Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Oct. 31, 2014 | |
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 | ' | 32,860,266 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-14 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $18,119 | $20,377 | [1] |
Accounts receivable, net | 7,707 | 5,021 | [1] |
Inventories | 4,021 | 4,617 | [1] |
Prepaid and other current assets | 674 | 434 | [1] |
Total current assets | 30,521 | 30,449 | [1] |
Property and equipment, net | 2,047 | 2,999 | [1] |
Intangible assets, net | 2,617 | 3,287 | [1] |
Goodwill | 10,306 | 9,860 | [1] |
Restricted cash | 130 | 284 | [1] |
Other assets | 116 | 183 | [1] |
Total assets | 45,737 | 47,062 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 1,860 | 831 | [1] |
Accrued compensation | 1,079 | 1,170 | [1] |
Other current liabilities | 2,247 | 2,746 | [1] |
Total current liabilities | 5,186 | 4,747 | [1] |
Pension liabilities | 131 | 140 | [1] |
Deferred rent, noncurrent | 125 | 177 | [1] |
Other long term liabilities | 444 | 418 | [1] |
Total liabilities | 5,886 | 5,482 | [1] |
Commitments and contingencies (Note 12) | ' | ' | [1] |
Stockholders' equity: | ' | ' | |
Common stock, $0.001 par value; 50,000,000 shares authorized as of September 29, 2014 and December 31, 2013; 32,860,266 and 32,067,616 shares issued and outstanding as of September 29, 2014 and December 31, 2013, respectively | 32 | 32 | [1] |
Additional paid-in capital | 142,757 | 139,710 | [1] |
Treasury stock, at cost; 701,754 shares as of September 29, 2014 and December 31, 2013, respectively | -2,209 | -2,209 | [1] |
Accumulated other comprehensive income | 441 | 490 | [1] |
Accumulated deficit | -101,170 | -96,443 | [1] |
Total stockholders' equity | 39,851 | 41,580 | [1] |
Total liabilities and stockholders' equity | $45,737 | $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 $) | Sep. 28, 2014 | Dec. 31, 2013 |
Stockholders' equity: | ' | ' |
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) | 32,860,266 | 32,067,616 |
Common stock, outstanding (in shares) | 32,860,266 | 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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' | ' | ' |
Total revenue | $8,484 | $7,336 | $23,907 | $21,088 |
Total cost of revenue | 3,482 | 2,985 | 10,095 | 8,199 |
Gross profit | 5,002 | 4,351 | 13,812 | 12,889 |
Research and development expense | 3,257 | 3,984 | 10,357 | 10,397 |
Selling, general and administrative expense | 2,388 | 2,483 | 7,353 | 6,877 |
Restructuring expense, net | 36 | 0 | 343 | 950 |
Special litigation-related expense | 0 | -5,673 | 0 | -4,786 |
Total operating expenses | 5,681 | 794 | 18,053 | 13,438 |
Income (loss) from operations | -679 | 3,557 | -4,241 | -549 |
Interest expense, net | -9 | -27 | -36 | -106 |
Other income, net | 35 | 3 | 45 | 259 |
Income (loss) before provision for income taxes | -653 | 3,533 | -4,232 | -396 |
Provision for income taxes | 8 | 1 | 39 | 28 |
Income (loss) from consolidated companies | -661 | 3,532 | -4,271 | -424 |
Loss on equity investment | -125 | 0 | -456 | 0 |
Net income (loss) | ($786) | $3,532 | ($4,727) | ($424) |
Net income (loss) per share-basic and diluted (in dollars per share) | ($0.02) | $0.16 | ($0.15) | ($0.02) |
Weighted average number of shares used in basic per share calculations (in shares) | 31,866 | 21,656 | 31,636 | 21,610 |
Weighted average number of shares used in diluted per share calculations (in shares) | 31,866 | 22,359 | 31,636 | 21,610 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($786) | $3,532 | ($4,727) | ($424) |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustment | -37 | 51 | -49 | 76 |
Other comprehensive income (loss), net of tax | -37 | 51 | -49 | 76 |
Comprehensive income (loss) | ($823) | $3,583 | ($4,776) | ($348) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | |
Cash flows from operating activities: | ' | ' | |
Net loss | ($4,727) | ($424) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | |
Depreciation and amortization | 2,736 | 2,843 | |
Stock-based compensation | 3,195 | 3,255 | |
Change in fair value of warrants | -7 | -13 | |
Loss (gain) on property and equipment | 8 | -133 | |
Non-cash restructuring expense | 210 | 0 | |
Loss on equity investment | 456 | 0 | |
Changes in operating assets and liabilities, net of acquisition: | ' | ' | |
Accounts receivable, net | -2,686 | -2,073 | |
Inventories | 351 | -437 | |
Prepaid and other current assets | -726 | -521 | |
Other assets | 24 | 22 | |
Accounts payable | 916 | 1,263 | |
Accrued restructuring | -3 | -89 | |
Accrued compensation | -118 | 675 | |
Other current liabilities | -419 | -97 | |
Other long-term liabilities | -22 | -40 | |
Net cash provided by (used in) operating activities | -812 | 4,231 | |
Cash flows from investing activities: | ' | ' | |
Purchases of property and equipment | -786 | -1,319 | |
Proceeds from sale of property and equipment | 0 | 160 | |
Net cash used in investing activities | -786 | -1,159 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from issuance of stock | 231 | 4 | |
Taxes paid related to net share settlement of equity awards | -379 | -111 | |
Net borrowings on line of credit | 0 | 2,400 | |
Payment of debt assumed in acquisition | -176 | 0 | |
Repayment of capital lease | -283 | -319 | |
Net cash provided by (used in) financing activities | -607 | 1,974 | |
Effect of exchange rates on cash and cash equivalents | -53 | 67 | |
Net increase (decrease) in cash and cash equivalents | -2,258 | 5,113 | |
Cash and cash equivalents as of beginning of period | 20,377 | [1] | 10,147 |
Cash and cash equivalents as of end of period | 18,119 | 15,260 | |
Supplemental disclosure of cash flow information | ' | ' | |
Interest paid | 37 | 106 | |
Property and equipment acquired with accounts payable | 137 | 11 | |
Investment in unconsolidated affiliate acquired with property and equipment and inventories | 456 | 0 | |
Liabilities assumed in acquisition | $446 | $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. |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 28, 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, including (i) mixed signal radio frequency integrated circuits (“RFIC”); (ii) 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; (iii) power amplifiers and transceivers for microwave and millimeter monolithic microwave integrated circuit (“MMIC”) wireless applications including power amplifiers and transceiver chips at frequencies higher than 50 GHz; (iv) integrated systems in a package (“SIP”) solutions for both fiber-optic and wireless applications; and (v) radio frequency (“RF’) chips for various consumer applications such as global navigation satellite systems (“GNSS”). 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. | |
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; however it is in the process of being dissolved. | |
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. During the second quarter of 2014, the Company transferred its inventory related to the Thin Film Polymer on Silicon (“TFPSTM”) platform and the production line equipment for use by BrP (see also Note 8). | |
In June 2014, the Company signed a definitive agreement to acquire, for cash only by way of assuming specified liabilities, substantially all of the assets of Tahoe RF Semiconductor, Inc. (“Tahoe RF”), a provider of RF/analog RFICs, intellectual property, and fully integrated systems and subsystems on a chip. That acquisition closed on June 30, 2014, which was the first day of the Company’s third quarter of fiscal 2014 (see also Note 4). | |
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 third quarter of 2014 ended on Sunday, September 28, 2014. The third quarter of 2013 ended on Sunday, September 29, 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 September 28, 2014 and for the three and nine months ended September 28, 2014 and September 29, 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 September 28, 2014, the results of operations for the three and nine months ended September 28, 2014 and September 29, 2013, and cash flows for the nine months ended September 28, 2014 and September 29, 2013. The condensed consolidated results of operations for the three and nine months ended September 28, 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 | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
BALANCE SHEET COMPONENTS [Abstract] | ' | ||||||||||||
BALANCE SHEET COMPONENTS | ' | ||||||||||||
NOTE 2—BALANCE SHEET COMPONENTS | |||||||||||||
