Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 28, 2015 | Jun. 22, 2015 | Sep. 28, 2013 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 28, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ELECTRO SCIENTIFIC INDUSTRIES INC | ||
Entity Central Index Key | 726,514 | ||
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 | 30,757,322 | ||
Entity Public Float | $ 184,853,200 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 50,994 | $ 68,461 |
Short-term investments | 6,612 | 38,444 |
Trade receivables, net of allowances of $712 and $404 | 45,951 | 37,813 |
Inventories | 56,637 | 58,902 |
Shipped systems pending acceptance | 2,516 | 2,054 |
Deferred income taxes, net | 178 | 161 |
Other current assets | 6,090 | 4,674 |
Total current assets | 168,978 | 210,509 |
Non-current assets: | ||
Non-current investments | 0 | 3,985 |
Property, plant and equipment, net | 25,858 | 27,930 |
Non-current deferred income taxes, net | 174 | 704 |
Goodwill | 7,717 | 7,889 |
Acquired intangible assets, net | 8,958 | 6,845 |
Other assets | 9,555 | 12,347 |
Total assets | 221,240 | 270,209 |
Current liabilities: | ||
Accounts payable | 9,514 | 14,465 |
Accrued liabilities | 20,237 | 20,524 |
Deferred income tax liability, net | 173 | 170 |
Deferred revenue | 12,376 | 10,515 |
Total current liabilities | 42,300 | 45,674 |
Non-current liabilities: | ||
Income taxes payable | 1,176 | 1,654 |
Deferred income tax liability, net | $ 443 | $ 0 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, without par value | $ 0 | $ 0 |
Common stock, without par value | 189,134 | 183,193 |
Retained earnings | (11,741) | 39,336 |
Accumulated other comprehensive income | (72) | 352 |
Total shareholders' equity | 177,321 | 222,881 |
Total liabilities and shareholders' equity | $ 221,240 | $ 270,209 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 712 | $ 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 | 30,704,000 | 30,155,000 |
Common stock, outstanding | 30,704,000 | 30,155,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Goodwill, Impairment Loss | $ 7,889 | $ 0 | $ 0 |
Net sales | 159,118 | 181,167 | 216,625 |
Sales Revenue, Goods, Net | 111,603 | 142,054 | 183,531 |
Sales Revenue, Services, Net | 47,515 | 39,113 | 33,094 |
Cost of sales | 104,437 | 121,296 | 155,337 |
Cost of Goods Sold | 78,195 | 100,870 | 133,141 |
Cost of Services | 26,242 | 20,426 | 22,196 |
Gross profit | 54,681 | 59,871 | 61,288 |
Operating expenses: | |||
Selling, service and administration | 49,301 | 51,598 | 53,086 |
Research, development and engineering | 35,166 | 37,839 | 37,196 |
Restructuring costs | 2,069 | 1,070 | 2,612 |
(Gain) loss on sale of property and equipment, net | 0 | (1,301) | (1,226) |
Gain on acquisition of Semiconductor Systems business | 0 | (499) | 0 |
Legal settlement (proceeds) costs, net | 0 | 0 | (15,262) |
Net operating expenses | 94,425 | 88,707 | 76,406 |
Operating (loss) income | (39,744) | (28,836) | (15,118) |
Non-operating (expense) income: | |||
Other than temporary impairment of cost based investments | (4,263) | (9,703) | 0 |
Interest and other (expense) income, net | 430 | 113 | 253 |
Total non-operating (expense) income | (3,833) | (9,590) | 253 |
Income (loss) before income taxes | (43,577) | (38,426) | (14,865) |
Provision for (benefit from) income taxes | 234 | (92) | 39,851 |
Net (loss) income | $ (43,811) | $ (38,334) | $ (54,716) |
Net (loss) income per share - basic | $ (1.43) | $ (1.28) | $ (1.86) |
Net (loss) income per share - diluted | $ (1.43) | $ (1.28) | $ (1.86) |
Weighted average number of shares - basic | 30,611 | 29,974 | 29,357 |
Weighted average number of shares - diluted | 30,611 | 29,974 | 29,357 |
Cash dividends paid per common share | $ 0.24 | $ 0.32 | $ 2.32 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Net (loss) income | $ (43,811) | $ (38,334) | $ (54,716) |
Cumulative translation adjustment, net of tax | (384) | 37 | (198) |
Accumulated other comprehensive loss related to benefit plan obligations, net of tax | (25) | 22 | 9 |
Net unrealized (loss) gain on available-for-sale securities, net of tax | (15) | 9 | (34) |
Comprehensive (loss) income | $ (44,235) | $ (38,266) | $ (54,939) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Foreign currency translation adjustment, taxes | $ 0 | $ 21 | $ 0 |
Accumulated other comprehensive income related to benefit plan obligation, taxes | (13) | 19 | 8 |
Net unrealized (loss) gain on available-for-sale securities, taxes | $ (5) | $ 5 | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings (Accumulated Deficit) | Accumulated other comprehensive (loss) income |
Balance at beginning of year at Mar. 31, 2012 | $ 378,670 | $ 168,143 | $ 210,021 | $ 506 |
Balance at beginning of year (shares) at Mar. 31, 2012 | 28,970,000 | |||
Cash dividends paid | (68,077) | (68,077) | ||
Stock plans: | ||||
Employee stock plans | 8,488 | $ 8,488 | ||
Employee stock plans (shares) | 613,000 | |||
Share repurchases | 0 | |||
Comprehensive income (loss): | ||||
Net (loss) income | (54,716) | (54,716) | ||
Other comprehensive income (loss) | (223) | (223) | ||
Balance at end of year at Mar. 30, 2013 | 264,142 | $ 176,631 | 87,228 | 283 |
Balance at end of year (shares) at Mar. 30, 2013 | 29,583,000 | |||
Cash dividends paid | 9,558 | 9,558 | ||
Stock plans: | ||||
Employee stock plans | 6,753 | $ 6,753 | ||
Employee stock plans (shares) | 592,000 | |||
Share repurchases | $ (191) | $ 191 | ||
Share repurchases (shares) | (19,832) | 20,000 | ||
Comprehensive income (loss): | ||||
Net (loss) income | $ (38,334) | (38,334) | ||
Other comprehensive income (loss) | 69 | 69 | ||
Balance at end of year at Mar. 29, 2014 | 222,881 | $ 183,193 | 39,336 | 352 |
Balance at end of year (shares) at Mar. 29, 2014 | 30,155,000 | |||
Balance at beginning of year at Mar. 30, 2013 | $ 264,142 | $ 176,631 | 87,228 | 283 |
Balance at beginning of year (shares) at Mar. 30, 2013 | 29,583,000 | |||
Stock plans: | ||||
Share repurchases (shares) | (227,570) | |||
Balance at end of year at Mar. 28, 2015 | $ 177,321 | $ 189,134 | (11,741) | (72) |
Balance at end of year (shares) at Mar. 28, 2015 | 30,704,000 | |||
Balance at beginning of year at Mar. 29, 2014 | 222,881 | $ 183,193 | 39,336 | 352 |
Balance at beginning of year (shares) at Mar. 29, 2014 | 30,155,000 | |||
Cash dividends paid | 7,266 | 7,266 | ||
Stock plans: | ||||
Employee stock plans | 4,555 | $ 4,555 | ||
Employee stock plans (shares) | 757,000 | |||
Share repurchases | $ (1,456) | $ 1,456 | ||
Share repurchases (shares) | (207,738) | 208,000 | ||
Business acquisitions | $ 2,842 | $ 2,842 | ||
Comprehensive income (loss): | ||||
Net (loss) income | (43,811) | |||
Other comprehensive income (loss) | (424) | (424) | ||
Balance at end of year at Mar. 28, 2015 | $ 177,321 | $ 189,134 | $ (11,741) | $ (72) |
Balance at end of year (shares) at Mar. 28, 2015 | 30,704,000 |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Cash dividends paid per common share | $ 0 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.32 | $ 2.32 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (43,811) | $ (38,334) | $ (54,716) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 7,817 | 7,642 | 9,905 |
Amortization of Intangible Assets | 1,502 | 2,985 | 4,746 |
Share-based compensation expense | 4,542 | 6,105 | 7,861 |
Provision for (recovery of) doubtful accounts | 53 | 0 | 0 |
Gain on sale of property and equipment, net | (6) | (1,138) | 680 |
Gain on acquisition of Semiconductor Systems business | 0 | (499) | 0 |
Other than temporary impairment of cost based investments | 4,263 | 9,703 | 0 |
Goodwill, Impairment Loss | 7,889 | 0 | 0 |
Decrease (increase) in deferred income taxes | (54) | 4,377 | 40,971 |
Changes in operating accounts, net of acquisitions: | |||
Decrease (increase) in trade receivables, net | (7,965) | (2,195) | 1,232 |
Decrease (increase) in inventories | 1,091 | 7,567 | 3,564 |
Decrease (increase) in shipped systems pending acceptance | (462) | (1,047) | 353 |
Decrease (increase) in other current assets | (200) | (728) | 633 |
Increase (decrease) in accounts payable and accrued liabilities | (4,013) | (13,694) | 2,550 |
Increase (decrease) in deferred revenue | 1,861 | 140 | (672) |
Net cash (usedin) provided by operating activities | (27,493) | (19,116) | 17,107 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of investments | (414,705) | (268,132) | (1,061,654) |
Proceeds from sales and maturities of investments | 450,507 | 294,182 | 1,123,156 |
Purchase of property, plant and equipment | (5,374) | (7,583) | (6,213) |
Proceeds from sale of property, plant and equipment | 154 | 3,657 | 2,030 |
Decrease (increase) in restricted cash | 0 | 0 | 22,269 |
Cash paid for business acquisitions, net of cash acquired | 7,737 | 9,731 | 9,466 |
Minority equity investment | 0 | (5,000) | 0 |
Decrease (increase) in other assets | (2,638) | 438 | 625 |
Net cash provided by (used in) investing activities | 20,207 | 7,831 | 70,747 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Cash dividends paid to shareholders | (7,266) | (9,557) | (68,077) |
Payment of withholding taxes on stock-based compensation | (1,850) | (1,589) | (1,910) |
Stock plan activity, net | 1,863 | 2,237 | 2,537 |
Stock Repurchased During Period, Value | (1,456) | (191) | 0 |
Excess tax benefit of share-based compensation | 0 | 0 | 307 |
Net cash (used in) provided by financing activities | (8,709) | (9,100) | (67,143) |
Effect of exchange rate changes on cash | (1,472) | (67) | (1,578) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,467) | (20,452) | 19,133 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 68,461 | 88,913 | 69,780 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 50,994 | 68,461 | 88,913 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest | (109) | 0 | (21) |
Cash paid for income taxes | (1,157) | (3,256) | (1,823) |
Income tax refunds received | $ 633 | $ 163 | $ 890 |
The Company
The Company | 12 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company Electro Scientific Industries, Inc. and its subsidiaries (ESI) is a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry. ESI's integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. Founded in 1944, ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Canada, Europe and the United States. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Electro Scientific Industries, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year consists of 52 or 53 weeks ending on the Saturday nearest March 31. Accordingly, the fiscal 2015 reporting period consisted of a 52 -week period ending on March 28, 2015 , the fiscal 2014 reporting period consisted of a 52 -week period ending on March 29, 2014 and the fiscal 2013 reporting period consisted of a 52 -week period ending on March 30, 2013 . All references to years or quarters relate to fiscal years or fiscal quarters unless otherwise noted. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (GAAP) 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; and valuation of goodwill. Risks and Uncertainties The Company uses financial instruments that potentially subject it to concentrations of credit risk. Such instruments include cash equivalents, available-for-sale marketable securities, trade receivables and financial instruments used in hedging activities. The Company invests cash in cash deposits, money market funds, commercial paper, certificates of deposit and readily marketable securities. Investments are placed with high credit quality financial institutions and the credit exposure from any one institution or instrument is minimized. See Note 5 “Fair Value Measurements” for further discussion on these investments. The Company sells a significant portion of its products to a small number of large semiconductor and microelectronics manufacturers. The top ten customers accounted for approximately 40% , 41% and 61% of total net sales in 2015 , 2014 and 2013 , respectively. One consumer electronics manufacturer accounted for approximately 9% , 15% and 31% of total net sales in 2015 , 2014 and 2013 , respectively. No other customer individually accounted for more than 10% of total net sales in 2015 , 2014 or 2013 . The Company’s operating results may be adversely affected if orders and revenues from these key customers decline. The Company uses qualified manufacturers to supply many components and sub-system modules of its products. The systems that the Company manufactures use high-performance computers, peripherals, lasers and other components from various suppliers. The Company obtains some of the components from a single source or a limited group of suppliers. An interruption in the supply of a particular component would have a temporary adverse impact on the Company’s operating results. The Company’s net investment exposure in foreign subsidiaries translated into U.S. dollars using the period-end exchange rates at March 28, 2015 and March 29, 2014 was approximately $64.3 million and $55.4 million, respectively. The potential loss in fair value resulting from a hypothetical 10% adverse change in foreign exchange rates would be approximately $6.4 million and $5.5 million at March 28, 2015 and March 29, 2014 , respectively. Foreign exchange rate gains or losses on foreign investments as of March 28, 2015 were reflected as a cumulative translation adjustment, net of tax, and do not affect the Company’s results of operations. The Company’s operations involve a number of other risks and uncertainties including but not limited to those relating to the cyclicality of the microelectronics and semiconductor markets, the effect of general economic conditions, rapid changes in technology and international operations. Cash Equivalents and Investments All highly liquid investments with a maturity of 90 days or less at the date of purchase are considered to be cash equivalents. Short-term investments reflect marketable securities that have maturities of less than one year or are subject to immediate pre-payment or call provisions. These securities consist primarily of marketable debt securities and are classified as “available-for-sale securities” and recorded at fair market value. Unrealized gains and losses on short-term investments are recorded as a component of accumulated other comprehensive income (loss). To determine whether any existing impairment is other-than-temporary and requires recognition of an impairment loss in the results of operations, the Company evaluates its marketable securities based on the nature of the investments and the Company’s intent and ability to hold the securities until the securities are no longer in an unrealized loss position. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are stated at the amount the Company expects to collect and do not bear interest. Credit limits are established by reviewing the financial history and stability of each customer. Where appropriate, the Company obtains credit rating reports and financial statements of the customer to establish or modify credit limits. On certain foreign sales, letters of credit are obtained. The collectability of trade receivable balances is regularly evaluated based on a combination of factors such as customer reputation and credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. If it is determined or estimated that a customer will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material events impacting its business, a specific reserve for bad debt is recorded to reduce the related receivable to the amount expected to be recovered. Accrued Restructuring Costs The Company has engaged, and may continue to engage, in restructuring actions, which require it to make estimates in certain areas including expenses for severance and other employee separation costs. Because the Company has a history of paying severance benefits, expenses associated with exit or disposal activities are recognized when probable and estimable. Should the actual amounts differ from our estimates, the amount of the restructuring charges could be materially impacted. See Note 24 “Restructuring and Cost Management Plans” for further discussion. Inventories Inventories are principally valued at standard costs, which approximate the lower of cost (first-in, first-out) or market. Costs utilized for inventory valuation purposes include material, labor and manufacturing overhead. Shipped Systems Pending Acceptance Shipped systems pending acceptance relate to systems that have been ordered and shipped to the customer, but have been deferred in accordance with the Company’s revenue recognition policy. Shipped systems pending acceptance are recognized as cost of sales once all criteria for revenue recognition have been met and revenue is recorded. Shipped systems pending acceptance are valued at standard costs, which approximate the lower of cost (first-in, first-out) or market. Costs utilized in the valuation of shipped systems pending acceptance include material, labor and manufacturing overhead and exclude costs of installation. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line basis over the estimated useful lives of the assets. Expenditures for maintenance, repairs and minor improvements are expensed as incurred. Major improvements and additions are capitalized. When assets are sold or retired, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is included as a component of operating expenses. Long-Lived Asset Impairment Long-lived assets, principally property, plant and equipment and identifiable long-lived intangibles, are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the assets may not be recoverable. The Company evaluates recoverability of assets to be held and used by comparing the carrying amount of an asset to estimated future net undiscounted cash flows generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company’s purchased patents are amortized over their estimated useful lives, generally 9 to 17 years. Other purchased intangible assets with estimated useful lives are carried at cost less accumulated amortization. Amortization expense is recognized on a straight-line basis over the estimated useful lives of the intangible assets, which range from 1 to 10 years. Goodwill Impairment The Company accounts for goodwill pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 350 as amended in September 2011 by Accounting Standard Update (ASU) 2011-08, “Intangibles-Goodwill and Other (ASC Topic 350): Testing Goodwill for Impairment” (ASC ASU 2011-08). ASC Topic 350 requires that goodwill be tested for impairment at least annually. ASC ASU 2011-08 permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting units' fair value is less than its carrying amount before applying the two-step goodwill impairment test. The Company tests goodwill for impairment using a quantitative approach at least annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below the carrying value. In the fourth quarter of 2015 we realigned our products into two segments as a result of changes in our go-to-market strategies, common customer characteristics, and information utilized to manage our business. This reorganization required the Company to reassign its reported goodwill to its new reporting units based on the relative fair value of the respective reporting units, and perform an impairment analysis at the reporting unit level. Carrying value of each of the reporting units is determined based on an allocation of the Company's assets and liabilities to the reporting units using reasonable assumptions. If potential impairment is indicated by the step one test, the Company performs a step two test to determine the fair value of goodwill. Other Assets Other assets include consignment, demonstration (demo) and training equipment, minority equity investments and long-term deposits. Consignment, demo and training equipment are recorded at the lower of standard costs or estimated market values, until the assets are sold. The Company had a minority equity investment in the preferred stock of OmniGuide, Inc. (OmniGuide), a private company at a total carrying value of $4.3 million at March 29, 2014 , which was included in other assets on the Consolidated Balance Sheets. The Company’s position in this investment was fully impaired and relinquished in the fourth quarter of 2015. See Note 12 “Other Assets” for further discussion and disclosure relating to this investment. Fair Value of Financial Instruments The carrying amounts of financial instruments, including cash equivalents and accrued liabilities approximate fair value because of the nature of the underlying transactions and short-term maturities involved. Current and non-current marketable securities are recorded at fair value which is defined under FASB ASC Topic 820 “Fair Value Measurements and Disclosures” (ASC Topic 820). 