Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Sep. 29, 2013 | Nov. 05, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Exar Corporation | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--03-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 47,509,410 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000753568 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $10,051 | $14,718 |
Short-term marketable securities | 174,862 | 190,587 |
Accounts receivable (net of allowances of $1,124 and $944) | 17,236 | 12,614 |
Accounts receivable, related party (net of allowances of $798 and $346) | 3,223 | 3,374 |
Inventories | 19,841 | 19,430 |
Assets held for sale | 13,083 | ' |
Other current assets | 3,474 | 3,177 |
Total current assets | 241,770 | 243,900 |
Property, plant and equipment, net | 9,153 | 24,100 |
Goodwill | 29,573 | 10,356 |
Intangible assets, net | 30,054 | 13,338 |
Other non-current assets | 1,482 | 1,474 |
Total assets | 312,032 | 293,168 |
Current liabilities: | ' | ' |
Accounts payable | 12,782 | 9,455 |
Accrued compensation and related benefits | 3,770 | 3,624 |
Deferred income and allowances on sales to distributors | 2,150 | 2,399 |
Deferred income and allowances on sales to related party distributor | 9,056 | 9,475 |
Other current liabilities | 14,375 | 15,215 |
Total current liabilities | 42,133 | 40,168 |
Long-term lease financing obligations | 456 | 1,342 |
Other non-current obligations | 12,550 | 11,204 |
Total liabilities | 55,139 | 52,714 |
Commitments and contingencies (Notes 13, 14 and 15) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $.0001 par value; 100,000,000 shares authorized; 47,505,596 and 46,607,246 shares outstanding | 5 | 5 |
Additional paid-in capital | 510,038 | 749,426 |
Accumulated other comprehensive loss | -970 | -526 |
Treasury stock at cost, 0 and 19,924,369 shares | ' | -248,983 |
Accumulated deficit | -252,180 | -259,468 |
Total stockholders' equity | 256,893 | 240,454 |
Total liabilities and stockholders’ equity | $312,032 | $293,168 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances (in Dollars) | $1,124 | $944 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 47,505,596 | 46,607,246 |
Treasury stock at cost, shares | 0 | 19,924,369 |
Related Party [Member] | ' | ' |
Accounts receivable, allowances (in Dollars) | $798 | $346 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Sales: | ' | ' | ' | ' |
Net sales | $24,978,000 | $21,528,000 | $48,836,000 | $40,975,000 |
Net sales, related party | 9,040,000 | 9,094,000 | 17,809,000 | 18,898,000 |
Total net sales | 34,018,000 | 30,622,000 | 66,645,000 | 59,873,000 |
Cost of sales: | ' | ' | ' | ' |
Cost of sales | 12,371,000 | 12,054,000 | 24,183,000 | 22,924,000 |
Cost of sales, related party | 4,156,000 | 4,380,000 | 8,063,000 | 8,892,000 |
Amortization of purchased intangible assets and inventory step-up | 2,098,000 | 858,000 | 3,448,000 | 1,777,000 |
Warranty Reserve | 1,440,000 | ' | 1,440,000 | ' |
Restructuring charges and exit costs | 400,000 | 300,000 | 1,400,000 | ' |
Total cost of sales | 20,089,000 | 17,292,000 | 37,239,000 | 33,674,000 |
Gross profit | 13,929,000 | 13,330,000 | 29,406,000 | 26,199,000 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 7,136,000 | 5,773,000 | 13,334,000 | 11,222,000 |
Selling, general and administrative | 9,520,000 | 7,639,000 | 17,321,000 | 15,421,000 |
Net change in fair value of contingent consideration | -2,495,000 | ' | -2,495,000 | ' |
Total operating expenses | 14,545,000 | 13,703,000 | 29,475,000 | 27,738,000 |
Loss from operations | -616,000 | -373,000 | -69,000 | -1,539,000 |
Other income and expense, net: | ' | ' | ' | ' |
Interest income and other, net | 372,000 | 674,000 | 659,000 | 1,320,000 |
Interest expense | -41,000 | -38,000 | -78,000 | -72,000 |
Total other income and expense, net | 331,000 | 636,000 | 581,000 | 1,248,000 |
Income (Loss) before income taxes | -285,000 | 263,000 | 512,000 | -291,000 |
(Benefit) Provision for income taxes | -6,767,000 | 0 | -6,776,000 | 22,000 |
Net income (loss) | 6,482,000 | 263,000 | 7,288,000 | -313,000 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.14 | $0.01 | $0.15 | ($0.01) |
Diluted (in Dollars per share) | $0.13 | $0.01 | $0.15 | ($0.01) |
Shares used in the computation of net income (loss) per share: | ' | ' | ' | ' |
Basic (in Shares) | 47,496 | 45,720 | 47,151 | 45,554 |
Diluted (in Shares) | 49,150 | 46,046 | 48,647 | 45,554 |
Cost of Sales [Member] | ' | ' | ' | ' |
Cost of sales: | ' | ' | ' | ' |
Restructuring charges and exit costs | 24,000 | ' | 105,000 | 81,000 |
Operating Expense [Member] | ' | ' | ' | ' |
Cost of sales: | ' | ' | ' | ' |
Restructuring charges and exit costs | $384,000 | $291,000 | $1,315,000 | $1,095,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Net income (loss) | $6,482 | $263 | $7,288 | ($313) |
Changes in market value of investments, net of tax: | ' | ' | ' | ' |
Changes in unrealized gain (loss) on investments | 166 | 532 | -418 | 263 |
Reclassification adjustment for net realized gains (losses) | 33 | -115 | -26 | -153 |
Net change in market value of investments | 199 | 417 | -444 | 110 |
Comprehensive income (loss) | $6,681 | $680 | $6,844 | ($203) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income ( loss) | $7,288 | ($313) |
Reconciliation of net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,171 | 5,909 |
Gain on sale of intangible asset | ' | -223 |
Stock-based compensation expense | 4,710 | 1,521 |
Release of deferred tax valuation allowance | -6,770 | ' |
Net change in fair value of contingent consideration | -2,495 | ' |
Changes in operating assets and liabilities, net of effect of acquisition: | ' | ' |
Accounts receivable and accounts receivable, related party | -4,230 | -5,366 |
Inventories | 1,345 | 2,319 |
Other current and non-current assets | -427 | 98 |
Accounts payable | 2,807 | 1,168 |
Accrued compensation and related benefits | 77 | -818 |
Deferred income and allowance on sales to distributors and related party distributor | -668 | -640 |
Other current and non-current liabilities | -3,256 | -3,612 |
Net cash provided by operating activities | 4,552 | 43 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment and intellectual property, net | -749 | -1,106 |
Purchases of short-term marketable securities | -116,589 | -81,477 |
Proceeds from maturities of short-term marketable securities | 18,589 | 25,885 |
Proceeds from sales of short-term marketable securities | 113,618 | 55,710 |
Acquisition of Cadeka Microcircuits, LLC, net of cash acquired | -23,111 | ' |
Other disposal activities | 125 | 110 |
Net cash used in investing activities | -8,117 | -878 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 2,897 | 3,174 |
Purchase of stock for withholding taxes on vested restricted stock | -1,018 | ' |
Repurchase of common stock | -1,999 | ' |
Payments of lease financing obligations | -982 | -630 |
Net cash provided by (used in) financing activities | -1,102 | 2,544 |
Net increase (decrease) in cash and cash equivalents | -4,667 | 1,709 |
Cash and cash equivalents at the beginning of period | 14,718 | 8,714 |
Cash and cash equivalents at the end of period | 10,051 | 10,423 |
Supplemental disclosure of non-cash investing activities: | ' | ' |
Issuance of common stock in connection with Cadeka acquisition | $5,005 | ' |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis Of Presentation | 6 Months Ended | |
Sep. 29, 2013 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
NOTE 1. | ORGANIZATION AND BASIS OF PRESENTATION | |
Description of Business— Exar Corporation was incorporated in California in 1971 and reincorporated in Delaware in 1991. Exar Corporation and its subsidiaries (“Exar” or “we”) is a fabless semiconductor company that designs, develops and markets high performance analog mixed-signal integrated circuits and advanced sub-system solutions for the Networking & Storage, Industrial & Embedded, and Communications Infrastructure markets. Exar's product portfolio includes power management and connectivity components, high-performance analog and mixed-signal products, communications products and data compression and storage solutions. | ||
Basis of Presentation and Use of Management Estimates—The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013 as filed with the SEC. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, that we believe are necessary for a fair statement of Exar’s financial position as of September 29, 2013 and results of operations for the three and six months ended September 29, 2013 and September 30, 2012, respectively. These condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year. | ||
The financial statements include management’s estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Actual results could differ from those estimates, and material effects on operating results and financial position may result. | ||
Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2014 and 2013 consisted of 52 weeks. The second quarter of fiscal years 2014 and 2013 both consisted of 13 weeks. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 6 Months Ended | |
Sep. 29, 2013 | ||
Policy Text Block [Abstract] | ' | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
NOTE 2. | RECENT ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued amended standards that provided explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryforward exists. Under the amended standards, the unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward or a tax credit carryforward. These amended standard updates will be effective for our interim period beginning after December 15, 2013 and applied prospectively with early adoption permitted. We are currently evaluating the impact of this guidance on the presentation of our financial positions, results of operations and cash flows. | ||
In February 2013, the FASB issued amended standards to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. These amended standards are effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of this guidance did not have any material impact on our financial position, results of operations or cash flows. | ||
In July 2012, the FASB issued amended standards to simplify how entities test indefinite-lived intangible assets for impairment which improve consistency in impairment testing requirements among long-lived asset categories. These amended standards permit an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, these amended standards eliminate the requirement to perform quantitative impairment testing as outlined in the previously issued standards. These amended standards are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. |
Note_3_Business_Combinations
Note 3 - Business Combinations | 6 Months Ended | ||||
Sep. 29, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
NOTE 3. | BUSINESS COMBINATIONS | ||||
We periodically evaluate potential strategic acquisitions to broaden our product offering and build upon our existing library of intellectual property, human capital and engineering talent in order to expand our capabilities in the areas in which we operate or to acquire complementary businesses. | |||||
