Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 01, 2016 | Feb. 26, 2016 | Jul. 02, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 1, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STAAR SURGICAL CO | ||
Entity Central Index Key | 718,937 | ||
Current Fiscal Year End Date | --01-01 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 365,994,000 | ||
Trading Symbol | STAA | ||
Entity Common Stock, Shares Outstanding | 40,159,827 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Jan. 01, 2016USD ($) | Jan. 02, 2015USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 13,402 | $ 13,013 |
Accounts receivable trade, net | 15,675 | 11,054 |
Inventories, net | 15,921 | 15,717 |
Prepayments, deposits and other current assets | 3,636 | 4,517 |
Deferred income taxes | 439 | 596 |
Total current assets | 49,073 | 44,897 |
Property, plant and equipment, net | 10,095 | 10,066 |
Intangible assets, net | 666 | 870 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 717 | 695 |
Other assets | 617 | 597 |
Total assets | 62,954 | 58,911 |
Current liabilities: | ||
Line of credit | 4,159 | 4,150 |
Accounts payable | 6,691 | 6,620 |
Deferred income taxes | 370 | 301 |
Obligations under capital leases | 362 | 399 |
Other current liabilities | 6,305 | 4,901 |
Total current liabilities | 17,887 | 16,371 |
Obligations under capital leases | 204 | 468 |
Deferred income taxes | 1,888 | 1,704 |
Asset retirement obligations | 156 | 115 |
Deferred rent | 87 | 75 |
Pension liability | 3,886 | 3,079 |
Total liabilities | $ 24,108 | $ 21,812 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 39,887 and 38,429 shares issued and outstanding at January 1, 2016 and January 2, 2015, respectively | $ 399 | $ 384 |
Additional paid-in capital | 187,007 | 178,232 |
Accumulated other comprehensive loss | (1,580) | (1,070) |
Accumulated deficit | (146,980) | (140,447) |
Total stockholders’ equity | 38,846 | 37,099 |
Total liabilities and stockholders’ equity | $ 62,954 | $ 58,911 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 01, 2016 | Jan. 02, 2015 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 39,887 | 38,429 |
Common stock, shares outstanding | 39,887 | 38,429 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Net sales | $ 77,123 | $ 74,987 | $ 72,215 |
Cost of sales | 24,400 | 26,164 | 21,906 |
Gross profit | 52,723 | 48,823 | 50,309 |
Selling, general and administrative expenses: | |||
General and administrative | 19,604 | 18,287 | 16,771 |
Marketing and selling | 23,695 | 25,879 | 23,888 |
Research and development | 14,761 | 12,363 | 6,708 |
Other general and administrative expenses | 0 | 321 | 2,242 |
Operating income (loss) | (5,337) | (8,027) | 700 |
Other income (expense), net: | |||
Interest income | 50 | 51 | 59 |
Interest expense | (128) | (154) | (170) |
Gain (loss) on foreign currency transactions | (949) | (896) | 39 |
Royalty income | 740 | 355 | 422 |
Other income, net | 19 | 26 | 64 |
Other income (expense), net | (268) | (618) | 414 |
Income (loss) before provision (benefit ) for income taxes | (5,605) | (8,645) | 1,114 |
Provision (benefit) for income taxes | 928 | (253) | 716 |
Net income (loss) | $ (6,533) | $ (8,392) | $ 398 |
Net income (loss) per share - basic (in dollars per share) | $ (0.17) | $ (0.22) | $ 0.01 |
Net income (loss) per share - diluted (in dollars per share) | $ (0.17) | $ (0.22) | $ 0.01 |
Weighted average shares outstanding - basic (in shares) | 39,260 | 38,091 | 36,706 |
Weighted average shares outstanding - diluted (in shares) | 39,260 | 38,091 | 38,607 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Net income (loss) | $ (6,533) | $ (8,392) | $ 398 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of tax | 31 | (955) | (1,327) |
Pension liability adjustment, net of tax | (541) | (397) | 29 |
Other comprehensive loss | (510) | (1,352) | (1,298) |
Comprehensive loss | $ (7,043) | $ (9,744) | $ (900) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Balance at Dec. 28, 2012 | $ 31,742 | $ 364 | $ 162,251 | $ 1,580 | $ (132,453) |
Balance (in shares) at Dec. 28, 2012 | 36,423 | ||||
Net income (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 warrants | 0 | $ 5 | (5) | 0 | 0 |
Common stock issued upon cashless exercise of warrants (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 income (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 | $ 5 | 3,017 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 584 | ||||
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 | ||||
Net income (loss) | (6,533) | $ 0 | 0 | 0 | (6,533) |
Other comprehensive loss | (510) | 0 | 0 | (510) | 0 |
Common stock issued upon exercise of warrants | 2,800 | $ 7 | 2,793 | 0 | 0 |
Common stock issued upon exercise of warrants (in shares) | 700 | ||||
Common stock issued upon exercise of options | $ 2,168 | $ 5 | 2,163 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 476 | 476 | |||
Stock-based compensation | $ 3,820 | $ 0 | 3,820 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Unvested restricted stock | 0 | $ 1 | (1) | 0 | 0 |
Unvested restricted stock (in shares) | 124 | ||||
Vested restricted stock | 2 | $ 2 | 0 | 0 | 0 |
Vested restricted stock (in shares) | 158 | ||||
Balance at Jan. 01, 2016 | $ 38,846 | $ 399 | $ 187,007 | $ (1,580) | $ (146,980) |
Balance (in shares) at Jan. 01, 2016 | 39,887 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (6,533) | $ (8,392) | $ 398 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation of property and equipment | 2,196 | 2,078 | 1,711 |
Amortization of intangibles | 205 | 382 | 440 |
Deferred income taxes | 473 | (841) | 104 |
Fair value adjustment of warrant | 0 | 0 | (27) |
Change in net pension liability | 190 | 194 | 162 |
Loss on disposal of property and equipment | 0 | 0 | 200 |
Stock-based compensation expense | 3,304 | 4,663 | 4,489 |
Accretion of asset retirement obligation | 0 | 3 | 10 |
Provision for sales returns and bad debts | 345 | 182 | 263 |
Changes in working capital: | |||
Accounts receivable trade, net | (4,952) | (934) | (2,938) |
Inventories, net | 327 | (3,943) | (1,603) |
Prepayments, deposits and other current assets | 856 | (1,062) | (1,063) |
Accounts payable | 14 | 972 | 367 |
Other current liabilities | 1,413 | (1,253) | 842 |
Net cash provided by (used in) by operating activities | (2,162) | (7,951) | 3,355 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (2,045) | (4,054) | (3,448) |
Sale of property and equipment | 2 | 0 | 0 |
Net cash used in investing activities | (2,043) | (4,054) | (3,448) |
Cash flows from financing activities: | |||
Repayment of capital lease lines of credit | (391) | (490) | (841) |
Proceeds from the exercise of stock options | 2,168 | 3,022 | 3,286 |
Proceeds from vested restricted stock | 2 | 0 | 0 |
Proceeds from the exercise of warrants | 2,800 | 0 | 0 |
Net cash provided by financing activities | 4,579 | 2,532 | 2,445 |
Effect of exchange rate changes on cash and cash equivalents | 15 | (468) | (1,073) |
Increase (decrease) in cash and cash equivalents | 389 | (9,941) | 1,279 |
Cash and cash equivalents, at beginning of year | 13,013 | 22,954 | 21,675 |
Cash and cash equivalents, at end of year | $ 13,402 | $ 13,013 | $ 22,954 |
Organization and Description of
Organization and Description of Business and Accounting Policies | 12 Months Ended |
Jan. 01, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Organization and Description of Business and Accounting Policies STAAR Surgical Company and subsidiaries (the “Company”), a Delaware corporation, was first 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 1, 2016, 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). 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. 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 2015 is based on a 52-week period, 2014 is based on a 52-week period and fiscal year 2013 is based on a 53-week period The functional currency of the Company’s Japanese subsidiary, STAAR Japan, Inc., 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 Statements of Comprehensive Loss. During 2015, 2014, and 2013, the net foreign translation gain (losses) were $ 31,000 (955,000) (1,327,000) 949,000 (896,000) 39,000 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 certain customers and for the STAAR Japan subsidiary, which is typically recognized when the product is received by the customer. The Company does not have significant deferred revenues as of January 1, 2016 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. 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. The consolidated financial statements have been prepared in conformity with GAAP 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. 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. 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 1, 2016, there was one customer with a trade receivable balance that represented 10 10 There were two customers who accounted for 15 10 11 10 11 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 ( ASC 820-10-50): · 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, prepayments 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 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 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. Machinery and equipment 5 10 Furniture and equipment 3 7 Computer and peripherals 2 5 Leasehold improvements (a) (a) The estimated useful life of leasehold improvements is the shorter of the useful life of the asset or the term of the associated leases. 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. The Company performed its annual impairment test and determined that its goodwill was not impaired. As of January 1, 2016 and January 2, 2015, the carrying value of goodwill was $ 1.8 The Company reviews property, plant, 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 1, 2016 and January 2, 2015 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 20 10 3 10 Expenditures for research activities relating to product development and improvement are charged to expense as incurred. Advertising costs, which are included in marketing and selling expenses, are expensed as incurred. Advertising costs were $ 2.5 2.8 2.1 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. 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 and unvested restricted stock units, 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. See Note 15. 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 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 for executives and employees, and one year for members of its Board of Directors (see Notes 11 and 18). The Company also, at times, issues restricted stock to its executive officers, employees, and members of its 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, for executives and employees, it is typically a three-year service period, and are subject to forfeiture (or acceleration, depending upon the circumstances) until vested or the service period is completed. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years, 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, 15, and 18). The Company issues restricted stock units (“RSUs”) (see Note 11), which can have only a service condition or a performance contingent restricted stock award based upon the Company meeting certain internally established performance conditions that vest only if those conditions are met or exceeded and the grantee is still employed with the Company. Restricted stock unit compensation expense is recognized on a straight-line basis over the requisite service period. The Company recognizes compensation cost for the performance condition 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, 15 and 18). The Company accounts for options granted to persons other than employees and directors under ASC 505-50, Equity Based Payments to Non-Employees 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 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. Foreign Defined Defined Accumulated 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) Other comprehensive income (loss) 52 (38) (576) (562) Tax effect (21) 12 61 52 Balance at January 1, 2016 $ (145) $ 95 $ (1,530) $ (1,580) In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”, which requires lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740)”: Balance Sheet Classification of Deferred Taxes”, which changes how deferred taxes are classified on company’s balance sheets. The ASU eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments are effective for annual financial statements beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact the adoption of ASU 2015-17 will have on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The revised revenue standard is effective for public entities for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of the Company’s pending adoption of ASU 2014-09 on the Company’s financial statements and has not yet determined the method by which it will adopt the standard in fiscal 2018. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” that replaces the existing accounting standards for the measurement of inventory. ASU 2015-11 requires a company to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation”. The effective date of ASU 2015-11 is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company does not expect the adoption of ASU 2015-11 will have a material effect on its consolidated financial statements. Prior Year Reclassifications Certain reclassifications have been made in the fiscal 2014 and 2013 financial statements to conform to the fiscal 2015 presentation. During the fiscal year ended January 1, 2016, the Company reclassified $ 127,000 203,000 75,000 |
Accounts Receivable Trade, Net
Accounts Receivable Trade, Net | 12 Months Ended |
Jan. 01, 2016 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 2 Accounts Receivable Trade, Net 2015 2014 Domestic $ 1,728 $ 1,818 Foreign 15,824 10,825 17,552 12,643 Less allowance for doubtful accounts and sales returns 1,877 1,589 $ 15,675 $ 11,054 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Jan. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 3 Inventories, Net 2015 2014 Raw materials and purchased parts $ 2,317 $ 2,146 Work in process 1,995 1,781 Finished goods 15,058 14,504 19,370 18,431 Less inventory reserves 3,449 2,714 $ 15,921 $ 15,717 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 12 Months Ended |
Jan. 01, 2016 | |
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets Disclosure [Text Block] | 2015 2014 Prepayments and deposits $ 1,386 $ 1,991 Income tax receivable 597 1,084 Value added tax (VAT) receivable 724 721 Deferred charge for foreign profits 182 338 Other current assets 747 383 $ 3,636 $ 4,517 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Jan. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Property, Plant and Equipment, Net 2015 2014 Machinery and equipment $ 17,094 $ 15,674 Furniture and fixtures 6,980 6,535 Leasehold improvements 8,611 8,400 32,685 30,609 Less accumulated depreciation 22,590 20,543 $ 10,095 $ 10,066 Depreciation expense for the years ended January 1, 2016, January 2, 2015 and January 3, 2014, was approximately $ 2.2 2.1 1.7 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Jan. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 6 Intangible Assets, Net January 1, 2016 January 2, 2015 Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Patents and licenses $ 9,207 $ (8,891) $ 316 $ 9,205 $ (8,859) $ 346 Customer relationships 1,305 (1,044) 261 1,302 (911) 391 Developed technology 829 (740) 89 827 (694) 133 Total $ 11,341 $ (10,675) $ 666 $ 11,334 $ (10,464) $ 870 Aggregate amortization expense for intangible assets was $ 205,000 382,000 440,000 Fiscal Year Amount 2016 $ 205 2017 205 2018 205 2019 51 Total $ 666 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Jan. 01, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 7 Other Current Liabilities 2015 2014 Accrued salaries and wages $ 1,909 $ 1,647 Accrued income taxes 217 867 Accrued insurance 540 550 Accrued commissions 84 309 Accrued audit expense 314 352 Customer credit balances 203 186 Accrued severance 133 180 Accrued bonuses 2,114 75 Other (1) 791 735 $ 6,305 $ 4,901 (1) 5 |
Liabilities
Liabilities | 12 Months Ended |
Jan. 01, 2016 | |
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 approximately 1.475% as of January 1, 2016) and may be renewed annually (the current line expires on September 30, 2016). 500,000 14 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 1.0 0.25 On May 1, 2015, STAAR Surgical AG entered into a guarantee agreement with Bankinter Bankinter 200,000 217,000 783,000 783,000 Bankinter May 1, 2017 Covenant Compliance The Company is in compliance with covenants of its credit facilities and lines of credit as of January 1, 2016. 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. As of January 1, 2016, the Company has recorded approximately $156,000 in connection with its asset retirement obligation. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9 Income Taxes 2015 2014 2013 Current tax provision: U.S. federal (benefit) $ $ 3 $ (121) State 12 15 12 Foreign 443 570 721 Total current provision 455 588 612 Deferred tax provision (benefit): U.S. federal and state Foreign provision (benefit) 473 (841) 104 Total deferred provision (benefit) 473 (841) 104 Provision (benefit) for income taxes $ 928 $ (253) $ 716 As of January 1, 2016, the Company had federal net operating loss carryforwards 131.1 carryforwards expire in varying amounts between 2020 and 2035. 45.7 The California net operating loss carryforwards expire in varying amounts between 2016 and 2035 and, approximately $19.9 million of those net operating loss carryforwards, will expire over the next two years. The Company had accrued net income taxes receivable of $ 380,000 217,000 The provision (benefit) 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): 2015 2014 2013 Computed provision (benefit) for taxes based on income at statutory rate 34.0 % $ (1,905) 34.0 % $ (2,939) 34.0 % $ 379 Increase (decrease) in taxes resulting from: Permanent differences (0.6) 33 (0.2) 20 3.2 35 Federal minimum taxes (0.1) 3 State minimum taxes, net of federal income tax benefit (0.1) 8 (0.1) 10 0.7 8 Stock options State tax benefit (6.6) 370 4.6 (394) 6.4 71 Tax rate difference due to foreign statutory rate 1.6 (90) 3.3 (288) 43.7 487 Expiration of state net operating tax carryforwards (47.3) 2,650 Foreign earnings not permanently reinvested (9.8) 547 0.1 (11) (7.7) (86) Foreign dividend withholding (3.8) 211 (1.5) 132 12.5 140 Expiration of charitable contribution carryover (0.3) 15 (0.2) 18 0.2 2 Reserve (10.9) (121) Other 2.5 (140) 1.0 (85) 6.4 71 Valuation allowance 13.8 (771) (38.0) 3,281 (24.2) (270) Effective tax provision (benefit) rate (16.6) % $ 928 2.9 % $ (253) 64.3 % $ 716 The Company recorded an income tax provision of $ 928,000 0.3 Included in the state tax provision for 2015 is a decrease to the state deferred tax asset and corresponding decrease to the valuation allowance of $ 3,020,000 carryforwards . 394,000 71,000 12,000 15,000 12,000 Included in the deferred foreign tax benefit for 2015 is an increase in foreign deferred liabilities of $ 172,000 1,039,000 630,000 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 2015 and 2014 there were no withholding taxes paid to foreign jurisdictions and there were no earnings repatriated from foreign subsidiaries. 2015 2014 Current deferred tax assets (liabilities): Allowance for doubtful accounts and sales returns $ 90 $ 127 Inventories 422 511 Accrued vacation 382 397 Accrued other expenses 176 119 Other 57 80 Valuation allowance (1,058) (939) Total current deferred tax assets (liabilities) $ 69 $ 295 Non-current deferred tax assets (liabilities): Net operating loss carryforwards $ 51,005 $ 53,747 Stock-based compensation 1,763 1,684 Business, foreign and AMT credit carryforwards 1,730 1,223 Capitalized R&D 134 423 Contributions 17 37 Pensions 583 489 Depreciation and amortization 695 870 Foreign tax withholding (1,627) (1,326) Foreign earnings not permanently reinvested (3,209) (5,022) Other 13 31 Valuation allowance (52,275) (53,165) Total non-current deferred tax liabilities $ (1,171) $ (1,009) As of January 1, 2016, the Company had net deferred tax liabilities in Switzerland of $ 1,686,000 1,627,000 584,000 1,371,000 1,326,000 658,000 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 1, 2016. Further, pursuant to the provisions of 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 $ 312,000 256,000 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. Included in deferred tax assets and liabilities of STAAR Japan is net deferred tax assets of $ 584,000 658,000 Other Income Tax Disclosures Significant Jurisdictions Open Years U.S. Federal 2012 2014 California 2011 2014 Switzerland 2014 Japan 2012 2014 2015 2014 2013 Domestic $ (7,678) $ (8,113) $ (2,131) Foreign 2,073 (532) 3,245 $ (5,605) $ (8,645) $ 1,114 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 01, 2016 | |
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 1.6 0.9 0.8 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 1.4 0.7 2015 2014 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 4,827 $ 5,183 Service cost 316 297 Interest cost 74 114 Participant contributions 209 241 Benefits deposited (paid) 340 (116) Actuarial loss on obligation 656 737 Prior service cost (73) Curtailments (1,629) Projected benefit obligation, end of period $ 6,349 $ 4,827 Change in Plan Assets: Plan assets at fair value, beginning of period $ 2,705 $ 3,517 Actual return on plan assets (including foreign currency impact) 35 (230) Employer contributions 209 241 Participant contributions 209 241 Benefits deposited (paid) 340 (116) Curtailment distributions (948) Plan assets at fair value, end of period $ 3,498 $ 2,705 Funded status (pension liability), end of year $ (2,851) $ (2,122) Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: Actuarial loss on plan assets $ (822) $ (773) Actuarial loss on benefit obligation (1,668) (902) Actuarial gain recognized in current year 362 266 Effect of curtailments 606 528 Accumulated other comprehensive loss $ (1,522) $ (881) Accumulated benefit obligation at end of year $ (5,932) $ (4,488) The underfunded balance of $ 2.9 2.1 2015 2014 2013 Service cost $ 316 $ 297 $ 320 Interest cost 74 114 101 Expected return on plan assets (93) (97) (96) Actuarial loss recognized in current year 64 24 55 Net periodic pension cost $ 361 $ 338 $ 380 2015 2014 2013 Current year actuarial gain (loss) on plan assets, net of tax $ (61) $ (375) $ 37 Current year actuarial gain (loss) on benefit obligation, net of tax (635) (846) 135 Actuarial gain recorded in current year, net of tax 57 28 46 Prior service cost Effect of curtailments 782 Change in other comprehensive income (loss) $ (517) $ (411) $ 218 The amount in accumulated other comprehensive income (loss) as of January 1, 2016 that is expected to be recognized as a component of the net periodic pension costs during fiscal year 2016 is $ 110 2015 2014 Discount rate 1.0 % 1.4 % Salary increases 2.0 % 2.0 % Expected return on plan assets 2.5 % 3.0 % Expected average remaining working lives in years 10.4 10.1 The discount rates are based on an assumed pension benefit maturity of 10 to 15 years 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, Plan assets totaled $ 3.5 2.7 Insurance (Level 3) Beginning balance at January 3, 2014 $ 3,517 Actual return on plan assets (230) Purchases, sales and settlement (582) Ending balance at January 2, 2015 2,705 Actual return on plan assets 35 Purchases, sales and settlement 758 Ending balance at January 1, 2016 $ 3,498 During fiscal 2016, the Company expects to make cash contributions totaling approximately $ 248,000 Fiscal Year Amount 2016 $ 58 2017 65 2018 72 2019 72 2020 78 Thereafter 498 Total $ 843 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. 