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. See Note 5 “Fair Value Measurements” for further discussion and disclosure of fair value on our financial assets and investments. Derivative Financial Instruments The Company’s primary objective for holding derivative financial instruments is to manage currency risk. The Company’s accounting policies for these instruments are based on whether they meet the Company’s criteria for designation as hedging transactions, either as cash flow or fair value hedges. A hedge of the exposure to variability in the cash flows of an asset or a liability, or of a forecasted transaction, is referred to as a cash flow hedge. A hedge of the exposure to changes in fair value of an asset or a liability, or of an unrecognized firm commitment, is referred to as a fair value hedge. The criteria for designating a derivative as a hedge include the instrument’s effectiveness in risk reduction and, in most cases, a one-to-one matching of the derivative instrument to its underlying transaction. The Company enters into foreign currency exchange contracts to offset the earnings impact relating to the variability in exchange rates on certain short-term monetary assets and liabilities denominated in non-functional currencies. The Company does not designate these foreign currency contracts as hedges. The change in fair value of these derivative instruments not designated as hedging instruments is reported each period in other income (expense), net, in our Consolidated Statement of Operations. Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered, the sales price is fixed or determinable and collection of the related receivable is reasonably assured. Title and risk of loss generally pass to the customer at the time of delivery of the product to a common carrier. Revenue is recognized upon such delivery, provided that fulfillment of acceptance criteria can be demonstrated prior to shipment. Where the acceptance criteria cannot be demonstrated prior to shipment, or in the case of substantially new products, revenue is deferred until acceptance has been received. For multiple element arrangements, the relative fair value of any undelivered elements is deferred until the elements are delivered and acceptance criteria are met. Revenues are recorded net of taxes collected which are required to be submitted to government authorities. Installation services are not essential to the functionality of the delivered equipment and installation revenue is deferred until installation is complete. Neither the costs of installation accrued nor the fair value of installation service revenue deferred has been material. Revenues associated with sales to customers under local contracts in Japan are recognized upon title transfer, which generally occurs upon customer acceptance. Revenues related to spare parts and consumable sales are generally recognized upon shipment. Revenues related to maintenance and service contracts are generally recognized ratably over the duration of the contracts. Product Warranty The Company evaluates obligations related to product warranties quarterly. A standard one-year warranty from the date of acceptance is provided on most products. Warranty charges are comprised of costs to service the warranty, including labor to repair the system and replacement parts for defective items, as well as other costs incidental to the repairs. Warranty charges are recorded net of any cost recoveries resulting from either successful repair of damaged parts or from warranties offered by the Company’s suppliers for defective components. Using historical data, the Company estimates average warranty cost per system or part type and records the provision for such charges as an element of cost of sales upon recognition of the related revenue. Additionally, the overall warranty accrual balance is separately analyzed using the remaining warranty periods outstanding on systems and items under warranty, and any resulting changes in estimates are recorded as an adjustment to cost of sales. If circumstances change, or if a significant change in warranty-related incidents occurs, the impact of the change in the warranty accrual could be material. Accrued product warranty is included on the Consolidated Balance Sheets as a component of accrued liabilities. Research and Development Research and development costs, which include labor and related employee expenses, patent maintenance fees, project materials costs, development tool placement and installation costs, project subcontractors, depreciation of engineering equipment, building costs and other administration expenses, are generally expensed as incurred. Engineering materials that are expected to provide future value are included in inventories. Taxes on Unremitted Foreign Income The Company provides for income taxes on its foreign subsidiaries’ taxable income based on the effective income tax rate in each respective jurisdiction. The Company provides for deferred taxes on the undistributed earnings of a subsidiary, except to the extent that the income is intended to be indefinitely reinvested or remitted in a tax-free liquidation. The foreign jurisdictions where the Company is permanently reinvested include Singapore and China (Topwin). The cumulative amount of earnings upon which U.S. income taxes have not been provided was $35.3 million and $28.8 million as of March 28, 2015 and March 29, 2014 , respectively. The tax liability related to these earnings was $12.2 million and $10.0 million as of March 28, 2015 and March 29, 2014 , respectively, which may be offset by foreign tax credits or other tax attributes. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss), which includes charges or credits to equity that are not the result of transactions with shareholders. Comprehensive income (loss) within these consolidated financial statements includes primarily cumulative foreign currency translation adjustments and unrealized gains and losses on securities available for sale. The cumulative translation adjustment included in accumulated other comprehensive income (loss) at March 28, 2015 and March 29, 2014 was $30 thousand and $0.4 million , respectively. Earnings Per Share Basic earnings per share (EPS) is computed utilizing the weighted average number of shares outstanding during the period. Diluted EPS also considers common stock equivalents, such as stock options, stock-settled stock appreciation rights (SARs), employee stock purchase plan (ESPP) shares and restricted stock units, to the extent that they are not antidilutive. Share-Based Compensation The Company recognizes expense related to the fair value of its share-based compensation awards. The Company uses the Black-Scholes model to estimate the fair value of all share-based compensation awards on the date of grant, except for unvested restricted stock units, which are valued at the fair market value of the Company’s stock on the date of award. The Company recognizes the compensation expense for options, SARs and unvested restricted stock units on a straight-line basis over the requisite service period of the award. Segment Reporting The Company complies with ASC Topic 280 “Segment Reporting” (ASC Topic 280). ASC Topic 280, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker and for which discrete financial information is available. Based on the provisions of ASC Topic 280, the Company has determined that as of March 28, 2015 it operates in two segments: Component Processing and Micromachining. There are no differences between the accounting policies used for our business segments compared to those used on a consolidated basis. Immaterial Revision to Prior Period Financial Statements In the quarter ended March 28, 2015, we revised the presentation of certain amounts on our consolidated statements of operations from prior periods. We revised the presentation of net sales and cost of sales to separately present those amounts that are associated with service and support activities from those amounts associated with system sales. This change does not impact the Company’s previously reported total net sales, operating loss or net loss for the periods presented. Additionally, the Company has historically included certain personnel expenses associated with the product support and service activities within the line item “Selling, service and administration” in its consolidated statements of operations. The Company has changed the presentation of certain of these expenses to include them as a component of service cost of sales to differentiate those costs attributed to generating revenue from those related to selling and administrative expenses. This revision does not impact the Company’s previously reported operating loss or net loss for the periods presented. The effect of this immaterial change on the consolidated statements of operations for each of the annual periods ending March 28, 2015, March 29, 2014, and March 30, 2013, and for each of the quarters for fiscal 2015 and 2014 is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Ended (In thousands) As Originally presented As Revised As Originally presented As Revised As Originally presented As Revised As Originally presented As Revised As Originally presented As Revised Year ended March 28, 2015 Total cost of sales $ 21,795 $ 22,742 $ 27,075 $ 28,091 $ 27,884 $ 28,948 Gross profit 13,235 12,288 15,781 14,765 15,777 14,713 Selling service & administrative 13,100 12,153 12,915 11,899 13,397 12,333 Net operating expenses 22,245 21,298 21,339 20,323 21,780 20,716 Year ended March 29, 2014 Total cost of sales $ 26,786 $ 27,713 $ 35,015 $ 36,065 $ 21,986 $ 23,066 $ 37,081 $ 38,179 $ 117,141 $ 125,023 Gross profit 19,386 18,459 24,632 23,582 16,281 15,201 3,727 2,629 64,026 59,871 Selling service & administrative 14,547 13,620 14,251 13,201 12,408 11,328 14,516 13,418 55,753 51,567 Net operating expenses 22,508 21,581 23,935 22,885 20,875 19,795 25,544 24,446 92,862 88,707 Year ended March 30, 2013 Total cost of sales $ 152,372 $ 155,337 Gross profit 64,253 61,288 Selling service & administrative 56,051 53,086 Net operating expenses 79,371 76,406 The revisions overall, which were not material, had no impact on the reported amounts of total net sales, net loss, net loss per share, cash flows or shareholders’ equity. Employee Benefit Plans The Company has an employee savings plan under the provisions of Section 401(k) of the Internal Revenue Code. During 2015 and 2014 , contributions to the plan by the Company were $0.6 million and $0.2 million, respectively. The Company has defined benefit retirement plans at certain of its foreign subsidiaries. The Company accounts for these plans based on the provisions of ASC Topic 715 “Compensation-Retirement Benefits”. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Mar. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company on March 26, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 28, 2015 | |
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, which are valued at the fair market 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 Plans In October 2004, the shareholders approved the adoption of the 2004 Stock Incentive Plan (the 2004 Plan) that replaced various stock compensation plans that were previously approved by the shareholders or the Board of Directors (the Replaced Plans), except with respect to options and other awards previously outstanding. Outstanding options and awards remained subject to the terms of the Replaced Plans under which they were originally granted. At that time, the shareholders also approved the reservation of 3,000,000 shares of common stock for issuance under the 2004 Plan. These shares are in addition to any shares of common stock that, at the time the 2004 Plan was approved by shareholders, were available for grant under the Replaced Plans or that may subsequently become available for grant under any of the Replaced Plans through the expiration, termination, forfeiture or cancellation of grants. In January 2005, the Board of Directors approved certain amendments to the 2004 Plan. These amendments prohibit grants of stock options or SARs with an exercise price less than fair market value, require that time-based restricted stock awards have a minimum vesting period of at least three years , with the subject shares vesting no more quickly than one-third annually over the three-year period, and expressly prohibit the reservation of additional shares under the 2004 Plan without shareholder approval. In October 2007, the shareholders approved an additional amendment to the 2004 Plan to permit awards to non-employee service providers and implement certain claw-back provisions. In August 2014, the 2004 Plan was amended to reduce the shares reserved for issuance by 1,000,000 shares and the 1990 Employee Stock Purchase Plan was amended to increase the shares reserved for issuance thereunder by 1,000,000 shares. The 2004 Plan allows for grants of stock options, stock appreciation rights, stock bonuses (including restricted stock units), restricted stock, performance-based awards and dividend equivalents. Stock options and SARs outstanding under the 2004 Plan and the Replaced Plans vest over variable periods determined at the grant date, generally with terms of immediate vesting or up to four years, and expire ten years from the date of grant. Options and SARs issued under the 2004 Plan and the Replaced Plans are exercisable at prices not less than fair market value on the date of the grant. The 2004 Plan prohibits repricing of options and SARs granted without prior shareholder approval. Certain restricted stock units awarded under the 2004 Plan vest based on performance criteria that are tied to the Company’s results of operations, personal performance criteria, and, in certain cases, length of service. Unvested restricted stock unit awards are credited with dividend equivalents in the form of additional unvested restricted stock units at the same time and in the same amount as dividends paid to shareholders of the Company. The dividend equivalents have the same vesting and terms as the underlying restricted stock unit award and are subject to forfeiture if related awards do not vest. In September 1990, the shareholders approved the adoption of the 1990 Employee Stock Purchase Plan, as amended in September 1998, October 2003, October 2004, January 2008, August 2009 and August 2014 (the ESPP), pursuant to which 4,400,000 shares of common stock have been reserved for issuance to participating employees. Eligible employees may elect to contribute up to 15 percent of their base wage and commissions during each pay period. The ESPP provides for separate overlapping twenty-four month offerings starting every three months. Each offering has eight purchase dates occurring every three months on designated dates. The offerings under the ESPP commence on February 15, May 15, August 15 and November 15 of each calendar year. Any eligible employee may participate in only one offering at a time and may purchase shares only through payroll deductions permitted under the ESPP. At the end of each three-month purchase period, the purchase price is determined and the accumulated funds are used to automatically purchase shares of common stock. The purchase price per share is equal to 85 percent of the lower of the fair market value of the common stock on (a) the first day of the offering period or (b) the date of purchase. The ESPP also provides that if the fair market value of the common stock on the first day of the new offering period is less than or equal to the fair market value of the common stock on the first date of any ongoing offering, employees participating in any such ongoing offering will be automatically withdrawn from it and enrolled in the new offering. The Company granted SARs starting in the first quarter of 2010. 