We account for each business combination by applying the acquisition method, which requires (1) identifying the acquiree; (2) determining the acquisition date; (3) recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest we have in the acquiree at their acquisition date fair value; and (4) recognizing and measuring goodwill or a gain from a bargain purchase. | |||||
Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value on the acquisition date if fair value can be determined during the measurement period. If fair value cannot be determined, we typically account for the acquired contingencies using existing guidance for a reasonable estimate. | |||||
To establish fair value, we measure the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants. The measurement assumes the highest and best use of the asset by the market participants that would maximize the value of the asset or the group of assets within which the asset would be used at the measurement date, even if the intended use of the asset is different. | |||||
Acquisition related costs, including finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees are accounted for as expenses in the periods in which the costs are incurred and the services are received, with the exception that the costs to issue debt or equity securities are recognized in accordance with other applicable GAAP. | |||||
Acquisition of Cadeka | |||||
On July 5, 2013, we completed the acquisition of substantially all of the assets of Cadeka Technologies (Cayman) Holding Ltd., a privately held company organized under the laws of the Cayman Islands and all the outstanding stock of the subsidiaries of Cadeka, including the equity of its wholly owned subsidiary Cadeka Microcircuits, LLC, a Colorado limited liability company (“Cadeka”). With locations in Loveland, Colorado, Shenzhen and Wuxi, China, Cadeka designs, develops and markets high precision analog integrated circuits for use in industrial and high reliability applications. Cadeka’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our condensed consolidated financial statements beginning July 6, 2013. The pro forma effects of the portion of the Cadeka operations assumed through the transaction on our results of operations during fiscal years 2013 and 2012 were considered immaterial. | |||||
Consideration | |||||
The purchase consideration includes approximately 454,000 shares of our common stock issued to the shareholders of Cadeka (valued at $5.2 million) and a cash payment of $25.0 million (less an amount of $1.0 million, inclusive of 15,000 shares, held back temporarily to satisfy potential indemnity claims). An additional purchase price consideration earn-out (up to $5.0 million) may be earned over the next two fiscal years contingent upon achieving certain revenue targets, and may be paid in the form of cash, stock or both. The $5.2 million worth of shares issued at closing were valued on the date of the acquisition, and the fair value of contingent earn-outs was derived using a probability-based approach on various revenue assumptions and discounted to a present value. Final determination of the earn-out liability can range from zero to $5.0 million based on the actual achievement of the revenue targets. Fair value of contingent consideration is subject to periodic revaluation and any change in the fair value of contingent consideration from the events after the acquisition date will be recognized in earnings of the period in which the fair value changes. The probability–based approach used to fair value contingent consideration is based on significant inputs not observed in the market and thus represents a Level 3 measurement. The significant unobservable inputs include projected revenues, percentage probability of occurrence and a discount rate to present value the future payments. The summary of the preliminary purchase consideration is as follows (in thousands): | |||||
Amount | |||||
Cash | $ | 25,000 | |||
Equity instruments | 5,177 | ||||
Estimated fair value of earn-out payments | 4,660 | ||||
Total consideration paid | $ | 34,837 | |||
In accordance with ASC 805, Business Combinations, the acquisition of Cadeka was recorded as a purchase business acquisition since Cadeka was considered a business. Under the purchase method of accounting, the fair value of the consideration was allocated to net assets acquired at their fair values. The fair value of purchased identifiable intangible assets and contingent earn-outs were derived from model-based valuations from significant unobservable inputs (“Level 3 inputs”) determined by management. The fair value of purchased identifiable intangible assets was determined using discounted cash flow models from operating projections prepared by management using an internal rate of return ranging from 15% to 23%. The fair value of the contingent earn-out was a probability-based approach that includes significant unobservable inputs. See Note 4 —“Fair Value,” for additional details of the inputs used to determine the fair value of the contingent earn-out. The excess of the preliminary fair value of consideration paid over the preliminary fair values of net assets acquired and identifiable intangible assets resulted in recognition of goodwill of approximately $12.4 million prior to considering the impact on deferred tax assets and liabilities. The goodwill results largely of expected synergies from combining the operations of Cadeka with that of Exar and is not expected to be tax deductible. After considering the impact of deductible and taxable temporary tax differences on the acquired business, a deferred tax liability of $6.8 million was established primarily related to identified intangible asset basis differences, which resulted in a total goodwill amount recorded as part of the acquisition of $19.2 million. Additionally, in accordance with ASC 805, Business Combinations, we also evaluated the impact of the acquisition on Exar’s valuation allowance, the impact of which is recorded outside of purchase accounting, resulting in a release of the valuation allowance and an income tax benefit of $6.8 million. | |||||
Preliminary Purchase Price Allocation | |||||
The allocation of the total preliminary purchase price to Cadeka’s tangible and identifiable intangible assets and liabilities assumed was based on their estimated fair values at the date of acquisition. | |||||
The preliminary fair value allocated to each of the major classes of tangible and identifiable intangible assets acquired and liabilities assumed in the Cadeka acquisition was as follows (in thousands): | |||||
Amount | |||||
Identifiable tangible assets | |||||
Cash | $ | 1,055 | |||
Accounts Receivable | 241 | ||||
Inventories | 1,756 | ||||
Property, plant and equipment | 231 | ||||
Other assets | 3 | ||||
Accounts payable and accruals | (7,400 | ) | |||
Other short-term liabilities | (520 | ) | |||
Long-term liabilities | (126 | ) | |||
Total identifiable tangible assets, net | (4,760 | ) | |||
Identifiable intangible assets | 20,380 | ||||
Total identifiable assets, net | 15,620 | ||||
Goodwill | 19,217 | ||||
Fair value of total consideration transferred | $ | 34,837 | |||
The following table sets forth the components of identifiable intangible assets acquired in connection with the Cadeka acquisition (in thousands): | |||||
Fair Value | |||||
Developed technologies | $ | 15,720 | |||
In-process research and development | 2,280 | ||||
Customer relations | 2,170 | ||||
Trade name | 210 | ||||
Total identifiable intangible assets | $ | 20,380 | |||
In valuing specific components of the acquisition, that includes deferred taxes, and intangibles required us to make estimates that may be adjusted in the future, if new information is obtained about circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. Thus, the purchase price allocation is considered preliminary and dependent upon the finalization of the valuation of assets acquired and liabilities assumed, including income tax effects. Final determination of these estimates could result in an adjustment to the preliminary purchase price allocation, with an offsetting adjustment to goodwill. | |||||
Acquisition Related Costs | |||||
Acquisition related costs, or deal costs, relating to Cadeka are included in the selling, general and administrative line on the condensed consolidated statement of operations for the six months ended September 29, 2013, and were approximately $0.3 million. | |||||
Acquisition of Altior | |||||
On March 22, 2013, we completed the acquisition of substantially all of the assets of Altior Inc. (“Altior”), a developer of data management solutions in Eatontown, New Jersey. Altior’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our consolidated financial statements beginning March 23, 2013. The pro forma effects of the portion of the Altior operations assumed through the transaction on our results of operations during fiscal years 2013 and 2012 were considered immaterial. | |||||
Consideration | |||||
The purchase consideration includes approximately 358,000 of our shares issued to the shareholders of Altior, a cash payment of $1.0 million (of which $0.25 million was held back temporarily to satisfy potential indemnity claims), and additional purchase price consideration earn-outs which may be paid in the form of cash, shares or a combination thereof (not to exceed $20.0 million in aggregate) payable over the next three fiscal years contingent upon achieving certain revenue targets. The $3.7 million worth of shares issued as consideration were valued on the date of the acquisition, and the fair value of contingent earn-outs was derived using a probability-based approach on various revenue assumptions. Final determination of the earn-out liability can range from zero to $20.0 million based on the actual achievement of the revenue targets. Fair value of contingent consideration is subject to periodic revaluation and any change in the fair value of contingent consideration from the events after the acquisition date, will be recognized in earnings of the period in which the fair value changes. The probability–based approach used to fair value contingent consideration is based on significant inputs not observed in the market and thus represents a Level 3 measurement. The significant unobservable inputs include projected revenues, percentage probability of occurrence and a discount rate to present value the future payments. The summary of the purchase consideration is as follows (in thousands): | |||||
Amount | |||||
Cash | $ | 1,000 | |||
Equity instruments | 3,740 | ||||
Estimated fair value of earn-out payments | 10,138 | ||||
Total consideration paid | $ | 14,878 | |||
