Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Mar. 11, 2015 | Jul. 04, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 2-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STAAR SURGICAL CO | ||
Entity Central Index Key | 718937 | ||
Current Fiscal Year End Date | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $542,806,000 | ||
Trading Symbol | STAA | ||
Entity Common Stock, Shares Outstanding | 38,797,569 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $13,013 | $22,954 |
Accounts receivable trade, net | 11,054 | 10,731 |
Inventories, net | 15,717 | 12,514 |
Prepaids, deposits and other current assets | 4,517 | 3,503 |
Deferred income taxes | 596 | 373 |
Total current assets | 44,897 | 50,075 |
Property, plant and equipment, net | 10,066 | 7,405 |
Intangible assets, net | 870 | 1,380 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 695 | 626 |
Other assets | 597 | 659 |
Total assets | 58,911 | 61,931 |
Current liabilities: | ||
Line of credit | 4,150 | 4,750 |
Accounts payable | 6,620 | 6,263 |
Deferred income taxes | 301 | 739 |
Obligations under capital leases | 399 | 288 |
Other current liabilities | 4,976 | 6,372 |
Total current liabilities | 16,446 | 18,412 |
Obligations under capital leases | 468 | 141 |
Deferred income taxes | 1,704 | 1,654 |
Asset retirement obligations | 115 | 157 |
Pension liability | 3,079 | 2,715 |
Total liabilities | 21,812 | 23,079 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 38,429 and 37,911 shares issued and outstanding at January 2, 2015 and January 3, 2014, respectively | 384 | 379 |
Additional paid-in capital | 178,232 | 170,246 |
Accumulated other comprehensive income (loss) | -1,070 | 282 |
Accumulated deficit | -140,447 | -132,055 |
Total stockholders’ equity | 37,099 | 38,852 |
Total liabilities and stockholders’ equity | $58,911 | $61,931 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 38,429 | 37,911 |
Common stock, shares outstanding | 38,429 | 37,911 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Net sales | $74,987 | $72,215 | $63,783 |
Cost of sales | 26,164 | 21,906 | 19,492 |
Gross profit | 48,823 | 50,309 | 44,291 |
Selling, general and administrative expenses: | |||
General and administrative | 18,160 | 16,568 | 15,150 |
Marketing and selling | 25,879 | 23,888 | 21,281 |
Research and development | 12,363 | 6,708 | 6,444 |
Medical device excise tax | 127 | 203 | 0 |
Other general and administrative expenses | 321 | 2,242 | 2,636 |
Operating income (loss) | -8,027 | 700 | -1,220 |
Other income (expense): | |||
Interest income | 51 | 59 | 59 |
Interest expense | -154 | -170 | -291 |
Gain (loss) on foreign currency transactions | -896 | 39 | 111 |
Other income, net | 381 | 486 | 822 |
Other income (expense), net | -618 | 414 | 701 |
Income (loss) before provision (benefit) for income taxes | -8,645 | 1,114 | -519 |
Provision (benefit) for income taxes | -253 | 716 | 1,244 |
Net income (loss) | ($8,392) | $398 | ($1,763) |
Net income (loss) per share - basic (in dollars per share) | ($0.22) | $0.01 | ($0.05) |
Net income (loss) per share - diluted (in dollars per share) | ($0.22) | $0.01 | ($0.05) |
Weighted average shares outstanding - basic (in shares) | 38,091 | 36,706 | 36,253 |
Weighted average shares outstanding - diluted (in shares) | 38,091 | 38,607 | 36,253 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Net income (loss) | ($8,392) | $398 | ($1,763) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of tax | -955 | -1,327 | -689 |
Pension liability adjustment, net of tax | -397 | 29 | -136 |
Other comprehensive loss | -1,352 | -1,298 | -825 |
Comprehensive loss | ($9,744) | ($900) | ($2,588) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | |||||
Balance at Dec. 30, 2011 | $29,458 | $361 | $157,382 | $2,405 | ($130,690) |
Balance (in shares) at Dec. 30, 2011 | 36,041 | ||||
Net loss | -1,763 | 0 | 0 | 0 | -1,763 |
Other comprehensive loss | -825 | 0 | 0 | -825 | 0 |
Common stock issued upon exercise of options | 1,514 | 3 | 1,511 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 324 | ||||
Stock-based compensation | 3,358 | 0 | 3,358 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Vested restricted stock | 0 | 0 | 0 | 0 | 0 |
Vested restricted stock (in shares) | 58 | ||||
Balance at Dec. 28, 2012 | 31,742 | 364 | 162,251 | 1,580 | -132,453 |
Balance (in shares) at Dec. 28, 2012 | 36,423 | ||||
Net loss | 398 | 0 | 0 | 0 | 398 |
Other comprehensive loss | -1,298 | 0 | 0 | -1,298 | 0 |
Common stock issued upon exercise of options | 3,286 | 7 | 3,279 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 645 | ||||
Common stock issued upon cashless exercise of options | 0 | 5 | -5 | 0 | 0 |
Common stock issued upon cashless exercise of options (in shares) | 485 | ||||
Stock-based compensation | 4,721 | 0 | 4,721 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Unvested restricted stock | 3 | 3 | 0 | 0 | 0 |
Unvested restricted stock (in shares) | 341 | ||||
Vested restricted stock | 0 | 0 | 0 | 0 | 0 |
Vested restricted stock (in shares) | 17 | ||||
Balance at Jan. 03, 2014 | 38,852 | 379 | 170,246 | 282 | -132,055 |
Balance (in shares) at Jan. 03, 2014 | 37,911 | ||||
Net loss | -8,392 | 0 | 0 | 0 | -8,392 |
Other comprehensive loss | -1,352 | 0 | 0 | -1,352 | 0 |
Common stock issued upon exercise of options | 3,022 | 4 | 3,018 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 584 | 457 | |||
Common stock issued upon cashless exercise of options | 0 | 1 | -1 | 0 | 0 |
Common stock issued upon cashless exercise of options (in shares) | 127 | ||||
Stock-based compensation | 4,969 | 0 | 4,969 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Unvested restricted stock | -3 | -3 | 0 | 0 | 0 |
Unvested restricted stock (in shares) | -341 | ||||
Vested restricted stock | 3 | 3 | 0 | 0 | 0 |
Vested restricted stock (in shares) | 275 | ||||
Balance at Jan. 02, 2015 | $37,099 | $384 | $178,232 | ($1,070) | ($140,447) |
Balance (in shares) at Jan. 02, 2015 | 38,429 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($8,392) | $398 | ($1,763) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation of property and equipment | 2,078 | 1,711 | 1,309 |
Amortization of intangibles | 382 | 440 | 652 |
Deferred income taxes | -841 | 104 | 143 |
Fair value adjustment of warrant | 0 | -27 | -335 |
Change in net pension liability | 194 | 162 | 205 |
Loss on disposal of property and equipment | 0 | 200 | 131 |
Stock-based compensation expense | 4,663 | 4,489 | 3,208 |
Accretion of asset retirement obligation | 3 | 10 | 16 |
Provision for sales returns and bad debts | 182 | 263 | 77 |
Changes in working capital: | |||
Accounts receivable trade, net | -934 | -2,938 | 224 |
Inventories, net | -3,943 | -1,603 | -1,020 |
Prepaids, deposits and other current assets | -1,062 | -1,063 | -298 |
Accounts payable | 972 | 367 | 1,014 |
Other current liabilities | -1,253 | 842 | -346 |
Net cash provided by (used in) by operating activities | -7,951 | 3,355 | 3,217 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | -4,054 | -3,448 | -2,271 |
Net change in other noncurrent assets | 0 | 0 | -4 |
Decrease in restricted cash, including reinvested interest | 0 | 0 | 129 |
Net cash used in investing activities | -4,054 | -3,448 | -2,146 |
Cash flows from financing activities: | |||
Borrowings under lines of credit | 0 | 0 | 3,510 |
Repayment of capital lease lines of credit | -490 | -841 | -741 |
Proceeds from the exercise of stock options | 3,022 | 3,286 | 1,514 |
Net cash provided by financing activities | 2,532 | 2,445 | 4,283 |
Effect of exchange rate changes on cash and cash equivalents | -468 | -1,073 | -261 |
Increase (decrease) in cash and cash equivalents | -9,941 | 1,279 | 5,093 |
Cash and cash equivalents, at beginning of year | 22,954 | 21,675 | 16,582 |
Cash and cash equivalents, at end of year | $13,013 | $22,954 | $21,675 |
Organization_and_Description_o
Organization and Description of Business and Accounting Policies | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 — Organization and Description of Business and Accounting Policies | |||||||||||||
Organization and Description of Business | ||||||||||||||
STAAR Surgical Company and subsidiaries (the “Company”), a Delaware corporation, was incorporated in 1982 for the purpose of developing, producing, and marketing intraocular lenses (“IOLs”) and other products for minimally invasive ophthalmic surgery. Principal products are IOLs and implantable Collamer lenses (“ICLs”). IOLs are prosthetic intraocular lenses used to restore vision that has been adversely affected by cataracts, and include the Company’s lines of silicone and Collamer IOLs and the Preloaded Injector (a silicone or acrylic IOL preloaded into a single-use disposable injector). ICLs, consisting of the Company’s ICL and Toric implantable collamer lenses (“TICL”), are intraocular lenses used to correct refractive conditions such as myopia (near-sightedness), hyperopia (far-sightedness) and astigmatism. | ||||||||||||||
As of January 2, 2015, the Company’s significant subsidiaries consisted of: | ||||||||||||||
⋅ | STAAR Surgical AG, a wholly owned subsidiary formed in Switzerland that markets and distributes ICLs and Preloaded IOLs. | |||||||||||||
⋅ | STAAR Japan, a wholly owned subsidiary that markets and distributes Preloaded IOLs and ICLs. | |||||||||||||
⋅ | STAAR Surgical Cayman, Inc., a wholly owned subsidiary formed to develop, maintain, and own intellectual property underlying the Company’s products marketed, distributed, and sold worldwide, excluding the Americas. | |||||||||||||
The Company operates as one operating segment, the ophthalmic surgical market, for financial reporting purposes (see Note 16). | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The accompanying consolidated financial statements include the accounts of STAAR Surgical and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. | ||||||||||||||
Fiscal Year and Interim Reporting Periods | ||||||||||||||
The Company’s fiscal year ends on the Friday nearest December 31 and each of the Company’s quarterly reporting periods generally consists of 13 weeks. Fiscal year 2014 is based on a 52-week period, fiscal year 2013 is based on a 53-week period, and fiscal year 2012 is based on a 52-week period. | ||||||||||||||
Foreign Currency | ||||||||||||||
The functional currency of the Company’s Japanese subsidiary is the Japanese yen. The functional currency of the Company’s Swiss subsidiary, STAAR Surgical AG, is the U.S. dollar. | ||||||||||||||
Assets and liabilities of the Company’s Japanese subsidiary are translated at rates of exchange in effect at the close of the period. Sales and expenses are translated at the weighted average of exchange rates in effect during the period. The resulting translation gains and losses are deferred and are shown as a separate component in the Consolidated Statement of Comprehensive Income (Loss). During 2014, 2013, and 2012, the net foreign translation losses were $955,000, $1,327,000, and $689,000, respectively, and net foreign currency transaction gains (losses), included in the consolidated statements of operations under other income (expense) were, (896,000), $39,000, and $111,000, respectively. | ||||||||||||||
Revenue Recognition | ||||||||||||||
The Company recognizes revenue when realized or realizable and earned, which is when the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sale price is fixed or determinable; and collectability is reasonably assured. The Company records revenue from non-consignment product sales when title and risk of ownership has been transferred, which is typically at shipping point, except for the STAAR Japan subsidiary, which is typically recognized when the product is received by the customer. STAAR Japan does not have significant deferred revenues as of January 2, 2015 as delivery to the customer is generally made within the same or the next day of shipment. The Company presents sales tax it collects from its customers on a net basis (excluded from revenues). | ||||||||||||||
The Company’s products are marketed to ophthalmic surgeons, hospitals, ambulatory surgery centers or vision centers, and distributors. IOLs may be offered to surgeons and hospitals on a consignment basis. The Company maintains title and risk of loss of consigned inventory and recognizes revenue for consignment inventory when the Company is notified that the IOL has been implanted. | ||||||||||||||
ICLs are sold only to certified surgeons who have completed requisite training or for use in scheduled training surgeries. As a result, STAAR partially mitigates the risk that the revenue it recognizes on shipment of ICLs would need to be reversed because of a surgeon’s failure to qualify for its use. | ||||||||||||||
The Company sells certain injector parts to an unrelated customer and supplier (collectively referred to as “supplier”) whereby these injector part sales are either made as a final sale to the supplier or, are sold to be reprocessed by the supplier into finished goods inventory (a preloaded acrylic IOL). These finished goods are then sold back to the Company at an agreed upon, contractual price. The Company makes a profit margin on either type of sale with the supplier and each type of sale is made under separate purchase and sales orders between the two parties resulting in cash settlement for the orders sold or repurchased. For parts that are sold as a final sale, the Company recognizes a sale consistent with its routine revenue recognition policies as disclosed above and those sales are included as part of other sales in total net sales. For the injector parts that are sold to be reprocessed into finished goods, the Company does not recognize revenue on these sales in accordance with ASC 845-10, Purchases and Sales of Inventory with the Same Counterparty. Instead, the Company records the transaction at its carrying value, deferring any profit margin as contra-inventory, until the finished goods inventory is sold to an end-customer (not the supplier) at which point the Company records the sale and the related cost of sale, including the release of the deferred cost of sale in inventory, related to these finished goods. | ||||||||||||||
For all sales, the Company is considered the principal in the transaction as the Company, among other factors, is the primary obligor in the arrangement, bears general inventory risk, credit risk, has latitude in establishing the sales price, is responsible for authorized and general sales returns risk and therefore, sales and cost of sales are reported separately in the consolidated statement of operations instead of a single, net amount. Cost of sales includes cost of production, freight and distribution, royalties, and inventory provisions, net of any purchase discounts. | ||||||||||||||
The Company generally permits returns of product if the product is returned within the time allowed by its return policies and records an allowance for estimated returns at the time revenue is recognized. The Company’s allowance for estimated returns considers historical trends and experience, the impact of new product launches, the entry of a competitor, availability of timely and pertinent information and the various terms and arrangements offered, including sales with extended credit terms. Sales are reported net of estimated returns. | ||||||||||||||
The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment history and credit worthiness, as determined by the Company’s review of its customers’ current credit information. The Company continuously monitors collections and payments from customers and maintains a provision for estimated credit losses and uncollectible accounts based upon its historical experience and any specific customer collection issues that have been identified. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts. | ||||||||||||||
Use of Estimates | ||||||||||||||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and, as such, include amounts based on significant estimates and judgments of management with consideration given to materiality. Significant estimates used include determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Actual results could differ materially from those estimates. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major banks which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. | ||||||||||||||
Concentration of Credit Risk and Revenues | ||||||||||||||
Financial instruments that potentially subject the Company to credit risk principally consist of trade receivables. This risk is limited due to the large number of customers comprising the Company’s customer base, and their geographic dispersion. As of January 2, 2015, there were two customers with trade receivables balances that represented 10% or more of consolidated trade receivables. As of January 3, 2014, there were no customers with trade receivables balances that represented 10% or more of consolidated trade receivable. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. The Company maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. | ||||||||||||||
A single customer has accounted for 11% of the Company’s consolidated net sales in fiscal 2013 and 2012 and 9% in 2014. | ||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value (Accounting Standards Codification (“ASC”) 820-10): | ||||||||||||||
⋅ | Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||
⋅ | Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. | |||||||||||||
⋅ | Level 3 – Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value. | |||||||||||||
The carrying values reflected in the consolidated balance sheets for cash and cash equivalents, trade accounts receivable, prepaids and other current assets, accounts payable, other current liabilities and line of credit approximate their fair values because of the short maturity of these instruments. | ||||||||||||||
Inventories, Net | ||||||||||||||
Inventories, net are valued at the lower of cost, determined on a first-in, first-out basis, or market. Inventories include the costs of raw material, labor, and manufacturing overhead, work in process and finished goods. Inventories also include deferred margins for certain injector parts described under the revenue recognition policy. The Company provides estimated inventory allowances for excess, expiring, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value to properly reflect inventory at the lower of cost or market. | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Property, plant and equipment are recorded at cost. Depreciation on property, plant, and equipment is computed using the straight-line method over the estimated useful lives of the assets as noted below. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease term. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. | ||||||||||||||
The estimated useful lives of assets are as follows: | ||||||||||||||
Machinery and equipment | 5-10 years | |||||||||||||
Furniture and equipment | 3-7 years | |||||||||||||
Computer and peripherals | 2-5 years | |||||||||||||
Leasehold improvements | (a) | |||||||||||||
(a) | The estimated useful life of leasehold improvements are the shorter of the useful life of the asset or the term of the associated leases. | |||||||||||||
Goodwill | ||||||||||||||
Goodwill, which has an indefinite life, is not amortized but instead is tested for impairment on an annual basis or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Reporting units can be one level below the operating segment level, and can be combined when reporting units within the same operating segment have similar economic characteristics. The Company has determined that its reporting units have similar economic characteristics, and therefore, can be combined into one reporting unit for the purposes of goodwill impairment testing. During the fourth quarter of fiscal 2014 and 2013, the Company performed its annual impairment test and determined that its goodwill was not impaired. As of January 2, 2015 and January 3, 2014, the carrying value of goodwill was $1.8 million. | ||||||||||||||
Long-Lived Assets | ||||||||||||||
The Company reviews property and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. A review of long lived assets was conducted as of January 2, 2015 and January 3, 2014 and no impairment was identified. | ||||||||||||||
Amortization is computed on the straight-line basis, which is the Company’s best estimate of the economic benefits realized over the estimated useful lives of the assets which range from 3 to 20 years for patents, certain acquired rights and licenses, 10 years for customer relationships, and 3 to 10 years for developed technology. | ||||||||||||||
Research and Development Costs | ||||||||||||||
Expenditures for research activities relating to product development and improvement are charged to expense as incurred. | ||||||||||||||
Advertising Cost | ||||||||||||||
Advertising costs, which are included in marketing and selling expenses, are expensed as incurred. Advertising costs were $2.8 million, $2.1 million and $1.8 million for 2014, 2013 and 2012, respectively. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities, net operating loss and credit carryforwards, and uncertainty in income taxes, on a jurisdiction-by-jurisdiction basis. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset may not be realized or realizable in the jurisdiction in which they arise. The impact on deferred taxes of changes in tax rates and laws, if any, are applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period of enactment. | ||||||||||||||