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 634,523 and 63,853 SARs in 2015 and 2014 respectively, and did not grant any SARs in 2013 . Share-based compensation expense was included in the Company’s Consolidated Statements of Operations as follows: (In thousands) 2015 2014 2013 Cost of sales $ 586 $ 722 $ 898 Selling, service and administration 2,847 4,213 5,330 Research, development and engineering 1,109 1,170 1,860 Total share-based compensation expense $ 4,542 $ 6,105 $ 8,088 Share-based compensation expense decreased in 2015 compared to 2014 primarily due to fewer restricted stock unit awards granted and lower stock price on grant dates, partially offset by an increased number of stock settled stock appreciation right awards granted. The share-based compensation expense decrease in 2014 compared to 2013 was primarily due to decreased attainment of performance-based grants in 2014, award cancellations and to a lesser extent, fewer overall awards granted. The total amount of net cash received from the stock plan awards was insignificant in 2015 and was $0.7 million and $0.6 million for 2014 and 2013 , respectively. All stock plan awards are settled with newly issued shares. No share-based compensation costs were capitalized during 2015 , 2014 or 2013. As of March 28, 2015 , the Company had $5.9 million of total unrecognized share-based compensation costs, net of estimated forfeitures, which are expected to be recognized over a weighted average period of 2.0 years . Valuation Assumptions The Black-Scholes option pricing model is utilized to determine the fair value of SARs granted. The following weighted average assumptions were used in calculating the fair value of SARs during the periods presented: 2015 2014 2013 Risk-free interest rate 2.04 % 1.88 % 1.63 % Expected dividend yield 4.6 % 3.5 % 2.6 % Expected lives 7.0 years 6.0 years 1.5 years Expected volatility 47 % 45 % 47 % The following weighted average assumptions were used to estimate the fair value of ESPP shares issued in the periods presented: 2015 2014 2013 Risk-free interest rate 0.24 % 0.16 % 0.18 % Expected dividend yield 3.2 % 3.3 % 3.0 % Expected lives 1.1 years 1.1 years 1.1 years Expected volatility 41 % 37 % 43 % The risk-free interest rates used are based on the U.S. Treasury yields over the expected terms. In December 2011, the Board of Directors adopted a dividend policy under which the Company made quarterly cash dividends payments. Accordingly, the Company paid a dividend of $0.08 per outstanding common share in first three quarters of 2015 and all four quarters of 2014 and 2013. In the fourth quarter of 2015, the Board of Directors suspended the quarterly dividend payment. The expected dividend yield used is derived using a mathematical formula which uses the expected Company annual dividend rate over the expected term divided by the fair value of the Company’s common stock at the grant date. The expected term and forfeiture estimates for stock options and SARs are based on an analysis of actual exercise behavior. The expected term for the ESPP is the weighted average length of the purchase periods. The Company uses its historical volatility over the estimated expected term as the expected volatility. At March 28, 2015 , the Company had 6,045,139 shares of its common stock reserved for issuance under all of the above plans combined. Of those shares, 3,658,591 are subject to issuance under currently outstanding stock options, SARs and stock awards and 2,386,548 shares, including 945,645 shares available for issuance under the ESPP, are available for future grants. The total fair value of stock option and SARs awards granted and vested during the period, unvested restricted stock unit awards granted and vested during the period, the intrinsic value of stock options and SARs exercised during the period and the total grant date fair value were: (In thousands, except per share data) 2015 2014 2013 Stock-Option and SAR Awards: Grant date fair value per share $ 2.12 $ 2.94 $ 4.82 Total fair value of options and SARs granted $ 1,291 $ 188 $ 25 Total fair value of options and SARs vested $ 409 $ 1,305 $ 2,050 Total intrinsic value of options and SARs exercised $ 18 $ 183 $ 230 Unvested Restricted Stock Unit Awards: Grant date fair value per share $ 6.80 $ 10.19 $ 8.05 Total fair value of awards granted $ 5,832 $ 6,865 $ 7,026 Total fair value of awards vested $ 7,532 $ 5,251 $ 6,266 Employee Stock Purchase Plan: Grant date fair value per share $ 1.72 $ 2.61 $ 3.22 Total grant date fair value $ 559 $ 699 $ 869 Share-Based Payment Award Activity Information with respect to stock option and SAR activity was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Exercisable at March 29, 2014 1,898,409 $ 15.27 Granted 634,523 6.91 Exercised (8,250 ) 7.26 Expired or forfeited (295,636 ) 18.30 Outstanding at March 28, 2015 2,229,046 $ 12.52 4.45 $ — Vested and expected to vest at March 28, 2015 2,195,313 $ 12.60 4.37 $ — Exercisable at March 28, 2015 1,556,978 $ 14.61 2.43 $ — Information with respect to unvested time-based restricted stock unit awards activity was as follows: Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at March 29, 2014 1,115,601 $ 11.47 Awarded 459,295 6.33 Vested (672,930 ) 11.19 Forfeited (66,125 ) 9.82 Outstanding at March 28, 2015 835,841 $ 8.90 1.91 $ 5,149 Information with respect to unvested performance-based restricted stock unit awards activity was as follows: Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at March 29, 2014 396,533 $ 10.33 Awarded 398,905 7.33 Vested (234 ) — Forfeited (201,500 ) 11.63 Outstanding at March 28, 2015 593,704 $ 7.88 1.81 $ 3,657 Additionally, the Company will grant approximately 513,328 shares valued at $2.3 million, as compensation to a Principal in the Company who was also a former shareholder of Topwin. The compensation will be recognized over the term of the principle's employment agreement with the Company per the purchase contract. See Note 6 "Business Acquisition” for discussion. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 28, 2015 | |
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 March 28, 2015 and March 29, 2014 was as follows (in thousands): March 28, 2015 Level 1 Level 2 Level 3 Total Money market securities $ 14,280 $ — $ — $ 14,280 Commercial paper — 15,537 — 15,537 Municipal bonds — 3,872 — 3,872 Government agencies — 2,702 — 2,702 Corporate bonds — 853 — 853 Forward purchase or (sale) contracts: Japanese Yen — (7 ) — (7 ) New Taiwan Dollar — 17 — 17 Korean Won — (44 ) — (44 ) Euro — 277 — 277 British Pound — (133 ) — (133 ) Chinese Renminbi — (34 ) — (34 ) 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 March 28, 2015 and March 29, 2014 were utilized to calculate fair values. During 2015 and 2014, there were no transfers between Level 1, 2 or 3 assets. Investments Certain information regarding the Company’s investments at March 28, 2015 and March 29, 2014 was as follows (in thousands): Unrealized March 28, 2015 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 15,537 $ — $ — $ 15,537 Municipal bonds 3,870 2 — 3,872 Government agencies 2,702 — — 2,702 Corporate bonds 853 — — 853 $ 22,962 $ 2 $ — $ 22,964 Available-for-sale securities (non-current): $ — $ — $ — $ — $ — $ — $ — $ — Unrealized March 29, 2014 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 6,700 $ — $ — $ 6,700 Government agencies 8,035 2 — 8,037 Corporate bonds 17,321 7 — 17,328 Municipal bonds 8,737 4 — 8,741 $ 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 March 28, 2015 and March 29, 2014 . At March 28, 2015 , $23.0 million in investments had maturities within one year. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Mar. 29, 2014 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisition Fiscal 2015 On January 15, 2015, the Company acquired all of the outstanding shares of Wuhan Topwin Optoelectronics Technology Co., Ltd. (Topwin), a Chinese manufacturer of laser-based systems, for $7.7 million in cash and 748,944 shares issuable over a three year period, valued at approximately $2.8 million as of the acquisition date. Out of the $2.8 million in equity, approximately one-half, or 374,472 shares, is contingent-based consideration and one-half, or 374,472 shares, is non-contingent and will be issued over a three year period beginning June 30, 2015. The contingent consideration is based on future performance of the acquiree, as evaluated against targets for net income for each year over a three year period. One-third of the contingent shares will be issued after each year if the target is met for that year, however failing to meet stated targets will result in none of the contingent shares being issued for that year. As of the acquisition date, the fair value of 374,472 shares of contingent consideration was estimated to be $0.3 million and the 374,472 shares of non-contingent equity consideration was estimated to be $2.5 million . The fair value of the non-contingent and contingent shares to be issued over the three year period is determined based on the estimated share price as of the issuance date derived through Monte Carlo simulation, discounted back to the acquisition date. The value of the contingent shares includes consideration of the estimated probability of attainment of the net income targets. Analysis supporting the preliminary 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. Additionally, the Company will grant, on the same terms described above, approximately 513,328 shares valued at $2.3 million, as compensation to a Principal in the Company who was also a former shareholder of Topwin. The compensation will be recognized over the term of the Principal's employment agreement with the Company per the purchase contract. The total purchase price of approximately $10.6 million , net of cash acquired, was allocated to the underlying assets acquired and liabilities assumed based on their fair values. The allocation of purchase price to goodwill and identifiable assets and liabilities is subject to the final determination of purchase price, as the purchase price and asset values are subject to valuation and contractual adjustments of working capital, which has not been settled. The following table presents the allocation of the purchase price of $10.6 million to the assets acquired and liabilities assumed based on their fair values: (In thousands) Accounts receivable, net of allowances of $268 $ 454 Inventory 544 Prepaid expense and other current assets 86 Property, plant and equipment 23 Acquired intangibles 3,618 Goodwill 7,717 Accounts payable and other accrued liabilities (1,859 ) Total purchase price, net of cash acquired $ 10,583 The acquisition is expected to enable the Company to gain entry into the low total-cost-of-ownership solutions market in China. The Company has preliminarily allocated approximately $7.7 million of the purchase price to goodwill, which was assigned to the Topwin reporting unit. The premium paid over the fair value of the individual assets acquired and liabilities assumed reflects the Company’s view that this acquisition was the result of a competitive bid process and has provided the Company with innovative design and manufacturing capabilities for laser-based manufacturing solutions across a variety of complementary applications, together with direct access to local China market, supply chain and opto-electronics knowledge center. None of the goodwill is expected to be deductible for tax purposes. As a result of the acquisition, the Company recorded approximately $4.7 million of net identifiable assets including $3.6 million of identifiable intangible assets and $1.9 million of identifiable liabilities. The acquired intangible assets consist primarily of $3.5 million of developed technology and will be amortized over their useful lives, which range from one to ten years. In 2015, the Company also incurred approximately $0.8 million in acquisition-related costs which are included in selling, service and administration expenses in the Consolidated Statements of Operations. The operating results of this acquisition are included in the Company’s results of operations since the date of acquisition. Pro forma financial information has not been provided for the acquisition of Topwin as it was not material to the Company’s current year operations and overall financial position. Fiscal 2014 On May 3, 2013, the Company completed the purchase of assets related to the Semiconductor Systems business of GSI Group Inc. for a total purchase price of $9.7 million . The acquisition provided 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 | 12 Months Ended |
Mar. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at March 28, 2015 and March 29, 2014 were as follows: (In thousands) 2015 2014 Raw materials and purchased parts $ 37,991 $ 38,747 Work-in-process 14,834 12,914 Finished goods 3,812 7,241 $ 56,637 $ 58,902 In 2015 and 2014 , the Company recorded a charge against inventory for write-offs associated with discontinued products of $1.0 million and $12.8 million , respectively. See Note 25 "Restructuring and Cost Management Plans" for further discussion on 2015 write-off. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure Other Current Assets [Abstract] | |
Other Current Assets | Other Current Assets Other current assets at March 28, 2015 and March 29, 2014 consisted of the following: (In thousands) 2015 2014 Prepaid expenses $ 2,595 $ 2,601 Value added tax receivable 802 779 Acquisition related receivable $ 1,180 $ — Other 1,513 1,294 $ 6,090 $ 4,674 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 28, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment as of March 28, 2015 and March 29, 2014 consisted of the following: (In thousands) Estimated Useful Lives 2015 2014 Land n/a $ 2,152 $ 2,068 Buildings and improvements 3 to 40 years 37,841 38,471 Machinery and equipment 3 to 10 years 53,781 51,442 Computer equipment and software 1 to 7 years 34,985 34,282 128,759 126,263 Less accumulated depreciation (102,901 ) (98,333 ) $ 25,858 $ 27,930 Depreciation expense totaled $7.2 million, $7.1 million and $9.2 million in 2015 , 2014 and 2013 , respectively. For the year ended March 28, 2015 , the Company performed a review for impairment based on certain triggering events. As a result of this review, no impairments of property, plant and equipment were identified. Accounts payable includes $0.4 million for amounts owed on property, plant and equipment purchases as of March 28, 2015. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 28, 2015 | |
Goodwill Disclosure [Abstract] | |
Goodwill | Goodwill The Company had $7.7 million and $7.9 million in goodwill as of March 28, 2015 and March 29, 2014 , respectively. In the fourth quarter of 2015 we realigned our products into two segments as a result of changes in our go-to-market strategies, common customer characteristics, and information utilized to manage our business. This reorganization required the Company to reassign its reported goodwill to its new reporting units based on the relative fair value of the respective reporting units. The carrying value of goodwill by reporting unit was approximately $7.7 million for Topwin, $6.3 million for Component Processing and $1.6 million for Micromachining. The Company reviews its goodwill for impairment annually, or more frequently, if events or circumstances indicate that the carrying value of the reporting unit exceeds its fair value. Fair value is determined based on the present value of estimated cash flows for the reporting unit developed using available industry and market information, discount rates and the expected long-term cash flow growth rates. Discount rates are determined based on the cost of capital. In performance of the annual review of goodwill, the Company conducted the first step of goodwill impairment test for all our newly formed reporting units and determined that the carrying value of the component processing and micromachining reporting units exceeded fair value. In accordance with ASC Topic 350, Intangibles-Goodwill and Other (Topic 350) and our accounting policies, we tested the Component Processing and Micromachining reporting units' goodwill for impairment using a step two analysis. As a result of that analysis, which is not complete, we recorded an estimated non-cash goodwill impairment charge of $7.9 million to write down the goodwill to its implied fair value as of March 28, 2015. The primary driver of this impairment charge was our reorganization from a single reporting unit and operating segment to multiple reporting units and operating segments as of March 28, 2015, as well as a decline in revenues and operating and cash flow losses which changed the factors used in assessing goodwill. As a result of the reorganization and analysis at a segment and reporting unit level, any goodwill allocated to Component Processing and Micromachining was no longer supported by the estimated fair value of the respective businesses. Under our former reporting unit structure, goodwill was evaluated on the basis of a single reporting unit and fair value was estimated based on market capitalization plus a reasonable control premium. See Note 6 "Business Acquisition" for further discussion on Topwin goodwill. |
Acquired Intangible Assets
Acquired Intangible Assets | 12 Months Ended |
Mar. 28, 2015 | |
Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets | Acquired Intangible Assets Acquired intangible assets as of March 28, 2015 and March 29, 2014 consisted of the following: (In thousands, except years) Weighted Average Useful Life (In years) 2015 2014 Developed technology 6.7 $ 20,001 $ 13,315 Customer relationships 5.6 3,154 3,154 Customer backlog 0.9 1,341 1,250 Trade name and trademarks 3 463 463 Fair value of below-market lease (non-current portion) 3.8 310 310 Change of control agreements 1 100 100 Patents 12.9 3,469 3,427 In-process research and development Indefinite — 3,204 28,838 25,223 Less accumulated amortization (19,880 ) (18,378 ) Total acquired intangible assets $ 8,958 $ 6,845 We performed a review of our acquired intangible assets in the fourth quarter of 2015 , including a review for impairment based on certain triggering events and no significant impairments of intangible assets were detected. Amortization expense for acquired intangible assets has been recorded on the Consolidated Statements of Operations as follows: (In thousands) 2015 2014 2013 Cost of sales $ 1,095 $ 2,293 $ 4,239 Selling, service and administration 210 212 305 Research, development and engineering 197 480 240 $ 1,502 $ 2,985 $ 4,784 The estimated amortization expense for acquired intangible assets in future years is as follows (in thousands): Year Amortization 2016 $ (1,375 ) 2017 (1,208 ) 2018 (1,199 ) 2019 (1,199 ) 2020 (1,147 ) Future years (2,830 ) $ (8,958 ) |
Other Assets
Other Assets | 12 Months Ended |
Mar. 28, 2015 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following as of March 28, 2015 and March 29, 2014 : (In thousands) 2015 2014 Minority equity investment $ — $ 4,263 Consignment and demo equipment, net 7,164 5,938 Long term deposits and other 2,391 2,146 $ 9,555 $ 12,347 Minority equity investment represented the Company's investment in OmniGuide, Inc., which was accounted for as a cost method investment. At each reporting period end, the Company determined whether events or circumstances occurred that are likely to have a significant adverse effect on the fair value of the investment. The total carrying value of this investment was zero at March 28, 2015 and $4.3 million at March 29, 2014. In the fourth quarter of 2015, OmniGuide's lender exercised its right to convert the outstanding obligations owed to it by OmniGuide into 100% of OmniGuide's outstanding equity under the applicable financing agreements, thereby resulting in an immediate impairment of the Company's minority ownership of OmniGuide. The Company recorded an impairment of $4.3 million in the fourth quarter of 2015 and relinquished all holdings in this investment. Depreciation expense for demo equipment totaled $0.6 million in each of 2015 and 2014, and $0.7 million in 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred income taxes are recognized for the future tax consequences attributable to temporary differences between the financial statement and tax balances of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those assets and liabilities are expected to be recovered or settled. The effect on deferred taxes resulting from a change in tax rates is recognized in income in the period that includes the enactment date. When management determines that it is not more likely than not that a deferred tax asset will be fully realized, a valuation allowance is established to reduce deferred tax assets to the amount expected to be realized. Net deferred tax assets and liabilities at March 28, 2015 and March 29, 2014 consisted of the following: (In thousands) 2015 2014 Deferred tax assets and liabilities: Current Inventory valuation and warranty costs $ 10,781 $ 13,650 Receivables and other current assets (272 ) (311 ) Payroll-related accruals 1,288 1,594 Accrued liabilities 2,382 926 Deferred revenue 3,368 2,900 Other 1,029 (161 ) Total current deferred tax assets 18,576 18,598 Valuation allowance, current (18,571 ) (18,607 ) Net current deferred tax assets (liabilities) $ 5 $ (9 ) Non-current Deferred compensation $ 4,704 $ 6,482 Intangible assets and investments (1,677 ) 2,446 Accrued liabilities 454 186 Property, plant and equipment 5,187 4,634 Other comprehensive income (112 ) (253 ) Tax loss and credit carryforwards 59,137 42,324 Other assets 1,049 1,473 Total non-current deferred tax assets 68,742 57,292 Valuation allowance, non-current (69,011 ) (56,588 ) Net non-current deferred tax (liabilities) assets $ (269 ) $ 704 Total deferred tax assets $ 87,318 $ 75,890 Total valuation allowance (87,582 ) (75,195 ) Net deferred tax (liabilities) assets $ (264 ) $ 695 The Company had approximately $68.5 million and $49.7 million in tax assets resulting from federal, state and foreign net operating losses and tax credits as of March 28, 2015 and March 29, 2014 , respectively as follows: (In thousands) 2015 2014 Federal net operating losses $ 19,785 $ 7,691 State net operating losses 3,467 3,100 Foreign operating losses and tax credits 11,433 11,527 Federal research credits 19,670 18,332 State research credits 4,287 3,953 Federal minimum tax credit 1,049 1,106 Federal capital losses 8,855 4,024 $ 68,546 $ 49,733 The federal and state net operating losses expire on various dates through fiscal 2035. The majority of the foreign tax credits expire on various dates through fiscal 2025. The