In accordance with ASC 805, Business Combinations, the acquisition of Altior was recorded as a purchase business acquisition since Altior was considered a business. Under the purchase method of accounting, the fair value of the consideration was allocated to assets and liabilities assumed at their fair values. The fair value of purchased identifiable intangible assets and contingent earn-outs were derived from model-based valuations from significant unobservable inputs (“Level 3 inputs”) determined by management. The fair value of purchased identifiable intangible assets was determined using discounted cash flow models from operating projections prepared by management using an internal rate of return ranging from 12% to 19%. The fair value of the contingent earn-outs was a probability-based approach that includes significant unobservable inputs. See Note 4 —“Fair Value,” for additional details of the inputs used to determine the fair value of the contingent earn-out. The excess of the fair value of consideration paid over the fair values of net assets and liabilities acquired and identifiable intangible assets resulted in recognition of goodwill of approximately $7.2 million. The goodwill consists largely of expected synergies from combining the operations of Altior with that of Exar and is deductible over 15 years for tax purposes. | |||||
Purchase Price Allocation | |||||
The allocation of the purchase price to Altior’s tangible and identifiable intangible assets and liabilities assumed was based on their estimated fair values at the date of acquisition. | |||||
The fair value allocated to each of the major classes of tangible and identifiable intangible assets acquired and liabilities assumed in the Altior acquisition was as follows (in thousands): | |||||
Amount | |||||
Identifiable tangible assets | |||||
Inventories | $ | 126 | |||
Property, plant and equipment | 140 | ||||
Other assets | 36 | ||||
Accounts payable and accruals | (24 | ) | |||
Other short-term liabilities | (51 | ) | |||
Long-term liabilities | (61 | ) | |||
Total identifiable tangible assets, net | 166 | ||||
Identifiable intangible assets – existing technology | 7,540 | ||||
Total identifiable assets, net | 7,706 | ||||
Goodwill | 7,172 | ||||
Fair value of total consideration transferred | $ | 14,878 | |||
Acquisition Related Costs | |||||
Acquisition related costs, or deal costs, relating to Altior are included in the selling, general and administrative line on the consolidated statement of operations for fiscal year 2013, were approximately $48,000. |
Note_4_Fair_Value
Note 4 - Fair Value | 6 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||
NOTE 4. | FAIR VALUE | ||||||||||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: | |||||||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||
Our cash and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. | |||||||||||||||||||||||||
The fair value of contingent consideration arising from the acquisitions of Altior and Cadeka is classified within Level 3 of the fair value hierarchy since it is based on a probability-based approach that includes significant unobservable inputs. | |||||||||||||||||||||||||
There were no transfers between Level 1, Level 2, and Level 3 during the fiscal quarter ended September 29, 2013. | |||||||||||||||||||||||||
Our investment assets, measured at fair value on a recurring basis, as of the dates indicated below were as follows (in thousands, except for percentages): | |||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 2,428 | $ | — | $ | — | $ | 2,428 | 1 | % | |||||||||||||||
U.S. government and agency securities | 19,333 | 28,067 | — | 47,400 | 27 | % | |||||||||||||||||||
State and local government securities | — | 2,832 | — | 2,832 | 2 | % | |||||||||||||||||||
Corporate bonds and securities | 3 | 85,387 | — | 85,390 | 48 | % | |||||||||||||||||||
Asset-backed securities | — | 28,490 | — | 28,490 | 16 | % | |||||||||||||||||||
Mortgage-backed securities | — | 10,750 | — | 10,750 | 6 | % | |||||||||||||||||||
Total investment assets | $ | 21,764 | $ | 155,526 | $ | — | $ | 177,290 | 100 | % | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 7,643 | $ | 7,643 | 62 | % | |||||||||||||||
Acquisition-related contingent consideration – Cadeka | $ | — | $ | — | $ | 4,660 | $ | 4,660 | 38 | % | |||||||||||||||
Total liabilities | $ | — | $ | — | $ | 12,303 | $ | 12,303 | 100 | % | |||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 5,042 | $ | — | $ | — | $ | 5,042 | 3 | % | |||||||||||||||
U.S. government and agency securities | 22,460 | 19,261 | — | 41,721 | 21 | % | |||||||||||||||||||
State and local government securities | — | 2,935 | — | 2,935 | 1 | % | |||||||||||||||||||
Corporate bonds and securities | 274 | 91,955 | — | 92,229 | 47 | % | |||||||||||||||||||
Asset-backed securities | — | 30,966 | — | 30,966 | 16 | % | |||||||||||||||||||
Mortgage-backed securities | — | 22,736 | — | 22,736 | 12 | % | |||||||||||||||||||
Total investment assets | $ | 27,776 | $ | 167,853 | $ | — | $ | 195,629 | 100 | % | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 10,138 | $ | 10,138 | 100 | % | |||||||||||||||
Our cash, cash equivalents and short-term marketable securities as of the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||
September 29, | March 31, | ||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Cash at financial institutions | $ | 7,623 | $ | 9,676 | |||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||
Money market funds | 2,428 | 5,042 | |||||||||||||||||||||||
Total cash and cash equivalents | $ | 10,051 | $ | 14,718 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 47,400 | $ | 41,721 | |||||||||||||||||||||
State and local government securities | 2,832 | 2,935 | |||||||||||||||||||||||
Corporate bonds and securities | 85,390 | 92,229 | |||||||||||||||||||||||
Asset-backed securities | 28,490 | 30,966 | |||||||||||||||||||||||
Mortgage-backed securities | 10,750 | 22,736 | |||||||||||||||||||||||
Total short-term marketable securities | $ | 174,862 | $ | 190,587 | |||||||||||||||||||||
Our marketable securities include U.S. government and agency securities, state and local government securities, corporate bonds and securities, and asset-backed and mortgage-backed securities. We classify investments as available-for-sale at the time of purchase and re-evaluate such designation as of each balance sheet date. We amortize premiums and accrete discounts to interest income over the life of the investment. Our available-for-sale securities, which we intend to sell as necessary to meet our liquidity requirements, are classified as cash equivalents if the maturity date is 90 days or less from the date of purchase and as short-term marketable securities if the maturity date is greater than 90 days from the date of purchase. | |||||||||||||||||||||||||
All marketable securities are reported at fair value based on the estimated or quoted market prices as of each balance sheet date, with unrealized gains or losses, net of tax effect, recorded in the condensed consolidated statements of other comprehensive income except those unrealized losses that are deemed to be other than temporary which are reflected in the impairment charges on investments line item on the condensed consolidated statements of operations. | |||||||||||||||||||||||||
The fair value of contingent consideration was determined based on a probability-based approach which includes projected revenues, percentage probability of occurrence and discount rate to present value payments. A significant increase (decrease) in the projected revenue, discount rate or probability of occurrence in isolation could result in a significantly higher (lower) fair value measurement. | |||||||||||||||||||||||||
The following table presents quantitative information about the inputs and valuation methodologies used for our fair value measurements classified in Level 3 of the fair value hierarchy as of September 29, 2013. | |||||||||||||||||||||||||
Fair Value | Valuation | Significant | |||||||||||||||||||||||
(in thousands) | Technique | Unobservable Input | |||||||||||||||||||||||
As of September 29, 2013 | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | 7,643 | Combination of income and marketable approach | Revenue and Probability of Achievement | |||||||||||||||||||||
Acquisition-related contingent consideration – Cadeka | $ | 4,660 | Combination of income and marketable approach | Revenue and Probability of Achievement | |||||||||||||||||||||
We calculate the fair value of the contingent consideration on a quarterly basis based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. | |||||||||||||||||||||||||
The change in the fair value of our Altior purchase consideration liability is as follows: | |||||||||||||||||||||||||
September 29, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
As of March 31, 2013 | $ | 10,138 | |||||||||||||||||||||||
Less: Adjustment to purchase consideration | (2,495 | ) | |||||||||||||||||||||||
As of September 29, 2013 | $ | 7,643 | |||||||||||||||||||||||
We have focused our resources on developing and marketing our coprocessor products with the Altior software technology incorporated. These products, when compared to the Altior legacy FPGA-based products, will earn credit under the asset purchase agreement at a lower rate, resulting in a lower probability of meeting certain near-term earn-out targets. As a result, the fair value of the contingent consideration for Altior acquisition was reduced by $2.5 million and credited to operating expense for the three months ended September 29, 2013. | |||||||||||||||||||||||||
Realized gains (losses) on the sale of marketable securities are determined by the specific identification method and are reflected in the interest income and other net, line item on the condensed consolidated statements of operations. | |||||||||||||||||||||||||
Our net realized gains (losses) on marketable securities for the periods indicated below were as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Gross realized gains | $ | 164 | $ | 144 | $ | 382 | $ | 384 | |||||||||||||||||
Gross realized losses | (131 | ) | (259 | ) | (408 | ) | (537 | ) | |||||||||||||||||
Net realized income (losses) | $ | 33 | $ | (115 | ) | $ | (26 | ) | $ | (153 | ) | ||||||||||||||
The following table summarizes our investments in marketable securities as of the dates indicated below (in thousands): | |||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gross | Gross | |||||||||||||||||||||||
Gains (1) | Losses (1) | ||||||||||||||||||||||||
Money market funds | $ | 2,428 | $ | — | $ | — | $ | 2,428 | |||||||||||||||||
U.S. government and agency securities | 47,402 | 15 | (17 | ) | 47,400 | ||||||||||||||||||||
State and local government securities | 2,837 | 1 | (6 | ) | 2,832 | ||||||||||||||||||||
Corporate bonds and securities | 85,413 | 58 | (81 | ) | 85,390 | ||||||||||||||||||||
Asset-backed securities | 28,528 | 14 | (52 | ) | 28,490 | ||||||||||||||||||||
Mortgage-backed securities | 10,797 | 21 | (68 | ) | 10,750 | ||||||||||||||||||||
Total investments | $ | 177,405 | $ | 109 | $ | (224 | ) | $ | 177,290 | ||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gross | Gross | |||||||||||||||||||||||
Gains (1) | Losses (1) | ||||||||||||||||||||||||
Money market funds | $ | 5,042 | $ | — | $ | — | $ | 5,042 | |||||||||||||||||
