Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 01, 2017 | Jun. 09, 2017 | Oct. 01, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 1, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 33,103,704 | ||
Entity Public Float | $ 185,926,091 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 56,642 | $ 42,413 |
Short-term investments | 5,743 | 15,252 |
Accounts Receivable, Net, Current | 40,494 | 42,770 |
Inventories | 58,942 | 60,470 |
Shipped systems pending acceptance | 5,713 | 1,181 |
Other current assets | 6,180 | 5,340 |
Total current assets | 173,714 | 167,426 |
Non-current assets: | ||
Property, plant and equipment, net | 21,619 | 24,543 |
Non-current deferred income taxes, net | 890 | 914 |
Goodwill | 3,027 | 7,445 |
Acquired intangible assets, net | 6,564 | 7,146 |
Other assets | 18,931 | 12,626 |
Total assets | 224,745 | 220,100 |
Current liabilities: | ||
Accounts payable | 21,213 | 16,061 |
Accrued liabilities | 22,186 | 18,334 |
Deferred revenue | 14,712 | 6,373 |
Total current liabilities | 58,111 | 40,768 |
Long-term Debt, Excluding Current Maturities | 13,489 | 0 |
Non-current liabilities: | ||
Non-current income taxes payable | 1,036 | 1,266 |
Deferred Tax Liabilities, Net, Noncurrent | 8 | 234 |
Liabilities, Other than Long-term Debt, Noncurrent | 7,570 | 7,801 |
Liabilities | 80,214 | 50,069 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, without par value | 0 | 0 |
Common stock, without par value | 207,152 | 195,024 |
Retained earnings | (61,407) | (23,998) |
Accumulated other comprehensive income | (1,214) | (995) |
Total shareholders' equity | 144,531 | 170,031 |
Total liabilities and shareholders' equity | $ 224,745 | $ 220,100 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 603 | $ 1,039 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 112,075 | $ 107,910 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 21,994 | $ 21,146 |
Common Stock, Shares, Issued | 33,260,000 | 31,613,000 |
Common Stock, Shares, Outstanding | 33,260,000 | 31,613,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Revenue, Net | $ 161,023 | $ 184,391 | $ 159,118 |
Sales Revenue, Goods, Net | 125,098 | 142,957 | 111,603 |
Sales Revenue, Services, Net | 35,925 | 41,434 | 47,515 |
Cost of sales | 99,557 | 111,688 | 104,437 |
Cost of Goods Sold | 81,350 | 89,169 | 78,195 |
Cost of Services | 18,207 | 22,519 | 26,242 |
Gross profit | 61,466 | 72,703 | 54,681 |
Operating expenses: | |||
Selling, service and administration | 52,698 | 49,753 | 48,525 |
Research, development and engineering | 31,719 | 32,400 | 35,166 |
Restructuring costs | 6,935 | 2,824 | 2,069 |
Business Combination, Integration Related Costs | 366 | 194 | 776 |
Goodwill, Impairment Loss | 7,445 | 0 | 7,889 |
Net operating expenses | 99,163 | 85,171 | 94,425 |
Operating (loss) income | (37,697) | (12,468) | (39,744) |
Non-operating (expense) income: | |||
Other than temporary impairment of cost based investments | 0 | 0 | 4,263 |
Interest and other (expense) income, net | 265 | 195 | 430 |
Total non-operating (expense) income | 265 | 195 | (3,833) |
Income (loss) before income taxes | (37,432) | (12,273) | (43,577) |
Provision for (benefit from) income taxes | (23) | (16) | 234 |
Net (loss) income | $ (37,409) | $ (12,257) | $ (43,811) |
Net (loss) income per share - basic | $ (1.15) | $ (0.39) | $ (1.43) |
Net (loss) income per share - diluted | $ (1.15) | $ (0.39) | $ (1.43) |
Weighted average number of shares - basic | 32,551 | 31,411 | 30,611 |
Weighted average number of shares - diluted | 32,551 | 31,411 | 30,611 |
Cash dividends paid per common share | $ 0 | $ 0 | $ 0.24 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statement - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Net (loss) income | $ (17,923) | $ (9,693) | $ (9,675) | $ (118) | $ 1,953 | $ (4,586) | $ (3,260) | $ (6,364) | $ (37,409) | $ (12,257) | $ (43,811) |
Cumulative translation adjustment, net of tax | (348) | (922) | (384) | ||||||||
Accumulated other comprehensive loss related to benefit plan obligations, net of tax | 135 | (4) | (25) | ||||||||
Net unrealized (loss) gain on available-for-sale securities, net of tax | (6) | 3 | (15) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (219) | (923) | (424) | ||||||||
Comprehensive (loss) income | $ (37,628) | $ (13,180) | $ (44,235) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 0 | $ 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (74) | (21) | (13) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 0 | $ 1 | $ (5) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) |
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 (shares) | 757,000 | |||
Employee stock plans | $ 4,555 | $ 4,555 | ||
Stock Repurchased During Period, Shares | (208,000) | |||
Stock Repurchased During Period, Value | $ (1,456) | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 2,842 | |||
Comprehensive income (loss): | ||||
Net (loss) income | (43,811) | (43,811) | ||
Other Comprehensive Income (Loss), Net of Tax | (424) | (424) | ||
Net unrealized gain on securities, net of tax | (15) | |||
Cumulative translation adjustment, net of tax | (384) | |||
Accumulated other comprehensive loss related to benefit plan obligations, net of tax | (25) | |||
Comprehensive (loss) income | (44,235) | |||
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 | |||
Stock plans: | ||||
Employee stock plans (shares) | 909,000 | |||
Employee stock plans | $ 5,827 | $ 5,827 | ||
Stock Repurchased During Period, Shares | (207,738) | |||
Stock Repurchased During Period, Value | $ 0 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 63 | |||
Share repurchases | 1,500 | |||
Comprehensive income (loss): | ||||
Net (loss) income | (12,257) | |||
Other Comprehensive Income (Loss), Net of Tax | (923) | (923) | ||
Net unrealized gain on securities, net of tax | 3 | |||
Cumulative translation adjustment, net of tax | (922) | |||
Accumulated other comprehensive loss related to benefit plan obligations, net of tax | (4) | |||
Comprehensive (loss) income | (13,180) | (923) | ||
Balance at end of year at Apr. 02, 2016 | 170,031 | $ 195,024 | (23,998) | (995) |
Balance at end of year (shares) at Apr. 02, 2016 | 31,613,000 | |||
Stock plans: | ||||
Employee stock plans (shares) | 1,647,000 | |||
Employee stock plans | 7,652 | $ 7,652 | ||
Stock Repurchased During Period, Value | 0 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 4,476 | |||
Comprehensive income (loss): | ||||
Net (loss) income | (37,409) | |||
Other Comprehensive Income (Loss), Net of Tax | (219) | (219) | ||
Net unrealized gain on securities, net of tax | (6) | |||
Cumulative translation adjustment, net of tax | (348) | |||
Accumulated other comprehensive loss related to benefit plan obligations, net of tax | 135 | |||
Comprehensive (loss) income | (37,628) | (219) | ||
Balance at end of year at Apr. 01, 2017 | $ 144,531 | $ 207,152 | $ (61,407) | $ (1,214) |
Balance at end of year (shares) at Apr. 01, 2017 | 33,260,000 |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Cash dividends paid per common share | $ 0 | $ 0 | $ 0.24 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017USD ($) | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | |
Cash, Cash Equivalents, and Restricted Cash; At Carrying Value | $ 57,732 | $ 42,413 | $ 50,994 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | (37,409) | (12,257) | (43,811) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 7,566 | 7,343 | 7,817 |
Amortization | 1,530 | 1,376 | 1,502 |
Share-based compensation expense | 7,095 | 5,103 | 4,542 |
Provision for (recovery of) doubtful accounts | 329 | 53 | |
Allowance for Doubtful Accounts Receivable, Recoveries | (429) | ||
Gain on sale of property and equipment, net | 1,323 | 862 | (6) |
Impairment of Intangible Assets, Finite-lived | 2,349 | 0 | 0 |
Inventory Write-down | 2,440 | 0 | 0 |
Other than temporary impairment of cost based investments | 0 | 0 | 4,263 |
Goodwill, Impairment Loss | 7,445 | 0 | 7,889 |
Decrease (increase) in deferred income taxes | (254) | (877) | (54) |
Changes in operating accounts, net of acquisitions: | |||
Decrease (increase) in trade receivables, net | 2,571 | 2,984 | (7,965) |
Decrease (increase) in inventories | (6,252) | (7,303) | 1,091 |
Decrease (increase) in shipped systems pending acceptance | (4,532) | 1,631 | (462) |
Decrease (increase) in other current assets | (755) | 1,154 | (200) |
Increase (decrease) in accounts payable and accrued liabilities | 8,141 | 9,048 | (4,013) |
Increase (decrease) in deferred revenue | 8,338 | (4,691) | 1,861 |
Net cash (usedin) provided by operating activities | (833) | 4,702 | (27,493) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of investments | (464,893) | (380,841) | (414,705) |
Proceeds from sales and maturities of investments | 473,842 | 369,700 | 450,507 |
Purchase of property, plant and equipment | (4,039) | (3,693) | (5,374) |
Proceeds from sale of property, plant and equipment | 7 | 232 | 154 |
Cash paid to acquire subsidiaries | 2,010 | 0 | 7,737 |
Decrease (increase) in other assets | (293) | 790 | (2,638) |
Net cash provided by (used in) investing activities | 2,614 | (13,812) | 20,207 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from Issuance of Common Stock | 1,398 | 1,362 | 1,863 |
Proceeds from Issuance of Other Long-term Debt | 13,683 | 0 | 0 |
Repayments of Long-term Debt | (77) | 0 | 0 |
Payments Related to Tax Withholding for Share-based Compensation | (839) | (638) | (1,850) |
Cash dividends paid to shareholders | 0 | 0 | (7,266) |
Stock Repurchased During Period, Value | 0 | 0 | (1,456) |
Net cash (used in) provided by financing activities | 14,165 | 724 | (8,709) |
Effect of exchange rate changes on cash | (627) | (195) | (1,472) |
CashAndCashEquivalentsAndRestrictedCashPeriodIncreaseDecrease | 15,319 | (8,581) | (17,467) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 42,413 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 56,642 | 42,413 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest | (121) | (57) | (109) |
Cash paid for income taxes | (530) | (806) | (1,157) |
Income tax refunds received | 123 | 140 | 633 |
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 5,985 | 3,866 | 1,091 |
Property, Plant and Equipment, Additions | $ 40 | $ 766 | 372 |
Retained Earnings [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (43,811) |
The Company
The Company | 12 Months Ended |
Apr. 01, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company Electro Scientific Industries, Inc. and its subsidiaries (ESI, we, our, or the Company) is a leading supplier of innovative laser-based microfabrication solutions for industries reliant on microtechnologies. 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, Europe and North America. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 01, 2017 | |
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 week periods ending on the Saturday nearest March 31. Accordingly, the fiscal 2017 reporting period consisted of a 52 -week period ending on April 1, 2017 , the fiscal 2016 reporting period consisted of a 53 -week period ending on April 2, 2016 and the fiscal 2015 reporting period consisted of a 52 -week period ending on March 28, 2015 . 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; accrued restructuring costs; share-based compensation; income taxes, including the valuation of deferred tax assets; valuation of long-lived assets, including intangibles; valuation of goodwill and acquisition accounting. 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 printed circuit board (PCB), semiconductor and microelectronics manufacturers. Our top ten customers for 2017 , 2016 and 2015 accounted for approximately 47% , 51% and 40% of total net sales, respectively. Two customers, Sumitomo Corporation and Zhen Ding Technologies accounted for approximately 12% and 11% of net sales, respectively, in 2017. One customer, Apple Inc. and its affiliates, accounted for approximately 15% of net sales in 2016. No other customer individually accounted for more than 10% of total net sales in 2017 , 2016 or 2015 . 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 may have a temporary adverse impact on the Company’s operating results. The Company’s operations involve a number of other risks and uncertainties including but not limited to those relating to the seasonality 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 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. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain long-term contractual agreements are recorded in Other non-current assets on our balance sheet. The following table provides a reconciliation of cash, cash equivalents, and restricted cash as shown in the statement of cash flows: (In thousands) 2017 Cash and cash equivalents $ 56,642 Restricted cash included in other long-term assets 1,090 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 57,732 Accounts Receivable and Allowance for Doubtful Accounts Trade receivables 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 and 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 allowance 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 26 “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. We regularly evaluate the carrying value of inventory based on a combination of factors including, but not limited to, the following: product life cycle, forecasted sales or usage, historical usage rates, estimated service period, product end-of-life dates, estimated current and future market values, service inventory requirements and new product introductions. Purchasing requirements and alternative uses for the inventory are explored within these processes to mitigate inventory exposure. Inventory materials with quantities in excess of forecasted usage are reviewed quarterly for obsolescence. Obsolescence write-downs are typically caused by engineering change orders or product life cycle changes. Research and development product costs are generally expensed as incurred. Engineering materials that are expected to provide future value are generally classified as raw materials inventory. Finished goods are reviewed quarterly by product marketing and operating personnel to determine if inventory carrying value exceeds market selling prices. When necessary, we record inventory write-downs as an increase to cost of sales based on the above factors and take into account worldwide quantities on hand, product life cycle and forecasted demand in our analysis. Shipped Systems Pending Acceptance Shipped systems pending acceptance relate to systems that have been ordered and shipped to the customer, but where revenue has 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 recognized 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 Assets 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 the recoverability of assets to be held and used by comparing the carrying amount of an asset or asset group 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 nine to seventeen years. Other purchased intangible assets with finite 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 one to ten years. Acquisition Accounting The fair value of the consideration exchanged in an acquisition is allocated to tangible assets and identifiable intangible assets acquired and liabilities assumed at acquisition date fair value. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. The accounting for an acquisition involves a considerable amount of judgment and estimation. Cost, income, market or a combination of approaches may be used to establish the fair value of consideration exchanged, assets acquired and liabilities assumed, depending on the nature of those items. The valuation approach is determined in accordance with generally accepted valuation methods or other generally accepted methods. Key areas of estimation and judgment may include the selection of valuation approaches, identification and selection of comparable companies or transactions, projections of future performance, cost of capital, market characteristics, cost structure, impacts of synergies, and estimates of terminal value, among other factors. While the Company uses best estimates and assumptions as part of the purchase price allocation process to estimate the value of assets acquired and liabilities assumed, estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill, to the extent that adjustments are identified to the preliminary purchase price allocation. Upon conclusion of the measurement period, or final determination of the value of the assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to results from operations. Refer to Note 6 “Business Acquisitions” for further discussion of purchase accounting, valuation methodology and assumptions. Goodwill The Company tests goodwill for impairment annually or more frequently if an event occurs or circumstances would indicate that it is more likely than not the fair value of the reporting unit is less than the carrying value. The date of the annual test of goodwill is the first day of the fourth quarter. The carrying value of the reporting unit is determined based on an allocation of the Company's assets and liabilities to the reporting unit using reasonable assumptions. An impairment is recorded in the period identified in the amount by which the carrying value of reporting unit exceeds the fair value of the reporting unit, up to the amount of goodwill recorded. Other Assets Other assets include consignment, demonstration (demo) and training equipment, long-term deposits, and non-current accounts receivable. Consignment, demo and training equipment are recorded at the lower of standard costs or estimated market values, until the assets are sold. Fair Value of Financial Instruments The carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued liabilities and income taxes payable 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, as 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, if any, 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 as a separate deliverable until installation is complete. Neither accrued installation costs 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 warranty is provided on most of our products over a specified period of time, generally 12 to 24 months, at no cost to our customers. 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. 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. 