Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 27, 2013 | Oct. 25, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'STAA | ' |
Entity Common Stock, Shares Outstanding | ' | 37,297,343 |
Entity Registrant Name | 'STAAR SURGICAL CO | ' |
Entity Central Index Key | '0000718937 | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $23,351 | $21,675 |
Accounts receivable trade, net | 9,467 | 8,543 |
Inventories, net | 11,880 | 11,673 |
Deferred income taxes | 483 | 0 |
Prepaids, deposits and other current assets | 2,703 | 2,183 |
Total current assets | 47,884 | 44,074 |
Property, plant and equipment, net | 6,512 | 5,439 |
Intangible assets, net | 1,567 | 2,142 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 732 | 187 |
Other assets | 1,056 | 1,131 |
Total assets | 59,537 | 54,759 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Line of credit | 5,050 | 5,850 |
Accounts payable | 4,536 | 5,129 |
Deferred income taxes | 439 | 439 |
Obligations under capital leases | 393 | 829 |
Other current liabilities | 6,052 | 5,702 |
Total current liabilities | 16,470 | 17,949 |
Obligations under capital leases | 211 | 488 |
Deferred income taxes | 1,690 | 885 |
Asset retirement obligations | 374 | 707 |
Pension liability | 2,971 | 2,988 |
Total liabilities | 21,716 | 23,017 |
Commitments and contingencies (Note 12) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value; 60,000 shares authorized; 36,955 and 36,423 shares issued and outstanding at September 27, 2013 and December 28, 2012 | 370 | 364 |
Additional paid-in capital | 168,056 | 162,251 |
Accumulated other comprehensive income | 574 | 1,580 |
Accumulated deficit | -131,179 | -132,453 |
Total stockholders’ equity | 37,821 | 31,742 |
Total liabilities and stockholders’ equity | $59,537 | $54,759 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 36,955 | 36,423 |
Common stock, shares outstanding | 36,955 | 36,423 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Net sales | $17,106 | $15,866 | $53,271 | $47,316 |
Cost of sales | 5,047 | 4,690 | 15,939 | 14,194 |
Gross profit | 12,059 | 11,176 | 37,332 | 33,122 |
General and administrative | 4,140 | 3,450 | 12,021 | 10,942 |
Marketing and selling | 5,527 | 5,507 | 16,471 | 15,536 |
Research and development | 1,684 | 1,582 | 4,736 | 4,640 |
Medical device tax | 45 | 0 | 149 | 0 |
Other general and administrative expenses | 490 | 728 | 2,004 | 1,980 |
Operating income (loss) | 173 | -91 | 1,951 | 24 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 9 | 7 | 23 | 14 |
Interest expense | -38 | -65 | -134 | -227 |
Gain (loss) on foreign currency transactions | 226 | 191 | -38 | 9 |
Other income, net | 130 | 87 | 360 | 610 |
Other income, net | 327 | 220 | 211 | 406 |
Income before provision (benefit) for income taxes | 500 | 129 | 2,162 | 430 |
Provision (benefit) for income taxes | -25 | 219 | 888 | 779 |
Net income (loss) | $525 | ($90) | $1,274 | ($349) |
Net income (loss) per share - basic (in dollars per share) | $0.01 | $0 | $0.03 | ($0.01) |
Net income (loss) per share - diluted (in dollars per share) | $0.01 | $0 | $0.03 | ($0.01) |
Weighted average shares outstanding - basic (in shares) | 36,750 | 36,292 | 36,552 | 36,206 |
Weighted average shares outstanding - diluted (in shares) | 39,284 | 36,292 | 38,482 | 36,206 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Net income (loss) | $525 | ($90) | $1,274 | ($349) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation | -92 | 201 | -986 | 15 |
Pension liability adjustment, net of tax | -5 | -12 | -21 | -36 |
Other comprehensive income (loss) | -97 | 189 | -1,007 | -21 |
Comprehensive income (loss) | $428 | $99 | $267 | ($370) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $1,274 | ($349) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation of property and equipment | 1,325 | 989 |
Amortization of intangibles | 334 | 525 |
Deferred income taxes | -220 | 114 |
Fair value adjustment of warrant | -27 | -217 |
Loss on disposal of property and equipment | 172 | 47 |
Change in net pension liability | 124 | 187 |
Stock-based compensation expense | 2,924 | 2,317 |
Accretion of asset retirement obligation | 9 | 0 |
Other | 157 | 40 |
Changes in working capital: | ' | ' |
Accounts receivable | -1,423 | 910 |
Inventories | -707 | -734 |
Prepaids, deposits and other current assets | -614 | 85 |
Accounts payable | -389 | -444 |
Other current liabilities | 489 | 236 |
Net cash provided by operating activities | 3,428 | 3,706 |
Cash flows from investing activities: | ' | ' |
Release of restricted cash | 0 | 129 |
Acquisition of property and equipment | -2,984 | -1,161 |
Net cash used in investing activities | -2,984 | -1,032 |
Cash flows from financing activities: | ' | ' |
Repayment of capital lease obligations | -675 | -619 |
Proceeds from exercise of stock options | 2,723 | 1,102 |
Net cash provided by financing activities | 2,048 | 483 |
Effect of exchange rate changes on cash and cash equivalents | -816 | 14 |
Increase in cash and cash equivalents | 1,676 | 3,171 |
Cash and cash equivalents, at beginning of the period | 21,675 | 16,582 |
Cash and cash equivalents, at end of the period | $23,351 | $19,753 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 27, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
Note 1 — Basis of Presentation and Significant Accounting Policies | |
The consolidated financial statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. Certain information and footnote disclosures normally included in comprehensive financial statements have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2012. | |
The condensed consolidated financial statements for the nine months ended September 27, 2013 and September 28, 2012, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the nine months ended September 27, 2013 and September 28, 2012 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. | |