Accounts receivable, net consisted of the following (in thousands): | |||||||||||||
September 28, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 7,790 | $ | 5,241 | |||||||||
Allowance for doubtful accounts | (83 | ) | (220 | ) | |||||||||
$ | 7,707 | $ | 5,021 | ||||||||||
Property and equipment, net consisted of the following (in thousands, except depreciable life): | |||||||||||||
Life | September 28, | December 31, | |||||||||||
(In years) | 2014 | 2013 | |||||||||||
Network and laboratory equipment | 3 – 5 | $ | 11,204 | $ | 11,250 | ||||||||
Computer software and equipment | 2 – 3 | 3,917 | 3,928 | ||||||||||
Furniture and fixtures | 3 – 7 | 171 | 176 | ||||||||||
Office equipment | 3 – 5 | 133 | 137 | ||||||||||
Leasehold improvements | 1 – 5 | 276 | 378 | ||||||||||
15,701 | 15,869 | ||||||||||||
Accumulated depreciation and amortization | (13,654 | ) | (12,870 | ) | |||||||||
Property and equipment, net | $ | 2,047 | $ | 2,999 | |||||||||
For the three and nine months ended September 28, 2014, depreciation expense related to property and equipment was $491,000 and $1.6 million, respectively. For the three and nine months ended September 29, 2013, depreciation expense related to property and equipment was $551,000 and $1.7 million, respectively. | |||||||||||||
In addition to the property and equipment above, the Company has prepaid licenses. For the three and nine months ended September 28, 2014, amortization related to these prepaid licenses was $208,000 and $485,000, respectively. For the three and nine months ended September 29, 2013, amortization related to these prepaid licenses was $168,000 and $389,000, respectively. | |||||||||||||
Inventories consisted of the following (in thousands): | |||||||||||||
September 28, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Raw materials | $ | 1,689 | $ | 2,103 | |||||||||
Work in process | 637 | 780 | |||||||||||
Finished goods | 1,695 | 1,734 | |||||||||||
$ | 4,021 | $ | 4,617 | ||||||||||
Other current liabilities consisted of the following (in thousands): | |||||||||||||
September 28, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Amounts billed to the U.S. government in excess of approved rates | $ | 191 | $ | 191 | |||||||||
Warranty liability | 313 | 330 | |||||||||||
Customer deposits | 173 | 313 | |||||||||||
Capital lease obligations, current portion | 3 | 284 | |||||||||||
Sales return reserve | 330 | 151 | |||||||||||
Other | 1,237 | 1,477 | |||||||||||
$ | 2,247 | $ | 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 cost of 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 nine months ended September 28, 2014 and September 29, 2013 are as follows (in thousands): | |||||||||||||
Nine months ended | |||||||||||||
28-Sep-14 | 29-Sep-13 | ||||||||||||
Beginning balance | $ | 330 | $ | 612 | |||||||||
Warranties accrued | 354 | 396 | |||||||||||
Warranties settled or reversed | (371 | ) | (654 | ) | |||||||||
Ending balance | $ | 313 | $ | 354 | |||||||||
The warranty liability is included in other current liabilities on the condensed consolidated balance sheets. |
FAIR_VALUE
FAIR VALUE | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 28, 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 September 28, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant | Significant | |||||||||||||||||||||||||||||||||||||||
Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
September 28, 2014: | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 12,359 | $ | 12,359 | ||||||||||||||||||||||||||||||||||||||
$ | 12,359 | $ | 12,359 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Liability warrants | $ | 8 | $ | - | $ | - | $ | 8 | ||||||||||||||||||||||||||||||||||
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 September 28, 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 capital lease obligations approximates fair value and is based upon borrowing rates currently available to the Company for 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 September 28, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Stock price | $ | 1.19 | $ | 1.53 | ||||||||||||||||||||||||||||||||||||||
Strike price | $ | 2.51 | $ | 2.51 | ||||||||||||||||||||||||||||||||||||||
Expected life | 2.80 years | 3.55 years | ||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.08 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||
Volatility | 65 | % | 65 | % | ||||||||||||||||||||||||||||||||||||||
Fair value per share | $ | 0.26 | $ | 0.52 | ||||||||||||||||||||||||||||||||||||||
The following table summarizes the warrants subject to liability accounting as of September 28, 2014 and December 31, 2013 (in thousands, except share and per share amounts) (see also Note 6): | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
28-Sep-14 | 28-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Holder | Original | Adjusted | Grant Date | Expiration | Exercise | Fair Value | Fair Value | Exercise of | Change in | Exercise of | Change in | Related Agreement | ||||||||||||||||||||||||||||||
Warrants | Warrants | Date | Price per | September 28, | December 31, | Warrants | Fair Value | Warrants | Fair Value | |||||||||||||||||||||||||||||||||
Share | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Bridge Bank | 20,000 | 29,115 | 4/7/10 | 7/7/17 | $ | 2.51 | $ | 8 | $ | 15 | - | $ | (4 | ) | - | $ | (7 | ) | Credit Agreement | |||||||||||||||||||||||
The change in the fair value of the Level 3 liability warrants during the three and nine months ended September 28, 2014 is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
28-Sep-14 | 28-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Beginning fair value balance | $ | 12 | $ | 15 | ||||||||||||||||||||||||||||||||||||||
Exercise of warrants | - | - | ||||||||||||||||||||||||||||||||||||||||
Change in fair value | (4 | ) | (7 | ) | ||||||||||||||||||||||||||||||||||||||
Ending fair value balance | $ | 8 | $ | 8 | ||||||||||||||||||||||||||||||||||||||
The warrant liability is included in other current liabilities on the condensed consolidated balance sheets. |
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | ' | ||||||||||||||||||||||||
NOTE 4—INTANGIBLE ASSETS AND GOODWILL | |||||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | |||||||||||||||||||||||||
28-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Customer relationships | $ | 3,277 | $ | (2,014 | ) | $ | 1,263 | $ | 3,277 | $ | (1,697 | ) | $ | 1,580 | |||||||||||
Existing technology | 3,783 | (2,778 | ) | 1,005 | 3,783 | (2,473 | ) | 1,310 | |||||||||||||||||
Order backlog | 732 | (732 | ) | - | 732 | (732 | ) | - | |||||||||||||||||
Patents | 457 | (401 | ) | 56 | 457 | (397 | ) | 60 | |||||||||||||||||
Trade name | 659 | (366 | ) | 293 | 659 | (322 | ) | 337 | |||||||||||||||||
Total | $ | 8,908 | $ | (6,291 | ) | $ | 2,617 | $ | 8,908 | $ | (5,621 | ) | $ | 3,287 | |||||||||||
For the three and nine months ended September 28, 2014 and September 29, 2013, amortization of intangible assets was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||||||||||
Cost of revenue | $ | 103 | $ | 122 | $ | 309 | $ | 366 | |||||||||||||||||
Selling, general and administrative expense | 120 | 120 | 361 | 380 | |||||||||||||||||||||
$ | 223 | $ | 242 | $ | 670 | $ | 746 | ||||||||||||||||||
Estimated future amortization expense related to intangible assets as of September 28, 2014 is as follows (in thousands): | |||||||||||||||||||||||||
Years ending December 31, | |||||||||||||||||||||||||
2014 | $ | 223 | |||||||||||||||||||||||
2015 | 893 | ||||||||||||||||||||||||
2016 | 869 | ||||||||||||||||||||||||
2017 | 487 | ||||||||||||||||||||||||
2018 | 145 | ||||||||||||||||||||||||
Total | $ | 2,617 | |||||||||||||||||||||||
During the third quarter of 2014, the Company completed its acquisition of Tahoe RF which resulted in $446,000 of goodwill. As a result of the Tahoe RF acquisition, the Company assumed approximately $446,000 of liabilities of Tahoe RF and added RF/analog RFIC technology to the Company’s product portfolio and approximately 10 employees, primarily RF engineers focused on the high growth areas of E-Band and V-Band technologies. Up to an additional approximately $200,000 in bonus payments are payable by the Company in January 2015 to these employees provided certain milestones are met and they remain employed by the Company. In addition, beginning in July 2016 and continuing annually through July 2020, these employees will be entitled to a retention bonus of approximately $100,000 in the aggregate if they remain employed with the Company. These payments will be recorded as compensation expense when incurred. | |||||||||||||||||||||||||