The Company recognizes the income tax benefit from an uncertain tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. The amount of tax benefit recorded, if any, is limited to the amount that is greater than 50 percent likely to be realized upon settlement with the taxing authority (that has full knowledge of all relevant information). Accrued interest, if any, related to uncertain tax positions is included as a component of income tax expense, and penalties, if incurred, are recognized as a component of operating income or loss. The Company does not have any uncertain tax positions as of any of the periods presented. The Company did not incur significant interest and penalties for any period presented. | ||||||||||||||
Basic and Diluted Net Income (Loss) Per Share | ||||||||||||||
The Company has only one class of common stock and no participating securities which would require the two-class method of calculating basic earnings per share. Basic per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, net of unvested restricted stock, during the period. Diluted per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of outstanding warrants, stock options, unvested restricted stock and restricted stock units, during the period, using the treasury-stock method. | ||||||||||||||
Employee Defined Benefit Plans | ||||||||||||||
The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of its Swiss subsidiary. The Swiss Plan conforms to the features of a defined benefit plan. | ||||||||||||||
The Company also maintains a noncontributory defined benefit pension plan which covers substantially all of the employees of STAAR Japan. | ||||||||||||||
The Company recognizes the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the statement of financial position, with a corresponding adjustment to accumulated other comprehensive income (loss). If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability. The Company records a net periodic pension cost in the consolidated statement of operations. The liabilities and annual income or expense of both plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return (asset returns and fair-value of plan assets are applicable for the Swiss Plan only). The fair values of plan assets are determined based on prevailing market prices (see Note 10). | ||||||||||||||
Stock Based Compensation | ||||||||||||||
Stock-based compensation expense for all stock-based compensation awards granted is based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three to four years (see Note 11). | ||||||||||||||
The Company also issues restricted stock to its executive officers and Board of Directors (the Board), which are restricted and unvested common shares issued at fair market value on the date of grant. For the restricted shares issued to the Board, the restricted stock vests over a one-year service period and are subject to forfeiture (or acceleration, depending upon the circumstances) until vested or the service period is completed. The Company has also issued performance accelerated restricted stock (PARS) to its executive officers which carry a three year service condition and a performance condition such that if the Company meets or exceeds certain predetermined performance metrics set by the Board, up to one third of the grant vesting may be accelerated annually. If the performance metrics are not achieved, the restricted stock vests after three years. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years for the Board and PARS grants, respectively, based on the grant-date fair value of the stock. Restricted stock is considered legally issued and outstanding on the grant date (see Notes 11 and 15). | ||||||||||||||
The Company issues restricted stock units (“RSUs”) under the 2013 RSU Plan (see Note 11), which is a performance contingent restricted stock award based upon the Company exceeding an internally established annual revenue target which is above the established annual revenue plan. The RSUs contain both a performance and a service condition such that they vest after calculating the total financial performance for fiscal year 2014, at which time, if the internally established revenue target is met or exceeded and the grantee is still employed with the Company on the measurement date, which is one year after the grant date, the RSUs will become fully vested. The Company recognizes compensation cost for the RSUs if and when the Company concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures, over the requisite service period based on the grant-date fair value of the stock. The Company reassesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. | ||||||||||||||
Once the RSUs are vested, equivalent common shares will be issued or issuable to the grantee and therefore the RSUs are not included in total common shares issued and outstanding until vested (see Notes 11 and 15). | ||||||||||||||
The Company accounts for options granted to persons other than employees and directors under Equity –Based Payments to Non-Employees. The fair value of such options is re-measured each reporting period using the Black-Scholes option-pricing model and income or expense is recognized over the vesting period for changes to the fair value for the unvested options. As the options vest, no such re-measurement is necessary or performed. | ||||||||||||||
Accounting for Warrants | ||||||||||||||
The Company has issued certain warrants under an agreement that expressly provides that if the Company fails to satisfy continuous registration requirements the Company will be obligated only to issue additional common stock as the holder’s sole remedy, with no possibility of settlement in cash. The Company accounts for these warrants as equity because additional shares are the only form of settlement available to the holder. These warrants are only valued on the issuance date and not subsequently revalued. The Company uses the Black-Scholes option pricing model as the valuation model to estimate the fair value of all warrants. (See Note 11). | ||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||
The Company presents comprehensive income (loss) in two separate but not consecutive consolidated financial statements, the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss). Total comprehensive income (loss) includes, in addition to net income (loss), changes in equity that are excluded from the consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the consolidated balance sheets. The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the years ended January 2, 2015, January 3, 2014, and December 28, 2012 (in thousands): | ||||||||||||||
Foreign | Defined | Defined | Accumulated | |||||||||||
Currency | Benefit | Benefit | Other | |||||||||||
Translation | Pension Plan- | Pension Plan- | Comprehensive | |||||||||||
Japan | Switzerland | Income (Loss) | ||||||||||||
Balance, at December 30, 2011 | $ | 2,795 | $ | 423 | $ | -813 | $ | 2,405 | ||||||
Other comprehensive loss | -689 | -127 | -11 | -827 | ||||||||||
Tax effect | - | - | 2 | 2 | ||||||||||
Balance, at December 28, 2012 | 2,106 | 296 | -822 | 1,580 | ||||||||||
Other comprehensive income (loss) | -861 | -126 | 280 | -707 | ||||||||||
Tax effect | -466 | -63 | -62 | -591 | ||||||||||
Balance, at January 3, 2014 | 779 | 107 | -604 | 282 | ||||||||||
Other comprehensive income (loss) | -1,527 | 23 | -359 | -1,863 | ||||||||||
Tax effect | 572 | -9 | -52 | 511 | ||||||||||
Balance, at January 2, 2015 | $ | -176 | $ | 121 | $ | -1,015 | $ | -1,070 | ||||||
Recent Accounting Pronouncements | ||||||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 GAAP about management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. This ASU requires 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 upon adoption, will evaluate going concern based on this guidance. | ||||||||||||||
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. | ||||||||||||||
Accounts_Receivable_Trade_Net
Accounts Receivable Trade, Net | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Accounts Receivable Additional Disclosures [Abstract] | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 2 — Accounts Receivable Trade, Net | |||||||
Accounts receivable trade, net consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | ||||||||
2014 | 2013 | |||||||
Domestic | $ | 1,818 | $ | 2,135 | ||||
Foreign | 10,825 | 10,045 | ||||||
12,643 | 12,180 | |||||||
Less allowance for doubtful accounts and sales returns | 1,589 | 1,449 | ||||||
$ | 11,054 | $ | 10,731 | |||||
Inventories_Net
Inventories, Net | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | Note 3 — Inventories, Net | |||||||
Inventories, net consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | ||||||||
2014 | 2013 | |||||||
Raw materials and purchased parts | $ | 2,146 | $ | 1,367 | ||||
Work in process | 1,781 | 913 | ||||||
Finished goods | 14,504 | 11,029 | ||||||
18,431 | 13,309 | |||||||
Less inventory reserves | 2,714 | 795 | ||||||
$ | 15,717 | $ | 12,514 | |||||
Prepaids_Deposits_and_Other_Cu
Prepaids, Deposits, and Other Current Assets | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | ||||||||
Prepaid Expenses Deposits and Other Current Assets Disclosure [Text Block] | Note 4 — Prepaids, Deposits, and Other Current Assets | |||||||
Prepaids, deposits, and other current assets consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | ||||||||
2014 | 2013 | |||||||
Prepaids and deposits | $ | 1,991 | $ | 2,157 | ||||
Income tax receivable | 1,084 | — | ||||||
Value added tax (VAT) receivable | 721 | 618 | ||||||
Deferred charge for foreign profits | 338 | 362 | ||||||
Other current assets | 383 | 366 | ||||||
$ | 4,517 | $ | 3,503 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 5 — Property, Plant and Equipment, Net | |||||||
Property, plant and equipment, net consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | ||||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 15,674 | $ | 16,225 | ||||
Furniture and fixtures | 6,535 | 4,837 | ||||||
Leasehold improvements | 8,400 | 6,552 | ||||||
30,609 | 27,614 | |||||||
Less accumulated depreciation | 20,543 | 20,209 | ||||||
$ | 10,066 | $ | 7,405 | |||||
Depreciation expense for the years ended January 2, 2015, January 3, 2014, and December 28, 2012, was approximately $2.1 million, $1.7 million, and $1.3 million, respectively. | ||||||||
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | |||||||||||||||||||
Jan. 02, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Note 6 – Intangible Assets, Net | |||||||||||||||||||
Intangible assets, net, consisted of the following (in thousands): | ||||||||||||||||||||
January 2, 2015 | January 3, 2014 | |||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 9,205 | $ | -8,859 | $ | 346 | $ | 10,637 | $ | -10,057 | $ | 580 | ||||||||
Customer relationships | 1,302 | -911 | 391 | 1,490 | -894 | 596 | ||||||||||||||
Developed technology | 827 | -694 | 133 | 947 | -743 | 204 | ||||||||||||||
Total | $ | 11,334 | $ | -10,464 | $ | 870 | $ | 13,074 | $ | -11,694 | $ | 1,380 | ||||||||
Aggregate amortization expense for amortized intangible assets was $382,000, $440,000, and $652,000, for the years ended January 2, 2015, January 3, 2014, and December 28, 2012, respectively. | ||||||||||||||||||||
The following table shows estimated amortization expense for intangible assets for each of the next five succeeding years and thereafter (in thousands): | ||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||
2015 | $ | 233 | ||||||||||||||||||
2016 | 233 | |||||||||||||||||||
2017 | 233 | |||||||||||||||||||
2018 | 171 | |||||||||||||||||||
2019 | — | |||||||||||||||||||
Total | $ | 870 | ||||||||||||||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | Note 7 — Other Current Liabilities | |||||||
Other current liabilities consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | ||||||||
2014 | 2013 | |||||||
Accrued salaries and wages | $ | 1,647 | $ | 1,630 | ||||
Accrued income taxes | 867 | 485 | ||||||
Accrued insurance | 550 | 551 | ||||||
Accrued commissions | 309 | 528 | ||||||
Accrued audit expense | 352 | 328 | ||||||
Customer credit balances | 186 | 153 | ||||||
Accrued severance | 180 | 731 | ||||||
Accrued bonuses | 75 | 935 | ||||||
Other(1) | 810 | 1,031 | ||||||
$ | 4,976 | $ | 6,372 | |||||
(1)No item in “Other” above exceeds 5% of total other current liabilities. | ||||||||
Liabilities
Liabilities | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Liabilities [Abstract] | ||||||||
Liabilities [Text Block] | Note 8 —Liabilities | |||||||
Lines of Credit | ||||||||
The Company’s wholly owned Japanese subsidiary, STAAR Japan, has an agreement, as amended on December 28, 2012, with Mizuho Bank which provides for borrowings of up to 500,000,000 Yen, at an interest rate equal to the Tokyo short-term prime interest rate (approximately 1.475% as of January 2, 2015) and may be renewed annually (the current line expires on March 30, 2015). The credit facility is not collateralized. The Company had 500,000,000 Yen outstanding on the line of credit as of January 2, 2015 and January 3, 2014, (approximately $4.2 million and $4.8 million based on the foreign exchange rates on January 2, 2015 and January 3, 2014, respectively) which approximates fair value due to the short-term maturity and market interest rates of the line of credit. In case of default, the interest rate will be increased to 14% per annum. As of January 2, 2015, there were no available borrowings under the line. | ||||||||
In August 2010, the Company’s wholly-owned Swiss subsidiary, STAAR Surgical AG, entered into a credit agreement with Credit Suisse (the “Bank”). The credit agreement provides for borrowing of up to 1,000,000 CHF (Swiss Francs) ($1.0 million at the rate of exchange on January 2, 2015), to be used for working capital purposes. Accrued interest and 0.25% commissions on average outstanding borrowings is payable quarterly and the interest rate will be determined by the Bank based on the then prevailing market conditions at the time of borrowing. The credit agreement is automatically renewed on an annual basis based on the same terms assuming there is no default. The credit agreement may be terminated by either party at any time in accordance with its general terms and conditions. The credit facility is not collateralized and contains certain conditions such as providing the Bank with audited financial statements annually and notice of significant events or conditions, as defined in the credit agreement. The Bank may also declare all amounts outstanding to be immediately due and payable upon a change of control or a material qualification as defined in the agreement, in STAAR Surgical independent auditors’ report. There were no borrowings outstanding as of January 2, 2015 and the full amount of the line was available for borrowing. | ||||||||
Covenant Compliance | ||||||||
The Company is in compliance with covenants of its credit facilities and lines of credit as of January 2, 2015. | ||||||||
Asset Retirement Obligation | ||||||||
The Company recorded certain Asset Retirement Obligations (“ARO”), in accordance with ASC 410-20 in connection with the Company’s obligation to return its Japan facility to its “original condition”, as defined in the lease agreement. The Company has recognized the fair value of the ARO liability obligation included in noncurrent liabilities. The obligation is currently expected to be settled upon expiration of the lease in 2018. | ||||||||
The following table describes all changes to the Company’s asset retirement obligation liability (in thousands): | ||||||||
January 2, 2015 | January 3, 2014 | |||||||
Asset retirement obligation at beginning of the year | $ | 157 | $ | 707 | ||||
Increase (decrease) in estimated liabilities | — | -221 | ||||||
Liabilities settled | -25 | -206 | ||||||
Accretion expense | 3 | 10 | ||||||
Impact of changes in Japanese Yen | -20 | -133 | ||||||
Asset retirement obligation at end of the year | $ | 115 | $ | 157 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Jan. 02, 2015 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Income Tax Disclosure [Text Block] | Note 9 — Income Taxes | ||||||||||||||||
The provision for (benefit from) for income taxes consists of the following (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current tax provision: | |||||||||||||||||
U.S. federal (benefit) | $ | 3 | $ | -121 | $ | — | |||||||||||
State | 15 | 12 | 11 | ||||||||||||||
Foreign | 570 | 721 | 1,125 | ||||||||||||||
Total current provision | 588 | 612 | 1,136 | ||||||||||||||
Deferred tax provision (benefit): | |||||||||||||||||
U.S. federal and state | — | — | — | ||||||||||||||
Foreign provision (benefit) | -841 | 104 | 108 | ||||||||||||||
Total deferred provision (benefit) | -841 | 104 | 108 | ||||||||||||||
Provision (benefit) for income taxes | $ | -253 | $ | 716 | $ | 1,244 | |||||||||||
As of January 2, 2015, the Company had federal net operating loss carryforwards of $130.8 million available to reduce future income taxes. The federal net operating loss carryforwards expire in varying amounts between 2017 and 2033. In California, the main state from which the Company conducts its domestic operations, the Company has state net operating losses of $73.7 million available to reduce future California income taxes. The California net operating loss carryforwards expire in varying amounts between 2015 and 2034 and, approximately $16.3 million of those net operating loss carryforwards, will expire over the next three years. | |||||||||||||||||
The Company had accrued net income taxes receivable of $217,000 at January 2, 2015 and income taxes payable of $655,000 at January 3, 2014, primarily due to taxes from foreign jurisdictions. | |||||||||||||||||
The provision for (benefit from) for income before taxes differs from the amount computed by applying the statutory federal income tax rate to income before taxes as follows (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Computed provision (benefit) for taxes based on income at statutory rate | 34 | % | $ | -2,939 | 34 | % | $ | 379 | 34 | % | $ | -176 | |||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
Permanent differences | -0.2 | 20 | 3.2 | 35 | -7.9 | 41 | |||||||||||
Federal minimum taxes | -0.1 | 3 | — | — | — | — | |||||||||||
State minimum taxes, net of federal income tax benefit | -0.1 | 10 | 0.7 | 8 | -1.4 | 8 | |||||||||||
Stock options | — | — | — | — | -56 | 290 | |||||||||||
State tax benefit | 4.6 | -394 | 6.4 | 71 | 9.2 | -48 | |||||||||||
Tax rate difference due to foreign statutory rate | 3.3 | -288 | 43.7 | 487 | -43.8 | 227 | |||||||||||
Foreign tax detriment (benefit) | — | — | — | — | 3.1 | -16 | |||||||||||
Foreign earnings not permanently reinvested | 0.1 | -11 | -7.7 | -86 | -223.4 | 1,158 | |||||||||||
Foreign dividend withholding | -1.5 | 132 | 12.5 | 140 | -22.1 | 114 | |||||||||||
Expiration of charitable contribution carryover | -0.2 | 18 | 0.2 | 2 | -16.1 | 83 | |||||||||||
Reserve | — | — | -10.9 | -121 | — | — | |||||||||||
Other | 1 | -85 | 6.4 | 71 | 1.1 | -6 | |||||||||||
Valuation allowance | -38 | 3,281 | -24.2 | -270 | 83.2 | -431 | |||||||||||
Effective tax provision (benefit) rate | 2.9 | % | $ | -253 | 64.3 | % | $ | 716 | -240.1 | % | $ | 1,244 | |||||
The Company recorded income tax benefits of $1.4 million during the fourth quarter of 2014 principally related to its Swiss operations. These benefits were recorded after finalizing ongoing discussions with the Swiss tax authorities, or the STA, in connection with the completion of the Company’s manufacturing consolidation project, which had been in progress since 2012 and completed in June 2014 (see Note 18). These discussions included, among other things, the approval of a special Swiss tax ruling available to certain qualified companies doing business in Switzerland as a foreign operator, as defined by the STA. These discussions also included an agreement with the STA to consolidate the financial results of a foreign entity solely for Swiss income tax purposes, previously not taxable by the STA, to become subject to Swiss tax law. During the fourth quarter of 2014, the Company was advised by the STA that it had met those special ruling qualifications for 2014. | |||||||||||||||||
Included in the state tax provision for 2014 is an increase to the state deferred tax asset and corresponding increase to the valuation allowance of $394,000. For 2013 there was a decrease to the state deferred tax asset and corresponding decrease to the valuation allowance of $71,000. For 2012 there was an increase to the state deferred tax asset and corresponding increase to the valuation allowance of $48,000. This results in a total state tax provision of $15,000 for 2014, $12,000 for 2013, and $11,000 for 2012. | |||||||||||||||||
Included in the deferred foreign tax benefit for 2014 is a decrease in foreign deferred tax liabilities of $1,039,000. For 2013, there was a decrease to the foreign deferred tax assets of $630,000 and a corresponding decrease to the valuation allowance of $1,008,000. For 2012 there was an increase to the foreign deferred tax assets of $16,000 and a corresponding increase to the valuation allowance. | |||||||||||||||||
All earnings from the Company’s subsidiaries are not considered to be permanently reinvested. Accordingly, the Company provides withholding and U.S. taxes on all unremitted foreign earnings. During 2014 and 2013 there were no withholding taxes paid to foreign jurisdictions and there were no earnings repatriated from foreign subsidiaries. | |||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets (liabilities) as of January 2, 2015 and January 3, 2014 are as follows (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||||||
Allowance for doubtful accounts and sales returns | $ | 127 | $ | 21 | |||||||||||||
Inventories | 511 | 11 | |||||||||||||||
Accrued vacation | 397 | 375 | |||||||||||||||
State taxes | — | — | |||||||||||||||
Accrued other expenses | 119 | 105 | |||||||||||||||
Other | 80 | -137 | |||||||||||||||
Valuation allowance | -939 | -741 | |||||||||||||||
Total current deferred tax assets (liabilities) | $ | 295 | $ | -366 | |||||||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||||||
Net operating loss carryforwards | $ | 53,747 | $ | 50,409 | |||||||||||||
