Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 27, 2015 | Aug. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 27, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ELECTRO SCIENTIFIC INDUSTRIES INC | |
Entity Central Index Key | 726,514 | |
Current Fiscal Year End Date | --03-26 | |
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 | 30,909,649 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 53,831 | $ 50,994 |
Short-term investments | 4,661 | 6,612 |
Accounts Receivable, Net, Current | 49,234 | 42,295 |
Inventories | 57,255 | 56,637 |
Shipped systems pending acceptance | 2,127 | 2,516 |
Deferred income taxes, net | 152 | 178 |
Other current assets | 5,301 | 6,090 |
Total current assets | 172,561 | 165,322 |
Non-current assets: | ||
Property, plant and equipment, net | 25,219 | 25,858 |
Non-current deferred income taxes, net | 40 | 174 |
Goodwill | 7,445 | 7,717 |
Acquired intangible assets, net | 8,601 | 8,958 |
Other assets | 12,214 | 13,211 |
Total assets | 226,080 | 221,240 |
Current liabilities: | ||
Accounts payable | 16,390 | 9,514 |
Accrued liabilities | 18,720 | 18,666 |
Deferred Tax Liabilities, Net, Current | 174 | 173 |
Deferred revenue | 14,961 | 12,376 |
Total current liabilities | 50,245 | 40,729 |
Non-current liabilities: | ||
Non-current income taxes payable | 1,322 | 1,176 |
Deferred Tax Liabilities, Net, Noncurrent | 284 | 443 |
Liabilities, Other than Long-term Debt, Noncurrent | $ 1,918 | $ 1,571 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, without par value | $ 0 | $ 0 |
Common stock, without par value | 190,453 | 189,134 |
Retained earnings | (18,105) | (11,741) |
Accumulated other comprehensive income | (37) | (72) |
Total shareholders' equity | 172,311 | 177,321 |
Total liabilities and shareholders' equity | $ 226,080 | $ 221,240 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 28, 2013 | Mar. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 842 | $ 712 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 104,306 | 102,901 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 20,235 | $ 19,880 |
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 | 31,321,000 | 30,704,000 |
Common stock, outstanding | 31,321,000 | 30,704,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Net sales | $ 43,091 | $ 35,030 |
Sales Revenue, Goods, Net | 32,062 | 23,424 |
Sales Revenue, Services, Net | 11,029 | 11,606 |
Cost of sales | 27,714 | 22,742 |
Cost of Goods Sold | 21,285 | 16,934 |
Cost of Services | 6,429 | 5,808 |
Gross profit | 15,377 | 12,288 |
Operating expenses: | ||
Selling, service and administration | 12,617 | 12,153 |
Research, development and engineering | 8,645 | 9,145 |
Business Combination, Integration Related Costs | 154 | 0 |
Restructuring Charges | 62 | 0 |
Net operating expenses | 21,478 | 21,298 |
Operating (loss) income | (6,101) | (9,010) |
Non-operating (expense) income: | ||
Interest and other (expense) income, net | (5) | 46 |
Other Nonoperating Income (Expense) | (5) | 46 |
Income (loss) before income taxes | (6,106) | (8,964) |
Provision for (benefit from) income taxes | 258 | (713) |
Net (loss) income | $ (6,364) | $ (8,251) |
Net (loss) income per share - basic | $ (0.20) | $ (0.27) |
Net (loss) income per share - diluted | $ (0.20) | $ (0.27) |
Weighted average number of shares - basic | 31,177 | 30,353 |
Weighted average number of shares - diluted | 31,177 | 30,353 |
Cash dividends paid per common share | $ 0 | $ 0.08 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statement - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Net (loss) income | $ (6,364) | $ (8,251) |
Foreign currency translation adjustment, net of taxes | 31 | 534 |
Accumulated other comprehensive loss related to benefit plan obligations, net of taxes | 4 | 3 |
Net unrealized (loss) gain on available-for-sale securities, net of taxes | 0 | (1) |
Comprehensive (loss) income | $ (6,329) | $ (7,715) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Foreign currency translation adjustment, taxes | $ 17 | $ 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 2 | 2 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (6,364) | $ (8,251) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,900 | 1,957 |
Amortization of acquired intangible assets | 357 | 539 |
Share-based compensation expense | 1,387 | 1,330 |
Gain on sale of property and equipment, net | 3 | (19) |
Provision for Doubtful Accounts | 127 | 0 |
Decrease (increase) in deferred income taxes | (44) | (103) |
Changes in operating accounts, net of acquisitions: | ||
Decrease (increase) in trade receivables, net | (5,338) | 4,958 |
Decrease (increase) in inventories | (552) | (1,609) |
Decrease (increase) in shipped systems pending acceptance | 389 | (493) |
Decrease (increase) in other current assets | 961 | 234 |
Increase (decrease) in accounts payable and accrued liabilities | 6,916 | 441 |
Increase (decrease) in deferred revenue | 2,585 | 1,753 |
Net cash (used in) provided by operating activities | 2,327 | 737 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of investments | (162,395) | (133,765) |
Proceeds from sales and maturities of investments | 164,346 | 152,328 |
Purchase of property, plant and equipment | (1,344) | (1,158) |
Proceeds from sale of property, plant, and equipment | 0 | 105 |