As of September 28, 2014, the Company had $10.3 million of goodwill in connection with the acquisitions of Tahoe RF, ChipX and Endwave. In addition to its annual review, the Company also performs a review of the carrying value of its intangible assets, including goodwill, if the Company believes that indicators of impairment exist. During the third quarter of 2014, there were no factors which indicated impairment. The Company did not record impairment on any intangible assets, including goodwill, for the three and nine months ended September 28, 2014. In addition, the Company did not record an impairment of goodwill for the year ended December 31, 2013 and will perform its annual impairment analysis during the fourth quarter of 2014. | |||||||||||||||||||||||||
CREDIT_FACILITIES
CREDIT FACILITIES | 9 Months Ended | ||
Sep. 28, 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 September 28, 2014. |
STOCKHOLDERS_EQUITY_AND_STOCKB
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Sep. 28, 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 September 28, 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 September 28, 2014, 10,664,161 options to purchase common stock and restricted stock were outstanding and 3,511,707 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 September 28, 2014, options to purchase a total of 376,436 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 September 28, 2014, no additional options can be granted under the Lumera Plan, and options to purchase a total of 66,428 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 nine months ended September 28, 2014, no warrants were exercised and 809,999 warrants expired. As a result, as of September 28, 2014, the Company had 658,240 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 and nine months ended September 28, 2014 and September 29, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Cost of revenue | $ | 85 | $ | 57 | $ | 249 | $ | 196 | |||||||||
Research and development expense | 278 | 224 | 845 | 778 | |||||||||||||
Selling, general and administrative expense | 705 | 466 | 2,092 | 1,619 | |||||||||||||
Restructuring expense | - | - | 9 | 662 | |||||||||||||
$ | 1,068 | $ | 747 | $ | 3,195 | $ | 3,255 | ||||||||||
For the nine months ended September 28, 2014, included in the $3.2 million of stock-based compensation expense is $9,000 in restructuring expense to modify the exercise period and accelerate the vesting of RSUs (see Note 7). | |||||||||||||||||
For the nine months ended September 29, 2013, included in the $3.3 million of stock-based compensation expense is $662,000 in restructuring expense to modify the exercise period and accelerate the vesting of stock options and RSUs (see Note 7). | |||||||||||||||||
During the three months ended September 29, 2013, the Company granted options to purchase 35,000 of common stock with an estimated total grant-date fair value of $32,000 or $0.91 per share. During the three months ended September 28, 2014, the Company did not issue any option grants. | |||||||||||||||||
During the three months ended September 28, 2014 and September 29, 2013, the Company granted 135,000 and 1,008,527 RSUs, respectively, with a grant-date fair value of $185,000 or $1.37 per share and $1.3 million or $1.33 per share, respectively. | |||||||||||||||||
During the nine months ended September 28, 2014 and September 29, 2013, the Company granted options to purchase 25,000 and 645,010 of common stock, respectively, with an estimated total grant-date fair value of $28,000 or $1.10 per share and $391,000 or $0.61 per share, respectively. | |||||||||||||||||
During the nine months ended September 28, 2014 and September 29, 2013, the Company granted 1,610,085 and 1,578,373 RSUs, respectively, with a grant-date fair value of $2.7 million or $1.67 per share and $1.8 million or $1.16 per share, respectively. | |||||||||||||||||
As of September 28, 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 $2.0 million and $2.4 million, respectively. Unrecognized compensation will be amortized on a straight-line basis over a weighted-average period of approximately 1.50 years for stock options and approximately 2.45 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- | Weighted- | |||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term, in Years | |||||||||||||||||
Outstanding, December 31, 2013 | 10,306,671 | $ | 2.34 | 6.96 | |||||||||||||
Granted | 25,000 | 1.59 | |||||||||||||||
Exercised | (225,678 | ) | 1.02 | ||||||||||||||
Forfeited/Expired | (999,546 | ) | 2.51 | ||||||||||||||
Ending balance, September 28, 2014 | 9,106,447 | $ | 2.35 | 6.2 | |||||||||||||
Vested and exercisable and expected to vest, September 28, 2014 | 9,001,301 | $ | 2.35 | 6.19 | |||||||||||||
Vested and exercisable, September 28, 2014 | 7,562,900 | $ | 2.37 | 5.93 | |||||||||||||
The aggregate intrinsic value of options vested, exercisable and expected to vest, based on the fair value of the underlying stock options as of September 28, 2014 was approximately $459,000. The aggregate intrinsic value reflects the difference between the exercise price of the underlying stock options and the Company’s closing share price of $1.19 as of September 26, 2014. | |||||||||||||||||
The total intrinsic value of options exercised during the nine months ended September 28, 2014 and September 29, 2013 was approximately $84,000 and $1,000, respectively. | |||||||||||||||||
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 restricted stock unit activity for the indicated periods: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Shares | Average Grant | Average | Intrinsic | ||||||||||||||
Date Fair Value | Remaining | Value | |||||||||||||||
Vesting Term, | |||||||||||||||||
Years | |||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding, December 31, 2013 | 1,313,801 | $ | 1.19 | 1.85 | $ | 2,010 | |||||||||||
Granted | 1,610,085 | 1.67 | |||||||||||||||
Released | (815,526 | ) | 1.33 | ||||||||||||||
Forfeited/expired | (107,782 | ) | 1.43 | ||||||||||||||
Outstanding, September 28, 2014 | 2,000,578 | $ | 1.51 | 2.45 | $ | 2,381 | |||||||||||
The majority of the RSUs that vested in the nine months ended September 28, 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 nine months ended September 28, 2014, 815,526 shares of RSUs vested with an intrinsic value of approximately $970,000. The Company withheld 249,000 shares to satisfy approximately $378,000 of employees’ minimum tax obligation on the vested RSUs. |
RESTRUCTURING
RESTRUCTURING | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
RESTRUCTURING [Abstract] | ' | ||||||||||||||||
RESTRUCTURING | ' | ||||||||||||||||
NOTE 7—RESTRUCTURING | |||||||||||||||||
During the first 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. | |||||||||||||||||
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 components of the restructuring charge included $43,000 of cash expenses for cleanup services, $210,000 of restricted cash and rent deposit forfeiture to move out of the Bothell facility, $45,000 of cash expenses for severance, benefits and payroll taxes and other costs associated with employee terminations, and $9,000 of non-cash expenses associated with the acceleration of RSUs. The total charge for these restructuring activities was $307,000. | |||||||||||||||||
During the third quarter of 2014, the Company undertook restructuring activities to reduce its expenses. The component of the restructuring charge included $36,000 of cash expenses for severance associated with employee terminations. | |||||||||||||||||
The following is a summary of the restructuring activity (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Beginning balance | $ | - | $ | 128 | $ | 30 | $ | 168 | |||||||||
Charges | 36 | - | 343 | 950 | |||||||||||||
Uses and adjustments | (10 | ) | (48 | ) | (347 | ) | (1,038 | ) | |||||||||
Ending balance | $ | 26 | $ | 80 | $ | 26 | $ | 80 | |||||||||
As of September 28, 2014, the Company had a $26,000 balance in accrued restructuring included in other current liabilities. |
INVESTMENT_IN_UNCONSOLIDATED_A
INVESTMENT IN UNCONSOLIDATED AFFILIATE | 9 Months Ended |
Sep. 28, 2014 | |
INVESTMENT IN UNCONSOLIDATED AFFILIATE [Abstract] | ' |
INVESTMENT IN UNCONSOLIDATED AFFILIATE | ' |
NOTE 8— INVESTMENT IN UNCONSOLIDATED AFFILIATE | |
