Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Oct. 03, 2014 | Oct. 26, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 3-Oct-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'STAAR SURGICAL CO | ' |
Trading Symbol | 'STAA | ' |
Entity Common Stock, Shares Outstanding | ' | 38,653,734 |
Entity Central Index Key | '0000718937 | ' |
Current Fiscal Year End Date | '--01-02 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 03, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $18,359 | $22,954 |
Accounts receivable trade, net of allowance for doubtful accounts of $1,517 and $1,449, respectively | 11,666 | 10,731 |
Inventories, net | 15,731 | 12,514 |
Prepaids, deposits and other current assets | 3,293 | 3,503 |
Deferred income taxes | 361 | 373 |
Total current assets | 49,410 | 50,075 |
Property, plant and equipment, net | 9,339 | 7,405 |
Intangible assets, net | 1,033 | 1,380 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 586 | 626 |
Other assets | 640 | 659 |
Total assets | 62,794 | 61,931 |
Current liabilities: | ' | ' |
Line of credit | 4,600 | 4,750 |
Accounts payable | 6,259 | 6,263 |
Deferred income taxes | 738 | 739 |
Obligations under capital leases | 419 | 288 |
Other current liabilities | 4,989 | 6,372 |
Total current liabilities | 17,005 | 18,412 |
Obligations under capital leases | 538 | 141 |
Deferred income taxes | 1,773 | 1,654 |
Asset retirement obligations | 127 | 157 |
Pension liability | 2,708 | 2,715 |
Total liabilities | 22,151 | 23,079 |
Commitments and contingencies (Note 12) | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $0.01 par value; 60,000 shares authorized; 38,390 and 37,911 shares issued and outstanding at October 3, 2014 and January 3, 2014 | 384 | 379 |
Additional paid-in capital | 178,049 | 170,246 |
Accumulated other comprehensive income | 119 | 282 |
Accumulated deficit | -137,909 | -132,055 |
Total stockholders’ equity | 40,643 | 38,852 |
Total liabilities and stockholders’ equity | $62,794 | $61,931 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Oct. 03, 2014 | Jan. 03, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable | $1,517 | $1,449 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 38,390 | 37,911 |
Common stock, shares outstanding | 38,390 | 37,911 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Net sales | $18,188 | $17,106 | $58,414 | $53,271 |
Cost of sales | 6,319 | 5,047 | 18,995 | 15,939 |
Gross profit | 11,869 | 12,059 | 39,419 | 37,332 |
General and administrative | 3,250 | 4,140 | 13,968 | 12,021 |
Marketing and selling | 7,026 | 5,527 | 20,189 | 16,471 |
Research and development | 3,137 | 1,684 | 9,118 | 4,736 |
Medical device tax | 9 | 45 | 96 | 149 |
Other general and administrative expenses | 0 | 490 | 334 | 2,004 |
Operating income (loss) | -1,553 | 173 | -4,286 | 1,951 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 7 | 9 | 26 | 23 |
Interest expense | -35 | -38 | -102 | -134 |
Gain (loss) on foreign currency transactions | -628 | 226 | -696 | -38 |
Other income, net | 51 | 130 | 338 | 360 |
Other income (expense), net | -605 | 327 | -434 | 211 |
Income (loss) before provision (benefit) for income taxes | -2,158 | 500 | -4,720 | 2,162 |
Provision (benefit) for income taxes | 548 | -25 | 1,134 | 888 |
Net income (loss) | ($2,706) | $525 | ($5,854) | $1,274 |
Net income (loss) per share - basic (in dollars per share) | ($0.07) | $0.01 | ($0.15) | $0.03 |
Net income (loss) per share - diluted (in dollars per share) | ($0.07) | $0.01 | ($0.15) | $0.03 |
Weighted average shares outstanding - basic (in shares) | 38,369 | 36,750 | 38,044 | 36,552 |
Weighted average shares outstanding - diluted (in shares) | 38,369 | 39,284 | 38,044 | 38,482 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Net income (loss) | ($2,706) | $525 | ($5,854) | $1,274 |
Defined benefit pension plans: | ' | ' | ' | ' |
Net change in plan assets | -9 | 65 | -32 | 35 |
Reclassification into earnings | 6 | -69 | 18 | -50 |
Impact for change in discount rate | 0 | 0 | -558 | 0 |
Curtailment gain | 150 | 0 | 687 | 0 |
Foreign currency translation loss | -704 | -92 | -402 | -986 |
Tax effect | 231 | -1 | 124 | -6 |
Other comprehensive loss | -326 | -97 | -163 | -1,007 |
Comprehensive income (loss) | ($3,032) | $428 | ($6,017) | $267 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($5,854) | $1,274 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation of property and equipment | 1,520 | 1,325 |
Amortization of intangibles | 317 | 334 |
Deferred income taxes | 161 | -220 |
Fair value adjustment of warrant | 0 | -27 |
Loss on disposal of property and equipment | 0 | 172 |
Change in net pension liability | 118 | 124 |
Stock-based compensation expense | 4,736 | 2,924 |
Accretion of asset retirement obligation | 3 | 9 |
Other | 0 | 157 |
Changes in working capital: | ' | ' |
Accounts receivable, net | -1,064 | -1,423 |
Inventories, net | -3,191 | -707 |
Prepaids, deposits and other current assets | 207 | -614 |
Accounts payable | -17 | -389 |
Other current liabilities | -1,364 | 489 |
Net cash (used in) provided by operating activities | -4,428 | 3,428 |
Cash flows from investing activities: | ' | ' |
Disposal of property and equipment | 68 | 0 |
Acquisition of property and equipment | -2,517 | -2,984 |
Net cash used in investing activities | -2,449 | -2,984 |
Cash flows from financing activities: | ' | ' |
Repayment of capital lease obligations | -372 | -675 |
Proceeds from exercise of stock options | 2,793 | 2,723 |
Net cash provided by financing activities | 2,421 | 2,048 |
Effect of exchange rate changes on cash and cash equivalents | -139 | -816 |
Increase (decrease) in cash and cash equivalents | -4,595 | 1,676 |
Cash and cash equivalents, at beginning of the period | 22,954 | 21,675 |
