Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 27, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'ELECTRO SCIENTIFIC INDUSTRIES INC | ' |
Entity Central Index Key | '0000726514 | ' |
Current Fiscal Year End Date | '--03-28 | ' |
Entity Well-know Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,217,403 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $79,255 | $68,461 |
Short-term investments | 18,548 | 38,444 |
Trade receivables, net of allowances of $452 and $390 | 39,390 | 37,813 |
Inventories | 55,749 | 58,902 |
Shipped systems pending acceptance | 5,180 | 2,054 |
Deferred income taxes, net | 145 | 161 |
Other current assets | 4,019 | 4,674 |
Total current assets | 202,286 | 210,509 |
Non-current assets: | ' | ' |
Non-current investments | 0 | 3,985 |
Property, plant and equipment, net | 26,867 | 27,930 |
Non-current deferred income taxes, net | 677 | 704 |
Goodwill | 7,889 | 7,889 |
Acquired intangible assets, net | 5,988 | 6,845 |
Other assets | 12,309 | 12,347 |
Total assets | 256,016 | 270,209 |
Current liabilities: | ' | ' |
Accounts payable | 12,659 | 14,465 |
Accrued liabilities | 21,059 | 20,524 |
Deferred Tax Liabilities, Net, Current | 170 | 170 |
Deferred revenue | 16,440 | 10,515 |
Total current liabilities | 50,328 | 45,674 |
Non-current liabilities: | ' | ' |
Non-current income taxes payable | 1,177 | 1,654 |
Commitments and Contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, without par value; 1,000 shares authorized; no shares issued | 0 | 0 |
Common stock, without par value; 100,000 shares authorized; 29,583 and 28,970 issued and outstanding | 183,833 | 183,193 |
Retained earnings | 20,008 | 39,336 |
Accumulated other comprehensive income | 670 | 352 |
Total shareholders' equity | 204,511 | 222,881 |
Total liabilities and shareholders' equity | $256,016 | $270,209 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade receivables, allowances | $416 | $404 |
Preferred stock, without par value | $0 | $0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, without par value | $0 | $0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 30,610,000 | 30,155,000 |
Common stock, outstanding | 30,610,000 | 30,155,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net sales | $42,856 | $59,647 | $77,886 | $105,819 |
Cost of sales | 27,075 | 35,015 | 48,870 | 61,801 |
Gross profit | 15,781 | 24,632 | 29,016 | 44,018 |
Operating expenses: | ' | ' | ' | ' |
Selling, service and administration | 12,915 | 14,251 | 26,015 | 28,798 |
Research, development and engineering | 8,424 | 9,719 | 17,569 | 18,144 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 0 | -35 | 0 | -499 |
Net operating expenses | 21,339 | 23,935 | 43,584 | 46,443 |
Operating (loss) income | -5,558 | 697 | -14,568 | -2,425 |
Other-than-temporary impairment of cost based investments | 0 | -3,588 | 0 | -3,588 |
Non-operating (expense) income: | ' | ' | ' | ' |
Interest and other (expense) income, net | -244 | 80 | -198 | 20 |
Other Nonoperating Income (Expense) | -244 | -3,508 | -198 | -3,568 |
Income (loss) before income taxes | -5,802 | -2,811 | -14,766 | -5,993 |
Provision for (benefit from) income taxes | 441 | -33 | -272 | 68 |
Net (loss) income | ($6,243) | ($2,778) | ($14,494) | ($6,061) |
Net (loss) income per share - basic | ($0.20) | ($0.09) | ($0.48) | ($0.20) |
Net (loss) income per share - diluted | ($0.20) | ($0.09) | ($0.48) | ($0.20) |
Weighted average number of shares - basic | 30,552 | 29,967 | 30,452 | 29,856 |
Weighted average number of shares - diluted | 30,552 | 29,967 | 30,452 | 29,856 |
Cash dividends paid per common share | $0.08 | $0.08 | $0.16 | $0.16 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net (loss) income | ($6,243) | ($2,778) | ($14,494) | ($6,061) |
Cumulative translation adjustment, net of taxes of $0, $12, and ($449) | -216 | 291 | 318 | 192 |
Accumulated other comprehensive loss related to benefit plan obligations, net of taxes of $8, ($15), and $4 | 4 | 3 | 7 | 6 |
Net unrealized (loss) gain on available-for-sale securities, net of taxes of $0, ($3), and ($15) | -6 | 27 | -7 | 8 |
Comprehensive (loss) income | ($6,461) | ($2,457) | ($14,176) | ($5,855) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Foreign currency translation adjustment, taxes | $179 | $108 | $179 | $108 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 2 | 2 | 4 | 3 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($5) | $5 | ($5) | $5 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net (loss) income | ($14,494) | ($6,061) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Depreciation, Depletion and Amortization | 3,909 | 3,521 |
Amortization of acquired intangible assets | 857 | 1,546 |
Share-based compensation expense | 2,363 | 3,868 |
Loss on sale of property and equipment, net | 56 | -37 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 0 | -499 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 3,588 |
Decrease (increase) in deferred income taxes | -170 | -126 |
Changes in operating accounts, net of acquisitions: | ' | ' |
Decrease (increase) in trade receivables, net | -2,085 | 1,101 |
Decrease (increase) in inventories | 2,851 | -170 |
Decrease (increase) in shipped systems pending acceptance | -3,126 | 458 |
Decrease in other current assets | 679 | -801 |
Increase (decrease) in accounts payable and accrued liabilities | 245 | -7,051 |
(Decrease) increase in deferred revenue | 5,925 | -2,520 |
Net cash provided by operating activities | -3,102 | -3,109 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of investments | -279,918 | -193,421 |
Proceeds from sales and maturities of investments | 303,793 | 201,615 |
Purchase of property, plant and equipment | -2,365 | -2,279 |
Proceeds from Sale of Property, Plant, and Equipment | 154 | ' |
Cash paid to acquire subsidiaries | 0 | -9,731 |
Payments to Acquire Other Investments | 0 | -5,000 |
Decrease (increase) in other assets | -857 | -67 |
Net cash provided by (used in) investing activities | 20,807 | -8,883 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Cash dividends paid to shareholders | -4,834 | -4,765 |
Stock plan activity, net | -262 | -430 |
Payments for Repurchase of Common Stock | -1,456 | ' |
Net cash (used in) provided by financing activities | -6,552 | -5,195 |
Effect of exchange rate changes on cash | -359 | 249 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 10,794 | -16,938 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 68,461 | 88,913 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 79,255 | 71,975 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Cash paid for interest | -2 | 0 |
Cash paid for income taxes | -489 | -2,540 |
Income tax refunds received | $557 | $19 |
The_Company
The Company | 6 Months Ended |
Sep. 27, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company | ' |
Basis of Presentation | |
These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in these interim statements. Accordingly, these condensed consolidated financial statements are to be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for its fiscal year ended March 29, 2014. These interim statements include all adjustments (consisting of only normal recurring adjustments and accruals) necessary for a fair presentation of results for the interim periods presented. The results for interim periods are not necessarily indicative of the results of operations for the entire year. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. | |