Decrease (increase) in other assets | (138) | (276) |
Net cash (used in) provided by investing activities | 469 | 17,234 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash dividends paid to shareholders | 0 | (2,417) |
Payments Related to Tax Withholding for Share-based Compensation | (531) | (1,100) |
Proceeds from Issuance of Common Stock | 401 | 485 |
Payments for Repurchase of Common Stock | 0 | (1,330) |
Net cash (used in) provided by financing activities | (130) | (4,362) |
Effect of exchange rate changes on cash | 171 | 389 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 2,837 | 13,998 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,994 | 68,461 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 53,831 | 82,459 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | (57) | (2) |
Cash paid for income taxes | (299) | (320) |
Income tax refunds received | 83 | 2 |
Non-cash additions to property, plant and equipment | $ 196 | $ 40 |
The Company
The Company | 3 Months Ended |
Jun. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in these interim statements. Accordingly, these condensed consolidated financial statements are to be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for its fiscal year ended March 28, 2015 . These interim statements include all adjustments (consisting of only normal recurring adjustments and accruals) necessary for a fair presentation of results for the interim periods presented. The results for interim periods are not necessarily indicative of the results of operations for the entire year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. Management believes that the estimates used are reasonable. Significant estimates made by management include: revenue recognition; inventory valuation; product warranty reserves; allowance for doubtful accounts; accrued restructuring costs; share-based compensation; income taxes including the valuation of deferred tax assets; fair value measurements; valuation of cost-method equity investments; valuation of long-lived assets; valuation of goodwill; and valuation of acquired technology. There have been no significant changes to the Company's significant accounting policies from those presented in Note 2 “Summary of Significant Accounting Policies” to the consolidated financial statements included in the Company's Annual Report on Form 10-K for its fiscal year ended March 28, 2015 . All references to years or quarters relate to fiscal years or fiscal quarters unless otherwise noted. In the current period, certain prior period amounts have been revised, which conforms to current year presentation. Please see Note 7 Trade Accounts Receivable and Note 11 Accrued Current & Other Liabilities . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Jun. 27, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Pronouncements issued by the financial accounting standards board (FASB) and the SEC did not have a material impact on the Company's financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 27, 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 June 27, 2015 and March 28, 2015 was as follows (in thousands): June 27, 2015 Level 1 Level 2 Level 3 Total Money market securities $ 2,997 $ — $ — $ 2,997 Commercial paper — 21,664 — 21,664 Municipal bonds — 5,853 — 5,853 Forward purchase or (sale) contracts: Japanese Yen — 14 — 14 New Taiwan Dollar — (7 ) — (7 ) Korean Won — (77 ) — (77 ) Euro — (163 ) — (163 ) British Pound — 86 — 86 Chinese Renminbi — (6 ) — (6 ) March 28, 2015 Level 1 Level 2 Level 3 Total Money market securities $ 14,280 $ — $ — $ 14,280 Corporate bonds — 853 — 853 Municipal bonds — 3,872 — 3,872 Government agencies — 2,702 — 2,702 Commercial paper — 15,537 — 15,537 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 ) 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 June 27, 2015 and March 28, 2015 were utilized to calculate fair values. During the first quarter of 2016 , there were no transfers between Level 1, Level 2 or Level 3 assets. Investments The Company’s investments at June 27, 2015 and March 28, 2015 were as follows (in thousands): Unrealized June 27, 2015 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 21,664 $ — $ — $ 21,664 Municipal Bonds 5,852 1 — 5,853 $ 27,516 $ 1 $ — $ 27,517 Unrealized March 28, 2015 Cost Gain Loss Fair Value Available-for-sale securities (current): Corporate Bonds $ 853 $ — $ — $ 853 Municipal Bonds 3,870 2 — 3,872 Government agencies 2,702 — — 2,702 Commercial paper 15,537 — — 15,537 $ 22,962 $ 2 $ — $ 22,964 For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive 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 loss were insignificant as of June 27, 2015 and March 28, 2015 . Investments with underlying maturities within one year at June 27, 2015 totaled $27.5 million . |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Jun. 27, 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 value of the Company's stock on the date of award. The Company recognizes compensation expense for all share-based compensation awards on a straight-line basis over the requisite service period of the award. Stock-settled stock appreciation rights (SARs) grant the right to receive shares of the Company's stock equivalent to the increase in stock value of a specified number of shares over