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) comprised primarily of cumulative foreign currency translation adjustments, benefit plan obligations and unrealized gains and losses on securities available for sale. The cumulative translation adjustment included in accumulated other comprehensive income (loss) at April 1, 2017 and April 2, 2016 was $1.2 million and $0.9 million , respectively. Earnings Per Share Basic earnings per share (EPS) is computed by dividing income available to common stockholders by 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 SARs and the 1990 Employee Stock Purchase Plan (ESPP) using the Black-Scholes model to estimate the fair value of awards on the date of grant. The fair value of time-based and performance-based restricted stock units (RSUs) are measured on the grant date based on the market value of the Company's common stock. The market-based RSUs must achieve the total shareholder return (TSR) measures in order for the awards to vest, and the grant date fair value of the awards is calculated using a Monte Carlo simulation model. Except performance-based RSUs, the Company recognizes compensation expense for all share-based compensation awards, net of estimated forfeitures, on a straight-line basis over the requisite service period of the award. Expense for performance-based RSUs is recognized based on the probability of achievement of the performance criteria. The compensation cost for market-based RSUs is recognized over the related service period, even if the market condition is never satisfied. 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 it operates in a single segment, a change in the fourth quarter of 2017 described in further detail in Note 25 "Product and Geographic Information" . There is no difference between the accounting policies used for our business segment 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 2017 , 2016 and 2015 , contributions to the plan by the Company were $0.8 million, $0.7 million and $0.6 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 . These plans are immaterial to the financial statements of the Company taken as a whole. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Apr. 01, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted accounting pronouncements: In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment in order to simplify the accounting for goodwill impairment where step two was required in the past. In place of step two, companies will recognize an impairment loss equal to the amount by which the carrying value exceeds the implied fair value; not to exceed the total amount of goodwill allocated to the reporting unit. The Company elected to early adopt ASU 2017-04 on a prospective basis as of January 1, 2017, and incurred a non-cash Goodwill impairment charge of $7.4 million . See Note 11 "Goodwill" for more details. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash (a consensus of the FASB Emerging Issues Task Force) , which provides specific guidance for classifying and presenting changes in restricted cash and restricted cash equivalents on the statement of cash flows due to transfers or transactions in order to reduce the diversity in practice. The Company elected to early adopt ASU 2016-18 and included restricted cash of $1.1 million in end of period cash, cash equivalents, and restricted cash in the statement of cash flows. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and provide certain disclosure if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The Company adopted ASU 2014-15 in the fourth quarter of 2017, and it did not have any effect on the Company's disclosures. Recently issued accounting pronouncements not yet adopted In May 2017, FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting , which amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which would be the Company's fiscal year ending March 30, 2019. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. While the Company does not expect the adoption of ASU 2017-09 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2017-09 may have on its financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires companies to disaggregate the current-service-cost component from other components of net benefit cost and provides specific guidance for presentation in the income statement. ASU 2017-07 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which would be the Company's fiscal year ending March 30, 2019. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. While the Company does not expect the adoption of ASU 2017-07 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2017-07 may have on its financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09) , to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , which deferred the effective date for implementation of ASU 2014-09 by one year, making the new guidance effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted no earlier than the original effective date. The FASB has continued to issue ASU topics to further clarify ASU 2014-09. These have included ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20. The effective date and transition requirements of these ASU topics are the same as the effective date and transition requirements of ASU 2015-14. The new standards are effective for the Company's fiscal year ending March 30, 2019, beginning with the first quarter of that fiscal year. The new standard permits adoption by using either (i) a full retrospective approach for all periods presented in the period of adoption or (ii) a modified retrospective approach with the cumulative effect of initially applying the new standard recognized at the date of initial application and providing certain additional disclosures. The Company has not yet finalized which transition method will be used; however, at this time it expects to adopt the modified retrospective approach. The final determination of the transition method depends on a number of factors including the impact on comparability, the ability to support related disclosures, and the overall nature and significance of the associated changes to the financial statements. The Company has developed an implementation plan and assigned cross-functional internal resources to perform a comprehensive assessment of the new standard and its impact on the financial statements of the Company. This assessment is ongoing and includes identification, consideration, and quantification of the impact of the new standard on the Company's financial statements, accounting policies, processes, control environment and systems. The outcome of this evaluation will be the implementation of supporting processes and systems that enable timely and accurate reporting under the new standard as well as the determination of which transition method is most appropriate. While the Company continues to assess all potential impacts under the new standard, a preliminary assessment would indicate that the new standard is unlikely to drive a significant change to the amount or timing of revenue recognition related to system sales or service contracts, the Company’s major revenue streams. The Company believes that certain aspects of the new guidance will require significant judgment, including identification of relevant performance obligations and quantification of the consideration to which the entity expects to be entitled in exchange for those goods or services. Further, in connection with the adoption of the standard, the Company expects to be required to capitalize certain costs, primarily commission expense to sales representatives, and amortize such costs over the period of performance for the underlying contracts. The Company is still evaluating the impact of capitalizing costs to execute a contract, which it expects to primarily affect commissions on service contracts as these contracts frequently have a duration approximating or exceeding one year; however, this impact is not expected to be significant. This preliminary assessment is based on the Company's hypothetical analysis of actual historical revenue transactions under the new guidance and presumes certain conclusions as it relates to accounting policies under the new standard. Due to the complexity of certain of our contracts, the actual revenue recognition treatment required under the new standard for these arrangements may be dependent on contract-specific terms and may vary from this overall expectation. The Company currently expects that necessary operational changes will be implemented prior to the adoption date. As the Company’s assessment of the new standard’s impacts is ongoing, including the areas described above, the Company cannot reasonably provide further estimates of the quantitative impacts to its financial statements at this time. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , to improve and simplify the accounting for the income tax consequences of intra-entity transfers of assets other than inventory, requiring companies to recognize income tax consequences upon the transfer of the asset to a third party. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which would be the Company's fiscal year ending March 30, 2019. While the Company does not expect the adoption of ASU 2016-16 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2016-16 may have on its financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments , which will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. While the Company does not expect the adoption of ASU 2016-15 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2016-15 may have on its financial position, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation – Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 simplifies the accounting for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, which would be the Company's fiscal year ending March 31, 2018. While the Company does not expect the adoption of ASU 2016-09 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2016-09 may have on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, which would be the Company's fiscal year ending March 28, 2020. The Company is still evaluating any potential impact that adoption of ASU 2016-02 may have on its financial position, results of operations or cash flows. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Apr. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company's employee share-based compensation plans consist of its 2004 Stock Incentive Plan (the 2004 Plan) and the 1990 Employee Stock Purchase Plan (ESPP). The 2004 plan, as amended, has been approved to reserve a total of 4,750,000 shares of common stock for issuance to employees and directors of the Company. It allows for grants of stock options, stock appreciation rights, stock bonuses; RSUs including time-based, performance-based, and market-based RSU awards; and dividend equivalents. The ESPP, as approved, reserves 4,400,000 shares of common stock 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, up to a maximum of 500 shares per purchase date. 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. 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. RSU's grant the right to receive a set number of shares on the vest date, assuming all criteria have been met and continued service through the vest date. Time-based RSU's vest solely based on continued service through the vest date. Performance-based RSU's are earned based on specifically stated performance criteria in the grant agreement. Market-based RSUs must achieve the TSR measures based on the Company's stock performance relative to a stated index. See Note 2 "Summary of Significant Accounting Policies" for further discussion concerning the Company's policies for recognizing compensation expense for these awards. Share-based compensation expense was included in the Company’s Consolidated Statements of Operations as follows: (In thousands) 2017 2016 2015 Cost of sales $ 503 $ 445 $ 586 Selling, general and administration 5,197 3,004 2,847 Research, development and engineering 737 783 1,109 Share-based compensation expense $ 6,437 $ 4,232 $ 4,542 The total amount of net cash received from the stock plan awards was $0.5 million , $0.7 million and zero for 2017 , 2016 and 2015 , respectively. All stock plan awards are settled with newly issued shares. No share-based compensation costs were capitalized during 2017 , 2016 or 2015 . As of April 1, 2017 , the Company had $10.0 million of total unrecognized share-based compensation costs, net of estimated forfeitures, which are expected to be recognized over a weighted average period of 2.1 years . Valuation Assumptions The Black-Scholes pricing model is utilized to determine the fair value of SARs granted and ESPP issued. No SARs were granted in 2017. The following weighted average assumptions were used in calculating the grant date fair value of SARs during the periods presented: 2017 2016 2015 Risk-free interest rate — % 1.94 % 2.04 % Expected dividend yield — % — % 4.6 % Expected lives 0.0 years 7.4 years 7.0 years Expected volatility — % 47 % 47 % The following weighted average assumptions were used to estimate the fair value of ESPP shares issued in the periods presented: 2017 2016 2015 Risk-free interest rate 0.68 % 0.34 % 0.24 % Expected dividend yield — % — % 3.2 % Expected lives 1.1 years 1.1 years 1.1 years Expected volatility 45 % 35 % 41 % 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. In the fourth quarter of 2015, the Board of Directors suspended the quarterly dividend payment and, as such, no dividends were paid in that quarter or any quarter of 2016 or 2017. 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 fair value of time-based RSUs and performance-based RSUs are measured on the grant date based on the market value of the Company's common stock. The market-based RSUs must achieve the TSR measures in order for the awards to vest, and the grant date fair value of the awards is calculated using a Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation includes the risk free rate, expected divided yield, expected term, and possible future stock prices over the performance period based on historical stock and market prices. At April 1, 2017 , the Company had 7,345,334 shares of its common stock reserved for issuance under all of the above plans combined. Of those shares, 4,193,485 are subject to issuance under currently outstanding stock options, SARs and stock awards and 3,151,849 shares, including 285,414 shares available for issuance under the ESPP, and 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) 2017 2016 2015 Stock-Option and SAR Awards: Grant date fair value per share $ — $ 2.89 $ 2.12 Total fair value of options and SARs granted — 1,350 1,291 Total fair value of options and SARs vested 820 336 409 Total intrinsic value of options and SARs exercised 17 1 18 Unvested Restricted Stock Unit Awards: Grant date fair value per share 6.71 5.52 6.80 Total fair value of awards granted 11,382 4,072 5,832 Total fair value of awards vested 3,693 4,324 7,532 Employee Stock Purchase Plan: Grant date fair value per share 1.40 1.22 1.72 Total grant date fair value 473 394 559 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) Outstanding 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 $ — Granted 467,000 5.63 Exercised (2,500 ) 6.71 Expired or forfeited (537,946 ) 16.53 Outstanding at April 2, 2016 2,155,600 $ 10.03 5.35 $ 904 Granted — — Exercised (22,500 ) 6.23 Expired or forfeited (191,097 ) 19.20 Outstanding at April 1, 2017 1,942,003 $ 9.17 4.82 $ 634 Vested and expected to vest at April 1, 2017 1,928,853 $ 9.20 4.80 $ 619 Exercisable at April 1, 2017 1,385,837 $ 10.39 3.62 $ 167 Information with respect to unvested time-based restricted stock unit awards activity was as follows: Shares Weighted Weighted Average Remaining Contractual Term (In years) Aggregate 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 Awarded 737,200 5.52 Vested (360,349 ) 11.75 Forfeited (130,888 ) 7.66 Outstanding at April 2, 2016 1,081,804 $ 6.77 1.93 $ 7,781 Awarded 1,051,445 6.63 Vested (483,239 ) 7.64 Forfeited (42,093 ) 6.67 Outstanding at April 1, 2017 1,607,917 $ 6.41 2.04 $ 11,168 Information with respect to unvested performance-based and market-based restricted stock unit awards activity was as follows: Shares Weighted 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 (1) (234 ) — Forfeited (201,500 ) 11.63 Outstanding at March 28, 2015 593,704 $ 7.88 1.81 $ 3,657 Awarded — — Vested (1) (5,592 ) 14.64 Forfeited (187,125 ) 10.84 Outstanding at April 2, 2016 400,987 $ 6.93 1.00 $ 2,928 Awarded 643,565 6.85 Vested (1) — — Forfeited (400,987 ) 6.93 Outstanding at April 1, 2017 643,565 $ 6.85 2.43 $ 4,409 (1) Zero performance-based shares were earned in 2017 , 2016 and 2015 . Grants during 2017 presented in the above tables include 248,565 market-based RSUs and 229,445 time-based RSUs granted to the Company's newly appointed President and CEO. Additionally, the company granted 152,000 time-based RSUs and 90,000 performance-based RSUs to the employees of the Company who were hired as part of the Visicon acquisition during fiscal 2017 (see Note 6 "Business Acquisitions" ). