
Preferred stock, authorized (in shares) | ' | ' | ' | 300,000 |
Public offering [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Date of transaction | 19-Dec-13 | ' | ' | ' |
Number of shares issued in transaction (in shares) | 8,325,000 | ' | ' | ' |
Par value on common stock in public offering (in dollars per share) | $0.00 | ' | ' | ' |
Public offering price per share (in dollars per share) | $1.42 | ' | ' | ' |
Proceeds from the sale of stock | $12,300,000 | ' | ' | ' |
Common and preferred stock [Abstract] | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' | ' | ' |
Over allotment [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Number of shares issued in transaction (in shares) | 1,248,750 | ' | ' | ' |
STOCKHOLDERS_EQUITY_AND_STOCKB3
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION, Warrants (Details) | 3 Months Ended | |
Mar. 30, 2014 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants outstanding (in shares) | 1,183,240 | 1,468,239 |
Number of warrants expired (in shares) | 284,999 | ' |
STOCKHOLDERS_EQUITY_AND_STOCKB4
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION, Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 | Dec. 24, 2013 | Jul. 07, 2010 | Dec. 31, 2008 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 |
Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | 2007 Equity Incentive Plan [Member] | 2007 Equity Incentive Plan [Member] | 2007 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | 2008 Equity Incentive Plan [Member] | Lumera 2000 and 2004 Stock Option Plan [Member] | Lumera 2000 and 2004 Stock Option Plan [Member] | ||||||
Minimum [Member] | Maximum [Member] | Stock Options [Member] | Warrant [Member] | Maximum [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | 10% Stockholder [Member] | Stock Options [Member] | ||||||||||||||
Minimum [Member] | Stock Options [Member] | ||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized (in shares) | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | 632,500 | ' | ' | 15,021,253 | ' | 21,000,000 | ' | ' | 3,379,835 | ' | ' | ' |
Automatic annual increase in shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'lesser of (i) 5% of the number of shares of common stock outstanding as of the Company's immediately preceding fiscal year, or (ii) a number of shares determined by the Board of Directors | ' | ' | ' | ' | ' | ' | ' |
Automatic increase in number of shares reserved for future issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,603,381 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of stock options as percentage of fair market value on date of grant (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 110.00% | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | '4 years | ' | ' | ' | ' | '4 years | ' | '1 year | ' | ' | ' |
Life from date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Stock options cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 864 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding (in shares) | ' | ' | ' | ' | ' | 10,199,287 | 10,306,671 | ' | ' | ' | ' | ' | 414,936 | ' | ' | ' | ' | 12,255,761 | ' | ' | ' | ' | 72,428 |
Warrants outstanding (in shares) | 1,183,240 | 1,468,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger conversion ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' |
Restricted stock units total grant date fair value | ' | ' | ' | ' | ' | ' | ' | $2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | 3,300,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition for unrecognized compensation cost | ' | ' | ' | ' | ' | '1 year 10 months 24 days | ' | '2 years 3 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price (in dollars per share) | $1.67 | $1.53 | $1.42 | $1.75 | ' | $1.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options activity, number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of year (in shares) | ' | ' | ' | ' | ' | 10,306,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,428 |
Granted (in shares) | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | -9,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/Expired (in shares) | ' | ' | ' | ' | ' | -98,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in shares) | ' | ' | ' | ' | ' | 10,199,287 | 10,306,671 | ' | ' | ' | ' | ' | 414,936 | ' | ' | ' | ' | 12,255,761 | ' | ' | ' | ' | 72,428 |
Vested and exercisable and expected to vest (in shares) | ' | ' | ' | ' | ' | 10,024,189 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and exercisable (in shares) | ' | ' | ' | ' | ' | 7,629,091 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option activity, weighted-average exercise price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, beginning balance (in dollars per shares) | ' | ' | ' | ' | ' | $2.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, exercised (in dollars per shares) | ' | ' | ' | ' | ' | $1.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, forfeited/expired (in dollars per shares) | ' | ' | ' | ' | ' | $2.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, vested and expected to vest (in dollars per share) | ' | ' | ' | ' | ' | $2.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, exercisable (in dollars per share) | ' | ' | ' | ' | ' | $2.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, beginning balance | ' | ' | ' | ' | ' | '6 years 8 months 16 days | '6 years 11 months 16 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, expected to vest | ' | ' | ' | ' | ' | '6 years 8 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, exercisable | ' | ' | ' | ' | ' | '6 years 3 months 7 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, ending balance | ' | ' | ' | ' | ' | '6 years 8 months 16 days | '6 years 11 months 16 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, exercised | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, vested and expected to vest | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock activity, number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | 1,313,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 1,405,085 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Released (in shares) | ' | ' | ' | ' | ' | ' | ' | -161,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/expired (in shares) | ' | ' | ' | ' | ' | ' | ' | -13,348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shaers) | ' | ' | ' | ' | ' | ' | ' | 2,543,838 | 1,313,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock activity, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Released (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/expired (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.48 | $1.