a specified period of time, divided by the stock price at the time of exercise. The Company uses the Black-Scholes model to estimate the fair value of SARs. Similar to options, SARs are recorded at the fair value of the award at grant date and the expense is recognized on a straight-line basis over the requisite service period of the award. The Company granted a total of 613,700 restricted stock unit (RSUs) awards and 467,000 SARs during the first quarter of 2016 . In the same period, the Company did not grant any stock options. The Company granted 451,400 RSUs and 230,000 SARs during the first quarter of 2015 . Share-based compensation expense was included in the Company’s Condensed Consolidated Statements of Operations as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Cost of sales $ 129 $ 169 Selling, general and administrative 715 865 Research, development and engineering 219 296 Total share-based compensation expense $ 1,063 $ 1,330 No share-based compensation costs were capitalized in the first quarter of 2016 . As of June 27, 2015 , the Company had $10.2 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. The amounts shown in the table above for the quarter ended June 27, 2015, do not include $324 thousand in expense related to acquisitions. Refer to Note 5 Business Acquisitions for discussion of stock amounts considered compensation related to acquisitions. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Jun. 27, 2015 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions 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 and as of March 28, 2015 the company performed a preliminary determination and allocation of purchase price to the identifiable acquired assets and liabilities. In the first quarter of 2016, the Company finalized the determination of purchase price, including the valuation of total consideration and the related contractual adjustments to working capital, and valuation of acquired assets and liabilities. Consideration was comprised of $7.6 million in cash and 748,944 of ESI common stock issuable over a three year period, valued at approximately $2.9 million as of the acquisition date. Out of the $2.9 million in equity, 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 Topwin, 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 $0.4 million and of the 374,472 shares of non-contingent 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 was 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 included consideration of the estimated probability of attainment of the net income targets. 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. Additionally, the Company will issue, on the same terms described above, approximately 513,328 shares valued at $2.0 million , which, together with cash amounts of $0.2 million , is treated as compensation to a Principal in the Company who was also a former shareholder of Topwin. Compensation expense will be recognized over the Principal's term of employment or related service period required by the purchase agreement through December 31, 2017. In the first quarter of fiscal 2016, we have recognized $366 thousand in compensation expense related to this agreement, comprised of $324 thousand in share-related amounts and $42 thousand in earned cash compensation. The total purchase price of approximately $10.5 million , net of cash acquired, was allocated to the underlying assets acquired and liabilities assumed based on their fair values, as shown in the following table: (In thousands) Accounts receivable $ 454 Inventory 544 Prepaid expense and other current assets 295 Property, plant and equipment 23 Acquired intangibles 3,618 Goodwill 7,445 Accounts payable and other accrued liabilities (1,859 ) Total purchase price, net of cash acquired $ 10,520 The acquisition is expected to enable the Company to gain entry into the low total-cost-of-ownership solutions market in China and the goodwill of approximately $7.4 million recognized as a result of the acquisition 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 $4.9 million of 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 the first quarter of 2016, the Company incurred approximately $154 thousand in acquisition-related costs. In 2015, the Company incurred approximately $0.8 million in acquisition-related costs which were included in Selling, general and administrative 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 operations and overall financial position. |
Inventories
Inventories | 3 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are principally valued at standard costs, which approximate the lower of cost (first-in, first-out) or market. Components of inventories were as follows: (In thousands) Jun 27, 2015 Mar 28, 2015 Raw materials and purchased parts $ 37,836 $ 37,991 Work-in-process 14,525 14,834 Finished goods 4,894 3,812 $ 57,255 $ 56,637 |
Trade Accounts Receivable (Note
Trade Accounts Receivable (Notes) | 3 Months Ended |
Jun. 27, 2015 | |
Trade Accounts Receivable [Abstract] | |