U.S. government and agency securities | 41,694 | 27 | — | 41,721 | |||||||||||||||||||||
State and local government securities | 2,927 | 10 | (2 | ) | 2,935 | ||||||||||||||||||||
Corporate bonds and securities | 92,059 | 215 | (45 | ) | 92,229 | ||||||||||||||||||||
Asset-backed securities | 30,932 | 61 | (27 | ) | 30,966 | ||||||||||||||||||||
Mortgage-backed securities | 22,646 | 194 | (104 | ) | 22,736 | ||||||||||||||||||||
Total investments | $ | 195,300 | $ | 507 | $ | (178 | ) | $ | 195,629 | ||||||||||||||||
(1) Gross of tax impact | |||||||||||||||||||||||||
Our asset-backed securities are comprised primarily of premium tranches of vehicle loans and credit card receivables, while our mortgage-backed securities are primarily from Federal agencies. We do not own auction rate securities nor do we own securities that are classified as subprime. As of September 29, 2013, we have sufficient liquidity and do not intend to sell these securities to fund normal operations or realize any significant losses in the short term; however, these securities are available for use, if needed, for current operations. | |||||||||||||||||||||||||
Management determines the appropriate classification of cash equivalents or short-term marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. The investments are adjusted for amortization of premiums and accretion of discounts to maturity and such accretion/amortization, which is immaterial for all periods presented, is included in the interest income and other, net line in the condensed consolidated statements of operations. Cash equivalents and short-term marketable securities are reported at fair value with the related unrealized gains and losses included in the accumulated other comprehensive losses line in the condensed consolidated balance sheets. As of September 29, 2013, there was approximately $0.9 million of unrealized losses, net of tax from our Level 1 and Level 2 investments. | |||||||||||||||||||||||||
We periodically review our investments in unrealized loss positions for other-than-temporary impairments. This evaluation includes, but is not limited to, significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position, our intent not to sell the security, and whether it is more likely than not that we will not have to sell the security before recovery of its cost basis. For the three and six months ended September 29, 2013 and September 30, 2012, respectively, there were no investments identified with other than temporary declines in value. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of cash equivalents and marketable securities classified as available-for-sale by expected maturity as of the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||
29-Sep-13 | 31-Mar-13 | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
Less than 1 year | $ | 57,231 | $ | 57,215 | $ | 61,011 | $ | 61,029 | |||||||||||||||||
Due in 1 to 5 years | 120,174 | 120,075 | 134,289 | 134,600 | |||||||||||||||||||||
Total | $ | 177,405 | $ | 177,290 | $ | 195,300 | $ | 195,629 | |||||||||||||||||
The following table summarizes the gross unrealized losses and fair values of our investments in an unrealized loss position as of the dates indicated below, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
U.S. government and agency securities | $ | 21,759 | $ | (17 | ) | $ | — | $ | — | $ | 21,759 | $ | (17 | ) | |||||||||||
State and local government securities | 1,515 | (5 | ) | 315 | (1 | ) | 1,830 | (6 | ) | ||||||||||||||||
Corporate bonds and securities | 48,977 | (80 | ) | 758 | (1 | ) | 49,735 | (81 | ) | ||||||||||||||||
Asset-backed securities | 15,817 | (44 | ) | 2,143 | (8 | ) | 17,960 | (52 | ) | ||||||||||||||||
Mortgage-backed securities | 249 | (2 | ) | 7,161 | (66 | ) | 7,410 | (68 | ) | ||||||||||||||||
Total | $ | 88,317 | $ | (148 | ) | $ | 10,377 | $ | (76 | ) | $ | 98,694 | $ | (224 | ) | ||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
State and local government securities | $ | — | $ | — | $ | 404 | $ | (2 | ) | $ | 404 | $ | (2 | ) | |||||||||||
Corporate bonds and securities | 29,609 | (42 | ) | 497 | (3 | ) | 30,106 | (45 | ) | ||||||||||||||||
Asset-backed securities | 10,008 | (17 | ) | 1,241 | (10 | ) | 11,249 | (27 | ) | ||||||||||||||||
Mortgage-backed securities | 2,911 | (39 | ) | 3,263 | (65 | ) | 6,174 | (104 | ) | ||||||||||||||||
Total | $ | 42,528 | $ | (98 | ) | $ | 5,405 | $ | (80 | ) | $ | 47,933 | $ | (178 | ) | ||||||||||
Note_5_Goodwill_and_Intangible
Note 5 - Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 5. | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. We evaluate goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of our operations and comparability of our market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss. Because we have one reporting unit, we utilize an entity-wide approach to assess goodwill for impairment. As of September 29, 2013, no events or changes in circumstances suggest that the carrying amount for goodwill may not be recoverable and therefore we did not perform an interim goodwill impairment analysis. | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for fiscal years 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||
September 29, | March 31, | ||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Beginning balance | $ | 10,356 | $ | 3,184 | |||||||||||||||||||||
Goodwill additions | 19,217 | 7,172 | |||||||||||||||||||||||
Ending balance | $ | 29,573 | $ | 10,356 | |||||||||||||||||||||
The goodwill additions during the six months ended September 29, 2013 consist of $19.2 million residual allocation from the Cadeka acquisition purchase price accounting. Goodwill additions during the fiscal year ended March 31, 2013 consisted of $7.2 million residual allocation from the Altior acquisition purchase price accounting. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Our purchased intangible assets as of the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||
29-Sep-13 | 31-Mar-13 | ||||||||||||||||||||||||
Accumulated | Net | Carrying | Accumulated | Net | |||||||||||||||||||||
Carrying | Amortization | Carrying | Amount | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||
Existing technology | $ | 58,588 | $ | (33,914 | ) | $ | 24,674 | $ | 42,858 | $ | (30,668 | ) | $ | 12,190 | |||||||||||
Patents/Core technology | 3,459 | (3,280 | ) | 179 | 3,459 | (3,182 | ) | 277 | |||||||||||||||||
Distributor relationships | 1,264 | (1,260 | ) | 4 | 1,264 | (1,219 | ) | 45 | |||||||||||||||||
Customer relationships | 5,075 | (2,351 | ) | 2,724 | 2,905 | (2,079 | ) | 826 | |||||||||||||||||
Tradenames | 210 | (17 | ) | 193 | — | — | — | ||||||||||||||||||
Total intangible assets subject to amortization | 68,596 | (40,822 | ) | 27,774 | 50,486 | (37,148 | ) | 13,338 | |||||||||||||||||
In-process research and development | 2,280 | — | 2,280 | — | — | — | |||||||||||||||||||
Total | $ | 70,876 | $ | (40,822 | ) | $ | 30,054 | $ | 50,486 | $ | (37,148 | ) | $ | 13,338 | |||||||||||
Long-lived assets are amortized on a straight-line basis over their respective estimated useful lives. Existing technology is amortized over two to nine years. Patents/core technology is amortized over five to six years. Distributor relationships are amortized over six years. Customer relationships are amortized over five to seven years. Tradenames are amortized over three years. We evaluate the remaining useful life of our long-lived assets that are being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the long-lived asset is amortized prospectively over the remaining useful life. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an indicator of impairment exists, we compare the carrying value of long-lived assets to our projection of future undiscounted cash flows attributable to such assets and, in the event that the carrying value exceeds the future undiscounted cash flows, we record an impairment charge equal to the excess of the carrying value over the asset’s fair value. Although the assumptions used in projecting future revenues and gross margins are consistent with those used in our annual strategic planning process, intangible asset impairment charges might be required in future periods if our assumptions are not achieved. | |||||||||||||||||||||||||
As of September 29, 2013, there were no indicators that required us to perform an intangible assets impairment review. | |||||||||||||||||||||||||
The aggregate amortization expenses for our purchased intangible assets for the periods indicated below were as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amortization expense | $ | 2,130 | $ | 1,048 | $ | 3,674 | $ | 2,161 | |||||||||||||||||
The total future amortization expenses for our purchased intangible assets are summarized below (in thousands): | |||||||||||||||||||||||||
Amortization Expense (by fiscal year) | |||||||||||||||||||||||||
2014 (6 months remaining) | $ | 3,982 | |||||||||||||||||||||||
2015 | 6,039 | ||||||||||||||||||||||||
2016 | 4,863 | ||||||||||||||||||||||||
2017 | 3,449 | ||||||||||||||||||||||||
2018 | 3,255 | ||||||||||||||||||||||||
2019 and thereafter | 6,186 | ||||||||||||||||||||||||
Total future amortization | $ | 27,774 | |||||||||||||||||||||||
Note_6_LongTerm_Investment
Note 6 - Long-Term Investment | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Investments Schedule [Abstract] | ' | ||||||||
Investment [Text Block] | ' | ||||||||
NOTE 6. | LONG-TERM INVESTMENT | ||||||||
Our long-term investment consists of our investment in Skypoint Telecom Fund II (US), L.P. (“Skypoint Fund”). Skypoint Fund is a venture capital fund that invested primarily in private companies in the telecommunications and/or networking industries. We account for this non-marketable equity investment under the cost method. We periodically review and determine whether the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. | |||||||||
As of the dates indicated below, our long-term investment balance, which is included in the “Other non-current assets” line item on the condensed consolidated balance sheets, consisted of the following (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Beginning balance | $ | 1,288 | $ | 1,273 | |||||
Contributions | — | 15 | |||||||
Ending balance | $ | 1,288 | $ | 1,288 | |||||
The carrying amount of $1.3 million as of September 29, 2013 reflects the net of the capital contributions, capital distributions and cumulative impairment charges. We have made $4.8 million in capital contributions to Skypoint Fund since we became a limited partner in July 2001. During the first quarter of fiscal year 2013, we contributed $15,000 to the fund. The Partnership is currently in the dissolution phase. As of September 29, 2013, we do not have any further capital commitments. | |||||||||
Impairment | |||||||||