2015 2014 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 957 $ 1,049 Service cost 121 157 Interest cost 6 9 Actuarial (gain) loss 32 (55) Benefits paid (83) (66) Foreign exchange adjustment 2 (137) Projected benefit obligation, end of period $ 1,035 $ 957 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 $ (1,035) $ (957) Amount Recognized in Accumulated Other Comprehensive Income, Net of Tax: Transition obligation $ (20) $ (26) Actuarial gain 122 146 Prior service cost 9 9 Net loss (10) (8) Accumulated other comprehensive income $ 101 $ 121 Accumulated benefit obligation at end of year $ (893) $ (828) The underfunded balance of $ 1,035,000 957,000 2015 2014 2013 Service cost $ 121 $ 157 $ 158 Interest cost 6 9 8 Net amortization of transition obligation 11 12 12 Actuarial gain (15) (10) (31) Prior service cost (credit) (2) (1) (1) Net periodic pension cost $ 121 $ 167 $ 146 2015 2014 2013 Amortization of net transition obligation 7 12 12 Amortization of actuarial loss (21) (9) (47) Actuarial income (loss) recorded in current year (10) 13 (153) Amortization prior service cost (2) (1) Change in other comprehensive income (loss) $ (24) $ 14 (189) The amount in accumulated other comprehensive income (loss) as of January 1, 2016 that is expected to be recognized as a component of the net periodic pension cost in fiscal 2016 is approximately $ 1,900 2015 2014 Discount rate 0.5 % 0.6 % Salary increases 6.1 % 4.5 % Expected return on plan assets N/A N/A Expected average remaining working lives in years 8.13 8.12 The discount rate of 0.50 0.60 10 to 20 years The salary increase average rate was based on the Company’s best estimate of future increases over time. Fiscal Year Amount 2016 $ 55 2017 135 2018 54 2019 55 2020 57 Thereafter 607 Total $ 963 Defined Contribution Plan The Company maintains a 401(k) profit sharing plan (“401(k) Plan”) for the benefit of qualified employees in U.S. During the fiscal year ended January 1, 2016, employees who participate may elect to make salary deferral contributions to the 401(k) Plan up to the $ 18,000 6,000 625 518 270 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 01, 2016 | |
Stockholders' Equity Note [Abstract] | |
Financing Receivables [Text Block] | Note 11 Stockholders’ Equity Fiscal Year Ended January 1, January 2, January 3, Employee stock options $ 2,306 $ 2,842 $ 2,683 Restricted stock 485 935 999 Restricted stock units 452 795 589 Consultant compensation 61 91 218 Total $ 3,304 $ 4,663 $ 4,489 Fiscal Year Ended January 1, January 2, January 3, Cost of Sales $ 52 $ 108 $ 77 General and administrative 2,090 2,552 2,586 Marketing and selling 696 1,065 1,167 Research and development 466 938 659 Total stock-based compensation expense 3,304 4,663 4,489 Amounts capitalized as part of inventory 516 306 232 Total stock-based compensation $ 3,820 $ 4,969 $ 4,721 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). 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). As of January 1, 2016, there was $ 6.8 4.7 2.1 Stock Option Plan 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 generally over a three year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 1,072,776 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 Fiscal Year Ended January 1, January 2, January 3, Expected dividend yield 0 % 0 % 0 % Expected volatility 57 % 55 % 71 % Risk-free interest rate 1.59 % 1.29 % 0.73 % Expected term (in years) 5.57 4.12 4.12 A summary of option activity under the Plan for the year ended January 1, 2016 is presented below: Options Shares Weighted- Weighted- Aggregate Outstanding at January 2, 2015 3,175 $ 7.79 Granted 1,155 7.81 Exercised (476) 4.56 Forfeited or expired (231) 10.57 Outstanding at January 1, 2016 3,623 $ 8.02 6.59 $ 3,562 Exercisable at January 1, 2016 2,075 $ 7.15 4.85 $ 3,352 Options Shares Weighted- Unvested at January 2, 2015 1,090 $ 5.92 Granted during the year 1,155 4.14 Forfeited or expired during the year (135) 4.69 Vested during the year (562) 5.29 Unvested at January 1, 2016 (see Note 18) 1,548 $ 4.34 The weighted-average grant-date fair value of options granted during the fiscal years ended January 1, 2016, January 2, 2015 and January 3, 2014, were $ 4.14 6.81 3.51 2.0 5.5 3.9 Warrants On June 1, 2009, the Company issued warrants to Broadwood Broadwood 700,000 4.00 Restricted stock Shares Weighted Outstanding at January 2, 2015 247 $ 9.41 Granted 34 8.62 Vested (142) 11.88 Forfeited or expired (15) 6.26 Outstanding at January 1, 2016 (see Note 18) 124 $ 6.97 Restricted Stock Units Units Weighted Outstanding at January 2, 2015 156 $ 15.14 Granted 230 7.60 Vested (16) 9.20 Forfeited or expired (31) 15.20 Outstanding at January 1, 2016 (see Note 18) 339 $ 10.44 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 01, 2016 | |
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. Fiscal Year Operating Capital 2016 $ 1,657 $ 384 2017 1,340 177 2018 749 31 2019 698 2020 648 Thereafter 434 Total minimum lease payments $ 5,526 $ 592 Less amounts representing interest 26 $ 5,526 $ 566 Rent expense was approximately $ 1.2 1.4 1.5 2015 2014 Machinery and equipment $ 1,195 $ 1,141 Furniture and fixtures 7 334 Leasehold improvements 21 1,202 1,496 Less accumulated depreciation 329 511 $ 873 $ 985 Depreciation expense for assets under capital lease for each of the years ended January 1, 2016, January 2, 2015, and January 3, 2014, was approximately $ 176,000 330,000 566,000 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. Also, in connection with the sale of products and entering into business relationships in the ordinary course of business, the Company may make representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement as well as its negligence. The Company has not been required to make material payments under such provisions. 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 taxes; however, final assessments, if any, could be significantly different than the amounts recorded in the consolidated financial statements. Employment Agreements On October 3, 2014, the Company’s former Chief Executive Officer announced his retirement effective March 1, 2015. Effective with his retirement, he became a consultant to the Company through March 31, 2016. In March 2015, the Company accrued approximately $300,000 in benefits due to the former CEO, such benefits are being paid over a one year period beginning on March 1, 2015 and ending on March 31, 2016. As of January 1, 2016, there was approximately $60,000 remaining to be paid to the former CEO pursuant to this agreement through March 31, 2016. The Company’s Chief Executive Officer entered into an employment agreement with the Company, effective March 1, 2015. She 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. 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 claims. 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. 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. Nidek Co., Ltd. In 2015, Nidek Ltd, Nidek |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 01, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13 Related Party Transactions The Company has made various advances to certain non-executive employees. Amounts due from employees included in prepayments, deposits, and other current assets at January 1, 2016 and January 2, 2015 were $ 20,000 9,000 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Jan. 01, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 14 Supplemental Disclosure of Cash Flow Information Interest paid was $ 121,000 139,000 153,000 589,000 1,089,000 1,534,000 Non-cash investing and financing activities: 2015 2014 2013 Assets obtained by capital lease $ 91 $ 802 $ Purchase of property and equipment included in accounts payable $ 51 $ 682 $ 818 |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 12 Months Ended |
Jan. 01, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 15 Basic and Diluted Net Income (Loss) Per Share 2015 2014 2013 Numerator: Net income (loss) $ (6,533) $ (8,392) $ 398 Denominator: Weighted average common shares and denominator for basic calculation: Weighted average common shares outstanding 39,384 38,342 37,017 Less: Unvested restricted stock (124) (251) (311) Denominator for basic calculation 39,260 38,091 36,706 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 39,260 38,091 38,607 Net income (loss) per share basic and diluted $ (0.17) $ (0.22) $ 0.01 2015 2014 2013 Options 2,506 1,988 1,109 Warrants 345 492 Restricted stock and restricted stock units 190 227 Total 3,041 2,707 1,109 |
Geographic and Product Data
Geographic and Product Data | 12 Months Ended |
Jan. 01, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 16 Geographic and Product Data The Company markets and sells its products in approximately 60 5 Net sales to unaffiliated customers 2015 2014 2013 United States $ 10,904 $ 11,117 $ 12,851 Japan 16,982 19,107 17,666 China 12,571 9,370 8,618 Korea 8,061 6,563 7,743 Spain 5,617 5,562 4,867 Others* 22,988 23,268 20,470 Total $ 77,123 $ 74,987 $ 72,215 *No other location individually exceeds 5 100 Net sales by product line 2015 2014 2013 ICLs $ 51,543 $ 44,047 $ 44,128 IOLs 19,857 24,336 24,153 Other surgical products 5,723 6,604 3,934 Total $ 77,123 $ 74,987 $ 72,215 Long-lived assets 2015 2014 U.S. $ 9,048 $ 9,127 Switzerland 672 596 Japan 375 343 Total $ 10,095 $ 10,066 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. 01, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 17 Quarterly Financial Data (Unaudited) January 1, 2016 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Net sales $ 18,858 $ 18,657 $ 18,750 $ 20,858 Gross profit 12,899 12,361 12,799 14,664 Net loss (2,340) (1,599) (1,752) (842) Net loss per share basic and diluted (0.06) (0.04) (0.04) (0.02) 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 and diluted (0.04) (0.05) (0.07) (0.07) 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 01, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 18 Subsequent Event On February 11, 2016, one of the Company’s shareholders increased its beneficial ownership of the Company’s common stock to approximately 26 6.9 3,654,000 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Jan. 01, 2016 | |
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 Balance at Balance at Beginning End of Description of Year Additions Deductions Year (In thousands) 2015 Allowance for doubtful accounts and sales returns deducted from accounts receivable in balance sheet $ 1,589 $ 345 $ 57 $ 1,877 Deferred tax asset valuation allowance 54,104 2,249 3,020 53,333 $ 55,693 $ 2,594 $ 3,077 $ 55,210 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 |
Organization and Description 27
Organization and Description of Business and Accounting Policies (Policies) | 12 Months Ended |
Jan. 01, 2016 | |
Accounting Policies [Abstract] | |