Trade Accounts receivable [Text Block] | Trade Accounts Receivable Trade accounts receivable consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Current trade accounts receivable, net $ 49,234 $ 42,295 Non-current trade accounts receivable 2,054 3,656 $ 51,288 $ 45,951 As noted above, $2.1 million and $3.7 million of trade accounts receivable were non-current as of June 27, 2015 and March 28, 2015 , respectively, and were included in Other assets in the Condensed Consolidated Balance Sheets. Presentation of $3.7 million of non-current trade accounts receivable previously shown as current at March 28, 2015 was revised to reflect these amounts as non-current, which conforms to current period presentation. |
Other Current Assets
Other Current Assets | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Other Current Assets [Abstract] | |
Other Current Assets | Other Current Assets Other current assets consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Prepaid expenses $ 1,892 $ 2,595 Acquisition related receivable 1,118 1,180 Value added tax receivable 1,129 802 Other 1,162 1,513 $ 5,301 $ 6,090 |
Other Assets
Other Assets | 3 Months Ended |
Jun. 27, 2015 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Consignment and demo equipment, net $ 7,441 $ 7,164 Non-current trade accounts receivable 2,054 3,656 Long term deposits and other 2,719 2,391 $ 12,214 $ 13,211 |
Goodwill (Notes)
Goodwill (Notes) | 3 Months Ended |
Jun. 27, 2015 | |
Goodwill [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill In the fourth quarter of 2015, the Company realigned its products into two segments as a result of changes in the go-to-market strategies, common customer characteristics, and information utilized to manage our business. This reorganization required the Company to reassign goodwill to the new reporting units based on the relative fair value of the respective reporting units. The Company performed its annual review of goodwill for impairment in the fourth quarter of fiscal 2015 and as a result of that analysis 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 , subject to finalization of a step two impairment analysis. The step two impairment analysis has now been completed and the impairment charge is unchanged. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Current & Other Liabilities Accrued current liabilities consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Payroll-related liabilities $ 7,016 $ 6,723 Product warranty accrual 3,493 3,342 Restructuring costs payable 1,853 1,997 Purchase order commitments and receipts 1,825 1,815 Professional fees payable 1,624 1,237 Customer deposits 692 1,057 Value added taxes payable 306 474 Freight accrual 210 171 Income taxes payable 11 83 Other 1,690 1,767 $ 18,720 $ 18,666 Other liabilities consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Product warranty accrual $ 528 $ — Other non-current liabilities 1,390 1,571 $ 1,918 $ 1,571 Presentation of $1.6 million of Other non-current liabilities previously shown as current at March 28, 2015 was revised to reflect these amounts as non-current, which conforms to current period presentation. |
Product Warranty
Product Warranty | 3 Months Ended |
Jun. 27, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | Product Warranty The following is a reconciliation of the changes in the product warranty accrual: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Product warranty accrual, beginning $ 3,342 $ 4,215 Warranty charges incurred, net (1,484 ) (1,940 ) Provision for warranty charges 2,163 1,212 Product warranty accrual, ending $ 4,021 $ 3,487 Net warranty charges incurred include labor charges and costs of replacement parts for system repairs under warranty. These costs are recorded net of any estimated cost recoveries resulting from either successful repair of damaged parts or from warranties offered by the Company’s suppliers for defective components. The provision for warranty charges reflects the estimate of future anticipated net warranty costs to be incurred for all products under warranty at quarter end and is recorded to cost of sales. Of the total of $4.0 million in product warranty accrual at June 27, 2015 , $0.5 million is non-current and is included in Other liabilities on the Condensed Consolidated Balance Sheets. |
Deferred Revenue
Deferred Revenue | 3 Months Ended |
Jun. 27, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | Deferred Revenue Generally, revenue is recognized upon fulfillment of acceptance criteria at the Company's factory and title transfer which frequently occurs at the time of delivery to a common carrier. Revenue is deferred whenever title transfer is pending and/or acceptance criteria have not yet been fulfilled. Deferred revenue occurrences include sales to Japanese customers, shipments of substantially new products and shipments with custom specifications and acceptance criteria. In sales involving multiple element arrangements, the relative selling price of any undelivered elements, including installation services, is deferred until the elements are delivered and acceptance criteria are met. Revenue related to maintenance and service contracts is deferred and recognized ratably over the duration of the contracts. The following is a reconciliation of the changes in deferred revenue: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Deferred revenue, beginning $ 12,376 $ 10,515 Revenue deferred 15,720 11,808 Revenue recognized (13,135 ) (10,055 ) Deferred revenue, ending $ 14,961 $ 12,268 |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 3 