Management believes that the estimates used are reasonable. Significant estimates made by management include: revenue recognition; inventory valuation; product warranty reserves; allowance for doubtful accounts; accrued restructuring costs; share-based compensation; income taxes including the valuation of deferred tax assets; fair value measurements; valuation of cost method equity investments; valuation of long-lived assets; valuation of goodwill; and valuation of acquired technology. | |
There have been no significant changes to the Company's significant accounting policies from those presented in Note 2 “Summary of Significant Accounting Policies” to the consolidated financial statements included in the Company's Annual Report on Form 10-K for its fiscal year ended March 29, 2014. All references to years or quarters relate to fiscal years or fiscal quarters unless otherwise noted. |
Shareholders_Equity_Table
Shareholders' Equity Table | 6 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Stockholders' Equity Note [Abstract] | ' | ||||||
Dividend Declared and Paid | ' | ||||||
In December 2011, the Board of Directors adopted a dividend policy under which the Company intends to pay quarterly cash dividends. The following table summarizes the quarterly dividend declared and paid by the Company since the second quarter of 2014: | |||||||
Date Declared | Record Date | Payment Date | Amount per Share | ||||
August 21, 2014 | September 2, 2014 | September 12, 2014 | $0.08 | ||||
May 15, 2014 | May 27, 2014 | June 10, 2014 | $0.08 | ||||
February 13, 2014 | February 27, 2014 | March 13, 2014 | $0.08 | ||||
November 7, 2013 | November 19, 2013 | December 4, 2013 | $0.08 | ||||
August 8, 2013 | August 19, 2013 | September 3, 2013 | $0.08 |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Sep. 27, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements issued by the financial accounting standards board (FASB) and the SEC did not have a material impact on the Company's financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Financial Assets Measured at Fair Value | ||||||||||||||||
ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include the following: | ||||||||||||||||
• | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||
• | Level 2, defined as inputs that are observable either directly or indirectly such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that can be corroborated by observable market data; and | |||||||||||||||
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||
The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of September 27, 2014 and March 29, 2014 was as follows (in thousands): | ||||||||||||||||
September 27, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money market securities | $ | 3,235 | $ | — | $ | — | $ | 3,235 | ||||||||
Commercial paper | — | 20,397 | — | 20,397 | ||||||||||||
Corporate bonds | — | 5,164 | — | 5,164 | ||||||||||||
Municipal bonds | — | 3,966 | — | 3,966 | ||||||||||||
Government agencies | — | 2,002 | — | 2,002 | ||||||||||||
Forward purchase or (sale) contracts: | ||||||||||||||||
Japanese Yen | — | 113 | — | 113 | ||||||||||||
New Taiwan Dollar | — | 21 | — | 21 | ||||||||||||
Korean Won | — | (137 | ) | — | (137 | ) | ||||||||||
Euro | — | 411 | — | 411 | ||||||||||||
British Pound | — | (90 | ) | — | (90 | ) | ||||||||||
Chinese Renminbi | — | (2 | ) | — | (2 | ) | ||||||||||
Singapore Dollar | — | (17 | ) | — | (17 | ) | ||||||||||
March 29, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money market securities | $ | 9,456 | $ | — | $ | — | $ | 9,456 | ||||||||
Corporate bonds | — | 17,328 | — | 17,328 | ||||||||||||
Municipal bonds | — | 12,725 | — | 12,725 | ||||||||||||
Government agencies | — | 8,037 | — | 8,037 | ||||||||||||
Commercial paper | — | 6,700 | — | 6,700 | ||||||||||||
Forward purchase or (sale) contracts: | ||||||||||||||||
Japanese Yen | — | 25 | — | 25 | ||||||||||||
New Taiwan Dollar | — | (6 | ) | — | (6 | ) | ||||||||||
Korean Won | — | (44 | ) | — | (44 | ) | ||||||||||
Euro | — | 39 | — | 39 | ||||||||||||
British Pound | — | (19 | ) | — | (19 | ) | ||||||||||
Chinese Renminbi | — | (2 | ) | — | (2 | ) | ||||||||||
Singapore Dollar | — | 1 | — | 1 | ||||||||||||
For Level 1 assets, the Company utilized quoted prices in active markets for identical assets. | ||||||||||||||||
For Level 2 assets, exclusive of forward contracts, the Company utilized quoted prices in active markets for similar assets. For forward contracts, spot prices at September 27, 2014 and March 29, 2014 were utilized to calculate fair values. | ||||||||||||||||
During the first two quarters of 2015, there were no transfers between Level 1, 2 or 3 assets. | ||||||||||||||||
Investments | ||||||||||||||||
Certain information regarding the Company’s investments at September 27, 2014 and March 29, 2014 was as follows (in thousands): | ||||||||||||||||
Unrealized | ||||||||||||||||
September 27, 2014 | Cost | Gain | Loss | Fair Value | ||||||||||||
Available-for-sale securities (current): | ||||||||||||||||
Commercial paper | $ | 20,397 | $ | — | $ | — | $ | 20,397 | ||||||||
Corporate Bonds | 5,164 | — | — | 5,164 | ||||||||||||
Municipal Bonds | 3,958 | 8 | — | 3,966 | ||||||||||||
Government agencies | 2,000 | 2 | — | 2,002 | ||||||||||||
$ | 31,519 | $ | 10 | $ | — | $ | 31,529 | |||||||||
Available-for-sale securities (non-current): | ||||||||||||||||
Municipal Bonds | $ | — | $ | — | $ | — | $ | — | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Unrealized | ||||||||||||||||
March 29, 2014 | Cost | Gain | Loss | Fair Value | ||||||||||||
Available-for-sale securities (current): | ||||||||||||||||
Corporate Bonds | $ | 17,321 | $ | 7 | $ | — | $ | 17,328 | ||||||||
Municipal Bonds | 8,737 | 4 | — | 8,741 | ||||||||||||
Government agencies | 8,035 | 2 | — | 8,037 | ||||||||||||
Commercial paper | 6,700 | — | — | 6,700 | ||||||||||||
$ | 40,793 | $ | 13 | $ | — | $ | 40,806 | |||||||||
Available-for-sale securities (non-current): | ||||||||||||||||
Municipal Bonds | $ | 3,976 | $ | 9 | $ | — | $ | 3,985 | ||||||||
$ | 3,976 | $ | 9 | $ | — | $ | 3,985 | |||||||||
For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive income (loss), the cost of securities sold is based on specific identification. Net unrealized holding gains and losses on current available-for-sale securities included in accumulated other comprehensive income (loss) were insignificant as of September 27, 2014 and March 29, 2014. | ||||||||||||||||
At September 27, 2014, $31.5 million in investments had maturities within one year. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation | ||||||||||||||||
The Company recognizes expense related to the fair value of its share-based compensation awards using the Black-Scholes model to estimate the fair value of awards on the date of grant, except for unvested restricted stock unit awards (RSUs) which are valued at the fair value of the Company's stock on the date of award. The Company recognizes compensation expense for all share-based compensation awards on a straight-line basis over the requisite service period of the award. | ||||||||||||||||