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial Assets Measured at Fair Value The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of April 1, 2017 and April 2, 2016 was as follows (in thousands): April 1, 2017 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 22,395 $ — $ — $ 22,395 Commercial paper — 4,945 — 4,945 Total cash equivalents $ 22,395 $ 4,945 $ — $ 27,340 Short term investments - available for sale: Commercial paper — 5,743 — 5,743 Total short-term investments - available for sale $ — $ 5,743 $ — $ 5,743 Forward purchase or (sale) contracts: Japanese Yen $ — $ 9 $ — $ 9 New Taiwan Dollar — 20 — 20 Korean Won — 39 — 39 Euro — (96 ) — (96 ) British Pound — 16 — 16 Chinese Renminbi — (5 ) — (5 ) Singapore Dollar — (1 ) — (1 ) Total forward contracts $ — $ (18 ) $ — $ (18 ) Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 845 $ — $ — $ 845 Money market securities 2,213 — — 2,213 Total deferred compensation plan assets $ 3,058 $ — $ — $ 3,058 *These investments represent assets held in trust for our deferred compensation plan On January 9, 2017, ESI Leasing, LLC (ESI Leasing), a wholly owned subsidiary of the Company, entered into a loan agreement (Loan Agreement) with First Technology Federal Credit Union (Lender). The Loan Agreement provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (Loan). The fair value of the Loan approximates the carrying value due to the recent financing and the relative stability of the interest rate environment since funding. See Note 21 "Debt" for further discussion. April 2, 2016 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 4,643 $ — $ — $ 4,643 Commercial paper — 12,140 — 12,140 Total cash equivalents $ 4,643 $ 12,140 $ — $ 16,783 Short term investments - available for sale: U.S. treasury fund $ 1,003 $ — $ — $ 1,003 Commercial paper — 997 — 997 Government agencies — 13,252 — 13,252 Total short-term investments - available for sale $ 1,003 $ 14,249 $ — $ 15,252 Forward purchase or (sale) contracts: Japanese Yen $ — $ (31 ) $ — $ (31 ) New Taiwan Dollar — 5 — 5 Korean Won — 129 — 129 Euro — (367 ) — (367 ) Chinese Renminbi — (1 ) — (1 ) Singapore Dollar — 20 — 20 Total forward contracts $ — $ (245 ) $ — $ (245 ) Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 1,916 $ — $ — $ 1,916 Money market securities 588 — — 588 Total deferred compensation plan assets $ 2,504 $ — $ — $ 2,504 *These investments represent assets held in trust for our deferred compensation plan 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 April 1, 2017 and April 2, 2016 were utilized to calculate fair values. During 2017 and 2016 , there were no transfers between Level 1, 2 or 3 assets. Investments The Company’s investments at April 1, 2017 and April 2, 2016 were as follows (in thousands): Unrealized April 1, 2017 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 10,688 $ — $ — $ 10,688 Total investments (current) $ 10,688 $ — $ — $ 10,688 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* $ 2,974 $ 84 $ — $ 3,058 Total investments (non-current) $ 2,974 $ 84 $ — $ 3,058 Unrealized April 2, 2016 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 13,137 $ — $ — $ 13,137 Government agencies 13,247 5 — 13,252 Total investments (current) $ 26,384 $ 5 $ — $ 26,389 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* 2,507 — (3 ) 2,504 Total investments (non-current) $ 2,507 $ — $ (3 ) $ 2,504 *These investments represent assets held in trust for our deferred compensation plan 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 April 1, 2017 and April 2, 2016 . Investments with underlying maturities within one year at April 1, 2017 , including cash equivalents, totaled $10.7 million . |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Apr. 01, 2017 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions Fiscal 2017 On August 1, 2016, the Company acquired all of the outstanding shares of Visicon Technologies, Inc. (Visicon), a leading supplier of high-accuracy and high-throughput measurement and defect detection systems based in Napa, California. The consideration under the merger agreement is subject to adjustment for indebtedness, seller's transaction expenses, working capital and other items. Based on estimated closing working capital and other adjustments, the Company paid $2.0 million in cash and expects to issue 637,082 shares of ESI common stock, valued at approximately $4.5 million . The value of the common stock is based on the closing price of stock on August 1, 2016. Of the expected shares to be issued in connection with the agreement, 33,143 shares, adjusted for working capital changes, were reserved in escrow to serve as a source of payment for any purchase price adjustments or indemnity claims by the Company. The sellers have contractually agreed to limitations on the sale of the shares of common stock they receive in connection with the sale of Visicon; specifically, no shares were able to be sold for six months following closing, after which point twenty-five percent of the shares become salable each quarter thereafter. The shares issued as a part of this merger represented a non-cash investing activity of $4.5 million . As of the reporting date, the Company had not yet finalized the valuation of assets acquired, liabilities assumed, and consideration transferred, and the amounts presented below represent provisional amounts based on best estimates. The purchase accounting is not final, pending final negotiation and settlement of amounts in escrow. The provisional amounts shown below may be revised if additional information regarding the fair value of the associated assets acquired, liabilities assumed and consideration transferred as of the acquisition date is identified. The total estimated purchase price of $6.5 million, net of cash acquired, was allocated to the underlying assets acquired and liabilities assumed based on estimated fair value, as shown in the following table: (In thousands) Accounts receivable $ 391 Inventory 937 Prepaid expense and other current assets 116 Property, plant and equipment 641 Acquired intangibles 3,300 Goodwill 3,027 Other assets 26 Accounts payable and other accrued liabilities (1,946 ) Total purchase price, net of cash acquired $ 6,492 The acquisition was expected to provide the Company with a portfolio of standalone defect detection systems for the medical device and consumer electronics markets. In addition to a standalone product portfolio and associated value streams, the Company believed the acquisition would provide complementary technology for integrated verification of laser machining, expand its presence into the medical device market, present an opportunity for enhanced vertical integration and result in synergies with the Company's current consumer electronics customer base. The value of goodwill has not been finalized as the valuation of assets acquired and liabilities assumed and consideration transferred is not yet complete. None of the goodwill is expected to be deductible for tax purposes. The acquired intangible assets consisted primarily of approximately $2.1 million of developed technology. Identified intangible assets are expected to be amortized over their useful lives of one to six years. In connection with the acquisition of Visicon, the Company is consolidating Visicon operations with ESI operations and streamlining manufacturing and development activities between Napa and existing ESI locations. Approximately $0.4 million in integration costs were incurred through 2017. These costs are included in Acquisition and integration costs in the Condensed Consolidated Statements of Operations, and include transaction fees, travel and other related costs. The operating results of the acquired entity 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 Visicon as it is not material to the Company’s operations or financial position. 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 $7.6 million in cash and 748,944 shares 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, was contingent consideration and one-half, or 374,472 shares, was non-contingent to be issued over a three year period beginning June 30, 2015. The contingent consideration is based on the performance of Topwin, as evaluated against targets for net income for each year over a three year period. One-third of the contingent shares are 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 the fair value of 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 an estimate of the 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. Through the fourth quarter of 2017, zero and 212,217 shares of ESI common stock have been issued in connection with contingent and non-contingent consideration under the purchase agreement, respectively. Additionally, the Company agreed to issue, on the same terms described above, up to approximately 513,328 shares valued at $2.0 million , which, together with cash amounts of $0.2 million , is treated as compensation to an employee in the Company who was also a former shareholder of Topwin. The compensation expense was to be recognized over a three year period. From acquisition through the fourth quarter of fiscal 2017 , the Company has recognized $1.5 million in share-based compensation expense related to this agreement. From acquisition through the fourth quarter of fiscal 2017 , zero and 145,427 shares of ESI common stock have been issued in connection with contingent and non-contingent components of compensation expense, respectively. 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, net of allowances of $268 $ 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 was 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 reflected the Company’s view that this acquisition was the result of a competitive bid process and 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 the local China market, supply chain and opto-electronics knowledge center. None of the goodwill was 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 consisted primarily of $3.5 million of developed technology to be amortized over their useful lives, which ranged from one to ten years. In 2017 , the Company did not incur any Topwin acquisition-related costs while it incurred approximately $0.2 million in 2016 . These costs are included in Acquisition and integration costs in the Condensed 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 is not material to the Company’s operations and overall financial position. In the first quarter of 2017, the Company entered into an agreement with former Topwin shareholders to settle claims against withheld shares. Pursuant to the purchase agreement and the subsequent settlement agreement, the Company’s obligation to issue shares with a future issuance date, which served as a source of indemnification, was terminated, representing the effective recovery of 63,114 shares. At the date of recovery the shares had a closing price of $ 6.30 per share and an original fair value of $446 thousand . As a result, the withheld shares which were initially accounted for as stock compensation were deemed to have been forfeited in the first quarter of 2017 and those shares representing contingent consideration and included as a component of purchase price were accounted for within equity. This subsequent recovery of shares issuable under the agreement represented a non-cash investing and financing activity. In the second quarter of 2017, as a result of this same settlement agreement, all cash amounts held in escrow were released to the Company, representing the recovery of $430 thousand , slightly less than the original cash escrow of $450 thousand due to exchange rate losses. As a result of this recovery, amounts previously recognized as compensation costs were reversed in the current period and those amounts included as a component of purchase price were recognized as a non-operating gain in the second quarter of 2017, and classified accordingly on the statement of cash flows. The purchase price of Topwin was not adjusted for either the stock or cash escrow recoveries as the measurement period for purchase price accounting related to this acquisition had lapsed prior to the recovery of these amounts. |
Trade Receivables, net (Notes)
Trade Receivables, net (Notes) | 12 Months Ended |
Apr. 01, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. Trade Accounts Receivable Trade accounts receivable at April 1, 2017 and April 2, 2016 consisted of the following: (In thousands) 2017 2016 Current trade accounts receivable, net $ 40,494 $ 42,770 Non-current trade accounts receivable 489 320 $ 40,983 $ 43,090 Non-current trade accounts receivable are included in Other assets in the Condensed Consolidated Balance Sheets. |
Inventories
Inventories | 12 Months Ended |
Apr. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at April 1, 2017 and April 2, 2016 were as follows: (In thousands) 2017 2016 Raw materials and purchased parts $ 41,383 $ 38,957 Work-in-process 13,829 14,270 Finished goods 3,730 7,243 $ 58,942 $ 60,470 In 2017 , 2016 and 2015 , the Company recorded charges to cost of sales for inventory write-offs associated with discontinued products of $1.7 million , $1.4 million and $1.0 million , respectively. Additionally, in 2017, $0.9 million of inventory write-off was recorded for flood damaged inventory at the Company's Wuhan manufacturing facility. See Note 26 "Restructuring and Cost Management Plans" for further discussion on discontinued product costs. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Apr. 01, 2017 | |
Disclosure Other Current Assets [Abstract] | |
Other Current Assets | Other Current Assets Other current assets at April 1, 2017 and April 2, 2016 consisted of the following: (In thousands) 2017 2016 Prepaid expenses $ 3,646 $ 2,747 Value added tax receivable 1,704 1,353 Other 830 1,240 $ 6,180 $ 5,340 Included in "Other" Other current assets are non-trade receivables, income tax refund receivable and other similar items. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Apr. 01, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment, net Property, plant and equipment as of April 1, 2017 and April 2, 2016 consisted of the following: (In thousands) Weighted Average 2017 2016 Land n/a $ 2,152 $ 2,152 Buildings and improvements 18 36,204 36,487 Machinery and equipment 5 59,099 57,986 Computer equipment and software 5 36,239 35,828 133,694 132,453 Less accumulated depreciation (112,075 ) (107,910 ) $ 21,619 $ 24,543 Depreciation expense totaled $6.9 million, $6.8 million and $7.2 million in 2017 , 2016 and 2015 , respectively. For the year ended April 1, 2017 , 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. Additionally, in 2017 the Company recorded accelerated depreciation charges of $1.4 million associated with the 2017 restructuring actions. See Note 26 "Restructuring and Cost Management Plans" for further discussion. |
Acquired Intangible Assets
Acquired Intangible Assets | 12 Months Ended |
Apr. 01, 2017 | |
Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets | Acquired Intangible Assets, net Acquired intangible assets as of April 1, 2017 and April 2, 2016 consisted of the following: (In thousands, except years) Weighted 2017 2016 Developed technology 7.5 $ 18,646 $ 19,457 Customer relationships 5.3 3,914 3,154 Customer backlog 1.0 1,270 1,341 Trade name and trademarks 3.8 793 463 Fair value of below-market lease (non-current portion) 3.8 310 310 Change of control agreements and non-compete agreements 2.1 160 100 Patents 13.3 3,465 3,467 28,558 28,292 Less accumulated amortization (21,994 ) (21,146 ) $ 6,564 $ 7,146 On August 1, 2016, the Company acquired Visicon and, as part of that acquisition, recognized $3.3 million of identifiable intangible assets. The acquired intangible assets consisted primarily of approximately $2.1 million of developed technology. (See Note 6 "Business Acquisitions" for further discussion). The Company performed a review of our acquired intangible assets in the fourth quarter of 2017 , including a review for impairment based on certain triggering events of amortizing intangible assets. As a result, the Company recognized a $2.3 million impairment of intangibles associated with developed technology related to the Topwin reporting unit. This impairment was driven primarily by historical and projected financial performance lower than expectations of the Company and that of comparable companies. The value of intangibles was also negatively impacted by a re-evaluation of our product portfolio in connection with announced restructuring plans. This review resulted in the Company prioritizing away from some of the lower-cost systems that were planned for manufacturing at Topwin, impacting the value of the reporting unit. The Company determined that the carrying value was greater than the estimated fair value and that it was improbable that the carrying value of the related intangibles would be recovered. The impairment loss was recorded as a component of costs of sales in the Consolidated Statements of Operations. Amortization expense for acquired intangible assets has been recorded in the Consolidated Statements of Operations as follows: (In thousands) 2017 2016 2015 Cost of sales $ 1,133 $ 1,140 $ 1,095 Selling, general and administration 209 36 210 Research, development and engineering 188 200 197 $ 1,530 $ 1,376 $ 1,502 The estimated amortization expense for acquired intangible assets in future years is as follows (in thousands): Year Amortization 2018 $ 1,433 2019 1,439 2020 1,406 2021 1,228 2022 690 Future years 368 $ 6,564 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Net deferred tax assets and liabilities at April 1, 2017 and April 2, 2016 consisted of the following: (In thousands) 2017 2016 Deferred tax assets and liabilities: Inventory valuation and warranty costs $ 11,246 $ 11,524 Receivables and other non-current assets (274 ) (91 ) Payroll-related accruals 7,574 6,035 Intangible assets and investments (382 ) 865 Accrued liabilities 3,006 1,626 Deferred revenue 3,478 1,746 Property, plant and equipment 5,029 5,220 Other comprehensive income 456 219 Tax loss and credit carryforwards, net of unrecognized tax benefits 73,805 67,630 Other assets 259 (219 ) Total deferred tax assets 104,197 94,555 Valuation allowance, non-current (103,315 ) (93,875 ) Net deferred tax assets $ 882 $ 680 The Company had approximately $84.7 million and $77.9 million in tax assets resulting from federal, state and foreign net operating losses and tax credits as of April 1, 2017 and April 2, 2016 , respectively as follows: (In thousands) 2017 2016 Federal net operating losses $ 35,566 $ 27,430 State net operating losses 3,679 3,467 Foreign operating losses and tax credits 12,504 12,173 Federal research credits 22,590 21,336 State research credits 4,409 4,480 Federal minimum tax credit 935 990 Federal capital losses 5,015 8,022 $ 84,698 $ 77,898 The federal and state net operating losses expire on various dates through fiscal 2037. The majority of the foreign tax credits expire on various dates through fiscal 2027. The federal and most of the state research credits expire on various dates through fiscal 2037. 