Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 28, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 28-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'COHU |
Entity Registrant Name | 'COHU INC |
Entity Central Index Key | '0000021535 |
Current Fiscal Year End Date | '--12-27 |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 25,398,173 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $57,969 | $51,668 | [1] |
Short-term investments | 200 | 1,200 | [1] |
Accounts receivable, net | 69,561 | 58,164 | [1] |
Inventories: | ' | ' | |
Raw materials and purchased parts | 29,960 | 27,668 | [1] |
Work in process | 23,642 | 16,941 | [1] |
Finished goods | 7,862 | 10,800 | [1] |
Total inventories | 61,464 | 55,409 | [1] |
Deferred income taxes | 5,249 | 5,516 | [1] |
Other current assets | 9,367 | 8,619 | [1] |
Current assets of discontinued video camera segment (Note 2) | ' | 6,272 | [1] |
Total current assets | 203,810 | 186,848 | [1] |
Property, plant and equipment, at cost: | ' | ' | |
Land and land improvements | 12,253 | 12,285 | [1] |
Buildings and building improvements | 32,001 | 31,731 | [1] |
Machinery and equipment | 42,684 | 42,105 | [1] |
Property plant and equipment, gross | 86,938 | 86,121 | [1] |
Less accumulated depreciation and amortization | -52,649 | -50,325 | [1] |
Net property, plant and equipment | 34,289 | 35,796 | [1] |
Goodwill | 71,075 | 71,313 | [1] |
Intangible assets, net | 41,101 | 45,315 | [1] |
Other assets | 5,823 | 5,720 | [1] |
Noncurrent assets of discontinued video camera segment (Note 2) | ' | 431 | [1] |
Total consolidated assets | 356,098 | 345,423 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 32,156 | 25,292 | [1] |
Accrued compensation and benefits | 16,931 | 14,271 | [1] |
Accrued warranty | 4,582 | 5,155 | [1] |
Deferred profit | 8,858 | 6,066 | [1] |
Income taxes payable | 1,053 | 805 | [1] |
Other accrued liabilities | 7,528 | 7,675 | [1] |
Current liabilities of discontinued video camera segment (Note 2) | ' | 1,747 | [1] |
Total current liabilities | 71,108 | 61,011 | [1] |
Accrued retirement benefits | 10,976 | 10,841 | [1] |
Noncurrent income tax liabilities | 7,567 | 7,463 | [1] |
Deferred income taxes | 12,179 | 12,948 | [1] |
Commitments and contingencies | ' | ' | [1] |
Stockholders' equity: | ' | ' | |
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 | [1] |
Common stock, $1 par value; 60,000 shares authorized, 25,398 shares issued and outstanding in 2014 and 25,080 shares in 2013 | 25,398 | 25,080 | [1] |
Paid-in capital | 93,064 | 89,883 | [1] |
Retained earnings | 129,330 | 131,546 | [1] |
Accumulated other comprehensive income | 6,476 | 6,651 | [1] |
Total stockholders' equity | 254,268 | 253,160 | [1] |
Total liabilities and stockholders' equity | $356,098 | $345,423 | [1] |
[1] | Derived from December 28, 2013 audited financial statements |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | |
Statement Of Financial Position [Abstract] | ' | ' | |
Preferred stock, par value | $1 | $1 | [1] |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | [1] |
Preferred stock, shares issued | 0 | 0 | [1] |
Common stock, par value | $1 | $1 | [1] |
Common stock, shares authorized | 60,000,000 | 60,000,000 | [1] |
Common stock, shares issued | 25,398,000 | 25,080,000 | [1] |
Common stock, shares outstanding | 25,398,000 | 25,080,000 | [1] |
[1] | Derived from December 28, 2013 audited financial statements |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $77,850 | $62,234 | $142,714 | $114,461 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales | 52,366 | 42,720 | 95,030 | 81,005 |
Research and development | 10,180 | 11,192 | 20,740 | 24,065 |
Selling, general and administrative | 14,259 | 13,218 | 29,323 | 27,423 |
Total cost and expenses | 76,805 | 67,130 | 145,093 | 132,493 |
Income (loss) from operations | 1,045 | -4,896 | -2,379 | -18,032 |
Interest and other, net | 5 | 16 | 19 | 26 |
Income (loss) from continuing operations before taxes | 1,050 | -4,880 | -2,360 | -18,006 |
Income tax provision (benefit) | 119 | -546 | 63 | -1,437 |
Income (loss) from continuing operations | 931 | -4,334 | -2,423 | -16,569 |
Income from discontinued operations, net of tax (Note 2) | 3,232 | 289 | 3,238 | 421 |
Net income (loss) | $4,163 | ($4,045) | $815 | ($16,148) |
Basic: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | ($0.17) | ($0.10) | ($0.67) |
Income from discontinued operations, net of tax | $0.12 | $0.01 | $0.13 | $0.02 |
Net income (loss) | $0.16 | ($0.16) | $0.03 | ($0.65) |
Diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | ($0.17) | ($0.10) | ($0.67) |
Income from discontinued operations, net of tax | $0.12 | $0.01 | $0.13 | $0.02 |
Net income (loss) | $0.16 | ($0.16) | $0.03 | ($0.65) |
Weighted average shares used in computing Income (loss) per share: | ' | ' | ' | ' |
Basic | 25,324 | 24,817 | 25,223 | 24,737 |
Diluted | 25,797 | 24,817 | 25,223 | 24,737 |
Cash dividends declared per share | $0.06 | $0.06 | $0.12 | $0.12 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $4,163 | ($4,045) | $815 | ($16,148) |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | -380 | 1,130 | -95 | -2,872 |
Adjustments related to postretirement benefits | -124 | 31 | -80 | 90 |
Change in unrealized gain/loss on investments | ' | -4 | ' | -7 |
Other comprehensive income (loss), net of tax | -504 | 1,157 | -175 | -2,789 |
Comprehensive Income (loss) | $3,659 | ($2,888) | $640 | ($18,937) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | |
Cash flows from operating activities: | ' | ' | |
Net income (loss) | $815 | ($16,148) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | |
Gain on disposal of video camera segment | -4,133 | ' | |
Operating cash flows of discontinued operations | -694 | 1,405 | |
Depreciation and amortization | 6,875 | 6,145 | |
Share-based compensation expense | 3,168 | 2,711 | |
Deferred income taxes | -723 | -794 | |
Other accrued liabilities | 45 | 394 | |
Changes in current assets and liabilities, excluding effects from acquisitions and divestitures: | ' | ' | |
Accounts receivable | -11,399 | -1,692 | |
Inventories | -6,218 | 3,049 | |
Other current assets | -554 | 1,125 | |
Accounts payable | 6,512 | 2,140 | |
Deferred profit | 2,792 | 4,716 | |
Income taxes payable, including excess stock option exercise benefit | 324 | 861 | |
Accrued compensation, warranty and other liabilities | 2,166 | -2,488 | |
Net cash provided by (used in) operating activities | -1,024 | 1,424 | |
Cash flows from investing activities, excluding effects from acquisitions and divestitures: | ' | ' | |
Cash received from sale of video camera segment | 9,886 | ' | |
Payment for purchase of Ismeca, net of cash received | ' | -53,463 | |
Sales and maturities of short-term investments | 1,000 | 632 | |
Purchases of property, plant and equipment | -1,106 | -1,223 | |
Other assets | -102 | -162 | |
Investing cash flows of discontinued operations | -6 | -30 | |
Net cash provided by (used in) investing activities | 9,672 | -54,246 | |
Cash flows from financing activities: | ' | ' | |
Cash dividends paid | -3,011 | -1,478 | |
Issuance of stock, net of repurchases | 139 | 691 | |
Net cash used in financing activities | -2,872 | -787 | |
Effect of exchange rate changes on cash and cash equivalents | 525 | -1,759 | |
Net decrease in cash and cash equivalents | 6,301 | -55,368 | |
Cash and cash equivalents at beginning of period | 51,668 | [1] | 102,808 |
Cash and cash equivalents at end of period | 57,969 | 47,440 | |
Supplemental disclosure of cash flow information: | ' | ' | |
Cash paid (refunded) for income taxes | 591 | -1,321 | |
Inventory capitalized as property, plant and equipment | 142 | 572 | |
Dividends declared but not yet paid | $1,524 | $1,494 | |
[1] | Derived from December 28, 2013 audited financial statements |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
1 | Summary of Significant Accounting Policies | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. The condensed consolidated balance sheet at December 28, 2013 has been derived from our audited financial statements at that date. The interim condensed consolidated financial statements as of June 28, 2014 (also referred to as “the second quarter of fiscal 2014” and “the first six months of fiscal 2014”) and June 29, 2013 (also referred to as “the second quarter of fiscal 2013” and “the first six months of fiscal 2013”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. The six-month periods ended June 28, 2014 and June 29, 2013 were each comprised of 13 and 26 weeks, respectively. | |||||||||||||||||
Our interim results are not necessarily indicative of the results that should be expected for the full year. For a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 28, 2013, which are included in our 2013 Annual Report on Form 10-K, filed with the U. S. Securities and Exchange Commission (“SEC”). In the following notes to our interim condensed consolidated financial statements, Cohu, Inc. is referred to as “Cohu”, “we”, “our” and “us”. | |||||||||||||||||
Certain prior-period amounts on our condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have no effect on previously reported net income. | |||||||||||||||||
Risks and Uncertainties | |||||||||||||||||