In February 2014, together with CPqD, the Company incepted a new joint venture, named BrP, of which the Company owns 49% and CPqD owns 51% of BrP. It is based in Campinas, Brazil. BrP will be a provider of advanced high-speed devices for optical communications and integrated transceiver components for information networks. It is engaged in research and development of SiPh advanced electro-optical products. | |
The Company transferred into BrP its knowledge-base and intellectual property of TFPSTM technology. The Company transferred to CPqD, its inventory related to the TFPSTM platform and the complete production line equipment that previously resided at its Bothell, Washington, facility for CPqD to use for the BrP joint venture. As of the transfer date, the Company’s net book value of the inventory and property and equipment was $245,000 and $211,000, respectively, which resulted in a $456,000 investment in BrP. | |
For the three and nine months ended September 28, 2014, the Company’s allocated portion of BrP’s results was a loss of $125,000 and $456,000, respectively. Since the Company’s share of the loss exceeded the Company’s carrying cost of its investment in BrP, the Company’s investment in an unconsolidated affiliate was written down to zero as of September 28, 2014. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 28, 2014 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
NOTE 9—INCOME TAXES | |
The Company recorded a provision for income taxes of $8,000 and $39,000 for the three and nine months ended September 28, 2014, respectively, and $1,000 and $28,000 for the three and nine months ended September 29, 2013, respectively. The Company's effective tax rate was less than 1% for the three and nine months ended September 28, 2014 and September 29, 2013. | |
The income tax provision for the three and nine months ended September 28, 2014 and September 29, 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 September 28, 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 | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||||||||||
NET LOSS PER SHARE | ' | ||||||||||||||||
NOTE 10—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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options and RSUs | 11,107,025 | 8,700,461 | 11,107,025 | 11,843,773 | |||||||||||||
Common stock warrants | 658,240 | 1,704,170 | 658,240 | 1,708,295 | |||||||||||||
Total | 11,765,265 | 10,404,631 | 11,765,265 | 13,552,068 |
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | ' | ||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||||||||||||||||||||
NOTE 11—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 | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||||||||||||||
North America | $ | 2,944 | 35 | % | $ | 2,210 | 30 | % | $ | 7,046 | 29 | % | $ | 6,283 | 30 | % | |||||||||||||
Asia | 2,189 | 26 | % | 1,588 | 22 | % | 6,803 | 29 | % | 5,763 | 27 | % | |||||||||||||||||
Europe | 3,307 | 39 | % | 3,385 | 46 | % | 9,863 | 41 | % | 8,081 | 38 | % | |||||||||||||||||
Other | 44 | 0 | % | 153 | 2 | % | 195 | 1 | % | 961 | 5 | % | |||||||||||||||||
$ | 8,484 | 100 | % | $ | 7,336 | 100 | % | $ | 23,907 | 100 | % | $ | 21,088 | 100 | % | ||||||||||||||
The Company determines geographic location of its revenue based upon the destination of shipments of its products. | |||||||||||||||||||||||||||||
For the three months ended September 28, 2014, one customer accounted for 32% of total revenue. For the three months ended September 29, 2013, one customer accounted for 42% of total revenue. | |||||||||||||||||||||||||||||
For the nine months ended September 28, 2014, one customer accounted for 28% of total revenue. For the nine months ended September 29, 2013, one customer accounted for 33% of total revenue. | |||||||||||||||||||||||||||||
During the three months ended September 28, 2014, Italy and the United States accounted for 33% and 32% of total revenue, respectively. During the three months ended September 29, 2013, Italy, the United States, and Japan accounted for 44%, 25%, and 11% of total revenue, respectively. No other countries accounted for more than 10% of the Company’s total revenue during the three months ended September 28, 2014 and September 29, 2013. | |||||||||||||||||||||||||||||
During the nine months ended September 28, 2014, Italy and the United States accounted for 35% and 27% of total revenue, respectively. During the nine months ended September 29, 2013, Italy, the United States, and Japan accounted for 35%, 26%, and 13% of total revenue, respectively. No other countries accounted for more than 10% of the Company’s total revenue during the nine months ended September 28, 2014 and September 29, 2013. | |||||||||||||||||||||||||||||
The following table summarizes revenue by product line (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||||||||||||||
HSC | $ | 5,393 | $ | 5,225 | $ | 16,284 | $ | 14,353 | |||||||||||||||||||||
Industrial | 3,091 | 2,111 | 7,623 | 6,735 | |||||||||||||||||||||||||
Total revenue | $ | 8,484 | $ | 7,336 | $ | 23,907 | $ | 21,088 | |||||||||||||||||||||
The following table summarizes long-lived assets by country (in thousands): | |||||||||||||||||||||||||||||
28-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
United States | $ | 1,665 | $ | 2,004 | |||||||||||||||||||||||||
Switzerland | 382 | 995 | |||||||||||||||||||||||||||
$ | 2,047 | $ | 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 | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||
NOTE 12—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 and nine months ended September 28, 2014 was $113,000 and $347,000, respectively, and for the three and nine months ended September 29, 2013 was $139,000 and $419,000, respectively. | |||||||||
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 | $ | 1 | $ | 141 | |||||
2015 | 4 | 531 | |||||||
2016 | 3 | 439 | |||||||
2017 | 3 | 124 | |||||||
Total minimum lease payments | 11 | $ | 1,235 | ||||||
Less: Amount representing interest | (1 | ) | |||||||
Total capital lease obligations | 10 | ||||||||
Less: current portion | (3 | ) | |||||||
Long-term portion of capital lease obligations | $ | 7 | |||||||
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. |
LEGAL_SETTLEMENT
LEGAL SETTLEMENT | 9 Months Ended |
Sep. 28, 2014 | |
LEGAL SETTLEMENT [Abstract] | ' |
LEGAL SETTLEMENT | ' |
NOTE 13—LEGAL SETTLEMENT | |
On September 24, 2013, pursuant to the terms of a settlement agreement with M/A-COM Technology Solutions, Inc. (“MACOM”), Optomai, Inc., and three former employees of GigOptix, the Company received a payment of $7.25 million. The $7.25 million has been recorded as special litigation-related income, net of legal fees in the operating section of the condensed consolidated statements of operations, for the nine months ended September 29, 2013. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 28, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 14—RECENT ACCOUNTING PRONOUNCEMENTS | |
In June 2014, the Financial Accounting Standard Board (“FASB”) issued an accounting standard update clarifying the accounting guidance on how to account for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. This standard is effective for periods beginning after December 15, 2015 and early adoption is permitted. The Company does not expect the adoption will have a material impact on the Company’s condensed consolidated financial statements. | |
In May 2014, the FASB issued an accounting standard clarifying the principles for recognizing revenue by amending the FASB Accounting Standards Codification and creating a new Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of the adoption on the Company’s condensed consolidated financial statements. |
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 28, 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, including (i) mixed signal radio frequency integrated circuits (“RFIC”); (ii) 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; (iii) power amplifiers and transceivers for microwave and millimeter monolithic microwave integrated circuit (“MMIC”) wireless applications including power amplifiers and transceiver chips at frequencies higher than 50 GHz; (iv) integrated systems in a package (“SIP”) solutions for both fiber-optic and wireless applications; and (v) radio frequency (“RF’) chips for various consumer applications such as global navigation satellite systems (“GNSS”). 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. | |
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; however it is in the process of being dissolved. | |