Stock-settled stock appreciation rights (SARs) grant the right to receive shares of the Company's stock equivalent to the increase in stock value of a specified number of shares over a specified period of time, divided by the stock price at the time of exercise. The Company uses the Black-Scholes model to estimate the fair value of SARs. Similar to options, SARs are recorded at the fair value of the award at grant date and the expense is recognized on a straight-line basis over the requisite service period of the award. | ||||||||||||||||
The Company granted a total of 513,700 RSUs and 260,000 SARs during the first two quarters of 2015, but did not grant any stock options. The Company granted 616,000 RSUs and did not grant any SARs or stock options during the first two quarters of 2014. | ||||||||||||||||
Share-based compensation expense was included in the Company’s Condensed Consolidated Statements of Operations as follows: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Cost of sales | $ | 151 | $ | 189 | $ | 320 | $ | 374 | ||||||||
Selling, service and administration | 602 | 666 | 1,467 | 2,760 | ||||||||||||
Research, development and engineering | 280 | 379 | 576 | 734 | ||||||||||||
Total share-based compensation expense | $ | 1,033 | $ | 1,234 | $ | 2,363 | $ | 3,868 | ||||||||
No share-based compensation costs were capitalized in the first two quarters of 2015. As of September 27, 2014, the Company had $6.9 million of total unrecognized share-based compensation costs, net of estimated forfeitures, which are expected to be recognized over a weighted average period of 2.2 years. |
Business_Acquisitions
Business Acquisitions | 6 Months Ended |
Sep. 28, 2013 | |
Business Combinations [Abstract] | ' |
Business Acquisitions | ' |
5. Business Acquisitions | |
Fiscal 2014 | |
On May 3, 2013, the Company purchased the assets related to the Semiconductor Systems business of GSI Group Inc. for a total purchase price of $9.7 million. The acquisition provides the Company with direct access to industry-leading wafer marking, wafer trimming and circuit trimming laser systems. The purchase price was allocated to the underlying assets acquired and liabilities assumed based on their fair values and resulted in a net gain on bargain purchase of $0.5 million. The fair value of the acquired net assets of $10.5 million was in excess of the total purchase consideration of $9.7 million, primarily due to the recognition of certain intangible assets. The resulting gain of $0.8 million was partially offset by $0.3 million of deferred tax liabilities. Analysis supporting the purchase price allocation included a valuation of assets and liabilities as of the closing date, an analysis of intangible assets and a detailed review of the opening balance sheet to determine other significant adjustments required to recognize assets and liabilities at fair value. The acquisition was an asset purchase for tax purposes. | |
As a result of the acquisition, the Company recorded approximately $8.2 million of inventory, $3.9 million of accounts receivable and other current assets, $0.7 million of identifiable intangible assets, $2.3 million of current liabilities, and a gain on bargain purchase of $0.8 million. The $0.7 million of identifiable intangible assets includes approximately $0.5 million of backlog and $0.2 million of developed technology. The acquired intangibles are amortized over their estimated useful lives, which range from one to three years. | |
In 2014, the Company also incurred approximately $1.5 million in acquisition related costs which are included in Selling, service and administration expenses in the Condensed Consolidated Statements of Operations. | |
The operating results of this purchase are included in the Company’s results of operations since the date of acquisition. Pro forma financial information has not been provided for the purchase as it was not material to the Company’s overall financial position. |
Inventories
Inventories | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are principally valued at standard costs, which approximate the lower of cost (first-in, first-out) or market. Components of inventories were as follows: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Raw materials and purchased parts | $ | 42,022 | $ | 38,747 | ||||
Work-in-process | 10,295 | 12,914 | ||||||
Finished goods | 3,432 | 7,241 | ||||||
$ | 55,749 | $ | 58,902 | |||||
Other_Current_Assets
Other Current Assets | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Disclosure Other Current Assets [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
Other Current Assets | ||||||||
Other current assets consisted of the following: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Prepaid expenses | $ | 2,332 | $ | 2,601 | ||||
Value added tax receivable | 860 | 779 | ||||||
Other | 827 | 1,294 | ||||||
$ | 4,019 | $ | 4,674 | |||||
Other_Assets
Other Assets | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Disclosure Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consisted of the following: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Consignment and demo equipment, net | $ | 5,713 | $ | 5,938 | ||||
Minority equity investments | 4,263 | 4,263 | ||||||
Other | 2,333 | 2,146 | ||||||
$ | 12,309 | $ | 12,347 | |||||
Minority equity investments represent the Company's investment in OmniGuide, Inc., which is accounted for as a cost method investment. At the end of each reporting period, the Company determines whether events or circumstances have occurred that are likely to have a significant adverse effect on the fair value of investments. If there are no identified events or circumstances that may have a significant adverse effect on the fair value of investments and the fair value of those investments are not practicable to calculate, the fair value is not calculated. | ||||||||
The total carrying value of the Company's investment in OmniGuide, Inc., was $9.0 million at March 30, 2013 and an additional investment of $5.0 million was made in the second quarter of 2014 for a total investment of $14.0 million life-to-date, or a 15% interest. In the second quarter of 2014, OmniGuide, Inc., engaged in a Series F Preferred Stock round of equity financing priced below previous rounds, which was considered a triggering event and the Company recorded a $3.6 million impairment charge on its Series D and Series E investment at that time. In the fourth quarter of 2014, further triggering events were identified due to poor operating results through the end of the year combined with decreasing cash levels and we performed an updated valuation of our investments at that time and, as a result, recorded an additional $6.1 million impairment charge. | ||||||||
The Company's minority equity investment may be further impaired if OmniGuide, Inc., is unable to raise sufficient funding to continue operations in the near term, if the terms of any such funding are unfavorable to our position, if business results deteriorate, or if the company is sold for an amount that results in proceeds to us less than our carrying value. The total carrying value of $4.3 million at September 27, 2014 and March 29, 2014 is included in Other assets on the Condensed Consolidated Balance Sheets. |
Accrued_Liabilities
Accrued Liabilities | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Disclosure Accrued Liabilities [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Payroll liabilities | $ | 8,301 | $ | 6,166 | ||||