We are subject to a number of risks and uncertainties that may significantly impact our future operating results. These risks and uncertainties are discussed under Item 1A. “Risk Factors” included in this Form 10-Q. Understanding these risks and uncertainties is integral to the review of our interim condensed consolidated financial statements. | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
On June 6, 2014 we completed the sale of substantially all of the assets of our video camera segment, Cohu Electronics Division (“Cohu Electronics”), and its operating results are being presented as discontinued operations and all prior period amounts have been reclassified accordingly. See Note 2, “Disposal of Video Camera Segment” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one issuer. | |||||||||||||||||
Trade accounts receivable are presented net of allowance for doubtful accounts of $0.3 million and $0.5 million at June 28, 2014 and December 28, 2013, respectively. Our customers include semiconductor manufacturers and semiconductor test subcontractors and other customers located throughout many areas of the world. While we believe that our allowance for doubtful accounts is adequate and represents our best estimate at June 28, 2014, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding collectability. | |||||||||||||||||
Goodwill, Other Intangible Assets and Long-lived Assets | |||||||||||||||||
We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimated the fair values of our reporting units primarily using the income approach valuation methodology that includes the discounted cash flow method, taking into consideration the market approach and certain market multiples as a validation of the values derived using the discounted cash flow methodology. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on customer forecasts, industry trade organization data and general economic conditions. | |||||||||||||||||
We conduct our annual impairment test as of October 1st of each year, and have determined there is no impairment as of October 1, 2013 as we determined that the estimated fair values of our semiconductor equipment and microwave communications reporting units exceeded their carrying values by approximately 31% and 11%, respectively, on that date. Other events and changes in circumstances may also require goodwill to be tested for impairment between annual measurement dates. While a decline in stock price and market capitalization is not specifically cited as a goodwill impairment indicator, a company’s stock price and market capitalization should be considered in determining whether it is more likely than not that the fair value of a reporting unit is less that its carrying value. Additionally, a significant decline in a company’s stock price may suggest that an adverse change in the business climate may have caused the fair value of one or more reporting units to fall below their carrying value. The financial and credit market volatility directly impacts our fair value measurement through our stock price that we use to determine our market capitalization. During times of volatility, significant judgment must be applied to determine whether credit or stock price changes are a short-term swing or a longer-term trend. As of June 28, 2014 we do not believe there have been any events or circumstances that would require us to perform an interim goodwill impairment review, however, a sustained decline in Cohu’s market capitalization below its book value could lead us to determine, in a future period, that an interim goodwill impairment review is required and may result in an impairment charge which would have a negative impact on our results of operations. | |||||||||||||||||
Long-lived assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the assets carrying amount and estimated fair value. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Share-based compensation expense related to stock options is recorded based on the fair value of the award on its grant date which we estimate using the Black-Scholes valuation model. Share-based compensation expense related to restricted stock unit awards is calculated based on the market price of our common stock on the grant date, reduced by the present value of dividends expected to be paid on our common stock prior to vesting of the restricted stock unit. | |||||||||||||||||
Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 190 | $ | 132 | $ | 265 | $ | 200 | |||||||||
Research and development | 455 | 361 | 945 | 870 | |||||||||||||
Selling, general and administrative | 1,042 | 831 | 1,958 | 1,641 | |||||||||||||
Total share-based compensation | 1,687 | 1,324 | 3,168 | 2,711 | |||||||||||||
Income tax benefit | (56 | ) | — | (97 | ) | — | |||||||||||
Total share-based compensation, net | $ | 1,631 | $ | 1,324 | $ | 3,071 | $ | 2,711 | |||||||||
Income (Loss) Per Share | |||||||||||||||||
Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income (loss) per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the three and six months ended June 28, 2014, options to issue approximately 2,231,000 and 2,257,000 shares of common stock were excluded from the computation, respectively. | |||||||||||||||||
The following table reconciles the denominators used in computing basic and diluted income (loss) per share (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares | 25,324 | 24,817 | 25,223 | 24,737 | |||||||||||||
Effect of dilutive stock options | 473 | — | — | — | |||||||||||||
25,797 | 24,817 | 25,223 | 24,737 | ||||||||||||||
Cohu has utilized the “control number” concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income/loss from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Therefore, no dilutive effect has been recognized in the calculation of income from discontinued operations per share or net income per share for the six months ended June 28, 2014 and of income from discontinued operations per share for the three and six months ended June 29, 2013. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Our revenue recognition policy is disclosed in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 28, 2013. As more fully described in that policy, revenue from products that have not previously satisfied customer acceptance requirements is recognized upon customer acceptance. The gross profit on sales that are not recognized is generally recorded as deferred profit and reflected as a current liability in our consolidated balance sheet. | |||||||||||||||||
At June 28, 2014, we had deferred revenue totaling approximately $15.3 million and deferred profit of $8.9 million. At December 28, 2013, we had deferred revenue totaling approximately $7.4 million and deferred profit of $6.1 million. The periodic increase is primarily a result of deferrals of revenue associated with shipments of semiconductor equipment. | |||||||||||||||||
Comprehensive Income | |||||||||||||||||
Our accumulated other comprehensive income balance totaled approximately $6.5 million and $6.7 million at June 28, 2014 and December 28, 2013, respectively, and was attributed to all non-owner changes in stockholders’ equity and consists of, on an after-tax basis where applicable, foreign currency adjustments resulting from the translation of certain accounts into U.S. dollars where the functional currency is the Euro or the Swiss Franc, unrealized gains and losses on investments and adjustments related to postretirement benefits. Reclassification adjustments to accumulated other comprehensive income during the first six months of fiscal 2014 and 2013 were not significant. | |||||||||||||||||
Retiree Medical Benefits | |||||||||||||||||
We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost incurred during the first six months of fiscal 2014 and 2013 was not significant. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
Recently Adopted Accounting Pronouncements – In July 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment to previous income tax guidance clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
In March 2013, the FASB issued guidance on a parent company’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The amendments will be effective for fiscal years and interim periods starting after December 15, 2013 with early adoption permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals of components of an entity, which amends the existing definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The guidance redefines a discontinued operation as a component or group of components of an entity that has been disposed of by sale or other than by sale or is classified as held for sale and represents a strategic shift that has a major effect on an entity’s operations and financial results. The guidance is effective prospectively for disposals or components classified as held for sale in periods on or after December 15, 2014 with early adoption permitted. Cohu elected to implement this new guidance in the second quarter of fiscal 2014 and the adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