federal and most of the state research credits expire on various dates through fiscal 2035. Certain state research credits and the federal minimum tax credits are available indefinitely. The state net operating losses and credits are reflected net of their federal tax impact. A valuation allowance is required if it is more likely than not that all or a part of a deferred tax asset will not be realized in the future. A valuation allowance of $87.6 million and $75.2 million was recorded as of March 28, 2015 and March 29, 2014 , respectively. The valuation allowance increased by $12.4 million in 2015 primarily due to higher net operating losses, tax credits and capital losses. The components of income before income taxes and the (benefit from) provision for income taxes, all from continuing operations, were as follows: (In thousands) 2015 2014 2013 Loss before income taxes: Domestic $ (39,656 ) $ (37,739 ) $ (16,935 ) Foreign (3,921 ) (687 ) 2,070 Total loss before income taxes $ (43,577 ) $ (38,426 ) $ (14,865 ) Provision for (benefit from) income taxes: Current: U.S. federal and state $ (983 ) $ (605 ) $ (2,978 ) Foreign 1,205 437 1,767 222 (168 ) (1,211 ) Deferred: U.S. federal and state 5 (26 ) 40,055 Foreign 7 102 1,007 12 76 41,062 Total provision for (benefit from) income taxes $ 234 $ (92 ) $ 39,851 The portion of the tax benefit derived from stock-based compensation that is allocated as common stock was $0.0 million in 2015 , 2014 and 2013 . A reconciliation of the Company’s effective tax rate to the United States federal statutory income tax rate was as follows: 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit (1.1 ) (0.6 ) 1.1 Tax credits 4.2 3.0 11.3 Domestic production and export tax incentives — — 3.7 Non-U.S. income taxed at different rates 2.1 3.3 8.4 Changes in unrecognized tax benefits (2.4 ) 2.1 3.6 Change in valuation allowance (32.3 ) (38.0 ) (327.2 ) Stock compensation (4.2 ) (4.1 ) (3.6 ) Other, net (2.0 ) (0.5 ) (0.4 ) (0.7 )% 0.2 % (268.1 )% The Company currently benefits from a tax incentive program in Singapore pursuant to which the Company pays no Singapore income tax with respect to manufacturing income. The incentive commenced on July 1, 2006 and will continue through June 30, 2016 assuming the Company is able to satisfy applicable requirements. There is no assurance the Company will be able to satisfy these requirements and failure to meet such requirements may lead to reduction in future or past tax benefits. The Company has failed to meet certain of the associated requirements in the past, however has obtained a waiver for certain periods. The Company believes that it is more likely than not it will continue to receive the associated tax incentives and there is no indication that past benefits received would be rescinded. The Company operates globally but considers its significant tax jurisdictions to include Canada, China, France, Japan, Korea, Singapore, Taiwan, the United Kingdom and the United States. As of March 28, 2015 , the following tax years remained subject to examination by the major tax jurisdictions indicated: Major Jurisdictions Open Tax Years Canada 2011 and forward China 2005 and forward France 2012 and forward Japan 2008 and forward Korea 2010 and forward Singapore 2011 and forward Taiwan 2010 and forward United Kingdom 2011 and forward United States 2004 and forward A US federal income tax audit for the 2011 and 2012 tax period concluded in the final quarter of 2014 and resulted in a tax refund of $0.5 million. A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits for the years ended March 28, 2015 and March 29, 2014 was as follows: (In thousands) 2015 2014 Beginning unrecognized tax benefits balance $ 9,356 $ 9,210 Gross increases for tax positions of prior years 849 44 Gross decreases for tax positions of prior years (1,013 ) — Gross increases for tax positions for current year 462 102 Ending unrecognized tax benefits balance $ 9,654 $ 9,356 The unrecognized tax benefits were presented as long-term income taxes payable on the Consolidated Balance Sheets net of offsetting deferred tax assets. If recognized the net impact to the effective tax rate associated with the unrecognized tax benefits would be $0.2 million and $1.0 million as of March 28, 2015 and March 29, 2014 , respectively. The company records interest and penalties related to unrecognized tax benefits as tax expense. The interest and penalties were minimal in 2015 and 2014 . The Company expects no decrease in unrecognized tax benefits within the next twelve months from the lapse in statutes of limitation. The Company also expects the annual increases to be consistent with prior years and does not anticipate any significant changes in unrecognized tax benefits in the next twelve months as the result of examinations. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following at March 28, 2015 and March 29, 2014 : (In thousands) 2015 2014 Payroll-related liabilities $ 6,723 $ 6,166 Product warranty accrual 3,342 4,215 Restructuring and cost management amounts payable 1,997 1,050 Pension benefit liabilities 1,853 1,912 Purchase order commitments and receipts 1,815 2,569 Professional fees payable 1,237 1,933 Customer deposits 1,057 375 Value added taxes payable 474 332 Freight accrual 171 503 Income taxes payable 83 162 Other 1,485 1,307 $ 20,237 $ 20,524 |
Product Warranty
Product Warranty | 12 Months Ended |
Mar. 28, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | Product Warranty The following is a reconciliation of the changes in the aggregate product warranty accrual for 2015 , 2014 and 2013 : (In thousands) 2015 2014 2013 Product warranty accrual, beginning $ 4,215 $ 5,411 $ 4,187 Warranty charges incurred, net (6,468 ) (7,178 ) (7,381 ) Provision for warranty charges 5,595 5,982 8,605 Product warranty accrual, ending $ 3,342 $ 4,215 $ 5,411 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 fiscal year-end and is recorded to cost of sales. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Mar. 28, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | Deferred Revenue The following is a reconciliation of the changes in deferred revenue for 2015 , 2014 and 2013 : (In thousands) 2015 2014 2013 Deferred revenue, beginning $ 10,515 $ 10,196 $ 10,751 Revenue deferred 46,139 34,594 54,535 Revenue recognized (44,278 ) (34,275 ) (55,090 ) Deferred revenue, ending $ 12,376 $ 10,515 $ 10,196 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 28, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into derivative financial instruments on a limited basis and does not use them for trading purposes. It does, however, use derivatives to manage well-defined foreign currency risks. The Company hedges material non-functional currency monetary asset and liability balances. Foreign exchange contract gains and losses are recognized at the end of each fiscal period in the Company’s results of operations. Such gains and losses are typically offset by the corresponding changes to the related underlying hedged item. Cash flows from derivative financial instruments are classified in the same category as the cash flows from the items hedged. At March 28, 2015 and March 29, 2014 , the Company had net forward exchange contracts to purchase foreign currencies totaling $2.8 million and $8.9 million , respectively. In general, these contracts mature in less than six months and the counterparties are large, highly rated banks; therefore, the Company believes that the risk of loss as a result of nonperformance by the banks is minimal. The table below summarizes, by currency, the notional amounts of forward exchange contracts in U.S. dollars as of March 28, 2015 and March 29, 2014 . The “bought” amounts represent the net U.S. dollar equivalents of commitments to purchase foreign currencies, and the “sold” amounts represent the net U.S. dollar equivalents of commitments to sell foreign currencies. The foreign currency amounts have been translated into a U.S. dollar equivalent value using the exchange rates as of March 28, 2015 and March 29, 2014 . Bought (Sold) (In thousands) 2015 2014 Japanese Yen $ 4,263 $ 4,346 Euro 10,354 13,322 New Taiwan Dollar (831 ) (440 ) Korean Won (3,000 ) (1,917 ) British Pound (2,906 ) (3,664 ) Chinese Renminbi (4,278 ) (1,917 ) Singapore Dollar (598 ) (716 ) Canadian Dollar (159 ) (136 ) $ 2,845 $ 8,878 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The aggregate minimum commitment obligation under operating leases beyond March 28, 2015 was as follows (in thousands): Year Operating 2016 $ 2,647 2017 1,849 2018 1,332 2019 897 2020 16 Thereafter — $ 6,741 The Company leases certain equipment, automobiles, manufacturing and office space under operating leases, which are non-cancelable and expire on various dates through fiscal 2020. Rental expense for all operating leases was $2.7 million, $2.8 million and $2.6 million in 2015 , 2014 and 2013 , respectively. The operating lease amount includes our contractual facility lease obligation at Chelmsford, Massachusetts plant, which will be closed in the fourth quarter of 2016 as a part of the Company’s plan to streamline its manufacturing and development activities. See Note 25 "Restructuring and Cost Management Plans" for further discussion on Chelmsford plant closure plan. In the normal course of business, the Company agrees to indemnify customers with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from other third party claims that the Company’s products, when used for their intended purposes, infringe the intellectual property rights of such other third parties. To date, the Company has not recorded any material charges related to these types of obligations. |
Loan Agreement
Loan Agreement | 12 Months Ended |
Mar. 28, 2015 | |
Debt Disclosure [Abstract] | |
Loan Agreement | Loan Agreement On March 20, 2015, the Company entered into a loan and security agreement ("Loan Agreement") with Silicon Valley Bank ("SVB"), as lender. The Loan Agreement provides for a senior secured asset-based revolving credit facility (the “Credit Facility”) with up to $30 million available on a revolving basis, including a $15 million sublimit for letters of credit, until March 20, 2018. Borrowings under the Credit Facility may be used for working capital needs and other general corporate purposes. The Credit Facility has three levels of reporting, pricing, and availability based on the Company’s liquidity and certain borrowing base valuations of the Company’s eligible accounts receivable. Amounts outstanding under the Credit Facility will bear interest at a rate per annum equal to, at the election of the Company, the LIBOR rate or Wall Street Journal prime rate or, plus an additional interest rate margin that is determined by the availability of borrowings under the Loan Agreement. The additional interest rate margin will range from 2.0% to 2.75% in the case of LIBOR advances and from zero percent to 0.5% for prime rate advances. During an event of default, amounts due under the Loan Agreement will bear interest at a rate per annum equal to 5% above the rate otherwise applicable to such amounts. The Company paid SVB a commitment fee of $75,000 on execution of the Loan Agreement and will be required to pay $12,500 per annum thereafter, and is required to pay a quarterly unused facility fee equal to 0.30% - 0.50% per annum of the average daily unused portion of the commitments under the Credit Facility, depending upon availability of borrowings under the Credit Facility. At March 28, 2015 , the Company had no loans outstanding under the Loan Agreement. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Mar. 28, 2015 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | Loss Per Share The following was a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share for 2015 , 2014 and 2013 : (In thousands, except per share data) 2015 2014 2013 Net loss $ (43,811 ) $ (38,334 ) $ (54,716 ) Weighted average shares used for basic earnings per share 30,611 29,974 29,357 Incremental diluted shares — — — Weighted average shares used for diluted earnings per share 30,611 29,974 29,357 Net loss per share: Net loss—basic $ (1.43 ) $ (1.28 ) $ (1.86 ) Net loss—diluted $ (1.43 ) $ (1.28 ) $ (1.86 ) Awards of options, SARs and unvested restricted stock units representing an additional 2.9 million , 3.8 million and 3.4 million shares of stock for 2015 , 2014 and 2013 , respectively, were not included in the calculation of diluted net earnings per share because their effect would have been antidilutive. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Mar. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Repurchase Program On December 9, 2011, the Board of Directors authorized a share repurchase program totaling $20.0 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. The following table provides information with respect to share repurchases by the Company during 2015 and 2014 . Fiscal Year Total number of shares purchased Average price paid per share Total value of shares repurchased (in millions) Maximum value of shares that may yet be purchased under the program (in millions) 2015 207,738 $7.01 $1.5 $18.3 2014 19,832 $9.65 $0.2 $19.8 In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million in cash under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. The Company did not repurchase any shares during the subsequent quarters 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 to date under this authorization as a part of its publicly announced plan. Any cash used to settle repurchase transactions is reflected as a component of cash used in financing activities on the Consolidated Statements of Cash Flows. There is no fixed completion date for the repurchase program. Dividends In February 2015, the Board of Directors suspended the quarterly dividend which was adopted by the Company in December 2011. The Company paid dividends in the first three quarters of 2015 under the 2011 dividend policy. The following table summarizes the quarterly dividends declared and paid by us in 2015 and 2014 : Date Declared Record Date Payable Date Amount per Share November 18, 2014 December 1, 2014 December 15, 2014 $0.08 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 May 14, 2013 June 5, 2013 June 19, 2013 $0.08 The Company paid aggregate dividends of $7.3 million and $9.6 million in 2015 and 2014 , respectively. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure Legal Proceedings [Abstract] | |
Legal Proceedings | Legal Proceedings In the ordinary course of business, we are involved in various legal matters, either asserted or unasserted, and investigations. In the opinion of management, ultimate resolution of these matters will not have a material effect on our consolidated financial position, results of operations or cash flows. |
Shareholder Rights Plan
Shareholder Rights Plan | 12 Months Ended |
Mar. 28, 2015 | |
Shareholder Rights Plan [Abstract] | |
Stockholder Rights Plan | Shareholder Rights Plan The Company had a shareholder rights plan, under which each share of common stock carries with it an associated right (a “Right”). Each Right entitled the holder to purchase 1/100 of a share of Series A No Par Preferred Stock at a purchase price of $60, subject to adjustment. The Rights did not have voting or dividend rights and, until they became exercisable, had no dilutive effect on the Company’s earnings. In March 2015, the Company entered into an amendment to the shareholders rights plan, pursuant to which the final expiration date was advanced from May 18, 2019 to March 26, 2015. As a result of the amendment, at March 28, 2015 , there are no outstanding Rights and the shareholder rights plan had terminated. |
Product and Geographic Informat
Product and Geographic Information | 12 Months Ended |
Mar. 28, 2015 | |
Segment Reporting [Abstract] | |
Product and Geographic Information | and Geographic Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our Chief Executive Officer. Prior to the fourth quarter of 2015, we operated in one segment, high-technology manufacturing equipment, which was comprised of products that were classified in three groups: interconnect and micromachining, semiconductor and component. As a result of changes in our go-to-market strategies, common customer characteristics, and information utilized to manage our business, we realigned our products into two segments. As of March 28, 2015 we operate in two segments, Component Processing and Micromachining. The Company is providing supplemental historical information of net sales and gross profit by operating segment for the years 2015, 2014 and 2013. The following table presents net sales information by previously disclosed product groups and is included as a reference to transition from our prior reporting structure to our new operating segment structure: (In thousands) 2015 2014 2013 Interconnect & Microfabrication Group (IMG) $ 101,433 $ 120,947 $ 170,360 Semiconductor Group (SG) 38,586 35,779 18,754 Components Group (CG) 19,099 24,441 27,511 $ 159,118 $ 181,167 $ 216,625 The following table presents net sales information by operating segments: (In thousands) 2015 2014 2013 Component Processing $ 124,598 $ 141,401 $ 125,072 Micromachining 34,520 39,766 91,553 $ 159,118 $ 181,167 $ 216,625 The following table presents gross profit by operating segments: (In thousands) 2015 2014 2013 Component Processing $ 50,970 $ 63,914 $ 49,435 Micromachining 6,383 12,175 37,922 Corporate and other (2,672 ) (16,218 ) (26,069 ) $ 54,681 $ 59,871 $ 61,288 Segment disclosures are presented to the gross profit level as this is the primary performance measure for which the segment management are responsible. Corporate and other charges include amortization of acquired intangible assets, stock-based compensation, restructuring and other costs. Selling, service, general and administrative and other operating expenses are managed at the functional and corporate levels, and because allocation to the market segments would be arbitrary, have not been allocated to the market segments. See the consolidated statements of operations for reconciliations from gross profit to income before taxes. These reconciling items are not included in the measure of profit and loss for each reportable segment. Net sales by geographic area, based on the location of the end user, were as follows: (In thousands) 2015 2014 2013 Asia $ 124,049 $ 136,336 $ 186,346 Americas 18,067 31,596 20,907 Europe 17,002 13,235 9,372 $ 159,118 $ 181,167 $ 216,625 Assets, excluding goodwill are not allocated to segments for internal reporting presentations and are managed at corporate level. The total carrying value of $7.7 million of goodwill was allocated to the Topwin reporting unit as of March 28, 2015. (In thousands) 2015 Topwin 7,717 $ 7,717 Long-lived assets, exclusive of investments and net deferred tax assets, by geographic area were as follows: (In thousands) 2015 2014 Americas $ 32,620 $ 38,930 Asia 19,775 6,271 Europe 9,835 9,810 $ 62,230 $ 55,011 |
Restructuring and Cost Manageme
Restructuring and Cost Management Plans | 12 Months Ended |