Organization And Description Of Business [Policy Text Block] | STAAR Surgical Company and subsidiaries (the “Company”), a Delaware corporation, was first 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 1, 2016, 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] | 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] | 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 2015 is based on a 52-week period, 2014 is based on a 52-week period and fiscal year 2013 is based on a 53-week period |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | The functional currency of the Company’s Japanese subsidiary, STAAR Japan, Inc., 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 Statements of Comprehensive Loss. During 2015, 2014, and 2013, the net foreign translation gain (losses) were $ 31,000 (955,000) (1,327,000) 949,000 (896,000) 39,000 |
Revenue Recognition, Policy [Policy Text Block] | 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 certain customers and for the STAAR Japan subsidiary, which is typically recognized when the product is received by the customer. The Company does not have significant deferred revenues as of January 1, 2016 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. 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] | The consolidated financial statements have been prepared in conformity with GAAP 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] | 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 1, 2016, there was one customer with a trade receivable balance that represented 10 10 There were two customers who accounted for 15 10 11 10 11 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 ( ASC 820-10-50): · 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, prepayments 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 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 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. Machinery and equipment 5 10 Furniture and equipment 3 7 Computer and peripherals 2 5 Leasehold improvements (a) (a) The estimated useful life of leasehold improvements is 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, 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. The Company performed its annual impairment test and determined that its goodwill was not impaired. As of January 1, 2016 and January 2, 2015, the carrying value of goodwill was $ 1.8 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company reviews property, plant, 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 1, 2016 and January 2, 2015 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 20 10 3 10 |
Research and Development Expense, Policy [Policy Text Block] | 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 costs, which are included in marketing and selling expenses, are expensed as incurred. Advertising costs were $ 2.5 2.8 2.1 |
Income Tax, Policy [Policy Text Block] | 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. |
Earnings Per Share, Policy [Policy Text Block] | 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 and unvested restricted stock units, 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. See Note 15. |
Postemployment Benefit Plans, Policy [Policy Text Block] | 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 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 for executives and employees, and one year for members of its Board of Directors (see Notes 11 and 18). The Company also, at times, issues restricted stock to its executive officers, employees, and members of its 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, for executives and employees, it is typically a three-year service period, and are subject to forfeiture (or acceleration, depending upon the circumstances) until vested or the service period is completed. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years, 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, 15, and 18). The Company issues restricted stock units (“RSUs”) (see Note 11), which can have only a service condition or a performance contingent restricted stock award based upon the Company meeting certain internally established performance conditions that vest only if those conditions are met or exceeded and the grantee is still employed with the Company. Restricted stock unit compensation expense is recognized on a straight-line basis over the requisite service period. The Company recognizes compensation cost for the performance condition 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, 15 and 18). The Company accounts for options granted to persons other than employees and directors under ASC 505-50, Equity Based Payments to Non-Employees |
Comprehensive Income, Policy [Policy Text Block] | 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 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. Foreign Defined Defined Accumulated 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) Other comprehensive income (loss) 52 (38) (576) (562) Tax effect (21) 12 61 52 Balance at January 1, 2016 $ (145) $ 95 $ (1,530) $ (1,580) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”, which requires lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740)”: Balance Sheet Classification of Deferred Taxes”, which changes how deferred taxes are classified on company’s balance sheets. The ASU eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments are effective for annual financial statements beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact the adoption of ASU 2015-17 will have on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The revised revenue standard is effective for public entities for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of the Company’s pending adoption of ASU 2014-09 on the Company’s financial statements and has not yet determined the method by which it will adopt the standard in fiscal 2018. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” that replaces the existing accounting standards for the measurement of inventory. ASU 2015-11 requires a company to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation”. The effective date of ASU 2015-11 is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company does not expect the adoption of ASU 2015-11 will have a material effect on its consolidated financial statements. Prior Year Reclassifications Certain reclassifications have been made in the fiscal 2014 and 2013 financial statements to conform to the fiscal 2015 presentation. During the fiscal year ended January 1, 2016, the Company reclassified $ 127,000 203,000 75,000 |
Organization and Description 28
Organization and Description of Business and Accounting Policies (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Accounting Policies [Abstract] | |
Schedule Of Useful Life Of Property Plant And Equipment [Table Text Block] | Machinery and equipment 5 10 Furniture and equipment 3 7 Computer and peripherals 2 5 Leasehold improvements (a) (a) The estimated useful life of leasehold improvements is 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 1, 2016, January 2, 2015, and January 3, 2014 (in thousands): Foreign Defined Defined Accumulated 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) Other comprehensive income (loss) 52 (38) (576) (562) Tax effect (21) 12 61 52 Balance at January 1, 2016 $ (145) $ 95 $ (1,530) $ (1,580) |
Accounts Receivable Trade, Net
Accounts Receivable Trade, Net (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
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 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Domestic $ 1,728 $ 1,818 Foreign 15,824 10,825 17,552 12,643 Less allowance for doubtful accounts and sales returns 1,877 1,589 $ 15,675 $ 11,054 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consisted of the following at January 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Raw materials and purchased parts $ 2,317 $ 2,146 Work in process 1,995 1,781 Finished goods 15,058 14,504 19,370 18,431 Less inventory reserves 3,449 2,714 $ 15,921 $ 15,717 |
Prepayments, Deposits, and Ot31
Prepayments, Deposits, and Other Current Assets (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Prepaid Expenses and Other Current Assets Disclosure [Abstract] | |
Schedule Of Prepayments, Deposits, and Other Current Assets Disclosure [Table Text Block] | Prepayments, deposits, and other current assets consisted of the following at January 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Prepayments and deposits $ 1,386 $ 1,991 Income tax receivable 597 1,084 Value added tax (VAT) receivable 724 721 Deferred charge for foreign profits 182 338 Other current assets 747 383 $ 3,636 $ 4,517 |
Property, Plant and Equipment32
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following at January 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Machinery and equipment $ 17,094 $ 15,674 Furniture and fixtures 6,980 6,535 Leasehold improvements 8,611 8,400 32,685 30,609 Less accumulated depreciation 22,590 20,543 $ 10,095 $ 10,066 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
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 1, 2016 January 2, 2015 Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Patents and licenses $ 9,207 $ (8,891) $ 316 $ 9,205 $ (8,859) $ 346 Customer relationships 1,305 (1,044) 261 1,302 (911) 391 Developed technology 829 (740) 89 827 (694) 133 Total $ 11,341 $ (10,675) $ 666 $ 11,334 $ (10,464) $ 870 |
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 2016 $ 205 2017 205 2018 205 2019 51 Total $ 666 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities consisted of the following at January 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Accrued salaries and wages $ 1,909 $ 1,647 Accrued income taxes 217 867 Accrued insurance 540 550 Accrued commissions 84 309 Accrued audit expense 314 352 Customer credit balances 203 186 Accrued severance 133 180 Accrued bonuses 2,114 75 Other (1) 791 735 $ 6,305 $ 4,901 (1) 5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following (in thousands): 2015 2014 2013 Current tax provision: U.S. federal (benefit) $ $ 3 $ (121) State 12 15 12 Foreign 443 570 721 Total current provision 455 588 612 Deferred tax provision (benefit): U.S. federal and state Foreign provision (benefit) 473 (841) 104 Total deferred provision (benefit) 473 (841) 104 Provision (benefit) for income taxes $ 928 $ (253) $ 716 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision (benefit) 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): 2015 2014 2013 Computed provision (benefit) for taxes based on income at statutory rate 34.0 % $ (1,905) 34.0 % $ (2,939) 34.0 % $ 379 Increase (decrease) in taxes resulting from: Permanent differences (0.6) 33 (0.2) 20 3.2 35 Federal minimum taxes (0.1) 3 State minimum taxes, net of federal income tax benefit (0.1) 8 (0.1) 10 0.7 8 Stock options State tax benefit (6.6) 370 4.6 (394) 6.4 71 Tax rate difference due to foreign statutory rate 1.6 (90) 3.3 (288) 43.7 487 Expiration of state net operating tax carryforwards (47.3) 2,650 Foreign earnings not permanently reinvested (9.8) 547 0.1 (11) (7.7) (86) Foreign dividend withholding (3.8) 211 (1.5) 132 12.5 140 Expiration of charitable contribution carryover (0.3) 15 (0.2) 18 0.2 2 Reserve (10.9) (121) Other 2.5 (140) 1.0 (85) 6.4 71 Valuation allowance 13.8 (771) (38.0) 3,281 (24.2) (270) Effective tax provision (benefit) rate (16.6) % $ 928 2.9 % $ (253) 64.3 % $ 716 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets (liabilities) as of January 1, 2016 and January 2, 2015 are as follows (in thousands): 2015 2014 Current deferred tax assets (liabilities): Allowance for doubtful accounts and sales returns $ 90 $ 127 Inventories 422 511 Accrued vacation 382 397 Accrued other expenses 176 119 Other 57 80 Valuation allowance (1,058) (939) Total current deferred tax assets (liabilities) $ 69 $ 295 Non-current deferred tax assets (liabilities): Net operating loss carryforwards $ 51,005 $ 53,747 Stock-based compensation 1,763 1,684 Business, foreign and AMT credit carryforwards 1,730 1,223 Capitalized R&D 134 423 Contributions 17 37 Pensions 583 489 Depreciation and amortization 695 870 Foreign tax withholding (1,627) (1,326) Foreign earnings not permanently reinvested (3,209) (5,022) Other 13 31 Valuation allowance (52,275) (53,165) Total non-current deferred tax liabilities $ (1,171) $ (1,009) |