Recently Issued Accounting Pronouncements – In May 2014, the FASB issued new guidance on revenue from contracts with customers. The amended guidance outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes 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.” Entities have the option of using either a full retrospective or modified approach to adopt the guidance. This guidance is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. Early adoption is not permitted. We are still evaluating the impact this new guidance might have on our consolidated financial position, results of operations or cash flows. |
Disposal_of_Video_Camera_Segme
Disposal of Video Camera Segment | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal of Video Camera Segment | ' | ||||||||||||||||
2 | Disposal of Video Camera Segment | ||||||||||||||||
On June 6, 2014, Cohu announced the sale of substantially all the assets of our video camera segment, Cohu Electronics. Our decision to sell Cohu Electronics resulted from management’s determination that this industry segment was no longer a strategic fit within our organization. The sales price was $9.5 million in cash plus up to $0.5 million in contingent consideration. The sales price is subject to a working capital adjustment and, as a result, adjustments to the gain on disposal noted below are possible. | |||||||||||||||||
Balance sheet information of our discontinued video camera segment is summarized as follows (in thousands): | |||||||||||||||||
June 28, | December 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Accounts receivable, net | $ | — | $ | 2,597 | |||||||||||||
Inventories | — | 3,568 | |||||||||||||||
Other current assets | — | 107 | |||||||||||||||
Total current assets | — | 6,272 | |||||||||||||||
Property, plant and equipment, net | — | 431 | |||||||||||||||
Total assets | $ | — | $ | 6,703 | |||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | — | $ | 730 | |||||||||||||
Other accrued current liabilities | — | 1,017 | |||||||||||||||
Total liabilities | $ | — | $ | 1,747 | |||||||||||||
Operating results of our discontinued video camera segment is summarized as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 1,907 | $ | 4,418 | $ | 5,460 | $ | 8,207 | |||||||||
Operating income (loss) before income taxes | $ | (363 | ) | $ | 451 | $ | (242 | ) | $ | 658 | |||||||
Gain on disposal of video camera segment | 4,248 | — | 4,133 | — | |||||||||||||
Income tax provision | 653 | 162 | 653 | 237 | |||||||||||||
Income from discontinued operations, net of taxes | $ | 3,232 | $ | 289 | $ | 3,238 | $ | 421 | |||||||||
In connection with the sale of the assets of our video camera segment we incurred divestiture-related costs that would not have been incurred otherwise. These costs consist of legal advisory services, success based compensation arrangements and certain other items that are incremental to normal operating charges and were expensed as incurred. During the three and six months ended June 28, 2014 divestiture-related costs totaled $0.7 million and $0.8 million, respectively and have been netted against the gain on disposal presented above. |
Geographic_Consolidation
Geographic Consolidation | 6 Months Ended | ||||
Jun. 28, 2014 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Geographic Consolidation | ' | ||||
3 | Geographic Consolidation | ||||
In May 2014, our wholly owned subsidiary Broadcast Microwave Services, Inc. (“BMS”) implemented a geographic consolidation plan to relocate the manufacturing, engineering and administrative function of its German operation to its headquarters facility in Poway, California. The consolidation is expected to be substantially complete in September 2014. For the three-month period ended June 28, 2014, BMS recorded charges to operations totaling $427,000 for severance and one-time termination benefits. These charges are included in cost of sales $143,000, research and development $170,000 and selling, general and administrative expense $114,000. | |||||
The following table reconciles amounts accrued and paid under the consolidation plan (in thousands): | |||||
Severance and | |||||
Other Payroll | |||||
Balance, March 29, 2014 | $ | — | |||
Costs accrued | 427 | ||||
Amounts paid or charged | — | ||||
Impact of currency exchange | 2 | ||||
Balance, June 28, 2014 | $ | 429 | |||
Goodwill_and_Other_Purchased_I
Goodwill and Other Purchased Intangible Assets | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Other Purchased Intangible Assets | ' | ||||||||||||||||||||
4 | Goodwill and Other Purchased Intangible Assets | ||||||||||||||||||||
Changes in the carrying value of goodwill by reportable segment during the year ended December 28, 2013 and the six-month period ended June 28, 2014 were as follows (in thousands): | |||||||||||||||||||||
Semiconductor | Microwave | Total | |||||||||||||||||||
Equipment | Communications | Goodwill | |||||||||||||||||||
Balance, December 29, 2012 | $ | 55,520 | $ | 3,236 | $ | 58,756 | |||||||||||||||
Additions net of adjustments | 10,930 | — | 10,930 | ||||||||||||||||||
Impact of currency exchange | 1,533 | 94 | 1,627 | ||||||||||||||||||
Balance, December 28, 2013 | 67,983 | 3,330 | 71,313 | ||||||||||||||||||
Impact of currency exchange | (221 | ) | (17 | ) | (238 | ) | |||||||||||||||
Balance, June 28, 2014 | $ | 67,762 | $ | 3,313 | $ | 71,075 | |||||||||||||||
Purchased Intangible Assets | |||||||||||||||||||||
Purchased intangible assets, subject to amortization are as follows (in thousands): | |||||||||||||||||||||
June 28, 2014 | December 28, 2013 | ||||||||||||||||||||
Gross Carrying | Accumulated | Remaining | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Useful Life | Amount | Amortization | |||||||||||||||||
Rasco technology | $ | 33,453 | $ | 23,291 | 2.5 years | $ | 33,689 | $ | 21,319 | ||||||||||||
Ismeca technology | 29,945 | 5,719 | 6.5 years | 29,915 | 3,809 | ||||||||||||||||
Duma technology | 864 | 552 | 1.1 years | 864 | 408 | ||||||||||||||||
$ | 64,262 | $ | 29,562 | $ | 64,468 | $ | 25,536 | ||||||||||||||
Amortization expense related to intangible assets was approximately $2.1 million in the second quarter of fiscal 2014 and $4.1 million in the first six months of fiscal 2014. Amortization expense related to intangible assets was approximately $1.7 million in the second quarter of fiscal 2013 and $3.4 million in the first six months of fiscal 2013. The amounts included in the table above for the periods ended June 28, 2014 and December 28, 2013 exclude approximately $2.4 million and $4.0 million, related to the trade names of Rasco and Ismeca, respectively. Changes in the carrying values of purchased intangible assets include the impact of fluctuations in currency exchange rates. |
Financial_Instruments_Measured
Financial Instruments Measured at Fair Value | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Financial Instruments Measured at Fair Value | ' | ||||||||||||||||
5 | Financial Instruments Measured at Fair Value | ||||||||||||||||
Our cash, cash equivalents, and short-term investments consisted primarily of cash and other investment grade securities. We do not hold investment securities for trading purposes. All short-term investments are classified as available-for-sale and recorded at fair value. Investment securities are exposed to market risk due to changes in interest rates and credit risk and we monitor credit risk and attempt to mitigate exposure by making high-quality investments and through investment diversification. | |||||||||||||||||
Gains and losses on investments are calculated using the specific-identification method and are recognized during the period in which the investment is sold or when an investment experiences an other-than-temporary decline in value. Factors that could indicate an impairment exists include, but are not limited to: earnings performance, changes in credit rating or adverse changes in the regulatory or economic environment of the asset. Gross realized gains and losses on sales of short-term investments are included in interest income. Realized gains and losses for the periods presented were not significant. | |||||||||||||||||
Investments that we have classified as short-term, by security type, are as follows (in thousands): | |||||||||||||||||
June 28, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 200 | $ | — | $ | — | $ | 200 | |||||||||
December 28, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 1,200 | $ | — | $ | — | $ | 1,200 | |||||||||
Effective maturities of short-term investments at June 28, 2014 and December 28, 2013, were as follows (in thousands): | |||||||||||||||||
June 28, 2014 | December 28, 2013 | ||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||
Due in one year or less | $ | 200 | $ | 200 | $ | 1,200 | $ | 1,200 | |||||||||
Our municipal securities include variable rate demand notes which can be put (sold at par) typically on a daily basis with settlement periods ranging from the same day to one week and have varying contractual maturities through 2034. These securities can be used for short-term liquidity needs and are held for limited periods of time. At June 28, 2014 and December 28, 2013 these securities had amortized cost and fair value of $0.2 million and $1.2 million, respectively, and are included in “Due in one year or less” in the table above. | |||||||||||||||||
Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. When available, we use quoted market prices to determine the fair value of our investments, and they are included in Level 1. When quoted market prices are unobservable, we use quotes from independent pricing vendors based on recent trading activity and other relevant information, and they are included in Level 2. | |||||||||||||||||