Each of the Company's reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. | |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740)” (ASU 2013-11), which states 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. To the extent 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 to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, 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 combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company plans to adopt this guidance during its quarter ending March 28, 2014 and is assessing the impact, if any, to the consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or an investment in a Foreign Entity (Topic 830)” (ASU 2013-05), which provides guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, these amendments provide guidance on the release of cumulative translation adjustments in partial sales of equity method investments and in step acquisitions. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods beginning after December 15, 2013. The amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not be adjusted and early adoption is permitted. The Company plans to adopt this guidance during its quarter ending March 28, 2014 and does not expect the adoption to have any significant impact to its consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220)” (ASU 2013-02), that expanded disclosures for items reclassified out of accumulated other comprehensive income. The standard requires presentation of information about reclassification adjustments from accumulated other comprehensive income in a single note or on the face of the financial statements. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted ASU 2013-02 during the quarter ended March 29, 2013, which did not have any effect on its consolidated financial position or results of operations. | |
In July 2012, the FASB issued ASU 2012-02, “Goodwill and Other - Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02), which provides companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. ASU 2012-02 prescribes an entity to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not that its indefinite-lived intangible assets are impaired. The qualitative factors are similar to the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company adopted this new standard on December 29, 2012, which did not have a material effect on its consolidated financial position or results of operations. | |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 2 — Inventories | ||||||||
Inventories, net are stated at the lower of cost, determined on a first-in, first-out basis, or market and consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Raw materials and purchased parts | $ | 1,647 | $ | 1,946 | ||||
Work-in-process | 2,999 | 1,318 | ||||||
Finished goods | 7,968 | 8,945 | ||||||
12,614 | 12,209 | |||||||
Less: inventory reserves | 734 | 536 | ||||||
$ | 11,880 | $ | 11,673 | |||||
Prepaids_Deposits_and_Other_Cu
Prepaids, Deposits, and Other Current Assets | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | ' | |||||||
Prepaid Expenses Deposits and Other Current Assets Disclosure [Text Block] | ' | |||||||
Note 3 — Prepaids, Deposits, and Other Current Assets | ||||||||
Prepaids, deposits, and other current assets consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Prepaid vendors | $ | 1,522 | $ | 1,044 | ||||
Prepaid insurance | 361 | 628 | ||||||
Value added tax (VAT) receivable | 402 | 307 | ||||||
Other current assets | 418 | 204 | ||||||
$ | 2,703 | $ | 2,183 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Note 4 — Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Machinery and equipment | $ | 15,825 | $ | 14,734 | ||||
Furniture and fixtures | 3,384 | 3,483 | ||||||
Leasehold improvements | 6,585 | 5,281 | ||||||
25,794 | 23,498 | |||||||
Less: accumulated depreciation | 19,282 | 18,059 | ||||||
$ | 6,512 | $ | 5,439 | |||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||
Note 5 – Amortizable Intangible Assets | ||||||||||||||||||||
Amortizable intangible assets consisted of the following (in thousands): | ||||||||||||||||||||
27-Sep-13 | 28-Dec-12 | |||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 10,678 | $ | -10,014 | $ | 664 | $ | 10,786 | $ | -9,875 | $ | 911 | ||||||||
Customer relationships | 1,584 | -911 | 673 | 1,835 | -917 | 918 | ||||||||||||||
Developed technology | 1,007 | -777 | 230 | 1,166 | -853 | 313 | ||||||||||||||
Total | $ | 13,269 | $ | -11,702 | $ | 1,567 | $ | 13,787 | $ | -11,645 | $ | 2,142 | ||||||||
Other_Current_Liabilities
Other Current Liabilities | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
Note 6 – Other Current Liabilities | ||||||||
Other current liabilities consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Accrued salaries and wages | $ | 1,962 | $ | 1,950 | ||||
Accrued bonuses | 985 | 500 | ||||||
Accrued severance | 776 | 499 | ||||||
Customer credit balances | 190 | 324 | ||||||
Accrued insurance | 196 | 515 | ||||||
Accrued audit fees | 384 | 396 | ||||||
Accrued tax preparation fees | 343 | 119 | ||||||
Accrued income taxes | 411 | 451 | ||||||
Other(1) | 805 | 948 | ||||||
$ | 6,052 | $ | 5,702 | |||||
(1)No item in “Other” above exceeds 5% of the total other current liabilities | ||||||||
Pension_Plans
Pension Plans | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||
Note 7 – Pension Plans | ||||||||||||||
The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands): | ||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service cost | $ | 81 | $ | 122 | $ | 284 | $ | 364 | ||||||
Interest cost | — | 34 | 52 | 102 | ||||||||||
Expected return on plan assets | -25 | -28 | -73 | -81 | ||||||||||
Amortization of unrecognized transitional | — | 4 | 4 | 12 | ||||||||||
obligation | ||||||||||||||
Amortization of prior service cost | — | — | — | -1 | ||||||||||
Recognized actuarial gain | -69 | -1 | -50 | -4 | ||||||||||
$ | -13 | $ | 131 | $ | 217 | $ | 392 | |||||||
During the nine months ended September 27, 2013 and September 28, 2012, the Company made cash contributions totaling approximately $175,000 and $176,000 to its Swiss pension plan and expects to make additional cash contributions totaling approximately $58,000 during the remainder of 2013. The Company is not required to and does not make contributions to its Japan pension plan. | ||||||||||||||
Basic_and_Diluted_Income_Per_S
Basic and Diluted Income Per Share | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
Note 8 — Basic and Diluted Income Per Share | ||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September | September | September | September | |||||||||||
27, | 28, | 27, | 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator: | ||||||||||||||