Stock-based compensation | 1,684 | 2,212 | |||||||||||||||
Business, foreign and AMT credit carryforwards | 1,223 | 921 | |||||||||||||||
Capitalized R&D | 423 | 525 | |||||||||||||||
Contributions | 37 | 57 | |||||||||||||||
Pensions | 489 | 731 | |||||||||||||||
Depreciation and amortization | 870 | 360 | |||||||||||||||
Foreign tax withholding | -1,326 | -1,129 | |||||||||||||||
Foreign earnings not permanently reinvested | -5,022 | -4,992 | |||||||||||||||
Other | 31 | -40 | |||||||||||||||
Valuation allowance | -53,165 | -50,082 | |||||||||||||||
Total non-current deferred tax liabilities | $ | -1,009 | $ | -1,028 | |||||||||||||
As of January 2, 2015, the Company had net deferred tax liabilities in Switzerland of $1,371,000 (which included $1,326,000 of withholding taxes on unremitted foreign earnings) and net deferred tax assets of $658,000 in Japan included in the Company’s components of deferred income tax assets and liabilities table. As of January 3, 2014, the Company had net deferred tax liabilities in Switzerland of $1,683,000 (which included $1,129,000 of withholding taxes on unremitted foreign earnings) and net deferred tax assets of $289,000 in Japan included in the Company’s components of deferred income tax assets and liabilities table. | |||||||||||||||||
Valuation allowance | |||||||||||||||||
ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset may not be realizable. | |||||||||||||||||
The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. In evaluating the Company’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, the Company 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 the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company 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. | |||||||||||||||||
U.S. Jurisdiction | |||||||||||||||||
Due to the Company’s history of losses in the U.S., the valuation allowance fully offsets the value of U.S. deferred tax assets on the Company’s balance sheet as of January 2, 2015. Further, under Federal Tax Law Internal Revenue Code Section 382, significant changes in ownership may restrict the future utilization of these tax loss carry forwards. | |||||||||||||||||
Foreign Jurisdictions | |||||||||||||||||
STAAR Surgical AG | |||||||||||||||||
Due to STAAR Surgical AG’s history of profits, the deferred tax assets are considered fully realizable. Included in deferred tax assets and liabilities of STAAR AG is noncurrent deferred tax assets of $135,000 and $185,000 as of January 2, 2015 and January 3, 2014, respectively. | |||||||||||||||||
STAAR Japan, Inc. | |||||||||||||||||
Since 2012, STAAR Japan functions as a limited-risk distributor with a guaranteed return from STAAR AG and accordingly, STAAR Japan’s deferred tax assets are considered fully realizable. In 2013, STAAR Japan fully released its remaining valuation allowance and recorded an income tax benefit of approximately $433,000. | |||||||||||||||||
As of January 2, 2015, STAAR Japan’s net deferred tax assets were $658,000 (as translated using the Japanese Yen exchange rate on January 2, 2015). As of January 3, 2014, STAAR Japan’s net deferred tax assets were $289,000, including the remaining net operating loss carryover of $20,000 (as translated using the Japanese Yen exchange rate on January 3, 2014). | |||||||||||||||||
Other Income Tax Disclosures | |||||||||||||||||
The following tax years remain subject to examination: | |||||||||||||||||
Significant Jurisdictions | Open Years | ||||||||||||||||
U.S. Federal | 2011 – 2013 | ||||||||||||||||
California | 2010 – 2013 | ||||||||||||||||
Switzerland | 2012 – 2013 | ||||||||||||||||
Japan | 2009 – 2013 | ||||||||||||||||
Income (loss) from continuing operations before provision (benefit) for income taxes is as follows (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic | $ | -8,113 | $ | -2,131 | $ | -2,967 | |||||||||||
Foreign | -532 | 3,245 | 2,448 | ||||||||||||||
$ | -8,645 | $ | 1,114 | $ | -519 | ||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Jan. 02, 2015 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 – Employee Benefit Plans | ||||||||||||||||
The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of its Swiss subsidiary, which is accounted for as a defined benefit plan. | |||||||||||||||||
Defined Benefit Plan-Switzerland | |||||||||||||||||
In Switzerland employers are required to provide a minimum pension plan for their staff. The Swiss Plan is financed by contributions of both the employees and employer. The amount of the contributions is defined by the plan regulations and cannot be decreased without amending the plan regulations. It is required that the employer contribute an amount equal to or greater than the employee contribution. | |||||||||||||||||
For the year ended, January 2, 2015, pursuant to the Manufacturing Consolidation Project, the Company terminated certain employees in its Swiss subsidiary resulting in Swiss pension plan curtailments as defined by ASC 715-30-35, Defined Benefit Plans – Pensions, Settlements, Curtailments, and Certain Termination Benefits. The curtailments resulted in a decrease of $1.6 million in the Swiss pension plan’s projected benefit obligation, of which $0.9 million was used to distribute cash payments to employees resulting in a decrease in plan assets. The remaining $0.8 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. | |||||||||||||||||
At January 2, 2015, 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 1.4%, resulting in an increase to the projected benefit obligation of $0.7 million recorded through an increase in the accumulated other comprehensive loss account of the Swiss pension plan. | |||||||||||||||||
The following table shows the changes in the benefit obligation and plan assets and the Swiss Plan’s funded status as of January 2, 2015 and January 3, 2014 (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||
Projected benefit obligation, beginning of period | $ | 5,183 | $ | 4,853 | |||||||||||||
Service cost | 297 | 320 | |||||||||||||||
Interest cost | 114 | 101 | |||||||||||||||
Participant contributions | 241 | 239 | |||||||||||||||
Benefits paid | -116 | -157 | |||||||||||||||
Actuarial (gain) loss on obligation | 737 | -173 | |||||||||||||||
Curtailments | -1,629 | — | |||||||||||||||
Projected benefit obligation, end of period | $ | 4,827 | $ | 5,183 | |||||||||||||
Change in Plan Assets: | |||||||||||||||||
Plan assets at fair value, beginning of period | $ | 3,517 | $ | 3,053 | |||||||||||||
Actual return on plan assets (including foreign currency impact) | -230 | 144 | |||||||||||||||
Employer contributions | 241 | 239 | |||||||||||||||
Participant contributions | 241 | 239 | |||||||||||||||
Benefits paid | -116 | -158 | |||||||||||||||
Curtailment distributions | -948 | — | |||||||||||||||
Plan assets at fair value, end of period | $ | 2,705 | $ | 3,517 | |||||||||||||
Funded status (pension liability), end of year | $ | -2,122 | $ | -1,666 | |||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: | |||||||||||||||||
Actuarial loss on plan assets | $ | -773 | $ | -521 | |||||||||||||
Actuarial loss on benefit obligation | -902 | -331 | |||||||||||||||
Actuarial gain recognized in current year | 266 | 247 | |||||||||||||||
Effect of curtailments | 528 | — | |||||||||||||||
Accumulated other comprehensive loss | $ | -881 | $ | -605 | |||||||||||||
Accumulated benefit obligation at end of year | $ | -4,488 | $ | -4,824 | |||||||||||||
The underfunded balance of $2,122,000 and $1,666,000 was included in other long-term liabilities (pension liability) on the consolidated balance sheets as of January 2, 2015 and January 3, 2014, respectively. | |||||||||||||||||
Net periodic pension cost associated with the Swiss Plan during the years ended January 2, 2015, January 3, 2014 and December 28, 2012 include the following components (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 297 | $ | 320 | $ | 301 | |||||||||||
Interest cost | 114 | 101 | 116 | ||||||||||||||
Expected return on plan assets | -97 | -96 | -100 | ||||||||||||||
Actuarial loss recognized in current year | 24 | 55 | 54 | ||||||||||||||
Prior service loss recognized in current year | — | — | — | ||||||||||||||
Transition obligation recognized in current year | — | — | — | ||||||||||||||
Amendments | — | — | — | ||||||||||||||
Net periodic pension cost | $ | 338 | $ | 380 | $ | 371 | |||||||||||
Changes in other comprehensive income (loss), net of tax, associated with the Swiss Plan in the year ended January 2, 2015, January 3, 2014 and December 28, 2012 include the following components (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current year actuarial gain (loss) on plan assets, net of tax | $ | -375 | $ | 37 | $ | 50 | |||||||||||
Current year actuarial gain (loss) on benefit obligation, net of tax | -846 | 135 | -101 | ||||||||||||||
Actuarial gain recorded in current year, net of tax | 28 | 46 | 42 | ||||||||||||||
Prior service cost | — | — | — | ||||||||||||||
Effect of curtailments | 782 | — | — | ||||||||||||||
Change in other comprehensive income (loss) | $ | -411 | $ | 218 | $ | -9 | |||||||||||
The amount in accumulated other comprehensive income (loss) as of January 2, 2015 that is expected to be recognized as a component of the net periodic pension costs during fiscal year 2015 is $64,000. | |||||||||||||||||
Net periodic pension cost and projected and accumulated pension obligation for the Company’s Swiss Plan were calculated on January 2, 2015 and January 3, 2014 using the following assumptions: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 1.4 | % | 2.5 | % | |||||||||||||
Salary increases | 2 | % | 2 | % | |||||||||||||
Expected return on plan assets | 3 | % | 3 | % | |||||||||||||
Expected average remaining working lives in years | 10.1 | 10.5 | |||||||||||||||
The discount rates are based on an assumed pension benefit maturity of 10 to 15 years. The rate was estimated using the rate of return for high quality Swiss corporate bonds that mature in eight years. This maturity was used as there are significant numbers of high quality Swiss bonds, but very few bonds issued with maturities with longer lives. In order to determine an appropriate discount rate, the eight year rate of return was then extrapolated along the yield curve of Swiss government bonds. | |||||||||||||||||
The salary increase rate was based on the Company’s best estimate of future increases over time. | |||||||||||||||||
The expected long-term rate of return on plan assets is based on the expected asset allocation and assumptions concerning long-term interest rates, inflation rates, and risk premiums for equities above the risk-free rates of return. These assumptions take into consideration historical long-term rates of return for relevant asset categories | |||||||||||||||||
Under Swiss law, pension funds are legally independent from the employer and all the contributions are invested with regulated entities. The Company has a contract with Allianz Suisse Life Insurance Company’s BVG Collective Foundation (the “Foundation”) to manage its Swiss pension fund. Multiple employers contract with the Foundation to manage the employers’ respective pension plans. The Foundation manages the pension plans of its contracted employers as a collective entity. The investment strategy is determined by the Foundation and applies to all members of the collective Foundation. There are no separate financial statements for each employer contract. The pension plan assets of all the employers that contract with the Foundation are comingled. They are considered multiple-employer plans under ASC 715-30-35-70 and therefore accounted for as single-employer plans. | |||||||||||||||||
As there are no separate financial statements for each employer contract, there are no individual investments that can be directly attributed to the Company’s pension plan assets. However, the funds contributed by an employer are specifically earmarked for its employees and the total assets of the plan allocable to Company’s employees are separately tracked by the Foundation. The lack of visibility into the specific investments of the plan assets and how they are valued is considered to be a significant unobservable input, therefore, the Company considers the plan assets collectively to be Level 3 assets under the fair value hierarchy (see Note 1). | |||||||||||||||||
Plan assets totaled $2.7 million and $3.5 million as of January 2, 2015 and January 3, 2014, respectively. | |||||||||||||||||
The table below sets forth the fair value of Plan assets for the fiscal year 2014 in accordance with ASC 715-20-50-1(d) (in thousands): | |||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs | |||||||||||||||||
( Level 3) | |||||||||||||||||
Liquid | Bond | Equity | Real | Total | |||||||||||||
Asset | Fund | Fund | Estate | ||||||||||||||
Fund | Fund | ||||||||||||||||
Beginning balance at:: | $ | 22 | $ | 3,017 | $ | 115 | $ | 363 | $ | 3,517 | |||||||
3-Jan-14 | |||||||||||||||||
Actual return on plan assets | 1 | -200 | -2 | -29 | -230 | ||||||||||||
Purchases, sales and settlement | 2 | -505 | -6 | -73 | -582 | ||||||||||||
Ending Balance at: | $ | 25 | $ | 2,312 | $ | 107 | $ | 261 | $ | 2,705 | |||||||
2-Jan-15 | |||||||||||||||||
The table below sets forth the fair value of Plan assets for the fiscal year 2013 (in thousands): | |||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs | |||||||||||||||||
( Level 3) | |||||||||||||||||
Liquid | Bond | Equity | Real | Total | |||||||||||||
Asset | Fund | Fund | Estate | ||||||||||||||
Fund | Fund | ||||||||||||||||
Beginning balance at:: | $ | 35 | $ | 2,623 | $ | 73 | $ | 322 | $ | 3,053 | |||||||
28-Dec-12 | |||||||||||||||||
Actual return on plan assets | -4 | 122 | 13 | 13 | 144 | ||||||||||||
Purchases, sales and settlement | -9 | 272 | 29 | 28 | 320 | ||||||||||||
Ending Balance at: | $ | 22 | $ | 3,017 | $ | 115 | $ | 363 | $ | 3,517 | |||||||
3-Jan-14 | |||||||||||||||||
During fiscal 2015, the Company expects to make cash contributions totaling approximately $196,000 to the Swiss Plan. | |||||||||||||||||
The estimated future benefit payments for the Swiss Plan are as follows (in thousands): | |||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||
2015 | $ | 50 | |||||||||||||||
2016 | 55 | ||||||||||||||||
2017 | 60 | ||||||||||||||||
2018 | 65 | ||||||||||||||||
2019 | 64 | ||||||||||||||||
2020 – 2024 | 397 | ||||||||||||||||
Total | $ | 691 | |||||||||||||||
Defined Benefit Plan-Japan | |||||||||||||||||
STAAR Japan maintains a noncontributory defined benefit pension plan (“Japan Plan”) substantially covering all of the employees of STAAR Japan. Benefits under the Japan Plan are earned, vested and accumulated based on a point-system, primarily based on the combination of years of service, actual and expected future grades (management or non-management) and actual and future zone (performance) levels of the employees. Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee. Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen. The mandatory retirement age limit is 60 years old. | |||||||||||||||||
STAAR Japan administers the pension plan and funds the obligations of the Japan Plan from STAAR Japan’s operating cash flows. STAAR Japan is not required, and does not intend to provide contributions to the Plan to meet benefit obligations and therefore does not have any plan assets. Benefit payments are made to beneficiaries as they become due. | |||||||||||||||||
The funded status of the benefit plan at January 2, 2015 and January 3, 2014 is as follows (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||
Projected benefit obligation, beginning of period | $ | 1,049 | $ | 1,188 | |||||||||||||
Service cost | 157 | 158 | |||||||||||||||
Interest cost | 9 | 8 | |||||||||||||||
Actuarial (gain) loss | -55 | 47 | |||||||||||||||
Benefits paid | -66 | -123 | |||||||||||||||
Foreign exchange adjustment | -137 | -229 | |||||||||||||||
Projected benefit obligation, end of period | $ | 957 | $ | 1,049 | |||||||||||||
Changes in Plan Assets: | |||||||||||||||||
Plan assets at fair value, beginning of period | $ | — | $ | — | |||||||||||||
Actual return on plan assets | — | — | |||||||||||||||
Employer contributions | — | — | |||||||||||||||
Benefits paid | — | — | |||||||||||||||
Distribution of plan assets | — | — | |||||||||||||||
Foreign exchange adjustment | — | — | |||||||||||||||
Plan assets at fair value, end of period | $ | — | $ | — | |||||||||||||
Funded status (pension liability), end of period | $ | -957 | $ | -1,049 | |||||||||||||
Amount Recognized in Accumulated Other Comprehensive Income, net of tax: | |||||||||||||||||
Transition obligation | $ | -26 | $ | 81 | |||||||||||||
Actuarial gain | 146 | 191 | |||||||||||||||
Prior service cost | 9 | 17 | |||||||||||||||
Net loss | -8 | -184 | |||||||||||||||
Accumulated other comprehensive income | $ | 121 | $ | 105 | |||||||||||||
Accumulated benefit obligation at end of year | $ | 828 | $ | -857 | |||||||||||||
The underfunded balance of $957,000 and $1,049,000, respectively, was included in other long-term liabilities (pension liability) on the consolidated balance sheets as of January 2, 2015 and January 3, 2014. | |||||||||||||||||
Net periodic pension cost associated with the Japan Plan for the years ended January 2, 2015, January 3, 2014 and, December 28, 2012 includes the following components (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 157 | $ | 158 | $ | 185 | |||||||||||
Interest cost | 9 | 8 | 13 | ||||||||||||||
Net amortization of transition obligation | 12 | 12 | 16 | ||||||||||||||
Actuarial gain | -10 | -31 | -58 | ||||||||||||||
Prior service cost (credit) | -1 | -1 | -1 | ||||||||||||||
Net periodic pension cost | $ | 167 | $ | 146 | $ | 155 | |||||||||||
Changes in other comprehensive income (loss), net of tax, associated with the Japan Plan for the years ended January 2, 2015, January 3, 2014 and December 28, 2012 include the following components (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Amortization of net transition obligation | 12 | 12 | 16 | ||||||||||||||
Amortization of actuarial loss | -9 | -47 | -62 | ||||||||||||||
Actuarial income (loss) recorded in current year | 13 | -153 | -117 | ||||||||||||||
Amortization prior service cost | -2 | -1 | -1 | ||||||||||||||
Change in other comprehensive income (loss) | $ | 14 | $ | -189 | $ | -127 | |||||||||||
The amount in accumulated other comprehensive income (loss) as of January 2, 2015 that is expected to be recognized as a component of the net periodic pension cost in fiscal 2015 is approximately $5,500. | |||||||||||||||||
Net periodic pension cost and projected and accumulated pension obligation for the Company’s Japan Plan were calculated on January 2, 2015 and January 3, 2014 using the following assumptions: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 0.6 | % | 0.9 | % | |||||||||||||
Salary increases | 4.5 | % | 4.7 | % | |||||||||||||
Expected return on plan assets | N/A | N/A | |||||||||||||||
Expected average remaining working lives in years | 8.12 | 7.48 | |||||||||||||||
The discount rate of 0.60% as of January 2, 2015 and the discount rate of 0.90% as of January 3, 2014 are based on the approximate Japanese government bond rate with a term of 10 to 20 years. | |||||||||||||||||
The salary increase average rate was based on the Company’s best estimate of future increases over time. | |||||||||||||||||
The estimated future benefit payments for the Japan Plan are as follows (in thousands): | |||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||
2015 | $ | 85 | |||||||||||||||
2016 | 54 | ||||||||||||||||
2017 | 141 | ||||||||||||||||
2018 | 51 | ||||||||||||||||
2019 | 48 | ||||||||||||||||
2020-2024 | 537 | ||||||||||||||||
Total | $ | 916 | |||||||||||||||
Defined Contribution Plan | |||||||||||||||||
The Company maintains a 401(k) profit sharing plan (“401(k) Plan”) for the benefit of qualified employees in North America. During the fiscal year ended January 2, 2015, employees who participate may elect to make salary deferral contributions to the 401(k) Plan up to the $17,500 of the employees’ eligible payroll subject to annual Internal Revenue Code maximum limitations (with a $5,500 annual catch-up contribution permitted for those over 50 years old). In 2014, the Company increased the contribution percentage to 80% from 50% of the employee’s contribution up to the first 6% of the employee’s compensation. In addition, STAAR may make a discretionary contribution to qualified employees, in accordance with the 401(k) Plan. During the years ended January 2, 2015, January 3, 2014, and December 28, 2012, the Company made contributions, net of forfeitures, of $518,000, $270,000, and $284,000, respectively, to the 401(k) Plan. | |||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Jan. 02, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 11 — Stockholders’ Equity | ||||||||||||
The cost that has been charged against income for stock-based compensation is set forth below (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 2, | January 3, | December 28, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
Employee stock options | $ | 2,842 | $ | 2,683 | $ | 2,595 | |||||||
Restricted stock | 935 | 999 | 590 | ||||||||||
Restricted stock units | 795 | 589 | — | ||||||||||
Consultant compensation | 91 | 218 | 23 | ||||||||||
Total | $ | 4,663 | $ | 4,489 | $ | 3,208 | |||||||
The Company recorded stock-based compensation expense in the following categories on the accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 2, | January 3, | December 28, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
General and administrative | $ | 2,660 | $ | 2,663 | $ | 2,231 | |||||||
Marketing and selling | 1,065 | 1,167 | 545 | ||||||||||
Research and development | 938 | 659 | 432 | ||||||||||
Total | $ | 4,663 | $ | 4,489 | $ | 3,208 | |||||||