The following table summarizes, by major security type, our assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | |||||||||||||||||
Fair value measurements at June 28, 2014 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 52,455 | $ | — | $ | — | $ | 52,455 | |||||||||
Municipal securities | — | 200 | — | 200 | |||||||||||||
Money market funds | — | 5,514 | — | 5,514 | |||||||||||||
$ | 52,455 | $ | 5,714 | $ | — | $ | 58,169 | ||||||||||
Fair value measurements at December 28, 2013 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 44,165 | $ | — | $ | — | $ | 44,165 | |||||||||
Municipal securities | — | 1,200 | — | 1,200 | |||||||||||||
Money market funds | — | 7,503 | — | 7,503 | |||||||||||||
$ | 44,165 | $ | 8,703 | $ | — | $ | 52,868 | ||||||||||
Employee_Stock_Benefit_Plans
Employee Stock Benefit Plans | 6 Months Ended | |
Jun. 28, 2014 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Employee Stock Benefit Plans | ' | |
6 | Employee Stock Benefit Plans | |
Our 2005 Equity Incentive Plan is a broad-based, long-term retention program intended to attract, motivate, and retain talented employees as well as align stockholder and employee interests. Awards that may be granted under the program include, but are not limited to, non-qualified and incentive stock options, restricted stock units, and performance-based stock units. We settle employee stock option exercises, ESPP purchases, and the vesting of restricted stock units, and performance-based stock units with newly issued common shares. At June 28, 2014, there were 785,862 shares available for future equity grants under the 2005 Equity Incentive Plan. | ||
Stock Options | ||
Stock options may be granted to employees, consultants and directors to purchase a fixed number of shares of our common stock. The exercise prices of options granted are at least equal to the fair market value of our common stock on the dates of grant and options generally vest and become exercisable after one year or in four annual increments beginning one year after the date of grant. Stock options granted under the program have a maximum contractual term of ten years. | ||
At June 28, 2014, we had 2,812,323 stock options outstanding. These options had a weighted-average exercise price of $11.71 per share, an aggregate intrinsic value of approximately $2.9 million and the weighted average remaining contractual term was approximately 5.1 years. | ||
At June 28, 2014, we had 2,195,574 stock options outstanding that were exercisable. These options had a weighted-average exercise price of $12.02 per share, an aggregate intrinsic value of $2.6 million and the weighted average remaining contractual term was approximately 4.2 years. | ||
Restricted Stock Units | ||
We issue restricted stock units to certain employees, consultants and directors. Restricted stock units vest over either a one-year or a four-year period from the date of grant. Prior to vesting, restricted stock units do not have dividend equivalent rights, do not have voting rights and the shares underlying the restricted stock units are not considered issued and outstanding. | ||
Subsequent to December 28, 2013, we awarded restricted stock units covering 492,238 shares of our common stock to employees and at June 28, 2014, we had 1,109,297 restricted stock units outstanding with an aggregate intrinsic value of approximately $11.8 million and the weighted average remaining vesting period was approximately 1.7 years. | ||
Equity-Based Performance Stock Units | ||
Starting in 2012, we began issuing equity-based performance stock units (“PSUs”) to certain employees to reward achievement of financial performance goals set by the Board of Directors. Equity-based performance stock units vest over a three-year period from the date of grant. Prior to vesting, equity-based performance stock units do not have dividend equivalent rights, do not have voting rights and the shares underlying the restricted stock units are not considered issued and outstanding. The number of shares of stock ultimately issued to participants will depend upon the extent to which certain performance goals are met. The award measurement period is one fiscal year and based upon the level of goal achievement, the number of shares we will issue can range from 0% up to 150% of the granted units and vest over three years from the date of initial grant and upon final Board of Directors approval. | ||
Subsequent to December 28, 2013, we awarded 208,015 equity-based performance stock units to senior executives with vesting that is contingent on the level of achievement of certain performance goals, market return and continued service (“market-based PSUs”). The market-based PSUs issued in 2014 are subject to a one-year performance period after which the number of market-based PSUs earned will be determined and will then be subject to certain adjustments resulting from performance of Cohu’s Relative Total Shareholder Return (“TSR”) to a selected peer group over a two year measurement period following the date of grant with the total adjustment ranging from 75% to 125% of the target amount based on the percentage by which our TSR exceeds or falls below the selected peer group. Market-based PSUs earned will vest at the rate of 50% on the second and third anniversary of their grant. We estimated the fair value of market-based PSUs using a Monte Carlo simulation model on the date of grant. The model incorporates assumptions for the risk-free interest rate, Cohu and the selected peer group price volatility, the correlation between Cohu and the selected index, and dividend yields. Compensation expense is recognized ratably over the measurement period. | ||
At June 28, 2014, we had 333,875 PSUs and market based PSUs outstanding with an aggregate intrinsic value of approximately $3.6 million and the weighted average remaining vesting period was approximately 1.8 years. | ||
Employee Stock Purchase Plan (ESPP) | ||
The Cohu, Inc. 1997 Employee Stock Purchase Plan (“the Plan”) provides for the issuance of shares of our common stock. Under the Plan, eligible employees may purchase shares of Cohu common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of Cohu common stock at the beginning or end of each 6-month purchase period, subject to certain limits. During the three-month period ended June 28, 2014 , we sold 71,492 shares to our employees under the Plan and we have 250,930 shares available for future issuance. |
Income_Taxes
Income Taxes | 6 Months Ended | |
Jun. 28, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
7 | Income Taxes | |
Ordinarily, interim tax provisions are calculated using the estimated effective tax rate (“ETR”) expected to be applicable for the full fiscal year. However, when a reliable estimate of the annual ETR cannot be made, the actual ETR for the year-to-date period may be the best estimate of the annual ETR. For the three and six months ended June 28, 2014 and June 29, 2013 we used the actual year-to-date ETR in computing our tax provision or benefit as a reliable estimate of the annual ETR cannot be made as relatively small changes in our projected income or loss produce a significant variation in our ETR. The actual year-to-date ETR on income or loss from continuing operations for the three months ended June 28, 2014 and June 29, 2013, was 11.3% and 11.2%, respectively, and for the six months ended June 28, 2014 and June 29, 2013 was (2.7)% and 8.0%, respectively. The tax provision or benefit on income or loss from continuing operations in 2014 and 2013 differs from the U.S. federal statutory rate primarily due to the inability to benefit our domestic losses other than to the extent we have a tax provision on income from items that are excluded from continuing operations, foreign income taxed at lower rates, changes in our deferred tax asset valuation allowance, state taxes and changes and interest related to unrecognized tax benefits. | ||
There was no material change to our unrecognized tax benefits and interest accrued related to unrecognized tax benefits during the three and six months ended June 28, 2014. |
Industry_Segments
Industry Segments | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Industry Segments | ' | ||||||||||||||||
8 | Industry Segments | ||||||||||||||||
Our reportable segments are business units that offer different products and are managed separately because each business requires different technology and marketing strategies. As discussed in Note 2, in June 2014, we sold substantially all the assets of Cohu Electronics, which comprised our video camera segment and have presented financial information for this segment as discontinued operations. Subsequent to this transaction Cohu’s remaining reportable segments are semiconductor and microwave communications equipment. | |||||||||||||||||
We allocate resources and evaluate the performance of segments based on profit or loss from operations, excluding interest, corporate expenses and unusual gains or losses. Intersegment sales were not significant for any period. | |||||||||||||||||