Net income (loss) | $ | 525 | $ | -90 | $ | 1,274 | $ | -349 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares and denominator for basic | ||||||||||||||
calculation: | ||||||||||||||
Weighted average common shares outstanding | 37,108 | 36,495 | 36,860 | 36,378 | ||||||||||
Less: Unvested restricted stock | 358 | 203 | 308 | 172 | ||||||||||
Denominator for basic calculation | 36,750 | 36,292 | 36,552 | 36,206 | ||||||||||
Weighted average effects of dilutive equity-based | ||||||||||||||
compensation awards: | ||||||||||||||
Employee stock options and restricted stock | 1,612 | — | 1,188 | — | ||||||||||
Warrants | 922 | — | 742 | — | ||||||||||
Denominator for diluted calculation | 39,284 | 36,292 | 38,482 | 36,206 | ||||||||||
Net income (loss) per share – basic | $ | 0.01 | $ | 0 | $ | 0.03 | $ | -0.01 | ||||||
Net income (loss) per share - diluted | $ | 0.01 | $ | 0 | $ | 0.03 | $ | -0.01 | ||||||
The following tables sets forth (in thousands) the weighted average number of options and warrants to purchase shares of common stock and restricted stock, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September | September | September | September | |||||||||||
27, | 28, | 27, | 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Options and restricted stock | 1,001 | 3,183 | 1,091 | 1,813 | ||||||||||
Warrants | — | 605 | — | 806 | ||||||||||
Total | 1,001 | 3,788 | 1,091 | 2,619 | ||||||||||
Geographic_and_Product_Data
Geographic and Product Data | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
Note 9 — Geographic and Product Data | ||||||||||||||
The Company markets and sells its products in over 60 countries and has manufacturing sites in the United States and Switzerland. Other than the United States, Japan, Korea, China, and Spain, the Company does not conduct business in any country in which its sales exceed 5% of consolidated sales. Sales are attributed to countries based on location of customers. The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
United States | $ | 2,993 | $ | 3,038 | $ | 9,388 | $ | 9,428 | ||||||
Japan | 4,040 | 4,237 | 13,427 | 12,187 | ||||||||||
China | 2,275 | 2,444 | 6,575 | 6,691 | ||||||||||
Korea | 1,982 | 1,755 | 5,851 | 5,379 | ||||||||||
Spain | 1,012 | 808 | 3,466 | 1,850 | ||||||||||
Other | 4,804 | 3,584 | 14,564 | 11,781 | ||||||||||
Total | $ | 17,106 | $ | 15,866 | $ | 53,271 | $ | 47,316 | ||||||
100% of the Company’s sales are generated from the ophthalmic surgical product segment and therefore the Company operates as one operating segment for financial reporting purposes. The Company’s principal products are implantable Collamer lenses (“ICLs”) used in refractive surgery and intraocular lenses (“IOLs”) used in cataract surgery. The composition of the Company’s net sales by product line is as follows (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
ICLs | $ | 10,725 | $ | 9,111 | $ | 32,616 | $ | 26,321 | ||||||
IOLs | 5,322 | 6,052 | 17,533 | 19,185 | ||||||||||
Core products | 16,047 | 15,163 | 50,149 | 45,506 | ||||||||||
Other Surgical Products | 1,059 | 703 | 3,122 | 1,810 | ||||||||||
Total | $ | 17,106 | $ | 15,866 | $ | 53,271 | $ | 47,316 | ||||||
The Company sells its products internationally, which subjects the Company to several potential risks, regional/country economic conditions and regulatory requirements, including fluctuating foreign currency exchange rates (to the extent the Company’s transactions are not in U.S. dollars), regulation of fund transfers by foreign governments, United States and foreign export and import duties and tariffs, and political instability. | ||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||
Note 10 — Stock-Based Compensation | ||||||||||||||
The cost that has been charged against income for stock-based compensation is set forth below (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September | September | September | September | |||||||||||
27, | 28, | 27, | 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Employee stock options | $ | 576 | $ | 660 | $ | 2,068 | $ | 1,850 | ||||||
Restricted stock expense | 283 | 170 | 718 | 433 | ||||||||||
Consultant compensation | 47 | 8 | 138 | 34 | ||||||||||
Total | $ | 906 | $ | 838 | $ | 2,924 | $ | 2,317 | ||||||
Stock Option Plans | ||||||||||||||
The Amended and Restated 2003 Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, and performance contingent restricted stock units. Options under the plan are granted at fair market value on the date of grant, become exercisable over a three year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 years from the date of grant. Certain option and share awards provide for accelerated vesting if there is a change in control and pre-established financial metrics are met (as defined in the Plan). Pursuant to the Plan, options for 3,390,915 shares were outstanding at September 27, 2013 with exercise prices ranging between $0.95 and $12.87 per share. Restricted stock grants under the Plan generally vest over a period of one, three or four years. There were 341,100 shares of restricted stock outstanding at September 27, 2013. As of September 27, 2013, there were 1,400,270 shares authorized and available for grants under the Plan. | ||||||||||||||
Assumptions | ||||||||||||||
The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination behavior. The expected term of options granted is derived from the historical exercise activity over the past 15 years, and represents the period of time that options granted are expected to be outstanding. The Company has calculated a 9.92% estimated forfeiture rate used in the model for fiscal year 2013 option grants based on historical forfeiture experience. The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | ||||||
Expected volatility | 58.43 | % | 80.28 | % | 71.69 | % | 79.48 | % | ||||||
Risk-free interest rate | 1.32 | % | 0.63 | % | 0.69 | % | 0.82 | % | ||||||
Expected term (in years) | 4.12 | 5.21 | 4.12 | 5.21 | ||||||||||
A summary of option activity under the Plan as of September 27, 2013 is presented below: | ||||||||||||||
Options | Restricted | Warrants | ||||||||||||
Shares | Shares | Shares | ||||||||||||
(000’s) | (000’s) | (000’s) | ||||||||||||
Outstanding at December 28, 2012 | 3,376 | 205 | 1,470 | |||||||||||
Granted | 560 | 153 | — | |||||||||||