There was no net income tax benefit recognized in the consolidated statements of operations for stock-based compensation expense for non-qualified stock options, as the Company fully offsets net deferred tax assets with a valuation allowance (see Note 9). In addition, the Company capitalized $306,000, $232,000, and $150,000 of stock-based compensation to inventory during the year ended January 2, 2015, January 3, 2014, and December 28, 2012, respectively, and recognizes these amounts as cost of sales as the inventory is sold. The Company does not recognize deferred income taxes for incentive stock option compensation expense, and records a tax deduction only when a disqualified disposition has occurred (see Note 9). | |||||||||||||
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). Grants of restricted stock outstanding under the Plan generally vest over periods of one to three years. Grants of RSUs outstanding under the Plan generally vest based on time, performance or a combination of both. As of January 2, 2015 there were 2,201,123 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. | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 2, | January 3, | December 28, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected volatility | 55 | % | 71 | % | 79 | % | |||||||
Risk-free interest rate | 1.29 | % | 0.73 | % | 0.82 | % | |||||||
Expected term (in years) | 4.12 | 4.12 | 5.21 | ||||||||||
A summary of option activity under the Plan for the year ended January 2, 2015 is presented below: | |||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (000’s) | |||||||||||
Term (years) | |||||||||||||
Outstanding at January 3, 2014 | 3,299 | $ | 6.17 | ||||||||||
Granted | 617 | 15.43 | |||||||||||
Exercised | -584 | 6.09 | |||||||||||
Forfeited or expired | -157 | 11.92 | |||||||||||
Outstanding at January 2, 2015 | 3,175 | $ | 7.79 | 6.19 | $ | 8,692 | |||||||
Exercisable at January 2, 2015 | 2,085 | $ | 5.71 | 4.91 | $ | 7,583 | |||||||
Included in forfeited or expired options, are 48,000 share representing net shares withheld from an option holder for the exercise price in lieu of cash. | |||||||||||||
The weighted-average grant-date fair value of options granted during the fiscal years ended January 2, 2015, January 3, 2014, and December 28, 2012, were $6.81, $3.51, and $6.65 per option respectively. The total intrinsic value of options exercised during the fiscal years ended January 2, 2015, January 3, 2014, and December 28, 2012, were $5.5 million, $3.9 million, and $1.2 million, respectively. | |||||||||||||
As of January 2, 2015, there was $6.1 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted-average period of 1.79 years. | |||||||||||||
Warrants | |||||||||||||
On June 1, 2009, the Company issued warrants to Broadwood Partners, L.P. (“Broadwood”), pursuant to a Warrant Agreement, granting the right to purchase up to an additional 700,000 shares of Common Stock at an exercise price of $4.00 per share, exercisable for a period of six years, which remain outstanding. The warrants are accounted for as an equity instrument. | |||||||||||||
The Warrant Agreement provides that the Company will register the shares issuable upon exercise of the warrants with the Securities Exchange Commission. The Company filed and secured effectiveness of a registration statement covering resale of the shares. If the Company fails to keep the registration statement effective and the lapse exceeds permitted suspensions, as the holder’s sole remedy, the Company will be obligated to issue an additional 30,000 warrants (“Penalty Warrants”) for each month that the Company does not meet this effectiveness requirement through June 1, 2015, the term of the remaining warrants. The Company considers the issuance of Penalty Warrants to be unlikely. | |||||||||||||
The fair value of the warrants was estimated on the issuance date, June 1, 2009, using a Black-Scholes option valuation model applying the assumptions noted in the following table: | |||||||||||||
As of | |||||||||||||
June 1, 2009 | |||||||||||||
Common stock price per share | $ | 1.01 | |||||||||||
Number of warrants | 700,000 | ||||||||||||
Expected dividends | 0 | % | |||||||||||
Expected volatility | 74.4 | % | |||||||||||
Risk-free rate | 3.28 | % | |||||||||||
Life (in years) | 6 | ||||||||||||
A summary of the warrant activity for the year ended January 2, 2015 is provided below: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (000’s) | |||||||||||
Term | |||||||||||||
(years) | |||||||||||||
Outstanding at January 3, 2014 | 700 | $ | 4 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at January 2, 2015 | 700 | $ | 4 | 0.41 | $ | 3,521 | |||||||
Exercisable at January 2, 2015 | 700 | $ | 4 | 0.41 | $ | 3,521 | |||||||
Restricted stock | |||||||||||||
A summary of restricted stock activity for the year ended January 2, 2015 is presented below: | |||||||||||||
Shares | Weighted | ||||||||||||
(000’s) | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
per Share | |||||||||||||
Outstanding at January 3, 2014 | 341 | $ | 7.55 | ||||||||||
Granted | 65 | 13.89 | |||||||||||
Vested | -140 | 6.92 | |||||||||||
Forfeited or expired | -19 | 9.91 | |||||||||||
Outstanding at January 2, 2015 | 247 | $ | 9.41 | ||||||||||
Restricted Stock Units | |||||||||||||
A summary of restricted stock units activity for the year ended January 2, 2015 is presented below: | |||||||||||||
Units | Weighted | ||||||||||||
(000’s) | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
per Share | |||||||||||||
Outstanding at January 3, 2014 | 135 | $ | 5.34 | ||||||||||
Granted | 314 | 15.34 | |||||||||||
Vested | -135 | 5.34 | |||||||||||
Forfeited or expired | -158 | 15.54 | |||||||||||
Outstanding at January 2, 2015 | 156 | $ | 15.14 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies Disclosure [Text Block] | Note 12 — Commitments and Contingencies | |||||||
Lease Obligations and Firm Commitment | ||||||||
The Company leases certain property, plant and equipment under capital and operating lease agreements. These leases vary in duration and contain renewal options and/or escalation clauses. Current and long-term obligations under capital leases are included in the Company’s consolidated balance sheets. | ||||||||
Estimated future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of January 2, 2015 are as follows (in thousands): | ||||||||
Fiscal Year | Operating | Capital | ||||||
Leases | Leases | |||||||
2015 | $ | 1,368 | $ | 442 | ||||
2016 | 796 | 348 | ||||||
2017 | 785 | 144 | ||||||
2018 | 328 | — | ||||||
2019 | 328 | — | ||||||
Thereafter | 244 | — | ||||||
Total minimum lease payments | $ | 3,849 | $ | 934 | ||||
Less amounts representing interest | — | 67 | ||||||
$ | 3,849 | $ | 867 | |||||
Rent expense was approximately $1.4 million, $1.5 million, and $1.9 million, for the years ended January 2, 2015, January 3, 2014, and December 28, 2012, respectively. | ||||||||
The Company had the following assets under capital lease at January 2, 2015 and January 3, 2014 (in thousands): | ||||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 1,141 | $ | 3,922 | ||||
Furniture and fixtures | 334 | 611 | ||||||
Leasehold improvements | 21 | 155 | ||||||
1,496 | 4,688 | |||||||
Less accumulated depreciation | 511 | 3,984 | ||||||
$ | 985 | $ | 704 | |||||
Depreciation expense for assets under capital lease for each of the years ended January 2, 2015, January 3, 2014, and December 28, 2012, was approximately $330,000, $566,000, and $522,000, respectively. | ||||||||
Indemnification Agreements | ||||||||
The Company has entered into indemnification agreements with its directors and officers that may require the Company: (a) to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, except as prohibited by applicable law; (b) to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified; and (c) to make a good faith determination whether or not it is practicable for the Company to obtain directors’ and officers’ insurance. The Company currently has directors’ and officers’ liability insurance through a third party carrier. | ||||||||
Tax Filings | ||||||||
The Company’s tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for any ultimate amounts that are likely to result from these audits; however, final assessments, if any, could be significantly different than the amounts recorded in the consolidated financial statements. | ||||||||
Employment Agreements | ||||||||
The Company’s Chief Executive Officer and certain officers have as provisions of their agreements certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all of its assets, or termination “without cause or for good reason” as defined in the employment agreements. | ||||||||
On October 3, 2014, the Company’s Chief Executive Officer announced his retirement effective March 1, 2015. Effective with his retirement, he has become a consultant to the Company through March 31, 2016. In March 2015, the Company will accrue an approximate $300,000 in benefits due to the former CEO, such benefits will be paid over a one year period beginning on March 1, 2015 and ending on March 31, 2016. | ||||||||
Effective March 1, 2015, the Company entered into an Employment Agreement with its new Chief Executive Officer, Caren Mason. | ||||||||
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. These claims and legal proceedings may relate to contractual rights and obligations, employment matters, and claims of product liability. The most significant of these actions, proceedings and investigations are described below. STAAR maintains insurance coverage for product liability and certain securities. Legal proceedings can extend for several years, and the matters described below concerning the Company are at very early stages of the legal and administrative process. As a result, these matters have not yet progressed sufficiently through discovery and/or development of important factual information and legal issues to enable the Company to determine whether the proceedings are 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 outcomes of these items, 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. | ||||||||
Securities and Exchange Commission Informal Inquiry | ||||||||
In a letter dated July 3, 2014, the United States Securities and Exchange Commission (“SEC”) advised STAAR that it is conducting an informal inquiry into compliance with U.S. securities laws. The letter requested documents concerning any FDA inspections, investigations, observations, noted violations, or warnings since January 1, 2014. The Company is cooperating with this informal inquiry. | ||||||||
Todd v. STAAR | ||||||||
On July 8, 2014, a putative securities class action lawsuit was filed by Edward Todd against STAAR and three officers in the federal court located in Los Angeles, California. The plaintiff claims that STAAR made misleading statements to and omitted material information from our investors between February 27, 2013 and June 30, 2014 about alleged regulatory violations at STAAR’s Monrovia manufacturing facility. On July 21, 2014, the Company was served with the Complaint. 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. | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 02, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13 — Related Party Transactions |
The Company has made various advances to certain employees. Amounts due from employees included in prepaids, deposits, and other current assets at January 2, 2015 and January 3, 2014 were $9,000 and $34,000, respectively. | |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | Note 14 — Supplemental Disclosure of Cash Flow Information | ||||||||||
Interest paid was $139,000, $153,000, and $270,000, for the years ended January 2, 2015, January 3, 2014, and December 28, 2012, respectively. Income taxes paid amounted to approximately $1,089,000 $1,534,000, and $241,000, for the years ended January 2, 2015, January 3, 2014, and December 28, 2012, respectively. | |||||||||||
The Company’s non-cash investing and financing activities were as follows (in thousands): | |||||||||||
Non-cash investing and financing activities: | 2014 | 2013 | 2012 | ||||||||
Assets obtained by capital lease | $ | 802 | $ | — | $ | 527 | |||||
Purchase of property and equipment included in accounts payable | $ | 682 | $ | 818 | $ | — | |||||
Basic_and_Diluted_Net_Income_L
Basic and Diluted Net Income (Loss) Per Share | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share [Text Block] | Note 15 — Basic and Diluted Net Income (Loss) Per Share | ||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands except per share amounts): | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net income (loss) | $ | -8,392 | $ | 398 | $ | -1,763 | |||||
Denominator: | |||||||||||
Weighted average common shares and denominator for basic calculation: | |||||||||||
Weighted average common shares outstanding | 38,342 | 37,017 | 36,433 | ||||||||
Less: Unvested restricted stock | -251 | -311 | -180 | ||||||||
Denominator for basic calculation | 38,091 | 36,706 | 36,253 | ||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Stock options | — | 1,235 | — | ||||||||
Unvested restricted stock | — | 177 | — | ||||||||
Restricted stock units | — | 75 | — | ||||||||
Warrants | — | 414 | — | ||||||||
Denominator for diluted calculation | 38,091 | 38,607 | 36,253 | ||||||||
Net income (loss) per share – basic | $ | -0.22 | $ | 0.01 | $ | -0.05 | |||||
Net income (loss) per share - diluted | $ | -0.22 | $ | 0.01 | $ | -0.05 | |||||
The following table 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. | |||||||||||
2014 | 2013 | 2012 | |||||||||
Options | 1,988 | 1,109 | 1,632 | ||||||||
Warrants | 492 | — | 746 | ||||||||
Restricted stock | 227 | — | 180 | ||||||||
Total | 2,707 | 1,109 | 2,558 | ||||||||
Geographic_and_Product_Data
Geographic and Product Data | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Segment Reporting Disclosure [Text Block] | Note 16 — Geographic and Product Data | ||||||||||
The Company markets and sells its products in approximately 60 countries and has manufacturing in the United States. Other than the United States, Japan, Korea, China, Spain and France, the Company does not conduct business in any country in which its sales in that country exceed 5% of consolidated sales. Sales are attributed to countries based on location of customers. The composition of the Company’s sales to unaffiliated customers is set forth below (in thousands): | |||||||||||
Net sales to unaffiliated customers | 2014 | 2013 | 2012 | ||||||||
United States | $ | 11,117 | $ | 12,851 | $ | 12,427 | |||||
Japan | 19,107 | 17,666 | 16,692 | ||||||||
China | 9,370 | 8,618 | 8,406 | ||||||||
Korea | 6,563 | 7,743 | 6,713 | ||||||||
Spain | 5,562 | 4,867 | 3,026 | ||||||||
France | 3,696 | 2,546 | 1,612 | ||||||||
Others* | 19,572 | 17,924 | 14,907 | ||||||||
Total | $ | 74,987 | $ | 72,215 | $ | 63,783 | |||||
*No other location individually exceeds 5% of total sales. | |||||||||||
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 IOLs used in cataract surgery and ICLs used in refractive surgery. The composition of the Company’s net sales by product line is as follows (in thousands): | |||||||||||
Net sales by product line | 2014 | 2013 | 2012 | ||||||||
ICLs | $ | 44,047 | $ | 44,128 | $ | 35,080 | |||||
IOLs | 24,336 | 24,153 | 25,971 | ||||||||
Other surgical products | 6,604 | 3,934 | 2,732 | ||||||||
Total | $ | 74,987 | $ | 72,215 | $ | 63,783 | |||||
The composition of the Company’s long-lived assets, consisting of property and equipment, between those in the United States, Switzerland, and Japan is set forth below (in thousands): | |||||||||||
Long-lived assets | 2014 | 2013 | |||||||||
U.S. | $ | 9,127 | $ | 6,096 | |||||||
Switzerland | 596 | 849 | |||||||||
Japan | 343 | 460 | |||||||||
Total | $ | 10,066 | $ | 7,405 | |||||||
The Company sells its products internationally, which subjects the Company to several potential risks, including fluctuating 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. | |||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Financial Information [Text Block] | Note 17 — Quarterly Financial Data (Unaudited) | |||||||||||||
Summary unaudited quarterly financial data from continuing operations for fiscal 2014 and 2013 is as follows (in thousands except per share data): | ||||||||||||||
January 2, 2015 | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||
Net sales | $ | 20,178 | $ | 20,048 | $ | 18,188 | $ | 16,573 | ||||||
Gross profit | 13,884 | 13,667 | 11,869 | 9,403 | ||||||||||
Net loss | -1,359 | -1,789 | -2,706 | -2,538 | ||||||||||
Net (loss) per share – basic | -0.04 | -0.05 | -0.07 | -0.07 | ||||||||||
Net (loss) per share – diluted | -0.04 | -0.05 | -0.07 | -0.07 | ||||||||||
January 3, 2014 | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||
Net sales | $ | 18,001 | $ | 18,164 | $ | 17,106 | $ | 18,944 | ||||||
Gross profit | 12,654 | 12,620 | 12,059 | 12,976 | ||||||||||
Net income (loss) | 471 | 278 | 525 | -876 | ||||||||||
Net income (loss) per share – basic | 0.01 | 0.01 | 0.01 | -0.02 | ||||||||||
Net income (loss) per share – diluted | 0.01 | 0.01 | 0.01 | -0.02 | ||||||||||
Quarterly and year-to-date computations of net income (loss) per share amounts are made independently. Therefore, the sum of the per share amounts for the quarters may not agree with the per share amounts for the year. | ||||||||||||||
Manufacturing_Consolidation_an
Manufacturing Consolidation and Tax Strategy | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Text Block] | Note 18 — Manufacturing Consolidation and Tax Strategy | ||||||||||
From fiscal 2011 through June 2014, the Company 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 was to 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 $131 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, California, Aliso Viejo, California, Nidau, Switzerland, and Ichikawa City, Japan). As of June 2014, all international production is consolidated into the Monrovia site. | |||||||||||
The Company has invested approximately $6.3 million since inception of these initiatives, including $319,000 incurred during 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 year ended January 2, 2015 (in thousands): | |||||||||||
Termination Benefits | Other | Total | |||||||||
Associated Costs | |||||||||||
Liability as of January 3, 2014 | $ | 731 | $ | 28 | $ | 759 | |||||
Costs incurred and charged to expense | 212 | 109 | 321 | ||||||||
Cash payments | -763 | -137 | -900 | ||||||||
Liability as of January 2, 2015 | $ | 180 | $ | — | $ | 180 | |||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||
Description | Balance at | Additions | Deductions | Balance at | ||||||||||
Beginning | End of | |||||||||||||
of Year | Year | |||||||||||||
(In thousands) | ||||||||||||||
2014 | ||||||||||||||
Allowance for doubtful accounts and sales returns deducted from accounts receivable in balance sheet | $ | 1,449 | $ | 384 | $ | 244 | $ | 1,589 | ||||||
Deferred tax asset valuation allowance | 50,823 | 3,330 | 49 | 54,104 | ||||||||||
$ | 52,272 | $ | 3,714 | $ | 293 | $ | 55,693 | |||||||
2013 | ||||||||||||||
Allowance for doubtful accounts and sales returns deducted from accounts receivable in balance sheet | $ | 1,316 | $ | 263 | $ | 130 | $ | 1,449 | ||||||
Deferred tax asset valuation allowance | 51,093 | 744 | 1,014 | 50,823 | ||||||||||
$ | 52,409 | $ | 1,007 | $ | 1,144 | $ | 52,272 | |||||||
2012 | ||||||||||||||
Allowance for doubtful accounts and sales returns deducted from accounts receivable in balance sheet | $ | 1,128 | $ | 255 | $ | 67 | $ | 1,316 | ||||||
Deferred tax asset valuation allowance | 51,571 | — | 478 | 51,093 | ||||||||||
$ | 52,699 | $ | 255 | $ | 545 | $ | 52,409 | |||||||
Organization_and_Description_o1
Organization and Description of Business and Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Organization And Description Of Business [Policy Text Block] | Organization and Description of Business | |||||||||||||
STAAR Surgical Company and subsidiaries (the “Company”), a Delaware corporation, was incorporated in 1982 for the purpose of developing, producing, and marketing intraocular lenses (“IOLs”) and other products for minimally invasive ophthalmic surgery. Principal products are IOLs and implantable Collamer lenses (“ICLs”). IOLs are prosthetic intraocular lenses used to restore vision that has been adversely affected by cataracts, and include the Company’s lines of silicone and Collamer IOLs and the Preloaded Injector (a silicone or acrylic IOL preloaded into a single-use disposable injector). ICLs, consisting of the Company’s ICL and Toric implantable collamer lenses (“TICL”), are intraocular lenses used to correct refractive conditions such as myopia (near-sightedness), hyperopia (far-sightedness) and astigmatism. | ||||||||||||||
As of January 2, 2015, the Company’s significant subsidiaries consisted of: | ||||||||||||||
⋅ | STAAR Surgical AG, a wholly owned subsidiary formed in Switzerland that markets and distributes ICLs and Preloaded IOLs. | |||||||||||||
⋅ | STAAR Japan, a wholly owned subsidiary that markets and distributes Preloaded IOLs and ICLs. | |||||||||||||
⋅ | STAAR Surgical Cayman, Inc., a wholly owned subsidiary formed to develop, maintain, and own intellectual property underlying the Company’s products marketed, distributed, and sold worldwide, excluding the Americas. | |||||||||||||
The Company operates as one operating segment, the ophthalmic surgical market, for financial reporting purposes (see Note 16). | ||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of STAAR Surgical and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. | ||||||||||||||
Fiscal Period, Policy [Policy Text Block] | Fiscal Year and Interim Reporting Periods | |||||||||||||