Financial information by industry segment is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales by segment: | |||||||||||||||||
Semiconductor equipment | $ | 74,299 | $ | 59,339 | $ | 134,469 | $ | 107,923 | |||||||||
Microwave communications equipment | 3,551 | 2,895 | 8,245 | 6,538 | |||||||||||||
Consolidated net sales for reportable segments | $ | 77,850 | $ | 62,234 | $ | 142,714 | $ | 114,461 | |||||||||
Segment profit (loss): | |||||||||||||||||
Semiconductor equipment | $ | 4,480 | $ | (605 | ) | $ | 3,655 | $ | (9,466 | ) | |||||||
Microwave communications equipment | (1,798 | ) | (2,641 | ) | (2,337 | ) | (5,013 | ) | |||||||||
Profit (loss) for reportable segments | 2,682 | (3,246 | ) | 1,318 | (14,479 | ) | |||||||||||
Other unallocated amounts: | |||||||||||||||||
Corporate expenses | (1,637 | ) | (1,650 | ) | (3,697 | ) | (3,553 | ) | |||||||||
Interest and other, net | 5 | 16 | 19 | 26 | |||||||||||||
Income (loss) from continuing operations before taxes | $ | 1,050 | $ | (4,880 | ) | $ | (2,360 | ) | $ | (18,006 | ) | ||||||
A small number of customers of our semiconductor equipment segment historically have been responsible for a significant portion of our consolidated net sales. Significant customer concentration information is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customers individually more than 10% of consolidated net sales | three | two | three | one | |||||||||||||
Percentage of consolidated net sales | 38% | 29% | 37% | 19% |
Contingencies
Contingencies | 6 Months Ended | |
Jun. 28, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
9 | Contingencies | |
From time-to-time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our businesses. The outcome of any litigation is inherently uncertain. While there can be no assurance, we do not believe at the present time that the resolution of the matters described above will have a material adverse effect on our assets, financial position or results of operations. |
Guarantees
Guarantees | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Guarantees | ' | ||||||||||||||||
10 | Guarantees | ||||||||||||||||
Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical and projected experience by product and configuration. | |||||||||||||||||
Changes in accrued warranty were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 4,816 | $ | 5,255 | $ | 5,155 | $ | 4,602 | |||||||||
Warranty expense accruals | 1,137 | 1,921 | 2,327 | 2,166 | |||||||||||||
Warranty payments | (1,371 | ) | (1,457 | ) | (2,900 | ) | (2,866 | ) | |||||||||
Warranty liability assumed | — | — | — | 1,817 | |||||||||||||
Balance at end of period | $ | 4,582 | $ | 5,719 | $ | 4,582 | $ | 5,719 | |||||||||
From time-to-time, during the ordinary course of business, we provide standby letters of credit for certain contingent liabilities under contractual arrangements, including customer contracts. As of June 28, 2014, the maximum potential amount of future payments that Cohu could be required to make under these standby letters of credit was approximately $0.6 million. We have not recorded any liability in connection with these guarantee arrangements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these arrangements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. The condensed consolidated balance sheet at December 28, 2013 has been derived from our audited financial statements at that date. The interim condensed consolidated financial statements as of June 28, 2014 (also referred to as “the second quarter of fiscal 2014” and “the first six months of fiscal 2014”) and June 29, 2013 (also referred to as “the second quarter of fiscal 2013” and “the first six months of fiscal 2013”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. The six-month periods ended June 28, 2014 and June 29, 2013 were each comprised of 13 and 26 weeks, respectively. | |||||||||||||||||
Our interim results are not necessarily indicative of the results that should be expected for the full year. For a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 28, 2013, which are included in our 2013 Annual Report on Form 10-K, filed with the U. S. Securities and Exchange Commission (“SEC”). In the following notes to our interim condensed consolidated financial statements, Cohu, Inc. is referred to as “Cohu”, “we”, “our” and “us”. | |||||||||||||||||
Certain prior-period amounts on our condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have no effect on previously reported net income. | |||||||||||||||||
Risks and Uncertainties | ' | ||||||||||||||||
Risks and Uncertainties | |||||||||||||||||
We are subject to a number of risks and uncertainties that may significantly impact our future operating results. These risks and uncertainties are discussed under Item 1A. “Risk Factors” included in this Form 10-Q. Understanding these risks and uncertainties is integral to the review of our interim condensed consolidated financial statements. | |||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
On June 6, 2014 we completed the sale of substantially all of the assets of our video camera segment, Cohu Electronics Division (“Cohu Electronics”), and its operating results are being presented as discontinued operations and all prior period amounts have been reclassified accordingly. See Note 2, “Disposal of Video Camera Segment” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. | |||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one issuer. | |||||||||||||||||
Trade accounts receivable are presented net of allowance for doubtful accounts of $0.3 million and $0.5 million at June 28, 2014 and December 28, 2013, respectively. Our customers include semiconductor manufacturers and semiconductor test subcontractors and other customers located throughout many areas of the world. While we believe that our allowance for doubtful accounts is adequate and represents our best estimate at June 28, 2014, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding collectability. | |||||||||||||||||
Goodwill, Other Intangible Assets and Long-lived Assets | ' | ||||||||||||||||
Goodwill, Other Intangible Assets and Long-lived Assets | |||||||||||||||||
We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimated the fair values of our reporting units primarily using the income approach valuation methodology that includes the discounted cash flow method, taking into consideration the market approach and certain market multiples as a validation of the values derived using the discounted cash flow methodology. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on customer forecasts, industry trade organization data and general economic conditions. | |||||||||||||||||
We conduct our annual impairment test as of October 1st of each year, and have determined there is no impairment as of October 1, 2013 as we determined that the estimated fair values of our semiconductor equipment and microwave communications reporting units exceeded their carrying values by approximately 31% and 11%, respectively, on that date. Other events and changes in circumstances may also require goodwill to be tested for impairment between annual measurement dates. While a decline in stock price and market capitalization is not specifically cited as a goodwill impairment indicator, a company’s stock price and market capitalization should be considered in determining whether it is more likely than not that the fair value of a reporting unit is less that its carrying value. Additionally, a significant decline in a company’s stock price may suggest that an adverse change in the business climate may have caused the fair value of one or more reporting units to fall below their carrying value. The financial and credit market volatility directly impacts our fair value measurement through our stock price that we use to determine our market capitalization. During times of volatility, significant judgment must be applied to determine whether credit or stock price changes are a short-term swing or a longer-term trend. As of June 28, 2014 we do not believe there have been any events or circumstances that would require us to perform an interim goodwill impairment review, however, a sustained decline in Cohu’s market capitalization below its book value could lead us to determine, in a future period, that an interim goodwill impairment review is required and may result in an impairment charge which would have a negative impact on our results of operations. | |||||||||||||||||
Long-lived assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the assets carrying amount and estimated fair value. | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Share-based compensation expense related to stock options is recorded based on the fair value of the award on its grant date which we estimate using the Black-Scholes valuation model. Share-based compensation expense related to restricted stock unit awards is calculated based on the market price of our common stock on the grant date, reduced by the present value of dividends expected to be paid on our common stock prior to vesting of the restricted stock unit. | |||||||||||||||||
Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 190 | $ | 132 | $ | 265 | $ | 200 | |||||||||
Research and development | 455 | 361 | 945 | 870 | |||||||||||||
Selling, general and administrative | 1,042 | 831 | 1,958 | 1,641 | |||||||||||||