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | Loss per Share The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share: Fiscal quarter ended (In thousands, except per share data) Jun 27, 2015 Jun 28, 2014 Net loss $ (6,364 ) $ (8,251 ) Weighted average shares used for basic earnings per share 31,177 30,353 Incremental diluted shares — — Weighted average shares used for diluted earnings per share 31,177 30,353 Net loss per share: Net loss — basic $ (0.20 ) $ (0.27 ) Net loss — diluted $ (0.20 ) $ (0.27 ) Awards of options, SARs and unvested RSUs representing an additional 3.6 million and 3.3 million shares of stock for the first quarters of 2016 and 2015 , respectively, were not included in the calculation of diluted net earnings per share because their effect would have been antidilutive. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Product, segment, and Geographic | Segment 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. Since the fourth quarter 2015 ESI has operated in two segments, Component Processing and Micromachining. Net sales by segment were as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Component Processing $ 38,284 $ 30,298 Micromachining 4,807 4,732 $ 43,091 $ 35,030 Gross profit by segment was as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Component Processing $ 14,110 $ 12,567 Micromachining 1,662 337 Corporate and other (395 ) (616 ) $ 15,377 $ 12,288 Net sales by geographic area, based on the location of the end user, were as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Asia $ 33,536 $ 24,718 Americas 6,356 6,174 Europe 3,199 4,138 $ 43,091 $ 35,030 |
Restructuring and Cost Manageme
Restructuring and Cost Management Plans | 3 Months Ended |
Jun. 27, 2015 | |
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. See the Company's Form 10-K for the year ended March 28, 2015 for additional information related to restructuring and cost management plans. Net restructuring costs of $0.1 million in the first quarter of 2016 included severance and wind-up costs. These costs relate to the restructuring plan described above and our previously disclosed action to close our Beijing facility. At June 27, 2015 and March 28, 2015 , the amount of unpaid restructuring costs included in accrued liabilities was $1.9 million and $2.0 million , respectively. The following table presents the amounts related to restructuring costs payable (in thousands): Restructuring & cost management amounts payable as of March 28, 2015 $ 1,997 Employee severance and related benefits: Cash payments (206 ) Costs incurred and other adjustments 62 Restructuring & cost management amounts payable as of June 27, 2015 $ 1,853 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Jun. 27, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Repurchase Program In December 2011, the Board of Directors authorized a share repurchase program totaling $20.0 million to acquire shares of our 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 Company did not repurchase any shares during the first quarter of 2016. In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. 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 in the aggregate amount of $0.24 per share. The Company did not pay any dividends in the first quarter of 2016. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 27, 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 June 27, 2015 and March 28, 2015 was as follows (in thousands): June 27, 2015 Level 1 Level 2 Level 3 Total Money market securities $ 2,997 $ — $ — $ 2,997 Commercial paper — 21,664 — 21,664 Municipal bonds — 5,853 — 5,853 Forward purchase or (sale) contracts: Japanese Yen — 14 — 14 New Taiwan Dollar — (7 ) — (7 ) Korean Won — (77 ) — (77 ) Euro — (163 ) — (163 ) British Pound — 86 — 86 Chinese Renminbi — (6 ) — (6 ) March 28, 2015 Level 1 Level 2 Level 3 Total Money market securities $ 14,280 $ — $ — $ 14,280 Corporate bonds — 853 — 853 Municipal bonds — 3,872 — 3,872 Government agencies — 2,702 — 2,702 Commercial paper — 15,537 — 15,537 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 ) |
Investments | he Company’s investments at June 27, 2015 and March 28, 2015 were as follows (in thousands): Unrealized June 27, 2015 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 21,664 $ — $ — $ 21,664 Municipal Bonds 5,852 1 — 5,853 $ 27,516 $ 1 $ — $ 27,517 Unrealized March 28, 2015 Cost Gain Loss Fair Value Available-for-sale securities (current): Corporate Bonds $ 853 $ — $ — $ 853 Municipal Bonds 3,870 2 — 3,872 Government agencies 2,702 — — 2,702 Commercial paper 15,537 — — 15,537 $ 22,962 $ 2 $ — $ 22,964 |
Share-Based Compensation Expens
Share-Based Compensation Expense (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Share-based compensation expense was included in the Company’s Condensed Consolidated Statements of Operations as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Cost of sales $ 129 $ 169 Selling, general and administrative 715 865 Research, development and engineering 219 296 Total share-based compensation expense $ 1,063 $ 1,330 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Components of inventories were as follows: (In thousands) Jun 27, 2015 Mar 28, 2015 Raw materials and purchased parts $ 37,836 $ 37,991 Work-in-process 14,525 14,834 Finished goods 4,894 3,812 $ 57,255 $ 56,637 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Other Current Assets [Abstract] | |