Product warranty accrual | 3,152 | 4,215 | ||||||
Purchase order commitments and receipts | 2,019 | 2,569 | ||||||
Professional fees payable | 1,663 | 1,933 | ||||||
Pension benefit liabilities | 1,991 | 1,912 | ||||||
Freight accrual | 304 | 503 | ||||||
Income taxes payable | 313 | 162 | ||||||
Customer deposits | 852 | 375 | ||||||
Value added taxes payable | 413 | 332 | ||||||
Restructuring and cost management amounts payable | 442 | 1,050 | ||||||
Other | 1,609 | 1,307 | ||||||
$ | 21,059 | $ | 20,524 | |||||
Product_Warranty
Product Warranty | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Product Warranty | ' | |||||||||||||||
Product Warranty | ||||||||||||||||
The following is a reconciliation of the changes in the aggregate product warranty accrual: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Product warranty accrual, beginning | $ | 3,487 | $ | 5,193 | $ | 4,215 | $ | 5,411 | ||||||||
Warranty charges incurred, net | (1,780 | ) | (1,722 | ) | (3,720 | ) | (3,543 | ) | ||||||||
Provision for warranty charges | 1,445 | 2,092 | 2,657 | 3,695 | ||||||||||||
Product warranty accrual, ending | $ | 3,152 | $ | 5,563 | $ | 3,152 | $ | 5,563 | ||||||||
Net warranty charges incurred include labor charges and costs of replacement parts for system repairs under warranty. These costs are recorded net of any estimated cost recoveries resulting from either successful repair of damaged parts or from warranties offered by the Company’s suppliers for defective components. The provision for warranty charges reflects the estimate of future anticipated net warranty costs to be incurred for all products under warranty at quarter end and is recorded to cost of sales. |
Deferred_Revenue
Deferred Revenue | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Deferred Revenue Disclosure [Abstract] | ' | |||||||||||||||
Deferred Revenue | ' | |||||||||||||||
Deferred Revenue | ||||||||||||||||
Generally, revenue is recognized upon fulfillment of acceptance criteria at the Company's factory and title transfer, which frequently occurs at the time of delivery to a common carrier. Revenue is deferred whenever title transfer is pending and/or acceptance criteria have not yet been fulfilled. Deferred revenue occurrences include sales to Japanese customers, shipments of substantially new products and shipments with custom specifications and acceptance criteria. In sales involving multiple element arrangements, the relative selling price of any undelivered elements, including installation services, is deferred until the elements are delivered and acceptance criteria are met. Revenue related to maintenance and service contracts is deferred and recognized ratably over the duration of the contracts. | ||||||||||||||||
The following is a reconciliation of the changes in deferred revenue: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Deferred revenue, beginning | $ | 12,268 | $ | 10,766 | $ | 10,515 | $ | 10,196 | ||||||||
Revenue deferred | 15,141 | 6,657 | 26,949 | 13,598 | ||||||||||||
Revenue recognized | (10,969 | ) | (9,568 | ) | (21,024 | ) | (15,939 | ) | ||||||||
Deferred revenue, ending | $ | 16,440 | $ | 7,855 | $ | 16,440 | $ | 7,855 | ||||||||
Loss_Earnings_Per_Share
(Loss) Earnings Per Share | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
(Loss) Earnings Per Share | ' | |||||||||||||||
Loss) Per Share | ||||||||||||||||
The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands, except per share data) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Net loss | $ | (6,243 | ) | $ | (2,778 | ) | $ | (14,494 | ) | $ | (6,061 | ) | ||||
Weighted average shares used for basic earnings per share | 30,552 | 29,967 | 30,452 | 29,856 | ||||||||||||
Incremental diluted shares | — | — | — | — | ||||||||||||
Weighted average shares used for diluted earnings per share | 30,552 | 29,967 | 30,452 | 29,856 | ||||||||||||
Net loss per share: | ||||||||||||||||
Net loss — basic | $ | (0.20 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | (0.20 | ) | ||||
Net loss — diluted | $ | (0.20 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | (0.20 | ) | ||||
Awards of options, SARs and unvested RSUs representing an additional 2.8 million and 4.1 million shares of stock for the second quarter of 2015 and 2014, respectively, and for the two quarters ended September 27, 2014 and September 28, 2013, respectively, were not included in the calculation of diluted net earnings per share because their effect would have been antidilutive. |
Product_and_Geographic_Informa
Product and Geographic Information | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Product and Geographic Information | ' | |||||||||||||||
3. Product and Geographic Information | ||||||||||||||||
Net sales by product type were as follows: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Interconnect & Microfabrication Group (IMG) | $ | 26,600 | $ | 38,301 | $ | 47,548 | $ | 72,718 | ||||||||
Semiconductor Group (SG) | 9,767 | 10,935 | 20,516 | 16,548 | ||||||||||||
Components Group (CG) | 6,489 | 10,411 | 9,822 | 16,553 | ||||||||||||
$ | 42,856 | $ | 59,647 | $ | 77,886 | $ | 105,819 | |||||||||
Net sales by geographic area, based on the location of the end user, were as follows: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Asia | $ | 34,516 | $ | 49,439 | $ | 59,234 | $ | 88,274 | ||||||||
Americas | 2,482 | 7,110 | 8,656 | 10,676 | ||||||||||||
Europe | 5,858 | 3,098 | 9,996 | 6,869 | ||||||||||||
$ | 42,856 | $ | 59,647 | $ | 77,886 | $ | 105,819 | |||||||||
Restructuring_and_Cost_Managem
Restructuring and Cost Management Plans | 6 Months Ended | |||
Sep. 27, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Restructuring and Cost Management Plans | ' | |||
14. Restructuring and Cost Management Plans | ||||
In 2013, the Company initiated a restructuring plan to improve efficiency, transition from memory repair and other legacy products, and focus on laser microfabrication for consumer electronics, emerging technologies related to semiconductor 3D packaging, and proprietary laser technology. The plan is substantially complete, however restructuring and wind-down related activities will continue through 2015. See the Company's Form 10-K for the year ended March 29, 2014 for additional information related to restructuring and cost management plans. | ||||
In the first two quarters of 2015, net restructuring costs of $0.6 million were recognized. At September 27, 2014 and March 29, 2014, the amount of unpaid restructuring costs included in accrued liabilities was $0.4 million and $1.1 million, respectively. | ||||
The following table presents the amounts related to restructuring costs payable (in thousands): | ||||
Restructuring & cost management amounts payable as of March 29, 2014 | $ | 1,050 | ||
Employee severance and related benefits: | ||||
Cash payments | (608 | ) | ||
Restructuring & cost management amounts payable as of September 27, 2014 | $ | 442 | ||
Shareholders_Equity
Shareholders Equity | 6 Months Ended | ||||||
Sep. 27, 2014 | |||||||
-Shareholders' Equity [Abstract] | ' | ||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||
Shareholders’ Equity | |||||||
Share Repurchase Program | |||||||