Exercised | -515 | -17 | — | |||||||||||
Forfeited or expired | -30 | — | -70 | |||||||||||
Outstanding at September 27, 2013 | 3,391 | 341 | 1,400 | |||||||||||
Exercisable at September 27, 2013 | 2,198 | — | 1,400 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 11 — Income Taxes | |
STAAR is subject to income taxes in the U.S. and numerous foreign jurisdictions. In evaluating STAAR’s ability to recover the deferred tax assets within a jurisdiction from which they arise, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. In projecting future taxable income, STAAR begins with historical results and incorporates assumptions including overall current and projected business and industry conditions, the amount of future federal, state, and foreign pretax operating income, the reversal of temporary differences and the successful implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates STAAR uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, STAAR considers three years of cumulative operating results. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of all the available evidence, it is more likely than not that some portion or all of the deferred tax asset may not be realized. | |
STAAR Surgical Company acquired its remaining ownership interest in STAAR Japan in 2008. Based on management's assessment of all available evidence at the time, including STAAR Japan’s history of cumulative losses, STAAR concluded it was more likely than not that the net deferred tax assets would not be realized, and accordingly, a full valuation allowance was established. As of December 28, 2012, STAAR Japan’s valuation allowance was approximately $1.0 million. | |
During 2011 and 2012, STAAR was engaged in a global restructuring strategy to consolidate global manufacturing into the U.S. to reduce costs, improve gross profit, enable use of $122.5 million in net operating loss carryforwards in the U.S., and reduce income taxes in foreign jurisdictions. At the time, STAAR manufactured its products in three facilities one of each located in the U.S., Switzerland and Japan. Since that time, STAAR has developed and begun implementing a plan to consolidate its manufacturing into a single site at its Monrovia, California location, to be completed by the middle of 2014. During 2013, STAAR completed the transfer of the manufacturing operations in Japan to the U.S. | |
An important change in connection with this global restructuring strategy was the conversion of STAAR Japan from a traditional principal manufacturer with unlimited manufacturing and inventory risk to a limited-risk distributor, or LRD. As an LRD, STAAR Japan has no risks of manufacturing and very limited risk of maintaining inventory. This conversion was accomplished by contractually shifting these risks from STAAR Japan to STAAR AG, another wholly owned subsidiary of STAAR, as part of this global restructuring strategy. | |
STAAR Japan, although legally converted to an LRD at the end of 2012, continued to sell off its on-hand inventory from the end of 2012 through the first six months of 2013; consequently, it retained that inventory risk and functioned substantively as a principal entrepreneur during that period. Beginning in the third quarter of 2013, STAAR Japan began to operate as an LRD, both legally and economically, for STAAR AG. STAAR AG contractually assumed full principal manufacturing responsibility for its LRD (STAAR Japan), thereby allowing STAAR Japan to completely transfer the risks of being a principal manufacturer to STAAR AG. As a result of this change to an LRD, in the normal course of business, STAAR Japan no longer bears the risks of manufacturing its inventory and operates as a limited-risk distributor for STAAR AG. STAAR AG has engaged STAAR U.S. as its contract manufacturer for all of STAAR AG’s territory, including for Japan and China. Also, beginning in the third quarter of 2013, STAAR AG began selling inventory to STAAR Japan in order for STAAR Japan to market and distribute the products in its territory, principally in Japan and China, as an LRD. As a limited-risk distributor, STAAR Japan is contractually guaranteed to earn a fixed return on its net sales. The rate of return is consistent with what a limited-risk distributor would earn in a distribution agreement of similar risks and responsibilities with an unrelated party as determined by formal transfer price studies conducted by STAAR in connection with its global manufacturing consolidation strategy. | |
As a result of this change from a principal manufacturer to a limited-risk distributor with a guaranteed return, STAAR Japan has achieved a three-year cumulative pretax income in the third quarter of 2013, as measured from the beginning of the fourth quarter of 2010 through the end of the third quarter of 2013. Based on these results and management’s consideration of all available positive and negative evidence, including the projected pretax income that STAAR Japan is contractually guaranteed to earn as an LRD, management concluded that, at September 27, 2013, it is more likely than not that STAAR Japan’s deferred tax assets would be realized. Accordingly, STAAR Japan fully released its remaining valuation allowance against net deferred tax assets based on the weight of positive evidence that existed at September 27, 2013. This release amounted to approximately $433,000 of income tax benefit recorded in the consolidated financial statements for the three and nine months ended September 27, 2013 (as translated using the Japanese Yen exchange rate on September 27, 2013). The valuation allowance as of December 28, 2012 of $1.0 million was reduced to $433,000 primarily due to the utilization of STAAR Japan’s net operating loss carryover during the nine months ended September 27, 2013. | |
Manufacturing_Consolidation_Pr
Manufacturing Consolidation Project and Tax Strategy | 9 Months Ended | ||||||||||
Sep. 27, 2013 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | ' | ||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Text Block] | ' | ||||||||||
Note 12 — Manufacturing Consolidation Project and Tax Strategy | |||||||||||