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 $103.3 million and $93.9 million existed as of April 1, 2017 and April 2, 2016 , respectively. The valuation allowance increased by $9.4 million in 2017 primarily due to continued net operating losses and tax credits. The components of income before income taxes and the (benefit from) provision for income taxes, all from continuing operations, were as follows: (In thousands) 2017 2016 2015 Income (loss) before income taxes: Domestic $ (32,646 ) $ (13,385 ) $ (39,656 ) Foreign (4,786 ) 1,112 (3,921 ) Total loss before income taxes $ (37,432 ) $ (12,273 ) $ (43,577 ) Provision for (benefit from) income taxes: Current: U.S. federal and state $ (379 ) $ 8 $ (983 ) Foreign 557 916 1,205 Total current 178 924 222 Deferred: U.S. federal and state — — 5 Foreign (201 ) (940 ) 7 Total deferred (201 ) (940 ) 12 Total (benefit from) provision for income taxes $ (23 ) $ (16 ) $ 234 The portion of the tax benefit derived from stock-based compensation that is allocated as common stock was zero in 2017 , 2016 and 2015 . A reconciliation of the Company’s effective tax rate to the United States federal statutory income tax rate was as follows: 2017 2016 2015 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit (0.3 ) (0.5 ) (1.1 ) Tax credits 4.2 17.1 4.2 Domestic production and export tax incentives (5.9 ) — — Non-U.S. income taxed at different rates (0.9 ) 14.3 2.1 Changes in unrecognized tax benefits (0.3 ) (4.1 ) (2.4 ) Change in valuation allowance (25.0 ) (51.8 ) (32.3 ) Stock compensation (2.6 ) (10.2 ) (4.2 ) Intangible write-off (5.1 ) — — Other, net 1.0 0.3 (2.0 ) Effective tax rate 0.1 % 0.1 % (0.7 )% 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. The Company currently benefits from a tax incentive program in Singapore pursuant to which we pay no Singapore income tax with respect to our manufacturing income. The incentive period ends on June 30, 2021. 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 (Wuhan Topwin Optoelectronics Technology Co., Ltd.). The cumulative amount of earnings upon which U.S. income taxes have not been provided was $38.6 million and $37.0 million as of April 1, 2017 and April 2, 2016 , respectively. If not reinvested, the liability related to these earnings would have been $13.4 million and $12.9 million as of April 1, 2017 and April 2, 2016 , respectively, which may be offset by foreign tax credits or other tax attributes. As of April 1, 2017 , the following tax years remained subject to examination by the major tax jurisdictions indicated: Major Jurisdictions Open Tax Years Canada 2011 and forward China 2007 and forward France 2014 and forward Japan 2010 and forward Korea 2012 and forward Singapore 2013 and forward Taiwan 2012 and forward United Kingdom 2013 and forward United States 2004 and forward A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits for the years ended April 1, 2017 , April 2, 2016 and March 28, 2015 was as follows: (In thousands) 2017 2016 2015 Beginning unrecognized tax benefits balance $ 10,385 $ 9,654 $ 9,356 Gross increases for tax positions of prior years 62 731 849 Gross decreases for tax positions of prior years (242 ) — (1,013 ) Gross increases for tax positions for current year 539 — 462 Ending unrecognized tax benefits balance $ 10,744 $ 10,385 $ 9,654 The unrecognized tax benefits were presented as long-term income taxes payable on the Consolidated Balance Sheets or netted against deferred tax assets, where applicable. If recognized, the net impact to the effective tax rate associated with the unrecognized tax benefits would be zero and $0.2 million as of April 1, 2017 and April 2, 2016 , respectively. The Company records interest and penalties related to unrecognized tax benefits as tax expense. The interest and penalties were minimal in 2017 , 2016 and 2015 . The Company does not expect a decrease in unrecognized tax benefits within the next twelve months due to a lapse in statute of limitations. 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 |
Apr. 01, 2017 | |
Disclosure Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities (current) & Other Liabilities (non-current) Accrued liabilities (current) consisted of the following at April 1, 2017 and April 2, 2016 : (In thousands) 2017 2016 Payroll-related liabilities $ 6,335 $ 5,717 Restructuring and cost management amounts payable 4,996 757 Product warranty accrual 3,394 3,666 Purchase order commitments and receipts 2,522 2,588 Customer deposits 1,242 1,731 Professional fees payable 734 1,052 Current portion, long-term debt 434 — Other current liabilities 2,529 2,823 $ 22,186 $ 18,334 Included in other liabilities above are accrued amounts for value-added taxes, income taxes, commissions payable to external representatives, freight and other similar items. Other liabilities (non-current) consisted of the following: (In thousands) 2017 2016 Deferred compensation $ 3,058 $ 2,504 Product warranty accrual 2,080 2,068 Other non-current liabilities 2,432 3,229 $ 7,570 $ 7,801 Other non-current liabilities include long-term deferred revenue, long-term deposits, and other similar items. |
Product Warranty
Product Warranty | 12 Months Ended |
Apr. 01, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | Product Warranty The following is a reconciliation of the changes in the aggregate product warranty accrual for 2017 , 2016 and 2015 : (In thousands) 2017 2016 2015 Product warranty accrual, beginning $ 5,734 $ 3,342 $ 4,215 Warranty charges incurred, net (8,297 ) (7,781 ) (6,468 ) Provision for warranty charges 8,037 10,173 5,595 Product warranty accrual, ending $ 5,474 $ 5,734 $ 3,342 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. Of the total of $5.5 million and $5.7 million in product warranty accrual at April 1, 2017 and April 2, 2016 , $2.1 million and $2.1 million , respectively are included in Other liabilities on the Condensed Consolidated Balance Sheets. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Apr. 01, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | Deferred Revenue The following is a reconciliation of the changes in deferred revenue for 2017 , 2016 and 2015 : (In thousands) 2017 2016 2015 Deferred revenue, beginning $ 7,685 $ 12,376 $ 10,515 Revenue deferred 43,379 58,416 46,139 Revenue recognized (35,667 ) (63,107 ) (44,278 ) Deferred revenue, ending $ 15,397 $ 7,685 $ 12,376 Of the total of $15.4 million and $7.7 million in deferred revenue at April 1, 2017 and April 2, 2016 , $0.7 million and $1.3 million is non-current and is included in Other liabilities on the Condensed Consolidated Balance Sheets. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Apr. 01, 2017 | |
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 April 1, 2017 and April 2, 2016 , the Company had net forward exchange contracts to purchase foreign currencies totaling $7.3 million and $13.1 million , respectively. In general, these contracts have a duration of approximately one month 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 April 1, 2017 and April 2, 2016 . 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 April 1, 2017 and April 2, 2016 . Bought (Sold) (In thousands) 2017 2016 Japanese Yen $ 1,352 $ 5,079 Euro 7,568 12,073 New Taiwan Dollar (686 ) (117 ) Korean Won 32 197 British Pound (1,992 ) (2,350 ) Chinese Renminbi 995 (1,859 ) Singapore Dollar 74 53 $ 7,343 $ 13,076 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The aggregate minimum commitment obligation under operating leases beyond April 1, 2017 was as follows (in thousands): Year Operating Leases 2018 $ 2,732 2019 1,895 2020 484 2021 15 2022 — Thereafter — $ 5,126 The Company leases certain equipment, automobiles, manufacturing and office space under operating leases, which are non-cancelable and expire on various dates through fiscal 2021. Rental expense for all operating leases was $2.6 million , $2.5 million and $2.7 million in 2017 , 2016 and 2015 , respectively. The operating lease amounts include the contractual facility lease obligations at our Napa, California; Sunnyvale, California; Montreal, Canada; and Chelmsford, Massachusetts plants. The above table excludes the estimated rental income, if any, from the sublease of the facilities. See Note 26 "Restructuring and Cost Management Plans" for further discussion on these site closure activities. The operations at Chelmsford manufacturing plant ceased in the third quarter of 2016 as a part of the Company’s plan to streamline its manufacturing and development activities. In the third quarter of 2016, we entered into a sublease for this property, and the associated contractual rental income of $0.5 million over the three year life of the lease is expected to partially offset the Company's ongoing lease obligation. We also ceased operations at our Napa, California; Sunnyvale, California; and Montreal, Canada facilities in the fourth quarter of 2017. The Company routinely enters into inventory purchase contracts which require purchase commitments. As a result, if we experience lower than anticipated demand for our products, in many cases we would not be able to avoid the cost of purchasing the associated inventory, which could negatively impact our results of operations and liquidity. The Company had purchase commitments of $28.6 million at April 1, 2017 , of which $1.1 million represent long term purchase contracts. |
Loan Agreement (Notes)
Loan Agreement (Notes) | 12 Months Ended |
Apr. 01, 2017 | |
Line of Credit Facility [Line Items] | |
Debt Disclosure [Text Block] | The Company is party to a loan and security agreement (Credit Facility) with Silicon Valley Bank (SVB), which was initially entered into on March 20, 2015 and amended on July 12, 2016. The Credit Facility provides for a senior secured asset-based revolving facility with availability up to $30 million , including a $15 million sublimit for letters of credit. In the fourth quarter of 2017, the Company amended and extended the Credit Facility by one year. With this extension, the Credit Facility expires March 20, 2019. At April 1, 2017 , the Company had no amounts outstanding under the Credit Facility, was in compliance with all covenants, and was not in default under the agreement. The commitment fee on the amount of unused credit was 0.3 percent. As amended, the Credit Facility allows for a greater level of EBITDA losses over the next 12 months, but reduces the level of permitted acquisitions and purchases of capital equipment. If we fail to meet the covenants in our Credit Facility or our lenders fail to fund, access to the facility may be limited or the facility may become unavailable altogether. EBITDA losses, such as those experienced in the second and third quarters of 2017, negatively impact our ability to maintain compliance with these covenants. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Apr. 01, 2017 | |
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 2017 , 2016 and 2015 : (In thousands, except per share data) 2017 2016 2015 Net loss $ (37,409 ) $ (12,257 ) $ (43,811 ) Weighted average shares used for basic earnings per share 32,551 31,411 30,611 Weighted average shares used for diluted earnings per share 32,551 31,411 30,611 Net loss per share: Net loss—basic $ (1.15 ) $ (0.39 ) $ (1.43 ) Net loss—diluted $ (1.15 ) $ (0.39 ) $ (1.43 ) Awards of options, SARs and unvested restricted stock units representing an additional 2.0 million , 2.3 million and 2.9 million shares of stock for 2017 , 2016 and 2015 , 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 |
Apr. 01, 2017 | |
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 2017 or 2016. In 2015, the Company repurchased 207,738 shares for $1.5 million under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. Cash used to settle 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 did not pay dividends in 2017 or 2016 , and paid aggregate dividends of $7.3 million in 2015. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Apr. 01, 2017 | |
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. |
Product and Geographic Informat
Product and Geographic Information | 12 Months Ended |
Apr. 01, 2017 | |
Segment Reporting [Abstract] | |
Product and Geographic Information | Product 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 in deciding how to allocate resources and in assessing performance. Our chief operating decision maker (CODM) is our Chief Executive Officer (CEO). In the fourth quarter of 2017, primarily as a result of a change in CEO and ensuing restructuring and related efficiency and cost-saving efforts, the Company was reorganized into a functional structure, and internal reporting and decision-making authority was modified accordingly. The Company no longer has separate business units or separate general managers, and the CEO now allocates resources and evaluates performance on a company-wide basis, consistent with the revised functional structure. The change in the CODM combined with the change in organization and decision making-structures represented triggering events for a re-evaluation of our segment disclosures. Operating results, including measures of profit and loss, made available to and regularly reviewed by the CODM are now on a company-wide basis. As a result of these changes, we believe we now operate in a single segment, defined as a manufacturer of high-technology microfabrication and related equipment. This single segment, which also represents the consolidated entity, sells products into a variety of end markets that are grouped into four major categories for the purpose of providing an understanding of the principal end markets for the products manufactured by the Company, specifically: 1) Printed Circuit Board (PCB), 2) Semiconductor, 3) Component Test, and 4) Industrial Machining. The following table presents net sales information by the four major market categories addressed by our single segment: (In thousands) 2017 2016 Printed Circuit Board $ 88,771 $ 94,121 Component Test 22,381 19,901 Semiconductor 29,557 38,262 Industrial Machining 20,314 32,107 $ 161,023 $ 184,391 For 2015, sales into the Component Processing and Micromachining markets were $124.6 million and $34.5 million, respectively. As required, we have restated the segment disclosures on the basis of the revised definition of reportable segments described above. As we now operate as a single segment and our segment accounting is compliant with GAAP, our restated segment disclosures are the same as our consolidated results shown in the Consolidated Statements of Operations and Consolidated Balance Sheets. Net sales by geographic area, based on the location of the end user, were as follows: (In thousands) 2017 2016 2015 Asia $ 134,394 $ 152,259 $ 124,049 Americas 16,378 21,206 18,067 Europe 10,251 10,926 17,002 $ 161,023 $ 184,391 $ 159,118 Long-lived assets, exclusive of investments and restricted cash, by geographic area were as follows: (In thousands) 2017 2016 Americas $ 32,234 $ 26,359 Asia 8,111 17,318 Europe 5,648 5,579 $ 45,993 $ 49,256 |
Restructuring and Cost Manageme
Restructuring and Cost Management Plans | 12 Months Ended |
Apr. 01, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Cost Management Plans | Restructuring and Cost Management Plans 2017 Corporate Restructuring: In the fourth quarter of 2017, we initiated a restructuring plan to improve business effectiveness and streamline operations and achieving a stated target profit level for the Company as a whole. As a part of the restructuring plan, the management team has been reorganized from a business unit to a functional structure; we closed facilities in Montreal, Canada; Napa, California; and Sunnyvale, California; we discontinued certain products; and we made select reductions in headcount across the Company. We expect the actions under this plan to be largely completed by the end of June 2017, except facilities charges which may extend beyond that time. The original estimated completion date for the plan was the end of the first fiscal quarter of 2018 with a total estimated pre-tax cost of $6.5 million to $8.5 million. Total expenses related to the plan were $7.6 million in 2017 . Included in these expenses is approximately $1.7 million in cost of sales for inventory impairments. Inventory impairments are incremental to the original estimates as they were not estimable at that time those estimates were originally developed and are associated with products and materials that will be discontinued as a result of the restructuring actions. In operating expenses, restructuring costs of $5.9 million included employee severance and related costs, costs associated with leasehold improvement write-offs related to the abandoned facilities and other asset impairments. The current estimated completion date for the plan, excluding facilities costs, is the end of the first quarter of 2018, with an estimated future cost of $4.0 million to $6.5 million, of which approximately $0.7 million to $1.6 million is expected to be paid in cash. The table below shows the high end of this expectation range and includes restructuring actions taken after April 1, 2017 that are expected to impact future periods. The change in total estimated costs primarily relates to inventory write-offs stemming from the product portfolio program reviews. The following table presents the total expected restructuring costs as of April 1, 2017 (in thousands): Total Expected Costs for the Plan Costs Recognized During the Year Ended April 1, 2017 Remaining Costs to be Recognized Subsequent to April 1, 2017 Employee severance and related personnel costs $ 4,388 $ 3,588 $ 800 Site closure costs 1,688 888 800 Current asset impairments (1) 6,069 1,669 4,400 Non-current asset impairments 1,876 1,376 500 Other Costs 66 66 — Total $ 14,087 $ 7,587 $ 6,500 (1) Current asset impairments include inventory charges recorded in cost of sales. The following table presents the amounts payable related to the 2017 Corporate Restructuring (in thousands): Employee severance and related personnel costs Site closure costs Current asset impairments (1) Non-current asset impairments Other Costs Total Balance as of April 2, 2016 $ — $ — $ — $ — $ — $ — Costs incurred 3,588 888 1,669 1,376 66 7,587 Cash payments (341 ) — — — (66 ) (407 ) Non-cash items — — (1,669 ) (1,376 ) — (3,045 ) Balance as of April 1, 2017 $ 3,247 $ 888 $ — $ — $ — $ 4,135 (1) Asset and facilities costs include inventory charges recorded in cost of sales. Chelmsford Restructuring: In March 2015, as a part of the plan to streamline manufacturing and development activities, the Company initiated a restructuring plan that included the closure of the assembly plant and development center located in Chelmsford, Massachusetts. The original estimated completion date of the plan was the end of fiscal 2016 at a total estimated pre-tax cost of $5.5 million . Net restructuring costs related to the Chelmsford restructuring plan were $0.4 million in 2017 , $2.8 million in 2016 and $3.0 million in 2015 . Due to a change in the estimate of amounts to be received from the sub-lease of the Chelmsford facility, the Company increased the accrual by $0.4 million in the fourth quarter of 2017 in recognition of the increased lease obligation. Included in the costs incurred over the life of the plan were impairments of leasehold improvements associated with the abandoned manufacturing facility, employee severance and related payments, inventory impairments associated with discontinued products and other wind-down costs. In fiscal 2017, the Company paid out $0.3 million in cash related to this restructuring plan. The following table presents the amounts related to restructuring and cost management amounts payable (in thousands): Restructuring & cost management amounts payable as of March 29, 2014 $ 1,050 Cash payments and other adjustments (985 ) Costs incurred 1,932 Restructuring & cost management amounts payable as of March 28, 2015 1,997 Cash payments and other adjustments (4,064 ) Costs incurred 2,824 Restructuring & cost management amounts payable as of April 2, 2016 757 Cash payments and other adjustments (297 ) Costs incurred 401 Restructuring & cost management amounts payable as of April 1, 2017 $ 861 Overall restructuring reserve: As of April 1, 2017 and April 2, 2016 , the amount of unpaid restructuring costs included in accrued liabilities on the Consolidated Balance Sheets were $5.0 million and $0.8 million , respectively. Included in the payable balance are amounts for severance and employee benefits, asset retirement obligation and net lease commitments. The following table presents the amounts payable related to the 2017 Corporate Restructuring (in thousands): Employee severance and related personnel costs Site closure costs Current asset impairments (1) Non-current asset impairments Other Costs Total Balance as of April 2, 2016 $ — $ — $ — $ — $ — $ — Costs incurred 3,588 888 1,669 1,376 66 7,587 Cash payments (341 ) — — — (66 ) (407 ) Non-cash items — — (1,669 ) (1,376 ) — (3,045 ) Balance as of April 1, 2017 $ 3,247 $ 888 $ — $ — $ — $ 4,135 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Apr. 01, 2017 | |