Cash and cash equivalents, at end of the period | $18,359 | $23,351 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Oct. 03, 2014 | |
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 January 3, 2014. | |
The condensed consolidated financial statements for the nine months ended October 3, 2014 and September 27, 2013, 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 October 3, 2014 and September 27, 2013 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. | |
Prior Year Reclassifications | |
Certain reclassifications have been made to the prior periods’ unaudited condensed financial statements to conform to the current period’s presentation. | |
Recent Accounting Pronouncements | |
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Shared Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force)”. ASU 2014-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company is assessing the impact, if any, to the consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company expects to adopt this guidance when effective, and the impact on its consolidated financial statements is not currently estimable. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about and Entity’s Ability to Continue as a Going Concern”. Currently there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. This amends that guidance requiring management to assess the entity’s ability to continue as a going concern. This guidance is effective for fiscal years ending after December 15, 2016. Early adoption is permitted. The Company expects to adopt this guidance when effective, and is not expected to have an impact on the consolidated financial statements. | |
Inventories_Net
Inventories, Net | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 2 — Inventories, Net | ||||||||
Inventories are stated at the lower of cost or market, determined on a first-in, first-out basis, and consisted of the following (in thousands): | ||||||||
October 3, | January 3, | |||||||
2014 | 2014 | |||||||
Raw materials and purchased parts | $ | 2,077 | $ | 1,367 | ||||
Work-in-process | 2,147 | 913 | ||||||
Finished goods | 12,861 | 11,029 | ||||||
17,085 | 13,309 | |||||||
Less: inventory reserves | 1,354 | 795 | ||||||
$ | 15,731 | $ | 12,514 | |||||
Prepaids_Deposits_and_Other_Cu
Prepaids, Deposits, and Other Current Assets | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
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): | ||||||||
October 3, | January 3, | |||||||
2014 | 2014 | |||||||
Prepaid and deposits | $ | 1,740 | $ | 2,157 | ||||
Value added tax (VAT) receivable | 800 | 618 | ||||||
Deferred charges for foreign profits | 378 | 362 | ||||||
Other current assets | 375 | 366 | ||||||
$ | 3,293 | $ | 3,503 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Note 4 — Property, Plant and Equipment, Net | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
October 3, | January 3, | |||||||
2014 | 2014 | |||||||
Machinery and equipment | $ | 16,473 | $ | 16,225 | ||||
Furniture and fixtures | 5,291 | 4,837 | ||||||
Leasehold improvements | 7,662 | 6,552 | ||||||
29,426 | 27,614 | |||||||
Less: accumulated depreciation | 20,087 | 20,209 | ||||||
$ | 9,339 | $ | 7,405 | |||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 9 Months Ended | |||||||||||||||||||
Oct. 03, 2014 | ||||||||||||||||||||
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): | ||||||||||||||||||||
October 3, 2014 | January 3, 2014 | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 10,617 | $ | -10,213 | $ | 404 | $ | 10,637 | $ | -10,057 | $ | 580 | ||||||||
Customer relationships | 1,443 | -974 | 469 | 1,490 | -894 | 596 | ||||||||||||||
Developed technology | 917 | -757 | 160 | 947 | -743 | 204 | ||||||||||||||
Total | $ | 12,977 | $ | -11,944 | $ | 1,033 | $ | 13,074 | $ | -11,694 | $ | 1,380 | ||||||||
Other_Current_Liabilities
Other Current Liabilities | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
Note 6 – Other Current Liabilities | ||||||||
Other current liabilities consisted of the following (in thousands): | ||||||||
October 3, 2013 | January 3, 2014 | |||||||
Accrued salaries and wages | $ | 1,936 | $ | 1,630 | ||||
Accrued income taxes | 523 | 485 | ||||||
Accrued audit fees | 426 | 328 | ||||||
Accrued commissions | 360 | 528 | ||||||
A/R credit balances | 252 | 153 | ||||||
Accrued severance | 245 | 731 | ||||||
Accrued insurance | 39 | 551 | ||||||
Accrued bonuses | - | 935 | ||||||
Other (1) | 1,208 | 1,031 | ||||||
$ | 4,989 | $ | 6,372 | |||||
(1)No item in “Other” above exceeds 5% of the total other current liabilities. | ||||||||
Pension_Plans
Pension Plans | 9 Months Ended | |||||||||||||
Oct. 03, 2014 | ||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||
Note 7 – Pension Plans | ||||||||||||||
During the three months ended July 4, 2014, pursuant to the Manufacturing Consolidation Project, the Company terminated certain employees in its Swiss subsidiary resulting in a Swiss pension plan curtailment as defined by ASC 715-30-35, Defined Benefit Plans – Pensions, Settlements, Curtailments, and Certain Termination Benefits. The curtailment resulted in a decrease of $1.2 million in the Swiss pension plan’s projected benefit obligation, of which $0.7 million was used to distribute cash payments to employees resulting in a decrease in plan assets. The remaining $0.5 million was recorded as a curtailment gain measured in accordance with ASC 715-30-35-93. | ||||||||||||||
For the three month period ended October 3, 2014, the Company recorded an additional curtailment in its Swiss pension plan, resulting in an decrease of $0.4 million in the Swiss pension plan’s projected benefit obligation, of which $0.2 million was used to distribute cash payments to employees from plan assets. The remaining $0.2 million was recorded as a curtailment gain measured in accordance with ASC 715-30-35-93. | ||||||||||||||