Other Current Assets | Other current assets consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Prepaid expenses $ 1,892 $ 2,595 Acquisition related receivable 1,118 1,180 Value added tax receivable 1,129 802 Other 1,162 1,513 $ 5,301 $ 6,090 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other assets consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Consignment and demo equipment, net $ 7,441 $ 7,164 Non-current trade accounts receivable 2,054 3,656 Long term deposits and other 2,719 2,391 $ 12,214 $ 13,211 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued current liabilities consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Payroll-related liabilities $ 7,016 $ 6,723 Product warranty accrual 3,493 3,342 Restructuring costs payable 1,853 1,997 Purchase order commitments and receipts 1,825 1,815 Professional fees payable 1,624 1,237 Customer deposits 692 1,057 Value added taxes payable 306 474 Freight accrual 210 171 Income taxes payable 11 83 Other 1,690 1,767 $ 18,720 $ 18,666 |
Accrued Liabilities & Other Lia
Accrued Liabilities & Other Liabilities Other Liabilities (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Payables and Accruals [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | Other liabilities consisted of the following: (In thousands) Jun 27, 2015 Mar 28, 2015 Product warranty accrual $ 528 $ — Other non-current liabilities 1,390 1,571 $ 1,918 $ 1,571 |
Product Warranty (Tables)
Product Warranty (Tables) | 3 Months Ended |
Jun. 27, 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 product warranty accrual: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Product warranty accrual, beginning $ 3,342 $ 4,215 Warranty charges incurred, net (1,484 ) (1,940 ) Provision for warranty charges 2,163 1,212 Product warranty accrual, ending $ 4,021 $ 3,487 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Reconciliation of the Changes in Deferred Revenue | The following is a reconciliation of the changes in deferred revenue: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Deferred revenue, beginning $ 12,376 $ 10,515 Revenue deferred 15,720 11,808 Revenue recognized (13,135 ) (10,055 ) Deferred revenue, ending $ 14,961 $ 12,268 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share | The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share: Fiscal quarter ended (In thousands, except per share data) Jun 27, 2015 Jun 28, 2014 Net loss $ (6,364 ) $ (8,251 ) Weighted average shares used for basic earnings per share 31,177 30,353 Incremental diluted shares — — Weighted average shares used for diluted earnings per share 31,177 30,353 Net loss per share: Net loss — basic $ (0.20 ) $ (0.27 ) Net loss — diluted $ (0.20 ) $ (0.27 ) |
Segment and Geographic Inform35
Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Segment Reporting Information [Line Items] | |
Net sales by Segment | Net sales by segment were as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Component Processing $ 38,284 $ 30,298 Micromachining 4,807 4,732 $ 43,091 $ 35,030 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Gross profit by segment was as follows: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Component Processing $ 14,110 $ 12,567 Micromachining 1,662 337 Corporate and other (395 ) (616 ) $ 15,377 $ 12,288 |
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: Fiscal quarter ended (In thousands) Jun 27, 2015 Jun 28, 2014 Asia $ 33,536 $ 24,718 Americas 6,356 6,174 Europe 3,199 4,138 $ 43,091 $ 35,030 |
Restructuring and Cost Manage36
Restructuring and Cost Management Plans (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Restructuring and Related Activities [Abstract] | |
Amounts Related to Restructuring Costs Payable | The following table presents the amounts related to restructuring costs payable (in thousands): Restructuring & cost management amounts payable as of March 28, 2015 $ 1,997 Employee severance and related benefits: Cash payments (206 ) Costs incurred and other adjustments 62 Restructuring & cost management amounts payable as of June 27, 2015 $ 1,853 |
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 | Jun. 27, 2015 | Mar. 28, 2015 |
Money Market Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | $ 2,997 | $ 14,280 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 21,664 | 15,537 |
Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,702 | |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 853 | |
Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 5,853 | 3,872 |
Forward purchase or (sale) contracts | Japanese Yen | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 14 | (7) |
Forward purchase or (sale) contracts | New Taiwan Dollars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (7) | 17 |
Forward purchase or (sale) contracts | Korean Won | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (77) | (44) |
Forward purchase or (sale) contracts | Euro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (163) | 277 |
Forward purchase or (sale) contracts | British Pound | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 86 | (133) |
Forward purchase or (sale) contracts | Chinese Renminbi | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | (6) | (34) |