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 April 1, 2017 Net sales Systems $ 38,200 $ 21,442 $ 25,427 $ 40,029 Services 9,468 8,216 8,352 9,889 Total net sales 47,668 29,658 33,779 49,918 Cost of sales: Systems 22,422 14,146 17,283 27,499 Services 4,438 4,532 5,048 4,189 Total cost of sales 26,860 18,678 22,331 31,688 Gross profit 20,808 10,980 11,448 18,230 Net (loss) income (118 ) (9,675 ) (9,693 ) (17,923 ) Basic net (loss) income per share — (0.30 ) (0.29 ) (0.54 ) Diluted net (loss) income per share — (0.30 ) (0.29 ) (0.54 ) Year Ended April 2, 2016 Net sales Systems $ 32,062 $ 35,570 $ 31,282 $ 44,043 Service 11,029 10,902 12,060 7,443 Total net sales 43,091 46,472 43,342 51,486 Cost of sales: Systems 21,285 22,345 20,292 25,247 Service 6,429 5,706 5,329 5,055 Total cost of sales 27,714 28,051 25,621 30,302 Gross profit 15,377 18,421 17,721 21,184 Net loss (6,364 ) (3,260 ) (4,586 ) 1,953 Basic net loss per share (0.20 ) (0.10 ) (0.15 ) 0.06 Diluted net loss per share (0.20 ) (0.10 ) (0.15 ) 0.06 The sum of the quarterly data presented in the table above for fiscal 2017 and 2016 may not equal annual results due to rounding. 1. In the fourth quarter of 2017, gross profit included $2.3 million of charges for intangible write-off (See Note 12 "Acquired Intangible Assets" ) and $1.7 million of charges in inventory write-off related to discontinued products (See Note 26 "Restructuring and Cost Management Plans" ). 2. In the fourth quarter of 2017, net operating expenses included a non-cash goodwill impairment charge of $7.4 million (See note Note 11 "Goodwill" ) and $6.6 million of restructuring charges related to the Q4 2017 Corporate restructuring plan (See note Note 26 "Restructuring and Cost Management Plans" ). 3. In the fourth quarter of 2016, gross profit included $0.4 million of charges for intangible write-off related to discontinued products. 4. In each of the second, third and fourth quarters of 2016, net loss included $0.6 million , $1.9 million and $0.2 million of restructuring charges related to the Chelmsford, Massachusetts restructuring plan. Second quarter charge included $1.1 million of asset write-off due to the closure of the Chelmsford, Massachusetts manufacturing plant. 5. In the third quarter of 2016, gross profit included $1.4 million of charges for inventory write-offs related to discontinued products. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 01, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events from balance sheet date through the date at which the financial statements were issued, and determined there are no other material items to disclose. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 01, 2017 | |
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 week periods ending on the Saturday nearest March 31. Accordingly, the fiscal 2017 reporting period consisted of a 52 -week period ending on April 1, 2017 , the fiscal 2016 reporting period consisted of a 53 -week period ending on April 2, 2016 and the fiscal 2015 reporting period consisted of a 52 -week period ending on March 28, 2015 . 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; accrued restructuring costs; share-based compensation; income taxes, including the valuation of deferred tax assets; valuation of long-lived assets, including intangibles; valuation of goodwill and acquisition accounting. |
Net foreign investment exposure | . |
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 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 receivables 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 and 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 allowance 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 26 “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 where revenue has 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 recognized 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 the recoverability of assets to be held and used by comparing the carrying amount of an asset or asset group 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 nine to seventeen years. Other purchased intangible assets with finite 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 one to ten years. |
Goodwill impairment | The Company tests goodwill for impairment annually or more frequently if an event occurs or circumstances would indicate that it is more likely than not the fair value of the reporting unit is less than the carrying value. The date of the annual test of goodwill is the first day of the fourth quarter. The carrying value of the reporting unit is determined based on an allocation of the Company's assets and liabilities to the reporting unit using reasonable assumptions. An impairment is recorded in the period identified in the amount by which the carrying value of reporting unit exceeds the fair value of the reporting unit, up to the amount of goodwill recorded. |
Cost method investments | |
Fair value of financial instruments | The carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued liabilities and income taxes payable 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 sells a significant portion of its products to a small number of large printed circuit board (PCB), semiconductor and microelectronics manufacturers. Our top ten customers for 2017 , 2016 and 2015 accounted for approximately 47% , 51% and 40% of total net sales, respectively. Two customers, Sumitomo Corporation and Zhen Ding Technologies accounted for approximately 12% and 11% of net sales, respectively, in 2017. One customer, Apple Inc. and its affiliates, accounted for approximately 15% of net sales in 2016. No other customer individually accounted for more than 10% of total net sales in 2017 , 2016 or 2015 . The Company’s operating results may be adversely affected if orders and revenues from these key customers decline. 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, as 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, if any, 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 as a separate deliverable until installation is complete. Neither accrued installation costs 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 warranty is provided on most of our products over a specified period of time, generally 12 to 24 months, at no cost to our customers. 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. |
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) comprised primarily of cumulative foreign currency translation adjustments, benefit plan obligations and unrealized gains and losses on securities available for sale. The cumulative translation adjustment included in accumulated other comprehensive income (loss) at April 1, 2017 and April 2, 2016 was $1.2 million and $0.9 million , respectively. |
Earnings per share | Basic earnings per share (EPS) is computed by dividing income available to common stockholders by 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 SARs and the 1990 Employee Stock Purchase Plan (ESPP) using the Black-Scholes model to estimate the fair value of awards on the date of grant. The fair value of time-based and performance-based restricted stock units (RSUs) are measured on the grant date based on the market value of the Company's common stock. The market-based RSUs must achieve the total shareholder return (TSR) measures in order for the awards to vest, and the grant date fair value of the awards is calculated using a Monte Carlo simulation model. Except performance-based RSUs, the Company recognizes compensation expense for all share-based compensation awards, net of estimated forfeitures, on a straight-line basis over the requisite service period of the award. Expense for performance-based RSUs is recognized based on the probability of achievement of the performance criteria. The compensation cost for market-based RSUs is recognized over the related service period, even if the market condition is never satisfied. |
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 it operates in a single segment, a change in the fourth quarter of 2017 described in further detail in Note 25 "Product and Geographic Information" . There is no difference between the accounting policies used for our business segment 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 2017 , 2016 and 2015 , contributions to the plan by the Company were $0.8 million, $0.7 million and $0.6 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 . |
Other Assets Other Assets (Poli
Other Assets Other Assets (Policies) | 12 Months Ended |
Apr. 01, 2017 | |
Other Assets [Abstract] | |
Consignment Demo And Training Equipment [Policy Text Block] | Consignment, demo and training equipment are recorded at the lower of standard costs or estimated market values, until the assets are sold. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
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) 2017 2016 2015 Cost of sales $ 503 $ 445 $ 586 Selling, general and administration 5,197 3,004 2,847 Research, development and engineering 737 783 1,109 Share-based compensation expense $ 6,437 $ 4,232 $ 4,542 |
Fair value assumptions of options and SARs granted | The Black-Scholes pricing model is utilized to determine the fair value of SARs granted and ESPP issued. No SARs were granted in 2017. The following weighted average assumptions were used in calculating the grant date fair value of SARs during the periods presented: 2017 2016 2015 Risk-free interest rate — % 1.94 % 2.04 % Expected dividend yield — % — % 4.6 % Expected lives 0.0 years 7.4 years 7.0 years Expected volatility — % 47 % 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: 2017 2016 2015 Risk-free interest rate 0.68 % 0.34 % 0.24 % Expected dividend yield — % — % 3.2 % Expected lives 1.1 years 1.1 years 1.1 years Expected volatility 45 % 35 % 41 % |
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) 2017 2016 2015 Stock-Option and SAR Awards: Grant date fair value per share $ — $ 2.89 $ 2.12 Total fair value of options and SARs granted — 1,350 1,291 Total fair value of options and SARs vested 820 336 409 Total intrinsic value of options and SARs exercised 17 1 18 Unvested Restricted Stock Unit Awards: Grant date fair value per share 6.71 5.52 6.80 Total fair value of awards granted 11,382 4,072 5,832 Total fair value of awards vested 3,693 4,324 7,532 Employee Stock Purchase Plan: Grant date fair value per share 1.40 1.22 1.72 Total grant date fair value 473 394 559 |
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) Outstanding 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 $ — Granted 467,000 5.63 Exercised (2,500 ) 6.71 Expired or forfeited (537,946 ) 16.53 Outstanding at April 2, 2016 2,155,600 $ 10.03 5.35 $ 904 Granted — — Exercised (22,500 ) 6.23 Expired or forfeited (191,097 ) 19.20 Outstanding at April 1, 2017 1,942,003 $ 9.17 4.82 $ 634 Vested and expected to vest at April 1, 2017 1,928,853 $ 9.20 4.80 $ 619 Exercisable at April 1, 2017 1,385,837 $ 10.39 3.62 $ 167 |
Restricted stock activity | Information with respect to unvested time-based restricted stock unit awards activity was as follows: Shares Weighted Weighted Average Remaining Contractual Term (In years) Aggregate 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 Awarded 737,200 5.52 Vested (360,349 ) 11.75 Forfeited (130,888 ) 7.66 Outstanding at April 2, 2016 1,081,804 $ 6.77 1.93 $ 7,781 Awarded 1,051,445 6.63 Vested (483,239 ) 7.64 Forfeited (42,093 ) 6.67 Outstanding at April 1, 2017 1,607,917 $ 6.41 2.04 $ 11,168 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis | Financial Assets Measured at Fair Value The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of April 1, 2017 and April 2, 2016 was as follows (in thousands): April 1, 2017 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 22,395 $ — $ — $ 22,395 Commercial paper — 4,945 — 4,945 Total cash equivalents $ 22,395 $ 4,945 $ — $ 27,340 Short term investments - available for sale: Commercial paper — 5,743 — 5,743 Total short-term investments - available for sale $ — $ 5,743 $ — $ 5,743 Forward purchase or (sale) contracts: Japanese Yen $ — $ 9 $ — $ 9 New Taiwan Dollar — 20 — 20 Korean Won — 39 — 39 Euro — (96 ) — (96 ) British Pound — 16 — 16 Chinese Renminbi — (5 ) — (5 ) Singapore Dollar — (1 ) — (1 ) Total forward contracts $ — $ (18 ) $ — $ (18 ) Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 845 $ — $ — $ 845 Money market securities 2,213 — — 2,213 Total deferred compensation plan assets $ 3,058 $ — $ — $ 3,058 *These investments represent assets held in trust for our deferred compensation plan On January 9, 2017, ESI Leasing, LLC (ESI Leasing), a wholly owned subsidiary of the Company, entered into a loan agreement (Loan Agreement) with First Technology Federal Credit Union (Lender). The Loan Agreement provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (Loan). The fair value of the Loan approximates the carrying value due to the recent financing and the relative stability of the interest rate environment since funding. See Note 21 "Debt" for further discussion. April 2, 2016 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 4,643 $ — $ — $ 4,643 Commercial paper — 12,140 — 12,140 Total cash equivalents $ 4,643 $ 12,140 $ — $ 16,783 Short term investments - available for sale: U.S. treasury fund $ 1,003 $ — $ — $ 1,003 Commercial paper — 997 — 997 Government agencies — 13,252 — 13,252 Total short-term investments - available for sale $ 1,003 $ 14,249 $ — $ 15,252 Forward purchase or (sale) contracts: Japanese Yen $ — $ (31 ) $ — $ (31 ) New Taiwan Dollar — 5 — 5 Korean Won — 129 — 129 Euro — (367 ) — (367 ) Chinese Renminbi — (1 ) — (1 ) Singapore Dollar — 20 — 20 Total forward contracts $ — $ (245 ) $ — $ (245 ) Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 1,916 $ — $ — $ 1,916 Money market securities 588 — — 588 Total deferred compensation plan assets $ 2,504 $ — $ — $ 2,504 *These investments represent assets held in trust for our deferred compensation plan |
Investments | April 1, 2017 and April 2, 2016 were as follows (in thousands): Unrealized April 1, 2017 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 10,688 $ — $ — $ 10,688 Total investments (current) $ 10,688 $ — $ — $ 10,688 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* $ 2,974 $ 84 $ — $ 3,058 Total investments (non-current) $ 2,974 $ 84 $ — $ 3,058 Unrealized April 2, 2016 Cost Gain Loss Fair Value Available-for-sale securities (current): Commercial paper $ 13,137 $ — $ — $ 13,137 Government agencies 13,247 5 — 13,252 Total investments (current) $ 26,384 $ 5 $ — $ 26,389 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* 2,507 — (3 ) 2,504 Total investments (non-current) $ 2,507 $ — $ (3 ) $ 2,504 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories at April 1, 2017 and April 2, 2016 were as follows: (In thousands) 2017 2016 Raw materials and purchased parts $ 41,383 $ 38,957 Work-in-process 13,829 14,270 Finished goods 3,730 7,243 $ 58,942 $ 60,470 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Disclosure Other Current Assets [Abstract] | |
Other Current Assets | Other current assets at April 1, 2017 and April 2, 2016 consisted of the following: (In thousands) 2017 2016 Prepaid expenses $ 3,646 $ 2,747 Value added tax receivable 1,704 1,353 Other 830 1,240 $ 6,180 $ 5,340 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment as of April 1, 2017 and April 2, 2016 consisted of the following: (In thousands) Weighted Average 2017 2016 Land n/a $ 2,152 $ 2,152 Buildings and improvements 18 36,204 36,487 Machinery and equipment 5 59,099 57,986 Computer equipment and software 5 36,239 35,828 133,694 132,453 Less accumulated depreciation (112,075 ) (107,910 ) $ 21,619 $ 24,543 |
Acquired Intangible Assets (Tab
Acquired Intangible Assets (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Intangible Assets Disclosure [Abstract] | |
Schedule of Finite and Indefinite Lived Intangible Assets | Acquired intangible assets as of April 1, 2017 and April 2, 2016 consisted of the following: (In thousands, except years) Weighted 2017 2016 Developed technology 7.5 $ 18,646 $ 19,457 Customer relationships 5.3 3,914 3,154 Customer backlog 1.0 1,270 1,341 Trade name and trademarks 3.8 793 463 Fair value of below-market lease (non-current portion) 3.8 310 310 Change of control agreements and non-compete agreements 2.1 160 100 Patents 13.3 3,465 3,467 28,558 28,292 Less accumulated amortization (21,994 ) (21,146 ) $ 6,564 $ 7,146 |