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. During the second quarter of 2014, the Company transferred its inventory related to the Thin Film Polymer on Silicon (“TFPSTM”) platform and the production line equipment for use by BrP (see also Note 8). | |
In June 2014, the Company signed a definitive agreement to acquire, for cash only by way of assuming specified liabilities, substantially all of the assets of Tahoe RF Semiconductor, Inc. (“Tahoe RF”), a provider of RF/analog RFICs, intellectual property, and fully integrated systems and subsystems on a chip. That acquisition closed on June 30, 2014, which was the first day of the Company’s third quarter of fiscal 2014 (see also Note 4). | |
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 third quarter of 2014 ended on Sunday, September 28, 2014. The third quarter of 2013 ended on Sunday, September 29, 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 September 28, 2014 and for the three and nine months ended September 28, 2014 and September 29, 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 September 28, 2014, the results of operations for the three and nine months ended September 28, 2014 and September 29, 2013, and cash flows for the nine months ended September 28, 2014 and September 29, 2013. The condensed consolidated results of operations for the three and nine months ended September 28, 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) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
BALANCE SHEET COMPONENTS [Abstract] | ' | ||||||||||||
Accounts receivable, net | ' | ||||||||||||
Accounts receivable, net consisted of the following (in thousands): | |||||||||||||
September 28, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 7,790 | $ | 5,241 | |||||||||
Allowance for doubtful accounts | (83 | ) | (220 | ) | |||||||||
$ | 7,707 | $ | 5,021 | ||||||||||
Property and equipment, net | ' | ||||||||||||
Property and equipment, net consisted of the following (in thousands, except depreciable life): | |||||||||||||
Life | September 28, | December 31, | |||||||||||
(In years) | 2014 | 2013 | |||||||||||
Network and laboratory equipment | 3 – 5 | $ | 11,204 | $ | 11,250 | ||||||||
Computer software and equipment | 2 – 3 | 3,917 | 3,928 | ||||||||||
Furniture and fixtures | 3 – 7 | 171 | 176 | ||||||||||
Office equipment | 3 – 5 | 133 | 137 | ||||||||||
Leasehold improvements | 1 – 5 | 276 | 378 | ||||||||||
15,701 | 15,869 | ||||||||||||
Accumulated depreciation and amortization | (13,654 | ) | (12,870 | ) | |||||||||
Property and equipment, net | $ | 2,047 | $ | 2,999 | |||||||||
Inventories | ' | ||||||||||||
Inventories consisted of the following (in thousands): | |||||||||||||
September 28, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Raw materials | $ | 1,689 | $ | 2,103 | |||||||||
Work in process | 637 | 780 | |||||||||||
Finished goods | 1,695 | 1,734 | |||||||||||
$ | 4,021 | $ | 4,617 | ||||||||||
Accrued and other current liabilities | ' | ||||||||||||
Other current liabilities consisted of the following (in thousands): | |||||||||||||
September 28, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Amounts billed to the U.S. government in excess of approved rates | $ | 191 | $ | 191 | |||||||||
Warranty liability | 313 | 330 | |||||||||||
Customer deposits | 173 | 313 | |||||||||||
Capital lease obligations, current portion | 3 | 284 | |||||||||||
Sales return reserve | 330 | 151 | |||||||||||
Other | 1,237 | 1,477 | |||||||||||
$ | 2,247 | $ | 2,746 | ||||||||||
Summary of changes in warranty accrual | ' | ||||||||||||
Changes in the Company’s product warranty liability during the nine months ended September 28, 2014 and September 29, 2013 are as follows (in thousands): | |||||||||||||
Nine months ended | |||||||||||||
28-Sep-14 | 29-Sep-13 | ||||||||||||
Beginning balance | $ | 330 | $ | 612 | |||||||||
Warranties accrued | 354 | 396 | |||||||||||
Warranties settled or reversed | (371 | ) | (654 | ) | |||||||||
Ending balance | $ | 313 | $ | 354 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 28, 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 September 28, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in | Significant | Significant | |||||||||||||||||||||||||||||||||||||||
Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
September 28, 2014: | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 12,359 | $ | 12,359 | ||||||||||||||||||||||||||||||||||||||
$ | 12,359 | $ | 12,359 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Liability warrants | $ | 8 | $ | - | $ | - | $ | 8 | ||||||||||||||||||||||||||||||||||
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 September 28, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Stock price | $ | 1.19 | $ | 1.53 | ||||||||||||||||||||||||||||||||||||||
Strike price | $ | 2.51 | $ | 2.51 | ||||||||||||||||||||||||||||||||||||||
Expected life | 2.80 years | 3.55 years | ||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.08 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||
Volatility | 65 | % | 65 | % | ||||||||||||||||||||||||||||||||||||||
Fair value per share | $ | 0.26 | $ | 0.52 | ||||||||||||||||||||||||||||||||||||||
Warrants subject to liability accounting | ' | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the warrants subject to liability accounting as of September 28, 2014 and December 31, 2013 (in thousands, except share and per share amounts) (see also Note 6): | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
28-Sep-14 | 28-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Holder | Original | Adjusted | Grant Date | Expiration | Exercise | Fair Value | Fair Value | Exercise of | Change in | Exercise of | Change in | Related Agreement | ||||||||||||||||||||||||||||||
Warrants | Warrants | Date | Price per | September 28, | December 31, | Warrants | Fair Value | Warrants | Fair Value | |||||||||||||||||||||||||||||||||
Share | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Bridge Bank | 20,000 | 29,115 | 4/7/10 | 7/7/17 | $ | 2.51 | $ | 8 | $ | 15 | - | $ | (4 | ) | - | $ | (7 | ) | 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 and nine months ended September 28, 2014 is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
28-Sep-14 | 28-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Beginning fair value balance | $ | 12 | $ | 15 | ||||||||||||||||||||||||||||||||||||||
Exercise of warrants | - | - | ||||||||||||||||||||||||||||||||||||||||
Change in fair value | (4 | ) | (7 | ) | ||||||||||||||||||||||||||||||||||||||
Ending fair value balance | $ | 8 | $ | 8 |
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ||||||||||||||||||||||||
Intangible assets | ' | ||||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | |||||||||||||||||||||||||
28-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Customer relationships | $ | 3,277 | $ | (2,014 | ) | $ | 1,263 | $ | 3,277 | $ | (1,697 | ) | $ | 1,580 | |||||||||||
Existing technology | 3,783 | (2,778 | ) | 1,005 | 3,783 | (2,473 | ) | 1,310 | |||||||||||||||||
Order backlog | 732 | (732 | ) | - | 732 | (732 | ) | - | |||||||||||||||||
Patents | 457 | (401 | ) | 56 | 457 | (397 | ) | 60 | |||||||||||||||||
Trade name | 659 | (366 | ) | 293 | 659 | (322 | ) | 337 | |||||||||||||||||
Total | $ | 8,908 | $ | (6,291 | ) | $ | 2,617 | $ | 8,908 | $ | (5,621 | ) | $ | 3,287 | |||||||||||
Amortization of intangible assets | ' | ||||||||||||||||||||||||
For the three and nine months ended September 28, 2014 and September 29, 2013, amortization of intangible assets was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||||||||||
Cost of revenue | $ | 103 | $ | 122 | $ | 309 | $ | 366 | |||||||||||||||||
Selling, general and administrative expense | 120 | 120 | 361 | 380 | |||||||||||||||||||||
$ | 223 | $ | 242 | $ | 670 | $ | 746 | ||||||||||||||||||
Estimated future amortization expense | ' | ||||||||||||||||||||||||
Estimated future amortization expense related to intangible assets as of September 28, 2014 is as follows (in thousands): | |||||||||||||||||||||||||
Years ending December 31, | |||||||||||||||||||||||||
2014 | $ | 223 | |||||||||||||||||||||||
2015 | 893 | ||||||||||||||||||||||||
2016 | 869 | ||||||||||||||||||||||||
2017 | 487 | ||||||||||||||||||||||||
2018 | 145 | ||||||||||||||||||||||||
Total | $ | 2,617 |
STOCKHOLDERS_EQUITY_AND_STOCKB1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 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 and nine months ended September 28, 2014 and September 29, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Cost of revenue | $ | 85 | $ | 57 | $ | 249 | $ | 196 | |||||||||