Level 1 | Money Market Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,997 | 14,280 |
Level 2 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 21,664 | 15,537 |
Level 2 | Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,702 | |
Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 853 | |
Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 5,853 | 3,872 |
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 | 14 | (7) |
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 | (7) | 17 |
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 | (77) | (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 | (163) | 277 |
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 | 86 | (133) |
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 | $ (6) | $ (34) |
Share-Based Compensation - Expe
Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands | Jan. 15, 2015 | Jun. 27, 2015 | Jun. 28, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 613,700 | 451,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 467,000 | 230,000 | |
Total share-based compensation expense | $ 1,063 | $ 1,330 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Value of shares grant as compensation | $ 2,000 | $ 324 | |
Cost of Sales | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 129 | 169 | |
Selling, General and Administrative Expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 715 | 865 | |
Research and Development Expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 219 | $ 296 | |
Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,200 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 27, 2015 | Mar. 28, 2015 | Mar. 29, 2014 | |
Schedule of Available-for-sale Securities | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 27,500 | ||
Available for sale Securities Current | |||
Schedule of Available-for-sale Securities | |||
Cost | 27,516 | $ 22,962 | |
Available-for-sale Securities, Gross Unrealized Gain | 1 | 2 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |
Available-for-sale Securities | 27,517 | 22,964 | |
Available for sale Securities Current | Commercial Paper | |||
Schedule of Available-for-sale Securities | |||
Cost | 21,664 | 15,537 | |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |
Available-for-sale Securities | 21,664 | 15,537 | |
Available for sale Securities Current | Government agencies | |||
Schedule of Available-for-sale Securities | |||
Cost | 2,702 | ||
Available-for-sale Securities, Gross Unrealized Gain | $ 0 | ||
Available-for-sale Securities, Gross Unrealized Loss | 0 | ||
Available-for-sale Securities | 2,702 | ||
Available for sale Securities Current | Corporate Bonds | |||
Schedule of Available-for-sale Securities | |||
Cost | 853 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | ||
Available-for-sale Securities, Gross Unrealized Loss | 0 | ||
Available-for-sale Securities | 853 | ||
Available for sale Securities Current | Municipal Bonds | |||
Schedule of Available-for-sale Securities | |||
Cost | 5,852 | 3,870 | |
Available-for-sale Securities, Gross Unrealized Gain | 1 | 2 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | $ 0 | |
Available-for-sale Securities | $ 5,853 | $ 3,872 |
Business Acquisitions - Allocat
Business Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed Based on the Fair Value (Details) - USD ($) $ in Thousands | Jan. 15, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Jun. 28, 2014 |
Business Acquisition [Line Items] | ||||
Shares grant as compensation | 513,328 | |||
Value of shares grant as compensation | $ 2,000 | $ 324 | ||
Cash compensation | 200 | 0 | ||
Allocated acquisition related compensation expenses | 366 | |||
Business Combination, Integration Related Costs | $ 154 | $ 800 | $ 0 | |
Acquisition-related Costs [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable, net | 454 | |||
Inventory | 544 | |||
Prepaid expense and other current assets | 295 | |||
Property, plant, and equipment | 23 | |||
Goodwill | 7,445 | |||
Acquired intangibles | 3,618 | |||
Accounts payable and other accrued liabilities | (1,859) | |||
Total purchase price, net of cash acquired | 10,520 | |||
Topwin [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 4,900 | |||
Payments to Acquire Businesses, Gross | $ 7,600 | |||
Shares issuable | 748,944 | |||
Value of shares issuable | $ 2,900 | |||
Shares issuable, period of issuance | 3 years | |||
Shares issuable as contingent consideration | 374,472 | |||
Value of shares issuable as contingent consideration | $ 400 | |||
Shares issuable as non-contingent consideration | 374,472 | |||
Value of shares issuable as non-contingent consideration | $ 2,500 | |||
Developed technology | Topwin [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 3,500 | |||
Finite-Lived Intangible Assets, Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Finite-Lived Intangible Assets, Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 37,836 | $ 37,991 |
Work-in-process | 14,525 | 14,834 |
Finished goods | 4,894 | 3,812 |
Inventories | $ 57,255 | $ 56,637 |
Trade Accounts Receivable (Deta
Trade Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Receivables [Abstract] | ||
Accounts Receivable, Net, Current | $ 49,234 | $ 42,295 |
Accounts Receivable, Net, Noncurrent | 2,054 | 3,656 |