Since 2011 the Company has been engaged in a restructuring initiative to consolidate global manufacturing into the U.S. to reduce costs, improve gross profit, enable the use of $122.5 million in net operating loss carryforwards in the U.S., and reduce income taxes in foreign jurisdictions. At the time, the Company manufactured its products in four facilities located in the U.S., Switzerland and Japan. Since that time, the Company has developed and began implementing a plan to consolidate its manufacturing into a single site at its Monrovia, California location, to be largely completed by the middle of 2014. During 2013, STAAR completed the transfer of manufacturing operations from Japan to the U.S. | |||||||||||
The Company expects the initiative to cost approximately $6.2 million over a three and a half year period, of which approximately $5.7 million has been spent to date. The Company estimates that the cost for 2013 is approximately $2.3 million. Total costs during the nine months ended September 27, 2013 are approximately $2.0 million. These expenses are included in “other general and administrative expenses” in the consolidated statement of income for the period ended September 27, 2013. The expenses generally consist of professional fees to advisors and consultants, travel, salaries and severance accruals. | |||||||||||
A summary of the costs associated with this initiative is presented below as of September 27, 2013 (in thousands): | |||||||||||
Termination Benefits | Other Associated Costs | Total | |||||||||
Liability at December 28, 2012 | $ | 504 | $ | 293 | $ | 797 | |||||
Costs incurred and charged to expense | $ | 376 | $ | 1,629 | $ | 2,005 | |||||
Cash payments | $ | -105 | $ | -1,867 | $ | -1,972 | |||||
Liability at September 27, 2013 | $ | 775 | $ | 55 | $ | 830 | |||||
Total costs incurred to date | $ | 1,276 | $ | 4,425 | $ | 5,701 | |||||
Total costs expected to be incurred | $ | 1,592 | $ | 4,608 | $ | 6,200 | |||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 27, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The consolidated financial statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. Certain information and footnote disclosures normally included in comprehensive financial statements have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2012. | |
The condensed consolidated financial statements for the nine months ended September 27, 2013 and September 28, 2012, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the nine months ended September 27, 2013 and September 28, 2012 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. | |
Each of the Company's reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740)” (ASU 2013-11), which states 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. To the extent 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 to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, 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 combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company plans to adopt this guidance during its quarter ending March 28, 2014 and is assessing the impact, if any, to the consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or an investment in a Foreign Entity (Topic 830)” (ASU 2013-05), which provides guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, these amendments provide guidance on the release of cumulative translation adjustments in partial sales of equity method investments and in step acquisitions. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods beginning after December 15, 2013. The amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not be adjusted and early adoption is permitted. The Company plans to adopt this guidance during its quarter ending March 28, 2014 and does not expect the adoption to have any significant impact to its consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Topic 220)” (ASU 2013-02), that expanded disclosures for items reclassified out of accumulated other comprehensive income. The standard requires presentation of information about reclassification adjustments from accumulated other comprehensive income in a single note or on the face of the financial statements. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted ASU 2013-02 during the quarter ended March 29, 2013, which did not have any effect on its consolidated financial position or results of operations. | |
In July 2012, the FASB issued ASU 2012-02, “Goodwill and Other - Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02), which provides companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. ASU 2012-02 prescribes an entity to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not that its indefinite-lived intangible assets are impaired. The qualitative factors are similar to the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company adopted this new standard on December 29, 2012, which did not have a material effect on its consolidated financial position or results of operations. | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories, net are stated at the lower of cost, determined on a first-in, first-out basis, or market and consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Raw materials and purchased parts | $ | 1,647 | $ | 1,946 | ||||
Work-in-process | 2,999 | 1,318 | ||||||
Finished goods | 7,968 | 8,945 | ||||||
12,614 | 12,209 | |||||||
Less: inventory reserves | 734 | 536 | ||||||
$ | 11,880 | $ | 11,673 | |||||
Prepaids_Deposits_and_Other_Cu1
Prepaids, Deposits, and Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Prepaid Expenses and Other Current Assets Disclosure [Abstract] | ' | |||||||
Schedule Of Prepaid Expenses [Table Text Block] | ' | |||||||
Prepaids, deposits, and other current assets consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Prepaid vendors | $ | 1,522 | $ | 1,044 | ||||
Prepaid insurance | 361 | 628 | ||||||
Value added tax (VAT) receivable | 402 | 307 | ||||||
Other current assets | 418 | 204 | ||||||
$ | 2,703 | $ | 2,183 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Machinery and equipment | $ | 15,825 | $ | 14,734 | ||||
Furniture and fixtures | 3,384 | 3,483 | ||||||
Leasehold improvements | 6,585 | 5,281 | ||||||
25,794 | 23,498 | |||||||
Less: accumulated depreciation | 19,282 | 18,059 | ||||||
$ | 6,512 | $ | 5,439 | |||||
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||
Amortizable intangible assets consisted of the following (in thousands): | ||||||||||||||||||||