Research and development expense | 278 | 224 | 845 | 778 | |||||||||||||
Selling, general and administrative expense | 705 | 466 | 2,092 | 1,619 | |||||||||||||
Restructuring expense | - | - | 9 | 662 | |||||||||||||
$ | 1,068 | $ | 747 | $ | 3,195 | $ | 3,255 | ||||||||||
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- | Weighted- | |||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term, in Years | |||||||||||||||||
Outstanding, December 31, 2013 | 10,306,671 | $ | 2.34 | 6.96 | |||||||||||||
Granted | 25,000 | 1.59 | |||||||||||||||
Exercised | (225,678 | ) | 1.02 | ||||||||||||||
Forfeited/Expired | (999,546 | ) | 2.51 | ||||||||||||||
Ending balance, September 28, 2014 | 9,106,447 | $ | 2.35 | 6.2 | |||||||||||||
Vested and exercisable and expected to vest, September 28, 2014 | 9,001,301 | $ | 2.35 | 6.19 | |||||||||||||
Vested and exercisable, September 28, 2014 | 7,562,900 | $ | 2.37 | 5.93 | |||||||||||||
Summary of restricted stock unit activity | ' | ||||||||||||||||
The following is a summary of restricted stock unit activity for the indicated periods: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Shares | Average Grant | Average | Intrinsic | ||||||||||||||
Date Fair Value | Remaining | Value | |||||||||||||||
Vesting Term, | |||||||||||||||||
Years | |||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding, December 31, 2013 | 1,313,801 | $ | 1.19 | 1.85 | $ | 2,010 | |||||||||||
Granted | 1,610,085 | 1.67 | |||||||||||||||
Released | (815,526 | ) | 1.33 | ||||||||||||||
Forfeited/expired | (107,782 | ) | 1.43 | ||||||||||||||
Outstanding, September 28, 2014 | 2,000,578 | $ | 1.51 | 2.45 | $ | 2,381 |
RESTRUCTURING_Tables
RESTRUCTURING (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
RESTRUCTURING [Abstract] | ' | ||||||||||||||||
Summary of restructuring activity | ' | ||||||||||||||||
The following is a summary of the restructuring activity (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Beginning balance | $ | - | $ | 128 | $ | 30 | $ | 168 | |||||||||
Charges | 36 | - | 343 | 950 | |||||||||||||
Uses and adjustments | (10 | ) | (48 | ) | (347 | ) | (1,038 | ) | |||||||||
Ending balance | $ | 26 | $ | 80 | $ | 26 | $ | 80 |
NET_LOSS_PER_SHARE_Tables
NET LOSS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options and RSUs | 11,107,025 | 8,700,461 | 11,107,025 | 11,843,773 | |||||||||||||
Common stock warrants | 658,240 | 1,704,170 | 658,240 | 1,708,295 | |||||||||||||
Total | 11,765,265 | 10,404,631 | 11,765,265 | 13,552,068 |
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 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 | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||||||||||||||
North America | $ | 2,944 | 35 | % | $ | 2,210 | 30 | % | $ | 7,046 | 29 | % | $ | 6,283 | 30 | % | |||||||||||||
Asia | 2,189 | 26 | % | 1,588 | 22 | % | 6,803 | 29 | % | 5,763 | 27 | % | |||||||||||||||||
Europe | 3,307 | 39 | % | 3,385 | 46 | % | 9,863 | 41 | % | 8,081 | 38 | % | |||||||||||||||||
Other | 44 | 0 | % | 153 | 2 | % | 195 | 1 | % | 961 | 5 | % | |||||||||||||||||
$ | 8,484 | 100 | % | $ | 7,336 | 100 | % | $ | 23,907 | 100 | % | $ | 21,088 | 100 | % | ||||||||||||||
Revenue by product line | ' | ||||||||||||||||||||||||||||
The following table summarizes revenue by product line (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||||||||||||||
HSC | $ | 5,393 | $ | 5,225 | $ | 16,284 | $ | 14,353 | |||||||||||||||||||||
Industrial | 3,091 | 2,111 | 7,623 | 6,735 | |||||||||||||||||||||||||
Total revenue | $ | 8,484 | $ | 7,336 | $ | 23,907 | $ | 21,088 | |||||||||||||||||||||
Long lived assets by country | ' | ||||||||||||||||||||||||||||
The following table summarizes long-lived assets by country (in thousands): | |||||||||||||||||||||||||||||
28-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
United States | $ | 1,665 | $ | 2,004 | |||||||||||||||||||||||||
Switzerland | 382 | 995 | |||||||||||||||||||||||||||
$ | 2,047 | $ | 2,999 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended | ||||||||
Sep. 28, 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 | $ | 1 | $ | 141 | |||||
2015 | 4 | 531 | |||||||
2016 | 3 | 439 | |||||||
2017 | 3 | 124 | |||||||
Total minimum lease payments | 11 | $ | 1,235 | ||||||
Less: Amount representing interest | (1 | ) | |||||||
Total capital lease obligations | 10 | ||||||||
Less: current portion | (3 | ) | |||||||
Long-term portion of capital lease obligations | $ | 7 |
ORGANIZATION_AND_BASIS_OF_PRES2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | 9 Months Ended | ||
Sep. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | |
ProductLine | CPqD [Member] | GigOptix, Inc. [Member] | |
Organization [Abstract] | ' | ' | ' |
Number of product lines | 2 | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Joint venture ownership percentage (in hundredths) | ' | 51.00% | 49.00% |
BALANCE_SHEET_COMPONENTS_Detai
BALANCE SHEET COMPONENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | ||
BALANCE SHEET COMPONENTS [Abstract] | ' | ' | ' | ' | ' | |
Accounts receivable | $7,790,000 | ' | $7,790,000 | ' | $5,241,000 | |
Allowance for doubtful accounts | -83,000 | ' | -83,000 | ' | -220,000 | |
Accounts receivable, net | 7,707,000 | ' | 7,707,000 | ' | 5,021,000 | [1] |
Property and equipment [Line Items] | ' | ' | ' | ' | ' | |
Property and equipment, gross | 15,701,000 | ' | 15,701,000 | ' | 15,869,000 | |
Accumulated depreciation and amortization | -13,654,000 | ' | -13,654,000 | ' | -12,870,000 | |
Property and equipment, net | 2,047,000 | ' | 2,047,000 | ' | 2,999,000 | [1] |
Depreciation expense related to property and equipment | 491,000 | 551,000 | 1,600,000 | 1,700,000 | ' | |
Amortization | 208,000 | 168,000 | 485,000 | 389,000 | ' | |
Inventory, net [Abstract] | ' | ' | ' | ' | ' | |
Raw materials | 1,689,000 | ' | 1,689,000 | ' | 2,103,000 | |
Work in process | 637,000 | ' | 637,000 | ' | 780,000 | |
Finished goods | 1,695,000 | ' | 1,695,000 | ' | 1,734,000 | |
Inventories | 4,021,000 | ' | 4,021,000 | ' | 4,617,000 | [1] |
Other current liabilities [Abstract] | ' | ' | ' | ' | ' | |
Amounts billed to the U.S. government in excess of approved rates | 191,000 | ' | 191,000 | ' | 191,000 | |
Warranty liability | 313,000 | ' | 313,000 | ' | 330,000 | |
Customer deposits | 173,000 | ' | 173,000 | ' | 313,000 | |
Capital lease obligations, current portion | 3,000 | ' | 3,000 | ' | 284,000 | |
Sales return reserve | 330,000 | ' | 330,000 | ' | 151,000 | |
Other | 1,237,000 | ' | 1,237,000 | ' | 1,477,000 | |
Accrued and other current liabilities | 2,247,000 | ' | 2,247,000 | ' | 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 | ' | ' | 354,000 | 396,000 | ' | |
Warranties settled or reversed | ' | ' | -371,000 | -654,000 | ' | |
Ending balance | 313,000 | 354,000 | 313,000 | 354,000 | ' | |
Network and Laboratory Equipment [Member] | ' | ' | ' | ' | ' | |
Property and equipment [Line Items] | ' | ' | ' | ' | ' | |
Property and equipment, gross | 11,204,000 | ' | 11,204,000 | ' | 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 | 3,917,000 | ' | 3,917,000 | ' | 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 | 171,000 | ' | 171,000 | ' | 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 | 133,000 | ' | 133,000 | ' | 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 | $276,000 | ' | $276,000 | ' | $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_Details
FAIR VALUE (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 24, 2013 | Jul. 07, 2010 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 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 | ' | ' | ' | ' | ' | ' | ' | ' | $12,359 | $1,356 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $12,359 | $1,356 | ' | ' |
Total assets, fair value | ' | ' | ' | ' | ' | ' | 12,359 | 1,356 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 12,359 | 1,356 | ' | ' | ' | ' |