Accounts Receivable, Net | $ 51,288 | $ 45,951 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Disclosure Other Current Assets [Abstract] | ||
Prepaid expenses | $ 1,892 | $ 2,595 |
Value added tax receivable | 1,129 | 802 |
Business Combination, Contingent Consideration, Asset, Current | 1,118 | 1,180 |
Other | 1,162 | 1,513 |
Other current assets | $ 5,301 | $ 6,090 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Consignment and demo equipment, net | $ 7,441 | $ 7,164 |
Accounts Receivable, Net, Noncurrent | 2,054 | 3,656 |
Other | 2,719 | 2,391 |
Other assets | $ 12,214 | $ 13,211 |
Goodwill (Details)
Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 28, 2015USD ($) | |
Goodwill [Abstract] | |
Goodwill, Impairment Loss | $ (7.9) |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 | Jun. 28, 2014 | Mar. 29, 2014 |
Disclosure Accrued Liabilities [Abstract] | ||||
Payroll-related liabilities | $ 7,016 | $ 6,723 | ||
Product Warranty Accrual, Current | 3,493 | |||
Product warranty accrual | 4,021 | 3,342 | $ 3,487 | $ 4,215 |
Purchase order commitments and receipts | 1,825 | 1,815 | ||
Professional fees payable | 1,624 | 1,237 | ||
Freight accrual | 210 | 171 | ||
Income taxes payable | 11 | 83 | ||
Restructuring costs payable | 1,853 | 1,997 | ||
Customer deposits | 692 | 1,057 | ||
Value added taxes payable | 306 | 474 | ||
Other | 1,690 | 1,767 | ||
Accrued liabilities | $ 18,720 | $ 18,666 |
Accrued Liabilities & Other L47
Accrued Liabilities & Other Liabilities Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Non-Current Liabilities [Abstract] | ||
Product Warranty Accrual, Noncurrent | $ 528 | $ 0 |
Other Sundry Liabilities, Noncurrent | 1,390 | 1,571 |
Liabilities, Other than Long-term Debt, Noncurrent | $ 1,918 | $ 1,571 |
Product Warranty (Details)
Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | |
Product Warranty | |||
Document Period End Date | Jun. 27, 2015 | ||
Product Warranty Accrual, Noncurrent | $ 528 | $ 0 | |
Product warranty accrual, beginning | 3,342 | $ 4,215 | |
Warranty charges incurred, net | (1,484) | (1,940) | |
Provision for warranty charges | 2,163 | 1,212 | |
Product warranty accrual, ending | $ 4,021 | $ 3,487 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Deferred Revenue Disclosure [Abstract] | ||
Deferred revenue, beginning | $ 12,376 | $ 10,515 |
Revenue deferred | 15,720 | 11,808 |
Revenue recognized | (13,135) | (10,055) |
Deferred revenue, ending | $ 14,961 | $ 12,268 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) 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 | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (6,364) | $ (8,251) |
Weighted average number of shares - basic | 31,177 | 30,353 |
Incremental diluted shares | 0 | 0 |
Weighted average shares used for diluted earnings per share | 31,177 | 30,353 |
Net (loss) income per share - basic | $ (0.20) | $ (0.27) |
Net (loss) income per share - diluted | $ (0.20) | $ (0.27) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
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 | 3.6 | 3.3 |
Segment and Geographic Inform52
Segment and Geographic Information - Net Sales by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 43,091 | $ 35,030 |
Component Processing [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 38,284 | 30,298 |
Micromachining [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 4,807 | $ 4,732 |
Segment and Geographic Inform53
Segment and Geographic Information - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Revenues, Geographical Area [Line Items] | ||
Net sales | $ 43,091 | $ 35,030 |
Asia | ||
Revenues, Geographical Area [Line Items] | ||
Net sales | 33,536 | 24,718 |
Americas | ||
Revenues, Geographical Area [Line Items] | ||
Net sales | 6,356 | 6,174 |
Europe | ||
Revenues, Geographical Area [Line Items] | ||
Net sales | $ 3,199 | $ 4,138 |
Segment and Geographic Inform54
Segment and Geographic Information -Gross Profit by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Gross Profit | $ 15,377 | $ 12,288 |
Corporate and Other [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Gross Profit | (395) | (616) |
Micromachining [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Gross Profit | 1,662 | 337 |
Component Processing [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Gross Profit | $ 14,110 | $ 12,567 |
Restructuring and Cost Manage55
Restructuring and Cost Management Plans - Amounts Related to Restructuring Costs Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | $ 62 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 1,997 | |
Cash payments | (206) | |
Restructuring Charges | 62 | $ 0 |
Ending balance | $ 1,853 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2011 | |
Equity, Class of Treasury Stock [Line Items] | |||
Payments of Dividends | $ 0 | $ 2,417 | |
Stock Repurchased During Period, Shares | 207,738 | ||
Document Period End Date | Jun. 27, 2015 | ||
Payments for Repurchase of Common Stock | $ 0 | $ 1,330 | |
2011 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Share repurchase authorization amount | $ 20,000 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividend Declared and Paid (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||
Cash dividends paid to shareholders | $ 0 | $ (2,417) |