Mar. 29, 2014 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Cost Management Plans | Restructuring and Cost Management Plans In March 2015, as a part of the plan to streamline its manufacturing and development activities, the Company initiated a restructuring plan to close the assembly plant and development center located in Chelmsford, Massachusetts. The estimated completion date of the plan is the end of fiscal 2016. As a result of this action, the Company recognized $3.0 million of restructuring costs in 2015 primarily related to $2.0 million of employee severance and related benefits charged against operating expenses and $1.0 million of inventory write-off charges associated with products that will not be transferred to other production sites of the Company. The inventory write-off charges were recorded to cost of sales. The corresponding liability was included in accrued liabilities on the Consolidated Balance Sheets. In 2015, the Company made cash payments of $1.0 million consisting primarily of $0.6 million of contractual payments to our former Chief Executive Officer and a $0.4 million in employee severance and related payments for the Asia restructuring plan initiated in 2013. The 2013 restructuring plan was initiated 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. Additionally, this plan included consolidation of certain development and manufacturing activities in Asia to our Singapore facility. The plan was completed in 2015 and there are no unpaid restructuring costs associated with this plan in accrued liabilities balance at March 28, 2015 . The following table presents the amounts related to restructuring and cost management amounts payable (in thousands): Restructuring costs payable balance as of March 30, 2013 $ 485 Employee severance and related benefits: Cash payments (204 ) Costs incurred and other adjustments 769 Restructuring costs payable balance as of March 29, 2014 1,050 Employee severance and related benefits: Cash payments (985 ) Costs incurred and other adjustments 1,932 Restructuring costs payable balance as of March 28, 2015 $ 1,997 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited) (In thousands, except per share data) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Year ended March 28, 2015 Net sales Systems $ 23,424 $ 30,273 $ 31,750 $ 26,156 Service 11,606 12,583 11,911 11,415 Total net sales 35,030 42,856 43,661 37,571 Cost of sales: Systems 16,934 20,742 22,031 18,488 Service 5,808 7,349 6,917 6,168 Total cost of sales 22,742 28,091 28,948 24,656 Gross profit 12,288 14,765 14,713 12,915 Net operating expenses 21,298 20,323 20,716 24,197 (Benefit from) provision for income taxes (713 ) 441 437 69 Net loss (8,251 ) (6,243 ) (6,376 ) (22,941 ) Basic net loss per share (0.27 ) (0.20 ) (0.21 ) (0.75 ) Diluted net loss income per share (0.27 ) (0.20 ) (0.21 ) (0.75 ) Dividends per outstanding common share Declared $ 0.08 $ 0.08 $ 0.08 $ — Paid $ 0.08 $ 0.08 $ 0.08 $ — Year ended March 29, 2014 Net sales Systems $ 38,050 $ 49,751 $ 27,704 $ 26,549 Service 8,122 9,896 10,563 10,532 Total net sales 46,172 59,647 38,267 37,081 Cost of sales: Systems 22,625 31,398 17,249 29,598 Service 5,088 4,667 5,817 4,854 Total cost of sales 27,713 36,065 23,066 34,452 Gross profit 18,459 23,582 15,201 2,629 Net operating expenses 21,581 22,885 19,795 24,446 Provision for (benefit from) income taxes 101 (33 ) 141 (301 ) Net loss (3,283 ) (2,778 ) (4,640 ) (27,633 ) Basic net loss per share (0.11 ) (0.09 ) (0.15 ) (0.92 ) Diluted net loss per share (0.11 ) (0.09 ) (0.15 ) (0.92 ) Dividends per outstanding common share Declared $ 0.08 $ 0.08 $ 0.08 $ 0.08 Paid $ 0.08 $ 0.08 $ 0.08 $ 0.08 The sum of the quarterly data presented in the table above for fiscal 2015 and 2014 may not equal annual results due to rounding. 1. In the fourth quarter of 2015, gross profit included $1.0 million of charges for inventory write-offs related to the Chelmsford, Massachusetts restructuring plan. 2. In the fourth quarter of 2015, net operating expenses included a non-cash goodwill impairment charge of $7.9 million to write down the goodwill to its implied fair value as of March 28, 2015, a $2.0 million restructuring cost related to the Chelmsford, Massachusetts restructuring plan, primarily consisting of employee severance and related costs. 3. In each of the third and fourth quarters of 2015, net operating expenses included $0.3 million and $0.5 million of acquisition and integration charges related to Topwin. 4. In the fourth quarter of 2015, net non-operating expenses included a loss on a cost method investment of $4.3 million and a $0.6 million gain on liquidation of a foreign subsidiary. 5. In the fourth quarter of 2015, the Board of Directors voted to suspend the quarterly dividend. 6. In the fourth quarter of 2014, gross profit included $12.8 million of charges for inventory write-offs. 7. In the fourth quarter of 2014, gross profit included $1.1 million in restructuring costs, and $1.0 million in charges for asset write-offs. 8. In the fourth and second quarters of 2014, net non-operating expenses included an other-than-temporary impairment of a cost method investment of $6.1 million and $3.6 million , respectively. 9. In the third quarter of 2014, net operating expenses included a net gain on sale of property and equipment of $1.3 million . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 28, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events from the statement of assets, liabilities and shareholders' equity date through the date at which the financial statements were available to be issued, and determined there are no other items to disclose. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying consolidated financial statements include the accounts of Electro Scientific Industries, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year consists of 52 or 53 weeks ending on the Saturday nearest March 31. Accordingly, the fiscal 2015 reporting period consisted of a 52 -week period ending on March 28, 2015 , the fiscal 2014 reporting period consisted of a 52 -week period ending on March 29, 2014 and the fiscal 2013 reporting period consisted of a 52 -week period ending on March 30, 2013 . All references to years or quarters relate to fiscal years or fiscal quarters unless otherwise noted. |
Estimates | The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (GAAP) 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; and valuation of goodwill. |
Net foreign investment exposure | The Company’s net investment exposure in foreign subsidiaries translated into U.S. dollars using the period-end exchange rates at March 28, 2015 and March 29, 2014 was approximately $64.3 million and $55.4 million, respectively. The potential loss in fair value resulting from a hypothetical 10% adverse change in foreign exchange rates would be approximately $6.4 million and $5.5 million at March 28, 2015 and March 29, 2014 , respectively. Foreign exchange rate gains or losses on foreign investments as of March 28, 2015 were reflected as a cumulative translation adjustment, net of tax, and do not affect the Company’s results of operations. |
Cash equivalents | All highly liquid investments with a maturity of 90 days or less at the date of purchase are considered to be cash equivalents. |
Investments | Short-term investments reflect marketable securities that have maturities of less than one year or are subject to immediate pre-payment or call provisions. These securities consist primarily of marketable debt securities and are classified as “available-for-sale securities” and recorded at fair market value. Unrealized gains and losses on short-term investments are recorded as a component of accumulated other comprehensive income (loss). To determine whether any existing impairment is other-than-temporary and requires recognition of an impairment loss in the results of operations, the Company evaluates its marketable securities based on the nature of the investments and the Company’s intent and ability to hold the securities until the securities are no longer in an unrealized loss position. |
Accounts receviable and allowance for doubtful accounts | Trade accounts receivable are stated at the amount the Company expects to collect and do not bear interest. Credit limits are established by reviewing the financial history and stability of each customer. Where appropriate, the Company obtains credit rating reports and financial statements of the customer to establish or modify credit limits. On certain foreign sales, letters of credit are obtained. The collectability of trade receivable balances is regularly evaluated based on a combination of factors such as customer reputation and credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. If it is determined or estimated that a customer will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material events impacting its business, a specific reserve for bad debt is recorded to reduce the related receivable to the amount expected to be recovered. |
Accrued restructuring costs | The Company has engaged, and may continue to engage, in restructuring actions, which require it to make estimates in certain areas including expenses for severance and other employee separation costs. Because the Company has a history of paying severance benefits, expenses associated with exit or disposal activities are recognized when probable and estimable. Should the actual amounts differ from our estimates, the amount of the restructuring charges could be materially impacted. See Note 24 “Restructuring and Cost Management Plans” for further discussion. |
Inventories | Inventories are principally valued at standard costs, which approximate the lower of cost (first-in, first-out) or market. Costs utilized for inventory valuation purposes include material, labor and manufacturing overhead |
Shipped systems pending acceptance | Shipped systems pending acceptance relate to systems that have been ordered and shipped to the customer, but have been deferred in accordance with the Company’s revenue recognition policy. Shipped systems pending acceptance are recognized as cost of sales once all criteria for revenue recognition have been met and revenue is recorded. Shipped systems pending acceptance are valued at standard costs, which approximate the lower of cost (first-in, first-out) or market. Costs utilized in the valuation of shipped systems pending acceptance include material, labor and manufacturing overhead and exclude costs of installation. |
Property, plant and equipment | Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line basis over the estimated useful lives of the assets. Expenditures for maintenance, repairs and minor improvements are expensed as incurred. Major improvements and additions are capitalized. When assets are sold or retired, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is included as a component of operating expenses. |
Long-lived asset impairment and amortization | Long-lived assets, principally property, plant and equipment and identifiable long-lived intangibles, are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the assets may not be recoverable. The Company evaluates recoverability of assets to be held and used by comparing the carrying amount of an asset to estimated future net undiscounted cash flows generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company’s purchased patents are amortized over their estimated useful lives, generally 9 to 17 years. Other purchased intangible assets with estimated useful lives are carried at cost less accumulated amortization. Amortization expense is recognized on a straight-line basis over the estimated useful lives of the intangible assets, which range from 1 to 10 years. |
Goodwill impairment | The Company accounts for goodwill pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 350 as amended in September 2011 by Accounting Standard Update (ASU) 2011-08, “Intangibles-Goodwill and Other (ASC Topic 350): Testing Goodwill for Impairment” (ASC ASU 2011-08). ASC Topic 350 requires that goodwill be tested for impairment at least annually. ASC ASU 2011-08 permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting units' fair value is less than its carrying amount before applying the two-step goodwill impairment test. The Company tests goodwill for impairment using a quantitative approach at least annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below the carrying value. In the fourth quarter of 2015 we realigned our products into two segments as a result of changes in our go-to-market strategies, common customer characteristics, and information utilized to manage our business. This reorganization required the Company to reassign its reported goodwill to its new reporting units based on the relative fair value of the respective reporting units, and perform an impairment analysis at the reporting unit level. Carrying value of each of the reporting units is determined based on an allocation of the Company's assets and liabilities to the reporting units using reasonable assumptions. If potential impairment is indicated by the step one test, the Company performs a step two test to determine the fair value of goodwill. |
Consignment Demo And Training Equipment | Consignment, demo and training equipment are recorded at the lower of standard costs or estimated market values, until the assets are sold. |
Cost method investments | The Company had a minority equity investment in the preferred stock of OmniGuide, Inc. (OmniGuide), a private company at a total carrying value of $4.3 million at March 29, 2014 , which was included in other assets on the Consolidated Balance Sheets. The Company’s position in this investment was fully impaired and relinquished in the fourth quarter of 2015. See Note 12 “Other Assets” for further discussion and disclosure relating to this investment. |
Fair value of financial instruments | The carrying amounts of financial instruments, including cash equivalents and accrued liabilities approximate fair value because of the nature of the underlying transactions and short-term maturities involved. Current and non-current marketable securities are recorded at fair value which is defined under FASB ASC Topic 820 “Fair Value Measurements and Disclosures” (ASC Topic 820). |
Derivative financial instruments | The Company’s primary objective for holding derivative financial instruments is to manage currency risk. The Company’s accounting policies for these instruments are based on whether they meet the Company’s criteria for designation as hedging transactions, either as cash flow or fair value hedges. A hedge of the exposure to variability in the cash flows of an asset or a liability, or of a forecasted transaction, is referred to as a cash flow hedge. A hedge of the exposure to changes in fair value of an asset or a liability, or of an unrecognized firm commitment, is referred to as a fair value hedge. The criteria for designating a derivative as a hedge include the instrument’s effectiveness in risk reduction and, in most cases, a one-to-one matching of the derivative instrument to its underlying transaction. The Company enters into foreign currency exchange contracts to offset the earnings impact relating to the variability in exchange rates on certain short-term monetary assets and liabilities denominated in non-functional currencies. The Company does not designate these foreign currency contracts as hedges. The change in fair value of these derivative instruments not designated as hedging instruments is reported each period in other income (expense), net, in our Consolidated Statement of Operations. |
Revenue recognition | The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered, the sales price is fixed or determinable and collection of the related receivable is reasonably assured. Title and risk of loss generally pass to the customer at the time of delivery of the product to a common carrier. Revenue is recognized upon such delivery, provided that fulfillment of acceptance criteria can be demonstrated prior to shipment. Where the acceptance criteria cannot be demonstrated prior to shipment, or in the case of substantially new products, revenue is deferred until acceptance has been received. For multiple element arrangements, the relative fair value of any undelivered elements is deferred until the elements are delivered and acceptance criteria are met. Revenues are recorded net of taxes collected which are required to be submitted to government authorities. Installation services are not essential to the functionality of the delivered equipment and installation revenue is deferred until installation is complete. Neither the costs of installation accrued nor the fair value of installation service revenue deferred has been material. Revenues associated with sales to customers under local contracts in Japan are recognized upon title transfer, which generally occurs upon customer acceptance. Revenues related to spare parts and consumable sales are generally recognized upon shipment. Revenues related to maintenance and service contracts are generally recognized ratably over the duration of the contracts. The Company sells a significant portion of its products to a small number of large semiconductor and microelectronics manufacturers. The top ten customers accounted for approximately 40% , 41% and 61% of total net sales in 2015 , 2014 and 2013 , respectively. One consumer electronics manufacturer accounted for approximately 9% , 15% and 31% of total net sales in 2015 , 2014 and 2013 , respectively. No other customer individually accounted for more than 10% of total net sales in 2015 , 2014 or 2013 . The Company’s operating results may be adversely affected if orders and revenues from these key customers decline. |
Product warranty | The Company evaluates obligations related to product warranties quarterly. A standard one-year warranty from the date of acceptance is provided on most products. Warranty charges are comprised of costs to service the warranty, including labor to repair the system and replacement parts for defective items, as well as other costs incidental to the repairs. Warranty charges are recorded net of any cost recoveries resulting from either successful repair of damaged parts or from warranties offered by the Company’s suppliers for defective components. Using historical data, the Company estimates average warranty cost per system or part type and records the provision for such charges as an element of cost of sales upon recognition of the related revenue. Additionally, the overall warranty accrual balance is separately analyzed using the remaining warranty periods outstanding on systems and items under warranty, and any resulting changes in estimates are recorded as an adjustment to cost of sales. If circumstances change, or if a significant change in warranty-related incidents occurs, the impact of the change in the warranty accrual could be material. Accrued product warranty is included on the Consolidated Balance Sheets as a component of accrued liabilities. |
Research and development | Research and development costs, which include labor and related employee expenses, patent maintenance fees, project materials costs, development tool placement and installation costs, project subcontractors, depreciation of engineering equipment, building costs and other administration expenses, are generally expensed as incurred. Engineering materials that are expected to provide future value are included in inventories. |
Taxes on unremitted foreign income | The Company provides for income taxes on its foreign subsidiaries’ taxable income based on the effective income tax rate in each respective jurisdiction. The Company provides for deferred taxes on the undistributed earnings of a subsidiary, except to the extent that the income is intended to be indefinitely reinvested or remitted in a tax-free liquidation. The foreign jurisdictions where the Company is permanently reinvested include Singapore and China (Topwin). The cumulative amount of earnings upon which U.S. income taxes have not been provided was $35.3 million and $28.8 million as of March 28, 2015 and March 29, 2014 , respectively. The tax liability related to these earnings was $12.2 million and $10.0 million as of March 28, 2015 and March 29, 2014 , respectively |