The Company’s fiscal year ends on the Friday nearest December 31 and each of the Company’s quarterly reporting periods generally consists of 13 weeks. Fiscal year 2014 is based on a 52-week period, fiscal year 2013 is based on a 53-week period, and fiscal year 2012 is based on a 52-week period. | ||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency | |||||||||||||
The functional currency of the Company’s Japanese subsidiary is the Japanese yen. The functional currency of the Company’s Swiss subsidiary, STAAR Surgical AG, is the U.S. dollar. | ||||||||||||||
Assets and liabilities of the Company’s Japanese subsidiary are translated at rates of exchange in effect at the close of the period. Sales and expenses are translated at the weighted average of exchange rates in effect during the period. The resulting translation gains and losses are deferred and are shown as a separate component in the Consolidated Statement of Comprehensive Income (Loss). During 2014, 2013, and 2012, the net foreign translation losses were $955,000, $1,327,000, and $689,000, respectively, and net foreign currency transaction gains (losses), included in the consolidated statements of operations under other income (expense) were, (896,000), $39,000, and $111,000, respectively. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||||||||
The Company recognizes revenue when realized or realizable and earned, which is when the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sale price is fixed or determinable; and collectability is reasonably assured. The Company records revenue from non-consignment product sales when title and risk of ownership has been transferred, which is typically at shipping point, except for the STAAR Japan subsidiary, which is typically recognized when the product is received by the customer. STAAR Japan does not have significant deferred revenues as of January 2, 2015 as delivery to the customer is generally made within the same or the next day of shipment. The Company presents sales tax it collects from its customers on a net basis (excluded from revenues). | ||||||||||||||
The Company’s products are marketed to ophthalmic surgeons, hospitals, ambulatory surgery centers or vision centers, and distributors. IOLs may be offered to surgeons and hospitals on a consignment basis. The Company maintains title and risk of loss of consigned inventory and recognizes revenue for consignment inventory when the Company is notified that the IOL has been implanted. | ||||||||||||||
ICLs are sold only to certified surgeons who have completed requisite training or for use in scheduled training surgeries. As a result, STAAR partially mitigates the risk that the revenue it recognizes on shipment of ICLs would need to be reversed because of a surgeon’s failure to qualify for its use. | ||||||||||||||
The Company sells certain injector parts to an unrelated customer and supplier (collectively referred to as “supplier”) whereby these injector part sales are either made as a final sale to the supplier or, are sold to be reprocessed by the supplier into finished goods inventory (a preloaded acrylic IOL). These finished goods are then sold back to the Company at an agreed upon, contractual price. The Company makes a profit margin on either type of sale with the supplier and each type of sale is made under separate purchase and sales orders between the two parties resulting in cash settlement for the orders sold or repurchased. For parts that are sold as a final sale, the Company recognizes a sale consistent with its routine revenue recognition policies as disclosed above and those sales are included as part of other sales in total net sales. For the injector parts that are sold to be reprocessed into finished goods, the Company does not recognize revenue on these sales in accordance with ASC 845-10, Purchases and Sales of Inventory with the Same Counterparty. Instead, the Company records the transaction at its carrying value, deferring any profit margin as contra-inventory, until the finished goods inventory is sold to an end-customer (not the supplier) at which point the Company records the sale and the related cost of sale, including the release of the deferred cost of sale in inventory, related to these finished goods. | ||||||||||||||
For all sales, the Company is considered the principal in the transaction as the Company, among other factors, is the primary obligor in the arrangement, bears general inventory risk, credit risk, has latitude in establishing the sales price, is responsible for authorized and general sales returns risk and therefore, sales and cost of sales are reported separately in the consolidated statement of operations instead of a single, net amount. Cost of sales includes cost of production, freight and distribution, royalties, and inventory provisions, net of any purchase discounts. | ||||||||||||||
The Company generally permits returns of product if the product is returned within the time allowed by its return policies and records an allowance for estimated returns at the time revenue is recognized. The Company’s allowance for estimated returns considers historical trends and experience, the impact of new product launches, the entry of a competitor, availability of timely and pertinent information and the various terms and arrangements offered, including sales with extended credit terms. Sales are reported net of estimated returns. | ||||||||||||||
The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment history and credit worthiness, as determined by the Company’s review of its customers’ current credit information. The Company continuously monitors collections and payments from customers and maintains a provision for estimated credit losses and uncollectible accounts based upon its historical experience and any specific customer collection issues that have been identified. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||||||||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and, as such, include amounts based on significant estimates and judgments of management with consideration given to materiality. Significant estimates used include determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Actual results could differ materially from those estimates. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major banks which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. | ||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Revenues | |||||||||||||
Financial instruments that potentially subject the Company to credit risk principally consist of trade receivables. This risk is limited due to the large number of customers comprising the Company’s customer base, and their geographic dispersion. As of January 2, 2015, there were two customers with trade receivables balances that represented 10% or more of consolidated trade receivables. As of January 3, 2014, there were no customers with trade receivables balances that represented 10% or more of consolidated trade receivable. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. The Company maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. | ||||||||||||||
A single customer has accounted for 11% of the Company’s consolidated net sales in fiscal 2013 and 2012 and 9% in 2014. | ||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value (Accounting Standards Codification (“ASC”) 820-10): | ||||||||||||||
⋅ | Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||
⋅ | Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. | |||||||||||||
⋅ | Level 3 – Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value. | |||||||||||||
The carrying values reflected in the consolidated balance sheets for cash and cash equivalents, trade accounts receivable, prepaids and other current assets, accounts payable, other current liabilities and line of credit approximate their fair values because of the short maturity of these instruments. | ||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories, Net | |||||||||||||
Inventories, net are valued at the lower of cost, determined on a first-in, first-out basis, or market. Inventories include the costs of raw material, labor, and manufacturing overhead, work in process and finished goods. Inventories also include deferred margins for certain injector parts described under the revenue recognition policy. The Company provides estimated inventory allowances for excess, expiring, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value to properly reflect inventory at the lower of cost or market. | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are recorded at cost. Depreciation on property, plant, and equipment is computed using the straight-line method over the estimated useful lives of the assets as noted below. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease term. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. | ||||||||||||||
The estimated useful lives of assets are as follows: | ||||||||||||||
Machinery and equipment | 5-10 years | |||||||||||||
Furniture and equipment | 3-7 years | |||||||||||||
Computer and peripherals | 2-5 years | |||||||||||||
Leasehold improvements | (a) | |||||||||||||
(a) | The estimated useful life of leasehold improvements are the shorter of the useful life of the asset or the term of the associated leases. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | |||||||||||||
Goodwill, which has an indefinite life, is not amortized but instead is tested for impairment on an annual basis or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Reporting units can be one level below the operating segment level, and can be combined when reporting units within the same operating segment have similar economic characteristics. The Company has determined that its reporting units have similar economic characteristics, and therefore, can be combined into one reporting unit for the purposes of goodwill impairment testing. During the fourth quarter of fiscal 2014 and 2013, the Company performed its annual impairment test and determined that its goodwill was not impaired. As of January 2, 2015 and January 3, 2014, the carrying value of goodwill was $1.8 million. | ||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets | |||||||||||||
The Company reviews property and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. A review of long lived assets was conducted as of January 2, 2015 and January 3, 2014 and no impairment was identified. | ||||||||||||||
Amortization is computed on the straight-line basis, which is the Company’s best estimate of the economic benefits realized over the estimated useful lives of the assets which range from 3 to 20 years for patents, certain acquired rights and licenses, 10 years for customer relationships, and 3 to 10 years for developed technology. | ||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs | |||||||||||||
Expenditures for research activities relating to product development and improvement are charged to expense as incurred. | ||||||||||||||
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Cost | |||||||||||||
Advertising costs, which are included in marketing and selling expenses, are expensed as incurred. Advertising costs were $2.8 million, $2.1 million and $1.8 million for 2014, 2013 and 2012, respectively. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||||||||||
The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities, net operating loss and credit carryforwards, and uncertainty in income taxes, on a jurisdiction-by-jurisdiction basis. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset may not be realized or realizable in the jurisdiction in which they arise. The impact on deferred taxes of changes in tax rates and laws, if any, are applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period of enactment. | ||||||||||||||
The Company recognizes the income tax benefit from an uncertain tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. The amount of tax benefit recorded, if any, is limited to the amount that is greater than 50 percent likely to be realized upon settlement with the taxing authority (that has full knowledge of all relevant information). Accrued interest, if any, related to uncertain tax positions is included as a component of income tax expense, and penalties, if incurred, are recognized as a component of operating income or loss. The Company does not have any uncertain tax positions as of any of the periods presented. The Company did not incur significant interest and penalties for any period presented. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Income (Loss) Per Share | |||||||||||||
The Company has only one class of common stock and no participating securities which would require the two-class method of calculating basic earnings per share. Basic per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, net of unvested restricted stock, during the period. Diluted per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of outstanding warrants, stock options, unvested restricted stock and restricted stock units, during the period, using the treasury-stock method. | ||||||||||||||
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Defined Benefit Plans | |||||||||||||
The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of its Swiss subsidiary. The Swiss Plan conforms to the features of a defined benefit plan. | ||||||||||||||
The Company also maintains a noncontributory defined benefit pension plan which covers substantially all of the employees of STAAR Japan. | ||||||||||||||
The Company recognizes the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the statement of financial position, with a corresponding adjustment to accumulated other comprehensive income (loss). If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability. The Company records a net periodic pension cost in the consolidated statement of operations. The liabilities and annual income or expense of both plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return (asset returns and fair-value of plan assets are applicable for the Swiss Plan only). The fair values of plan assets are determined based on prevailing market prices (see Note 10). | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation | |||||||||||||
Stock-based compensation expense for all stock-based compensation awards granted is based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three to four years (see Note 11). | ||||||||||||||
The Company also issues restricted stock to its executive officers and Board of Directors (the Board), which are restricted and unvested common shares issued at fair market value on the date of grant. For the restricted shares issued to the Board, the restricted stock vests over a one-year service period and are subject to forfeiture (or acceleration, depending upon the circumstances) until vested or the service period is completed. The Company has also issued performance accelerated restricted stock (PARS) to its executive officers which carry a three year service condition and a performance condition such that if the Company meets or exceeds certain predetermined performance metrics set by the Board, up to one third of the grant vesting may be accelerated annually. If the performance metrics are not achieved, the restricted stock vests after three years. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years for the Board and PARS grants, respectively, based on the grant-date fair value of the stock. Restricted stock is considered legally issued and outstanding on the grant date (see Notes 11 and 15). | ||||||||||||||
The Company issues restricted stock units (“RSUs”) under the 2013 RSU Plan (see Note 11), which is a performance contingent restricted stock award based upon the Company exceeding an internally established annual revenue target which is above the established annual revenue plan. The RSUs contain both a performance and a service condition such that they vest after calculating the total financial performance for fiscal year 2014, at which time, if the internally established revenue target is met or exceeded and the grantee is still employed with the Company on the measurement date, which is one year after the grant date, the RSUs will become fully vested. The Company recognizes compensation cost for the RSUs if and when the Company concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures, over the requisite service period based on the grant-date fair value of the stock. The Company reassesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. | ||||||||||||||
Once the RSUs are vested, equivalent common shares will be issued or issuable to the grantee and therefore the RSUs are not included in total common shares issued and outstanding until vested (see Notes 11 and 15). | ||||||||||||||
The Company accounts for options granted to persons other than employees and directors under Equity –Based Payments to Non-Employees. The fair value of such options is re-measured each reporting period using the Black-Scholes option-pricing model and income or expense is recognized over the vesting period for changes to the fair value for the unvested options. As the options vest, no such re-measurement is necessary or performed. | ||||||||||||||
Accounting For Warrants [Policy Text Block] | Accounting for Warrants | |||||||||||||
The Company has issued certain warrants under an agreement that expressly provides that if the Company fails to satisfy continuous registration requirements the Company will be obligated only to issue additional common stock as the holder’s sole remedy, with no possibility of settlement in cash. The Company accounts for these warrants as equity because additional shares are the only form of settlement available to the holder. These warrants are only valued on the issuance date and not subsequently revalued. The Company uses the Black-Scholes option pricing model as the valuation model to estimate the fair value of all warrants. (See Note 11). | ||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) | |||||||||||||
The Company presents comprehensive income (loss) in two separate but not consecutive consolidated financial statements, the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss). Total comprehensive income (loss) includes, in addition to net income (loss), changes in equity that are excluded from the consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the consolidated balance sheets. The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the years ended January 2, 2015, January 3, 2014, and December 28, 2012 (in thousands): | ||||||||||||||
Foreign | Defined | Defined | Accumulated | |||||||||||
Currency | Benefit | Benefit | Other | |||||||||||
Translation | Pension Plan- | Pension Plan- | Comprehensive | |||||||||||
Japan | Switzerland | Income (Loss) | ||||||||||||
Balance, at December 30, 2011 | $ | 2,795 | $ | 423 | $ | -813 | $ | 2,405 | ||||||
Other comprehensive loss | -689 | -127 | -11 | -827 | ||||||||||
Tax effect | - | - | 2 | 2 | ||||||||||
Balance, at December 28, 2012 | 2,106 | 296 | -822 | 1,580 | ||||||||||
Other comprehensive income (loss) | -861 | -126 | 280 | -707 | ||||||||||
Tax effect | -466 | -63 | -62 | -591 | ||||||||||
Balance, at January 3, 2014 | 779 | 107 | -604 | 282 | ||||||||||
Other comprehensive income (loss) | -1,527 | 23 | -359 | -1,863 | ||||||||||
Tax effect | 572 | -9 | -52 | 511 | ||||||||||
Balance, at January 2, 2015 | $ | -176 | $ | 121 | $ | -1,015 | $ | -1,070 | ||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 GAAP about management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. This ASU requires 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 upon adoption, will evaluate going concern based on this guidance. | ||||||||||||||
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. | ||||||||||||||
Organization_and_Description_o2
Organization and Description of Business and Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Schedule Of Useful Life Of Property Plant And Equipment [Table Text Block] | The estimated useful lives of assets are as follows: | |||||||||||||
Machinery and equipment | 5-10 years | |||||||||||||
Furniture and equipment | 3-7 years | |||||||||||||
Computer and peripherals | 2-5 years | |||||||||||||
Leasehold improvements | (a) | |||||||||||||
(a) | The estimated useful life of leasehold improvements are the shorter of the useful life of the asset or the term of the associated leases. | |||||||||||||
Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the years ended January 2, 2015, January 3, 2014, and December 28, 2012 (in thousands): | |||||||||||||
Foreign | Defined | Defined | Accumulated | |||||||||||
Currency | Benefit | Benefit | Other | |||||||||||
Translation | Pension Plan- | Pension Plan- | Comprehensive | |||||||||||
Japan | Switzerland | Income (Loss) | ||||||||||||
Balance, at December 30, 2011 | $ | 2,795 | $ | 423 | $ | -813 | $ | 2,405 | ||||||
Other comprehensive loss | -689 | -127 | -11 | -827 | ||||||||||
Tax effect | - | - | 2 | 2 | ||||||||||
Balance, at December 28, 2012 | 2,106 | 296 | -822 | 1,580 | ||||||||||
Other comprehensive income (loss) | -861 | -126 | 280 | -707 | ||||||||||
Tax effect | -466 | -63 | -62 | -591 | ||||||||||
Balance, at January 3, 2014 | 779 | 107 | -604 | 282 | ||||||||||
Other comprehensive income (loss) | -1,527 | 23 | -359 | -1,863 | ||||||||||
Tax effect | 572 | -9 | -52 | 511 | ||||||||||
Balance, at January 2, 2015 | $ | -176 | $ | 121 | $ | -1,015 | $ | -1,070 | ||||||
Accounts_Receivable_Trade_Net_
Accounts Receivable Trade, Net (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Accounts Receivable Additional Disclosures [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable trade, net consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | |||||||
2014 | 2013 | |||||||
Domestic | $ | 1,818 | $ | 2,135 | ||||
Foreign | 10,825 | 10,045 | ||||||
12,643 | 12,180 | |||||||
Less allowance for doubtful accounts and sales returns | 1,589 | 1,449 | ||||||
$ | 11,054 | $ | 10,731 | |||||
Inventories_Net_Tables
Inventories, Net (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories, net consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | |||||||