Summary of Income Tax Examinations [Table Text Block] | The following tax years remain subject to examination: Significant Jurisdictions Open Years U.S. Federal 2012 2014 California 2011 2014 Switzerland 2014 Japan 2012 2014 |
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): 2015 2014 2013 Domestic $ (7,678) $ (8,113) $ (2,131) Foreign 2,073 (532) 3,245 $ (5,605) $ (8,645) $ 1,114 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
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 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 4,827 $ 5,183 Service cost 316 297 Interest cost 74 114 Participant contributions 209 241 Benefits deposited (paid) 340 (116) Actuarial loss on obligation 656 737 Prior service cost (73) Curtailments (1,629) Projected benefit obligation, end of period $ 6,349 $ 4,827 Change in Plan Assets: Plan assets at fair value, beginning of period $ 2,705 $ 3,517 Actual return on plan assets (including foreign currency impact) 35 (230) Employer contributions 209 241 Participant contributions 209 241 Benefits deposited (paid) 340 (116) Curtailment distributions (948) Plan assets at fair value, end of period $ 3,498 $ 2,705 Funded status (pension liability), end of year $ (2,851) $ (2,122) Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: Actuarial loss on plan assets $ (822) $ (773) Actuarial loss on benefit obligation (1,668) (902) Actuarial gain recognized in current year 362 266 Effect of curtailments 606 528 Accumulated other comprehensive loss $ (1,522) $ (881) Accumulated benefit obligation at end of year $ (5,932) $ (4,488) |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost associated with the Swiss Plan during the years ended January 1, 2016, January 2, 2015 and January 3, 2014 include the following components (in thousands): 2015 2014 2013 Service cost $ 316 $ 297 $ 320 Interest cost 74 114 101 Expected return on plan assets (93) (97) (96) Actuarial loss recognized in current year 64 24 55 Net periodic pension cost $ 361 $ 338 $ 380 |
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 1, 2016, January 2, 2015 and January 3, 2014 include the following components (in thousands): 2015 2014 2013 Current year actuarial gain (loss) on plan assets, net of tax $ (61) $ (375) $ 37 Current year actuarial gain (loss) on benefit obligation, net of tax (635) (846) 135 Actuarial gain recorded in current year, net of tax 57 28 46 Prior service cost Effect of curtailments 782 Change in other comprehensive income (loss) $ (517) $ (411) $ 218 |
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 1, 2016 and January 2, 2015 using the following assumptions: 2015 2014 Discount rate 1.0 % 1.4 % Salary increases 2.0 % 2.0 % Expected return on plan assets 2.5 % 3.0 % Expected average remaining working lives in years 10.4 10.1 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The table below sets forth the fair value of Plan assets at January 1, 2016 and January 2, 2015, and the related activity in fiscal years 2014 and 2015, in accordance with ASC 715-20-50-1(d) (in thousands): Insurance (Level 3) Beginning balance at January 3, 2014 $ 3,517 Actual return on plan assets (230) Purchases, sales and settlement (582) Ending balance at January 2, 2015 2,705 Actual return on plan assets 35 Purchases, sales and settlement 758 Ending balance at January 1, 2016 $ 3,498 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments [Table Text Block] | The estimated future benefit payments for the Swiss Plan are as follows (in thousands): Fiscal Year Amount 2016 $ 58 2017 65 2018 72 2019 72 2020 78 Thereafter 498 Total $ 843 |
Japan Plan [Member] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The funded status of the benefit plan at January 1, 2016 and January 2, 2015 is as follows (in thousands): 2015 2014 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 957 $ 1,049 Service cost 121 157 Interest cost 6 9 Actuarial (gain) loss 32 (55) Benefits paid (83) (66) Foreign exchange adjustment 2 (137) Projected benefit obligation, end of period $ 1,035 $ 957 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 $ (1,035) $ (957) Amount Recognized in Accumulated Other Comprehensive Income, Net of Tax: Transition obligation $ (20) $ (26) Actuarial gain 122 146 Prior service cost 9 9 Net loss (10) (8) Accumulated other comprehensive income $ 101 $ 121 Accumulated benefit obligation at end of year $ (893) $ (828) |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost associated with the Japan Plan for the years ended January 1, 2016, January 2, 2015 and January 3, 2014 includes the following components (in thousands): 2015 2014 2013 Service cost $ 121 $ 157 $ 158 Interest cost 6 9 8 Net amortization of transition obligation 11 12 12 Actuarial gain (15) (10) (31) Prior service cost (credit) (2) (1) (1) Net periodic pension cost $ 121 $ 167 $ 146 |
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 1, 2016, January 2, 2015 and January 3, 2014 include the following components (in thousands): 2015 2014 2013 Amortization of net transition obligation 7 12 12 Amortization of actuarial loss (21) (9) (47) Actuarial income (loss) recorded in current year (10) 13 (153) Amortization prior service cost (2) (1) Change in other comprehensive income (loss) $ (24) $ 14 (189) |
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 1, 2016 and January 2, 2015 using the following assumptions: 2015 2014 Discount rate 0.5 % 0.6 % Salary increases 6.1 % 4.5 % Expected return on plan assets N/A N/A Expected average remaining working lives in years 8.13 8.12 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments [Table Text Block] | The estimated future benefit payments for the Japan Plan are as follows (in thousands): Fiscal Year Amount 2016 $ 55 2017 135 2018 54 2019 55 2020 57 Thereafter 607 Total $ 963 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
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 1, January 2, January 3, Employee stock options $ 2,306 $ 2,842 $ 2,683 Restricted stock 485 935 999 Restricted stock units 452 795 589 Consultant compensation 61 91 218 Total $ 3,304 $ 4,663 $ 4,489 |
Schedule of Share-based Compensation, Activity [Table Text Block] | The Company recorded stock-based compensation expense in the following categories on the accompanying consolidated statements of operations (in thousands): Fiscal Year Ended January 1, January 2, January 3, Cost of Sales $ 52 $ 108 $ 77 General and administrative 2,090 2,552 2,586 Marketing and selling 696 1,065 1,167 Research and development 466 938 659 Total stock-based compensation expense 3,304 4,663 4,489 Amounts capitalized as part of inventory 516 306 232 Total stock-based compensation $ 3,820 $ 4,969 $ 4,721 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Fiscal Year Ended January 1, January 2, January 3, Expected dividend yield 0 % 0 % 0 % Expected volatility 57 % 55 % 71 % Risk-free interest rate 1.59 % 1.29 % 0.73 % Expected term (in years) 5.57 4.12 4.12 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Shares Weighted- Weighted- Aggregate Outstanding at January 2, 2015 3,175 $ 7.79 Granted 1,155 7.81 Exercised (476) 4.56 Forfeited or expired (231) 10.57 Outstanding at January 1, 2016 3,623 $ 8.02 6.59 $ 3,562 Exercisable at January 1, 2016 2,075 $ 7.15 4.85 $ 3,352 |
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | A summary of unvested options activity under the Plan for the year ended January 1, 2016 is presented below: Options Shares Weighted- Unvested at January 2, 2015 1,090 $ 5.92 Granted during the year 1,155 4.14 Forfeited or expired during the year (135) 4.69 Vested during the year (562) 5.29 Unvested at January 1, 2016 (see Note 18) 1,548 $ 4.34 |
Restricted Stock [Member] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock activity for the year ended January 1, 2016 is presented below: Shares Weighted Outstanding at January 2, 2015 247 $ 9.41 Granted 34 8.62 Vested (142) 11.88 Forfeited or expired (15) 6.26 Outstanding at January 1, 2016 (see Note 18) 124 $ 6.97 |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock units’ activity for the year ended January 1, 2016 is presented below: Units Weighted Outstanding at January 2, 2015 156 $ 15.14 Granted 230 7.60 Vested (16) 9.20 Forfeited or expired (31) 15.20 Outstanding at January 1, 2016 (see Note 18) 339 $ 10.44 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Payments For Leases [Table Text Block] | Fiscal Year Operating Capital 2016 $ 1,657 $ 384 2017 1,340 177 2018 749 31 2019 698 2020 648 Thereafter 434 Total minimum lease payments $ 5,526 $ 592 Less amounts representing interest 26 |
Schedule of Capital Leased Assets [Table Text Block] | The Company had the following assets under capital lease at January 1, 2016 and January 2, 2015 (in thousands): 2015 2014 Machinery and equipment $ 1,195 $ 1,141 Furniture and fixtures 7 334 Leasehold improvements 21 1,202 1,496 Less accumulated depreciation 329 511 $ 873 $ 985 |
Supplemental Disclosure of Ca39
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
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: 2015 2014 2013 Assets obtained by capital lease $ 91 $ 802 $ Purchase of property and equipment included in accounts payable $ 51 $ 682 $ 818 |
Basic and Diluted Net Income 40
Basic and Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
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): 2015 2014 2013 Numerator: Net income (loss) $ (6,533) $ (8,392) $ 398 Denominator: Weighted average common shares and denominator for basic calculation: Weighted average common shares outstanding 39,384 38,342 37,017 Less: Unvested restricted stock (124) (251) (311) Denominator for basic calculation 39,260 38,091 36,706 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 39,260 38,091 38,607 Net income (loss) per share basic and diluted $ (0.17) $ (0.22) $ 0.01 |
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, restricted stock, and restricted stock units which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive. 2015 2014 2013 Options 2,506 1,988 1,109 Warrants 345 492 Restricted stock and restricted stock units 190 227 Total 3,041 2,707 1,109 |
Geographic and Product Data (Ta
Geographic and Product Data (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The composition of the Company’s sales to unaffiliated customers is set forth below (in thousands): Net sales to unaffiliated customers 2015 2014 2013 United States $ 10,904 $ 11,117 $ 12,851 Japan 16,982 19,107 17,666 China 12,571 9,370 8,618 Korea 8,061 6,563 7,743 Spain 5,617 5,562 4,867 Others* 22,988 23,268 20,470 Total $ 77,123 $ 74,987 $ 72,215 *No other location individually exceeds 5 |
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 2015 2014 2013 ICLs $ 51,543 $ 44,047 $ 44,128 IOLs 19,857 24,336 24,153 Other surgical products 5,723 6,604 3,934 Total $ 77,123 $ 74,987 $ 72,215 |
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 2015 2014 U.S. $ 9,048 $ 9,127 Switzerland 672 596 Japan 375 343 Total $ 10,095 $ 10,066 |
Quarterly Financial Data (Una42