On December 9, 2011, the Board of Directors authorized a share repurchase program totaling $20 million to acquire shares of the Company’s outstanding common stock. The repurchases are to be made at management’s discretion in the open market or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price and other factors. | |||||||
In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. Cash used to settle the repurchase as of September 27, 2014 totaled $1.5 million. The Company did not repurchase any shares during the second quarter of 2015. | |||||||
In 2014 the Company repurchased 19,832 shares for $0.2 million at an average price of $9.65 per share. The Company has repurchased a total of 227,570 shares life to date under this authorization as a part of its publicly announced plan. | |||||||
There is no fixed completion date for the repurchase program. | |||||||
Dividends | |||||||
In December 2011, the Board of Directors adopted a dividend policy under which the Company intends to pay quarterly cash dividends. The following table summarizes the quarterly dividend declared and paid by the Company since the second quarter of 2014: | |||||||
Date Declared | Record Date | Payment Date | Amount per Share | ||||
August 21, 2014 | September 2, 2014 | September 12, 2014 | $0.08 | ||||
May 15, 2014 | May 27, 2014 | June 10, 2014 | $0.08 | ||||
February 13, 2014 | February 27, 2014 | March 13, 2014 | $0.08 | ||||
November 7, 2013 | November 19, 2013 | December 4, 2013 | $0.08 | ||||
August 8, 2013 | August 19, 2013 | September 3, 2013 | $0.08 | ||||
The Company paid aggregate dividends of $4.8 million for the first two quarters of 2015 and 2014. | |||||||
The Company currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future, although the declaration, timing and amount of any future cash dividends are at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interest of the shareholders. | |||||||
Dividend Declared and Paid | ' | ||||||
In December 2011, the Board of Directors adopted a dividend policy under which the Company intends to pay quarterly cash dividends. The following table summarizes the quarterly dividend declared and paid by the Company since the second quarter of 2014: | |||||||
Date Declared | Record Date | Payment Date | Amount per Share | ||||
August 21, 2014 | September 2, 2014 | September 12, 2014 | $0.08 | ||||
May 15, 2014 | May 27, 2014 | June 10, 2014 | $0.08 | ||||
February 13, 2014 | February 27, 2014 | March 13, 2014 | $0.08 | ||||
November 7, 2013 | November 19, 2013 | December 4, 2013 | $0.08 | ||||
August 8, 2013 | August 19, 2013 | September 3, 2013 | $0.08 | ||||
Accelerated Share Repurchases [Table Text Block] | ' | ||||||
Share Repurchase Program | |||||||
On December 9, 2011, the Board of Directors authorized a share repurchase program totaling $20 million to acquire shares of the Company’s outstanding common stock. The repurchases are to be made at management’s discretion in the open market or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price and other factors. | |||||||
In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. Cash used to settle the repurchase as of September 27, 2014 totaled $1.5 million. The Company did not repurchase any shares during the second quarter of 2015. | |||||||
In 2014 the Company repurchased 19,832 shares for $0.2 million at an average price of $9.65 per share. The Company has repurchased a total of 227,570 shares life to date under this authorization as a part of its publicly announced plan. | |||||||
There is no fixed completion date for the repurchase program. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of September 27, 2014 and March 29, 2014 was as follows (in thousands): | ||||||||||||||||
September 27, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money market securities | $ | 3,235 | $ | — | $ | — | $ | 3,235 | ||||||||
Commercial paper | — | 20,397 | — | 20,397 | ||||||||||||
Corporate bonds | — | 5,164 | — | 5,164 | ||||||||||||
Municipal bonds | — | 3,966 | — | 3,966 | ||||||||||||
Government agencies | — | 2,002 | — | 2,002 | ||||||||||||
Forward purchase or (sale) contracts: | ||||||||||||||||
Japanese Yen | — | 113 | — | 113 | ||||||||||||
New Taiwan Dollar | — | 21 | — | 21 | ||||||||||||
Korean Won | — | (137 | ) | — | (137 | ) | ||||||||||
Euro | — | 411 | — | 411 | ||||||||||||
British Pound | — | (90 | ) | — | (90 | ) | ||||||||||
Chinese Renminbi | — | (2 | ) | — | (2 | ) | ||||||||||
Singapore Dollar | — | (17 | ) | — | (17 | ) | ||||||||||
March 29, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money market securities | $ | 9,456 | $ | — | $ | — | $ | 9,456 | ||||||||
Corporate bonds | — | 17,328 | — | 17,328 | ||||||||||||
Municipal bonds | — | 12,725 | — | 12,725 | ||||||||||||
Government agencies | — | 8,037 | — | 8,037 | ||||||||||||
Commercial paper | — | 6,700 | — | 6,700 | ||||||||||||
Forward purchase or (sale) contracts: | ||||||||||||||||
Japanese Yen | — | 25 | — | 25 | ||||||||||||
New Taiwan Dollar | — | (6 | ) | — | (6 | ) | ||||||||||
Korean Won | — | (44 | ) | — | (44 | ) | ||||||||||
Euro | — | 39 | — | 39 | ||||||||||||
British Pound | — | (19 | ) | — | (19 | ) | ||||||||||
Chinese Renminbi | — | (2 | ) | — | (2 | ) | ||||||||||
Singapore Dollar | — | 1 | — | 1 | ||||||||||||
Investments | ' | |||||||||||||||
Certain information regarding the Company’s investments at September 27, 2014 and March 29, 2014 was as follows (in thousands): | ||||||||||||||||
Unrealized | ||||||||||||||||
September 27, 2014 | Cost | Gain | Loss | Fair Value | ||||||||||||
Available-for-sale securities (current): | ||||||||||||||||
Commercial paper | $ | 20,397 | $ | — | $ | — | $ | 20,397 | ||||||||
Corporate Bonds | 5,164 | — | — | 5,164 | ||||||||||||
Municipal Bonds | 3,958 | 8 | — | 3,966 | ||||||||||||
Government agencies | 2,000 | 2 | — | 2,002 | ||||||||||||
$ | 31,519 | $ | 10 | $ | — | $ | 31,529 | |||||||||
Available-for-sale securities (non-current): | ||||||||||||||||
Municipal Bonds | $ | — | $ | — | $ | — | $ | — | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Unrealized | ||||||||||||||||
March 29, 2014 | Cost | Gain | Loss | Fair Value | ||||||||||||
Available-for-sale securities (current): | ||||||||||||||||
Corporate Bonds | $ | 17,321 | $ | 7 | $ | — | $ | 17,328 | ||||||||
Municipal Bonds | 8,737 | 4 | — | 8,741 | ||||||||||||
Government agencies | 8,035 | 2 | — | 8,037 | ||||||||||||
Commercial paper | 6,700 | — | — | 6,700 | ||||||||||||
$ | 40,793 | $ | 13 | $ | — | $ | 40,806 | |||||||||
Available-for-sale securities (non-current): | ||||||||||||||||
Municipal Bonds | $ | 3,976 | $ | 9 | $ | — | $ | 3,985 | ||||||||
$ | 3,976 | $ | 9 | $ | — | $ | 3,985 | |||||||||
ShareBased_Compensation_Expens
Share-Based Compensation Expense (Tables) | 6 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||
Share-based compensation expense was included in the Company’s Condensed Consolidated Statements of Operations as follows: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Cost of sales | $ | 151 | $ | 189 | $ | 320 | $ | 374 | ||||||||
Selling, service and administration | 602 | 666 | 1,467 | 2,760 | ||||||||||||
Research, development and engineering | 280 | 379 | 576 | 734 | ||||||||||||
Total share-based compensation expense | $ | 1,033 | $ | 1,234 | $ | 2,363 | $ | 3,868 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventories | ' | |||||||