Comprehensive income (loss) | Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss), which includes charges or credits to equity that are not the result of transactions with shareholders. Comprehensive income (loss) within these consolidated financial statements includes primarily cumulative foreign currency translation adjustments and unrealized gains and losses on securities available for sale. The cumulative translation adjustment included in accumulated other comprehensive income (loss) at March 28, 2015 and March 29, 2014 was $30 thousand and $0.4 million , respectively. |
Earnings per share | Basic earnings per share (EPS) is computed utilizing the weighted average number of shares outstanding during the period. Diluted EPS also considers common stock equivalents, such as stock options, stock-settled stock appreciation rights (SARs), employee stock purchase plan (ESPP) shares and restricted stock units, to the extent that they are not antidilutive. |
Share-based compensation | The Company recognizes expense related to the fair value of its share-based compensation awards. The Company uses the Black-Scholes model to estimate the fair value of all share-based compensation awards on the date of grant, except for unvested restricted stock units, which are valued at the fair market value of the Company’s stock on the date of award. The Company recognizes the compensation expense for options, SARs and unvested restricted stock units on a straight-line basis over the requisite service period of the award. |
Segment reporting | The Company complies with ASC Topic 280 “Segment Reporting” (ASC Topic 280). ASC Topic 280, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker and for which discrete financial information is available. Based on the provisions of ASC Topic 280, the Company has determined that as of March 28, 2015 it operates in two segments: Component Processing and Micromachining. There are no differences between the accounting policies used for our business segments compared to those used on a consolidated basis. |
Employee benefit plans | The Company has an employee savings plan under the provisions of Section 401(k) of the Internal Revenue Code. During 2015 and 2014 , contributions to the plan by the Company were $0.6 million and $0.2 million, respectively. The Company has defined benefit retirement plans at certain of its foreign subsidiaries. The Company accounts for these plans based on the provisions of ASC Topic 715 “Compensation-Retirement Benefits”. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies Immaterial Revision to Prior Period Financial Statements (Policies) | 12 Months Ended |
Mar. 28, 2015 | |
Immaterial Revision to Prior Period Financial Statements [Abstract] | |
Immaterial Error Correction | In the quarter ended March 28, 2015, we revised the presentation of certain amounts on our consolidated statements of operations from prior periods. We revised the presentation of net sales and cost of sales to separately present those amounts that are associated with service and support activities from those amounts associated with system sales. This change does not impact the Company’s previously reported total net sales, operating loss or net loss for the periods presented. Additionally, the Company has historically included certain personnel expenses associated with the product support and service activities within the line item “Selling, service and administration” in its consolidated statements of operations. The Company has changed the presentation of certain of these expenses to include them as a component of service cost of sales to differentiate those costs attributed to generating revenue from those related to selling and administrative expenses. This revision does not impact the Company’s previously reported operating loss or net loss for the periods presented. The effect of this immaterial change on the consolidated statements of operations for each of the annual periods ending March 28, 2015, March 29, 2014, and March 30, 2013, and for each of the quarters for fiscal 2015 and 2014 is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Ended (In thousands) As Originally presented As Revised As Originally presented As Revised As Originally presented As Revised As Originally presented As Revised As Originally presented As Revised Year ended March 28, 2015 Total cost of sales $ 21,795 $ 22,742 $ 27,075 $ 28,091 $ 27,884 $ 28,948 Gross profit 13,235 12,288 15,781 14,765 15,777 14,713 Selling service & administrative 13,100 12,153 12,915 11,899 13,397 12,333 Net operating expenses 22,245 21,298 21,339 20,323 21,780 20,716 Year ended March 29, 2014 Total cost of sales $ 26,786 $ 27,713 $ 35,015 $ 36,065 $ 21,986 $ 23,066 $ 37,081 $ 38,179 $ 117,141 $ 125,023 Gross profit 19,386 18,459 24,632 23,582 16,281 15,201 3,727 2,629 64,026 59,871 Selling service & administrative 14,547 13,620 14,251 13,201 12,408 11,328 14,516 13,418 55,753 51,567 Net operating expenses 22,508 21,581 23,935 22,885 20,875 19,795 25,544 24,446 92,862 88,707 Year ended March 30, 2013 Total cost of sales $ 152,372 $ 155,337 Gross profit 64,253 61,288 Selling service & administrative 56,051 53,086 Net operating expenses 79,371 76,406 The revisions overall, which were not material, had no impact on the reported amounts of total net sales, net loss, net loss per share, cash flows or shareholders’ equity. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation expense | Share-based compensation expense was included in the Company’s Consolidated Statements of Operations as follows: (In thousands) 2015 2014 2013 Cost of sales $ 586 $ 722 $ 898 Selling, service and administration 2,847 4,213 5,330 Research, development and engineering 1,109 1,170 1,860 Total share-based compensation expense $ 4,542 $ 6,105 $ 8,088 |
Fair value assumptions of options and SARs granted | The Black-Scholes option pricing model is utilized to determine the fair value of SARs granted. The following weighted average assumptions were used in calculating the fair value of SARs during the periods presented: 2015 2014 2013 Risk-free interest rate 2.04 % 1.88 % 1.63 % Expected dividend yield 4.6 % 3.5 % 2.6 % Expected lives 7.0 years 6.0 years 1.5 years Expected volatility 47 % 45 % 47 % |
Fair value assumptions for ESPP | The following weighted average assumptions were used to estimate the fair value of ESPP shares issued in the periods presented: 2015 2014 2013 Risk-free interest rate 0.24 % 0.16 % 0.18 % Expected dividend yield 3.2 % 3.3 % 3.0 % Expected lives 1.1 years 1.1 years 1.1 years Expected volatility 41 % 37 % 43 % |
Summary of awards | The total fair value of stock option and SARs awards granted and vested during the period, unvested restricted stock unit awards granted and vested during the period, the intrinsic value of stock options and SARs exercised during the period and the total grant date fair value were: (In thousands, except per share data) 2015 2014 2013 Stock-Option and SAR Awards: Grant date fair value per share $ 2.12 $ 2.94 $ 4.82 Total fair value of options and SARs granted $ 1,291 $ 188 $ 25 Total fair value of options and SARs vested $ 409 $ 1,305 $ 2,050 Total intrinsic value of options and SARs exercised $ 18 $ 183 $ 230 Unvested Restricted Stock Unit Awards: Grant date fair value per share $ 6.80 $ 10.19 $ 8.05 Total fair value of awards granted $ 5,832 $ 6,865 $ 7,026 Total fair value of awards vested $ 7,532 $ 5,251 $ 6,266 Employee Stock Purchase Plan: Grant date fair value per share $ 1.72 $ 2.61 $ 3.22 Total grant date fair value $ 559 $ 699 $ 869 |
Stock option activity | Information with respect to stock option and SAR activity was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Exercisable at March 29, 2014 1,898,409 $ 15.27 Granted 634,523 6.91 Exercised (8,250 ) 7.26 Expired or forfeited (295,636 ) 18.30 Outstanding at March 28, 2015 2,229,046 $ 12.52 4.45 $ — Vested and expected to vest at March 28, 2015 2,195,313 $ 12.60 4.37 $ — Exercisable at March 28, 2015 1,556,978 $ 14.61 2.43 $ — |
Restricted stock activity | Information with respect to unvested time-based restricted stock unit awards activity was as follows: Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at March 29, 2014 1,115,601 $ 11.47 Awarded 459,295 6.33 Vested (672,930 ) 11.19 Forfeited (66,125 ) 9.82 Outstanding at March 28, 2015 835,841 $ 8.90 1.91 $ 5,149 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
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 March 28, 2015 and March 29, 2014 was as follows (in thousands): March 28, 2015 Level 1 Level 2 Level 3 Total Money market securities $ 14,280 $ — $ — $ 14,280 Commercial paper — 15,537 — 15,537 Municipal bonds — 3,872 — 3,872 Government agencies — 2,702 — 2,702 Corporate bonds — 853 — 853 Forward purchase or (sale) contracts: Japanese Yen — (7 ) — (7 ) New Taiwan Dollar — 17 — 17 Korean Won — (44 ) — (44 ) Euro — 277 — 277 British Pound — (133 ) — (133 ) Chinese Renminbi — (34 ) — (34 ) 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 March 28, 2015 and March 29, 2014 was as follows (in thousands): Unrealized March 28, 2015 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 15,537 $ — $ — $ 15,537 Municipal bonds 3,870 2 — 3,872 Government agencies 2,702 — — 2,702 Corporate bonds 853 — — 853 $ 22,962 $ 2 $ — $ 22,964 Available-for-sale securities (non-current): $ — $ — $ — $ — $ — $ — $ — $ — Unrealized March 29, 2014 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 6,700 $ — $ — $ 6,700 Government agencies 8,035 2 — 8,037 Corporate bonds 17,321 7 — 17,328 Municipal bonds 8,737 4 — 8,741 $ 40,793 $ 13 $ — $ 40,806 Available-for-sale securities (non-current): Municipal bonds 3,976 9 — 3,985 $ 3,976 $ 9 $ — $ 3,985 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories at March 28, 2015 and March 29, 2014 were as follows: (In thousands) 2015 2014 Raw materials and purchased parts $ 37,991 $ 38,747 Work-in-process 14,834 12,914 Finished goods 3,812 7,241 $ 56,637 $ 58,902 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure Other Current Assets [Abstract] | |
Other Current Assets | Other current assets at March 28, 2015 and March 29, 2014 consisted of the following: (In thousands) 2015 2014 Prepaid expenses $ 2,595 $ 2,601 Value added tax receivable 802 779 Acquisition related receivable $ 1,180 $ — Other 1,513 1,294 $ 6,090 $ 4,674 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment as of March 28, 2015 and March 29, 2014 consisted of the following: (In thousands) Estimated Useful Lives 2015 2014 Land n/a $ 2,152 $ 2,068 Buildings and improvements 3 to 40 years 37,841 38,471 Machinery and equipment 3 to 10 years 53,781 51,442 Computer equipment and software 1 to 7 years 34,985 34,282 128,759 126,263 Less accumulated depreciation (102,901 ) (98,333 ) $ 25,858 $ 27,930 |
Acquired Intangible Assets (Tab
Acquired Intangible Assets (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Intangible Assets Disclosure [Abstract] | |
Schedule of Finite and Indefinite Lived Intangible Assets | Acquired intangible assets as of March 28, 2015 and March 29, 2014 consisted of the following: (In thousands, except years) Weighted Average Useful Life (In years) 2015 2014 Developed technology 6.7 $ 20,001 $ 13,315 Customer relationships 5.6 3,154 3,154 Customer backlog 0.9 1,341 1,250 Trade name and trademarks 3 463 463 Fair value of below-market lease (non-current portion) 3.8 310 310 Change of control agreements 1 100 100 Patents 12.9 3,469 3,427 In-process research and development Indefinite — 3,204 28,838 25,223 Less accumulated amortization (19,880 ) (18,378 ) Total acquired intangible assets $ 8,958 $ 6,845 |
Schedule of Components of Amortization Expense | Amortization expense for acquired intangible assets has been recorded on the Consolidated Statements of Operations as follows: (In thousands) 2015 2014 2013 Cost of sales $ 1,095 $ 2,293 $ 4,239 Selling, service and administration 210 212 305 Research, development and engineering 197 480 240 $ 1,502 $ 2,985 $ 4,784 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated amortization expense for acquired intangible assets in future years is as follows (in thousands): Year Amortization 2016 $ (1,375 ) 2017 (1,208 ) 2018 (1,199 ) 2019 (1,199 ) 2020 (1,147 ) Future years (2,830 ) $ (8,958 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other assets consisted of the following as of March 28, 2015 and March 29, 2014 : (In thousands) 2015 2014 Minority equity investment $ — $ 4,263 Consignment and demo equipment, net 7,164 5,938 Long term deposits and other 2,391 2,146 $ 9,555 $ 12,347 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ||
Components of net deferred tax assets | Net deferred tax assets and liabilities at March 28, 2015 and March 29, 2014 consisted of the following: (In thousands) 2015 2014 Deferred tax assets and liabilities: Current Inventory valuation and warranty costs $ 10,781 $ 13,650 Receivables and other current assets (272 ) (311 ) Payroll-related accruals 1,288 1,594 Accrued liabilities 2,382 926 Deferred revenue 3,368 2,900 Other 1,029 (161 ) Total current deferred tax assets 18,576 18,598 Valuation allowance, current (18,571 ) (18,607 ) Net current deferred tax assets (liabilities) $ 5 $ (9 ) Non-current Deferred compensation $ 4,704 $ 6,482 Intangible assets and investments (1,677 ) 2,446 Accrued liabilities 454 186 Property, plant and equipment 5,187 4,634 Other comprehensive income (112 ) (253 ) Tax loss and credit carryforwards 59,137 42,324 Other assets 1,049 1,473 Total non-current deferred tax assets 68,742 57,292 Valuation allowance, non-current (69,011 ) (56,588 ) Net non-current deferred tax (liabilities) assets $ (269 ) $ 704 Total deferred tax assets $ 87,318 $ 75,890 Total valuation allowance (87,582 ) (75,195 ) Net deferred tax (liabilities) assets $ (264 ) $ 695 | |
Breakdown of net operating loss carryforwards and tax credits | The Company had approximately $68.5 million and $49.7 million in tax assets resulting from federal, state and foreign net operating losses and tax credits as of March 28, 2015 and March 29, 2014 , respectively as follows: (In thousands) 2015 2014 Federal net operating losses $ 19,785 $ 7,691 State net operating losses 3,467 3,100 Foreign operating losses and tax credits 11,433 11,527 Federal research credits 19,670 18,332 State research credits 4,287 3,953 Federal minimum tax credit 1,049 1,106 Federal capital losses 8,855 4,024 $ 68,546 $ 49,733 | |
Components of income tax expense and provision for income taxes | The components of income before income taxes and the (benefit from) provision for income taxes, all from continuing operations, were as follows: (In thousands) 2015 2014 2013 Loss before income taxes: Domestic $ (39,656 ) $ (37,739 ) $ (16,935 ) Foreign (3,921 ) (687 ) 2,070 Total loss before income taxes $ (43,577 ) $ (38,426 ) $ (14,865 ) Provision for (benefit from) income taxes: Current: U.S. federal and state $ (983 ) $ (605 ) $ (2,978 ) Foreign 1,205 437 1,767 222 (168 ) (1,211 ) Deferred: U.S. federal and state 5 (26 ) 40,055 Foreign 7 102 1,007 12 76 41,062 Total provision for (benefit from) income taxes $ 234 $ (92 ) $ 39,851 | |
Reconciliation of effective tax rate | A reconciliation of the Company’s effective tax rate to the United States federal statutory income tax rate was as follows: 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit (1.1 ) (0.6 ) 1.1 Tax credits 4.2 3.0 11.3 Domestic production and export tax incentives — — 3.7 Non-U.S. income taxed at different rates 2.1 3.3 8.4 Changes in unrecognized tax benefits (2.4 ) 2.1 3.6 Change in valuation allowance (32.3 ) (38.0 ) (327.2 ) Stock compensation (4.2 ) (4.1 ) (3.6 ) Other, net (2.0 ) (0.5 ) (0.4 ) (0.7 )% 0.2 % (268.1 )% | |
Tax years subject to examination | As of March 28, 2015 , the following tax years remained subject to examination by the major tax jurisdictions indicated: Major Jurisdictions Open Tax Years Canada 2011 and forward China 2005 and forward France 2012 and forward Japan 2008 and forward Korea 2010 and forward Singapore 2011 and forward Taiwan 2010 and forward United Kingdom 2011 and forward United States 2004 and forward | |
Rollforward of unrecognized income tax benefits | A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits for the years ended March 28, 2015 and March 29, 2014 was as follows: (In thousands) 2015 2014 Beginning unrecognized tax benefits balance $ 9,356 $ 9,210 Gross increases for tax positions of prior years 849 44 Gross decreases for tax positions of prior years (1,013 ) — Gross increases for tax positions for current year 462 102 Ending unrecognized tax benefits balance $ 9,654 $ 9,356 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued liabilities consisted of the following at March 28, 2015 and March 29, 2014 : (In thousands) 2015 2014 Payroll-related liabilities $ 6,723 $ 6,166 Product warranty accrual 3,342 4,215 Restructuring and cost management amounts payable 1,997 1,050 Pension benefit liabilities 1,853 1,912 Purchase order commitments and receipts 1,815 2,569 Professional fees payable 1,237 1,933 Customer deposits 1,057 375 Value added taxes payable 474 332 Freight accrual 171 503 Income taxes payable 83 162 Other 1,485 1,307 $ 20,237 $ 20,524 |
Product Warranty (Tables)
Product Warranty (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
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 for 2015 , 2014 and 2013 : (In thousands) 2015 2014 2013 Product warranty accrual, beginning $ 4,215 $ 5,411 $ 4,187 Warranty charges incurred, net (6,468 ) (7,178 ) (7,381 ) Provision for warranty charges 5,595 5,982 8,605 Product warranty accrual, ending $ 3,342 $ 4,215 $ 5,411 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Reconciliation of the Changes in Deferred Revenue | The following is a reconciliation of the changes in deferred revenue for 2015 , 2014 and 2013 : (In thousands) 2015 2014 2013 Deferred revenue, beginning $ 10,515 $ 10,196 $ 10,751 Revenue deferred 46,139 34,594 54,535 Revenue recognized (44,278 ) (34,275 ) (55,090 ) Deferred revenue, ending $ 12,376 $ 10,515 $ 10,196 |
Derivative Financial Instrume50
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Bought (Sold) (In thousands) 2015 2014 Japanese Yen $ 4,263 $ 4,346 Euro 10,354 13,322 New Taiwan Dollar (831 ) (440 ) Korean Won (3,000 ) (1,917 ) British Pound (2,906 ) (3,664 ) Chinese Renminbi (4,278 ) (1,917 ) Singapore Dollar (598 ) (716 ) Canadian Dollar (159 ) (136 ) $ 2,845 $ 8,878 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate commitments under operating leases | The aggregate minimum commitment obligation under operating leases beyond March 28, 2015 was as follows (in thousands): Year Operating 2016 $ 2,647 2017 1,849 2018 1,332 2019 897 2020 16 Thereafter — $ 6,741 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share | The following was a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share for 2015 , 2014 and 2013 : (In thousands, except per share data) 2015 2014 2013 Net loss $ (43,811 ) $ (38,334 ) $ (54,716 ) Weighted average shares used for basic earnings per share 30,611 29,974 29,357 Incremental diluted shares — — — Weighted average shares used for diluted earnings per share 30,611 29,974 29,357 Net loss per share: Net loss—basic $ (1.43 ) $ (1.28 ) $ (1.86 ) Net loss—diluted $ (1.43 ) $ (1.28 ) $ (1.86 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |
Accelerated Share Repurchases | Share Repurchase Program On December 9, 2011, the Board of Directors authorized a share repurchase program totaling $20.0 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. The following table provides information with respect to share repurchases by the Company during 2015 and 2014 . Fiscal Year Total number of shares purchased Average price paid per share Total value of shares repurchased (in millions) Maximum value of shares that may yet be purchased under the program (in millions) 2015 207,738 $7.01 $1.5 $18.3 2014 19,832 $9.65 $0.2 $19.8 In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million in cash under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. The Company did not repurchase any shares during the subsequent quarters 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 to date under this authorization as a part of its publicly announced plan. Any cash used to settle repurchase transactions is reflected as a component of cash used in financing activities on the Consolidated Statements of Cash Flows. There is no fixed completion date for the repurchase program. |