However, since the Swiss pension plan’s accumulated other comprehensive loss, immediately preceding the curtailments exceeded the curtailment gains, the curtailment gains were fully offset against the loss and no gain was recognized in earnings. | ||||||||||||||
As of July 4, 2014, the discount rate, one of the key assumptions used to calculate the Swiss pension plan’s projected benefit obligation, was reduced from 2.5% to 2%, resulting in an increase to the projected benefit obligation of $0.6 million recorded through an offsetting increase in the accumulated other comprehensive loss account of the Swiss pension plan. As of October 3, 2014, no significant changes to any key assumptions were made. | ||||||||||||||
The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands): | ||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | |||||||||||
Service cost | $ | 116 | $ | 81 | $ | 349 | $ | 284 | ||||||
Interest cost | 30 | — | 102 | 52 | ||||||||||
Expected return on plan assets | -22 | -25 | -76 | -73 | ||||||||||
Amortization of unrecognized transitional obligation | — | — | — | 4 | ||||||||||
Amortization of prior service cost | — | — | — | — | ||||||||||
Recognized actuarial gain | 6 | -69 | 18 | -50 | ||||||||||
$ | 130 | $ | -13 | $ | 393 | $ | 217 | |||||||
During the nine months ended October 3, 2014 and September 27, 2013, the Company made employer contributions totaling approximately $279,000 and $175,000 to its Swiss pension plan and does not expect to make any additional contributions during the remainder of 2014, as the Company has met the annual contribution requirement. 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 | |||||||||||||
Oct. 03, 2014 | ||||||||||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Net income (loss) | $ | -2,706 | $ | 525 | $ | -5,854 | $ | 1,274 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares and denominator for basic calculation: | ||||||||||||||
Weighted average common shares outstanding | 38,618 | 37,108 | 38,311 | 36,860 | ||||||||||
Less: Unvested restricted stock | 249 | 358 | 267 | 308 | ||||||||||
Denominator for basic calculation | 38,369 | 36,750 | 38,044 | 36,552 | ||||||||||
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 | 38,369 | 39,284 | 38,044 | 38,482 | ||||||||||
Net income (loss) per share – basic | $ | -0.07 | $ | 0.01 | $ | -0.15 | $ | 0.03 | ||||||
Net income (loss) per share - diluted | $ | -0.07 | $ | 0.01 | $ | -0.15 | $ | 0.03 | ||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Options | 2,198 | 1,001 | 2,067 | 1,091 | ||||||||||
Restricted stock and units | 312 | — | 244 | — | ||||||||||
Warrants | 460 | — | 509 | — | ||||||||||
Total | 2,970 | 1,001 | 2,820 | 1,091 | ||||||||||
Geographic_and_Product_Data
Geographic and Product Data | 9 Months Ended | |||||||||||||
Oct. 03, 2014 | ||||||||||||||
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, Spain, and France, 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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Japan | $ | 4,792 | $ | 4,040 | $ | 14,349 | $ | 13,427 | ||||||
United States | 2,875 | 2,993 | 8,676 | 9,388 | ||||||||||
China | 2,915 | 2,275 | 7,675 | 6,575 | ||||||||||
Korea | 1,098 | 1,982 | 5,671 | 5,851 | ||||||||||
Spain | 1,178 | 1,012 | 4,270 | 3,466 | ||||||||||
France | 820 | 595 | 2,956 | 1,722 | ||||||||||
Other | 4,510 | 4,209 | 14,817 | 12,842 | ||||||||||
Total | $ | 18,188 | $ | 17,106 | $ | 58,414 | $ | 53,271 | ||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
ICLs | $ | 10,640 | $ | 10,725 | $ | 35,052 | $ | 32,616 | ||||||
IOLs | 5,763 | 5,322 | 18,804 | 17,533 | ||||||||||
Core products | 16,403 | 16,047 | 53,856 | 50,149 | ||||||||||
Other Surgical Products | 1,785 | 1,059 | 4,558 | 3,122 | ||||||||||
Total | $ | 18,188 | $ | 17,106 | $ | 58,414 | $ | 53,271 | ||||||
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, the United States and foreign export and import duties and tariffs, and political instability. | ||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Oct. 03, 2014 | |||||||||||||||||
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 | ||||||||||||||||
October 3, | September 27, | October 3, | September 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Employee stock options | $ | 666 | $ | 576 | $ | 2,138 | $ | 2,068 | |||||||||
Restricted stock | 141 | 283 | 666 | 718 | |||||||||||||
Restricted stock units | 705 | — | 1,857 | — | |||||||||||||
Nonemployee stock options | 41 | 47 | 75 | 138 | |||||||||||||
Total | $ | 1,553 | $ | 906 | $ | 4,736 | $ | 2,924 | |||||||||
The Company recorded stock-based compensation expense in the following categories on the accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 3, | September 27, | October 3, | September 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
General and administrative | $ | 869 | $ | 506 | $ | 2,925 | $ | 1,912 | |||||||||
Marketing and selling | 326 | 211 | 906 | 593 | |||||||||||||
Research and development | 358 | 189 | 905 | 419 | |||||||||||||
Total | $ | 1,553 | $ | 906 | $ | 4,736 | $ | 2,924 | |||||||||
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 restricted stock units (RSUs). 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 3,227,435 shares were outstanding as of October 3, 2014 with exercise prices ranging between $0.95 and $17.62 per share. Grant of restricted stock outstanding under the Plan generally vest over periods of one to three years. Grant of RSUs outstanding under the Plan generally vest based on time, performance or a combination of both. There were 246,763 shares of restricted stock and 289,000 shares of RSUs outstanding as of October 3, 2014. As of October 3, 2014 there were 2,006,452 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 weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of options granted is derived from the historical exercises and post-vesting cancellations, and represents the period of time that options granted are expected to be outstanding. The Company has calculated a 7% estimated forfeiture rate 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 | ||||||||||||||||