Schedule of Components of Amortization Expense | Amortization expense for acquired intangible assets has been recorded in the Consolidated Statements of Operations as follows: (In thousands) 2017 2016 2015 Cost of sales $ 1,133 $ 1,140 $ 1,095 Selling, general and administration 209 36 210 Research, development and engineering 188 200 197 $ 1,530 $ 1,376 $ 1,502 |
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 2018 $ 1,433 2019 1,439 2020 1,406 2021 1,228 2022 690 Future years 368 $ 6,564 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of net deferred tax assets | Net deferred tax assets and liabilities at April 1, 2017 and April 2, 2016 consisted of the following: |
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) 2017 2016 2015 Income (loss) before income taxes: Domestic $ (32,646 ) $ (13,385 ) $ (39,656 ) Foreign (4,786 ) 1,112 (3,921 ) Total loss before income taxes $ (37,432 ) $ (12,273 ) $ (43,577 ) Provision for (benefit from) income taxes: Current: U.S. federal and state $ (379 ) $ 8 $ (983 ) Foreign 557 916 1,205 Total current 178 924 222 Deferred: U.S. federal and state — — 5 Foreign (201 ) (940 ) 7 Total deferred (201 ) (940 ) 12 Total (benefit from) provision for income taxes $ (23 ) $ (16 ) $ 234 |
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: 2017 2016 2015 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit (0.3 ) (0.5 ) (1.1 ) Tax credits 4.2 17.1 4.2 Domestic production and export tax incentives (5.9 ) — — Non-U.S. income taxed at different rates (0.9 ) 14.3 2.1 Changes in unrecognized tax benefits (0.3 ) (4.1 ) (2.4 ) Change in valuation allowance (25.0 ) (51.8 ) (32.3 ) Stock compensation (2.6 ) (10.2 ) (4.2 ) Intangible write-off (5.1 ) — — Other, net 1.0 0.3 (2.0 ) Effective tax rate 0.1 % 0.1 % (0.7 )% |
Tax years subject to examination | As of April 1, 2017 , the following tax years remained subject to examination by the major tax jurisdictions indicated: Major Jurisdictions Open Tax Years Canada 2011 and forward China 2007 and forward France 2014 and forward Japan 2010 and forward Korea 2012 and forward Singapore 2013 and forward Taiwan 2012 and forward United Kingdom 2013 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 April 1, 2017 , April 2, 2016 and March 28, 2015 was as follows: (In thousands) 2017 2016 2015 Beginning unrecognized tax benefits balance $ 10,385 $ 9,654 $ 9,356 Gross increases for tax positions of prior years 62 731 849 Gross decreases for tax positions of prior years (242 ) — (1,013 ) Gross increases for tax positions for current year 539 — 462 Ending unrecognized tax benefits balance $ 10,744 $ 10,385 $ 9,654 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Disclosure Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued liabilities (current) consisted of the following at April 1, 2017 and April 2, 2016 : (In thousands) 2017 2016 Payroll-related liabilities $ 6,335 $ 5,717 Restructuring and cost management amounts payable 4,996 757 Product warranty accrual 3,394 3,666 Purchase order commitments and receipts 2,522 2,588 Customer deposits 1,242 1,731 Professional fees payable 734 1,052 Current portion, long-term debt 434 — Other current liabilities 2,529 2,823 $ 22,186 $ 18,334 Included in other liabilities above are accrued amounts for value-added taxes, income taxes, commissions payable to external representatives, freight and other similar items. Other liabilities (non-current) consisted of the following: (In thousands) 2017 2016 Deferred compensation $ 3,058 $ 2,504 Product warranty accrual 2,080 2,068 Other non-current liabilities 2,432 3,229 $ 7,570 $ 7,801 Other non-current liabilities include long-term deferred revenue, long-term deposits, and other similar items. |
Product Warranty (Tables)
Product Warranty (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
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 2017 , 2016 and 2015 : (In thousands) 2017 2016 2015 Product warranty accrual, beginning $ 5,734 $ 3,342 $ 4,215 Warranty charges incurred, net (8,297 ) (7,781 ) (6,468 ) Provision for warranty charges 8,037 10,173 5,595 Product warranty accrual, ending $ 5,474 $ 5,734 $ 3,342 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Reconciliation of the Changes in Deferred Revenue | The following is a reconciliation of the changes in deferred revenue for 2017 , 2016 and 2015 : (In thousands) 2017 2016 2015 Deferred revenue, beginning $ 7,685 $ 12,376 $ 10,515 Revenue deferred 43,379 58,416 46,139 Revenue recognized (35,667 ) (63,107 ) (44,278 ) Deferred revenue, ending $ 15,397 $ 7,685 $ 12,376 |
Derivative Financial Instrume47
Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Bought (Sold) (In thousands) 2017 2016 Japanese Yen $ 1,352 $ 5,079 Euro 7,568 12,073 New Taiwan Dollar (686 ) (117 ) Korean Won 32 197 British Pound (1,992 ) (2,350 ) Chinese Renminbi 995 (1,859 ) Singapore Dollar 74 53 $ 7,343 $ 13,076 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate commitments under operating leases | The aggregate minimum commitment obligation under operating leases beyond April 1, 2017 was as follows (in thousands): Year Operating Leases 2018 $ 2,732 2019 1,895 2020 484 2021 15 2022 — Thereafter — $ 5,126 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
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 2017 , 2016 and 2015 : (In thousands, except per share data) 2017 2016 2015 Net loss $ (37,409 ) $ (12,257 ) $ (43,811 ) Weighted average shares used for basic earnings per share 32,551 31,411 30,611 Weighted average shares used for diluted earnings per share 32,551 31,411 30,611 Net loss per share: Net loss—basic $ (1.15 ) $ (0.39 ) $ (1.43 ) Net loss—diluted $ (1.15 ) $ (0.39 ) $ (1.43 ) |
Product and Geographic Inform50
Product and Geographic Information (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Revenue from External Customer [Line Items] | |
Gross profit (loss) by segments | (In thousands) 2017 2016 Printed Circuit Board $ 88,771 $ 94,121 Component Test 22,381 19,901 Semiconductor 29,557 38,262 Industrial Machining 20,314 32,107 $ 161,023 $ 184,391 |
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) 2017 2016 2015 Asia $ 134,394 $ 152,259 $ 124,049 Americas 16,378 21,206 18,067 Europe 10,251 10,926 17,002 $ 161,023 $ 184,391 $ 159,118 |
Long-lived assets by geographic area | Long-lived assets, exclusive of investments and restricted cash, by geographic area were as follows: (In thousands) 2017 2016 Americas $ 32,234 $ 26,359 Asia 8,111 17,318 Europe 5,648 5,579 $ 45,993 $ 49,256 |
Restructuring and Cost Manage51
Restructuring and Cost Management Plans (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
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 & cost management amounts payable as of March 29, 2014 $ 1,050 Cash payments and other adjustments (985 ) Costs incurred 1,932 Restructuring & cost management amounts payable as of March 28, 2015 1,997 Cash payments and other adjustments (4,064 ) Costs incurred 2,824 Restructuring & cost management amounts payable as of April 2, 2016 757 Cash payments and other adjustments (297 ) Costs incurred 401 Restructuring & cost management amounts payable as of April 1, 2017 $ 861 |
Quarterly Financial Informati52
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | (In thousands, except per share data) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Year Ended April 1, 2017 Net sales Systems $ 38,200 $ 21,442 $ 25,427 $ 40,029 Services 9,468 8,216 8,352 9,889 Total net sales 47,668 29,658 33,779 49,918 Cost of sales: Systems 22,422 14,146 17,283 27,499 Services 4,438 4,532 5,048 4,189 Total cost of sales 26,860 18,678 22,331 31,688 Gross profit 20,808 10,980 11,448 18,230 Net (loss) income (118 ) (9,675 ) (9,693 ) (17,923 ) Basic net (loss) income per share — (0.30 ) (0.29 ) (0.54 ) Diluted net (loss) income per share — (0.30 ) (0.29 ) (0.54 ) Year Ended April 2, 2016 Net sales Systems $ 32,062 $ 35,570 $ 31,282 $ 44,043 Service 11,029 10,902 12,060 7,443 Total net sales 43,091 46,472 43,342 51,486 Cost of sales: Systems 21,285 22,345 20,292 25,247 Service 6,429 5,706 5,329 5,055 Total cost of sales 27,714 28,051 25,621 30,302 Gross profit 15,377 18,421 17,721 21,184 Net loss (6,364 ) (3,260 ) (4,586 ) 1,953 Basic net loss per share (0.20 ) (0.10 ) (0.15 ) 0.06 Diluted net loss per share (0.20 ) (0.10 ) (0.15 ) 0.06 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Significant Accounting Policies [Line Items] | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 38,600 | ||
Cumulative translation adjustment | (1,200) | $ (900) | |
Contributions to 401(k) during the period | 800 | 700 | $ 600 |
Other than temporary impairment of cost based investments | $ 0 | $ 0 | $ 4,263 |
Top ten customers | Net sales | |||
Significant Accounting Policies [Line Items] | |||
Customer concentration risk, percentage | 47.00% | 51.00% | 40.00% |
Individually significant customer | Net sales | |||
Significant Accounting Policies [Line Items] | |||
Customer concentration risk, percentage | 12.00% | ||
Individually Significant Customer2 [Member] | Net sales | |||
Significant Accounting Policies [Line Items] | |||
Customer concentration risk, percentage | 11.00% | ||
Individually Significant Customer3 [Member] | Net sales | |||
Significant Accounting Policies [Line Items] | |||
Customer concentration risk, percentage | 15.00% | ||
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. | Class D Preferred Stock | |||
Significant Accounting Policies [Line Items] | |||
Minority equity investment | |||
Omni Guide, Inc. | Class E Preferred Stock | |||
Significant Accounting Policies [Line Items] | |||
Minority equity investment | |||
SINGAPORE | |||
Significant Accounting Policies [Line Items] | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 37,000 |
Share-Based Compensation - Expe
Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | $ 6,437 | $ 4,232 | $ 4,542 |
Cost of Sales | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 503 | 445 | 586 |
Selling, General and Administrative Expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | 5,197 | 3,004 | 2,847 |
Research and Development Expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Total share-based compensation expense | $ 737 | $ 783 | $ 1,109 |
Share-Based Compensation - Valu
Share-Based Compensation - Valuation Assumptions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cash dividends paid per common share | $ 0 | |||||||
2004 plan | Options and SARs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Risk-free interest rate | 0.00% | 1.94% | 2.04% | |||||
Expected dividend yield | 0.00% | 0.00% | 4.60% | |||||
Expected lives | 0 years | 7 years 5 months 8 days | 7 years | |||||
Expected volatility | 0.00% | 47.00% | 47.00% | |||||
ESPP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Risk-free interest rate | 0.68% | 0.34% | 0.24% | |||||
Expected dividend yield | 0.00% | 0.00% | 3.20% | |||||
Expected lives | 1 year 1 month 10 days | 1 year 22 days | 1 year 1 month 6 days | |||||
Expected volatility | 45.00% | 35.00% | 41.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Options and SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value per share | $ 0 | $ 2.89 | $ 2.12 |
Total grant date fair value | $ 0 | $ 1,350 | $ 1,291 |
Total fair value of awards vested | 820 | 336 | 409 |
Total intrinsic value | $ 17 | $ 1 | $ 18 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value per share | $ 6.71 | $ 5.52 | $ 6.80 |
Total grant date fair value | $ 11,382 | $ 4,072 | $ 5,832 |
Total fair value of awards vested | $ 3,693 | $ 4,324 | $ 7,532 |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value per share | $ 1.40 | $ 1.22 | $ 1.72 |
Total grant date fair value | $ 473 | $ 394 | $ 559 |
Share-Based Compensation - Shar
Share-Based Compensation - Share Based Payment Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 643,565 | 400,987 | 593,704 | 396,533 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.85 | $ 6.93 | $ 7.88 | $ 10.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 643,565 | 0 | 398,905 | |
Grant date fair value per share | $ 6.85 | $ 0 | $ 7.33 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | (5,592) | (234) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 14.64 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (400,987) | (187,125) | (201,500) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.93 | $ 10.84 | $ 11.63 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 5 months 5 days | 1 year | 1 year 9 months 22 days | |
Awards Other Than Options Aggregate Intrinsic Value | $ 4,409 | $ 2,928 | $ 3,657 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,607,917 | 1,081,804 | 835,841 | 1,115,601 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.41 | $ 6.77 | $ 8.90 | $ 11.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,051,445 | 737,200 | 459,295 | |
Grant date fair value per share | $ 6.63 | $ 5.52 | $ 6.33 | |
SharebasedcompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsTRSUgrantsinPeriodWeightedAverageGrantDateFairvalue | $ 7.64 | $ 11.75 | $ 11.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (483,239) | (360,349) | (672,930) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 6.71 | $ 5.52 | $ 6.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (42,093) | (130,888) | (66,125) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.67 | $ 7.66 | $ 9.82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 14 days | 1 year 11 months 5 days | 1 year 10 months 28 days | |
Awards Other Than Options Aggregate Intrinsic Value | $ 11,168 | $ 7,781 | $ 5,149 | |
Options and SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Balance (shares), beginning of period | 2,155,600 | 2,229,046 | 1,898,409 | |
Weighted average exercise price, beginning of period | $ 10.03 | $ 12.52 | $ 15.27 | |
Granted (shares) | 0 | 467,000 | 634,523 | |
Granted, Weighted Average Exercise Price | $ 0 | $ 5.63 | $ 6.91 | |
Exercised (shares) | (22,500) | (2,500) | (8,250) | |
Exercised, Weighted Average Exercise Price | $ 6.23 | $ 6.71 | $ 7.26 | |
Expired or forfeited (shares) | (191,097) | (537,946) | (295,636) | |
Expired or forfeited, Weighted Average Exercise Price | $ 19.20 | $ 16.53 | $ 18.30 | |
Balance (shares) , end of period | 1,942,003 | 2,155,600 | 2,229,046 | |
Weighted average exercise price, end of period | $ 9.17 | $ 10.03 | $ 12.52 | |
Vested and expected to vest (shares) | 1,928,853 | |||
Vested and expected to vest, Weighted Average Exercise Price | $ 9.20 | |||
Options exercisable (shares) | 1,385,837 | |||
Options exercisable, Weighted Average Exercise Price | $ 10.39 | |||
Options outstanding, weighted average remaining contractual term | 4 years 9 months 25 days | 5 years 4 months 6 days | 4 years 5 months 12 days | |
Options vested and expected to vest, weighted average remaining contractual term | 4 years 9 months 18 days | |||
Options exercisable, weighted average remaining contractual term | 3 years 7 months 13 days | |||
Options outstanding, aggregate intrinsic value | $ 634 | $ 904 | $ 0 | |
Options vested and expected to vest, aggregate intrinsic value | 619 | |||
Options exercisable, aggregate intrinsic value | $ 167 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total amount of cash received from stock plan awards | $ 0.5 | $ 0.7 | $ 0 |
Total unrecognized share-based compensation, net of estimated forfeitures, expected recognition period | 2 years 20 days | ||
Shares reserved for issuance under existing plans | 7,345,334 | ||
Shares available for grant | 3,151,849 | ||
Options and SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (shares) | 0 | 467,000 | 634,523 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized share-based compensation, net of estimated forfeitures | $ 10 | ||
2004 plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance under existing plans | 4,193,485 | ||
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 4,400,000 | ||
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 | 285,414 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Available for sale Securities Current | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | $ 10,688 | $ 26,389 |
Commercial Paper | Available for sale Securities Current | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 10,688 | 13,137 |
Government agencies | Available for sale Securities Current | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 13,252 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | 3,058 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | 3,058 | |
Fair Value, Measurements, Recurring | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 5,743 | 15,252 |
Fair Value, Measurements, Recurring | Short-term Investments [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 1,003 | |
Fair Value, Measurements, Recurring | Short-term Investments [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 5,743 | 14,249 |
Fair Value, Measurements, Recurring | Short-term Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,504 | |
Fair Value, Measurements, Recurring | Other Assets [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 2,504 | |
Fair Value, Measurements, Recurring | Other Assets [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Other Assets [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 27,340 | 16,783 |
Fair Value, Measurements, Recurring | Cash Equivalents [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 22,395 | 4,643 |
Fair Value, Measurements, Recurring | Cash Equivalents [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 4,945 | 12,140 |
Fair Value, Measurements, Recurring | Cash Equivalents [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | 2,213 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | 2,213 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 588 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Other Assets [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 588 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Other Assets [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Other Assets [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 22,395 | 4,643 |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Cash Equivalents [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 22,395 | 4,643 |