omponents of inventories were as follows: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Raw materials and purchased parts | $ | 42,022 | $ | 38,747 | ||||
Work-in-process | 10,295 | 12,914 | ||||||
Finished goods | 3,432 | 7,241 | ||||||
$ | 55,749 | $ | 58,902 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) (USD $) | 6 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Mar. 29, 2014 | |||||||
Disclosure Other Current Assets [Abstract] | ' | ' | |||||||
Other Current Assets | ' | ' | |||||||
Other current assets consisted of the following: | |||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | |||||||
Prepaid expenses | $ | 2,332 | $ | 2,601 | |||||
Value added tax receivable | 860 | 779 | |||||||
Other | 827 | 1,294 | |||||||
$ | 4,019 | $ | 4,674 | ||||||
Minority equity investment | $4,263 | $4,263 |
Other_Assets_Tables
Other Assets (Tables) | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Disclosure Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other assets consisted of the following: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Consignment and demo equipment, net | $ | 5,713 | $ | 5,938 | ||||
Minority equity investments | 4,263 | 4,263 | ||||||
Other | 2,333 | 2,146 | ||||||
$ | 12,309 | $ | 12,347 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 6 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Disclosure Accrued Liabilities [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued liabilities consisted of the following: | ||||||||
(In thousands) | 27-Sep-14 | 29-Mar-14 | ||||||
Payroll liabilities | $ | 8,301 | $ | 6,166 | ||||
Product warranty accrual | 3,152 | 4,215 | ||||||
Purchase order commitments and receipts | 2,019 | 2,569 | ||||||
Professional fees payable | 1,663 | 1,933 | ||||||
Pension benefit liabilities | 1,991 | 1,912 | ||||||
Freight accrual | 304 | 503 | ||||||
Income taxes payable | 313 | 162 | ||||||
Customer deposits | 852 | 375 | ||||||
Value added taxes payable | 413 | 332 | ||||||
Restructuring and cost management amounts payable | 442 | 1,050 | ||||||
Other | 1,609 | 1,307 | ||||||
$ | 21,059 | $ | 20,524 | |||||
Product_Warranty_Tables
Product Warranty (Tables) | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Reconciliation of the Change in Aggregate Accrual for Product Warranty | ' | |||||||||||||||
The following is a reconciliation of the changes in the aggregate product warranty accrual: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Product warranty accrual, beginning | $ | 3,487 | $ | 5,193 | $ | 4,215 | $ | 5,411 | ||||||||
Warranty charges incurred, net | (1,780 | ) | (1,722 | ) | (3,720 | ) | (3,543 | ) | ||||||||
Provision for warranty charges | 1,445 | 2,092 | 2,657 | 3,695 | ||||||||||||
Product warranty accrual, ending | $ | 3,152 | $ | 5,563 | $ | 3,152 | $ | 5,563 | ||||||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Deferred Revenue Disclosure [Abstract] | ' | |||||||||||||||
Reconciliation of the Changes in Deferred Revenue | ' | |||||||||||||||
The following is a reconciliation of the changes in deferred revenue: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Deferred revenue, beginning | $ | 12,268 | $ | 10,766 | $ | 10,515 | $ | 10,196 | ||||||||
Revenue deferred | 15,141 | 6,657 | 26,949 | 13,598 | ||||||||||||
Revenue recognized | (10,969 | ) | (9,568 | ) | (21,024 | ) | (15,939 | ) | ||||||||
Deferred revenue, ending | $ | 16,440 | $ | 7,855 | $ | 16,440 | $ | 7,855 | ||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share: | ||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||
(In thousands, except per share data) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||
Net loss | $ | (6,243 | ) | $ | (2,778 | ) | $ | (14,494 | ) | $ | (6,061 | ) | ||||
Weighted average shares used for basic earnings per share | 30,552 | 29,967 | 30,452 | 29,856 | ||||||||||||
Incremental diluted shares | — | — | — | — | ||||||||||||
Weighted average shares used for diluted earnings per share | 30,552 | 29,967 | 30,452 | 29,856 | ||||||||||||
Net loss per share: | ||||||||||||||||
Net loss — basic | $ | (0.20 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | (0.20 | ) | ||||
Net loss — diluted | $ | (0.20 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | (0.20 | ) |
Product_and_Geographic_Informa1
Product and Geographic Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | Sep. 28, 2013 | |||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ' | ||||||||||||||||||||||||||||||
Net sales by product type | ' | ' | ||||||||||||||||||||||||||||||
Net sales by product type were as follows: | ||||||||||||||||||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||||||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||||||||
Interconnect & Microfabrication Group (IMG) | $ | 26,600 | $ | 38,301 | $ | 47,548 | $ | 72,718 | ||||||||||||||||||||||||
Semiconductor Group (SG) | 9,767 | 10,935 | 20,516 | 16,548 | ||||||||||||||||||||||||||||
Components Group (CG) | 6,489 | 10,411 | 9,822 | 16,553 | ||||||||||||||||||||||||||||
$ | 42,856 | $ | 59,647 | $ | 77,886 | $ | 105,819 | |||||||||||||||||||||||||
Net sales by geographic area, based on location of end user | ' | ' | ||||||||||||||||||||||||||||||
Net sales by geographic area, based on the location of the end user, were as follows: | ||||||||||||||||||||||||||||||||
Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||||||||||||||||||
(In thousands) | 27-Sep-14 | 28-Sep-13 | 27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||||||||
Asia | $ | 34,516 | $ | 49,439 | $ | 59,234 | $ | 88,274 | ||||||||||||||||||||||||
Americas | 2,482 | 7,110 | 8,656 | 10,676 | ||||||||||||||||||||||||||||
Europe | 5,858 | 3,098 | 9,996 | 6,869 | ||||||||||||||||||||||||||||
$ | 42,856 | $ | 59,647 | $ | 77,886 | $ | 105,819 | |||||||||||||||||||||||||
Restructuring_and_Cost_Managem1
Restructuring and Cost Management Plans (Tables) | 6 Months Ended | |||
Sep. 27, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Amounts Related to Restructuring Costs Payable | ' | |||
Restructuring & cost management amounts payable as of March 29, 2014 | $ | 1,050 | ||
Employee severance and related benefits: | ||||
Cash payments | (608 | ) | ||
Restructuring & cost management amounts payable as of September 27, 2014 | $ | 442 | ||
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
Fair Value Measurements - Additional information | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $31,500,000 | ' |
Fair Value, Measurements, Recurring | Money Market Instruments | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 3,235,000 | 9,456,000 |
Fair Value, Measurements, Recurring | Commercial Paper | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 20,397,000 | 6,700,000 |
Fair Value, Measurements, Recurring | Government agencies | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 2,002,000 | 8,037,000 |
Fair Value, Measurements, Recurring | Corporate Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 5,164,000 | 17,328,000 |