October 3, | September 27, | October 3, | September 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Expected volatility | 56.24 | % | 58.43 | % | 55.47 | % | 71.69 | % | |||||||||
Risk-free interest rate | 1.36 | % | 1.32 | % | 1.29 | % | 0.69 | % | |||||||||
Expected term (in years) | 4.12 | 4.12 | 4.12 | 4.12 | |||||||||||||
A summary of option activity under the Plan as of October 3, 2014 is presented below: | |||||||||||||||||
Options | |||||||||||||||||
Shares | |||||||||||||||||
(000’s) | |||||||||||||||||
Outstanding as of January 3, 2014 | 3,299 | ||||||||||||||||
Granted | 614 | ||||||||||||||||
Exercised | -593 | ||||||||||||||||
Forfeited or expired | -93 | ||||||||||||||||
Outstanding as of October 3, 2014 | 3,227 | ||||||||||||||||
Exercisable as of October 3, 2014 | 2,098 | ||||||||||||||||
Warrants outstanding and exercisable as of October 3, 2104 and January 3, 2014 were 700,000. | |||||||||||||||||
A summary of restricted stock and restricted stock units activity under the Plan for the period ending October 3, 2014 is presented below: | |||||||||||||||||
Restricted | Restricted | ||||||||||||||||
Shares | Units | ||||||||||||||||
(000’s) | (000’s) | ||||||||||||||||
Outstanding as of January 3, 2014 | 341 | 135 | |||||||||||||||
Granted | 65 | 304 | |||||||||||||||
Vested | -140 | -135 | |||||||||||||||
Forfeited or expired | -19 | -15 | |||||||||||||||
Outstanding as of October 3, 2014 | 247 | 289 | |||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 11 — Income Taxes | |
The provision for income taxes is determined using an estimated annual effective tax rate. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as the mix of pre-tax earnings in the various tax jurisdictions applicable to the Company, valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax positions, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. | |
The income tax provision for the quarter ended October 3, 2014 was $0.5 million, compared to a small net income tax benefit of $0.03 million reported for the quarter ended September 27, 2013. The income tax benefit recorded in the prior year quarter is due to the release of a valuation allowance at STAAR Japan. The income tax provision for the nine months ended October 3, 2014 and September 27, 2013 was $1.1 million and $0.9 million, respectively. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 03, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 12 — Commitments and Contingencies | |
Litigation and Claims | |
From time to time the Company may be subject to various claims and legal proceedings arising out of the normal course of our business. The Company expenses legal costs as incurred. These claims and legal proceedings may relate to contractual rights and obligations, securities or employment matters, or claims of product liability. The most significant of these actions, and proceedings is described below. STAAR maintains insurance coverage for product liability and certain securities claims. Legal proceedings can extend for several years, and the matter described below concerning the Company is at very early stages of the legal process. As a result, this matter has not yet progressed sufficiently through discovery and/or development of important factual information and legal issues to enable the Company to determine whether the proceeding is material to the Company or to estimate a range of possible loss, if any. Unless otherwise disclosed, the Company is unable to estimate the possible loss or range of loss for the legal proceedings described below. While it is not possible to accurately predict or determine the eventual outcomes of this matter, an adverse determination in one or more of these items currently pending could have a material adverse effect on the Company's consolidated results of operations, financial position or cash flows. | |
Todd v. STAAR | |
On July 8, 2014, a putative securities class action lawsuit was filed by Edward Todd against the Company and three officers in federal court located in Los Angeles, California. The plaintiff claims that STAAR made misleading statements to and omitted material information from the Company’s investors between February 27, 2013 and June 30, 2014 about alleged regulatory violations at the Company’s Monrovia manufacturing facility. The Company was served with the Complaint on July 21, 2014. Although the ultimate outcome of this action cannot be determined with certainty, the Company believes that the allegations in the Complaint are without merit. The Company intends to vigorously defend against this lawsuit. The Company intends to file a motion to dismiss the complaint, when appropriate, in the ongoing proceeding. On October 20, 2014, plaintiff amended its complaint, dismissed two Company officers, added one other officer, and reduced the alleged Class Period to November 1, 2013 to June 30, 2014. | |
Manufacturing_Consolidation_Pr
Manufacturing Consolidation Project and Tax Strategy | 9 Months Ended | ||||||||||
Oct. 03, 2014 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | ' | ||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Text Block] | ' | ||||||||||
Note 13 — Manufacturing Consolidation Project and Tax Strategy | |||||||||||