Fair Value, Measurements, Recurring | Commercial Paper | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 5,743 | 997 |
Fair Value, Measurements, Recurring | Commercial Paper | Short-term Investments [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 5,743 | 997 |
Fair Value, Measurements, Recurring | Commercial Paper | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 4,945 | 12,140 |
Fair Value, Measurements, Recurring | Commercial Paper | Cash Equivalents [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 4,945 | 12,140 |
Fair Value, Measurements, Recurring | Government agencies | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 13,252 | |
Fair Value, Measurements, Recurring | Government agencies | Short-term Investments [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 13,252 | |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (18) | (245) |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Japanese Yen | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 9 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (31) | |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | New Taiwan Dollars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 20 | 5 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Korean Won | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 39 | 129 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Euro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 96 | (367) |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | British Pound | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 16 | |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Chinese Renminbi | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (5) | (1) |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Singapore Dollar | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 20 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (1) | |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (18) | (245) |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | Japanese Yen | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 9 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (31) | |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | New Taiwan Dollars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 20 | 5 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | Korean Won | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 39 | 129 |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | Euro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (96) | (367) |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | British Pound | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 16 | |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | Chinese Renminbi | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (1) | (1) |
Fair Value, Measurements, Recurring | Forward purchase or (sale) contracts | Level 2 | Singapore Dollar | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 20 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (5) | |
Fair Value, Measurements, Recurring | US Treasury and Government [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 1,003 | |
Fair Value, Measurements, Recurring | US Treasury and Government [Member] | Short-term Investments [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 1,003 | |
Fair Value, Measurements, Recurring | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | 845 | |
Fair Value, Measurements, Recurring | Exchange Traded Funds [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | $ 845 | |
Fair Value, Measurements, Recurring | Exchange Traded Funds [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 1,916 | |
Fair Value, Measurements, Recurring | Exchange Traded Funds [Member] | Other Assets [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 1,916 | |
Fair Value, Measurements, Recurring | Exchange Traded Funds [Member] | Other Assets [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | 0 | |
Fair Value, Measurements, Recurring | Exchange Traded Funds [Member] | Other Assets [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial assets | $ 0 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Available for sale Securities Current | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities | $ 10,688 | $ 26,389 |
Unrealized Gain | 0 | 5 |
Unrealized Loss | 0 | 0 |
Cost | 10,688 | 26,384 |
Available for sale Securities Current | Commercial Paper | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities | 10,688 | 13,137 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Cost | 10,688 | 13,137 |
Available for sale Securities Current | Government agencies | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities | 13,252 | |
Unrealized Gain | 5 | |
Unrealized Loss | 0 | |
Cost | 13,247 | |
Available for sale Securities Non Current | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities | 3,058 | 2,504 |
Unrealized Gain | 84 | 0 |
Unrealized Loss | 0 | (3) |
Cost | 2,974 | 2,507 |
Available for sale Securities Non Current | Exchange Traded Funds [Member] | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities | 3,058 | |
Unrealized Gain | 84 | |
Unrealized Loss | 0 | |
Cost | $ 2,974 | |
Available for sale Securities Non Current | Municipal Bonds | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities | 2,504 | |
Unrealized Gain | 0 | |
Unrealized Loss | (3) | |
Cost | $ 2,507 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Millions | Apr. 01, 2017USD ($) |
Schedule of Available-for-sale Securities | |
Investments maturity within one year | $ 10.7 |
Business Acquisitions - Allocat
Business Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed Based on the Fair Value (Details) - USD ($) $ in Thousands | Aug. 01, 2016 | Jan. 15, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 |
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 268 | ||||
Goodwill | $ 3,027 | $ 7,445 | $ 7,717 | ||
Cash paid to acquire subsidiaries | $ 2,010 | $ 0 | $ 7,737 | ||
Visicon [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 391 | ||||
Goodwill | 3,027 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 26 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 6,492 | ||||
Payments to Acquire Businesses, Gross | 2,000 | ||||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 937 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 641 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 116 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,300 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ (1,946) | ||||
Topwin [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 454 | ||||
Goodwill | 7,445 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (10,520) | ||||
Payments to Acquire Businesses, Gross | 7,600 | ||||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 544 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 23 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 295 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,618 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ (1,859) |
Business Acquisitions Business
Business Acquisitions Business Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2016 | Jan. 15, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 |
Compensation and Expenses for Business Acquisitions [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 4,500 | ||||
Business Combination, Integration Related Costs | $ 366 | $ 194 | $ 776 | ||
Visicon [Member] | |||||
Compensation and Expenses for Business Acquisitions [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 2,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 637,082 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,300 | ||||
Acquisition Costs, Cumulative | $ 400 | ||||
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssuedinEscrow | 33,143 | ||||
Topwin [Member] | |||||
Compensation and Expenses for Business Acquisitions [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 7,600 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,900 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 748,944 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,900 | ||||
BusinessCombinationContingentConsiderationArrangementsSharesIssuedorIssuable | 374,472 | ||||
BusinessCombinationContingentConsiderationLiabilityESI | $ 400 | ||||
BusinessCombinationNonContingentConsiderationArrangementsSharesIssuedorIssuable | 374,472 | ||||
BusinessCombinationNonContingentConsiderationLiability | $ 2,500 | ||||
SharesGrantedAsConsiderationContingent | 0 | ||||
BusinessCombinationContingentConsiderationArrangementsSharesIssuedNonContingent | 212,217 | ||||
Sharesgrantascompensation | 513,328 | ||||
Valueofsharesgrantascompensation | $ 2,000 | ||||
Cashcompensation | 200 | ||||
Allocatedacquisitionrelatedcompensationexpensessharebased | $ 1,500 | ||||
SharesGrantedAsConsiderationContingentToEmployee | 0 | ||||
SharesGrantedAsConsiderationnoncontingent | 145,427 | ||||
BusinessAcquisitionEquityInterestIssuedorIssuableNumberofSharesIssuancePeriod | 3 years | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,618 | ||||
Business Combination, Integration Related Costs | $ 0 | $ 200 | |||
BusinessCombinationContingentConsiderationArrangementsSharesRecovered | 63,114 | ||||
BusinessCombinationContingentConsiderationArrangementSharesRecoveredpricepershare | $ 6.30 | ||||
Developed Technology Rights [Member] | Visicon [Member] | |||||
Compensation and Expenses for Business Acquisitions [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,100 | ||||
Developed Technology Rights [Member] | Topwin [Member] | |||||
Compensation and Expenses for Business Acquisitions [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,500 |
Trade Receivables, net (Details
Trade Receivables, net (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Net, Current | $ 40,494 | $ 42,770 |
Accounts Receivable, Net, Noncurrent | 489 | 320 |
Accounts Receivable, Net | $ 40,983 | $ 43,090 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Inventory [Line Items] | |||
Impairment of Inventory due to Restructuring | $ 1,700 | $ 1,400 | $ 1,000 |
Inventory, Raw Materials, Net of Reserves | 41,383 | 38,957 | |
Inventory, Work in Process, Net of Reserves | 13,829 | 14,270 | |
Inventory Write-off due to Storm Damage | 900 | ||
Inventory, Finished Goods, Net of Reserves | 3,730 | 7,243 | |
Inventories | $ 58,942 | $ 60,470 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Disclosure Other Current Assets [Abstract] | ||
Prepaid expenses | $ 3,646 | $ 2,747 |
Value added tax receivable | 1,704 | 1,353 |
Other | 830 | 1,240 |
Other current assets | $ 6,180 | $ 5,340 |
Property, Plant and Equipment67
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 133,694 | $ 132,453 | |
Less accumulated depreciation | (112,075) | (107,910) | |
Property, plant and equipment, net | 21,619 | 24,543 | |
Depreciation and amortization | $ 6,900 | 6,800 | $ 7,200 |
Document Period End Date | Apr. 1, 2017 | ||
Restructuring and Related Cost, Accelerated Depreciation | $ 1,400 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,152 | 2,152 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 36,204 | 36,487 | |
Estimated useful lives | 18 years | ||
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 59,099 | 57,986 | |
Estimated useful lives | 5 years | ||
Computer equipment and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 36,239 | $ 35,828 | |
Estimated useful lives | 5 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Goodwill [Abstract] | ||||
Goodwill Disclosure Text Block | Goodwill The Company had approximately $3.0 million and $7.4 million of goodwill as of April 1, 2017 and April 2, 2016 , respectively. The 2016 balance was associated with the Topwin acquisition and the 2017 balance was associated with the recent acquisition of Visicon (See Note 6 "Business Acquisitions" for further discussion). Purchase accounting was not finalized for the Visicon acquisition as of April 1, 2017. Therefore, the related amounts are provisional and may be revised if additional information regarding the fair value of the associated assets acquired and liabilities assumed as of the acquisition date is identified. Changes in these balances are shown below: (In thousands) 2017 2016 Goodwill, beginning $ 7,445 $ 7,717 Purchase accounting adjustment - Topwin acquisition — (272 ) Recognized goodwill - Visicon acquisition (provisional) 3,027 — Impaired goodwill - Topwin acquisition (7,445 ) — Goodwill, ending $ 3,027 $ 7,445 The Company tests goodwill for impairment annually or more frequently if an event occurs or circumstances would indicate that it is more likely than not the fair value of the reporting unit is less than the carrying value. The date of the annual test of goodwill is the first day of the fourth quarter. Accordingly, the Company performed a quantitative test for impairment of the recorded goodwill as of January 1, 2017. As a result of this test, the estimated fair value of the reporting unit associated with the Topwin acquisition was determined to be less than the carrying value of the reporting unit, indicating a full impairment. This impairment was driven primarily by historical and projected financial performance lower than expectations of the Company and that of comparable companies. The value of the reporting unit was also negatively impacted by a re-evaluation of our product portfolio in connection with announced restructuring plans. This review resulted in the Company prioritizing away from some of the lower-cost systems that were planned for manufacturing at Topwin, impacting the value of the reporting unit. The Company performed a qualitative test of goodwill associated with the Visicon acquisition and, in part due to the proximity to the acquisition date and the fact that purchase accounting is not yet finalized, the Company determined it is more likely than not the fair value is greater than the carrying value, indicating no impairment. The fair value of the goodwill was determined using generally accepted valuation approaches. These approaches included a discounted cash flow model, a guideline transaction approach, and a guideline public company market multiples approach, each weighted according to the relevance of each approach. In supporting these valuations, management used assumptions based on the best information available. The loss from impairment of goodwill was recorded as a component of operating expenses in a separate line on the Consolidated Statements of Operations. | |||
Goodwill [Line Items] | ||||
Goodwill | $ 3,027 | $ 3,027 | $ 7,445 | $ 7,717 |
Goodwill, Purchase Accounting Adjustments | 0 | (272) | ||
Goodwill, Acquired During Period | 3,027 | 0 | ||
Goodwill, Impairment Loss | $ (7,400) | $ (7,445) | $ 0 | $ (7,889) |
Acquired Intangible Assets - Co
Acquired Intangible Assets - Components of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 28,558 | $ 28,292 |
Less accumulated amortization | (21,994) | (21,146) |
Total acquired intangible assets | 6,564 | 7,146 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 18,646 | 19,457 |
Weighted average useful life | 7 years 5 months 16 days | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 3,914 | 3,154 |
Weighted average useful life | 5 years 3 months 5 days | |
Customer backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 1,270 | 1,341 |
Weighted average useful life | 1 year | |
Trade name and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 793 | 463 |
Weighted average useful life | 3 years 9 months 30 days | |
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 | $ 160 | 100 |
Weighted average useful life | 2 years 1 month 15 days | |
Patents | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 3,465 | $ 3,467 |
Weighted average useful life | 13 years 3 months 9 days |
Acquired Intangible Assets - 70
Acquired Intangible Assets - Components of Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangibles | $ 1,530 | $ 1,376 | $ 1,502 |
Cost of Sales | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangibles | 1,133 | 1,140 | 1,095 |
Selling, service and administration | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangibles | 209 | 36 | 210 |
Research, development and engineering | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangibles | $ 188 | $ 200 | $ 197 |
Acquired Intangible Assets - Fu
Acquired Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Apr. 01, 2017USD ($) |
Intangible Assets Disclosure [Abstract] | |
2,015 | $ 1,433 |
2,016 | 1,439 |
2,017 | 1,406 |
2,018 | 1,228 |
2,019 | 690 |
Future years | 368 |
Total | $ 6,564 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Disclosure Other Assets [Abstract] | |||
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets consisted of the following as of April 1, 2017 and April 2, 2016 : (In thousands) 2017 2016 Consignment and demo equipment, net $ 11,011 $ 7,242 Long term deposits 2,872 2,543 Long term restricted cash 1,090 — Non-current trade accounts receivable, net 489 320 Other non-current assets 3,469 2,521 $ 18,931 $ 12,626 | ||
Other Assets Noncurrent Disclosure [Text Block] | Other Assets Other assets consisted of the following as of April 1, 2017 and April 2, 2016 : (In thousands) 2017 2016 Consignment and demo equipment, net $ 11,011 $ 7,242 Long term deposits 2,872 2,543 Long term restricted cash 1,090 — Non-current trade accounts receivable, net 489 320 Other non-current assets 3,469 2,521 $ 18,931 $ 12,626 Depreciation expense for demo equipment totaled $0.4 million in 2017 , $0.5 million in 2016 and $0.6 million 2015 . Included in Other non-current assets are long-term investments and other similar items. | ||
Consignment and demo equipment, net | $ 11,011 | $ 7,242 | |
Long term deposits | 2,872 | 2,543 | |
Restricted Cash and Cash Equivalents, Noncurrent | 1,090 | 0 | |
Other | 3,469 | 2,521 | |
Other assets | 18,931 | 12,626 | |
Schedule of Cost-method Investments [Line Items] | |||
Demo equipment depreciation expense | 400 | 500 | $ 600 |
Other than temporary impairment of cost based investments | 0 | 0 | $ 4,263 |
Accounts Receivable, Net, Noncurrent | $ 489 | 320 | |
Class D Preferred Stock | Omni Guide, Inc. | |||
Disclosure Other Assets [Abstract] | |||
Minority equity investment | |||
Schedule of Cost-method Investments [Line Items] | |||
Minority equity investment | |||