27-Sep-13 | 28-Dec-12 | |||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 10,678 | $ | -10,014 | $ | 664 | $ | 10,786 | $ | -9,875 | $ | 911 | ||||||||
Customer relationships | 1,584 | -911 | 673 | 1,835 | -917 | 918 | ||||||||||||||
Developed technology | 1,007 | -777 | 230 | 1,166 | -853 | 313 | ||||||||||||||
Total | $ | 13,269 | $ | -11,702 | $ | 1,567 | $ | 13,787 | $ | -11,645 | $ | 2,142 | ||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Other current liabilities consisted of the following (in thousands): | ||||||||
September 27, | December 28, | |||||||
2013 | 2012 | |||||||
Accrued salaries and wages | $ | 1,962 | $ | 1,950 | ||||
Accrued bonuses | 985 | 500 | ||||||
Accrued severance | 776 | 499 | ||||||
Customer credit balances | 190 | 324 | ||||||
Accrued insurance | 196 | 515 | ||||||
Accrued audit fees | 384 | 396 | ||||||
Accrued tax preparation fees | 343 | 119 | ||||||
Accrued income taxes | 411 | 451 | ||||||
Other(1) | 805 | 948 | ||||||
$ | 6,052 | $ | 5,702 | |||||
(1)No item in “Other” above exceeds 5% of the total other current liabilities | ||||||||
Pension_Plans_Tables
Pension Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||
The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands): | ||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service cost | $ | 81 | $ | 122 | $ | 284 | $ | 364 | ||||||
Interest cost | — | 34 | 52 | 102 | ||||||||||
Expected return on plan assets | -25 | -28 | -73 | -81 | ||||||||||
Amortization of unrecognized transitional | — | 4 | 4 | 12 | ||||||||||
obligation | ||||||||||||||
Amortization of prior service cost | — | — | — | -1 | ||||||||||
Recognized actuarial gain | -69 | -1 | -50 | -4 | ||||||||||
$ | -13 | $ | 131 | $ | 217 | $ | 392 | |||||||
Basic_and_Diluted_Income_Per_S1
Basic and Diluted Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September | September | September | September | |||||||||||
27, | 28, | 27, | 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator: | ||||||||||||||
Net income (loss) | $ | 525 | $ | -90 | $ | 1,274 | $ | -349 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares and denominator for basic | ||||||||||||||
calculation: | ||||||||||||||
Weighted average common shares outstanding | 37,108 | 36,495 | 36,860 | 36,378 | ||||||||||
Less: Unvested restricted stock | 358 | 203 | 308 | 172 | ||||||||||
Denominator for basic calculation | 36,750 | 36,292 | 36,552 | 36,206 | ||||||||||
Weighted average effects of dilutive equity-based | ||||||||||||||
compensation awards: | ||||||||||||||
Employee stock options and restricted stock | 1,612 | — | 1,188 | — | ||||||||||
Warrants | 922 | — | 742 | — | ||||||||||
Denominator for diluted calculation | 39,284 | 36,292 | 38,482 | 36,206 | ||||||||||
Net income (loss) per share – basic | $ | 0.01 | $ | 0 | $ | 0.03 | $ | -0.01 | ||||||
Net income (loss) per share - diluted | $ | 0.01 | $ | 0 | $ | 0.03 | $ | -0.01 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||
The following tables sets forth (in thousands) the weighted average number of options and warrants to purchase shares of common stock and restricted stock, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September | September | September | September | |||||||||||
27, | 28, | 27, | 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Options and restricted stock | 1,001 | 3,183 | 1,091 | 1,813 | ||||||||||
Warrants | — | 605 | — | 806 | ||||||||||
Total | 1,001 | 3,788 | 1,091 | 2,619 | ||||||||||
Geographic_and_Product_Data_Ta
Geographic and Product Data (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | |||||||||||||
The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
United States | $ | 2,993 | $ | 3,038 | $ | 9,388 | $ | 9,428 | ||||||
Japan | 4,040 | 4,237 | 13,427 | 12,187 | ||||||||||
China | 2,275 | 2,444 | 6,575 | 6,691 | ||||||||||
Korea | 1,982 | 1,755 | 5,851 | 5,379 | ||||||||||
Spain | 1,012 | 808 | 3,466 | 1,850 | ||||||||||
Other | 4,804 | 3,584 | 14,564 | 11,781 | ||||||||||
Total | $ | 17,106 | $ | 15,866 | $ | 53,271 | $ | 47,316 | ||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | |||||||||||||
The composition of the Company’s net sales by product line is as follows (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September | |||||||||||
28, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
ICLs | $ | 10,725 | $ | 9,111 | $ | 32,616 | $ | 26,321 | ||||||
IOLs | 5,322 | 6,052 | 17,533 | 19,185 | ||||||||||
Core products | 16,047 | 15,163 | 50,149 | 45,506 | ||||||||||
Other Surgical Products | 1,059 | 703 | 3,122 | 1,810 | ||||||||||
Total | $ | 17,106 | $ | 15,866 | $ | 53,271 | $ | 47,316 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Schedule Of Compensation Cost [Table Text Block] | ' | |||||||||||||
The cost that has been charged against income for stock-based compensation is set forth below (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September | September | September | September | |||||||||||
27, | 28, | 27, | 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Employee stock options | $ | 576 | $ | 660 | $ | 2,068 | $ | 1,850 | ||||||
Restricted stock expense | 283 | 170 | 718 | 433 | ||||||||||
Consultant compensation | 47 | 8 | 138 | 34 | ||||||||||
Total | $ | 906 | $ | 838 | $ | 2,924 | $ | 2,317 | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Expected dividend yield | 0% | 0% | 0% | 0% | ||||||||||
Expected volatility | 58.43% | 80.28% | 71.69% | 79.48% | ||||||||||
Risk-free interest rate | 1.32% | 0.63% | 0.69% | 0.82% | ||||||||||
Expected term (in years) | 4.12 | 5.21 | 4.12 | 5.21 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
A summary of option activity under the Plan as of September 27, 2013 is presented below: | ||||||||||||||
Options | Restricted | Warrants | ||||||||||||
Shares | Shares | Shares | ||||||||||||
(000’s) | (000’s) | (000’s) | ||||||||||||
Outstanding at December 28, 2012 | 3,376 | 205 | 1,470 | |||||||||||
Granted | 560 | 153 | — | |||||||||||
Exercised | -515 | -17 | — | |||||||||||
Forfeited or expired | -30 | — | -70 | |||||||||||
Outstanding at September 27, 2013 | 3,391 | 341 | 1,400 | |||||||||||
Exercisable at September 27, 2013 | 2,198 | — | 1,400 | |||||||||||
Manufacturing_Consolidation_Pr1
Manufacturing Consolidation Project and Tax Strategy (Tables) | 9 Months Ended | ||||||||||