Fair Value, Measurements, Recurring | Municipal Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 3,966,000 | 12,725,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Japanese Yen | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 113,000 | 25,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | New Taiwan Dollars | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 21,000 | -6,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Korean Won | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -137,000 | -44,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Euro | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 411,000 | 39,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | British Pound | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -90,000 | -19,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Chinese Renminbi | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -2,000 | -2,000 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Singapore Dollar | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -17,000 | 1,000 |
Fair Value, Measurements, Recurring | Level 1 | Money Market Instruments | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 3,235,000 | 9,456,000 |
Fair Value, Measurements, Recurring | Level 1 | Commercial Paper | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Government agencies | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Municipal Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | Japanese Yen | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | New Taiwan Dollars | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | Korean Won | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | Euro | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | British Pound | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | Chinese Renminbi | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Forward purchase or (sale) contracts | Singapore Dollar | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Money Market Instruments | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Commercial Paper | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 20,397,000 | 6,700,000 |
Fair Value, Measurements, Recurring | Level 2 | Government agencies | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 2,002,000 | 8,037,000 |
Fair Value, Measurements, Recurring | Level 2 | Corporate Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 5,164,000 | 17,328,000 |
Fair Value, Measurements, Recurring | Level 2 | Municipal Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 3,966,000 | 12,725,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | Japanese Yen | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 113,000 | 25,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | New Taiwan Dollars | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 21,000 | -6,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | Korean Won | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -137,000 | -44,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | Euro | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 411,000 | 39,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | British Pound | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -90,000 | -19,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | Chinese Renminbi | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -2,000 | -2,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward purchase or (sale) contracts | Singapore Dollar | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | -17,000 | 1,000 |
Fair Value, Measurements, Recurring | Level 3 | Money Market Instruments | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial Paper | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Government agencies | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Municipal Bonds | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | Japanese Yen | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | New Taiwan Dollars | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | Korean Won | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | Euro | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | British Pound | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | Chinese Renminbi | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Forward purchase or (sale) contracts | Singapore Dollar | ' | ' |
Fair Value Measurements - Additional information | ' | ' |
Fair value of financial assets | $0 | $0 |
ShareBased_Compensation_Expens1
Share-Based Compensation - Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 513,700 | 616,000 |
Total share-based compensation expense | $1,033,000 | $1,234,000 | $2,363,000 | $3,868,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '2 years 2 months 17 days | ' |
Cost of Sales | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' | ' |
Total share-based compensation expense | 151,000 | 189,000 | 320,000 | 374,000 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' | ' |
Total share-based compensation expense | 602,000 | 666,000 | 1,467,000 | 2,760,000 |
Research and Development Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' | ' |
Total share-based compensation expense | 280,000 | 379,000 | 576,000 | 734,000 |
Stock Options | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $6,900,000 | ' | $6,900,000 | ' |
Fair_Value_Measurements_Invest
Fair Value Measurements - Investments (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Mar. 29, 2014 |
Available for sale Securities Current | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | $31,519 | $40,793 |
Unrealized Gain | 10 | 13 |
Unrealized Loss | 0 | 0 |
Fair Value | -31,529 | -40,806 |
Available for sale Securities Current | Commercial Paper | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | 20,397 | 6,700 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | -20,397 | -6,700 |
Available for sale Securities Current | Government agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | 2,000 | 8,035 |
Unrealized Gain | 2 | 2 |
Unrealized Loss | 0 | 0 |
Fair Value | -2,002 | -8,037 |
Available for sale Securities Current | Corporate Bonds | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | 5,164 | 17,321 |
Unrealized Gain | 0 | 7 |
Unrealized Loss | 0 | 0 |
Fair Value | -5,164 | 17,328 |
Available for sale Securities Current | Municipal Bonds | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | 3,958 | 8,737 |
Unrealized Gain | 8 | 4 |
Unrealized Loss | 0 | 0 |
Fair Value | -3,966 | -8,741 |
Available for sale Securities Non Current | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | 0 | 3,976 |
Unrealized Gain | 0 | 9 |
Unrealized Loss | 0 | 0 |
Fair Value | 0 | -3,985 |
Available for sale Securities Non Current | Municipal Bonds | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Cost | 0 | 3,976 |
Unrealized Gain | 0 | 9 |
Unrealized Loss | 0 | 0 |
Fair Value | $0 | ($3,985) |
Business_Acquisitions_Allocati
Business Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed Based on the Fair Value (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | 3-May-13 | Mar. 29, 2014 | 3-May-13 | 3-May-13 | |
Semiconductor Systems business [Member] | Semiconductor Systems business [Member] | Semiconductor Systems Business [Member] [Member] | Order or Production Backlog [Member] | Developed technology | ||||||
Semiconductor Systems business [Member] | Semiconductor Systems business [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | $10,500,000 | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' |