Current liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 8 | 15 | ' | ' | ' | ' | 8 | 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 | $1.19 | $1.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price (in dollars per share) | $1.42 | $1.75 | $1.19 | $1.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price (in dollars per share) | ' | ' | $2.51 | $2.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | '2 years 9 months 18 days | '3 years 6 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | 1.08% | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility (in hundredths) | ' | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value per share (in dollars per share) | ' | ' | $0.26 | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants subject to liability accounting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Holder | ' | ' | 'Bridge Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original warrants (in shares) | ' | ' | ' | ' | 20,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted warrants (in shares) | ' | ' | 658,240 | 1,468,239 | 29,115 | 29,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date | ' | ' | ' | ' | ' | 7-Apr-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | 7-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share (in dollars per share) | ' | ' | ' | ' | $2.51 | $2.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | 8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value | ' | ' | ' | ' | -4 | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related agreement | ' | ' | ' | ' | ' | 'Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of Level 3 liability warrants [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, beginning of period | ' | ' | ' | ' | 12 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value | ' | ' | ' | ' | -4 | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, end of period | ' | ' | ' | ' | $8 | $8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Gross intangible asset | $8,908 | ' | $8,908 | ' | $8,908 | |
Accumulated amortization | -6,291 | ' | -6,291 | ' | -5,621 | |
Net intangible asset | 2,617 | ' | 2,617 | ' | 3,287 | [1] |
Amortization of intangible assets | 223 | 242 | 670 | 746 | ' | |
Cost of Revenue [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Amortization of intangible assets | 103 | 122 | 309 | 366 | ' | |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Amortization of intangible assets | 120 | 120 | 361 | 380 | ' | |
Customer Relationships [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Gross intangible asset | 3,277 | ' | 3,277 | ' | 3,277 | |
Accumulated amortization | -2,014 | ' | -2,014 | ' | -1,697 | |
Net intangible asset | 1,263 | ' | 1,263 | ' | 1,580 | |
Existing Technology [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Gross intangible asset | 3,783 | ' | 3,783 | ' | 3,783 | |
Accumulated amortization | -2,778 | ' | -2,778 | ' | -2,473 | |
Net intangible asset | 1,005 | ' | 1,005 | ' | 1,310 | |
Order Backlog [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Gross intangible asset | 732 | ' | 732 | ' | 732 | |
Accumulated amortization | -732 | ' | -732 | ' | -732 | |
Net intangible asset | 0 | ' | 0 | ' | 0 | |
Patents [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Gross intangible asset | 457 | ' | 457 | ' | 457 | |
Accumulated amortization | -401 | ' | -401 | ' | -397 | |
Net intangible asset | 56 | ' | 56 | ' | 60 | |
Trade Name [Member] | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |
Gross intangible asset | 659 | ' | 659 | ' | 659 | |
Accumulated amortization | -366 | ' | -366 | ' | -322 | |
Net intangible asset | $293 | ' | $293 | ' | $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 | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Goodwill related to acquisition | $10,306,000 | $10,306,000 | $9,860,000 | [1] |
Impairment of goodwill | 0 | 0 | 0 | |
Future amortization expense [Abstract] | ' | ' | ' | |
2014 | 223,000 | 223,000 | ' | |
2015 | 893,000 | 893,000 | ' | |
2016 | 869,000 | 869,000 | ' | |
2017 | 487,000 | 487,000 | ' | |
2018 | 145,000 | 145,000 | ' | |
Total | 2,617,000 | 2,617,000 | ' | |
Tahoe RF [Member] | ' | ' | ' | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Goodwill acquired due to acquisition | 446,000 | ' | ' | |
Liabilities incurred | 446,000 | ' | ' | |
Number of employees added as part of acquisition | 10 | ' | ' | |
Bonus payable to employees | 200,000 | ' | ' | |
Retention bonus payable, during the period July 2016 through July 2020 | $100,000 | ' | ' | |
[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 $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 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 | Sep. 28, 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 | ' | ' |
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 |
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 |
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) | 9 Months Ended | |
Sep. 28, 2014 | Dec. 31, 2013 | |
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract] | ' | ' |
Warrants outstanding (in shares) | 658,240 | 1,468,239 |
Number of warrants expired (in shares) | 809,999 | ' |
STOCKHOLDERS_EQUITY_AND_STOCKB4
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION, Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Dec. 24, 2013 | Jul. 07, 2010 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [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) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 632,500 | ' | ' | 15,021,253 | 2,500,000 | 21,000,000 | ' | ' | 3,511,707 | ' | ' | ' |
Automatic annual increase in shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'lesser of (i) 5% of the number of shares of common stock outstanding as of the Companybs 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) | ' | ' | ' | ' | 9,106,447 | 9,106,447 | ' | 10,306,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 376,436 | ' | ' | ' | ' | 10,664,161 | ' | ' | ' | ' | 66,428 |
Warrants outstanding (in shares) | 658,240 | 1,468,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger conversion ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' |
Unrecognized compensation expense | ' | ' | ' | ' | $2,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | $2,400,000 | ' | $2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition for unrecognized compensation cost | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price (in dollars per share) | $1.19 | $1.53 | $1.42 | $1.75 | $1.19 | $1.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options activity, number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of year (in shares) | ' | ' | ' | ' | ' | 10,306,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,428 |
Granted (in shares) | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | -225,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/Expired (in shares) | ' | ' | ' | ' | ' | -999,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in shares) | ' | ' | ' | ' | 9,106,447 | 9,106,447 | ' | 10,306,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 376,436 | ' | ' | ' | ' | 10,664,161 | ' | ' | ' | ' | 66,428 |
Vested and exercisable and expected to vest (in shares) | ' | ' | ' | ' | 9,001,301 | 9,001,301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and exercisable (in shares) | ' | ' | ' | ' | 7,562,900 | 7,562,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, granted (in dollars per shares) | ' | ' | ' | ' | ' | $1.59 | ' | ' | ' | $0.91 | $1.10 | $0.61 | $1.37 | $1.33 | $1.67 | $1.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, exercised (in dollars per shares) | ' | ' | ' | ' | ' | $1.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, forfeited/expired (in dollars per shares) | ' | ' | ' | ' | ' | $2.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in dollars per shares) | ' | ' | ' | ' | $2.35 | $2.35 | ' | $2.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, vested and expected to vest (in dollars per share) | ' | ' | ' | ' | $2.35 | $2.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, exercisable (in dollars per share) | ' | ' | ' | ' | $2.37 | $2.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, beginning balance | ' | ' | ' | ' | '6 years 2 months 12 days | ' | ' | '6 years 11 months 16 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, expected to vest | ' | ' | ' | ' | '6 years 2 months 8 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, exercisable | ' | ' | ' | ' | '5 years 11 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, ending balance | ' | ' | ' | ' | '6 years 2 months 12 days | ' | ' | '6 years 11 months 16 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, exercised | ' | ' | ' | ' | ' | 84,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, vested and expected to vest | ' | ' | ' | ' | 459,000 | 459,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock activity, number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,313,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 35,000 | 25,000 | 645,010 | 135,000 | 1,008,527 | 1,610,085 | 1,578,373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Released (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -815,526 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/expired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -107,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shaers) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,578 | ' | 2,000,578 | ' | 1,313,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 32,000 | 28,000 | 391,000 | 185,000 | 1,300,000 | 2,700,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Released (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/expired (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.51 | ' | $1.51 | ' | $1.