We evaluate our long-term investment for impairment whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year by comparing the carrying amount to the fair value of the underlying investments. If the carrying amount exceeds its fair value, long term-investment is considered impaired and a second step is performed to measure the amount of impairment loss. We analyzed the fair value of the underlying investments of Skypoint Fund and as a result, no impairment was recorded during the second fiscal quarter of 2014. |
Note_7_Related_Party_Transacti
Note 7 - Related Party Transaction | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 7. | RELATED PARTY TRANSACTIONS | ||||||||||||||||
Affiliates of Future Electronics Inc. (“Future”), Alonim Investments Inc. and two of its affiliates (collectively “Alonim”), own approximately 7.6 million shares, or approximately 16%, of our outstanding common stock as of September 29, 2013. As such, Alonim is our largest stockholder. | |||||||||||||||||
Our sales to Future are made under a distribution agreement that provides protection against price reduction for its inventory of our products and other sales allowances that are also provided to certain of our other distributor partners. We recognize revenue on sales to Future when Future sells the products to its end customers. Future has historically accounted for a significant portion of our net sales. | |||||||||||||||||
Related party contributions to our total net sales for the periods indicated below were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Future | 27 | % | 30 | % | 27 | % | 32 | % | |||||||||
Related party receivables to our net accounts receivables were as follows as of the dates indicated below: | |||||||||||||||||
September 29, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Future | 16 | % | 21 | % | |||||||||||||
Related party expenses for marketing promotional materials reimbursed were not significant for the three and six months ended September 29, 2013 and September 30, 2012, respectively. | |||||||||||||||||
We rent our Loveland, Colorado office from an entity, which is partially-owned by one of the founders of Cadeka, who is now one of our employees. We have recorded $69,000 in related party rent expense for both the three and six months ended September 29, 2013. |
Note_8_Restructuring_Charges_a
Note 8 - Restructuring Charges and Exit Costs | 6 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 8. | RESTRUCTURING CHARGES AND EXIT COSTS | ||||||||||||||||||||
2014 Restructuring Charges and Exit Costs | |||||||||||||||||||||
During the three and six months ended September 29, 2013, we incurred restructuring charges and exit costs of $0.4 million and $1.4 million, respectively. The charges include $1.2 million of severance benefits, net of adjustments in other costs and $0.2 million of costs related to efforts to sell and market our campus in Fremont, California. | |||||||||||||||||||||
2013 Restructuring Charges and Exit Costs | |||||||||||||||||||||
In the fourth quarter of fiscal year 2013, we recorded $0.3 million restructuring charges and exit costs and released a $0.5 million liability related to Industrial Research Assistance Program with Canadian governmental agency. In the third, second and first quarters of fiscal year 2013, we recorded restructuring charges and exit costs of $0.6 million, $0.3 million and $0.9 million, respectively. Of the total restructuring charges and exit costs recorded in fiscal year 2013, $0.3 million was reflected in cost of sales and $1.3 million was reflected in operating expenses within our consolidated statements of operations. | |||||||||||||||||||||
Our restructuring liabilities were included in the other current liabilities and other non-current obligations lines within our condensed consolidated balance sheets. The following table summarizes the activities affecting the liabilities as of the dates indicated below (in thousands): | |||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||
Beginning | Additions/ | Non-cash | Payments | Ending | |||||||||||||||||
balance | adjustments | charges | balance | ||||||||||||||||||
Lease termination costs and others | $ | 2,860 | $ | (76 | ) | $ | (16 | ) | $ | (183 | ) | $ | 2,585 | ||||||||
Severance | 426 | 1,270 | — | (1,122 | ) | 574 | |||||||||||||||
Sale / Leaseback of Exar campus | — | 226 | — | (188 | ) | 38 | |||||||||||||||
Balance at September 29, 2013 | $ | 3,286 | $ | 1,420 | $ | (16 | ) | $ | (1,493 | ) | $ | 3,197 | |||||||||
31-Mar-13 | |||||||||||||||||||||
Beginning | Additions/ | Non-cash | Payments | Ending | |||||||||||||||||
balance | adjustments | charges | balance | ||||||||||||||||||
Lease termination costs and others | $ | 5,235 | $ | 6 | $ | (56 | ) | $ | (2,325 | ) | $ | 2,860 | |||||||||
Severance | 2,806 | 1,548 | — | (3,928 | ) | 426 | |||||||||||||||
Balance at March 31, 2013 | $ | 8,041 | $ | 1,554 | $ | (56 | ) | $ | (6,253 | ) | $ | 3,286 | |||||||||
Note_9_Balance_Sheet_Detail
Note 9 - Balance Sheet Detail | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||
NOTE 9. | BALANCE SHEET DETAIL | ||||||||
Our inventories consisted of the following as of the dates indicated below (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Work-in-process and raw materials | $ | 11,556 | $ | 9,981 | |||||
Finished goods | 8,285 | 9,449 | |||||||
Total inventories | $ | 19,841 | $ | 19,430 | |||||
Our property, plant and equipment consisted of the following as of the dates indicated below (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Land | $ | — | $ | 6,660 | |||||
Building | 807 | 16,224 | |||||||
Machinery and equipment | 39,628 | 42,258 | |||||||
Software and licenses | 17,350 | 17,566 | |||||||
Property, plant and equipment, total | 57,785 | 82,708 | |||||||
Accumulated depreciation and amortization | (48,632 | ) | (58,608 | ) | |||||
Total property, plant and equipment, net | $ | 9,153 | $ | 24,100 | |||||
Our other current liabilities consisted of the following as of the dates indicated below (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Fair value of earn-out liability – short-term | $ | 3,780 | $ | 2,599 | |||||
Short-term lease financing obligations | 3,266 | 3,189 | |||||||
Accrued restructuring charges and exit costs | 2,019 | 2,020 | |||||||
Accrued manufacturing expenses, royalties and licenses | 1,761 | 2,370 | |||||||
Purchase consideration holdback | 1,256 | 250 | |||||||
Accrued legal and professional services | 949 | 746 | |||||||
Accrued sales and marketing expenses | 521 | 576 | |||||||
Accrual for dispute resolution | — | 2,727 | |||||||
Other | 823 | 738 | |||||||
Total other current liabilities | $ | 14,375 | $ | 15,215 | |||||
Our other non-current obligations consisted of the following (in thousands) as of the dates indicated: | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Fair value of earn-out liability – long–term | $ | 8,523 | $ | 7,539 | |||||
Long-term taxes payable | 2,215 | 2,225 | |||||||
Accrued restructuring charges and exit costs | 1,178 | 1,266 | |||||||
Other | 634 | 174 | |||||||
Total other non-current obligations | $ | 12,550 | $ | 11,204 | |||||
Note_10_Net_Income_Loss_Per_Sh
Note 10 - Net Income (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 10. | NET INCOME (LOSS) PER SHARE | ||||||||||||||||
Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the applicable period. Diluted earnings per share reflects the potential dilution that would occur if outstanding stock options or warrants to purchase common stock were exercised for common stock, using the treasury stock method, and the common stock underlying outstanding restricted stock units (“RSUs”) was issued. | |||||||||||||||||
The following table summarizes our net income (loss) per share for the periods indicated below (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income (loss) | $ | 6,482 | $ | 263 | $ | 7,288 | $ | (313 | ) | ||||||||
Shares used in computation of net income (loss) per share: | |||||||||||||||||
Basic | 47,496 | 45,720 | 47,151 | 45,554 | |||||||||||||
Effect of options and awards | 1,654 | 326 | 1,496 | — | |||||||||||||
Diluted | 49,150 | 46,046 | 48,647 | 45,554 | |||||||||||||
Net income (loss) per share | |||||||||||||||||
Basic | $ | 0.14 | $ | 0.01 | $ | 0.15 | $ | (0.01 | ) | ||||||||
Diluted | $ | 0.13 | $ | 0.01 | $ | 0.15 | $ | (0.01 | ) | ||||||||
All outstanding stock options and restricted stock units (“RSUs”) are potentially dilutive securities. In the three and six months ended September 29, 2013, approximately 1.1 million shares and 0.8 million shares were excluded from the computation of diluted net income per share because they were determined to be anti-dilutive. | |||||||||||||||||
In the three months ended September 30, 2012, approximately 4.1 million shares were excluded from the computation of diluted net income per share because they were determined to be anti-dilutive. For the six months ended September 30, 2012, all shares attributable to outstanding options and RSUs were excluded from the computation of diluted net loss per share, as inclusion of such shares would have had an anti-dilutive effect. |
Note_11_Common_Stock_Repurchas
Note 11 - Common Stock Repurchases | 6 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||
NOTE 11. | COMMON STOCK REPURCHASES | |||||||||||||||
From time to time, we acquire outstanding common stock in the open market to partially offset dilution from our equity award programs, to increase our return on our invested capital and to bring our cash to a more appropriate level for our organization. | ||||||||||||||||
On August 28, 2007, we announced the approval of a share repurchase plan under which we were authorized to repurchase up to $100.0 million of our common stock. | ||||||||||||||||
On July 9, 2013, we announced the approval of a share repurchase program under which we were authorized to repurchase an additional $50.0 million of our common stock. The repurchase program does not have a termination date, and may be modified, extended or terminated at any time. We intend to retire all shares repurchased under the stock repurchase plan. The purchase price for the repurchased shares of Exar is reflected as a reduction of common stock and additional paid-in capital. We may continue to repurchase our common stock under the repurchase plan, which would reduce our cash, cash equivalents and/or short-term marketable securities available to fund future operations and to meet other liquidity requirements. | ||||||||||||||||
As of September 29, 2013, we had repurchased shares valued at $90.2 million under the August 2007 repurchase. During the three and six months ended September 29, 2013, we repurchased $2.0 million of our common stock under the July 2013 repurchase program. The repurchased shares were retired immediately after the quarter end. The remaining authorized amount for the stock repurchase under the repurchase programs is $59.8 million. | ||||||||||||||||
Stock repurchase activities during the six months ended September 29, 2013 were indicated below (in thousands, except per share amounts): | ||||||||||||||||
Total number of | Average Price Paid | Amount Paid for | ||||||||||||||
Shares Purchased | Per Share | Purchase | ||||||||||||||
(or Unit) | ||||||||||||||||
Balances, March 31, 2013 | 9,564 | $ | 9.22 | $ | 88,189 | |||||||||||