Total share-based compensation | 1,687 | 1,324 | 3,168 | 2,711 | |||||||||||||
Income tax benefit | (56 | ) | — | (97 | ) | — | |||||||||||
Total share-based compensation, net | $ | 1,631 | $ | 1,324 | $ | 3,071 | $ | 2,711 | |||||||||
Income (Loss) Per Share | ' | ||||||||||||||||
Income (Loss) Per Share | |||||||||||||||||
Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income (loss) per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the three and six months ended June 28, 2014, options to issue approximately 2,231,000 and 2,257,000 shares of common stock were excluded from the computation, respectively. | |||||||||||||||||
The following table reconciles the denominators used in computing basic and diluted income (loss) per share (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares | 25,324 | 24,817 | 25,223 | 24,737 | |||||||||||||
Effect of dilutive stock options | 473 | — | — | — | |||||||||||||
25,797 | 24,817 | 25,223 | 24,737 | ||||||||||||||
Cohu has utilized the “control number” concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income/loss from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Therefore, no dilutive effect has been recognized in the calculation of income from discontinued operations per share or net income per share for the six months ended June 28, 2014 and of income from discontinued operations per share for the three and six months ended June 29, 2013. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
Our revenue recognition policy is disclosed in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 28, 2013. As more fully described in that policy, revenue from products that have not previously satisfied customer acceptance requirements is recognized upon customer acceptance. The gross profit on sales that are not recognized is generally recorded as deferred profit and reflected as a current liability in our consolidated balance sheet. | |||||||||||||||||
At June 28, 2014, we had deferred revenue totaling approximately $15.3 million and deferred profit of $8.9 million. At December 28, 2013, we had deferred revenue totaling approximately $7.4 million and deferred profit of $6.1 million. The periodic increase is primarily a result of deferrals of revenue associated with shipments of semiconductor equipment. | |||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
Comprehensive Income | |||||||||||||||||
Our accumulated other comprehensive income balance totaled approximately $6.5 million and $6.7 million at June 28, 2014 and December 28, 2013, respectively, and was attributed to all non-owner changes in stockholders’ equity and consists of, on an after-tax basis where applicable, foreign currency adjustments resulting from the translation of certain accounts into U.S. dollars where the functional currency is the Euro or the Swiss Franc, unrealized gains and losses on investments and adjustments related to postretirement benefits. Reclassification adjustments to accumulated other comprehensive income during the first six months of fiscal 2014 and 2013 were not significant. | |||||||||||||||||
Retiree Medical Benefits | ' | ||||||||||||||||
Retiree Medical Benefits | |||||||||||||||||
We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost incurred during the first six months of fiscal 2014 and 2013 was not significant. | |||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
Recently Adopted Accounting Pronouncements – In July 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment to previous income tax guidance clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
In March 2013, the FASB issued guidance on a parent company’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The amendments will be effective for fiscal years and interim periods starting after December 15, 2013 with early adoption permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals of components of an entity, which amends the existing definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The guidance redefines a discontinued operation as a component or group of components of an entity that has been disposed of by sale or other than by sale or is classified as held for sale and represents a strategic shift that has a major effect on an entity’s operations and financial results. The guidance is effective prospectively for disposals or components classified as held for sale in periods on or after December 15, 2014 with early adoption permitted. Cohu elected to implement this new guidance in the second quarter of fiscal 2014 and the adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
Recently Issued Accounting Pronouncements – In May 2014, the FASB issued new guidance on revenue from contracts with customers. The amended guidance outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes 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.” Entities have the option of using either a full retrospective or modified approach to adopt the guidance. This guidance is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. Early adoption is not permitted. We are still evaluating the impact this new guidance might have on our consolidated financial position, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Reported Share-Based Compensation in Condensed Consolidated Interim Financial Statements | ' | ||||||||||||||||
Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 190 | $ | 132 | $ | 265 | $ | 200 | |||||||||
Research and development | 455 | 361 | 945 | 870 | |||||||||||||
Selling, general and administrative | 1,042 | 831 | 1,958 | 1,641 | |||||||||||||
Total share-based compensation | 1,687 | 1,324 | 3,168 | 2,711 | |||||||||||||
Income tax benefit | (56 | ) | — | (97 | ) | — | |||||||||||
Total share-based compensation, net | $ | 1,631 | $ | 1,324 | $ | 3,071 | $ | 2,711 | |||||||||
Computation of Basic and Diluted Income (Loss) Per Share | ' | ||||||||||||||||
The following table reconciles the denominators used in computing basic and diluted income (loss) per share (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares | 25,324 | 24,817 | 25,223 | 24,737 | |||||||||||||
Effect of dilutive stock options | 473 | — | — | — | |||||||||||||
25,797 | 24,817 | 25,223 | 24,737 | ||||||||||||||
Disposal_of_Video_Camera_Segme1
Disposal of Video Camera Segment (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Summary of Balance Sheet Information of Discontinued Video Camera Segment | ' | ||||||||||||||||
Balance sheet information of our discontinued video camera segment is summarized as follows (in thousands): | |||||||||||||||||
June 28, | December 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Accounts receivable, net | $ | — | $ | 2,597 | |||||||||||||
Inventories | — | 3,568 | |||||||||||||||
Other current assets | — | 107 | |||||||||||||||
Total current assets | — | 6,272 | |||||||||||||||
Property, plant and equipment, net | — | 431 | |||||||||||||||
Total assets | $ | — | $ | 6,703 | |||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | — | $ | 730 | |||||||||||||
Other accrued current liabilities | — | 1,017 | |||||||||||||||
Total liabilities | $ | — | $ | 1,747 | |||||||||||||
Summary of Operating Results of Discontinued Video Camera Segment | ' | ||||||||||||||||
perating results of our discontinued video camera segment is summarized as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 1,907 | $ | 4,418 | $ | 5,460 | $ | 8,207 | |||||||||
Operating income (loss) before income taxes | $ | (363 | ) | $ | 451 | $ | (242 | ) | $ | 658 | |||||||
Gain on disposal of video camera segment | 4,248 | — | 4,133 | — | |||||||||||||
Income tax provision | 653 | 162 | 653 | 237 | |||||||||||||
Income from discontinued operations, net of taxes | $ | 3,232 | $ | 289 | $ | 3,238 | $ | 421 | |||||||||
Geographic_Consolidation_Table
Geographic Consolidation (Tables) | 6 Months Ended | ||||
Jun. 28, 2014 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Summary of Reconciliation of Amounts Accrued and Paid Under Consolidation Plan | ' | ||||
The following table reconciles amounts accrued and paid under the consolidation plan (in thousands): | |||||
Severance and | |||||
Other Payroll | |||||
Balance, March 29, 2014 | $ | — | |||
Costs accrued | 427 | ||||
Amounts paid or charged | — | ||||
Impact of currency exchange | 2 | ||||
Balance, June 28, 2014 | $ | 429 | |||
Goodwill_and_Other_Purchased_I1
Goodwill and Other Purchased Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in Carrying Value of Goodwill by Reportable Segment | ' | ||||||||||||||||||||
Changes in the carrying value of goodwill by reportable segment during the year ended December 28, 2013 and the six-month period ended June 28, 2014 were as follows (in thousands): | |||||||||||||||||||||
Semiconductor | Microwave | Total | |||||||||||||||||||
Equipment | Communications | Goodwill | |||||||||||||||||||
Balance, December 29, 2012 | $ | 55,520 | $ | 3,236 | $ | 58,756 | |||||||||||||||
Additions net of adjustments | 10,930 | — | 10,930 | ||||||||||||||||||
Impact of currency exchange | 1,533 | 94 | 1,627 | ||||||||||||||||||
Balance, December 28, 2013 | 67,983 | 3,330 | 71,313 | ||||||||||||||||||
Impact of currency exchange | (221 | ) | (17 | ) | (238 | ) | |||||||||||||||
Balance, June 28, 2014 | $ | 67,762 | $ | 3,313 | $ | 71,075 | |||||||||||||||