From fiscal 2011 through June 2014, the Company has devoted significant resources to two initiatives: a project to consolidate global manufacturing and development of a strategy to optimize its global organization for tax purposes. The goal of these initiatives is to further improve upon gross profit margin by streamlining operations, thereby reducing costs and increasing profits in the U.S., to enable the Company to utilize its approximately $122 million in net operating loss carryforwards and at the same time, reduce income taxes in foreign jurisdictions where it pays tax. STAAR had manufactured its products in four facilities worldwide (Monrovia, Ca., Aliso Viejo, Ca., Nidau, Switzerland, and Ichikawa City, Japan). As of June 2014, all international production has been consolidated into the Monrovia site. Aliso Viejo is expected to integrate into Monrovia by the end of 2015. | |||||||||||
The Company has invested approximately $6.3 million since inception of these initiatives, including $334,000 incurred during the nine months ended October 3, 2014, and future expenses, if any, are not expected to be material. These expenses are included in the other general and administrative expenses in the condensed consolidated statements of operations. Expenditures have largely consisted of severance, employee costs, professional fees to advisors and consultants. | |||||||||||
A summary of the activity for these initiatives is presented below for the nine-month period ended October 3, 2014 (in thousands): | |||||||||||
Termination Benefits | Other Associated Costs | Total | |||||||||
Liability as of January 3, 2014 | $ | 731 | $ | 28 | $ | 759 | |||||
Costs incurred and charged to expense | 212 | 122 | 334 | ||||||||
Cash payments | -698 | -150 | -848 | ||||||||
Liability as of October 3, 2014 | $ | 245 | $ | — | $ | 245 | |||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 03, 2014 | |
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 January 3, 2014. | |
The condensed consolidated financial statements for the nine months ended October 3, 2014 and September 27, 2013, 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 October 3, 2014 and September 27, 2013 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. | |
Reclassification, Policy [Policy Text Block] | ' |
Prior Year Reclassifications | |
Certain reclassifications have been made to the prior periods’ unaudited condensed financial statements to conform to the current period’s presentation. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Shared Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force)”. ASU 2014-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company is assessing the impact, if any, to the consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company expects to adopt this guidance when effective, and the impact on its consolidated financial statements is not currently estimable. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about and Entity’s Ability to Continue as a Going Concern”. Currently there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. This amends that guidance requiring management to assess the entity’s ability to continue as a going concern. This guidance is effective for fiscal years ending after December 15, 2016. Early adoption is permitted. The Company expects to adopt this guidance when effective, and is not expected to have an impact on the consolidated financial statements. | |
Inventories_Net_Tables
Inventories, Net (Tables) | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories are stated at the lower of cost or market, determined on a first-in, first-out basis, and consisted of the following (in thousands): | ||||||||
October 3, | January 3, | |||||||
2014 | 2014 | |||||||
Raw materials and purchased parts | $ | 2,077 | $ | 1,367 | ||||
Work-in-process | 2,147 | 913 | ||||||
Finished goods | 12,861 | 11,029 | ||||||
17,085 | 13,309 | |||||||
Less: inventory reserves | 1,354 | 795 | ||||||
$ | 15,731 | $ | 12,514 | |||||
Prepaids_Deposits_and_Other_Cu1
Prepaids, Deposits, and Other Current Assets (Tables) | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
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): | ||||||||
October 3, | January 3, | |||||||
2014 | 2014 | |||||||
Prepaid and deposits | $ | 1,740 | $ | 2,157 | ||||
Value added tax (VAT) receivable | 800 | 618 | ||||||
Deferred charges for foreign profits | 378 | 362 | ||||||
Other current assets | 375 | 366 | ||||||
$ | 3,293 | $ | 3,503 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
October 3, | January 3, | |||||||
2014 | 2014 | |||||||
Machinery and equipment | $ | 16,473 | $ | 16,225 | ||||
Furniture and fixtures | 5,291 | 4,837 | ||||||
Leasehold improvements | 7,662 | 6,552 | ||||||
29,426 | 27,614 | |||||||
Less: accumulated depreciation | 20,087 | 20,209 | ||||||
$ | 9,339 | $ | 7,405 | |||||
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Oct. 03, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||
Amortizable intangible assets consisted of the following (in thousands): | ||||||||||||||||||||
October 3, 2014 | January 3, 2014 | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 10,617 | $ | -10,213 | $ | 404 | $ | 10,637 | $ | -10,057 | $ | 580 | ||||||||
Customer relationships | 1,443 | -974 | 469 | 1,490 | -894 | 596 | ||||||||||||||
Developed technology | 917 | -757 | 160 | 947 | -743 | 204 | ||||||||||||||
Total | $ | 12,977 | $ | -11,944 | $ | 1,033 | $ | 13,074 | $ | -11,694 | $ | 1,380 | ||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Oct. 03, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Other current liabilities consisted of the following (in thousands): | ||||||||
October 3, 2013 | January 3, 2014 | |||||||
Accrued salaries and wages | $ | 1,936 | $ | 1,630 | ||||
Accrued income taxes | 523 | 485 | ||||||
Accrued audit fees | 426 | 328 | ||||||
Accrued commissions | 360 | 528 | ||||||
A/R credit balances | 252 | 153 | ||||||
Accrued severance | 245 | 731 | ||||||
Accrued insurance | 39 | 551 | ||||||
Accrued bonuses | - | 935 | ||||||
Other (1) | 1,208 | 1,031 | ||||||
$ | 4,989 | $ | 6,372 | |||||