Repurchases for six months | 153 | $ | 13.07 | 1,999 | ||||||||||||
Balances, September 29, 2013 | 9,717 | $ | 9.28 | $ | 90,188 | |||||||||||
————— | ||||||||||||||||
Note: The average price paid per share is based on the total price paid by Exar, which includes applicable broker fees. |
Note_12_StockBased_Compensatio
Note 12 - Stock-Based Compensation | 6 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
NOTE 12. | STOCK-BASED COMPENSATION | ||||||||||||||||||||
Employee Stock Participation Plan (“ESPP”) | |||||||||||||||||||||
Our ESPP permits employees to purchase common stock through payroll deductions at a purchase price that is equal to 95% of our common stock price on the last trading day of each three-calendar-month offering period. Our ESPP is non-compensatory. | |||||||||||||||||||||
The following table summarizes our ESPP transactions during the fiscal periods presented (in thousands, except per share amounts): | |||||||||||||||||||||
As of | Six Months Ended | ||||||||||||||||||||
29-Sep-13 | 29-Sep-13 | ||||||||||||||||||||
Shares of Common | Shares of Common | Weighted | |||||||||||||||||||
Stock | Stock | Average | |||||||||||||||||||
Price per Share | |||||||||||||||||||||
Authorized to issue | 4,500 | ||||||||||||||||||||
Reserved for future issuance | 1,386 | ||||||||||||||||||||
Issued | 6 | $ | 10.34 | ||||||||||||||||||
Equity Incentive Plans | |||||||||||||||||||||
We currently have two equity incentive plans, in which shares are available for future issuance, the Exar Corporation 2006 Equity Incentive Plan (“2006 Plan”) and the Sipex Corporation (“Sipex”) 2006 Equity Incentive Plan (“Sipex Plan”), the latter of which was assumed in connection with the August 2007 acquisition of Sipex. | |||||||||||||||||||||
The 2006 Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, stock bonuses and other forms of awards granted or denominated in common stock or units of common stock, as well as cash bonus awards. RSUs granted under the 2006 Plan are counted against authorized shares available for future issuance on a basis of two shares for every RSU issued. The 2006 Plan allows for performance-based vesting and partial vesting based upon the level of performance. Grants under the Sipex Plan are only available to former Sipex’s employees or employees of Exar hired after the Sipex acquisition. At our annual meeting on September 15, 2010, our stockholders approved an amendment to the 2006 Plan to increase the aggregate share limit under the 2006 Plan by an additional 5.5 million shares to 8.3 million shares. At September 29, 2013, there were 2.5 million shares available for future grant under all our equity incentive plans. | |||||||||||||||||||||
Stock Option Activities | |||||||||||||||||||||
Our stock option transactions during the six months ended September 29, 2013 were indicated below: | |||||||||||||||||||||
Outstanding | Weighted | Weighted | Aggregate | In-the-money | |||||||||||||||||
Average | Average | Intrinsic | Options | ||||||||||||||||||
Exercise | Remaining | Value | Vested and Exercisable | ||||||||||||||||||
Price per | Contractual | (in thousands) | (in thousands) | ||||||||||||||||||
Share | Term | ||||||||||||||||||||
(in years) | |||||||||||||||||||||
Balance at March 31, 2013 | 6,212,333 | $ | 7.48 | 5.04 | $ | 19,199 | $ | 1,481 | |||||||||||||
Granted | 1,053,500 | 12.02 | |||||||||||||||||||
Exercised | (394,025 | ) | 7.16 | ||||||||||||||||||
Forfeited | (485,360 | ) | 7.85 | ||||||||||||||||||
Cancelled | (6,034 | ) | 9.21 | ||||||||||||||||||
Balance at September 29, 2013 | 6,380,414 | $ | 8.23 | 5.1 | $ | 32,414 | $ | 1,974 | |||||||||||||
Vested and expected to vest, September 29, 2013 | 5,761,712 | $ | 8.12 | 5.01 | $ | 29,891 | |||||||||||||||
Vested and exercisable, September 29, 2013 | 2,060,228 | $ | 7.39 | 3.63 | $ | 12,204 | |||||||||||||||
The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value, which is based on the closing price of our common stock of $13.30 and $10.50 as September 29, 2013 and March 31, 2013, respectively. These are the values which would have been received by option holders if all option holders exercised their options on that date. | |||||||||||||||||||||
In January 2012, we granted 480,000 performance-based stock options to our Chief Executive Officer, President and Director (“CEO”). The options are scheduled to vest in four equal annual installments at the end of fiscal years 2013 through 2016 if certain predetermined financial measures are met. If the financial measures are not met, each installment will be rolled over to the subsequent fiscal year for vesting except for the last installment. If the financial measures are not met for two consecutive years, the options will be forfeited except for the last installment which will be forfeited at the end of fiscal year 2016. We recorded $65,000 and $130,000 of compensation expense for these options in the three and six months ended September 29, 2013, respectively. We recorded $65,000 and $130,000 of compensation expense for these options in the three and six months ended September 30, 2012, respectively. | |||||||||||||||||||||
Options exercised for the periods indicated below were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Intrinsic value of options exercised | $ | 1,072 | $ | 177 | $ | 1,894 | $ | 575 | |||||||||||||
RSU Activities | |||||||||||||||||||||
Our RSU transactions during the six months ended September 29, 2013 are summarized as follows: | |||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||
Grant- | Remaining | Value | |||||||||||||||||||
Date | Contractual | (in thousands) | |||||||||||||||||||
Fair Value | Term | ||||||||||||||||||||
(in years) | |||||||||||||||||||||
Unvested at March 31, 2013 | 732,204 | $ | 7.73 | 1.72 | $ | 7,688 | |||||||||||||||
Granted | 404,495 | 11.55 | |||||||||||||||||||
Issued and released | (305,738 | ) | 9.49 | ||||||||||||||||||
Cancelled | (30,666 | ) | 9.47 | ||||||||||||||||||
Unvested at September 29, 2013 | 800,295 | $ | 8.92 | 1.78 | $ | 10,644 | |||||||||||||||
Vested and expected to vest, September 29, 2013 | 666,299 | 1.71 | $ | 8,862 | |||||||||||||||||
The aggregate intrinsic value of RSUs represents the closing price per share of our stock at the end of the periods presented, multiplied by the number of unvested RSUs or the number of vested and expected to vest RSUs, as applicable, at the end of each period. | |||||||||||||||||||||
For RSUs, stock-based compensation expense was calculated based on our stock price on the date of grant, multiplied by the number of RSUs granted. The grant date fair value of RSUs less estimated forfeitures was recognized on a straight-line basis, over the vesting period. | |||||||||||||||||||||
In March 2012, we granted 300,000 performance-based RSUs to our CEO. The RSUs are scheduled to start vesting in three equal annual installments at the end of fiscal year 2013 through 2015 with three year vesting periods if certain predetermined financial measures are met. If the financial measures are not met, each installment will be forfeited at the end of its respective fiscal year. In the three and six months ended September 29, 2013, we recorded $470,000 and $522,000, respectively, of compensation expense for these awards. In the three and six months ended September 30, 2012, we recorded $112,000 and $224,000, respectively, of compensation expense for these awards. | |||||||||||||||||||||
During fiscal year 2014, we granted 50,000 performance-based RSUs to certain executives. The RSUs are scheduled to start vesting in the three equal annual installments at the end of fiscal 2014 through 2017 with three year vesting periods if certain predetermined financial measures are met. In addition, the annual vesting requires continued service through each of the vesting dates. During the three and six months ended September 29, 2013, we recorded $148,000 of compensation expense for these awards, respectively. | |||||||||||||||||||||
In August 2013, we announced the Fiscal Year 2014 Executive Management Incentive Program (“2014 Incentive Program”). Under this program, each participant’s award is denominated in stock and subject to achievement of certain financial performance goals and the participant’s annual Management by Objective goals. In the three and six months ended September 29, 2013, we recorded $1.3 million of stock compensation expense related to the 2014 Incentive Program, respectively. | |||||||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||||||
The following table summarizes stock-based compensation expense related to stock options and RSUs during the fiscal periods presented (in thousands): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Cost of sales | $ | 212 | $ | 129 | $ | 354 | $ | 114 | |||||||||||||
Research and development | 689 | 236 | 829 | 109 | |||||||||||||||||
Selling, general and administrative | 2,722 | 982 | 3,527 | 1,298 | |||||||||||||||||
Total Stock-based compensation expense | $ | 3,623 | $ | 1,347 | $ | 4,710 | $ | 1,521 | |||||||||||||
The amount of stock-based compensation cost capitalized in inventory was immaterial for all periods presented. | |||||||||||||||||||||
Unrecognized Stock-Based Compensation Expense | |||||||||||||||||||||
The following table summarizes unrecognized stock-based compensation expense related to stock options and RSUs for the period indicated below as follows: | |||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||
Amount | Weighted Average | ||||||||||||||||||||
(in thousands) | Expected | ||||||||||||||||||||
Remaining | |||||||||||||||||||||
Period (in years) | |||||||||||||||||||||
Options | $ | 8,244 | 2.8 | ||||||||||||||||||
RSUs | 4,981 | 2.4 | |||||||||||||||||||
Total Stock-based compensation expense | $ | 13,225 | |||||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||
We estimate the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The assumptions used in calculating the fair value of stock-based compensation represent our estimates, but these estimates involve inherent uncertainties and the application of management’s judgment which include the expected term of the stock-based awards, stock price volatility and forfeiture rates. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future. | |||||||||||||||||||||
We used the following weighted average assumptions to calculate the fair values of options granted during the fiscal periods presented: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Expected term of options (years) | 4.44 | 4.5 | 4.4 | – | 4.44 | 4.2 | – | 4.5 | |||||||||||||
Risk-free interest rate | 1.12% | 0.50% | 0.60% | – | 1.12% | 0.50% | – | 0.60% | |||||||||||||
Expected volatility | 33% | 41% | 33% | – | 35% | 41% | – | 42% | |||||||||||||
Expected dividend yield | ─ | ─ | ─ | ─ | |||||||||||||||||
Weighted average estimated fair value | $ | 3.7 | $ | 2.68 | $ | 3.49 | $ | 2.72 | |||||||||||||
Note_13_Lease_Financing_Obliga
Note 13 - Lease Financing Obligations | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Debt and Capital Leases Disclosures [Text Block] | ' | ||||||||||||||||