2014 | 2013 | |||||||
Raw materials and purchased parts | $ | 2,146 | $ | 1,367 | ||||
Work in process | 1,781 | 913 | ||||||
Finished goods | 14,504 | 11,029 | ||||||
18,431 | 13,309 | |||||||
Less inventory reserves | 2,714 | 795 | ||||||
$ | 15,717 | $ | 12,514 | |||||
Prepaids_Deposits_and_Other_Cu1
Prepaids, Deposits, and Other Current Assets (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
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 at January 2, 2015 and January 3, 2014 (in thousands): | |||||||
2014 | 2013 | |||||||
Prepaids and deposits | $ | 1,991 | $ | 2,157 | ||||
Income tax receivable | 1,084 | — | ||||||
Value added tax (VAT) receivable | 721 | 618 | ||||||
Deferred charge for foreign profits | 338 | 362 | ||||||
Other current assets | 383 | 366 | ||||||
$ | 4,517 | $ | 3,503 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | |||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 15,674 | $ | 16,225 | ||||
Furniture and fixtures | 6,535 | 4,837 | ||||||
Leasehold improvements | 8,400 | 6,552 | ||||||
30,609 | 27,614 | |||||||
Less accumulated depreciation | 20,543 | 20,209 | ||||||
$ | 10,066 | $ | 7,405 | |||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 02, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets, net, consisted of the following (in thousands): | |||||||||||||||||||
January 2, 2015 | January 3, 2014 | |||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 9,205 | $ | -8,859 | $ | 346 | $ | 10,637 | $ | -10,057 | $ | 580 | ||||||||
Customer relationships | 1,302 | -911 | 391 | 1,490 | -894 | 596 | ||||||||||||||
Developed technology | 827 | -694 | 133 | 947 | -743 | 204 | ||||||||||||||
Total | $ | 11,334 | $ | -10,464 | $ | 870 | $ | 13,074 | $ | -11,694 | $ | 1,380 | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table shows estimated amortization expense for intangible assets for each of the next five succeeding years and thereafter (in thousands): | |||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||
2015 | $ | 233 | ||||||||||||||||||
2016 | 233 | |||||||||||||||||||
2017 | 233 | |||||||||||||||||||
2018 | 171 | |||||||||||||||||||
2019 | — | |||||||||||||||||||
Total | $ | 870 | ||||||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities consisted of the following at January 2, 2015 and January 3, 2014 (in thousands): | |||||||
2014 | 2013 | |||||||
Accrued salaries and wages | $ | 1,647 | $ | 1,630 | ||||
Accrued income taxes | 867 | 485 | ||||||
Accrued insurance | 550 | 551 | ||||||
Accrued commissions | 309 | 528 | ||||||
Accrued audit expense | 352 | 328 | ||||||
Customer credit balances | 186 | 153 | ||||||
Accrued severance | 180 | 731 | ||||||
Accrued bonuses | 75 | 935 | ||||||
Other(1) | 810 | 1,031 | ||||||
$ | 4,976 | $ | 6,372 | |||||
(1)No item in “Other” above exceeds 5% of total other current liabilities. | ||||||||
Liabilities_Tables
Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Liabilities [Abstract] | ||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table describes all changes to the Company’s asset retirement obligation liability (in thousands): | |||||||
January 2, 2015 | January 3, 2014 | |||||||
Asset retirement obligation at beginning of the year | $ | 157 | $ | 707 | ||||
Increase (decrease) in estimated liabilities | — | -221 | ||||||
Liabilities settled | -25 | -206 | ||||||
Accretion expense | 3 | 10 | ||||||
Impact of changes in Japanese Yen | -20 | -133 | ||||||
Asset retirement obligation at end of the year | $ | 115 | $ | 157 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 02, 2015 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for (benefit from) for income taxes consists of the following (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current tax provision: | |||||||||||||||||
U.S. federal (benefit) | $ | 3 | $ | -121 | $ | — | |||||||||||
State | 15 | 12 | 11 | ||||||||||||||
Foreign | 570 | 721 | 1,125 | ||||||||||||||
Total current provision | 588 | 612 | 1,136 | ||||||||||||||
Deferred tax provision (benefit): | |||||||||||||||||
U.S. federal and state | — | — | — | ||||||||||||||
Foreign provision (benefit) | -841 | 104 | 108 | ||||||||||||||
Total deferred provision (benefit) | -841 | 104 | 108 | ||||||||||||||
Provision (benefit) for income taxes | $ | -253 | $ | 716 | $ | 1,244 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for (benefit from) for income before taxes differs from the amount computed by applying the statutory federal income tax rate to income before taxes as follows (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Computed provision (benefit) for taxes based on income at statutory rate | 34 | % | $ | -2,939 | 34 | % | $ | 379 | 34 | % | $ | -176 | |||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
Permanent differences | -0.2 | 20 | 3.2 | 35 | -7.9 | 41 | |||||||||||
Federal minimum taxes | -0.1 | 3 | — | — | — | — | |||||||||||
State minimum taxes, net of federal income tax benefit | -0.1 | 10 | 0.7 | 8 | -1.4 | 8 | |||||||||||
Stock options | — | — | — | — | -56 | 290 | |||||||||||
State tax benefit | 4.6 | -394 | 6.4 | 71 | 9.2 | -48 | |||||||||||
Tax rate difference due to foreign statutory rate | 3.3 | -288 | 43.7 | 487 | -43.8 | 227 | |||||||||||
Foreign tax detriment (benefit) | — | — | — | — | 3.1 | -16 | |||||||||||
Foreign earnings not permanently reinvested | 0.1 | -11 | -7.7 | -86 | -223.4 | 1,158 | |||||||||||
Foreign dividend withholding | -1.5 | 132 | 12.5 | 140 | -22.1 | 114 | |||||||||||
Expiration of charitable contribution carryover | -0.2 | 18 | 0.2 | 2 | -16.1 | 83 | |||||||||||
Reserve | — | — | -10.9 | -121 | — | — | |||||||||||
Other | 1 | -85 | 6.4 | 71 | 1.1 | -6 | |||||||||||
Valuation allowance | -38 | 3,281 | -24.2 | -270 | 83.2 | -431 | |||||||||||
Effective tax provision (benefit) rate | 2.9 | % | $ | -253 | 64.3 | % | $ | 716 | -240.1 | % | $ | 1,244 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets (liabilities) as of January 2, 2015 and January 3, 2014 are as follows (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||||||
Allowance for doubtful accounts and sales returns | $ | 127 | $ | 21 | |||||||||||||
Inventories | 511 | 11 | |||||||||||||||
Accrued vacation | 397 | 375 | |||||||||||||||
State taxes | — | — | |||||||||||||||
Accrued other expenses | 119 | 105 | |||||||||||||||
Other | 80 | -137 | |||||||||||||||
Valuation allowance | -939 | -741 | |||||||||||||||
Total current deferred tax assets (liabilities) | $ | 295 | $ | -366 | |||||||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||||||
Net operating loss carryforwards | $ | 53,747 | $ | 50,409 | |||||||||||||
Stock-based compensation | 1,684 | 2,212 | |||||||||||||||
Business, foreign and AMT credit carryforwards | 1,223 | 921 | |||||||||||||||
Capitalized R&D | 423 | 525 | |||||||||||||||
Contributions | 37 | 57 | |||||||||||||||
Pensions | 489 | 731 | |||||||||||||||
Depreciation and amortization | 870 | 360 | |||||||||||||||
Foreign tax withholding | -1,326 | -1,129 | |||||||||||||||
Foreign earnings not permanently reinvested | -5,022 | -4,992 | |||||||||||||||
Other | 31 | -40 | |||||||||||||||
Valuation allowance | -53,165 | -50,082 | |||||||||||||||
Total non-current deferred tax liabilities | $ | -1,009 | $ | -1,028 | |||||||||||||
Summary of Income Tax Examinations [Table Text Block] | The following tax years remain subject to examination: | ||||||||||||||||
Significant Jurisdictions | Open Years | ||||||||||||||||
U.S. Federal | 2011 – 2013 | ||||||||||||||||
California | 2010 – 2013 | ||||||||||||||||
Switzerland | 2012 – 2013 | ||||||||||||||||
Japan | 2009 – 2013 | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income (loss) from continuing operations before provision (benefit) for income taxes is as follows (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic | $ | -8,113 | $ | -2,131 | $ | -2,967 | |||||||||||
Foreign | -532 | 3,245 | 2,448 | ||||||||||||||
$ | -8,645 | $ | 1,114 | $ | -519 | ||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 02, 2015 | |||||||||||||||||
Swiss Plan [Member] | |||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table shows the changes in the benefit obligation and plan assets and the Swiss Plan’s funded status as of January 2, 2015 and January 3, 2014 (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||
Projected benefit obligation, beginning of period | $ | 5,183 | $ | 4,853 | |||||||||||||
Service cost | 297 | 320 | |||||||||||||||
Interest cost | 114 | 101 | |||||||||||||||
Participant contributions | 241 | 239 | |||||||||||||||
Benefits paid | -116 | -157 | |||||||||||||||
Actuarial (gain) loss on obligation | 737 | -173 | |||||||||||||||
Curtailments | -1,629 | — | |||||||||||||||
Projected benefit obligation, end of period | $ | 4,827 | $ | 5,183 | |||||||||||||
Change in Plan Assets: | |||||||||||||||||
Plan assets at fair value, beginning of period | $ | 3,517 | $ | 3,053 | |||||||||||||
Actual return on plan assets (including foreign currency impact) | -230 | 144 | |||||||||||||||
Employer contributions | 241 | 239 | |||||||||||||||
Participant contributions | 241 | 239 | |||||||||||||||
Benefits paid | -116 | -158 | |||||||||||||||
Curtailment distributions | -948 | — | |||||||||||||||
Plan assets at fair value, end of period | $ | 2,705 | $ | 3,517 | |||||||||||||
Funded status (pension liability), end of year | $ | -2,122 | $ | -1,666 | |||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: | |||||||||||||||||
Actuarial loss on plan assets | $ | -773 | $ | -521 | |||||||||||||
Actuarial loss on benefit obligation | -902 | -331 | |||||||||||||||
Actuarial gain recognized in current year | 266 | 247 | |||||||||||||||
Effect of curtailments | 528 | — | |||||||||||||||
Accumulated other comprehensive loss | $ | -881 | $ | -605 | |||||||||||||
Accumulated benefit obligation at end of year | $ | -4,488 | $ | -4,824 | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost associated with the Swiss Plan during the years ended January 2, 2015, January 3, 2014 and December 28, 2012 include the following components (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 297 | $ | 320 | $ | 301 | |||||||||||
Interest cost | 114 | 101 | 116 | ||||||||||||||
Expected return on plan assets | -97 | -96 | -100 | ||||||||||||||
Actuarial loss recognized in current year | 24 | 55 | 54 | ||||||||||||||
Prior service loss recognized in current year | — | — | — | ||||||||||||||
Transition obligation recognized in current year | — | — | — | ||||||||||||||
Amendments | — | — | — | ||||||||||||||
Net periodic pension cost | $ | 338 | $ | 380 | $ | 371 | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in other comprehensive income (loss), net of tax, associated with the Swiss Plan in the year ended January 2, 2015, January 3, 2014 and December 28, 2012 include the following components (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current year actuarial gain (loss) on plan assets, net of tax | $ | -375 | $ | 37 | $ | 50 | |||||||||||
Current year actuarial gain (loss) on benefit obligation, net of tax | -846 | 135 | -101 | ||||||||||||||
Actuarial gain recorded in current year, net of tax | 28 | 46 | 42 | ||||||||||||||
Prior service cost | — | — | — | ||||||||||||||
Effect of curtailments | 782 | — | — | ||||||||||||||
Change in other comprehensive income (loss) | $ | -411 | $ | 218 | $ | -9 | |||||||||||
Schedule of Assumptions Used [Table Text Block] | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Swiss Plan were calculated on January 2, 2015 and January 3, 2014 using the following assumptions: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 1.4 | % | 2.5 | % | |||||||||||||
Salary increases | 2 | % | 2 | % | |||||||||||||
Expected return on plan assets | 3 | % | 3 | % | |||||||||||||
Expected average remaining working lives in years | 10.1 | 10.5 | |||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The table below sets forth the fair value of Plan assets for the fiscal year 2014 in accordance with ASC 715-20-50-1(d) (in thousands): | ||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs | |||||||||||||||||
( Level 3) | |||||||||||||||||
Liquid | Bond | Equity | Real | Total | |||||||||||||
Asset | Fund | Fund | Estate | ||||||||||||||
Fund | Fund | ||||||||||||||||
Beginning balance at:: | $ | 22 | $ | 3,017 | $ | 115 | $ | 363 | $ | 3,517 | |||||||
3-Jan-14 | |||||||||||||||||
Actual return on plan assets | 1 | -200 | -2 | -29 | -230 | ||||||||||||
Purchases, sales and settlement | 2 | -505 | -6 | -73 | -582 | ||||||||||||
Ending Balance at: | $ | 25 | $ | 2,312 | $ | 107 | $ | 261 | $ | 2,705 | |||||||
2-Jan-15 | |||||||||||||||||
The table below sets forth the fair value of Plan assets for the fiscal year 2013 (in thousands): | |||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs | |||||||||||||||||
( Level 3) | |||||||||||||||||
Liquid | Bond | Equity | Real | Total | |||||||||||||
Asset | Fund | Fund | Estate | ||||||||||||||
Fund | Fund | ||||||||||||||||
Beginning balance at:: | $ | 35 | $ | 2,623 | $ | 73 | $ | 322 | $ | 3,053 | |||||||
28-Dec-12 | |||||||||||||||||
Actual return on plan assets | -4 | 122 | 13 | 13 | 144 | ||||||||||||
Purchases, sales and settlement | -9 | 272 | 29 | 28 | 320 | ||||||||||||
Ending Balance at: | $ | 22 | $ | 3,017 | $ | 115 | $ | 363 | $ | 3,517 | |||||||
3-Jan-14 | |||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The estimated future benefit payments for the Swiss Plan are as follows (in thousands): | ||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||
2015 | $ | 50 | |||||||||||||||
2016 | 55 | ||||||||||||||||
2017 | 60 | ||||||||||||||||
2018 | 65 | ||||||||||||||||
2019 | 64 | ||||||||||||||||
2020 – 2024 | 397 | ||||||||||||||||
Total | $ | 691 | |||||||||||||||
Japan Plan [Member] | |||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The funded status of the benefit plan at January 2, 2015 and January 3, 2014 is as follows (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||
Projected benefit obligation, beginning of period | $ | 1,049 | $ | 1,188 | |||||||||||||
Service cost | 157 | 158 | |||||||||||||||
Interest cost | 9 | 8 | |||||||||||||||
Actuarial (gain) loss | -55 | 47 | |||||||||||||||
Benefits paid | -66 | -123 | |||||||||||||||
Foreign exchange adjustment | -137 | -229 | |||||||||||||||
Projected benefit obligation, end of period | $ | 957 | $ | 1,049 | |||||||||||||
Changes in Plan Assets: | |||||||||||||||||
Plan assets at fair value, beginning of period | $ | — | $ | — | |||||||||||||
Actual return on plan assets | — | — | |||||||||||||||
Employer contributions | — | — | |||||||||||||||
Benefits paid | — | — | |||||||||||||||
Distribution of plan assets | — | — | |||||||||||||||
Foreign exchange adjustment | — | — | |||||||||||||||
Plan assets at fair value, end of period | $ | — | $ | — | |||||||||||||
Funded status (pension liability), end of period | $ | -957 | $ | -1,049 | |||||||||||||
Amount Recognized in Accumulated Other Comprehensive Income, net of tax: | |||||||||||||||||
Transition obligation | $ | -26 | $ | 81 | |||||||||||||
Actuarial gain | 146 | 191 | |||||||||||||||
Prior service cost | 9 | 17 | |||||||||||||||
Net loss | -8 | -184 | |||||||||||||||
Accumulated other comprehensive income | $ | 121 | $ | 105 | |||||||||||||
Accumulated benefit obligation at end of year | $ | 828 | $ | -857 | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost associated with the Japan Plan for the years ended January 2, 2015, January 3, 2014 and, December 28, 2012 includes the following components (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 157 | $ | 158 | $ | 185 | |||||||||||
Interest cost | 9 | 8 | 13 | ||||||||||||||
Net amortization of transition obligation | 12 | 12 | 16 | ||||||||||||||
Actuarial gain | -10 | -31 | -58 | ||||||||||||||
Prior service cost (credit) | -1 | -1 | -1 | ||||||||||||||
Net periodic pension cost | $ | 167 | $ | 146 | $ | 155 | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in other comprehensive income (loss), net of tax, associated with the Japan Plan for the years ended January 2, 2015, January 3, 2014 and December 28, 2012 include the following components (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Amortization of net transition obligation | 12 | 12 | 16 | ||||||||||||||
Amortization of actuarial loss | -9 | -47 | -62 | ||||||||||||||
Actuarial income (loss) recorded in current year | 13 | -153 | -117 | ||||||||||||||
Amortization prior service cost | -2 | -1 | -1 | ||||||||||||||
Change in other comprehensive income (loss) | $ | 14 | $ | -189 | $ | -127 | |||||||||||
Schedule of Assumptions Used [Table Text Block] | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Japan Plan were calculated on January 2, 2015 and January 3, 2014 using the following assumptions: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 0.6 | % | 0.9 | % | |||||||||||||
Salary increases | 4.5 | % | 4.7 | % | |||||||||||||
Expected return on plan assets | N/A | N/A | |||||||||||||||
Expected average remaining working lives in years | 8.12 | 7.48 | |||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The estimated future benefit payments for the Japan Plan are as follows (in thousands): | ||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||
2015 | $ | 85 | |||||||||||||||
2016 | 54 | ||||||||||||||||
2017 | 141 | ||||||||||||||||
2018 | 51 | ||||||||||||||||
2019 | 48 | ||||||||||||||||
2020-2024 | 537 | ||||||||||||||||
Total | $ | 916 | |||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Jan. 02, 2015 | |||||||||||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||||||||||
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): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 2, | January 3, | December 28, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
Employee stock options | $ | 2,842 | $ | 2,683 | $ | 2,595 | |||||||
Restricted stock | 935 | 999 | 590 | ||||||||||
Restricted stock units | 795 | 589 | — | ||||||||||
Consultant compensation | 91 | 218 | 23 | ||||||||||
Total | $ | 4,663 | $ | 4,489 | $ | 3,208 | |||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | The Company recorded stock-based compensation expense in the following categories on the accompanying condensed consolidated statements of operations (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 2, | January 3, | December 28, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
General and administrative | $ | 2,660 | $ | 2,663 | $ | 2,231 | |||||||
Marketing and selling | 1,065 | 1,167 | 545 | ||||||||||
Research and development | 938 | 659 | 432 | ||||||||||
Total | $ | 4,663 | $ | 4,489 | $ | 3,208 | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 2, | January 3, | December 28, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected volatility | 55 | % | 71 | % | 79 | % | |||||||
Risk-free interest rate | 1.29 | % | 0.73 | % | 0.82 | % | |||||||
Expected term (in years) | 4.12 | 4.12 | 5.21 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Plan for the year ended January 2, 2015 is presented below: | ||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (000’s) | |||||||||||
Term (years) | |||||||||||||
Outstanding at January 3, 2014 | 3,299 | $ | 6.17 | ||||||||||
Granted | 617 | 15.43 | |||||||||||
Exercised | -584 | 6.09 | |||||||||||
Forfeited or expired | -157 | 11.92 | |||||||||||
Outstanding at January 2, 2015 | 3,175 | $ | 7.79 | 6.19 | $ | 8,692 | |||||||
Exercisable at January 2, 2015 | 2,085 | $ | 5.71 | 4.91 | $ | 7,583 | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The fair value of the warrants was estimated on the issuance date, June 1, 2009, using a Black-Scholes option valuation model applying the assumptions noted in the following table: | ||||||||||||
As of | |||||||||||||
June 1, 2009 | |||||||||||||
Common stock price per share | $ | 1.01 | |||||||||||
Number of warrants | 700,000 | ||||||||||||
Expected dividends | 0 | % | |||||||||||
Expected volatility | 74.4 | % | |||||||||||
Risk-free rate | 3.28 | % | |||||||||||
Life (in years) | 6 | ||||||||||||
Schedule Of Warrant Activity [Table Text Block] | A summary of the warrant activity for the year ended January 2, 2015 is provided below: | ||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (000’s) | |||||||||||
Term | |||||||||||||
(years) | |||||||||||||
Outstanding at January 3, 2014 | 700 | $ | 4 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at January 2, 2015 | 700 | $ | 4 | 0.41 | $ | 3,521 | |||||||
Exercisable at January 2, 2015 | 700 | $ | 4 | 0.41 | $ | 3,521 | |||||||
Restricted Stock [Member] | |||||||||||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock | ||||||||||||
A summary of restricted stock activity for the year ended January 2, 2015 is presented below: | |||||||||||||
Shares | Weighted | ||||||||||||
(000’s) | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
per Share | |||||||||||||
Outstanding at January 3, 2014 | 341 | $ | 7.55 | ||||||||||
Granted | 65 | 13.89 | |||||||||||
Vested | -140 | 6.92 | |||||||||||
Forfeited or expired | -19 | 9.91 | |||||||||||
Outstanding at January 2, 2015 | 247 | $ | 9.41 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Units | ||||||||||||
A summary of restricted stock units activity for the year ended January 2, 2015 is presented below: | |||||||||||||
Units | Weighted | ||||||||||||
(000’s) | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
per Share | |||||||||||||
Outstanding at January 3, 2014 | 135 | $ | 5.34 | ||||||||||
Granted | 314 | 15.34 | |||||||||||
Vested | -135 | 5.34 | |||||||||||
Forfeited or expired | -158 | 15.54 | |||||||||||
Outstanding at January 2, 2015 | 156 | $ | 15.14 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Schedule Of Future Minimum Payments For Leases [Table Text Block] | Estimated future minimum lease payments under leases having initial or remaining non-cancelable lease terms in excess of one year as of January 2, 2015 are as follows (in thousands): | |||||||