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock activity, Weighted-average Remaining Contractual Term, Years [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 12 days | ' | '1 year 10 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 12 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,381,000 | ' | 2,381,000 | ' | 2,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of vested and expected to vest awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 970,000 | ' | 970,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld to satisfy minimum tax obligation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount withheld to satisfy minimum tax obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $378,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_AND_STOCKB5
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION, Allocation of Recognized Period Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | $1,068 | $747 | $3,195 | $3,255 |
Cost of Revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | 85 | 57 | 249 | 196 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | 278 | 224 | 845 | 778 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | 705 | 466 | 2,092 | 1,619 |
Restructuring expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation expense | $0 | $0 | $9 | $662 |
RESTRUCTURING_Details
RESTRUCTURING (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Jun. 29, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | |
RESTRUCTURING [Abstract] | ' | ' | ' | ' | ' |
Restructuring reserve settled without cash | ' | ' | ' | ' | $662,000 |
Restructuring reserve settled with cash | ' | ' | ' | ' | 288,000 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | 36,000 | 0 | 307,000 | 343,000 | 950,000 |
Summary of restructuring activity [Roll forward] | ' | ' | ' | ' | ' |
Beginning balance | 0 | 128,000 | 30,000 | 30,000 | 168,000 |
Charges | 36,000 | 0 | ' | 343,000 | 950,000 |
Uses and adjustments | -10,000 | -48,000 | ' | -347,000 | -1,038,000 |
Ending balance | 26,000 | 80,000 | 0 | 26,000 | 80,000 |
Other Restructuring [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 43,000 | ' | ' |
Facility Closing [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 210,000 | ' | ' |
Employee Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 45,000 | ' | ' |
RSUs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | $9,000 | ' | ' |
INVESTMENT_IN_UNCONSOLIDATED_A1
INVESTMENT IN UNCONSOLIDATED AFFILIATE (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Feb. 28, 2014 | ||
CPqD [Member] | BrP [Member] | BrP [Member] | GigOptix, Inc. [Member] | |||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Joint venture ownership percentage (in hundredths) | ' | ' | ' | ' | ' | 51.00% | ' | ' | 49.00% | |
Inventory | $4,021,000 | ' | $4,021,000 | ' | $4,617,000 | [1] | ' | $245,000 | $245,000 | ' |
Property and equipment | 2,047,000 | ' | 2,047,000 | ' | 2,999,000 | [1] | ' | 211,000 | 211,000 | ' |
Investment in affiliate | 0 | ' | 0 | ' | ' | ' | 456,000 | 456,000 | ' | |
Loss attributable to affiliate | $125,000 | $0 | $456,000 | $0 | ' | ' | $125,000 | $456,000 | ' | |
[1] | The condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
INCOME TAXES [Abstract] | ' | ' | ' | ' |
Provision for income taxes | $8 | $1 | $39 | $28 |
Effective tax rate (in hundredths) | 1.00% | 1.00% | 1.00% | 1.00% |
NET_LOSS_PER_SHARE_Details
NET LOSS PER SHARE (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding anti-dilutive securities (in shares) | 11,765,265 | 10,404,631 | 11,765,265 | 13,552,068 |
Stock options and RSUs [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding anti-dilutive securities (in shares) | 11,107,025 | 8,700,461 | 11,107,025 | 11,843,773 |
Common Stock Warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding anti-dilutive securities (in shares) | 658,240 | 1,704,170 | 658,240 | 1,708,295 |
SEGMENT_AND_GEOGRAPHIC_INFORMA2
SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 |
Customer | Customer | Customer | Customer | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | $8,484 | $7,336 | $23,907 | $21,088 | ' |
Revenue by geographic region (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | ' |
Number of customers | 1 | 1 | 1 | 1 | ' |
Long-lived assets | 2,047 | ' | 2,047 | ' | 2,999 |
HSC [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | 5,393 | 5,225 | 16,284 | 14,353 | ' |
Industrial [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | 3,091 | 2,111 | 7,623 | 6,735 | ' |
Customer One [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Major customer percentage (in hundredths) | 32.00% | 42.00% | 28.00% | 33.00% | ' |
North America [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | 2,944 | 2,210 | 7,046 | 6,283 | ' |
Revenue by geographic region (in hundredths) | 35.00% | 30.00% | 29.00% | 30.00% | ' |
Asia [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | 2,189 | 1,588 | 6,803 | 5,763 | ' |
Revenue by geographic region (in hundredths) | 26.00% | 22.00% | 29.00% | 27.00% | ' |
Europe [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | 3,307 | 3,385 | 9,863 | 8,081 | ' |
Revenue by geographic region (in hundredths) | 39.00% | 46.00% | 41.00% | 38.00% | ' |
Other [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total revenue | 44 | 153 | 195 | 961 | ' |
Revenue by geographic region (in hundredths) | 0.00% | 2.00% | 1.00% | 5.00% | ' |
United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue by geographic region (in hundredths) | 32.00% | 25.00% | 27.00% | 26.00% | ' |
United States [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Long-lived assets | 1,665 | ' | 1,665 | ' | 2,004 |
Switzerland [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Long-lived assets | $382 | ' | $382 | ' | $995 |
Italy [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue by geographic region (in hundredths) | 33.00% | 44.00% | 35.00% | 35.00% | ' |
Japan [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue by geographic region (in hundredths) | ' | 11.00% | ' | 13.00% | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | |
sqft | sqft | ||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ' | ' | ' | ' |
Facilities rent expense | $113,000 | $139,000 | $347,000 | $419,000 | ' |
Bothell facility, sq ft. | 11,666 | ' | 11,666 | ' | ' |
Lease term | ' | ' | '1 year | ' | ' |
Bellevue Facility sq ft | 2,100 | ' | 2,100 | ' | ' |
Aggregate non-cancelable future minimum rental payments under capital leases [Abstract] | ' | ' | ' | ' | ' |
Capital leases, 2014 | 1,000 | ' | 1,000 | ' | ' |
Capital leases, 2015 | 4,000 | ' | 4,000 | ' | ' |
Capital leases, 2016 | 3,000 | ' | 3,000 | ' | ' |
Capital leases, 2017 | 3,000 | ' | 3,000 | ' | ' |
Capital leases, total minimum lease payments | 11,000 | ' | 11,000 | ' | ' |
Less: Amount representing interest | -1,000 | ' | -1,000 | ' | ' |
Total capital lease obligations | 10,000 | ' | 10,000 | ' | ' |
Less: current portion | -3,000 | ' | -3,000 | ' | -284,000 |
Long-term portion of capital lease obligations | 7,000 | ' | 7,000 | ' | ' |
Aggregate non-cancelable future minimum rental payments under operating leases [Abstract] | ' | ' | ' | ' | ' |
Operating leases, 2014 | 141,000 | ' | 141,000 | ' | ' |
Operating leases, 2015 | 531,000 | ' | 531,000 | ' | ' |
Operating leases, 2016 | 439,000 | ' | 439,000 | ' | ' |
Operating leases, 2017 | 124,000 | ' | 124,000 | ' | ' |
Operating leases, total minimum lease payments | $1,235,000 | ' | $1,235,000 | ' | ' |
LEGAL_SETTLEMENT_Details
LEGAL SETTLEMENT (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
Employee | |
LEGAL SETTLEMENT [Abstract] | ' |
Number of former employees in legal settlement | 3 |
Special litigation-related income, net of legal fees | $7.25 |