NOTE 13. | LEASE FINANCING OBLIGATIONS | ||||||||||||||||
We have acquired engineering design tools (“Design Tools”) under capital leases. We acquired Design Tools of $0.2 million in July 2013 under a 29-month license, $0.9 million in July 2012 under a three-year license, $4.5 million in December 2011 under a three-year license, $5.8 million in October 2011 under a three-year license, $1.0 million in June 2010 under a three-year license, $1.3 million in December 2009 under a 28-month license, and $1.1 million in July 2009 under a three-year license, all of which were accounted for as capital leases and recorded in the property, plant and equipment, net line item in the condensed consolidated balance sheets. The obligations related to the Design Tools were included in other current liabilities and long-term lease financing obligations in our condensed consolidated balance sheets as of September 29, 2013 and March 31, 2013, respectively. The effective interest rates for the Design Tools range from 2.0% to 7.25%. | |||||||||||||||||
Amortization expense related to the Design Tools, which was recorded using the straight-line method over the remaining useful life for the periods indicated below was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amortization expense | $ | 884 | $ | 946 | $ | 1,750 | $ | 1,841 | |||||||||
Future minimum lease and sublease income payments for the lease financing obligations as of September 29, 2013 are as follows (in thousands): | |||||||||||||||||
Fiscal Years | Design Tools | ||||||||||||||||
2014 (6 months remaining) | $ | 2,371 | |||||||||||||||
2015 | 1,456 | ||||||||||||||||
2016 | 59 | ||||||||||||||||
2017 | 10 | ||||||||||||||||
2018 and thereafter | 6 | ||||||||||||||||
Total minimum lease payments | 3,902 | ||||||||||||||||
Less: amount representing interest | 180 | ||||||||||||||||
Present value of minimum lease payments | 3,722 | ||||||||||||||||
Less: short-term lease financing obligations | 3,266 | ||||||||||||||||
Long-term lease financing obligations | $ | 456 | |||||||||||||||
Interest expense for the lease financing obligation for the periods indicated below was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest expense | $ | 39 | $ | 38 | $ | 76 | $ | 72 | |||||||||
In the course of our business, we enter into arrangements accounted for as operating leases related to rental of office space. Rent expenses for all operating leases for the periods indicated below were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rent expense | $ | 233 | $ | 174 | $ | 429 | $ | 307 | |||||||||
Our future minimum lease payments for the lease operating obligations as of September 29, 2013 are as follows (in thousands): | |||||||||||||||||
Fiscal Years | Facilities | ||||||||||||||||
2014 (6 months remaining) | $ | 395 | |||||||||||||||
2015 | 540 | ||||||||||||||||
2016 | 452 | ||||||||||||||||
2017 | 141 | ||||||||||||||||
2018 and thereafter | 18 | ||||||||||||||||
Total minimum lease payments | $ | 1,546 | |||||||||||||||
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
NOTE 14. | COMMITMENTS AND CONTINGENCIES | ||||||||
In 1986, Micro Power Systems Inc. (“MPSI”), a subsidiary that we acquired in June 1994, identified low-level groundwater contamination at its principal manufacturing site. The area and extent of the contamination appear to have been defined. MPSI previously reached an agreement with a prior tenant to share in the cost of ongoing site investigations and the operation of remedial systems to remove subsurface chemicals and well closure activities. In April 2012, the San Francisco Bay Regional Water Quality Control Board approved our application for low-threat closure and rescinded the previous cleanup order. All monitoring well closure activities on adjacent/neighboring sites have been completed. Discussions with the current property owner regarding access environmental indemnity and tolling agreements, and deed restriction covenants are ongoing. Proposed agreements in this regard have been exchanged, approved and are in the process of being executed by all parties. | |||||||||
Outstanding liabilities for remediation activities, net of payments, consisted of the following as of the dates indicated (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Liabilities for remediation activities | $ | 31 | $ | 76 | |||||
In early 2012, we received correspondences from the California Department of Toxic Substance Control (“DTSC”) regarding its ongoing investigation of hazardous wastes and hazardous waste constituents at a former regulated treatment facility in San Jose, California. In 1985, MPSI made two separate permitted hazmat deliveries to a licensed and regulated site for treatment. DTSC has requested that former/current property owners and companies, currently in excess of 50, that had hazardous waste treated at the site participate in further site assessment and limited remediation activities. We have entered into various agreements with other named generators, former property owners and DTSC limited to the investigation of the sites’ condition and evaluation, and selection of appropriate remedial measures. The designated environmental consulting firm has started the process of finalizing arrangements necessary to commence the agreed facility investigation. Given that this matter is in the early stages of investigation and discussions are ongoing, we are unable to ascertain our exposure, if any. | |||||||||
In a letter dated March 27, 2012, Exar was notified by the Alameda County Water District (“ACWD”) of the recent detection of volatile organic compounds at a site adjacent to a facility that was previously owned and occupied by Sipex. The letter was also addressed to prior and current property owners and tenants (collectively “Property Owners”). ACWD requested that the property owners carry out further site investigation activities to determine if the detected compounds are emanating from the site or simply flowing under it. In June 2012, the Property Owners filed with ACWD a report of its investigation/characterization activities and analytical data obtained. Accumulated data suggests that compounds of concern in groundwater appear to be from an offsite source. ACWD is now investigating alternative upgradient sites. Given that this matter is in the early stages of investigation and discussions are ongoing, we are unable to ascertain our exposure, if any. | |||||||||
We warrant all custom products and application specific products, including cards and boards, against defects in materials and workmanship for a period of 12 months, and occasionally we may provide an extended warranty from the delivery date. We warrant all of our standard products against defects in materials and workmanship for a period of 90 days from the date of delivery. Reserve requirements are recorded in the period of sale and are based on an assessment of the products sold with warranty, historical warranty costs incurred and customer/product specific circumstances. Our liability is generally limited, at our option, to replacing, repairing, or issuing a credit (if it has been paid for). Our warranty does not cover damage which results from accident, misuse, abuse, improper line voltage, fire, flood, lightning or other damage resulting from modifications, repairs or alterations performed other than by us, or resulting from failure to comply with our written operating and maintenance instructions. Warranty expense has historically been immaterial for our products. The warranty liabilities related to our product sales as of September 29, 2013 of $1.4 million was established for the return of certain older generation data compression products shipped in prior years, and warranty liability as of March 31, 2013 was immaterial. | |||||||||
As of the dates indicated below, our warranty reserve balance, which is included in the “Other current liabilities” line item on the condensed consolidated balance sheets, consisted of the following (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Beginning balance | $ | 50 | $ | 90 | |||||
Provisions for warranties issued | 1,357 | - | |||||||
Settlements/adjustments | - | (40 | ) | ||||||
Ending balance | $ | 1,407 | $ | 50 | |||||
In the ordinary course of business, we may provide for indemnification of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of agreements or representations and warranties made by us, services to be provided by us, intellectual property infringement claims made by third parties or, matters related to our conduct of the business. In addition, we have entered into indemnification agreements with our directors and certain of our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or executive officers. We maintain director and officer liability insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers, and former directors and officers of acquired companies, in certain circumstances. | |||||||||
It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement and claims. Such indemnification agreements might not be subject to maximum loss clauses. Historically, we have not incurred material costs as a result of obligations under these agreements and we have not accrued any liabilities related to such indemnification obligations in our condensed consolidated financial statements. |
Note_15_Legal_Proceedings
Note 15 - Legal Proceedings | 6 Months Ended | |
Sep. 29, 2013 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Legal Matters and Contingencies [Text Block] | ' | |
NOTE 15. | LEGAL PROCEEDINGS | |
From time to time, we are involved in various claims, legal actions and complaints arising in the normal course of business. Although the ultimate outcome of the matters discussed below and other matters is not presently determinable, management currently believes that the resolution of all such pending matters will not have a material adverse effect on our financial position, results of operations or cash flows. | ||
Two former employees of Exar’s French subsidiary have filed claims against that French subsidiary for alleged unfair dismissal in the French Labor Courts. Those former employees seek damages in the amounts of € 690,830 and € 511,951, respectively. Exar believes that the former employees were terminated in accordance with the requirements of French law, the former employees’ claims are not supported by any relevant evidence, and, in any event, the damages sought are disproportionate to any alleged loss incurred by those former employees. The matters are in the early stages and we intend to vigorously defend our positions. |
Note_16_Income_Taxes
Note 16 - Income Taxes | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 16. | INCOME TAXES | ||||||||
During the three and six months ended September 29, 2013, we recorded an income tax benefit of approximately $6.8 million. The income tax benefit was primarily due to the impact of the acquisition of Cadeka on Exar’s valuation allowance, the impact of which is recorded outside of purchase accounting, resulting in a release of the valuation allowance and an income tax benefit of $6.8 million. We recorded no income tax expense during the three months ended September 30, 2012 and $22,000 during the six months ended September 30, 2012. | |||||||||