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 01, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | January 1, 2016 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Net sales $ 18,858 $ 18,657 $ 18,750 $ 20,858 Gross profit 12,899 12,361 12,799 14,664 Net loss (2,340) (1,599) (1,752) (842) Net loss per share basic and diluted (0.06) (0.04) (0.04) (0.02) 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 and diluted (0.04) (0.05) (0.07) (0.07) |
Organization and Description 43
Organization and Description of Business and Accounting Policies (Details) | 12 Months Ended |
Jan. 01, 2016 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Lease hold Improvements Description | The estimated useful life of leasehold improvements is 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 44
Organization and Description of Business and Accounting Policies (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | $ (1,070) | $ 282 | $ 1,580 |
Other comprehensive income (loss) | (562) | (1,863) | (707) |
Tax effect | 52 | 511 | (591) |
Balance | (1,580) | (1,070) | 282 |
Accumulated Translation Adjustment [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | (176) | 779 | 2,106 |
Other comprehensive income (loss) | 52 | (1,527) | (861) |
Tax effect | (21) | 572 | (466) |
Balance | (145) | (176) | 779 |
Accumulated Defined Benefit Plans Adjustment [Member] | JAPAN | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | 121 | 107 | 296 |
Other comprehensive income (loss) | (38) | 23 | (126) |
Tax effect | 12 | (9) | (63) |
Balance | 95 | 121 | 107 |
Accumulated Defined Benefit Plans Adjustment [Member] | SWITZERLAND | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | (1,015) | (604) | (822) |
Other comprehensive income (loss) | (576) | (359) | 280 |
Tax effect | 61 | (52) | (62) |
Balance | $ (1,530) | $ (1,015) | $ (604) |
Organization and Description 45
Organization and Description of Business and Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | $ 31,000 | $ (955,000) | $ (1,327,000) |
Foreign Currency Transaction Gain (Loss), before Tax | (949,000) | (896,000) | 39,000 |
Goodwill | 1,786,000 | 1,786,000 | |
Advertising Expense | $ 2,500,000 | 2,800,000 | 2,100,000 |
Prior Period Reclassification Adjustment | 127,000 | $ 203,000 | |
Other Noncurrent Liabilities [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Prior Period Reclassification Adjustment | $ 75,000 | ||
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] | One Customer [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 10.00% | 11.00% |
Sales [Member] | Two Customer [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 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, Ne46
Accounts Receivable Trade, Net (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 17,552 | $ 12,643 |
Less allowance for doubtful accounts and sales returns | 1,877 | 1,589 |
Accounts Receivable, Net | 15,675 | 11,054 |
Domestic [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | 1,728 | 1,818 |
Foreign [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 15,824 | $ 10,825 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Public Utilities, Inventory [Line Items] | ||
Raw materials and purchased parts | $ 2,317 | $ 2,146 |
Work in process | 1,995 | 1,781 |
Finished goods | 15,058 | 14,504 |
Inventory, Gross | 19,370 | 18,431 |
Less inventory reserves | 3,449 | 2,714 |
Inventory, Net | $ 15,921 | $ 15,717 |
Prepayments, Deposits, and Ot48
Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Prepayments, Deposits, and Other Current Assets [Line Items] | ||
Prepayments and deposits | $ 1,386 | $ 1,991 |
Income tax receivable | 597 | 1,084 |
Value added tax (VAT) receivable | 724 | 721 |
Deferred charge for foreign profits | 182 | 338 |
Other current assets | 747 | 383 |
Prepayments, Deposits, and Other Current Assets | $ 3,636 | $ 4,517 |
Property, Plant and Equipment49
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 17,094 | $ 15,674 |
Furniture and fixtures | 6,980 | 6,535 |
Leasehold improvements | 8,611 | 8,400 |
Property, Plant and Equipment, Gross | 32,685 | 30,609 |
Less accumulated depreciation | 22,590 | 20,543 |
Property, Plant and Equipment, Net | $ 10,095 | $ 10,066 |
Property, Plant and Equipment50
Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Total | $ 2,196 | $ 2,078 | $ 1,711 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | $ 11,341 | $ 11,334 |
Long-lived intangible assets, Accumulated Amortization | (10,675) | (10,464) |
Long-lived intangible assets, Net | 666 | 870 |
Patents and Licenses [Member] | ||
Intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 9,207 | 9,205 |
Long-lived intangible assets, Accumulated Amortization | (8,891) | (8,859) |
Long-lived intangible assets, Net | 316 | 346 |
Customer relationships [Member] | ||
Intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 1,305 | 1,302 |
Long-lived intangible assets, Accumulated Amortization | (1,044) | (911) |
Long-lived intangible assets, Net | 261 | 391 |
Developed technology [Member] | ||
Intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 829 | 827 |
Long-lived intangible assets, Accumulated Amortization | (740) | (694) |
Long-lived intangible assets, Net | $ 89 | $ 133 |
Intangible Assets, Net (Detai52
Intangible Assets, Net (Details 1) $ in Thousands | Jan. 01, 2016USD ($) |
2,016 | $ 205 |
2,017 | 205 |
2,018 | 205 |
2,019 | 51 |
Total | $ 666 |
Intangible Assets, Net (Detai53
Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Amortization Of Intangible Assets | $ 205 | $ 382 | $ 440 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 | |
Other Liabilities, Current [Line Items] | |||
Accrued salaries and wages | $ 1,909 | $ 1,647 | |
Accrued income taxes | 217 | 867 | |
Accrued insurance | 540 | 550 | |
Accrued commissions | 84 | 309 | |
Accrued audit expense | 314 | 352 | |
Customer credit balances | 203 | 186 | |
Accrued severance | 133 | 180 | |
Accrued bonuses | 2,114 | 75 | |
Other | [1] | 791 | 735 |
Other Liabilities, Current | $ 6,305 | $ 4,901 | |
[1] | No item in "Other" above exceeds 5% of total other current liabilities. |
Other Current Liabilities (De55
Other Current Liabilities (Details Textual) | 12 Months Ended | |
Jan. 01, 2016 | ||
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 Textual)
Liabilities (Details Textual) | 12 Months Ended | ||||||
Jan. 01, 2016USD ($) | Jan. 01, 2016JPY (¥) | Jan. 01, 2016CHF (SFr) | May. 01, 2015EUR (€) | Jan. 02, 2015USD ($) | Jan. 02, 2015JPY (¥) | Dec. 28, 2012JPY (¥) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 217,000 | € 200,000 | ¥ 500,000,000 | ||||
Line of Credit Facility, Interest Rate Description | approximately 1.475% as of January 1, 2016) and may be renewed annually (the current line expires on September 30, 2016). | ||||||
Line Of Credit, Current | $ 4,159,000 | ¥ 500,000,000 | $ 4,150,000 | ¥ 500,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | SFr 1,000,000 | |||||
Interest Rate Increase In Case Of Default | 14.00% | ||||||
Percentage Of Commission On Outstanding Notes Payable | 0.25% | ||||||
Working Capital Requirements | $ 783,000 | SFr 783,000 | |||||
Foreign Exchange [Member] | |||||||
Line Of Credit, Current | $ 4,200,000 | $ 4,200,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2015 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Current tax provision: | ||||
U.S. federal (benefit) | $ 0 | $ 3 | $ (121) | |
State | 12 | 15 | 12 | |
Foreign | 443 | 570 | 721 | |
Total current provision | 455 | 588 | 612 | |
Deferred tax provision (benefit): | ||||
U.S. federal and state | 0 | 0 | 0 | |
Foreign provision (benefit) | 473 | (841) | 104 | |
Total deferred provision (benefit) | 473 | (841) | 104 | |
Provision (benefit) for income taxes | $ 300 | $ 928 | $ (253) | $ 716 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2015 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Increase (decrease) in taxes resulting from: | ||||
Computed provision (benefit) for taxes based on income at statutory rate percentage | 34.00% | 34.00% | 34.00% | |
Permanent differences percentage | (0.60%) | (0.20%) | 3.20% | |
Federal minimum taxes percentage | 0.00% | (0.10%) | 0.00% | |
State minimum taxes, net of federal income tax benefit percentage | (0.10%) | (0.10%) | 0.70% | |
Stock options percentage | 0.00% | 0.00% | ||
State tax benefit percentage | (6.60%) | 4.60% | 6.40% | |
Tax rate difference due to foreign statutory rate percentage | 1.60% | 3.30% | 43.70% | |
Expiration of state net operating tax carryforwards percentage | (47.30%) | 0.00% | 0.00% | |
Foreign earnings not permanently reinvested percentage | (9.80%) | 0.10% | (7.70%) | |
Foreign dividend withholding percentage | (3.80%) | (1.50%) | 12.50% | |
Expiration of charitable contribution carryover percentage | (0.30%) | (0.20%) | 0.20% | |
Reserve percentage | 0.00% | 0.00% | (10.90%) | |
Other percentage | 2.50% | 1.00% | 6.40% | |
Valuation allowance percentage | 13.80% | (38.00%) | (24.20%) | |
Effective tax provision (benefit) rate percentage | (16.60%) | 2.90% | 64.30% | |
Increase (decrease) in taxes resulting from: | ||||
Computed provision (benefit) for taxes based on income at statutory rate | $ (1,905) | $ (2,939) | $ 379 | |
Permanent differences | 33 | 20 | 35 | |
Federal minimum taxes | 0 | 3 | 0 | |
State minimum taxes, net of federal income tax benefit | 8 | 10 | 8 | |
Stock options | 0 | 0 | ||
State tax benefit | 370 | (394) | 71 | |
Tax rate difference due to foreign statutory rate | (90) | (288) | 487 | |
Expiration of state net operating tax carryforwards | 2,650 | 0 | 0 | |
Foreign earnings not permanently reinvested | 547 | (11) | (86) | |
Foreign dividend withholding | 211 | 132 | 140 | |
Expiration of charitable contribution carryover | 15 | 18 | 2 | |
Reserve | 0 | 0 | (121) | |
Other | (140) | (85) | 71 | |
Valuation allowance | (771) | 3,281 | (270) | |
Effective tax provision (benefit) rate | $ 300 | $ 928 | $ (253) | $ 716 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Current deferred tax assets (liabilities): | ||
Allowance for doubtful accounts and sales returns | $ 90 | $ 127 |
Inventories | 422 | 511 |
Accrued vacation | 382 | 397 |
Accrued other expenses | 176 | 119 |
Other | 57 | 80 |
Valuation allowance | (1,058) | (939) |
Total current deferred tax assets (liabilities) | 69 | 295 |
Non-current deferred tax assets (liabilities): | ||
Net operating loss carryforwards | 51,005 | 53,747 |
Stock-based compensation | 1,763 | 1,684 |
Business, foreign and AMT credit carryforwards | 1,730 | 1,223 |
Capitalized R&D | 134 | 423 |
Contributions | 17 | 37 |
Pensions | 583 | 489 |
Depreciation and amortization | 695 | 870 |
Foreign tax withholding | (1,627) | (1,326) |
Foreign earnings not permanently reinvested | (3,209) | (5,022) |
Other | 13 | 31 |
Valuation allowance | (52,275) | (53,165) |
Total non-current deferred tax liabilities | $ (1,171) | $ (1,009) |
Income Taxes (Details 3)
Income Taxes (Details 3) | 12 Months Ended |
Jan. 01, 2016 | |
Switzerland [Member] | |
Income Tax Examination, Year under Examination | 2,014 |
Maximum [Member] | US Federal [Member] | |
Income Tax Examination, Year under Examination | 2,014 |
Maximum [Member] | California [Member] | |
Income Tax Examination, Year under Examination | 2,014 |
Maximum [Member] | Japan [Member] | |
Income Tax Examination, Year under Examination | 2,014 |
Minimum [Member] | US Federal [Member] | |
Income Tax Examination, Year under Examination | 2,012 |
Minimum [Member] | California [Member] | |
Income Tax Examination, Year under Examination | 2,011 |
Minimum [Member] | Japan [Member] | |
Income Tax Examination, Year under Examination | 2,012 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Domestic | $ (7,678) | $ (8,113) | $ (2,131) |