Fiscal Year | Operating | Capital | ||||||
Leases | Leases | |||||||
2015 | $ | 1,368 | $ | 442 | ||||
2016 | 796 | 348 | ||||||
2017 | 785 | 144 | ||||||
2018 | 328 | — | ||||||
2019 | 328 | — | ||||||
Thereafter | 244 | — | ||||||
Total minimum lease payments | $ | 3,849 | $ | 934 | ||||
Less amounts representing interest | — | 67 | ||||||
$ | 3,849 | $ | 867 | |||||
Schedule of Capital Leased Assets [Table Text Block] | The Company had the following assets under capital lease at January 2, 2015 and January 3, 2014 (in thousands): | |||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 1,141 | $ | 3,922 | ||||
Furniture and fixtures | 334 | 611 | ||||||
Leasehold improvements | 21 | 155 | ||||||
1,496 | 4,688 | |||||||
Less accumulated depreciation | 511 | 3,984 | ||||||
$ | 985 | $ | 704 | |||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The Company’s non-cash investing and financing activities were as follows (in thousands): | ||||||||||
Non-cash investing and financing activities: | 2014 | 2013 | 2012 | ||||||||
Assets obtained by capital lease | $ | 802 | $ | — | $ | 527 | |||||
Purchase of property and equipment included in accounts payable | $ | 682 | $ | 818 | $ | — | |||||
Basic_and_Diluted_Net_Income_L1
Basic and Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
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 (loss) per share (in thousands except per share amounts): | ||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net income (loss) | $ | -8,392 | $ | 398 | $ | -1,763 | |||||
Denominator: | |||||||||||
Weighted average common shares and denominator for basic calculation: | |||||||||||
Weighted average common shares outstanding | 38,342 | 37,017 | 36,433 | ||||||||
Less: Unvested restricted stock | -251 | -311 | -180 | ||||||||
Denominator for basic calculation | 38,091 | 36,706 | 36,253 | ||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Stock options | — | 1,235 | — | ||||||||
Unvested restricted stock | — | 177 | — | ||||||||
Restricted stock units | — | 75 | — | ||||||||
Warrants | — | 414 | — | ||||||||
Denominator for diluted calculation | 38,091 | 38,607 | 36,253 | ||||||||
Net income (loss) per share – basic | $ | -0.22 | $ | 0.01 | $ | -0.05 | |||||
Net income (loss) per share - diluted | $ | -0.22 | $ | 0.01 | $ | -0.05 | |||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table 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. | ||||||||||
2014 | 2013 | 2012 | |||||||||
Options | 1,988 | 1,109 | 1,632 | ||||||||
Warrants | 492 | — | 746 | ||||||||
Restricted stock | 227 | — | 180 | ||||||||
Total | 2,707 | 1,109 | 2,558 | ||||||||
Geographic_and_Product_Data_Ta
Geographic and Product Data (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The composition of the Company’s sales to unaffiliated customers is set forth below (in thousands): | ||||||||||
Net sales to unaffiliated customers | 2014 | 2013 | 2012 | ||||||||
United States | $ | 11,117 | $ | 12,851 | $ | 12,427 | |||||
Japan | 19,107 | 17,666 | 16,692 | ||||||||
China | 9,370 | 8,618 | 8,406 | ||||||||
Korea | 6,563 | 7,743 | 6,713 | ||||||||
Spain | 5,562 | 4,867 | 3,026 | ||||||||
France | 3,696 | 2,546 | 1,612 | ||||||||
Others* | 19,572 | 17,924 | 14,907 | ||||||||
Total | $ | 74,987 | $ | 72,215 | $ | 63,783 | |||||
*No other location individually exceeds 5% of total sales. | |||||||||||
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): | ||||||||||
Net sales by product line | 2014 | 2013 | 2012 | ||||||||
ICLs | $ | 44,047 | $ | 44,128 | $ | 35,080 | |||||
IOLs | 24,336 | 24,153 | 25,971 | ||||||||
Other surgical products | 6,604 | 3,934 | 2,732 | ||||||||
Total | $ | 74,987 | $ | 72,215 | $ | 63,783 | |||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The composition of the Company’s long-lived assets, consisting of property and equipment, between those in the United States, Switzerland, and Japan is set forth below (in thousands): | ||||||||||
Long-lived assets | 2014 | 2013 | |||||||||
U.S. | $ | 9,127 | $ | 6,096 | |||||||
Switzerland | 596 | 849 | |||||||||
Japan | 343 | 460 | |||||||||
Total | $ | 10,066 | $ | 7,405 | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Summary unaudited quarterly financial data from continuing operations for fiscal 2014 and 2013 is as follows (in thousands except per share data): | |||||||||||||
January 2, 2015 | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||
Net sales | $ | 20,178 | $ | 20,048 | $ | 18,188 | $ | 16,573 | ||||||
Gross profit | 13,884 | 13,667 | 11,869 | 9,403 | ||||||||||
Net loss | -1,359 | -1,789 | -2,706 | -2,538 | ||||||||||
Net (loss) per share – basic | -0.04 | -0.05 | -0.07 | -0.07 | ||||||||||
Net (loss) per share – diluted | -0.04 | -0.05 | -0.07 | -0.07 | ||||||||||
January 3, 2014 | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||
Net sales | $ | 18,001 | $ | 18,164 | $ | 17,106 | $ | 18,944 | ||||||
Gross profit | 12,654 | 12,620 | 12,059 | 12,976 | ||||||||||
Net income (loss) | 471 | 278 | 525 | -876 | ||||||||||
Net income (loss) per share – basic | 0.01 | 0.01 | 0.01 | -0.02 | ||||||||||
Net income (loss) per share – diluted | 0.01 | 0.01 | 0.01 | -0.02 | ||||||||||
Manufacturing_Consolidation_an1
Manufacturing Consolidation and Tax Strategy (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
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 year ended January 2, 2015 (in thousands): | ||||||||||
Termination Benefits | Other | Total | |||||||||
Associated Costs | |||||||||||
Liability as of January 3, 2014 | $ | 731 | $ | 28 | $ | 759 | |||||
Costs incurred and charged to expense | 212 | 109 | 321 | ||||||||
Cash payments | -763 | -137 | -900 | ||||||||
Liability as of January 2, 2015 | $ | 180 | $ | — | $ | 180 | |||||
Organization_and_Description_o3
Organization and Description of Business and Accounting Policies (Details) | 12 Months Ended |
Jan. 02, 2015 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Lease hold Improvements Description | The estimated useful life of leasehold improvements are the shorter of the useful life of the asset or the term of the associated leases. |
Maximum [Member] | Machinery and Equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Maximum [Member] | Computer and Equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Computer and Equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Organization_and_Description_o4
Organization and Description of Business and Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance, at Begining | $282 | $1,580 | $2,405 |
Other comprehensive income (loss) | -1,863 | -707 | -827 |
Tax effect | -955 | -1,327 | -689 |
Balance, at Ending | -1,070 | 282 | 1,580 |
Accumulated Translation Adjustment [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance, at Begining | 779 | 2,106 | 2,795 |
Other comprehensive income (loss) | -1,527 | -861 | -689 |
Tax effect | 572 | -466 | 0 |
Balance, at Ending | -176 | 779 | 2,106 |
Accumulated Defined Benefit Plans Adjustment [Member] | JAPAN | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance, at Begining | 107 | 296 | 423 |
Other comprehensive income (loss) | 23 | -126 | -127 |
Tax effect | -9 | -63 | 0 |
Balance, at Ending | 121 | 107 | 296 |
Accumulated Defined Benefit Plans Adjustment [Member] | SWITZERLAND | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance, at Begining | -604 | -822 | -813 |
Other comprehensive income (loss) | -359 | 280 | -11 |
Tax effect | -52 | -62 | 2 |
Balance, at Ending | ($1,015) | ($604) | ($822) |
Organization_and_Description_o5
Organization and Description of Business and Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | ($955,000) | ($1,327,000) | ($689,000) |
Foreign Currency Transaction Gain (Loss), before Tax | -896,000 | 39,000 | 111,000 |
Goodwill | 1,786,000 | 1,786,000 | |
Advertising Expense | $2,800,000 | $2,100,000 | $1,800,000 |
Concentration Risk, Percentage | 5.00% | ||
Customer Relationships [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Developed technology [Member] | Minimum [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Developed technology [Member] | Maximum [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Patents And Licences [Member] | Minimum [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Patents And Licences [Member] | Maximum [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Sales [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 9.00% | 11.00% | 11.00% |
Trade Accounts Receivable [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% |
Accounts_Receivable_Trade_Net_1
Accounts Receivable Trade, Net (Details) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | $12,643 | $12,180 |
Less allowance for doubtful accounts and sales returns | 1,589 | 1,449 |
Accounts Receivable, Net | 11,054 | 10,731 |
Domestic [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | 1,818 | 2,135 |
Foreign [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | $10,825 | $10,045 |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ||
Raw materials and purchased parts | $2,146 | $1,367 |
Work-in-process | 1,781 | 913 |
Finished goods | 14,504 | 11,029 |
Inventory, Gross | 18,431 | 13,309 |
Less inventory reserves | 2,714 | 795 |
Inventory, Net | $15,717 | $12,514 |
Prepaids_Deposits_and_Other_Cu2
Prepaids, Deposits, and Other Current Assets (Details) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Line Items] | ||
Prepaids and deposits | $1,991 | $2,157 |
Income tax receivable | 1,084 | 0 |
Value added tax (VAT) receivable | 721 | 618 |
Deferred charge for foreign profits | 338 | 362 |
Other current assets | 383 | 366 |
Prepaid Expenses Deposits and Other Assets Current | $4,517 | $3,503 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $15,674 | $16,225 |
Furniture and fixtures | 6,535 | 4,837 |
Leasehold improvements | 8,400 | 6,552 |
Property, Plant and Equipment, Gross | 30,609 | 27,614 |
Less accumulated depreciation | 20,543 | 20,209 |
Property, Plant and Equipment, Net | $10,066 | $7,405 |
Intangible_Assets_Net_Details
Intangible Assets, Net (Details) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ||
Amortizable intangible assets, Gross Carrying Amount | $11,334 | $13,074 |
Amortizable intangible assets, Accumulated Amortization | -10,464 | -11,694 |
Amortizable intangible assets, Net | 870 | 1,380 |
Patents and Licenses [Member] | ||
Amortized intangible assets: | ||
Amortizable intangible assets, Gross Carrying Amount | 9,205 | 10,637 |
Amortizable intangible assets, Accumulated Amortization | -8,859 | -10,057 |
Amortizable intangible assets, Net | 346 | 580 |
Customer relationships [Member] | ||
Amortized intangible assets: | ||
Amortizable intangible assets, Gross Carrying Amount | 1,302 | 1,490 |
Amortizable intangible assets, Accumulated Amortization | -911 | -894 |
Amortizable intangible assets, Net | 391 | 596 |
Developed technology [Member] | ||
Amortized intangible assets: | ||
Amortizable intangible assets, Gross Carrying Amount | 827 | 947 |
Amortizable intangible assets, Accumulated Amortization | -694 | -743 |
Amortizable intangible assets, Net | $133 | $204 |
Intangible_Assets_Net_Details_
Intangible Assets, Net (Details 1) (USD $) | Jan. 02, 2015 |
In Thousands, unless otherwise specified | |
2015 | $233 |
2016 | 233 |
2017 | 233 |
2018 | 171 |
2019 | 0 |
Total | $870 |
Intangible_Assets_Net_Details_1
Intangible Assets, Net (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Amortization Of Intangible Assets | $382 | $440 | $652 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 | ||
In Thousands, unless otherwise specified | ||||
Other Liabilities, Current [Line Items] | ||||
Accrued salaries and wages | $1,647 | $1,630 | ||
Accrued income taxes | 867 | 485 | ||
Accrued insurance | 550 | 551 | ||
Accrued commissions | 309 | 528 | ||
Accrued audit expense | 352 | 328 | ||
Customer credit balances | 186 | 153 | ||
Accrued severance | 180 | 731 | ||
Accrued bonuses | 75 | 935 | ||
Other | 810 | [1] | 1,031 | [1] |
Other Liabilities, Current | $4,976 | $6,372 | ||
[1] | No item in “Other†above exceeds 5% of total other current liabilities. |
Other_Current_Liabilities_Deta1
Other Current Liabilities (Details Textual) | 12 Months Ended | |
Jan. 02, 2015 | ||
Other Liabilities, Current [Line Items] | ||
Percentage Of Other Current Liabilities | 5.00% | [1] |
[1] | No item in “Other†above exceeds 5% of total other current liabilities. |
Liabilities_Details
Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 |
Asset retirement obligation at beginning of the year | $157 | $707 |
Increase (decrease) in estimated liabilities | 0 | -221 |
Liabilities settled | -25 | -206 |
Accretion expense | 3 | 10 |
Impact of changes in Japanese Yen | -20 | -133 |
Asset retirement obligation at end of the year | $115 | $157 |
Liabilities_Details_Textual
Liabilities (Details Textual) | 12 Months Ended | |||||
Jan. 02, 2015 | Jan. 02, 2015 | Jan. 02, 2015 | Jan. 03, 2014 | Jan. 03, 2014 | Dec. 28, 2012 | |
USD ($) | CHF | JPY (¥) | USD ($) | JPY (¥) | JPY (¥) | |
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 500,000,000 | |||||
Line of Credit Facility, Interest Rate Description | (approximately 1.475% as of January 2, 2015) and may be renewed annually (the current line expires on March 30, 2015). | (approximately 1.475% as of January 2, 2015) and may be renewed annually (the current line expires on March 30, 2015). | (approximately 1.475% as of January 2, 2015) and may be renewed annually (the current line expires on March 30, 2015). | |||
Long-term Line of Credit | 4,200,000 | 500,000,000 | 4,800,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $1,000,000 | 1,000,000 | ¥ 500,000,000 | |||
Interest Rate Increase In Case Of Default | 14.00% | 14.00% | 14.00% | |||
Percentage Of Commission On Outstanding Notes Payable | 0.25% | 0.25% | 0.25% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Current tax provision: | |||
U.S. federal (benefit) | $3 | ($121) | $0 |
State | 15 | 12 | 11 |
Foreign | 570 | 721 | 1,125 |
Total current provision | 588 | 612 | 1,136 |
Deferred tax provision (benefit): | |||
U.S. federal and state | 0 | 0 | 0 |
Foreign provision (benefit) | -841 | 104 | 108 |
Total deferred provision (benefit) | -841 | 104 | 143 |
Provision (benefit) for income taxes | ($253) | $716 | $1,244 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Computed provision (benefit) for taxes based on income at statutory rate percentage | 34.00% | 34.00% | 34.00% |
Computed provision (benefit) for taxes based on income at statutory rate | ($2,939) | $379 | ($176) |
Increase (decrease) in taxes resulting from: | |||
Permanent differences percentage | -0.20% | 3.20% | -7.90% |
Federal minimum taxes percentage | -0.10% | 0.00% | 0.00% |
State minimum taxes, net of federal income tax benefit percentage | -0.10% | 0.70% | -1.40% |
Stock options percentage | 0.00% | 0.00% | -56.00% |
State tax benefit percentage | 4.60% | 6.40% | 9.20% |
Tax rate difference due to foreign statutory rate percentage | 3.30% | 43.70% | -43.80% |
Foreign tax detriment (benefit) percentage | 0.00% | 0.00% | 3.10% |
Foreign earnings not permanently reinvested percentage | 0.10% | -7.70% | -223.40% |
Foreign dividend withholding percentage | -1.50% | 12.50% | -22.10% |
Expiration of charitable contribution carryover percentage | -0.20% | 0.20% | -16.10% |
Reserve percentage | 0.00% | -10.90% | 0.00% |
Other percentage | 1.00% | 6.40% | 1.10% |
Valuation allowance percentage | -38.00% | -24.20% | 83.20% |
Effective tax provision (benefit) rate percentage | 2.90% | 64.30% | -240.10% |
Permanent differences | 20 | 35 | 41 |
Federal minimum taxes | 3 | 0 | 0 |
State minimum taxes, net of federal income tax benefit | 10 | 8 | 8 |
Stock options | 0 | 0 | 290 |
State tax benefit | -394 | 71 | -48 |
Tax rate difference due to foreign statutory rate | -288 | 487 | 227 |
Foreign tax detriment (benefit) | 0 | 0 | -16 |
Foreign earnings not permanently reinvested | -11 | -86 | 1,158 |
Foreign dividend withholding | 132 | 140 | 114 |
Expiration of charitable contribution carryover | 18 | 2 | 83 |
Reserve | 0 | -121 | 0 |
Other | -85 | 71 | -6 |
Valuation allowance | 3,281 | -270 | -431 |
Effective tax provision (benefit) rate | ($253) | $716 | $1,244 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets (liabilities): | ||
Allowance for doubtful accounts and sales returns | $127 | $21 |
Inventories | 511 | 11 |
Accrued vacation | 397 | 375 |
State taxes | 0 | 0 |
Accrued other expenses | 119 | 105 |
Other | 80 | -137 |
Valuation allowance | -939 | -741 |
Total current deferred tax assets (liabilities) | 295 | -366 |
Non-current deferred tax assets (liabilities): | ||
Net operating loss carryforwards | 53,747 | 50,409 |
Stock-based compensation | 1,684 | 2,212 |
Business, foreign and AMT credit carryforwards | 1,223 | 921 |
Capitalized R&D | 423 | 525 |
Contributions | 37 | 57 |
Pensions | 489 | 731 |
Depreciation and amortization | 870 | 360 |
Foreign tax withholding | -1,326 | -1,129 |
Foreign earnings not permanently reinvested | -5,022 | -4,992 |
Other | 31 | -40 |
Valuation allowance | -53,165 | -50,082 |
Total non-current deferred tax liabilities | ($1,009) | ($1,028) |
Income_Taxes_Details_3
Income Taxes (Details 3) | 12 Months Ended |
Jan. 02, 2015 | |
Maximum [Member] | US Federal [Member] | |
Income Tax Examination, Year under Examination | 2013 |
Maximum [Member] | California [Member] | |
Income Tax Examination, Year under Examination | 2013 |
Maximum [Member] | Switzerland [Member] | |
Income Tax Examination, Year under Examination | 2013 |
Maximum [Member] | Japan [Member] | |
Income Tax Examination, Year under Examination | 2013 |
Minimum [Member] | US Federal [Member] | |
Income Tax Examination, Year under Examination | 2011 |
Minimum [Member] | California [Member] | |
Income Tax Examination, Year under Examination | 2010 |
Minimum [Member] | Switzerland [Member] | |
Income Tax Examination, Year under Examination | 2012 |
Minimum [Member] | Japan [Member] | |
Income Tax Examination, Year under Examination | 2009 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Domestic | ($8,113) | ($2,131) | ($2,967) |
Foreign | -532 | 3,245 | 2,448 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | ($8,645) | $1,114 | ($519) |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | |||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | Jan. 02, 2015 | Jan. 03, 2015 | |
Income Taxes [Line Items] | |||||
Income Tax Expense (Benefit) | ($253,000) | $716,000 | $1,244,000 | ||
Operating Loss Carryforwards | 130,800,000 | 130,800,000 | 131,000,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,008,000 | 433,000 | |||
Taxes Payable | 217,000 | 655,000 | 217,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 73,700,000 | 73,700,000 | |||
Operating Loss Carryforwards, Valuation Allowance | 71,000 | 48,000 | 394,000 | ||
Increase Decrease In Foreign Deferred Tax Asset | 630,000 | 16,000 | |||
Operating Loss Carryforwards, Limitations on Use | The California net operating loss carryforwards expire in varying amounts between 2015 and 2034 and, approximately $16.3 million of those net operating loss carryforwards, will expire over the next three years. | ||||
Deferred State and Local Income Tax Expense (Benefit) | 15,000 | 12,000 | 11,000 | ||
Operating Loss Carry Forwards Expiration Term | expire in varying amounts between 2017 and 2033. | ||||
Increase Decrease In Foreign Deferred Tax Liabilities | 1,039,000 | ||||
Defined Benefit Plan Switzerland [Member] | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Net | 1,683,000 | ||||
Deferred Tax Liabilities, Net | 1,371,000 | 1,371,000 | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 1,326,000 | 1,129,000 | 1,326,000 | ||
Japan [Member] | |||||
Income Taxes [Line Items] | |||||
Operating Loss Carryforwards | 20,000 | ||||
Deferred Tax Assets, Net | 658,000 | 289,000 | 658,000 | ||
Swiss Operations [Member] | |||||
Income Taxes [Line Items] | |||||
Income Tax Expense (Benefit) | $1,400,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | $3,517 | $3,053 | |
Actual return on plan assets (including foreign currency impact) | 230 | -144 | |
Employer contributions | 518 | 270 | 284 |
Plan assets at fair value, end of period | 2,705 | 3,517 | 3,053 |
Swiss Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation, beginning of period | 5,183 | 4,853 | |
Service cost | 297 | 320 | |
Interest cost | 114 | 101 | |
Participant contributions | 241 | 239 | |
Benefits paid | -116 | -157 | |
Actuarial (gain) loss on obligation | 737 | -173 | |
Curtailments | -1,629 | 0 | |
Projected benefit obligation, end of period | 4,827 | 5,183 | |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | 3,517 | 3,053 | |
Actual return on plan assets (including foreign currency impact) | -230 | 144 | |
Employer contributions | 241 | 239 | |
Participant contributions | 241 | 239 | |
Benefits paid | -116 | -158 | |
Curtailment distributions | -948 | 0 | |
Plan assets at fair value, end of period | 2,705 | 3,517 | |
Funded status (pension liability), end of year | -2,122 | -1,666 | |
Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: | |||
Actuarial loss on plan assets | -773 | -521 | |
Actuarial loss on benefit obligation | -902 | -331 | |
Actuarial gain recognized in current year | 266 | 247 | |
Effect of curtailments | 528 | 0 | |
Accumulated other comprehensive loss | -881 | -605 | |
Accumulated benefit obligation at end of year | -4,488 | -4,824 | |
Japan Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation, beginning of period | 1,049 | 1,188 | |
Service cost | 157 | 158 | |
Interest cost | 9 | 8 | |
Benefits paid | -66 | -123 | |
Actuarial (gain) loss on obligation | -55 | 47 | |
Foreign exchange adjustment | -137 | -229 | |
Projected benefit obligation, end of period | 957 | 1,049 | |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | 0 | 0 | |
Actual return on plan assets (including foreign currency impact) | 0 | 0 | |
Employer contributions | 0 | 0 | |
Benefits paid | 0 | 0 | |