Dividend Declared and Paid | Date Declared Record Date Payable Date Amount per Share November 18, 2014 December 1, 2014 December 15, 2014 $0.08 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 May 14, 2013 June 5, 2013 June 19, 2013 $0.08 |
Product and Geographic Inform54
Product and Geographic Information (Tables) | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Segment Reporting [Abstract] | ||
Net sales and gross profit by segment | The following table presents net sales information by previously disclosed product groups and is included as a reference to transition from our prior reporting structure to our new operating segment structure: (In thousands) 2015 2014 2013 Interconnect & Microfabrication Group (IMG) $ 101,433 $ 120,947 $ 170,360 Semiconductor Group (SG) 38,586 35,779 18,754 Components Group (CG) 19,099 24,441 27,511 $ 159,118 $ 181,167 $ 216,625 The following table presents net sales information by operating segments: (In thousands) 2015 2014 2013 Component Processing $ 124,598 $ 141,401 $ 125,072 Micromachining 34,520 39,766 91,553 $ 159,118 $ 181,167 $ 216,625 The following table presents gross profit by operating segments: (In thousands) 2015 2014 2013 Component Processing $ 50,970 $ 63,914 $ 49,435 Micromachining 6,383 12,175 37,922 Corporate and other (2,672 ) (16,218 ) (26,069 ) $ 54,681 $ 59,871 $ 61,288 | |
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: (In thousands) 2015 2014 2013 Asia $ 124,049 $ 136,336 $ 186,346 Americas 18,067 31,596 20,907 Europe 17,002 13,235 9,372 $ 159,118 $ 181,167 $ 216,625 | |
Schedule of goodwill by reporting unit | The total carrying value of $7.7 million of goodwill was allocated to the Topwin reporting unit as of March 28, 2015. (In thousands) 2015 Topwin 7,717 $ 7,717 | |
Long-lived assets by geographic area | Long-lived assets, exclusive of investments and net deferred tax assets, by geographic area were as follows: (In thousands) 2015 2014 Americas $ 32,620 $ 38,930 Asia 19,775 6,271 Europe 9,835 9,810 $ 62,230 $ 55,011 |
Restructuring and Cost Manage55
Restructuring and Cost Management Plans (Tables) | 12 Months Ended |
Mar. 29, 2014 | |
Restructuring and Related Activities [Abstract] | |
Amounts Related to Restructuring Costs Payable | The following table presents the amounts related to restructuring and cost management amounts payable (in thousands): Restructuring costs payable balance as of March 30, 2013 $ 485 Employee severance and related benefits: Cash payments (204 ) Costs incurred and other adjustments 769 Restructuring costs payable balance as of March 29, 2014 1,050 Employee severance and related benefits: Cash payments (985 ) Costs incurred and other adjustments 1,932 Restructuring costs payable balance as of March 28, 2015 $ 1,997 |
Quarterly Financial Informati56
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 29, 2014 | Sep. 28, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Significant Accounting Policies [Line Items] | |||||
Net investment in foreign subsidiaries | $ 55,400 | $ 64,300 | $ 55,400 | ||
Potential loss due to 10% adverse change in foreign exchange rates | 5,500 | 6,400 | 5,500 | ||
Cumulative translation adjustment | 400 | 0 | 400 | ||
Other than temporary impairment of cost based investments | (6,100) | $ (3,600) | $ 4,263 | $ 9,703 | $ 0 |
Top ten customers | Net sales | |||||
Significant Accounting Policies [Line Items] | |||||
Customer concentration risk, percentage | 40.00% | 41.00% | 61.00% | ||
Individually significant customer | Net sales | |||||
Significant Accounting Policies [Line Items] | |||||
Customer concentration risk, percentage | 9.00% | 15.00% | 31.00% | ||
Minimum | Patents | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of intangible assets | 9 years | ||||
Minimum | Other intangible assets | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of intangible assets | 1 year | ||||
Maximum | Patents | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of intangible assets | 17 years | ||||
Maximum | Other intangible assets | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of intangible assets | 10 years | ||||
Omni Guide, Inc. | |||||
Significant Accounting Policies [Line Items] | |||||
Minority equity investment | 4,263 | $ 0 | $ 4,263 | ||
SINGAPORE | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative amount of earnings upon which U.S. income taxes have not been provided | 28,800 | 35,300 | 28,800 | ||
Unrecognized deferred tax liability | $ 10,000 | 12,200 | 10,000 | ||
401(k) plan | |||||
Significant Accounting Policies [Line Items] | |||||
Contributions to 401(k) during the period | $ 600 | $ 200 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | $ 4,542 | $ 6,105 | $ 8,088 |
Cost of Sales | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 586 | 722 | 898 |
Selling, General and Administrative Expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 2,847 | 4,213 | 5,330 |
Research and Development Expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | $ 1,109 | $ 1,170 | $ 1,860 |
Share-Based Compensation - Valu
Share-Based Compensation - Valuation Assumptions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Cash dividends paid per common share | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | ||
2004 plan | Options and SARs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Risk-free interest rate | 2.04% | 1.88% | 1.63% | |||||||
Expected dividend yield | 4.60% | 3.50% | 2.60% | |||||||
Expected lives | 7 years | 6 years | 1 year 6 months | |||||||
Expected volatility | 47.00% | 45.00% | 47.00% | |||||||
ESPP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Risk-free interest rate | 0.24% | 0.16% | 0.18% | |||||||
Expected dividend yield | 3.20% | 3.30% | 3.00% | |||||||
Expected lives | 1 year 1 month 6 days | 1 year 1 month 6 days | 1 year 1 month 6 days | |||||||
Expected volatility | 41.00% | 37.00% | 43.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Options and SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value per share | $ 2.12 | $ 2.94 | $ 4.82 |
Total grant date fair value | $ 1,291 | $ 188 | $ 25 |
Total fair value of awards vested | 409 | 1,305 | 2,050 |
Total intrinsic value | $ 18 | $ 183 | $ 230 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value per share | $ 6.80 | $ 10.19 | $ 8.05 |
Total grant date fair value | $ 5,832 | $ 6,865 | $ 7,026 |
Total fair value of awards vested | $ 7,532 | $ 5,251 | $ 6,266 |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value per share | $ 1.72 | $ 2.61 | $ 3.22 |
Total grant date fair value | $ 559 | $ 699 | $ 869 |
Share-Based Compensation - Shar
Share-Based Compensation - Share Based Payment Award Activity (Details) - Options and SARs - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Balance (shares), beginning of period | 1,898,409 |
Granted (shares) | 634,523 |
Exercised (shares) | (8,250) |
Expired or forfeited (shares) | (295,636) |
Balance (shares) , end of period | 2,229,046 |
Vested and expected to vest (shares) | 2,195,313 |
Options exercisable (shares) | 1,556,978 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, beginning of period (in dollars per share) | $ 15.27 |
Granted, Weighted Average Exercise Price (in dollars per share) | 6.91 |
Exercised, Weighted Average Exercise Price (in dollars per share) | 7.26 |
Expired or forfeited, Weighted Average Exercise Price (in dollars per share) | 18.30 |
Weighted average exercise price, end of period (in dollars per share) | 12.52 |
Vested and expected to vest, Weighted Average Exercise Price | 12.60 |
Options exercisable, Weighted Average Exercise Price | $ 14.61 |
Options outstanding, weighted average remaining contractual term | 4 years 5 months 12 days |
Options vested and expected to vest, weighted average remaining contractual term | 4 years 4 months 13 days |
Options exercisable, weighted average remaining contractual term | 2 years 5 months 5 days |
Options outstanding, aggregate intrinsic value | $ 0 |
Options vested and expected to vest, aggregate intrinsic value | 0 |
Options exercisable, aggregate intrinsic value | $ 0 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Total amount of cash received from stock plan awards | $ 0.7 | $ 0.6 | ||
Total unrecognized share-based compensation, net of estimated forfeitures, expected recognition period | 2 years | |||
Shares reserved for issuance under existing plans | 6,045,139 | |||
Shares available for grant | 2,386,548 | |||
Options and SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 634,523 | |||
SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 634,523 | 63,853 | 0 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized share-based compensation, net of estimated forfeitures | $ 5.9 | |||
2004 plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 3,000,000 | |||
Reduction in number of shares authorized | 1,000,000 | |||
Shares reserved for issuance under existing plans | 3,658,591 | |||
2004 plan | Options and SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Award expiration period | 10 years | |||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 4,400,000 | |||
Number of additional shares authorized | 1,000,000 | |||
Maximum contribution rate by employees | 15.00% | |||
Percentage of fair market value of common stock | 85.00% | |||
Length of offering period | 24 months | |||
Shares available for grant | 945,645 |
Share-Based Compensation - RSU
Share-Based Compensation - RSU activity (Details) - Mar. 28, 2015 - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at beginning of period (shares) | 1,115,601 |
Awarded (shares) | 459,295 |
Vested (shares) | (672,930) |
Forfeited (shares) | (66,125) |
Outstanding at end of period (shares) | 835,841 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $ 11.47 |
Awarded, Weighted Average Grant Date Fair Value (in dollars per share) | 6.33 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 11.19 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 9.82 |
Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $ 8.90 |
Weighted Average Remaining Contractual Terms (in years) | 1 year 10 months 28 days |
Awards Other Than Options Aggregate Intrinsic Value | $ 5,149 |
Share-Based Compensation - Perf
Share-Based Compensation - Performance RSUs activity (Details) - Mar. 28, 2015 - Performance-based RSUs - USD ($) $ / shares in Units, $ in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at beginning of period (shares) | 396,533 |
Awarded (shares) | 398,905 |
Vested (shares) | (234) |
Forfeited (shares) | (201,500) |
Outstanding at end of period (shares) | 593,704 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $ 10.33 |
Awarded, Weighted Average Grant Date Fair Value (in dollars per share) | 7.33 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 0 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 11.63 |
Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $ 7.88 |
Weighted Average Remaining Contractual Terms (in years) | 1 year 9 months 22 days |
Awards Other Than Options Aggregate Intrinsic Value | $ 3,657 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Money Market Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | $ 14,280 | $ 9,456 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 15,537 | 6,700 |
Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,702 | 8,037 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 853 | 17,328 |
Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 3,872 | 12,725 |
Forward purchase or (sale) contracts | Japanese Yen | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (7) | 25 |
Forward purchase or (sale) contracts | New Taiwan Dollars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 17 | (6) |
Forward purchase or (sale) contracts | Korean Won | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (44) | (44) |
Forward purchase or (sale) contracts | Euro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 277 | 39 |
Forward purchase or (sale) contracts | British Pound | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (133) | (19) |
Forward purchase or (sale) contracts | Chinese Renminbi | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (34) | (2) |
Forward purchase or (sale) contracts | Singapore Dollar | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 1 | |
Level 1 | Money Market Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 14,280 | 9,456 |
Level 2 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 15,537 | 6,700 |
Level 2 | Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,702 | 8,037 |
Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 853 | 17,328 |
Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 3,872 | 12,725 |
Level 2 | Forward purchase or (sale) contracts | Japanese Yen | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (7) | 25 |
Level 2 | Forward purchase or (sale) contracts | New Taiwan Dollars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 17 | (6) |
Level 2 | Forward purchase or (sale) contracts | Korean Won | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (44) | (44) |
Level 2 | Forward purchase or (sale) contracts | Euro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 277 | 39 |
Level 2 | Forward purchase or (sale) contracts | British Pound | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (133) | (19) |
Level 2 | Forward purchase or (sale) contracts | Chinese Renminbi | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | $ (34) | (2) |
Level 2 | Forward purchase or (sale) contracts | Singapore Dollar | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | $ 1 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Available for sale Securities Current | ||
Schedule of Available-for-sale Securities | ||
Cost | $ 22,962 | $ 40,793 |
Unrealized Gain | 2 | 13 |
Unrealized Loss | 0 | 0 |
Fair Value | 22,964 | 40,806 |
Available for sale Securities Current | Commercial Paper | ||
Schedule of Available-for-sale Securities | ||
Cost | 15,537 | 6,700 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 15,537 | 6,700 |
Available for sale Securities Current | Government agencies | ||
Schedule of Available-for-sale Securities | ||
Cost | 2,702 | 8,035 |
Unrealized Gain | 0 | 2 |
Unrealized Loss | 0 | 0 |
Fair Value | 2,702 | 8,037 |
Available for sale Securities Current | Corporate Bonds | ||
Schedule of Available-for-sale Securities | ||
Cost | 853 | 17,321 |
Unrealized Gain | 0 | 7 |
Unrealized Loss | 0 | 0 |
Fair Value | 853 | 17,328 |
Available for sale Securities Current | Municipal Bonds | ||
Schedule of Available-for-sale Securities | ||
Cost | 3,870 | 8,737 |
Unrealized Gain | 2 | 4 |
Unrealized Loss | 0 | 0 |
Fair Value | 3,872 | 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 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Millions | Mar. 28, 2015USD ($) |
Schedule of Available-for-sale Securities | |
Investments maturity within one year | $ 23 |
Business Acquisitions - Allocat
Business Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed Based on the Fair Value (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Jan. 15, 2015 | Mar. 29, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 7,717 | $ 7,889 | |
Topwin | |||
Business Acquisition [Line Items] | |||
Accounts receivable, net of allowances of $268 | $ 454 | ||
Allowance for doubtful accounts | 268 | ||
Inventory | 544 | ||
Prepaid expense and other current assets | 86 | ||
Property, plant and equipment | 23 | ||
Acquired intangibles | 3,618 | ||
Goodwill | 7,717 | ||
Accounts payable and other accrued liabilities | (1,859) | ||
Total purchase price, net of cash acquired | $ 10,583 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Jan. 15, 2015 | Sep. 20, 2013 | May. 03, 2013 | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 7,717 | $ 7,717 | $ 7,889 | |||||
Business Combination, Acquisition Related Costs | $ 500 | $ 300 | ||||||
Gain on acquisition of Semiconductor Systems business | $ 0 | 499 | $ 0 | |||||
Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated useful life of finite-lived intangible assets acquired | 6 years 8 months 12 days | |||||||
Customer backlog | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated useful life of finite-lived intangible assets acquired | 10 months 24 days | |||||||
Selling, General and Administrative Expenses | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | $ 800 | (1,500) | ||||||
Topwin | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash Paid to acquire business | $ 7,700 | |||||||
Shares issuable | 748,944 | |||||||
Shares issuable, Period of issuance (in years) | 3 years | |||||||
Value of shares issuable | $ 2,800 | |||||||
Shares issuable as contingent consideration | 374,472 | |||||||
Value of shares issuable as contingent consideration | $ 300 | |||||||
Shares issuable as non-contingent consideration | 374,472 | |||||||
Value of shares issuable as non-contingent consideration | $ 2,500 | |||||||
Total purchase price | 10,600 | |||||||
Goodwill | 7,717 | |||||||
Assets acquired | 4,700 | |||||||
Acquired intangibles | 3,618 | |||||||
Liabilities assumed | 1,900 | |||||||
Inventory | 544 | |||||||
Topwin | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired finite-lived intangibles | $ 3,500 | |||||||
Topwin | Minimum | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated useful life of finite-lived intangible assets acquired | 1 year | |||||||
Topwin | Maximum | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated useful life of finite-lived intangible assets acquired | 10 years | |||||||
Semiconductor Systems business | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash Paid to acquire business | $ 9,700 | |||||||
Acquired intangibles | $ 700 | |||||||
Current liabilities acquired | (2,300) | |||||||
Net assets acquired | 10,500 | |||||||
Gain on acquisition | (800) | |||||||
Acquisition related deferred tax liabilities | $ 300 | |||||||
Inventory | 8,200 | |||||||
Receivables and other current assets acquired | 3,900 | |||||||
Semiconductor Systems business | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired finite-lived intangibles | 200 | |||||||
Semiconductor Systems business | Customer backlog | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired finite-lived intangibles | $ 500 | |||||||
Semiconductor Systems business | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated useful life of finite-lived intangible assets acquired | 1 year | |||||||
Semiconductor Systems business | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated useful life of finite-lived intangible assets acquired | 3 years |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Inventory Disclosure [Abstract] | ||||
Raw materials and purchased parts | $ 37,991 | $ 38,747 | $ 37,991 | $ 38,747 |
Work-in-process | 14,834 | 12,914 | 14,834 | 12,914 |
Finished goods | 3,812 | 7,241 | 3,812 | 7,241 |
Inventories | 56,637 | 58,902 | 56,637 | 58,902 |
Inventory write-off | $ 1,000 | $ 12,800 | $ 1,000 | $ 12,800 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Disclosure Other Current Assets [Abstract] | ||
Prepaid expenses | $ 2,595 | $ 2,601 |
Value added tax receivable | 802 | 779 |
Acquisition related receivable | 1,180 | 0 |
Other | 1,513 | 1,294 |
Other current assets | $ 6,090 | $ 4,674 |
Property, Plant and Equipment72