Foreign | 2,073 | (532) | 3,245 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $ (5,605) | $ (8,645) | $ 1,114 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2015 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Income Taxes [Line Items] | ||||
Income Tax Expense (Benefit) | $ 300,000 | $ 928,000 | $ (253,000) | $ 716,000 |
Operating Loss Carryforwards | 131,100,000 | |||
Deferred Tax Assets, Net of Valuation Allowance, Current, Total | 439,000 | 596,000 | 1,008,000 | |
Taxes Payable | 380,000 | 217,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 12,000 | 15,000 | 12,000 | |
Operating Loss Carryforwards, Valuation Allowance | $ 3,020,000 | 394,000 | 71,000 | |
Increase Decrease In Foreign Deferred Tax Asset | $ 630,000 | |||
Operating Loss Carryforwards, Limitations on Use | The California net operating loss carryforwards expire in varying amounts between 2016 and 2035 and, approximately $19.9 million of those net operating loss carryforwards, will expire over the next two years. | |||
Operating Loss Carry Forwards Expiration Term | expire in varying amounts between 2020 and 2035. | |||
Increase Decrease In Foreign Deferred Tax Liabilities | $ 172,000 | 1,039,000 | ||
Deferred Tax Assets, Net, Noncurrent | (1,171,000) | (1,009,000) | ||
STAAR AG [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Net, Noncurrent | 312,000 | 256,000 | ||
Defined Benefit Plan Switzerland [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Net | 584,000 | 658,000 | ||
Deferred Tax Liabilities, Net | 1,686,000 | 1,371,000 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 1,627,000 | 1,326,000 | ||
Japan [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Net | 584,000 | $ 658,000 | ||
California [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | $ 45,700,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | $ 2,700 | ||
Employer contributions | 625 | $ 518 | $ 270 |
Plan assets at fair value, end of period | 3,500 | 2,700 | |
Swiss Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation, beginning of period | 4,827 | 5,183 | |
Service cost | 316 | 297 | |
Interest cost | 74 | 114 | |
Participant contributions | 209 | 241 | |
Benefits deposited (paid) | 340 | (116) | |
Actuarial loss on obligation | 656 | 737 | |
Prior service cost | (73) | 0 | |
Curtailments | 0 | (1,629) | |
Projected benefit obligation, end of period | 6,349 | 4,827 | 5,183 |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | 2,705 | 3,517 | |
Actual return on plan assets (including foreign currency impact) | 35 | (230) | |
Employer contributions | 209 | 241 | |
Participant contributions | 209 | 241 | |
Benefits paid | 340 | (116) | |
Curtailment distributions | 0 | (948) | |
Plan assets at fair value, end of period | 3,498 | 2,705 | 3,517 |
Funded status (pension liability), end of year | (2,851) | (2,122) | |
Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: | |||
Actuarial loss on plan assets | (822) | (773) | |
Actuarial loss on benefit obligation | (1,668) | (902) | |
Actuarial gain recognized in current year | 362 | 266 | |
Effect of curtailments | 606 | 528 | |
Accumulated other comprehensive loss | (1,522) | (881) | |
Accumulated benefit obligation at end of year | (5,932) | (4,488) | |
Japan Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation, beginning of period | 957 | 1,049 | |
Service cost | 121 | 157 | |
Interest cost | 6 | 9 | |
Benefits deposited (paid) | (83) | (66) | |
Actuarial loss on obligation | 32 | (55) | |
Foreign exchange adjustment | 2 | (137) | |
Projected benefit obligation, end of period | 1,035 | 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 | $ 0 |
Funded status (pension liability), end of year | (1,035) | (957) | |
Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: | |||
Transition obligation | (20) | (26) | |
Actuarial gain recognized in current year | 122 | 146 | |
Prior service cost | 9 | 9 | |
Net loss | (10) | (8) | |
Accumulated other comprehensive loss | 101 | 121 | |
Accumulated benefit obligation at end of year | $ (893) | $ (828) |
Employee Benefit Plans (Detai64
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 316 | $ 297 | $ 320 |
Interest cost | 74 | 114 | 101 |
Expected return on plan assets | (93) | (97) | (96) |
Actuarial gain / loss recognized in current year | 64 | 24 | 55 |
Net periodic pension cost | 361 | 338 | 380 |
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 121 | 157 | 158 |
Interest cost | 6 | 9 | 8 |
Net amortization of transition obligation | 11 | 12 | 12 |
Actuarial gain / loss recognized in current year | (15) | (10) | (31) |
Prior service cost (credit) | (2) | (1) | (1) |
Net periodic pension cost | $ 121 | $ 167 | $ 146 |
Employee Benefit Plans (Detai65
Employee Benefit Plans (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
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 | $ (61) | $ (375) | $ 37 |
Current year actuarial gain (loss) on benefit obligation, net of tax | (635) | (846) | 135 |
Actuarial gain recorded in current year, net of tax | 57 | 28 | 46 |
Prior service cost | 0 | 0 | 0 |
Effect of curtailments | 0 | 782 | 0 |
Change in other comprehensive income (loss) | (517) | (411) | 218 |
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amortization of net transition obligation | 7 | 12 | 12 |
Amortization of actuarial loss | (21) | (9) | (47) |
Actuarial gain recorded in current year, net of tax | (10) | 13 | (153) |
Prior service cost | 0 | (2) | (1) |
Change in other comprehensive income (loss) | $ (24) | $ 14 | $ (189) |
Employee Benefit Plans (Detai66
Employee Benefit Plans (Details 3) | 12 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Swiss Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 1.00% | 1.40% |
Salary increases | 2.00% | 2.00% |
Expected return on plan assets | 2.50% | 3.00% |
Expected average remaining working lives in years | 10 years 4 months 24 days | 10 years 1 month 6 days |
Japan Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.50% | 0.60% |
Salary increases | 6.10% | 4.50% |
Expected return on plan assets | 0.00% | 0.00% |
Expected average remaining working lives in years | 8 years 1 month 17 days | 8 years 1 month 13 days |
Employee Benefit Plans (Detai67
Employee Benefit Plans (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Plan assets at fair value, beginning of period | $ 2,700 | |
Plan assets at fair value, end of period | 3,500 | $ 2,700 |
Swiss Plan [Member] | ||
Plan assets at fair value, beginning of period | 2,705 | 3,517 |
Actual return on plan assets | (35) | 230 |
Plan assets at fair value, end of period | 3,498 | 2,705 |
Swiss Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan assets at fair value, beginning of period | 2,705 | 3,517 |
Actual return on plan assets | 35 | (230) |
Purchases, sales and settlement | 758 | (582) |
Plan assets at fair value, end of period | $ 3,498 | $ 2,705 |
Employee Benefit Plans (Detai68
Employee Benefit Plans (Details 5) $ in Thousands | Jan. 01, 2016USD ($) |
Swiss Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 58 |
2,017 | 65 |
2,018 | 72 |
2,019 | 72 |
2,020 | 78 |
Thereafter | 498 |
Total | 843 |
Japan Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 55 |
2,017 | 135 |
2,018 | 54 |
2,019 | 55 |
2,020 | 57 |
Thereafter | 607 |
Total | $ 963 |
Employee Benefit Plans (Detai69
Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 1,035,000 | $ 957,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | ||
Assumed Pension Benefits Maturity | 10 to 20 years | ||
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 | $ 1,900 | ||
Defined Contribution Plan Employees Eligible Payroll | 18,000 | ||
Defined Benefit Plan, Contributions by Employer | 625,000 | $ 518,000 | $ 270,000 |
Defined Benefit Plan, Fair Value of Plan Assets | 3,500,000 | 2,700,000 | |
Other Long-term Debt, Total | 2,900,000 | $ 2,100,000 | |
Fifty Years Old [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan Employees Eligible Payroll | 6,000 | ||
Swiss 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 | 1.40% | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ (1,522,000) | $ (881,000) | |
Assumed Pension Benefits Maturity | 10 to 15 years | ||
Future Estimated Cash Contribution To Swiz Plan | $ 248,000 | ||
Defined Benefit Plan, Contributions by Employer | 209,000 | 241,000 | |
Defined Benefit Plan, Fair Value of Plan Assets, Period Increase (Decrease) | 1,600,000 | ||
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 | 3,498,000 | 2,705,000 | 3,517,000 |
Swiss Plan [Member] | Accumulated Other Comprehensive Income (Loss) [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 | $ 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 | $ 110,000 | ||
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 | 0.50% | 0.60% | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 101,000 | $ 121,000 | |
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 ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | $ 3,304 | $ 4,663 | $ 4,489 |
Employee stock options [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | 2,306 | 2,842 | 2,683 |
Restricted stock [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | 485 | 935 | 999 |
Restricted stock units [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | 452 | 795 | 589 |
Consultant compensation [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Share-based Compensation, Total | $ 61 | $ 91 | $ 218 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Total stock-based compensation expense | $ 3,304 | $ 4,663 | $ 4,489 |
Amounts capitalized as part of inventory | 516 | 306 | 232 |
Total stock-based compensation | 3,820 | 4,969 | 4,721 |
Cost of Sales [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Total stock-based compensation expense | 52 | 108 | 77 |
General and administrative [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Total stock-based compensation expense | 2,090 | 2,552 | 2,586 |
Marketing and selling [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Total stock-based compensation expense | 696 | 1,065 | 1,167 |
Research and development [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Total stock-based compensation expense | $ 466 | $ 938 | $ 659 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 57.00% | 55.00% | 71.00% |
Risk-free interest rate | 1.59% | 1.29% | 0.73% |
Expected term (in years) | 5 years 6 months 25 days | 4 years 1 month 13 days | 4 years 1 month 13 days |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Jan. 01, 2016 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Options,Outstanding at January 2, 2015 | 3,175 |
Options, Granted, Shares | 1,155 |
Options, Exercised, Shares | (476) |
Options, Forfeited or expired, Shares | (231) |
Options,Outstanding at January 1, 2016 | 3,623 |
Options,Exercisable at January 1, 2016 | 2,075 |
Weighted Average Exercise Price, Options Outstanding at January 2, 2015 | $ 7.79 |
Weighted Average Exercise Price, Options, Granted | 7.81 |
Weighted Average Exercise Price,Options, Exercised | 4.56 |
Weighted Average Exercise Price, Options, Forfeited and Expired | 10.57 |
Weighted Average Exercise Price, Options Outstanding at January 1, 2016 | 8.02 |
Weighted Average Exercise Price, Exercisable at January 1, 2016 | $ 7.15 |
Weighted Average Remaining Contractual Term, Options, Outstanding at January 1, 2016 | 6 years 7 months 2 days |
Weighted Average Remaining Contractual Term, Options, Exercisable at January 1, 2016 | 4 years 10 months 6 days |
Aggregate Intrinsic Value, Options, Outstanding at January 1, 2016 | $ 3,562 |
Aggregate Intrinsic Value, Options, Exercisable at January 1, 2016 | $ 3,352 |
Stockholders' Equity (Details 4
Stockholders' Equity (Details 4) - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Schedule of Nonvested Options Activity [Line Items] | |||