Purchased Intangible Assets, Subject to Amortization | ' | ||||||||||||||||||||
Purchased intangible assets, subject to amortization are as follows (in thousands): | |||||||||||||||||||||
June 28, 2014 | December 28, 2013 | ||||||||||||||||||||
Gross Carrying | Accumulated | Remaining | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Useful Life | Amount | Amortization | |||||||||||||||||
Rasco technology | $ | 33,453 | $ | 23,291 | 2.5 years | $ | 33,689 | $ | 21,319 | ||||||||||||
Ismeca technology | 29,945 | 5,719 | 6.5 years | 29,915 | 3,809 | ||||||||||||||||
Duma technology | 864 | 552 | 1.1 years | 864 | 408 | ||||||||||||||||
$ | 64,262 | $ | 29,562 | $ | 64,468 | $ | 25,536 | ||||||||||||||
Financial_Instruments_Measured1
Financial Instruments Measured at Fair Value (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Short-Term Investments by Security Type | ' | ||||||||||||||||
Investments that we have classified as short-term, by security type, are as follows (in thousands): | |||||||||||||||||
June 28, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 200 | $ | — | $ | — | $ | 200 | |||||||||
December 28, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 1,200 | $ | — | $ | — | $ | 1,200 | |||||||||
Effective Maturities of Short-Term Investments | ' | ||||||||||||||||
Effective maturities of short-term investments at June 28, 2014 and December 28, 2013, were as follows (in thousands): | |||||||||||||||||
June 28, 2014 | December 28, 2013 | ||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||
Due in one year or less | $ | 200 | $ | 200 | $ | 1,200 | $ | 1,200 | |||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table summarizes, by major security type, our assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | |||||||||||||||||
Fair value measurements at June 28, 2014 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 52,455 | $ | — | $ | — | $ | 52,455 | |||||||||
Municipal securities | — | 200 | — | 200 | |||||||||||||
Money market funds | — | 5,514 | — | 5,514 | |||||||||||||
$ | 52,455 | $ | 5,714 | $ | — | $ | 58,169 | ||||||||||
Fair value measurements at December 28, 2013 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 44,165 | $ | — | $ | — | $ | 44,165 | |||||||||
Municipal securities | — | 1,200 | — | 1,200 | |||||||||||||
Money market funds | — | 7,503 | — | 7,503 | |||||||||||||
$ | 44,165 | $ | 8,703 | $ | — | $ | 52,868 | ||||||||||
Industry_Segments_Tables
Industry Segments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Financial Information by Industry Segment | ' | ||||||||||||||||
Financial information by industry segment is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales by segment: | |||||||||||||||||
Semiconductor equipment | $ | 74,299 | $ | 59,339 | $ | 134,469 | $ | 107,923 | |||||||||
Microwave communications equipment | 3,551 | 2,895 | 8,245 | 6,538 | |||||||||||||
Consolidated net sales for reportable segments | $ | 77,850 | $ | 62,234 | $ | 142,714 | $ | 114,461 | |||||||||
Segment profit (loss): | |||||||||||||||||
Semiconductor equipment | $ | 4,480 | $ | (605 | ) | $ | 3,655 | $ | (9,466 | ) | |||||||
Microwave communications equipment | (1,798 | ) | (2,641 | ) | (2,337 | ) | (5,013 | ) | |||||||||
Profit (loss) for reportable segments | 2,682 | (3,246 | ) | 1,318 | (14,479 | ) | |||||||||||
Other unallocated amounts: | |||||||||||||||||
Corporate expenses | (1,637 | ) | (1,650 | ) | (3,697 | ) | (3,553 | ) | |||||||||
Interest and other, net | 5 | 16 | 19 | 26 | |||||||||||||
Income (loss) from continuing operations before taxes | $ | 1,050 | $ | (4,880 | ) | $ | (2,360 | ) | $ | (18,006 | ) | ||||||
Schedule of Customer Concentration to Consolidated Net Sales | ' | ||||||||||||||||
Significant customer concentration information is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customers individually more than 10% of consolidated net sales | three | two | three | one | |||||||||||||
Percentage of consolidated net sales | 38% | 29% | 37% | 19% |
Guarantees_Tables
Guarantees (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Changes in Accrued Warranty | ' | ||||||||||||||||
Changes in accrued warranty were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 4,816 | $ | 5,255 | $ | 5,155 | $ | 4,602 | |||||||||
Warranty expense accruals | 1,137 | 1,921 | 2,327 | 2,166 | |||||||||||||
Warranty payments | (1,371 | ) | (1,457 | ) | (2,900 | ) | (2,866 | ) | |||||||||
Warranty liability assumed | — | — | — | 1,817 | |||||||||||||
Balance at end of period | $ | 4,582 | $ | 5,719 | $ | 4,582 | $ | 5,719 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Net of allowance for doubtful accounts | ' | $300,000 | $300,000 | $500,000 | |
Goodwill impairment | 0 | ' | ' | ' | |
Number of common stock shares excluded from computation of diluted income per share | ' | 2,231,000 | 2,257,000 | ' | |
Deferred revenue | ' | 15,300,000 | 15,300,000 | 7,400,000 | |
Deferred profit | ' | 8,858,000 | 8,858,000 | 6,066,000 | [1] |
Accumulated other comprehensive income | ' | $6,476,000 | $6,476,000 | $6,651,000 | [1] |
Semiconductor Equipment [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Percent of fair value exceeding carrying value | 31.00% | ' | ' | ' | |
Microwave Communications [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Percent of fair value exceeding carrying value | 11.00% | ' | ' | ' | |
[1] | Derived from December 28, 2013 audited financial statements |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Reported Share-Based Compensation in Condensed Consolidated Interim Financial Statements (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | $1,687 | $1,324 | $3,168 | $2,711 |
Income tax benefit | -56 | ' | -97 | ' |
Total share-based compensation, net | 1,631 | 1,324 | 3,071 | 2,711 |
Cost of Sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | 190 | 132 | 265 | 200 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | 455 | 361 | 945 | 870 |
Selling, General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | $1,042 | $831 | $1,958 | $1,641 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares | 25,324 | 24,817 | 25,223 | 24,737 |
Effect of dilutive stock options | 473 | ' | ' | ' |
Weighted average diluted shares used in computing income (loss) per share | 25,797 | 24,817 | 25,223 | 24,737 |
Disposal_of_Video_Camera_Segme2
Disposal of Video Camera Segment - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 06, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Cash received from sale of video camera segment | $9,500,000 | ' | $9,886,000 |
Divestiture-related costs | ' | 700,000 | 800,000 |
Maximum [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Contingent consideration from sale of video camera segment | $500,000 | ' | ' |
Disposal_of_Video_Camera_Segme3
Disposal of Video Camera Segment - Summary of Balance Sheet Information of Discontinued Video Camera Segment (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | |
Accounts receivable, net | ' | $2,597 | |
Inventories | ' | 3,568 | |
Other current assets | ' | 107 | |
Total current assets | ' | 6,272 | [1] |
Property, plant and equipment, net | ' | 431 | [1] |
Total assets | ' | 6,703 | |
Liabilities: | ' | ' | |
Accounts payable | ' | 730 | |
Other accrued current liabilities | ' | 1,017 | |
Total liabilities | ' | $1,747 | [1] |
[1] | Derived from December 28, 2013 audited financial statements |
Disposal_of_Video_Camera_Segme4
Disposal of Video Camera Segment - Summary of Operating Results of Discontinued Video Camera Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Net sales | $1,907 | $4,418 | $5,460 | $8,207 |
Operating income (loss) before income taxes | -363 | 451 | -242 | 658 |
Gain on disposal of video camera segment | 4,248 | ' | 4,133 | ' |
Income tax provision | 653 | 162 | 653 | 237 |
Income from discontinued operations, net of taxes | $3,232 | $289 | $3,238 | $421 |
Geographic_Consolidation_Addit
Geographic Consolidation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 |
Schedule Of Geographical Information [Line Items] | ' |
Severance and one time termination benefits | $427 |
Broadcast Microwave Services [Member] | ' |
Schedule Of Geographical Information [Line Items] | ' |
Severance and one time termination benefits | 427 |
Broadcast Microwave Services [Member] | Cost of Sales [Member] | ' |
Schedule Of Geographical Information [Line Items] | ' |
Severance and one time termination benefits | 143 |
Broadcast Microwave Services [Member] | Selling, General and Administrative [Member] | ' |
Schedule Of Geographical Information [Line Items] | ' |
Severance and one time termination benefits | 114 |
Broadcast Microwave Services [Member] | Research and Development [Member] | ' |
Schedule Of Geographical Information [Line Items] | ' |
Severance and one time termination benefits | $170 |
Geographic_Consolidation_Summa
Geographic Consolidation - Summary of Reconciliation of Amounts Accrued and Paid Under Consolidation Plan (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 |
Reorganizations [Abstract] | ' |
Beginning balance | $0 |
Costs accrued | 427 |
Amounts paid or charged | 0 |
Impact of currency exchange | 2 |
Ending balance | $429 |
Goodwill_and_Other_Purchased_I2
Goodwill and Other Purchased Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Goodwill | $71,313 | [1] | $58,756 | |