(1)No item in “Other” above exceeds 5% of the total other current liabilities. | ||||||||
Pension_Plans_Tables
Pension Plans (Tables) | 9 Months Ended | |||||||||||||
Oct. 03, 2014 | ||||||||||||||
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 Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | |||||||||||
Service cost | $ | 116 | $ | 81 | $ | 349 | $ | 284 | ||||||
Interest cost | 30 | — | 102 | 52 | ||||||||||
Expected return on plan assets | -22 | -25 | -76 | -73 | ||||||||||
Amortization of unrecognized transitional obligation | — | — | — | 4 | ||||||||||
Amortization of prior service cost | — | — | — | — | ||||||||||
Recognized actuarial gain | 6 | -69 | 18 | -50 | ||||||||||
$ | 130 | $ | -13 | $ | 393 | $ | 217 | |||||||
Basic_and_Diluted_Income_Per_S1
Basic and Diluted Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Oct. 03, 2014 | ||||||||||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Net income (loss) | $ | -2,706 | $ | 525 | $ | -5,854 | $ | 1,274 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares and denominator for basic calculation: | ||||||||||||||
Weighted average common shares outstanding | 38,618 | 37,108 | 38,311 | 36,860 | ||||||||||
Less: Unvested restricted stock | 249 | 358 | 267 | 308 | ||||||||||
Denominator for basic calculation | 38,369 | 36,750 | 38,044 | 36,552 | ||||||||||
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 | 38,369 | 39,284 | 38,044 | 38,482 | ||||||||||
Net income (loss) per share – basic | $ | -0.07 | $ | 0.01 | $ | -0.15 | $ | 0.03 | ||||||
Net income (loss) per share - diluted | $ | -0.07 | $ | 0.01 | $ | -0.15 | $ | 0.03 | ||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Options | 2,198 | 1,001 | 2,067 | 1,091 | ||||||||||
Restricted stock and units | 312 | — | 244 | — | ||||||||||
Warrants | 460 | — | 509 | — | ||||||||||
Total | 2,970 | 1,001 | 2,820 | 1,091 | ||||||||||
Geographic_and_Product_Data_Ta
Geographic and Product Data (Tables) | 9 Months Ended | |||||||||||||
Oct. 03, 2014 | ||||||||||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Japan | $ | 4,792 | $ | 4,040 | $ | 14,349 | $ | 13,427 | ||||||
United States | 2,875 | 2,993 | 8,676 | 9,388 | ||||||||||
China | 2,915 | 2,275 | 7,675 | 6,575 | ||||||||||
Korea | 1,098 | 1,982 | 5,671 | 5,851 | ||||||||||
Spain | 1,178 | 1,012 | 4,270 | 3,466 | ||||||||||
France | 820 | 595 | 2,956 | 1,722 | ||||||||||
Other | 4,510 | 4,209 | 14,817 | 12,842 | ||||||||||
Total | $ | 18,188 | $ | 17,106 | $ | 58,414 | $ | 53,271 | ||||||
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 | |||||||||||||
October 3, | September 27, | October 3, | September 27, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
ICLs | $ | 10,640 | $ | 10,725 | $ | 35,052 | $ | 32,616 | ||||||
IOLs | 5,763 | 5,322 | 18,804 | 17,533 | ||||||||||
Core products | 16,403 | 16,047 | 53,856 | 50,149 | ||||||||||
Other Surgical Products | 1,785 | 1,059 | 4,558 | 3,122 | ||||||||||
Total | $ | 18,188 | $ | 17,106 | $ | 58,414 | $ | 53,271 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 03, 2014 | |||||||||||||||||
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 | ||||||||||||||||
October 3, | September 27, | October 3, | September 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Employee stock options | $ | 666 | $ | 576 | $ | 2,138 | $ | 2,068 | |||||||||
Restricted stock | 141 | 283 | 666 | 718 | |||||||||||||
Restricted stock units | 705 | — | 1,857 | — | |||||||||||||
Nonemployee stock options | 41 | 47 | 75 | 138 | |||||||||||||
Total | $ | 1,553 | $ | 906 | $ | 4,736 | $ | 2,924 | |||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
The Company recorded stock-based compensation expense in the following categories on the accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 3, | September 27, | October 3, | September 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
General and administrative | $ | 869 | $ | 506 | $ | 2,925 | $ | 1,912 | |||||||||
Marketing and selling | 326 | 211 | 906 | 593 | |||||||||||||
Research and development | 358 | 189 | 905 | 419 | |||||||||||||
Total | $ | 1,553 | $ | 906 | $ | 4,736 | $ | 2,924 | |||||||||
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 | ||||||||||||||||
October 3, | September 27, | October 3, | September 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Expected volatility | 56.24 | % | 58.43 | % | 55.47 | % | 71.69 | % | |||||||||
Risk-free interest rate | 1.36 | % | 1.32 | % | 1.29 | % | 0.69 | % | |||||||||
Expected term (in years) | 4.12 | 4.12 | 4.12 | 4.12 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
A summary of option activity under the Plan as of October 3, 2014 is presented below: | |||||||||||||||||
Options | |||||||||||||||||
Shares | |||||||||||||||||
(000’s) | |||||||||||||||||
Outstanding as of January 3, 2014 | 3,299 | ||||||||||||||||
Granted | 614 | ||||||||||||||||
Exercised | -593 | ||||||||||||||||
Forfeited or expired | -93 | ||||||||||||||||
Outstanding as of October 3, 2014 | 3,227 | ||||||||||||||||
Exercisable as of October 3, 2014 | 2,098 | ||||||||||||||||
A summary of restricted stock and restricted stock units activity under the Plan for the period ending October 3, 2014 is presented below: | |||||||||||||||||
Restricted | Restricted | ||||||||||||||||
Shares | Units | ||||||||||||||||
(000’s) | (000’s) | ||||||||||||||||
Outstanding as of January 3, 2014 | 341 | 135 | |||||||||||||||
Granted | 65 | 304 | |||||||||||||||
Vested | -140 | -135 | |||||||||||||||
Forfeited or expired | -19 | -15 | |||||||||||||||
Outstanding as of October 3, 2014 | 247 | 289 | |||||||||||||||
Manufacturing_Consolidation_Pr1
Manufacturing Consolidation Project and Tax Strategy (Tables) | 9 Months Ended | ||||||||||
Oct. 03, 2014 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | ' | ||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||