Acquired intangibles | ' | ' | ' | ' | ' | ' | 700,000 | ' | 500,000 | 200,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | ' | ' | ' | ' | ' | ' | -2,300,000 | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 0 | -35,000 | 0 | -499,000 | -800,000 | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Total Gain | ' | ' | ' | ' | ' | ' | ' | -800,000 | ' | ' |
Business Combination, Bargain Purchase, Tax | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | ' | ' | ' | ' | ' | ' | $3,900,000 | ' | ' | ' |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and purchased parts | $42,022 | $38,747 |
Work-in-process | 10,295 | 12,914 |
Finished goods | 3,432 | 7,241 |
Inventories | $55,749 | $58,902 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Disclosure Other Current Assets [Abstract] | ' | ' |
Prepaid expenses | $2,332 | $2,601 |
Value added tax receivable | 860 | 779 |
Other | 827 | 1,294 |
Other current assets | $4,019 | $4,674 |
Other_Assets_Details
Other Assets (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Disclosure Other Assets [Abstract] | ' | ' |
Minority equity investment | $4,263 | $4,263 |
Consignment and demo equipment, net | 5,713 | 5,938 |
Other | 2,333 | 2,146 |
Other assets | $12,309 | $12,347 |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 29, 2014 | |
Schedule of Available-for-sale Securities | ' | ' | ' | ' | ' |
Cost Method Investments | $4,263,000 | ' | $4,263,000 | ' | $4,263,000 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 31,500,000 | ' | 31,500,000 | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $0 | $3,588,000 | $0 | $3,588,000 | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||||||
Disclosure Accrued Liabilities [Abstract] | ' | ' | ' | ' | ' | ' |
Payroll-related liabilities | $8,301 | ' | $6,166 | ' | ' | ' |
Product warranty accrual | 3,152 | 3,487 | 4,215 | 5,563 | 5,193 | 5,411 |
Purchase order commitments and receipts | 2,019 | ' | 2,569 | ' | ' | ' |
Pension benefit liabilities | 1,991 | ' | 1,912 | ' | ' | ' |
Professional fees payable | 1,663 | ' | 1,933 | ' | ' | ' |
Freight accrual | 304 | ' | 503 | ' | ' | ' |
Income taxes payable | 313 | ' | 162 | ' | ' | ' |
Restructuring costs payable | 442 | ' | 1,050 | ' | ' | ' |
Customer deposits | 852 | ' | 375 | ' | ' | ' |
Value added taxes payable | 413 | ' | 332 | ' | ' | ' |
Other | 1,609 | ' | 1,307 | ' | ' | ' |
Accrued liabilities | $21,059 | ' | $20,524 | ' | ' | ' |
Product_Warranty_Details
Product Warranty (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Product Warranty | ' | ' | ' | ' |
Product warranty accrual, beginning | $4,215 | $5,193 | $4,215 | $5,411 |
Warranty charges incurred, net | -1,780 | -1,722 | -3,720 | -3,543 |
Provision for warranty charges | 1,445 | 2,092 | 2,657 | 3,695 |
Product warranty accrual, ending | $3,487 | $5,563 | $3,152 | $5,563 |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Deferred Revenue Disclosure [Abstract] | ' | ' | ' | ' |
Deferred revenue, beginning | $12,268 | $10,766 | $10,515 | $10,196 |
Revenue deferred | 15,141 | 6,657 | 26,949 | 13,598 |
Revenue recognized | -10,969 | -9,568 | -21,024 | -15,939 |
Deferred revenue, ending | $16,440 | $7,855 | $16,440 | $7,855 |
Earnings_Loss_Per_Share_Reconc
Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($6,243) | ($2,778) | ($14,494) | ($6,061) |
Weighted average number of shares - basic | 30,552 | 29,967 | 30,452 | 29,856 |
Incremental diluted shares | 0 | 0 | 0 | 0 |
Weighted average shares used for diluted earnings per share | 30,552 | 29,967 | 30,452 | 29,856 |
Net (loss) income per share - basic | ($0.20) | ($0.09) | ($0.48) | ($0.20) |
Net (loss) income per share - diluted | ($0.20) | ($0.09) | ($0.48) | ($0.20) |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' |
Number of shares that are not included in the calculation of diluted net earnings per share | 2.8 | 4.1 |
Product_and_Geographic_Informa2
Product and Geographic Information - Net Sales by Product Type (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Product Information | ' | ' | ' | ' | ' | ' |
Net sales | $42,856 | $59,647 | $59,647 | $77,886 | $105,819 | $105,819 |
Interconnect Microfabrication Group | ' | ' | ' | ' | ' | ' |
Product Information | ' | ' | ' | ' | ' | ' |
Net sales | 26,600 | 38,301 | ' | 47,548 | 72,718 | ' |
Components Group | ' | ' | ' | ' | ' | ' |
Product Information | ' | ' | ' | ' | ' | ' |
Net sales | 9,767 | 10,935 | ' | 20,516 | 16,548 | ' |
Semiconductor Group | ' | ' | ' | ' | ' | ' |
Product Information | ' | ' | ' | ' | ' | ' |
Net sales | $6,489 | $10,411 | ' | $9,822 | $16,553 | ' |
Product_and_Geographic_Informa3
Product and Geographic Information - Net Sales by Geographic Area (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | $42,856 | $59,647 | $59,647 | $77,886 | $105,819 | $105,819 |
Asia | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | 34,516 | ' | 49,439 | ' | 59,234 | 88,274 |
Americas | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | 2,482 | ' | 7,110 | ' | 8,656 | 10,676 |
Europe | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | $5,858 | ' | $3,098 | ' | $9,996 | $6,869 |
Restructuring_and_Cost_Managem2
Restructuring and Cost Management Plans - Amounts Related to Restructuring Costs Payable (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Beginning balance | $1,050 |
Payments for Restructuring | -608 |
Ending balance | $442 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | Mar. 29, 2014 | Dec. 09, 2011 | |
2011 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
Accelerated Share Repurchases [Table Text Block] | ' | ' | ' | ' |
Share Repurchase Program | ||||
On December 9, 2011, the Board of Directors authorized a share repurchase program totaling $20 million to acquire shares of the Company’s outstanding common stock. The repurchases are to be made at management’s discretion in the open market or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price and other factors. | ||||
In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. Cash used to settle the repurchase as of September 27, 2014 totaled $1.5 million. The Company did not repurchase any shares during the second quarter of 2015. | ||||
In 2014 the Company repurchased 19,832 shares for $0.2 million at an average price of $9.65 per share. The Company has repurchased a total of 227,570 shares life to date under this authorization as a part of its publicly announced plan. | ||||
There is no fixed completion date for the repurchase program. | ||||
Payments of Dividends | $4,834,000 | $4,765,000 | ' | ' |
Share repurchase authorization amount | ' | ' | ' | 20,000,000 |
Stock Repurchased During Period, Shares | 207,738 | ' | 19,832 | ' |
Stock Repurchased During Period, Value | 1,500,000 | ' | 200,000 | ' |
Document Period End Date | 27-Sep-14 | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | $7.01 | ' | $9.65 | ' |
Payments for Repurchase of Common Stock | $1,456,000 | ' | ' | ' |
Shareholders_Equity_Dividend_D
Shareholders' Equity - Dividend Declared and Paid (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Date Declared | 21-Aug-14 | 15-May-14 | 13-Feb-14 | 7-Nov-13 | 8-Aug-13 | ' | ' |
Record Date | 2-Sep-14 | 27-May-14 | 27-Feb-14 | 19-Nov-13 | 19-Aug-13 | ' | ' |
Payment Date | 12-Sep-14 | 10-Jun-14 | 13-Mar-14 | 4-Dec-13 | 3-Sep-13 | ' | ' |
Amount per Share | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | ' | ' |
Cash dividends paid to shareholders | ' | ' | ' | ' | ' | ($4,834) | ($4,765) |