Additions net of adjustments | ' | 10,930 | ||
Impact of currency exchange | -238 | 1,627 | ||
Goodwill | 71,075 | 71,313 | [1] | |
Semiconductor Equipment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Goodwill | 67,983 | 55,520 | ||
Additions net of adjustments | ' | 10,930 | ||
Impact of currency exchange | -221 | 1,533 | ||
Goodwill | 67,762 | 67,983 | ||
Microwave Communications [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Goodwill | 3,330 | 3,236 | ||
Additions net of adjustments | ' | ' | ||
Impact of currency exchange | -17 | 94 | ||
Goodwill | $3,313 | $3,330 | ||
[1] | Derived from December 28, 2013 audited financial statements |
Goodwill_and_Other_Purchased_I3
Goodwill and Other Purchased Intangible Assets - Purchased Intangible Assets, Subject to Amortization (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $64,262 | $64,468 |
Accumulated Amortization | 29,562 | 25,536 |
Rasco Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 33,453 | 33,689 |
Accumulated Amortization | 23,291 | 21,319 |
Remaining Useful Life | '2 years 6 months | ' |
Ismeca Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 29,945 | 29,915 |
Accumulated Amortization | 5,719 | 3,809 |
Remaining Useful Life | '6 years 6 months | ' |
Duma Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 864 | 864 |
Accumulated Amortization | $552 | $408 |
Remaining Useful Life | '1 year 1 month 6 days | ' |
Goodwill_and_Other_Purchased_I4
Goodwill and Other Purchased Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 |
Rasco Technology [Member] | Rasco Technology [Member] | Ismeca [Member] | Ismeca [Member] | |||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to purchased intangible assets | $2.10 | $1.70 | $4.10 | $3.40 | ' | ' | ' | ' |
Amounts excluded related to trade names | ' | ' | ' | ' | $2.40 | $2.40 | $4 | $4 |
Financial_Instruments_Measured2
Financial Instruments Measured at Fair Value - Short-Term Investments by Security Type (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Estimated Fair Value | $200 | $1,200 | [1] |
Municipal Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 200 | 1,200 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | $200 | $1,200 | |
[1] | Derived from December 28, 2013 audited financial statements |
Financial_Instruments_Measured3
Financial Instruments Measured at Fair Value - Effective Maturities of Short-Term Investments (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $200 | $1,200 |
Due in one year or less, Estimated Fair Value | $200 | $1,200 |
Financial_Instruments_Measured4
Financial Instruments Measured at Fair Value - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 |
Investment [Line Items] | ' | ' |
Variable rate demand notes maturity year | '2034 | ' |
Securities amortized cost, Due in one year or less | $200 | $1,200 |
Securities fair value, Due in one year or less | 200 | 1,200 |
Variable Rate Demand Notes [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities amortized cost, Due in one year or less | 200 | 200 |
Securities fair value, Due in one year or less | $1,200 | $1,200 |
Financial_Instruments_Measured5
Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | $58,169 | $52,868 |
Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 52,455 | 44,165 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 5,514 | 7,503 |
Municipal Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 200 | 1,200 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 52,455 | 44,165 |
Level 1 [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 52,455 | 44,165 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 5,714 | 8,703 |
Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | 5,514 | 7,503 |
Level 2 [Member] | Municipal Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total estimated fair value | $200 | $1,200 |
Employee_Stock_Benefit_Plans_A
Employee Stock Benefit Plans - Additional Information (Detail) (USD $) | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 |
In Millions, except Share data, unless otherwise specified | 2005 Equity Incentive Plan [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Equity-Based Performance Stock Units [Member] | Equity-Based Performance Stock Units [Member] | Equity-Based Performance Stock Units [Member] | Equity-Based Performance Stock Units [Member] | Equity-Based Performance Stock Units [Member] | Equity-Based Performance Stock Units [Member] | Employee Stock Purchase Plan [Member] |
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Senior Executives [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||
Senior Executives [Member] | Senior Executives [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for equity grants | 785,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,930 |
Range of period in which vested stock expire | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period in which vested stock become exercisable | ' | ' | '1 year | '4 years | ' | '1 year | '4 years | '3 years | ' | ' | ' | ' | ' | ' |
Stock options outstanding | ' | 2,812,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price of stock options | ' | $11.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock options | ' | $2.90 | ' | ' | $11.80 | ' | ' | $3.60 | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term stock options | ' | '5 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding, Exercisable | ' | 2,195,574 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price of stock options, Exercisable | ' | $12.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock options, Exercisable | ' | $2.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term stock options, Exercisable | ' | '4 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common share granted | ' | ' | ' | ' | 492,238 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units outstanding | ' | ' | ' | ' | 1,109,297 | ' | ' | 333,875 | ' | ' | ' | ' | ' | ' |
Weighted average remaining vesting period | ' | ' | ' | ' | '1 year 8 months 12 days | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' |
Award measurement period | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Common stock granted on achievement of performance goals | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 150.00% | ' | ' |
Number of stock units awarded | ' | ' | ' | ' | ' | ' | ' | ' | 208,015 | ' | ' | ' | ' | ' |
Shareholders return adjustment range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | 125.00% | ' |
Rate of shares vest | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Percentage of fair value of common stock, common stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% |
Shares issued under Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,492 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate on income or loss from continuing operations | 11.30% | 11.20% | -2.70% | 8.00% |
Change in unrecognized tax benefit and interest accrued | $0 | ' | $0 | ' |
Industry_Segments_Financial_In
Industry Segments - Financial Information by Industry Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Net sales by segment: | ' | ' | ' | ' |
Consolidated net sales for reportable segments | $77,850 | $62,234 | $142,714 | $114,461 |
Segment profit (loss): | ' | ' | ' | ' |
Profit (loss) for reportable segments | 2,682 | -3,246 | 1,318 | -14,479 |
Other unallocated amounts: | ' | ' | ' | ' |
Corporate expenses | -1,637 | -1,650 | -3,697 | -3,553 |
Interest and other, net | 5 | 16 | 19 | 26 |
Income (loss) from continuing operations before taxes | 1,050 | -4,880 | -2,360 | -18,006 |
Semiconductor Equipment [Member] | ' | ' | ' | ' |
Net sales by segment: | ' | ' | ' | ' |
Consolidated net sales for reportable segments | 74,299 | 59,339 | 134,469 | 107,923 |
Segment profit (loss): | ' | ' | ' | ' |
Profit (loss) for reportable segments | 4,480 | -605 | 3,655 | -9,466 |
Microwave Communications Equipment [Member] | ' | ' | ' | ' |
Net sales by segment: | ' | ' | ' | ' |
Consolidated net sales for reportable segments | 3,551 | 2,895 | 8,245 | 6,538 |
Segment profit (loss): | ' | ' | ' | ' |
Profit (loss) for reportable segments | ($1,798) | ($2,641) | ($2,337) | ($5,013) |
Industry_Segments_Schedule_of_
Industry Segments - Schedule of Customer Concentration to Consolidated Net Sales (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Customer | Customer | Customer | Customer | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Customers individually more than 10% of consolidated net sales | 3 | 2 | 3 | 1 |
Percentage of consolidated net sales | 38.00% | 29.00% | 37.00% | 19.00% |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Guarantees [Abstract] | ' |
Product warranty period | '12 to 36 months |
Maximum potential amount of future payments under standby letters of credit | $0.60 |
Guarantees_Changes_in_Accrued_
Guarantees - Changes in Accrued Warranty (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' | |
Balance at beginning of period | $4,816 | $5,255 | $5,155 | [1] | $4,602 |
Warranty expense accruals | 1,137 | 1,921 | 2,327 | 2,166 | |
Warranty payments | -1,371 | -1,457 | -2,900 | -2,866 | |
Warranty liability assumed | ' | ' | ' | 1,817 | |
Balance at end of period | $4,582 | $5,719 | $4,582 | $5,719 | |
[1] | Derived from December 28, 2013 audited financial statements |