Sep. 27, 2013 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | ' | ||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||
A summary of the costs associated with this initiative is presented below as of September 27, 2013 (in thousands): | |||||||||||
Termination Benefits | Other Associated Costs | Total | |||||||||
Liability at December 28, 2012 | $ | 504 | $ | 293 | $ | 797 | |||||
Costs incurred and charged to expense | $ | 376 | $ | 1,629 | $ | 2,005 | |||||
Cash payments | $ | -105 | $ | -1,867 | $ | -1,972 | |||||
Liability at September 27, 2013 | $ | 775 | $ | 55 | $ | 830 | |||||
Total costs incurred to date | $ | 1,276 | $ | 4,425 | $ | 5,701 | |||||
Total costs expected to be incurred | $ | 1,592 | $ | 4,608 | $ | 6,200 | |||||
Inventories_Details
Inventories (Details) (USD $) | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ' | ' |
Raw materials and purchased parts | $1,647 | $1,946 |
Work-in-process | 2,999 | 1,318 |
Finished goods | 7,968 | 8,945 |
Inventory, Gross | 12,614 | 12,209 |
Less: inventory reserves | 734 | 536 |
Inventory, Net | $11,880 | $11,673 |
Prepaids_Deposits_and_Other_Cu2
Prepaids, Deposits, and Other Current Assets (Details) (USD $) | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Line Items] | ' | ' |
Prepaid vendors | $1,522 | $1,044 |
Prepaid insurance | 361 | 628 |
Value added tax (VAT) receivable | 402 | 307 |
Other current assets | 418 | 204 |
Prepaid Expenses Deposits and Other Assets Current | $2,703 | $2,183 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Machinery and equipment | $15,825 | $14,734 |
Furniture and fixtures | 3,384 | 3,483 |
Leasehold improvements | 6,585 | 5,281 |
Property, Plant and Equipment, Gross | 25,794 | 23,498 |
Less: accumulated depreciation | 19,282 | 18,059 |
Property, Plant and Equipment, Net | $6,512 | $5,439 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets (Details) (USD $) | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | $13,269 | $13,787 |
Amortizable intangible assets, Accumulated Amortization | -11,702 | -11,645 |
Amortizable intangible assets, Net | 1,567 | 2,142 |
Patents and Licenses [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 10,678 | 10,786 |
Amortizable intangible assets, Accumulated Amortization | -10,014 | -9,875 |
Amortizable intangible assets, Net | 664 | 911 |
Customer Relationships [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 1,584 | 1,835 |
Amortizable intangible assets, Accumulated Amortization | -911 | -917 |
Amortizable intangible assets, Net | 673 | 918 |
Developed technology [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 1,007 | 1,166 |
Amortizable intangible assets, Accumulated Amortization | -777 | -853 |
Amortizable intangible assets, Net | $230 | $313 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 27, 2013 | Dec. 28, 2012 | ||
In Thousands, unless otherwise specified | ||||
Other Liabilities, Current [Line Items] | ' | ' | ||
Accrued salaries and wages | $1,962 | $1,950 | ||
Accrued bonuses | 985 | 500 | ||
Accrued severance | 776 | 499 | ||
Customer credit balances | 190 | 324 | ||
Accrued insurance | 196 | 515 | ||
Accrued audit fees | 384 | 396 | ||
Accrued tax preparation fees | 343 | 119 | ||
Accrued income taxes | 411 | 451 | ||
Other | 805 | [1] | 948 | [1] |
Other Liabilities, Current | $6,052 | $5,702 | ||
[1] | No item in “Other†above exceeds 5% of the total other current liabilities |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $81 | $122 | $284 | $364 |
Interest cost | 0 | 34 | 52 | 102 |
Expected return on plan assets | -25 | -28 | -73 | -81 |
Amortization of unrecognized transitional obligation | 0 | 4 | 4 | 12 |
Amortization of prior service cost | 0 | 0 | 0 | -1 |
Recognized actuarial gain | -69 | -1 | -50 | -4 |
Net periodic pension cost | ($13) | $131 | $217 | $392 |
Pension_Plans_Details_Textual
Pension Plans (Details Textual) (Swiss Plan [Member], USD $) | 9 Months Ended | |
Sep. 27, 2013 | Sep. 28, 2012 | |
Swiss Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Contributions By Employer | $175,000 | $176,000 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $58,000 | ' |
Basic_and_Diluted_Income_Per_S2
Basic and Diluted Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | $525 | ($90) | $1,274 | ($349) |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding | 37,108 | 36,495 | 36,860 | 36,378 |
Less: Unvested restricted stock | 358 | 203 | 308 | 172 |
Denominator for basic calculation | 36,750 | 36,292 | 36,552 | 36,206 |
Weighted average effects of dilutive equity-based compensation awards: | ' | ' | ' | ' |
Employee stock options and restricted stock | 1,612 | 0 | 1,188 | 0 |
Warrants | 922 | 0 | 742 | 0 |
Denominator for diluted calculation | 39,284 | 36,292 | 38,482 | 36,206 |
Net income (loss) per share - basic (in dollars per share) | $0.01 | $0 | $0.03 | ($0.01) |
Net income (loss) per share - diluted (in dollars per share) | $0.01 | $0 | $0.03 | ($0.01) |
Basic_and_Diluted_Income_Per_S3
Basic and Diluted Income Per Share (Details 1) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti - dilutive securities which were not included in the calculation of diluted per share amounts (in shares) | 1,001 | 3,788 | 1,091 | 2,619 |
Options and Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti - dilutive securities which were not included in the calculation of diluted per share amounts (in shares) | 1,001 | 3,183 | 1,091 | 1,813 |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti - dilutive securities which were not included in the calculation of diluted per share amounts (in shares) | 0 | 605 | 0 | 806 |
Geographic_and_Product_Data_De
Geographic and Product Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | $17,106 | $15,866 | $53,271 | $47,316 |
United States [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 2,993 | 3,038 | 9,388 | 9,428 |
Japan [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 4,040 | 4,237 | 13,427 | 12,187 |
China [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 2,275 | 2,444 | 6,575 | 6,691 |
Korea [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 1,982 | 1,755 | 5,851 | 5,379 |
Spain [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 1,012 | 808 | 3,466 | 1,850 |
Others [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | $4,804 | $3,584 | $14,564 | $11,781 |