A summary of the activity for these initiatives is presented below for the nine-month period ended October 3, 2014 (in thousands): | |||||||||||
Termination Benefits | Other | Total | |||||||||
Associated Costs | |||||||||||
Liability at January 3, 2014 | $ | 731 | $ | 28 | $ | 759 | |||||
Costs incurred and charged to expense | 212 | 122 | 334 | ||||||||
Cash payments | -698 | -150 | -848 | ||||||||
Liability at October 3, 2014 | $ | 245 | - | 245 | |||||||
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Oct. 03, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ' | ' |
Raw materials and purchased parts | $2,077 | $1,367 |
Work-in-process | 2,147 | 913 |
Finished goods | 12,861 | 11,029 |
Inventory, Gross | 17,085 | 13,309 |
Less: inventory reserves | 1,354 | 795 |
Inventory, Net | $15,731 | $12,514 |
Prepaids_Deposits_and_Other_Cu2
Prepaids, Deposits, and Other Current Assets (Details) (USD $) | Oct. 03, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Line Items] | ' | ' |
Prepaid and deposits | $1,740 | $2,157 |
Value added tax (VAT) receivable | 800 | 618 |
Deferred charges for foreign profits | 378 | 362 |
Other current assets | 375 | 366 |
Prepaid Expenses Deposits and Other Assets Current | $3,293 | $3,503 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | Oct. 03, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Machinery and equipment | $16,473 | $16,225 |
Furniture and fixtures | 5,291 | 4,837 |
Leasehold improvements | 7,662 | 6,552 |
Property, Plant and Equipment, Gross | 29,426 | 27,614 |
Less: accumulated depreciation | 20,087 | 20,209 |
Property, Plant and Equipment, Net | $9,339 | $7,405 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets (Details) (USD $) | Oct. 03, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | $12,977 | $13,074 |
Amortizable intangible assets, Accumulated Amortization | -11,944 | -11,694 |
Amortizable intangible assets, Net | 1,033 | 1,380 |
Patents and Licenses [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 10,617 | 10,637 |
Amortizable intangible assets, Accumulated Amortization | -10,213 | -10,057 |
Amortizable intangible assets, Net | 404 | 580 |
Customer relationships [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 1,443 | 1,490 |
Amortizable intangible assets, Accumulated Amortization | -974 | -894 |
Amortizable intangible assets, Net | 469 | 596 |
Developed technology [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 917 | 947 |
Amortizable intangible assets, Accumulated Amortization | -757 | -743 |
Amortizable intangible assets, Net | $160 | $204 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Oct. 03, 2014 | Jan. 03, 2014 | ||
In Thousands, unless otherwise specified | ||||
Other Liabilities, Current [Line Items] | ' | ' | ||
Accrued salaries and wages | $1,936 | $1,630 | ||
Accrued income taxes | 523 | 485 | ||
Accrued audit fees | 426 | 328 | ||
Accrued commissions | 360 | 528 | ||
A/R credit balances | 252 | 153 | ||
Accrued severance | 245 | 731 | ||
Accrued insurance | 39 | 551 | ||
Accrued bonuses | 0 | 935 | ||
Other | 1,208 | [1] | 1,031 | [1] |
Other Liabilities, Current | $4,989 | $6,372 | ||
[1] | No item in “Other†above exceeds 5% of the total other current liabilities. |
Other_Current_Liabilities_Deta1
Other Current Liabilities (Details Textual) | 9 Months Ended |
Oct. 03, 2014 | |
Other Liabilities, Current [Line Items] | ' |
Percentage Of Other Current Liabilities | 5.00% |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $116 | $81 | $349 | $284 |
Interest cost | 30 | 0 | 102 | 52 |
Expected return on plan assets | -22 | -25 | -76 | -73 |
Amortization of unrecognized transitional obligation | 0 | 0 | 0 | 4 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized actuarial gain | 6 | -69 | 18 | -50 |
Net periodic pension cost | $130 | ($13) | $393 | $217 |
Pension_Plans_Details_Textual
Pension Plans (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 | Jul. 05, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $400,000 | ' | $1,200,000 | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 200,000 | ' | 700,000 | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 150,000 | 0 | 687,000 | 0 | ' |
Defined Benefit Plan, Benefit Obligation | ' | ' | ' | ' | 600,000 |
Maximum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | ' | ' | ' | ' | 2.50% |
Minimum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | ' | ' | ' | ' | 2.00% |
Swiss Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Contributions By Employer | ' | ' | $279,000 | $175,000 | ' |
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 | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | ($2,706) | $525 | ($5,854) | $1,274 |
Weighted average common shares and denominator for basic calculation: | ' | ' | ' | ' |
Weighted average common shares outstanding | 38,618 | 37,108 | 38,311 | 36,860 |
Less: Unvested restricted stock | 249 | 358 | 267 | 308 |
Denominator for basic calculation | 38,369 | 36,750 | 38,044 | 36,552 |
Weighted average effects of dilutive equity-based compensation awards: | ' | ' | ' | ' |
Employee stock options and restricted stock | 0 | 1,612 | 0 | 1,188 |
Warrants | 0 | 922 | 0 | 742 |
Denominator for diluted calculation | 38,369 | 39,284 | 38,044 | 38,482 |
Net income (loss) per share - basic (in dollars per share) | ($0.07) | $0.01 | ($0.15) | $0.03 |
Net income (loss) per share - diluted (in dollars per share) | ($0.07) | $0.01 | ($0.15) | $0.03 |
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 | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,970 | 1,001 | 2,820 | 1,091 |
Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,198 | 1,001 | 2,067 | 1,091 |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 312 | 0 | 244 | 0 |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 460 | 0 | 509 | 0 |
Geographic_and_Product_Data_De