Distribution of plan assets | 0 | 0 | |
Foreign exchange adjustment | 0 | 0 | |
Plan assets at fair value, end of period | 0 | 0 | |
Funded status (pension liability), end of year | -957 | -1,049 | |
Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: | |||
Transition obligation | -26 | 81 | |
Actuarial gain recognized in current year | 146 | 191 | |
Prior service cost | 9 | 17 | |
Net loss | -8 | -184 | |
Accumulated other comprehensive loss | 121 | 105 | |
Accumulated benefit obligation at end of year | $828 | ($857) |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $297 | $320 | $301 |
Interest cost | 114 | 101 | 116 |
Expected return on plan assets | -97 | -96 | -100 |
Actuarial loss (Gain) recognized in current year | 24 | 55 | 54 |
Prior service loss recognized in current year | 0 | 0 | 0 |
Transition obligation recognized in current year | 0 | 0 | 0 |
Amendments | 0 | 0 | 0 |
Net periodic pension cost | 338 | 380 | 371 |
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 157 | 158 | 185 |
Interest cost | 9 | 8 | 13 |
Net amortization of transition obligation | 12 | 12 | 16 |
Actuarial loss (Gain) recognized in current year | -10 | -31 | -58 |
Prior service cost (credit) | -1 | -1 | -1 |
Net periodic pension cost | $167 | $146 | $155 |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial gain (loss) on plan assets, net of tax | ($375) | $37 | $50 |
Current year actuarial gain (loss) on benefit obligation, net of tax | -846 | 135 | -101 |
Actuarial gain recorded in current year, net of tax | 28 | 46 | 42 |
Prior service cost | 0 | 0 | 0 |
Effect of curtailments | 782 | 0 | 0 |
Change in other comprehensive income (loss) | -411 | 218 | -9 |
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amortization of net transition obligation | 12 | 12 | 16 |
Amortization of actuarial loss | -9 | -47 | -62 |
Actuarial gain recorded in current year, net of tax | 13 | -153 | -117 |
Prior service cost | -2 | -1 | -1 |
Change in other comprehensive income (loss) | $14 | ($189) | ($127) |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 3) | 12 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | |
Swiss Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 1.40% | 2.50% |
Salary increases | 2.00% | 2.00% |
Expected return on plan assets | 3.00% | 3.00% |
Expected average remaining working lives in years | 10 years 1 month 6 days | 10 years 6 months |
Japan Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.60% | 0.90% |
Salary increases | 4.50% | 4.70% |
Expected return on plan assets | 0.00% | 0.00% |
Expected average remaining working lives in years | 8 years 1 month 13 days | 7 years 5 months 23 days |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 |
Plan assets at fair value, beginning of period | $3,517 | $3,053 |
Actual return on plan assets | -230 | 144 |
Purchases, sales and settlement | -582 | 320 |
Plan assets at fair value, end of period | 2,705 | 3,517 |
Swiss Plan [Member] | ||
Plan assets at fair value, beginning of period | 3,517 | 3,053 |
Actual return on plan assets | 230 | -144 |
Plan assets at fair value, end of period | 2,705 | 3,517 |
Swiss Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | ||
Plan assets at fair value, beginning of period | 363 | 322 |
Actual return on plan assets | -29 | 13 |
Purchases, sales and settlement | -73 | 28 |
Plan assets at fair value, end of period | 261 | 363 |
Swiss Plan [Member] | Liquid Asset Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan assets at fair value, beginning of period | 22 | 35 |
Actual return on plan assets | 1 | -4 |
Purchases, sales and settlement | 2 | -9 |
Plan assets at fair value, end of period | 25 | 22 |
Swiss Plan [Member] | Bond Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan assets at fair value, beginning of period | 3,017 | 2,623 |
Actual return on plan assets | -200 | 122 |
Purchases, sales and settlement | -505 | 272 |
Plan assets at fair value, end of period | 2,312 | 3,017 |
Swiss Plan [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan assets at fair value, beginning of period | 115 | 73 |
Actual return on plan assets | -2 | 13 |
Purchases, sales and settlement | -6 | 29 |
Plan assets at fair value, end of period | $107 | $115 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 5) (USD $) | Jan. 02, 2015 |
In Thousands, unless otherwise specified | |
Swiss Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $50 |
2016 | 55 |
2017 | 60 |
2018 | 65 |
2019 | 64 |
2020 - 2024 | 397 |
Total | 691 |
Japan Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 85 |
2016 | 54 |
2017 | 141 |
2018 | 51 |
2019 | 48 |
2020 - 2024 | 537 |
Total | $916 |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $957,000 | $1,049,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 1.40% | |
Assumed Pension Benefits Maturity | 10 to 20 years | ||
Future Estimated Cash Contribution To Swiz Plan | 196,000 | ||
Description Related To Benefit Based Under Point System | Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee. Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen. The mandatory retirement age limit is 60 years old | ||
Defined Benefit Plan Net Periodic Benefit On Partial Settlement | 5,500 | ||
Defined Contribution Plan Employees Eligible Payroll | 17,500 | ||
Defined Benefit Plan, Contributions by Employer | 518,000 | 270,000 | 284,000 |
Defined Benefit Plan, Fair Value of Plan Assets | 2,705,000 | 3,517,000 | 3,053,000 |
Fifty Years Old [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan Employees Eligible Payroll | 5,500 | ||
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -881,000 | -605,000 | |
Assumed Pension Benefits Maturity | 10 to 15 years | ||
Defined Benefit Plan, Contributions by Employer | 241,000 | 239,000 | |
Defined Benefit Plan, Assets Transferred to (from) Plan | 900,000 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 800,000 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,705,000 | 3,517,000 | 3,053,000 |
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 1,600,000 | ||
Swiss Plan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 700,000 | ||
Swiss Plan [Member] | Pension Costs [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 64,000 | ||
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.60% | 0.90% | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 121,000 | 105,000 | |
Defined Benefit Plan, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | $0 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | $4,663 | $4,489 | $3,208 |
Employee stock options [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | 2,842 | 2,683 | 2,595 |
Restricted stock [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | 935 | 999 | 590 |
Restricted stock units [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | 795 | 589 | 0 |
Consultant compensation [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | $91 | $218 | $23 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $4,663 | $4,489 | $3,208 |
General and administrative [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 2,660 | 2,663 | 2,231 |
Marketing and selling [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 1,065 | 1,167 | 545 |
Research and development [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $938 | $659 | $432 |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 55.00% | 71.00% | 79.00% |
Risk-free interest rate | 1.29% | 0.73% | 0.82% |
Expected term (in years) | 4 years 1 month 13 days | 4 years 1 month 13 days | 5 years 2 months 16 days |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Options,Outstanding as of January 3, 2014 | 3,299 |
Options, Granted, Shares | 617 |
Options, Exercised, Shares | -584 |
Options, Forfeited or expired, Shares | -157 |
Options,Outstanding as of January 2, 2015 | 3,175 |
Options,Exercisable as of January 2, 2015 | 2,085 |
Weighted Average Exercise Price, Options Outstanding at January 3, 2014 | $6.17 |
Weighted Average Exercise Price, Options, Granted | $15.43 |
Weighted Average Exercise Price,Options, Exercised | $6.09 |
Weighted Average Exercise Price, Options, Forfeited and Expired | $11.92 |
Weighted Average Exercise Price, Options Outstanding at January 2, 2015 | $7.79 |
Weighted Average Exercise Price, Exercisable at January 2, 2015 | $5.71 |
Weighted Average Remaining Contractual Term, Options, Outstanding at January 2, 2015 | 6 years 2 months 8 days |
Weighted Average Remaining Contractual Term, Options, Exercisable at January 2, 2015 | 4 years 10 months 28 days |
Aggregate Intrinsic Value, Options, Outstanding at January 2, 2015 | $8,692 |
Aggregate Intrinsic Value, Options, Exercisable at January 2, 2015 | $7,583 |
Stockholders_Equity_Details_4
Stockholders' Equity (Details 4) (Warrant [Member], USD $) | 0 Months Ended |
Jun. 01, 2009 | |
Warrant [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Common stock price per share | $1.01 |
Number of warrants | 700,000 |
Expected dividends | 0.00% |
Expected volatility | 74.40% |
Risk-free rate | 3.28% |
Life (in years) | 6 years |
Stockholders_Equity_Details_5
Stockholders' Equity (Details 5) (Warrant [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 02, 2015 |
Warrant [Member] | |
Outstanding at January 3, 2014 | 700,000 |
Granted, (In Shares) | 0 |
Exercised | 0 |
Forfeited or expired (In shares) | 0 |
Outstanding at January 2, 2015 | 700,000 |
Exercisable at January 2, 2015 | 700,000 |
Warrants, Outstanding at January 3, 2014, Weighted - Average Exercise Price | $4 |
Warrants, Granted, Weighted - Average Exercise Price | $0 |
Warrants, Exercised, Weighted - Average Exercise Price | $0 |
Warrants, Forfeited or expired, Weighted - Average Exercise Price | $0 |
Warrants, Outstanding at January 2, 2015, Weighted - Average Exercise Price | $4 |
Warrants, Exercisable at January 3, 2014, Weighted - Average Exercise Price | $4 |
Outstanding at January 2, 2015-Average Remaining Contractual Term | 4 months 28 days |
Exercisable at January 2, 2015-Average Remaining Contractual Term | 4 months 28 days |
Warrants, Outstanding at January 2, 2015, Aggregate Intrinsic Value | $3,521 |
Warrants, Exercisable at January 2, 2015, Aggregate Intrinsic Value | $3,521 |
Stockholders_Equity_Details_6
Stockholders' Equity (Details 6) (USD $) | 12 Months Ended |
Jan. 02, 2015 | |
Restricted Stock [Member] | |
Outstanding at January 3, 2014 | 341,000 |
Granted, (In Shares) | 65,000 |
Vested (In shares) | -140,000 |
Forfeited or expired (In shares) | -19,000 |
Outstanding at January 2, 2015 | 247,000 |
Outstanding at December 28, 2012, Weighted Average Grant-Date Fair Value per Share | $7.55 |
Granted, Weighted Average Grant-Date Fair Value per Share | $13.89 |
Vested, Weighted Average Grant-Date Fair Value per Share | $6.92 |
Forfeited, Weighted Average Grant-Date Fair Value per Share | $9.91 |
Outstanding at January 2, 2015 Weighted Average Grant-Date Fair Value per Share | $9.41 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at January 3, 2014 | 135 |
Granted, (In Shares) | 314 |
Vested (In shares) | -135 |
Forfeited or expired (In shares) | -158 |
Outstanding at January 2, 2015 | 156 |
Outstanding at December 28, 2012, Weighted Average Grant-Date Fair Value per Share | $5.34 |
Granted, Weighted Average Grant-Date Fair Value per Share | $15.34 |
Vested, Weighted Average Grant-Date Fair Value per Share | $5.34 |
Forfeited, Weighted Average Grant-Date Fair Value per Share | $15.54 |
Outstanding at January 2, 2015 Weighted Average Grant-Date Fair Value per Share | $15.14 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | Jun. 01, 2009 | Dec. 31, 2009 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Estimated Forfeiture Rate | 7.00% | ||||
Compensation Cost Capitalized | $306,000 | $232,000 | $150,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $6.81 | $3.51 | $6.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 5,500,000 | 3,900,000 | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total | 157,000 | ||||
Broadwood [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Warrants Issued | 700,000 | ||||
Exercise Price Of Warrants | $4 | ||||
Number Of Penalty Warrants To Be Issued | 30,000 | ||||
Options Holder [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total | 48,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,201,123 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Non Vested Share Based Compensation [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 14 days | ||||
Unrecognized Stock Based Compensation Expense | $6,100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jan. 02, 2015 |
In Thousands, unless otherwise specified | |
Loss Contingencies [Line Items] | |
2015, Operating Leases | $1,368 |
2016, Operating Leases | 796 |
2017, Operating Leases | 785 |
2018, Operating Leases | 328 |
2019, Operating Leases | 328 |
Thereafter,Operating Leases | 244 |
Operating Leases, Total minimum lease payments | 3,849 |
Operating Leases, Less amounts representing Interest | 0 |
Operating Leases Future Minimum Payments Present Value Of Net Minimum Payments | 3,849 |
2015,Capital Leases | 442 |
2016,Capital Leases | 348 |
2017,Capital Leases | 144 |
2018,Capital Leases | 0 |
2019,Capital Leases | 0 |
Thereafter,Capital Leases | 0 |
Capital Leases, Total minimum lease payments | 934 |
Capital Leases, Less amounts representing Interest | 67 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total | $867 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $1,496 | $4,688 |
Less accumulated depreciation | 511 | 3,984 |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 985 | 704 |
Machinery and Equipment [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | 1,141 | 3,922 |
Furniture and Fixtures [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | 334 | 611 |
Leasehold Improvements [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $21 | $155 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Loss Contingencies [Line Items] | |||
Depreciation For Assets Held Under Capital Lease | $330,000 | $566,000 | $522,000 |
Payments for Rent | 1,400,000 | 1,500,000 | 1,900,000 |
Chief Executive Officer [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Defined Benefit Plan, Benefits Paid | $300,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
Related Party Transaction [Line Items] | ||
Due from Related Parties | $9,000 | $34,000 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Non-cash investing and financing activities: | |||
Assets obtained by capital lease | $802 | $0 | $527 |
Purchase of property and equipment included in accounts payable | $682 | $818 | $0 |
Supplemental_Disclosure_of_Cas3
Supplemental Disclosure of Cash Flow Information (Details Textual) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||
Interest Paid | $139,000 | $153,000 | $270,000 |
Income Taxes Paid, Net | $1,089,000 | $1,534,000 | $241,000 |
Basic_and_Diluted_Net_Income_L2
Basic and Diluted Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 | Oct. 02, 2014 | Jul. 02, 2014 | Apr. 02, 2014 | Jan. 02, 2014 | Oct. 03, 2013 | Jul. 03, 2013 | Apr. 03, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Numerator: | |||||||||||
Net income (loss) | ($2,538) | ($2,706) | ($1,789) | ($1,359) | ($876) | $525 | $278 | $471 | ($8,392) | $398 | ($1,763) |
Weighted average common shares and denominator for basic calculation: | |||||||||||
Weighted average common shares outstanding | 38,342 | 37,017 | 36,433 | ||||||||
Less: Unvested restricted stock | -251 | -311 | -180 | ||||||||
Denominator for basic calculation | 38,091 | 36,706 | 36,253 | ||||||||
Weighted average effects of dilutive equity-based compensation awards: | |||||||||||
Warrants | 0 | 414 | 0 | ||||||||
Denominator for diluted calculation | 38,091 | 38,607 | 36,253 | ||||||||
Net income (loss) per share - basic (in dollars per share) | ($0.07) | ($0.07) | ($0.05) | ($0.04) | ($0.02) | $0.01 | $0.01 | $0.01 | ($0.22) | $0.01 | ($0.05) |
Net income (loss) per share - diluted (in dollars per share) | ($0.07) | ($0.07) | ($0.05) | ($0.04) | ($0.02) | $0.01 | $0.01 | $0.01 | ($0.22) | $0.01 | ($0.05) |
Employee Stock Option [Member] | |||||||||||
Weighted average effects of dilutive equity-based compensation awards: | |||||||||||
Employee stock options and restricted stock | 0 | ||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 1,235 | |||||||||
Restricted Stock [Member] | |||||||||||
Weighted average effects of dilutive equity-based compensation awards: | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 177 | 0 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Weighted average effects of dilutive equity-based compensation awards: | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 75 | 0 |
Basic_and_Diluted_Net_Income_L3
Basic and Diluted Net Income (Loss) Per Share (Details 1) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,707 | 1,109 | 2,558 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,988 | 1,109 | 1,632 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 227 | 0 | 180 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 492 | 0 | 746 |
Geographic_and_Product_Data_De
Geographic and Product Data (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
Geographic and Product Data [Line Items] | ||||||
Net sales | $74,987 | $72,215 | $63,783 | |||
United States [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | 11,117 | 12,851 | 12,427 | |||
Japan [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | 19,107 | 17,666 | 16,692 | |||
China [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | 9,370 | 8,618 | 8,406 | |||
Korea [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | 6,563 | 7,743 | 6,713 | |||
Spain [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | 5,562 | 4,867 | 3,026 | |||
France [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | 3,696 | 2,546 | 1,612 | |||
Others [Member] | ||||||
Geographic and Product Data [Line Items] | ||||||
Net sales | $19,572 | [1] | $17,924 | [1] | $14,907 | [1] |
[1] | No other location individually exceeds 5% of total sales. |
Geographic_and_Product_Data_De1
Geographic and Product Data (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Product Information [Line Items] | |||
Net sales | $74,987 | $72,215 | $63,783 |
Implantable Collamer Lenses [Member] | |||
Product Information [Line Items] | |||
Net sales | 44,047 | 44,128 | 35,080 |
Intraocular Lenses [Member] | |||
Product Information [Line Items] | |||
Net sales | 24,336 | 24,153 | 25,971 |
Other surgical products [Member] | |||
Product Information [Line Items] | |||
Net sales | $6,604 | $3,934 | $2,732 |
Geographic_and_Product_Data_De2
Geographic and Product Data (Details 2) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | $10,066 | $7,405 |
United States [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | 9,127 | 6,096 |
Switzerland [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | 596 | 849 |
Japan [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | $343 | $460 |
Geographic_and_Product_Data_De3
Geographic and Product Data (Details Textual) | 12 Months Ended |
Jan. 02, 2015 | |
Geographic and Product Data [Line Items] | |
Disclosure on Geographic Areas, Description of Revenue from External Customers | The Company markets and sells its products in approximately 60 countries and has manufacturingin the United States. Other than the United States, Japan, Korea, China, Spain and France, the Company does not conduct business in any country in which its sales in that country exceed 5% of consolidated sales. |
Segment Sales To Consolidated Sales Percentage | 100.00% |
Concentration Risk, Percentage | 5.00% |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 | Oct. 02, 2014 | Jul. 02, 2014 | Apr. 02, 2014 | Jan. 02, 2014 | Oct. 03, 2013 | Jul. 03, 2013 | Apr. 03, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Net sales | $16,573 | $18,188 | $20,048 | $20,178 | $18,944 | $17,106 | $18,164 | $18,001 | |||
Gross profit | 9,403 | 11,869 | 13,667 | 13,884 | 12,976 | 12,059 | 12,620 | 12,654 | 48,823 | 50,309 | 44,291 |
Net income (loss) | ($2,538) | ($2,706) | ($1,789) | ($1,359) | ($876) | $525 | $278 | $471 | ($8,392) | $398 | ($1,763) |
Net income (loss) per share - basic (in dollars per share) | ($0.07) | ($0.07) | ($0.05) | ($0.04) | ($0.02) | $0.01 | $0.01 | $0.01 | ($0.22) | $0.01 | ($0.05) |
Net income (loss) per share - diluted (in dollars per share) | ($0.07) | ($0.07) | ($0.05) | ($0.04) | ($0.02) | $0.01 | $0.01 | $0.01 | ($0.22) | $0.01 | ($0.05) |
Manufacturing_Consolidation_an2
Manufacturing Consolidation and Tax Strategy (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 02, 2015 |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | |
Liability as of January 3, 2014 | $759 |
Costs incurred and charged to expense | 321 |
Cash payments | -900 |
Liability as of January 2, 2015 | 180 |
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 | -763 |
Liability as of January 2, 2015 | 180 |
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 | 109 |
Cash payments | -137 |
Liability as of January 2, 2015 | $0 |
Manufacturing_Consolidation_an3
Manufacturing Consolidation and Tax Strategy (Details Textual) (USD $) | 12 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2015 | |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ||
Estimated Cost Of Project Year Three And Half | $6,300,000 | |
Operating Loss Carryforwards | 130,800,000 | 131,000,000 |
Restructuring Charges, Total | $321,000 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $52,272 | $52,409 | $52,699 |
Additions | 3,714 | 1,007 | 255 |
Deductions | 293 | 1,144 | 545 |
Balance at End of Year | 55,693 | 52,272 | 52,409 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,449 | 1,316 | 1,128 |
Additions | 384 | 263 | 255 |
Deductions | 244 | 130 | 67 |
Balance at End of Year | 1,589 | 1,449 | 1,316 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 50,823 | 51,093 | 51,571 |
Additions | 3,330 | 744 | 0 |
Deductions | 49 | 1,014 | 478 |
Balance at End of Year | $54,104 | $50,823 | $51,093 |