Geographic_and_Product_Data_De1
Geographic and Product Data (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | $17,106 | $15,866 | $53,271 | $47,316 |
Implantable Collamer Lenses [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | 10,725 | 9,111 | 32,616 | 26,321 |
Intraocular Lenses [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | 5,322 | 6,052 | 17,533 | 19,185 |
Core Products [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | 16,047 | 15,163 | 50,149 | 45,506 |
Other Surgical Products [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,059 | $703 | $3,122 | $1,810 |
Geographic_and_Product_Data_De2
Geographic and Product Data (Details Textual) | 9 Months Ended |
Sep. 27, 2013 | |
Geographic and Product Data [Line Items] | ' |
Disclosure on Geographic Areas, Description of Revenue from External Customers | 'The Company markets and sells its products in over 60 countries and has manufacturing sites in the United States and Switzerland. Other than the United States, Japan, Korea, China, and Spain, the Company does not conduct business in any country in which its sales exceed 5% of consolidated sales. Sales are attributed to countries based on location of customers. 100% of the Company’s sales are generated from the ophthalmic surgical product segment and therefore the Company operates as one operating segment for financial reporting purposes. |
Number of Countries in which Entity Operates | 60 |
Segment Sales To Consolidated Sales Percentage | 5.00% |
Ophthalmic Surgical Product [Member] | ' |
Geographic and Product Data [Line Items] | ' |
Segment Sales To Consolidated Sales Percentage | 100.00% |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Employee stock options | $576 | $660 | $2,068 | $1,850 |
Restricted stock expense | 283 | 170 | 718 | 433 |
Consultant compensation | 47 | 8 | 138 | 34 |
Total | $906 | $838 | $2,924 | $2,317 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Sep. 28, 2012 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 58.43% | 80.28% | 71.69% | 79.48% |
Risk-free interest rate | 1.32% | 0.63% | 0.69% | 0.82% |
Expected term (in years) | '4 years 1 month 13 days | '5 years 2 months 16 days | '4 years 1 month 13 days | '5 years 2 months 16 days |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) | 9 Months Ended |
Sep. 27, 2013 | |
Employee Stock Option [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options, Outstanding at December 28, 2012, Shares | 3,376,000 |
Options, Granted, shares | 560,000 |
Options, Exercised, Shares | -515,000 |
Options, Forfeited or expired, Shares | -30,000 |
Options, Outstanding at September 27, 2013, Shares | 3,391,000 |
Options, Exercisable at September 27, 2013, Shares | 2,198,000 |
Restricted Stock [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options, Outstanding at December 28, 2012, Shares | 205,000 |
Options, Granted, shares | 153,000 |
Options, Exercised, Shares | -17,000 |
Options, Forfeited or expired, Shares | 0 |
Options, Outstanding at September 27, 2013, Shares | 341,000 |
Options, Exercisable at September 27, 2013, Shares | 0 |
Warrant [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options, Outstanding at December 28, 2012, Shares | 1,470,000 |
Options, Granted, shares | 0 |
Options, Exercised, Shares | 0 |
Options, Forfeited or expired, Shares | -70,000 |
Options, Outstanding at September 27, 2013, Shares | 1,400,000 |
Options, Exercisable at September 27, 2013, Shares | 1,400,000 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 9 Months Ended | |
Sep. 27, 2013 | Dec. 28, 2012 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 36,955,000 | 36,423,000 |
Estimated Forfeiture Rate | 9.92% | ' |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Share based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Of Options Granted | '15 years | ' |
Restricted Stock [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 341,100 | ' |
Common stock, shares authorized | 1,400,270 | ' |
2003 Stock Option Plan [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 3,390,915 | ' |
Lower Range of Exercise Prices | 0.95 | ' |
Upper Range of Exercise Prices | 12.87 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '10 years | ' |
Income_Taxes_Detail_Textual
Income Taxes (Detail Textual) (USD $) | 9 Months Ended | |
Sep. 27, 2013 | Dec. 28, 2012 | |
Income Taxes [Line Items] | ' | ' |
Deferred Tax Assets, Valuation Allowance | $433,000 | $1,000,000 |
Operating Loss Carryforwards | 122,500,000 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $433,000 | ' |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | 'The valuation allowance as of December 28, 2012 of $1.0 million was reduced to $430,000 primarily due to the utilization of STAAR Japan’s net operating loss carryover during the nine months ended September 27, 2013. | ' |
Manufacturing_Consolidation_Pr2
Manufacturing Consolidation Project and Tax Strategy (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2013 |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability at December 28, 2012 | $797 |
Costs incurred and charged to expense | 2,005 |
Cash payments | -1,972 |
Liability at September 27, 2013 | 830 |
Total costs incurred to date | 5,701 |
Total costs expected to be incurred | 6,200 |
Termination Benefits [Member] | ' |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability at December 28, 2012 | 504 |
Costs incurred and charged to expense | 376 |
Cash payments | -105 |
Liability at September 27, 2013 | 775 |
Total costs incurred to date | 1,276 |
Total costs expected to be incurred | 1,592 |
Other Associated Costs [Member] | ' |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability at December 28, 2012 | 293 |
Costs incurred and charged to expense | 1,629 |
Cash payments | -1,867 |
Liability at September 27, 2013 | 55 |
Total costs incurred to date | 4,425 |
Total costs expected to be incurred | $4,608 |
Manufacturing_Consolidation_Pr3
Manufacturing Consolidation Project and Tax Strategy (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Dec. 28, 2013 |
Subsequent Event [Member] | ||
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' | ' |
Estimated Cost Of Project | $6.20 | ' |
Cost Of Project | 5.7 | ' |
Estimated Cost Of Project Capital | 2 | 2.3 |
Operating Loss Carryforwards | $122.50 | ' |