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 128,759 | $ 126,263 | |
Less accumulated depreciation | (102,901) | (98,333) | |
Property, plant and equipment, net | 25,858 | 27,930 | |
Depreciation and amortization | 7,200 | 7,100 | $ 9,200 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,152 | 2,068 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 37,841 | 38,471 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 40 years | ||
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 53,781 | 51,442 | |
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Computer equipment and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 34,985 | $ 34,282 | |
Computer equipment and software | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 1 year | ||
Computer equipment and software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 7 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Jan. 15, 2015 | Mar. 29, 2014 |
Goodwill [Line Items] | |||
Goodwill | $ 7,717 | $ 7,889 | |
Topwin | |||
Goodwill [Line Items] | |||
Goodwill | $ 7,717 |
Acquired Intangible Assets - Co
Acquired Intangible Assets - Components of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 28,838 | $ 25,223 |
Less accumulated amortization | (19,880) | (18,378) |
Total acquired intangible assets | 8,958 | 6,845 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 20,001 | 13,315 |
Weighted average useful life | 6 years 8 months 12 days | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 3,154 | 3,154 |
Weighted average useful life | 5 years 7 months 6 days | |
Customer backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 1,341 | 1,250 |
Weighted average useful life | 10 months 24 days | |
Trade name and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 463 | 463 |
Weighted average useful life | 3 years | |
Fair value of below-market lease | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Below Market Lease, Gross | $ 310 | 310 |
Weighted average useful life | 3 years 9 months 18 days | |
Change of control agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 100 | 100 |
Weighted average useful life | 1 year | |
Patents | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 3,469 | 3,427 |
Weighted average useful life | 12 years 10 months 24 days | |
In-process research and development | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 0 | $ 3,204 |
Acquired Intangible Assets - 75
Acquired Intangible Assets - Components of Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 1,502 | $ 2,985 | $ 4,746 |
Amortization | 4,784 | ||
Cost of Sales | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 1,095 | 2,293 | 4,239 |
Selling, service and administration | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 210 | 212 | 305 |
Research, development and engineering | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 197 | $ 480 | $ 240 |
Other Assets Non Current Assets
Other Assets Non Current Assets (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | $ 7,164 | $ 5,938 |
Other Assets, Miscellaneous, Noncurrent | 2,391 | 2,146 |
Other assets | 9,555 | 12,347 |
Omni Guide, Inc. | ||
Minority equity investment | $ 0 | $ 4,263 |
Omni Guide (Detail)
Omni Guide (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 29, 2014 | Sep. 28, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Schedule of Cost-method Investments [Line Items] | |||||
Other than temporary impairment of cost based investments | $ (6,100) | $ (3,600) | $ 4,263 | $ 9,703 | $ 0 |
Omni Guide, Inc. | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Minority equity investment | $ 4,263 | $ 0 | $ 4,263 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Current | ||
Inventory valuation and warranty costs | $ 10,781 | $ 13,650 |
Receivables and other current assets | (272) | (311) |
Payroll-related accruals | 1,288 | 1,594 |
Accrued liabilities | 2,382 | 926 |
Deferred revenue | 3,368 | 2,900 |
Other | 1,029 | (161) |
Total current deferred tax assets | 18,576 | 18,598 |
Valuation allowance, current | (18,571) | (18,607) |
Net current deferred tax assets | 5 | (9) |
Non-current | ||
Deferred compensation | 4,704 | 6,482 |
Intangible assets and investments | (1,677) | 2,446 |
Accrued liabilities | 454 | 186 |
Property, plant and equipment | 5,187 | 4,634 |
Other comprehensive income | (112) | (253) |
Tax loss and credit carryforwards | 59,137 | 42,324 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 1,049 | 1,473 |
Total non-current deferred tax asset | 68,742 | 57,292 |
Valuation allowance, non-current | (69,011) | (56,588) |
Net non-current deferred tax assets | (269) | 704 |
Total deferred tax assets | 87,318 | 75,890 |
Total valuation allowance | (87,582) | (75,195) |
Net deferred tax assets | (264) | $ 695 |
Increase in valuation allowance | $ (12,400) |
Income Taxes - Operating Losses
Income Taxes - Operating Losses and Tax Credits (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Federal net operating losses | $ 19,785 | $ 7,691 |
Federal net operating losses | 3,467 | 3,100 |
Foreign operating losses and tax credits | 11,433 | 11,527 |
Federal research credits | 19,670 | 18,332 |
State research credits | 4,287 | 3,953 |
Federal minimum tax credit | 1,049 | 1,106 |
Federal capital losses | 8,855 | 4,024 |
Net operating loss carryforward, net of tax and tax credits | $ 68,546 | $ 49,733 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Provision for Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Deferred compensation | $ 4,704 | $ 6,482 | $ 4,704 | $ 6,482 | |||||||
(Loss) income before income taxes: | |||||||||||
Domestic | (39,656) | (37,739) | $ (16,935) | ||||||||
Foreign | (3,921) | (687) | 2,070 | ||||||||
Income (loss) before income taxes | (43,577) | (38,426) | (14,865) | ||||||||
Current: | |||||||||||
U.S. federal and state | (983) | (605) | (2,978) | ||||||||
Foreign | 1,205 | 437 | 1,767 | ||||||||
Current (benefit from) provision for income taxes | 222 | (168) | (1,211) | ||||||||
Deferred: | |||||||||||
U.S. federal and state | 5 | (26) | 40,055 | ||||||||
Foreign | 7 | 102 | 1,007 | ||||||||
Deferred provision for (benefit from) income taxes | 12 | 76 | 41,062 | ||||||||
Total provision for (benefit from) income taxes | $ 69 | $ 437 | $ 441 | $ (713) | $ (301) | $ 141 | $ (33) | $ 101 | 234 | $ (92) | $ 39,851 |
Tax benefit derived from stock-based compensation | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | (1.10%) | (0.60%) | 1.10% |
Tax credits | 4.20% | 3.00% | 11.30% |
Domestic production and export tax incentives | 0.00% | 0.00% | 3.70% |
Non-U.S. income taxed at different rates | 2.10% | 3.30% | 8.40% |
Changes in unrecognized tax benefits | (2.40%) | 2.10% | 3.60% |
Change in valuation allowance | (32.30%) | (38.00%) | (327.20%) |
Stock compensation | (4.20%) | (4.10%) | (3.60%) |
Other, net | (2.00%) | (0.50%) | (0.40%) |
Effective tax rate | (0.70%) | 0.20% | (268.10%) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Unrecognized Tax Benefits | $ 200 | $ 1,000 |
Beginning unrecognized tax benefits balance | 9,356 | 9,210 |
Gross increases for tax positions of prior years | 849 | 44 |
Gross decreases for tax positions of prior years | (1,013) | 0 |
Gorss increases for tax positions for current year | 462 | 102 |
Ending unrecognized tax benefits balance | $ 9,654 | $ 9,356 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Disclosure Accrued Liabilities [Abstract] | ||||
Payroll-related liabilities | $ 6,723 | $ 6,166 | ||
Product warranty accrual | 3,342 | 4,215 | $ 5,411 | $ 4,187 |
Purchase order commitments and receipts | 1,815 | 2,569 | ||
Pension benefit liabilities | 1,853 | 1,912 | ||
Professional fees payable | 1,237 | 1,933 | ||
Freight accrual | 171 | 503 | ||
Income taxes payable | 83 | 162 | ||
Restructuring costs payable | 1,997 | 1,050 | ||
Customer deposits | 1,057 | 375 | ||
Value added taxes payable | 474 | 332 | ||
Other | 1,485 | 1,307 | ||
Accrued liabilities | $ 20,237 | $ 20,524 |
Product Warranty (Details)
Product Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Product Warranty | |||
Product warranty accrual, beginning | $ 4,215 | $ 5,411 | $ 4,187 |
Warranty charges incurred, net | (6,468) | (7,178) | (7,381) |
Provision for warranty charges | 5,595 | 5,982 | 8,605 |
Product warranty accrual, ending | $ 3,342 | $ 4,215 | $ 5,411 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Deferred Revenue Disclosure [Abstract] | |||
Deferred revenue, beginning | $ 10,515 | $ 10,196 | $ 10,751 |
Revenue deferred | 46,139 | 34,594 | 54,535 |
Revenue recognized | (44,278) | (34,275) | (55,090) |
Deferred revenue, ending | $ 12,376 | $ 10,515 | $ 10,196 |
Derivative Financial Instrume86
Derivative Financial Instruments (Details) - Forward exchange contract - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Bought | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | $ (2,845) | |
Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | $ (8,878) | |
Japanese Yen | Bought | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (4,263) | (4,346) |
Euro | Bought | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (10,354) | (13,322) |
New Taiwan Dollars | Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (831) | (440) |
Korean Won | Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (3,000) | (1,917) |
British Pound | Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (2,906) | (3,664) |
Chinese Renminbi | Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (4,278) | (1,917) |
Singapore Dollar | Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | (598) | (716) |
Canada, Dollars | Sold | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | $ (159) | $ (136) |
Commitments and Contingencies87
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
2,015 | $ 2,647 | ||
2,016 | 1,849 | ||
2,017 | 1,332 | ||
2,018 | 897 | ||
2,019 | 16 | ||
Thereafter | 0 | ||
Total lease commitments | 6,741 | ||
Rental expense | $ 2,700 | $ 2,800 | $ 2,600 |
Loan Agreement (Details)
Loan Agreement (Details) - Mar. 20, 2015 - Loan Agreement - SVB - USD ($) | Total |
Line of Credit Facility [Line Items] | |
Interest rate in event of debt default | 5.00% |
Initial commitment fee | $ 75,000 |
Annual commitment fee | $ 12,500 |
Minimum | |
Line of Credit Facility [Line Items] | |
Unused facility fee (percentage) | 0.30% |
Maximum | |
Line of Credit Facility [Line Items] | |
Unused facility fee (percentage) | 0.50% |
LIBOR | Minimum | |
Line of Credit Facility [Line Items] | |
Variable rate | 2.00% |
LIBOR | Maximum | |
Line of Credit Facility [Line Items] | |
Variable rate | 2.75% |
Prime Rate | Minimum | |
Line of Credit Facility [Line Items] | |
Variable rate | 0.00% |
Prime Rate | Maximum | |
Line of Credit Facility [Line Items] | |
Variable rate | 0.50% |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 30,000,000 |
Letters of Credit | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15,000,000 |
(Loss) Earnings Per Share - Rec
(Loss) Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ (22,941) | $ (6,376) | $ (6,243) | $ (8,251) | $ (27,633) | $ (4,640) | $ (2,778) | $ (3,283) | $ (43,811) | $ (38,334) | $ (54,716) |
Weighted average number of shares - basic | 30,611 | 29,974 | 29,357 | ||||||||
Incremental diluted shares | 0 | 0 | 0 | ||||||||
Weighted average shares used for diluted earnings per share | 30,611 | 29,974 | 29,357 | ||||||||
Net (loss) income per share - basic | $ (0.75) | $ (0.21) | $ (0.20) | $ (0.27) | $ (0.92) | $ (0.15) | $ (0.09) | $ (0.11) | $ (1.43) | $ (1.28) | $ (1.86) |
Net (loss) income per share - diluted | $ (0.75) | $ (0.21) | $ (0.20) | $ (0.27) | $ (0.92) | $ (0.15) | $ (0.09) | $ (0.11) | $ (1.43) | $ (1.28) | $ (1.86) |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 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 | 2.9 | 3.8 | 3.4 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||
Jun. 28, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Dec. 09, 2011 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Total number of shares purchased | 207,738 | 207,738 | 19,832 | 227,570 | |
Average price paid per share | $ 7.01 | $ 7.01 | $ 9.65 | ||
Total value of shares repurchased (in millions) | $ 1.5 | $ 1.5 | $ 0.2 | ||
Maximum value of shares that may yet be purchased under the program (in millions) | $ 18.3 | $ 19.8 | $ 18.3 | ||
2011 Share Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase authorization amount | $ 20 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividend Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ||||||||||
Date Declared | Nov. 18, 2014 | Aug. 21, 2014 | May 15, 2014 | Feb. 13, 2014 | Nov. 7, 2013 | Aug. 8, 2013 | May 14, 2013 | |||
Record Date | Dec. 1, 2014 | Sep. 2, 2014 | May 27, 2014 | Feb. 27, 2014 | Nov. 19, 2013 | Aug. 19, 2013 | Jun. 5, 2013 | |||
Payment Date | Dec. 15, 2014 | Sep. 12, 2014 | Jun. 10, 2014 | Mar. 13, 2014 | Dec. 4, 2013 | Sep. 3, 2013 | Jun. 19, 2013 | |||
Amount per Share | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | ||
Cash dividends paid to shareholders | $ 7,266 | $ 9,557 | $ 68,077 |
Shareholder Rights Plan (Detail
Shareholder Rights Plan (Details) - Mar. 28, 2015 - Rights - shares | Total |
Class of Warrant or Right [Line Items] | |
Number of shares per right | 0.01 |
Minimum | |
Class of Warrant or Right [Line Items] | |
Threshold of percentage beneficial ownership that would trigger exercisability of rights | 10.00% |
Maximum | |
Class of Warrant or Right [Line Items] | |
Threshold of percentage beneficial ownership that would trigger exercisability of rights | 15.00% |
Product and Geographic Inform94
Product and Geographic Information - Net Sales by Product Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Product Information | |||||||||||
Net sales | $ 37,571 | $ 43,661 | $ 42,856 | $ 35,030 | $ 37,081 | $ 38,267 | $ 59,647 | $ 46,172 | $ 159,118 | $ 181,167 | $ 216,625 |
Interconnect Microfabrication Group | |||||||||||
Product Information | |||||||||||
Net sales | 101,433 | 120,947 | 170,360 | ||||||||
Semiconductor Group | |||||||||||
Product Information | |||||||||||
Net sales | 38,586 | 35,779 | 18,754 | ||||||||
Components Group | |||||||||||
Product Information | |||||||||||
Net sales | $ 19,099 | $ 24,441 | $ 27,511 |
Product and Geographic Inform95
Product and Geographic Information - Net Sales and Gross Profit by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 37,571 | $ 43,661 | $ 42,856 | $ 35,030 | $ 37,081 | $ 38,267 | $ 59,647 | $ 46,172 | $ 159,118 | $ 181,167 | $ 216,625 |
Gross profit | $ 12,915 | $ 14,713 | $ 14,765 | $ 12,288 | $ 2,629 | $ 15,201 | $ 23,582 | $ 18,459 | 54,681 | 59,871 | 61,288 |
Component Processing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 124,598 | 141,401 | 125,072 | ||||||||
Gross profit | 50,970 | 63,914 | 49,435 | ||||||||
Micromachining | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 34,520 | 39,766 | 91,553 | ||||||||
Gross profit | 6,383 | 12,175 | 37,922 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross profit | $ (2,672) | $ (16,218) | $ (26,069) |
Product and Geographic Inform96
Product and Geographic Information - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 37,571 | $ 43,661 | $ 42,856 | $ 35,030 | $ 37,081 | $ 38,267 | $ 59,647 | $ 46,172 | $ 159,118 | $ 181,167 | $ 216,625 |
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 124,049 | 136,336 | 186,346 | ||||||||
Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 18,067 | 31,596 | 20,907 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 17,002 | $ 13,235 | $ 9,372 |
Product and Geographic Inform97
Product and Geographic Information - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Jan. 15, 2015 | Mar. 29, 2014 |
Goodwill [Line Items] | |||
Goodwill | $ 7,717 | $ 7,889 | |
Topwin | |||
Goodwill [Line Items] | |||
Goodwill | $ 7,717 |
Product and Geographic Inform98
Product and Geographic Information - Long-Lived Assets By Geographic Area (Details) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 62,230 | $ 55,011 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 32,620 | 38,930 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 19,775 | 6,271 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 9,835 | $ 9,810 |
Restructuring and Cost Manage99
Restructuring and Cost Management Plans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Restructuring Cost and Reserve | |||||
Restructuring costs | $ 2,000 | $ 1,100 | $ 2,069 | $ 1,070 | $ 2,612 |
Restructuring Costs and Asset Impairment Charges | 3,000 | ||||
Payments for Restructuring | 985 | $ 204 | |||
Employee Severance | |||||
Restructuring Cost and Reserve | |||||
Restructuring Costs and Asset Impairment Charges | 2,000 | ||||
Payments for Restructuring | 400 | ||||
Inventory write off of discontinued products | |||||
Restructuring Cost and Reserve | |||||
Restructuring costs | 1,000 | ||||
Contractual Payments to Former Chief Executive Officer | |||||
Restructuring Cost and Reserve | |||||
Payments for Restructuring | $ 600 |
Restructuring and Cost Manag100
Restructuring and Cost Management Plans - Amounts Related to Restructuring Costs Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 1,050 | $ 485 |
Cash payments | (985) | (204) |
Costs incurred and other adjustments | (1,932) | (769) |
Ending balance | $ 1,997 | $ 1,050 |
Quarterly Financial Informat101
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 29, 2012 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 37,571 | $ 43,661 | $ 42,856 | $ 35,030 | $ 37,081 | $ 38,267 | $ 59,647 | $ 46,172 | $ 159,118 | $ 181,167 | $ 216,625 | |
Cost of Goods Sold | 18,488 | 22,031 | 20,742 | 16,934 | 29,598 | 17,249 | 31,398 | 22,625 | 78,195 | 100,870 | 133,141 | |
Cost of Services | 6,168 | 6,917 | 7,349 | 5,808 | 4,854 | 5,817 | 4,667 | 5,088 | 26,242 | 20,426 | 22,196 | |
Cost of Goods and Services Sold | 24,656 | 28,948 | 28,091 | 22,742 | 34,452 | 23,066 | 36,065 | 27,713 | 104,437 | 121,296 | 155,337 | |
Sales Revenue, Goods, Net | 26,156 | 31,750 | 30,273 | 23,424 | 26,549 | 27,704 | 49,751 | 38,050 | 111,603 | 142,054 | 183,531 | |
Sales Revenue, Services, Net | 11,415 | 11,911 | 12,583 | 11,606 | 10,532 | 10,563 | 9,896 | 8,122 | 47,515 | 39,113 | 33,094 | |
Gross profit | 12,915 | 14,713 | 14,765 | 12,288 | 2,629 | 15,201 | 23,582 | 18,459 | 54,681 | 59,871 | 61,288 | |
Net operating expenses | 24,197 | 20,716 | 20,323 | 21,298 | 24,446 | 19,795 | 22,885 | 21,581 | 94,425 | 88,707 | 76,406 | |
Provision for (benefit from) income taxes | 69 | 437 | 441 | (713) | (301) | 141 | (33) | 101 | 234 | (92) | 39,851 | |
Net income (loss) | $ (22,941) | $ (6,376) | $ (6,243) | $ (8,251) | $ (27,633) | $ (4,640) | $ (2,778) | $ (3,283) | $ (43,811) | $ (38,334) | $ (54,716) | |
Basic net (loss) income per share | $ (0.75) | $ (0.21) | $ (0.20) | $ (0.27) | $ (0.92) | $ (0.15) | $ (0.09) | $ (0.11) | $ (1.43) | $ (1.28) | $ (1.86) | |
Diluted net (loss) income per share | (0.75) | (0.21) | (0.20) | (0.27) | (0.92) | (0.15) | (0.09) | (0.11) | (1.43) | (1.28) | (1.86) | |
Dividends per outstanding common share - declared | 0 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | ||||
Cash dividends paid per common share | $ 0 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.32 | $ 2.32 | |
Other information | ||||||||||||
Inventory write-off | $ 1,000 | $ 12,800 | $ 1,000 | $ 12,800 | ||||||||
Restructuring costs | 2,000 | 1,100 | 2,069 | 1,070 | $ 2,612 | |||||||
Business Combination, Acquisition Related Costs | 500 | $ 300 | ||||||||||
Goodwill, Impairment Loss | 7,889 | 0 | 0 | |||||||||
Loss on cost method investments | $ 4,300 | |||||||||||
Gain on liquidation of foreign subsidiary | 600 | |||||||||||
Loss on disposal of assets | 1,000 | $ 1,300 | 0 | 1,301 | 1,226 | |||||||
Other than temporary impairment of cost based investments | $ (6,100) | $ (3,600) | $ 4,263 | $ 9,703 | $ 0 |