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock activity, Weighted-average Remaining Contractual Term, Years [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | '2 years 3 months 29 days | '1 year 10 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | '2 years 3 months 29 days | '1 year 10 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock activity, Aggregate Intrinsic Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value outstanding beginning balance | ' | ' | ' | ' | ' | ' | ' | 2,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value outstanding ending balance | ' | ' | ' | ' | ' | ' | ' | 4,248,000 | 2,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of vested and expected to vest awards | ' | ' | ' | ' | ' | ' | ' | 270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld to satisfy minimum tax obligation (in shares) | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount withheld to satisfy minimum tax obligation | ' | ' | ' | ' | ' | ' | ' | $103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_AND_STOCKB5
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION, Allocation of Recognized Period Costs (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | $1,010 | $1,770 |
Cost of Revenue [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | 76 | 80 |
Research And Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | 275 | 323 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | 659 | 705 |
Restructuring expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock based compensation expense | $0 | $662 |
RESTRUCTURING_Details
RESTRUCTURING (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
RESTRUCTURING [Abstract] | ' | ' |
Restructuring reserve settled without cash | ' | $662,000 |
Restructuring reserve settled with cash | ' | 288,000 |
Summary of restructuring activity [Roll forward] | ' | ' |
Beginning balance | 30,000 | 168,000 |
Charges | 0 | 950,000 |
Uses and adjustments | -30,000 | -936,000 |
Ending balance | $0 | $182,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
INCOME TAXES [Abstract] | ' | ' |
Provision for income taxes | $10 | $13 |
Effective tax rate (in hundredths) | 1.00% | 1.00% |
NET_LOSS_PER_SHARE_Details
NET LOSS PER SHARE (Details) | 3 Months Ended | 12 Months Ended |
Mar. 30, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Outstanding anti-dilutive securities (in shares) | 13,926,365 | 13,088,711 |
Stock options and RSUs [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Outstanding anti-dilutive securities (in shares) | 12,743,125 | 11,620,472 |
Common Stock Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Outstanding anti-dilutive securities (in shares) | 1,183,240 | 1,468,239 |
SEGMENT_AND_GEOGRAPHIC_INFORMA2
SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Customer | Customer | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | $7,386 | $6,921 | ' |
Revenue by geographic region (in hundredths) | 100.00% | 100.00% | ' |
Number of customers | 1 | 1 | ' |
Long-lived assets | 2,958 | ' | 2,999 |
HSC [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | 5,282 | 4,565 | ' |
Industrial [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | 2,104 | 2,356 | ' |
Customer One [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Major customer percentage (in hundredths) | 28.00% | 26.00% | ' |
North America [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | 2,227 | 1,979 | ' |
Revenue by geographic region (in hundredths) | 30.00% | 29.00% | ' |
Asia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | 2,158 | 2,280 | ' |
Revenue by geographic region (in hundredths) | 29.00% | 33.00% | ' |
Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | 2,909 | 2,163 | ' |
Revenue by geographic region (in hundredths) | 40.00% | 31.00% | ' |
Other [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenue | 92 | 499 | ' |
Revenue by geographic region (in hundredths) | 1.00% | 7.00% | ' |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue by geographic region (in hundredths) | 28.00% | 29.00% | ' |
Long-lived assets | 2,181 | ' | 2,004 |
Switzerland [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | $777 | ' | $995 |
Italy [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue by geographic region (in hundredths) | 36.00% | 26.00% | ' |
Japan [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue by geographic region (in hundredths) | 15.00% | 13.00% | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ' | ' |
Facilities rent expense | $141,000 | $140,000 | ' |
Aggregate non-cancelable future minimum rental payments under capital leases [Abstract] | ' | ' | ' |
Capital leases, 2014 | 209,000 | ' | ' |
Capital leases, 2015 | 4,000 | ' | ' |
Capital leases, 2016 | 3,000 | ' | ' |
Capital leases, 2017 | 3,000 | ' | ' |
Capital leases, total minimum lease payments | 219,000 | ' | ' |
Less: Amount representing interest | -14,000 | ' | ' |
Total capital lease obligations | 205,000 | ' | ' |
Less: current portion | -196,000 | ' | -284,000 |
Long-term portion of capital lease obligations | 9,000 | ' | ' |
Aggregate non-cancelable future minimum rental payments under operating leases [Abstract] | ' | ' | ' |
Operating leases, 2014 | 358,000 | ' | ' |
Operating leases, 2015 | 432,000 | ' | ' |
Operating leases, 2016 | 339,000 | ' | ' |
Operating leases, 2017 | 57,000 | ' | ' |
Operating leases, total minimum lease payments | $1,186,000 | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Jun. 29, 2014 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Restructuring Charges | $0 | $950,000 | $300,000 |