Options, Granted during the year | 1,155 | ||
Granted, Weighted Average Grant Date Fair Value | $ 4.14 | $ 6.81 | $ 3.51 |
Nonvested Stock Options [Member] | |||
Schedule of Nonvested Options Activity [Line Items] | |||
Options, Unvested at January 2, 2015 | 1,090 | ||
Options, Granted during the year | 1,155 | ||
Options, Forfeited or expired during the year | (135) | ||
Options, Vested during the year | (562) | ||
Options, Unvested at January 1, 2016 | 1,548 | 1,090 | |
Unvested at January 2, 2015, Weighted-Average Grant-Date Fair Value | $ 5.92 | ||
Granted, Weighted Average Grant Date Fair Value | 4.14 | ||
Forfeited or expired during the year, Weighted Average Grant Date Fair Value | 4.69 | ||
Vested during the year, Weighted Average Grant Date Fair Value | 5.29 | ||
Unvested at January 1, 2016, Weighted Average Grant Date Fair Value | $ 4.34 | $ 5.92 |
Stockholders' Equity (Details 5
Stockholders' Equity (Details 5) shares in Thousands | 12 Months Ended |
Jan. 01, 2016$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding at January 2, 2015 | shares | 247 |
Granted, (In Shares) | shares | 34 |
Vested (In shares) | shares | (142) |
Forfeited or expired (In shares) | shares | (15) |
Outstanding at January 1, 2016 | shares | 124 |
Outstanding at January 2, 2015, Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 9.41 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 8.62 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 11.88 |
Forfeited, Weighted Average Grant-Date Fair Value per Share | $ / shares | 6.26 |
Outstanding at January 1, 2016 Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 6.97 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at January 2, 2015 | shares | 156 |
Granted, (In Shares) | shares | 230 |
Vested (In shares) | shares | (16) |
Forfeited or expired (In shares) | shares | (31) |
Outstanding at January 1, 2016 | shares | 339 |
Outstanding at January 2, 2015, Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 15.14 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 7.60 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 9.20 |
Forfeited, Weighted Average Grant-Date Fair Value per Share | $ / shares | 15.20 |
Outstanding at January 1, 2016 Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 10.44 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 01, 2016 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | Jun. 01, 2009 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Estimated Forfeiture Rate | 7.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.14 | $ 6.81 | $ 3.51 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2 | $ 5.5 | $ 3.9 | ||
Unrecognized Stock Based Compensation Expense | $ 6.8 | $ 6.8 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 1,155,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years | ||||
Employee Stock Option [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 4,700,000 | ||||
Broadwood [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 700,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | ||||
Restricted Stock [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 2,100,000 | ||||
2003 Omnibus Plan [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
2003 Omnibus Plan [Member] | Restricted Stock [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,072,776 | 1,072,776 |
Commitments and Contingencies77
Commitments and Contingencies (Details) $ in Thousands | Jan. 01, 2016USD ($) |
Loss Contingencies [Line Items] | |
2016, Operating Leases | $ 1,657 |
2017, Operating Leases | 1,340 |
2018, Operating Leases | 749 |
2019, Operating Leases | 698 |
2020, Operating Leases | 648 |
Thereafter, Operating Leases | 434 |
Total minimum lease payments, Operating Leases | 5,526 |
Less amounts representing Interest, Operating Leases | 0 |
Operating Leases Future Minimum Payments Present Value Of Net Minimum Payments | 5,526 |
2016, Capital Leases | 384 |
2017, Capital Leases | 177 |
2018, Capital Leases | 31 |
2019, Capital Leases | 0 |
2020, Capital Leases | 0 |
Thereafter, Capital Leases | 0 |
Total minimum lease payments, Capital Leases | 592 |
Less amounts representing Interest, Capital Leases | 26 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total | $ 566 |
Commitments and Contingencies78
Commitments and Contingencies (Details 1) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $ 1,202 | $ 1,496 |
Less accumulated depreciation | 329 | 511 |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 873 | 985 |
Machinery and Equipment [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | 1,195 | 1,141 |
Furniture and Fixtures [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | 7 | 334 |
Leasehold Improvements [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $ 0 | $ 21 |
Commitments and Contingencies79
Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | Mar. 01, 2015 | |
Loss Contingencies [Line Items] | ||||
Depreciation For Assets Held Under Capital Lease | $ 176,000 | $ 330,000 | $ 566,000 | |
Payments for Rent | 1,200,000 | $ 1,400,000 | $ 1,500,000 | |
Chief Executive Officer [Member] | ||||
Loss Contingencies [Line Items] | ||||
Due to Officers or Stockholders, Current | $ 60,000 | $ 300,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Jan. 01, 2016 | Jan. 02, 2015 |
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | $ 20,000 | $ 9,000 |
Supplemental Disclosure of Ca81
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Non-cash investing and financing activities: | |||
Assets obtained by capital lease | $ 91 | $ 802 | $ 0 |
Purchase of property and equipment included in accounts payable | $ 51 | $ 682 | $ 818 |
Supplemental Disclosure of Ca82
Supplemental Disclosure of Cash Flow Information (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||
Interest Paid | $ 121,000 | $ 139,000 | $ 153,000 |
Income Taxes Paid, Net | $ 589,000 | $ 1,089,000 | $ 1,534,000 |
Basic and Diluted Net Income 83
Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Numerator: | |||||||||||
Net income (loss) | $ (842) | $ (1,752) | $ (1,599) | $ (2,340) | $ (2,538) | $ (2,706) | $ (1,789) | $ (1,359) | $ (6,533) | $ (8,392) | $ 398 |
Weighted average common shares and denominator for basic calculation: | |||||||||||
Weighted average common shares outstanding | 39,384 | 38,342 | 37,017 | ||||||||
Less: Unvested restricted stock | (124) | (251) | (311) | ||||||||
Denominator for basic and diluted calculation | 39,260 | 38,091 | 36,706 | ||||||||
Denominator for diluted calculation | 39,260 | 38,091 | 38,607 | ||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Warrants | 0 | 0 | 414 | ||||||||
Net income (loss) per share - basic and diluted (in dollars per share) | $ (0.02) | $ (0.04) | $ (0.04) | $ (0.06) | $ (0.07) | $ (0.07) | $ (0.05) | $ (0.04) | $ (0.17) | $ (0.22) | $ 0.01 |
Employee Stock Option [Member] | |||||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 0 | 1,235 | ||||||||
Restricted Stock [Member] | |||||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 0 | 177 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 0 | 75 |
Basic and Diluted Net Income 84
Basic and Diluted Net Income (Loss) Per Share (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,041 | 2,707 | 1,109 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,506 | 1,988 | 1,109 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 345 | 492 | 0 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 190 | 227 | 0 |
Geographic and Product Data (De
Geographic and Product Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | ||
Geographic And Sales [Line Items] | ||||
Net sales | $ 77,123 | $ 74,987 | $ 72,215 | |
Japan [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 16,982 | 19,107 | 17,666 | |
China [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 12,571 | 9,370 | 8,618 | |
United States [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 10,904 | 11,117 | 12,851 | |
Korea [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 8,061 | 6,563 | 7,743 | |
Spain [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 5,617 | 5,562 | 4,867 | |
Other [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | [1] | $ 22,988 | $ 23,268 | $ 20,470 |
[1] | No other location individually exceeds 5% of total sales. |
Geographic and Product Data (86
Geographic and Product Data (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Product Information [Line Items] | |||
Net sales | $ 77,123 | $ 74,987 | $ 72,215 |
ICLs [Member] | |||
Product Information [Line Items] | |||
Net sales | 51,543 | 44,047 | 44,128 |
IOLs [Member] | |||
Product Information [Line Items] | |||
Net sales | 19,857 | 24,336 | 24,153 |
Other surgical products [Member] | |||
Product Information [Line Items] | |||
Net sales | $ 5,723 | $ 6,604 | $ 3,934 |
Geographic and Product Data (87
Geographic and Product Data (Details 2) - USD ($) $ in Thousands | Jan. 01, 2016 | Jan. 02, 2015 |
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | $ 10,095 | $ 10,066 |
United States [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | 9,048 | 9,127 |
Switzerland [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | 672 | 596 |
Japan [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net, Total | $ 375 | $ 343 |
Geographic and Product Data (88
Geographic and Product Data (Details Textual) | 12 Months Ended |
Jan. 01, 2016 | |
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 manufacturing in the United States. Other than the United States, Japan, Korea, China, and Spain, 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% |
Number of Countries in which Entity Operates | 60 |
Sales Exceed Percentage | 5.00% |
Quarterly Financial Data (Una89
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 01, 2016 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Net sales | $ 20,858 | $ 18,750 | $ 18,657 | $ 18,858 | $ 16,573 | $ 18,188 | $ 20,048 | $ 20,178 | |||
Gross profit | 14,664 | 12,799 | 12,361 | 12,899 | 9,403 | 11,869 | 13,667 | 13,884 | $ 52,723 | $ 48,823 | $ 50,309 |
Net loss | $ (842) | $ (1,752) | $ (1,599) | $ (2,340) | $ (2,538) | $ (2,706) | $ (1,789) | $ (1,359) | $ (6,533) | $ (8,392) | $ 398 |
Net loss per share - basic and diluted | $ (0.02) | $ (0.04) | $ (0.04) | $ (0.06) | $ (0.07) | $ (0.07) | $ (0.05) | $ (0.04) | $ (0.17) | $ (0.22) | $ 0.01 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) - USD ($) $ in Thousands | Feb. 11, 2016 | Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 |
Subsequent Event [Line Items] | ||||
Share-based Compensation, Total | $ 3,304 | $ 4,663 | $ 4,489 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Number | 2,075,000 | |||
Subsequent Event [Member] | Omnibus Equity Incentive Plan [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of Increase in Existing Principal Investor Beneficial Ownership | 26.00% | |||
Share-based Compensation, Total | $ 6,900 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Number | 3,654,000 |
SCHEDULE II - VALUATION AND Q91
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2016 | Jan. 02, 2015 | Jan. 03, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 55,693 | $ 52,272 | $ 52,409 |
Additions | 2,594 | 3,714 | 1,007 |
Deductions | 3,077 | 293 | 1,144 |
Balance at End of Year | 55,210 | 55,693 | 52,272 |
Allowance For Doubtful Accounts And Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,589 | 1,449 | 1,316 |
Additions | 345 | 384 | 263 |
Deductions | 57 | 244 | 130 |
Balance at End of Year | 1,877 | 1,589 | 1,449 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 54,104 | 50,823 | 51,093 |
Additions | 2,249 | 3,330 | 744 |
Deductions | 3,020 | 49 | 1,014 |
Balance at End of Year | $ 53,333 | $ 54,104 | $ 50,823 |