Class E Preferred Stock | Omni Guide, Inc. | |||
Disclosure Other Assets [Abstract] | |||
Minority equity investment | |||
Schedule of Cost-method Investments [Line Items] | |||
Minority equity investment |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Non-current | ||
Deferred tax asset, inventory and warranty, non-current | $ 11,246 | $ 11,524 |
Deferred Tax Assets Receivables and other non-current assets | (274) | (91) |
Deferred compensation | 7,574 | 6,035 |
Non-current deferred tax liabilities, Intangible assets and investments | (382) | |
Intangible assets and investments | 865 | |
Accrued liabilities | 3,006 | 1,626 |
Non-current deferred income taxes, net | 3,478 | 1,746 |
Property, plant and equipment | 5,029 | 5,220 |
Other comprehensive income | 456 | 219 |
Tax loss and credit carryforwards | 73,805 | 67,630 |
Deferred Tax Assets, Other | 259 | |
Deferred Tax Liabilities, Other | (219) | |
Total non-current deferred tax asset | 104,197 | 94,555 |
Valuation allowance, non-current | (103,315) | (93,875) |
Net deferred tax assets | 882 | $ 680 |
Increase in valuation allowance | $ (9,400) |
Income Taxes - Operating Losses
Income Taxes - Operating Losses and Tax Credits (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Income Tax Disclosure [Abstract] | ||
Federal net operating losses | $ 35,566 | $ 27,430 |
Federal net operating losses | 3,679 | 3,467 |
Foreign operating losses and tax credits | 12,504 | 12,173 |
Federal research credits | 22,590 | 21,336 |
State research credits | 4,409 | 4,480 |
Federal minimum tax credit | 935 | 990 |
Federal capital losses | 5,015 | 8,022 |
Net operating loss carryforward, net of tax and tax credits | $ 84,698 | $ 77,898 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
(Loss) income before income taxes: | |||
Domestic | $ (32,646) | $ (13,385) | $ (39,656) |
Foreign | (4,786) | 1,112 | (3,921) |
Income (loss) before income taxes | (37,432) | (12,273) | (43,577) |
Current: | |||
U.S. federal and state | (379) | 8 | (983) |
Foreign | 557 | 916 | 1,205 |
Current (benefit from) provision for income taxes | 178 | 924 | 222 |
Deferred: | |||
U.S. federal and state | 0 | 0 | 5 |
Foreign | (201) | (940) | 7 |
Deferred provision for (benefit from) income taxes | (201) | (940) | 12 |
Total provision for (benefit from) income taxes | (23) | $ (16) | $ 234 |
Tax benefit derived from stock-based compensation | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | (0.30%) | (0.50%) | (1.10%) |
Tax credits | 4.20% | 17.10% | 4.20% |
Domestic production and export tax incentives | (5.90%) | 0.00% | 0.00% |
Non-U.S. income taxed at different rates | (0.90%) | 14.30% | 2.10% |
Changes in unrecognized tax benefits | (0.30%) | (4.10%) | (2.40%) |
Change in valuation allowance | (25.00%) | (51.80%) | (32.30%) |
Stock compensation | (2.60%) | (10.20%) | (4.20%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 5.10% | 0.00% | 0.00% |
Other, net | 1.00% | 0.30% | (2.00%) |
Effective tax rate | 0.10% | 0.10% | (0.70%) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, unrecognized tax benefits | $ 0 | $ 200 | |
Beginning unrecognized tax benefits balance | 10,385 | 9,654 | $ 9,356 |
Gross increases for tax positions of prior years | 62 | 731 | 849 |
Gross decreases for tax positions of prior years | (242) | 0 | (1,013) |
Gorss increases for tax positions for current year | 539 | 0 | 462 |
Ending unrecognized tax benefits balance | $ 10,744 | $ 10,385 | $ 9,654 |
Income Taxes Income Taxes Text
Income Taxes Income Taxes Text (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 38,600 | |
Deferred Tax Assets, Valuation Allowance, Noncurrent | 103,315 | $ 93,875 |
SINGAPORE | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 37,000 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 13,400 | $ 12,900 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Disclosure Accrued Liabilities [Abstract] | ||
Employee-related Liabilities, Current | $ 6,335 | $ 5,717 |
Restructuring Reserve | 4,996 | 757 |
Product warranty accrual | 3,394 | 3,666 |
Purchase order commitments and receipts | 2,522 | 2,588 |
Customer deposits | 1,242 | 1,731 |
Professional fees payable | 734 | 1,052 |
Freight accrual | 434 | 0 |
Other | 2,529 | 2,823 |
Accrued liabilities | 22,186 | 18,334 |
Deferred Compensation Liability, Classified, Noncurrent | 3,058 | 2,504 |
Product Warranty Accrual, Noncurrent | 2,080 | 2,068 |
Other Sundry Liabilities, Noncurrent | 2,432 | 3,229 |
Liabilities, Other than Long-term Debt, Noncurrent | $ 7,570 | $ 7,801 |
Product Warranty (Details)
Product Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Product Warranties Disclosures [Abstract] | |||
Product Warranty Accrual, Noncurrent | $ 2,080 | $ 2,068 | |
Standard and Extended Product Warranty Accrual Beginning | 5,734 | 3,342 | $ 4,215 |
Standard and Extended Product Warranty Accrual, Decrease for Payments | 8,297 | 7,781 | 6,468 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 8,037 | 10,173 | 5,595 |
Standard and Extended Product Warranty Accrual Ending | $ 5,474 | $ 5,734 | $ 3,342 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Deferred Revenue Disclosure [Abstract] | |||
Deferred Revenue, Noncurrent | $ 700 | $ 1,300 | |
Deferred revenue, beginning | 7,685 | 12,376 | $ 10,515 |
Revenue deferred | 43,379 | 58,416 | 46,139 |
Revenue recognized | (35,667) | (63,107) | (44,278) |
Deferred revenue, ending | $ 15,397 | $ 7,685 | $ 12,376 |
Derivative Financial Instrume82
Derivative Financial Instruments (Details) - Forward exchange contract - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Long [Member] | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | $ 7,343 | $ 13,076 |
Long [Member] | Japanese Yen | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | 1,352 | 5,079 |
Long [Member] | Euro | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | 7,568 | 12,073 |
Long [Member] | Korean Won | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | 32 | 197 |
Long [Member] | Chinese Renminbi | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | 995 | |
Long [Member] | Singapore Dollar | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | 74 | 53 |
Short [Member] | New Taiwan Dollars | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | 686 | 117 |
Short [Member] | British Pound | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | $ 1,992 | 2,350 |
Short [Member] | Chinese Renminbi | ||
Derivative [Line Items] | ||
Notional amount of currencies purchased and sold | $ 1,859 |
Commitments and Contingencies83
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
2,015 | $ 2,732 | ||
2,016 | 1,895 | ||
2,017 | 484 | ||
2,018 | 15 | ||
2,019 | 0 | ||
Thereafter | 0 | ||
Total lease commitments | 5,126 | ||
Rental expense | 2,600 | $ 2,500 | $ 2,700 |
Purchase Obligation | $ 28,600 |
Loan Agreement (Details)
Loan Agreement (Details) - Loan and Security Agreement (Loan Agreement) [Member] - Silicon Valley Bank (SVB) [Member] $ in Millions | Mar. 20, 2015USD ($) |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 |
Letter of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands, number in Millions | 120 Months Ended | |||
Jan. 01, 2027 | Apr. 01, 2017 | Jan. 09, 2017 | Apr. 02, 2016 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Excluding Current Maturities | $ 13,489 | $ 0 | ||
Mortgages [Member] | FacilityMorgageAgreementJan92017Member [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 14,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||
Long-term Debt | 13,923 | 0 | ||
Long-term Debt, Current Maturities | (434) | 0 | ||
Debt Issuance Costs, Net | (337) | |||
Long-term Debt, Excluding Current Maturities | $ 13,489 | $ 0 | ||
Scenario, Forecast [Member] | Mortgages [Member] | FacilityMorgageAgreementJan92017Member [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 20 years | |||
Debt Instrument, Maturity Date | Jan. 1, 2027 |
(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 | |||||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income (loss) | $ (17,923) | $ (9,693) | $ (9,675) | $ (118) | $ 1,953 | $ (4,586) | $ (3,260) | $ (6,364) | $ (37,409) | $ (12,257) | $ (43,811) |
Weighted average number of shares - basic | 32,551 | 31,411 | 30,611 | ||||||||
Weighted average shares used for diluted earnings per share | 32,551 | 31,411 | 30,611 | ||||||||
Net (loss) income per share - basic | $ (0.54) | $ (0.29) | $ (0.30) | $ 0 | $ 0.06 | $ (0.15) | $ (0.10) | $ (0.20) | $ (1.15) | $ (0.39) | $ (1.43) |
Net (loss) income per share - diluted | $ (0.54) | $ (0.29) | $ (0.30) | $ 0 | $ 0.06 | $ (0.15) | $ (0.10) | $ (0.20) | $ (1.15) | $ (0.39) | $ (1.43) |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
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 | 2.3 | 2.9 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Dec. 09, 2011 | |
Stockholders' Equity Note [Abstract] | |||
Stock Repurchased During Period, Shares | 207,738 | 208,000 | |
Share repurchases | $ 1.5 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 7.01 | ||
Share repurchase authorization amount | $ 20 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividend Declared and Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Dividends | $ 7,300 | ||
Cash dividends paid to shareholders | $ 0 | $ 0 | $ (7,266) |
Product and Geographic Inform90
Product and Geographic Information - Net Sales & Gross Profit by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross Profit | $ 18,230 | $ 11,448 | $ 10,980 | $ 20,808 | $ 21,184 | $ 17,721 | $ 18,421 | $ 15,377 | $ 61,466 | $ 72,703 | $ 54,681 |
Revenue, Net | $ 49,918 | $ 33,779 | $ 29,658 | $ 47,668 | $ 51,486 | $ 43,342 | $ 46,472 | $ 43,091 | $ 161,023 | $ 184,391 | $ 159,118 |
Product and Geographic Inform91
Product and Geographic Information - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | $ 49,918 | $ 33,779 | $ 29,658 | $ 47,668 | $ 51,486 | $ 43,342 | $ 46,472 | $ 43,091 | $ 161,023 | $ 184,391 | $ 159,118 |
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 134,394 | 152,259 | 124,049 | ||||||||
Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 16,378 | 21,206 | 18,067 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | $ 10,251 | $ 10,926 | $ 17,002 |
Product and Geographic Inform92
Product and Geographic Information - Long-Lived Assets By Geographic Area (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 45,993 | $ 49,256 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 32,234 | 26,359 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 8,111 | 17,318 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 5,648 | $ 5,579 |
Product and Geographic Inform93
Product and Geographic Information Net sales by market (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue, Net | $ 49,918 | $ 33,779 | $ 29,658 | $ 47,668 | $ 51,486 | $ 43,342 | $ 46,472 | $ 43,091 | $ 161,023 | $ 184,391 | $ 159,118 |
Printed Circuit Board [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue, Net | 88,771 | 94,121 | |||||||||
Component Test [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue, Net | 22,381 | 19,901 | |||||||||
Semiconductor [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue, Net | 29,557 | 38,262 | |||||||||
Industrial Machining [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue, Net | $ 20,314 | $ 32,107 |
Restructuring and Cost Manage94
Restructuring and Cost Management Plans - Restructuring Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | 120 Months Ended | ||||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | Jan. 01, 2027 | Jan. 09, 2017 | Mar. 29, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 4,996 | $ 757 | ||||
Restructuring costs | 6,935 | 2,824 | $ 2,069 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 38,600 | |||||
Q4 FY17 Restructuring Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 4,135 | 0 | ||||
Restructuring and Related Cost, Expected Cost | 14,087 | |||||
Cash Payments for Restructuring | 407 | |||||
Restructuring and Related Cost, Incurred Cost | (7,587) | |||||
Q4 FY17 Restructuring Plan [Member] | Operating Expense Less Inventory Write-off [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | (5,900) | |||||
Chelmsford [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 861 | 757 | 1,997 | $ 1,050 | ||
Restructuring and Related Cost, Expected Cost | 5,500 | |||||
Cash Payments for Restructuring | 297 | 4,064 | 985 | |||
Restructuring Charges, COGS and Opex | 400 | 2,800 | 3,000 | |||
Restructuring and Related Cost, Incurred Cost | (401) | $ (2,824) | $ (1,932) | |||
Inventory Write-off in Operating Expense [Member] | Q4 FY17 Restructuring Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ (1,700) | |||||
Mortgages [Member] | FacilityMorgageAgreementJan92017Member [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Long-term Debt, Gross | $ 14,000 | |||||
Scenario, Forecast [Member] | Mortgages [Member] | FacilityMorgageAgreementJan92017Member [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Debt Instrument, Term | 20 years |
Restructuring and Cost Manage95
Restructuring and Cost Management Plans Q4 FY17 Plan Accrual Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 4,996 | $ 757 |
Q4 FY17 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 4,135 | 0 |
Restructuring and Related Cost, Incurred Cost | (7,587) | |
Cash Payments for Restructuring | (407) | |
Non-cash items | (3,045) | |
Employee Severance [Member] | Q4 FY17 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 3,247 | 0 |
Restructuring and Related Cost, Incurred Cost | (3,588) | |
Cash Payments for Restructuring | (341) | |
Non-cash items | 0 | |
Site Closures [Member] | Q4 FY17 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 888 | 0 |
Restructuring and Related Cost, Incurred Cost | (888) | |
Cash Payments for Restructuring | 0 | |
Non-cash items | 0 | |
Current Asset Impairments [Member] | Q4 FY17 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | (1,669) | |
Cash Payments for Restructuring | 0 | |
Non-cash items | (1,669) | |
Non-Current Asset Impairment [Member] | Q4 FY17 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | (1,376) | |
Cash Payments for Restructuring | 0 | |
Non-cash items | (1,376) | |
Other Restructuring [Member] | Q4 FY17 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0 | $ 0 |
Restructuring and Related Cost, Incurred Cost | (66) | |
Cash Payments for Restructuring | (66) | |
Non-cash items | $ 0 |
Restructuring and Cost Manage96
Restructuring and Cost Management Plans Q4 FY17 Restructuring Plan Expected Costs (Details) - Q4 FY17 Restructuring Plan [Member] $ in Thousands | 12 Months Ended |
Apr. 01, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 14,087 |
Restructuring and Related Cost, Incurred Cost | (7,587) |
Restructuring and Related Cost, Expected Cost Remaining | 6,500 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 4,388 |
Restructuring and Related Cost, Incurred Cost | (3,588) |
Restructuring and Related Cost, Expected Cost Remaining | 800 |
Site Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 1,688 |
Restructuring and Related Cost, Incurred Cost | (888) |
Restructuring and Related Cost, Expected Cost Remaining | 800 |
Current Asset Impairments [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 6,069 |
Restructuring and Related Cost, Incurred Cost | (1,669) |
Restructuring and Related Cost, Expected Cost Remaining | 4,400 |
Non-Current Asset Impairment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 1,876 |
Restructuring and Related Cost, Incurred Cost | (1,376) |
Restructuring and Related Cost, Expected Cost Remaining | 500 |
Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 66 |
Restructuring and Related Cost, Incurred Cost | (66) |
Restructuring and Related Cost, Expected Cost Remaining | $ 0 |
Restructuring and Cost Manage97
Restructuring and Cost Management Plans Chelmsford Restructuring Plan Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 4,996 | $ 757 | ||
Chelmsford [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 861 | 757 | $ 1,997 | $ 1,050 |
Cash Payments for Restructuring | (297) | (4,064) | (985) | |
Restructuring and Related Cost, Incurred Cost | $ 401 | $ 2,824 | $ 1,932 |
Quarterly Financial Informati98
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales Revenue, Goods, Net | $ 40,029 | $ 25,427 | $ 21,442 | $ 38,200 | $ 44,043 | $ 31,282 | $ 35,570 | $ 32,062 | $ 125,098 | $ 142,957 | $ 111,603 |
Sales Revenue, Services, Net | 9,889 | 8,352 | 8,216 | 9,468 | 7,443 | 12,060 | 10,902 | 11,029 | 35,925 | 41,434 | 47,515 |
Net sales | 49,918 | 33,779 | 29,658 | 47,668 | 51,486 | 43,342 | 46,472 | 43,091 | 161,023 | 184,391 | 159,118 |
Cost of Goods Sold | 27,499 | 17,283 | 14,146 | 22,422 | 25,247 | 20,292 | 22,345 | 21,285 | 81,350 | 89,169 | 78,195 |
Cost of Services | 4,189 | 5,048 | 4,532 | 4,438 | 5,055 | 5,329 | 5,706 | 6,429 | 18,207 | 22,519 | 26,242 |
Cost of Goods and Services Sold | 31,688 | 22,331 | 18,678 | 26,860 | 30,302 | 25,621 | 28,051 | 27,714 | 99,557 | 111,688 | 104,437 |
Gross profit | 18,230 | 11,448 | 10,980 | 20,808 | 21,184 | 17,721 | 18,421 | 15,377 | 61,466 | 72,703 | 54,681 |
Net income (loss) | $ (17,923) | $ (9,693) | $ (9,675) | $ (118) | $ 1,953 | $ (4,586) | $ (3,260) | $ (6,364) | $ (37,409) | $ (12,257) | $ (43,811) |
Basic net (loss) income per share | $ (0.54) | $ (0.29) | $ (0.30) | $ 0 | $ 0.06 | $ (0.15) | $ (0.10) | $ (0.20) | $ (1.15) | $ (0.39) | $ (1.43) |
Diluted net (loss) income per share | $ (0.54) | $ (0.29) | $ (0.30) | $ 0 | $ 0.06 | $ (0.15) | $ (0.10) | $ (0.20) | (1.15) | (0.39) | (1.43) |
Cash dividends paid per common share | $ 0 | $ 0 | $ 0.24 | ||||||||
Other Quarterly Information [Abstract] | |||||||||||
Impairment of Intangible Assets, Finite-lived | $ 2,300 | $ 400 | $ 2,349 | $ 0 | $ 0 | ||||||
Restructuring Costs | 6,600 | $ 200 | $ 1,900 | $ 600 | |||||||
Goodwill, Impairment Loss | 7,400 | 7,445 | 0 | 7,889 | |||||||
Business Combination, Integration Related Costs | 366 | 194 | 776 | ||||||||
Other than temporary impairment of cost based investments | 0 | 0 | 4,263 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (1,323) | (862) | 6 | ||||||||
Inventory Write-down | $ 1,700 | $ 1,400 | 2,440 | 0 | 0 | ||||||
Restructuring costs | $ 6,935 | $ 2,824 | $ 2,069 |
Uncategorized Items - esio-2017
Label | Element | Value |
Cash, Cash Equivalents, and Restricted Cash; At Carrying Value | esio_CashCashEquivalentsandRestrictedCashAtCarryingValue | $ 68,461,000 |