Geographic and Product Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | $18,188 | $17,106 | $58,414 | $53,271 |
Japan [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 4,792 | 4,040 | 14,349 | 13,427 |
United States [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 2,875 | 2,993 | 8,676 | 9,388 |
China [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 2,915 | 2,275 | 7,675 | 6,575 |
Korea [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 1,098 | 1,982 | 5,671 | 5,851 |
Spain [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 1,178 | 1,012 | 4,270 | 3,466 |
France [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | 820 | 595 | 2,956 | 1,722 |
Other [Member] | ' | ' | ' | ' |
Geographic and Product Data [Line Items] | ' | ' | ' | ' |
Net sales | $4,510 | $4,209 | $14,817 | $12,842 |
Geographic_and_Product_Data_De1
Geographic and Product Data (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | $18,188 | $17,106 | $58,414 | $53,271 |
Implantable Collamer Lenses [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | 10,640 | 10,725 | 35,052 | 32,616 |
Intraocular Lenses [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | 5,763 | 5,322 | 18,804 | 17,533 |
Core products [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | 16,403 | 16,047 | 53,856 | 50,149 |
Other surgical products [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,785 | $1,059 | $4,558 | $3,122 |
Geographic_and_Product_Data_De2
Geographic and Product Data (Details Textual) | 9 Months Ended |
Oct. 03, 2014 | |
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,Spain, and France,the Company does not conduct business in any country in which its sales exceed 5% of consolidated sales. |
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 | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Employee stock options | $666 | $576 | $2,138 | $2,068 |
Restricted stock | 141 | 283 | 666 | 718 |
Restricted stock units | 705 | 0 | 1,857 | 0 |
Nonemployee stock options | 41 | 47 | 75 | 138 |
Total | $1,553 | $906 | $4,736 | $2,924 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $1,553 | $906 | $4,736 | $2,924 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 869 | 506 | 2,925 | 1,912 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 326 | 211 | 906 | 593 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $358 | $189 | $905 | $419 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 56.24% | 58.43% | 55.47% | 71.69% |
Risk-free interest rate | 1.36% | 1.32% | 1.29% | 0.69% |
Expected term (in years) | '4 years 1 month 13 days | '4 years 1 month 13 days | '4 years 1 month 13 days | '4 years 1 month 13 days |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 3) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 03, 2014 |
Employee Stock Option [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options,Outstanding as of January 3, 2014 | 3,299 |
Options, Granted, Shares | 614 |
Options, Exercised, Shares | -593 |
Options, Forfeited or expired, Shares | -93 |
Options,Outstanding as of October 3, 2014 | 3,227 |
Options,Exercisable as of October 3, 2014 | 2,098 |
Restricted Stock [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options,Outstanding as of January 3, 2014 | 341 |
Options, Granted, Shares | 65 |
Options, Exercised, Shares | -140 |
Options, Forfeited or expired, Shares | -19 |
Options,Outstanding as of October 3, 2014 | 247 |
Restricted Stock Units (RSUs) [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options,Outstanding as of January 3, 2014 | 135 |
Options, Granted, Shares | 304 |
Options, Exercised, Shares | -135 |
Options, Forfeited or expired, Shares | -15 |
Options,Outstanding as of October 3, 2014 | 289 |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details Textual) (USD $) | 9 Months Ended | |
Oct. 03, 2014 | Jan. 03, 2014 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 38,390,000 | 37,911,000 |
Estimated Forfeiture Rate | 7.00% | ' |
Warrants And Rights Exercisable | ' | 700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 700,000 | ' |
Restricted Stock [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 246,763 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,006,452 | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 289,000 | ' |
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 | 3,227,000 | ' |
Lower Range of Exercise Prices | 0.95 | ' |
Upper Range of Exercise Prices | 17.62 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '10 years | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Sep. 27, 2013 | Oct. 03, 2014 | Sep. 27, 2013 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $548 | ($25) | $1,134 | $888 |
Manufacturing_Consolidation_Pr2
Manufacturing Consolidation Project and Tax Strategy (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 03, 2014 |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability as of January 3, 2014 | $759 |
Costs incurred and charged to expense | 334 |
Cash payments | -848 |
Liability as of October 3, 2014 | 245 |
Termination Benefits [Member] | ' |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability as of January 3, 2014 | 731 |
Costs incurred and charged to expense | 212 |
Cash payments | -698 |
Liability as of October 3, 2014 | 245 |
Other Associated Costs [Member] | ' |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability as of January 3, 2014 | 28 |
Costs incurred and charged to expense | 122 |
Cash payments | -150 |
Liability as of October 3, 2014 | $0 |
Manufacturing_Consolidation_Pr3
Manufacturing Consolidation Project and Tax Strategy (Details Textual) (USD $) | 9 Months Ended |
Oct. 03, 2014 | |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Estimated Cost Of Project Year Three And Half | $6,300,000 |
Operating Loss Carryforwards | 122,000,000 |
Restructuring Charges, Total | $334,000 |