During the three and six months ended September 29, 2013, the unrecognized tax benefits decreased by $13,000 and $31,000, respectively, to $15.4 million. The current unrecognized tax benefit was primarily related to the release of foreign liabilities and interest due to lapse of statute of limitations and R&D credits. If recognized, $12.9 million of these unrecognized tax benefits (net of federal benefit) would be recorded as a reduction of future income tax provision before consideration of changes in the valuation allowance for deferred tax assets. | |||||||||
Estimated interest and penalties related to the income taxes are classified as a component of the provision for income taxes in the condensed consolidated statement of operations. Accrued interest and penalties consisted of the following as of the dates indicated (in thousands): | |||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Accrued interest and penalties | $ | 249 | $ | 228 | |||||
Our major tax jurisdictions are the United States federal and various states, Canada, China and certain other foreign jurisdictions. The fiscal years 2003 through 2012 remain open and subject to examinations by the appropriate governmental agencies in the United States and certain foreign jurisdictions. | |||||||||
On November 6, 2012, California passed Proposition 39, which mandates most taxpayers to apportion their California income by using a single sales factor and requires all taxpayers to use market-based sourcing for sale receipts for tax years beginning or after January 1, 2013. The enacted law will impact Exar during fiscal year 2014. | |||||||||
Per the 2012 Tax Relief Act enacted in January 2013, the federal R&D credit is retroactively extended through 2013. No R&D credit and related reserve is considered in the second quarter of fiscal year 2014 tax provision pending improvement in our future visibility of the incremental R&D expenses. However, as a full valuation allowance is placed on the deferred tax assets, there is no impact on the statement of operations. |
Note_17_Segment_and_Geographic
Note 17 - Segment and Geographic Information | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 17. | SEGMENT AND GEOGRAPHIC INFORMATION | ||||||||||||||||
We operate in one reportable segment which is comprised of one operating segment. We design, develop and market high performance analog mixed-signal integrated circuits and advanced sub-system solutions for the Networking & Storage, Industrial & Embedded Systems, and Communications Infrastructure markets. Our product portfolio includes power management and connectivity components, communications products, and data compression and storage solutions. | |||||||||||||||||
Our net sales by end market were summarized as follows as of the dates indicated below (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Industrial & Embedded Systems | $ | 17,943 | $ | 15,923 | $ | 34,441 | $ | 32,011 | |||||||||
Networking & Storage | 10,273 | 7,656 | 20,180 | 14,091 | |||||||||||||
Communications Infrastructure | 5,697 | 6,737 | 11,673 | 13,465 | |||||||||||||
Other | 105 | 306 | 351 | 306 | |||||||||||||
Total net sales | $ | 34,018 | $ | 30,622 | $ | 66,645 | $ | 59,873 | |||||||||
Our foreign operations are conducted primarily through our wholly-owned subsidiaries in Canada, China, France, Germany, Japan, Malaysia, South Korea, Taiwan and the United Kingdom. Our principal markets include North America, Europe and the Asia Pacific region. Net sales by geographic areas represent direct sales principally to original equipment manufacturers (“OEM”), or their designated subcontract manufacturers, and to distributors (affiliated and unaffiliated) who buy our products and resell to their customers. | |||||||||||||||||
Our net sales by geographic area for the periods indicated below were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 11,572 | $ | 8,083 | $ | 22,040 | $ | 14,276 | |||||||||
China | 11,341 | 10,720 | 22,294 | 20,709 | |||||||||||||
Singapore | 3,534 | 3,280 | 6,930 | 7,316 | |||||||||||||
Germany | 2,888 | 3,165 | 5,668 | 6,203 | |||||||||||||
Japan | 1,613 | 1,387 | 2,839 | 2,868 | |||||||||||||
Europe (excluding Germany) | 836 | 1,438 | 1,525 | 2,543 | |||||||||||||
Rest of world | 2,234 | 2,549 | 5,349 | 5,958 | |||||||||||||
Total net sales | $ | 34,018 | $ | 30,622 | $ | 66,645 | $ | 59,873 | |||||||||
Substantially all of our long-lived assets at each of September 29, 2013 and March 31, 2013 were located in the United States. | |||||||||||||||||
The following distributors and customer accounted for 10% or more of our net sales in the periods indicated: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Distributor A | 27% | 30% | 27% | 32% | |||||||||||||
Distributor B | 26% | 11% | 24% | 10% | |||||||||||||
Distributor C | 11% | 10% | 11% | 10% | |||||||||||||
No other distributor or customer accounted for 10% or more of the net sales for the three and six months ended September 29, 2013 and September 30, 2012, respectively. | |||||||||||||||||
The following distributors accounted for 10% or more of our net accounts receivable as of the dates indicated: | |||||||||||||||||
September 29, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Distributor A | 16% | 21% | |||||||||||||||
Distributor B | 39% | 20% | |||||||||||||||
Distributor D | * | 11% | |||||||||||||||
* Accounts receivable for this distributor for this period were less than 10% of total account balance. | |||||||||||||||||
No other distributor or customer accounted for 10% or more of the net accounts receivable as of September 29, 2013 and March 31, 2013, respectively. |
Note_18_Assets_Held_For_Sale
Note 18 - Assets Held For Sale | 6 Months Ended | ||||
Sep. 29, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Other Assets Disclosure [Text Block] | ' | ||||
NOTE 18. | ASSETS HELD FOR SALE | ||||
During fiscal year 2013, we started actively looking for potential buyers for our Fremont campus. In the first quarter of our fiscal year 2014, we reclassified the related property and land as held for sale as of June 30, 2013, as we have met all criteria to classify these assets as held for sale. These assets have been recorded at their carrying amount since it is lower than their estimated fair value, less estimated selling costs (in thousands). As required under current accounting guidance, depreciation of the building ceased upon reclassification as an asset held for sale. | |||||
September 29, | |||||
2013 | |||||
Land | $ | 6,660 | |||
Building | 6,423 | ||||
Total assets held for sale | $ | 13,083 | |||
On July 9, 2013, we entered into a Purchase and Sale Agreement (“Purchase Agreement”) with Ellis Partners LLC (“Ellis”). The Purchase Agreement provided for the sale of Exar’s Fremont campus to Ellis Partners and the leaseback by Exar of the building located at 48760 Kato Road. The Purchase Agreement was anticipated to close by the end of September 2013. Prior to closing, Ellis requested certain modifications to the Purchase Agreement that Exar deemed unacceptable. As a result, the Purchase Agreement terminated as of September 30, 2013. The Company intends to continue pursuing options to optimize its operating efficiency, including continuing to market the facilities for sale. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation and Use of Management Estimates—The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013 as filed with the SEC. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, that we believe are necessary for a fair statement of Exar’s financial position as of September 29, 2013 and results of operations for the three and six months ended September 29, 2013 and September 30, 2012, respectively. These condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year. | |
The financial statements include management’s estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Actual results could differ from those estimates, and material effects on operating results and financial position may result. | |
Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2014 and 2013 consisted of 52 weeks. The second quarter of fiscal years 2014 and 2013 both consisted of 13 weeks. | |
Business Combinations Policy [Policy Text Block] | ' |
We periodically evaluate potential strategic acquisitions to broaden our product offering and build upon our existing library of intellectual property, human capital and engineering talent in order to expand our capabilities in the areas in which we operate or to acquire complementary businesses. | |
We account for each business combination by applying the acquisition method, which requires (1) identifying the acquiree; (2) determining the acquisition date; (3) recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest we have in the acquiree at their acquisition date fair value; and (4) recognizing and measuring goodwill or a gain from a bargain purchase. | |
Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value on the acquisition date if fair value can be determined during the measurement period. If fair value cannot be determined, we typically account for the acquired contingencies using existing guidance for a reasonable estimate. | |
To establish fair value, we measure the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants. The measurement assumes the highest and best use of the asset by the market participants that would maximize the value of the asset or the group of assets within which the asset would be used at the measurement date, even if the intended use of the asset is different. | |
Acquisition related costs, including finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees are accounted for as expenses in the periods in which the costs are incurred and the services are received, with the exception that the costs to issue debt or equity securities are recognized in accordance with other applicable GAAP. | |
Fair Value Measurement, Policy [Policy Text Block] | ' |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: | |
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Our cash and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Goodwill | |
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. We evaluate goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of our operations and comparability of our market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss. Because we have one reporting unit, we utilize an entity-wide approach to assess goodwill for impairment. As of September 29, 2013, no events or changes in circumstances suggest that the carrying amount for goodwill may not be recoverable and therefore we did not perform an interim goodwill impairment analysis. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the applicable period. Diluted earnings per share reflects the potential dilution that would occur if outstanding stock options or warrants to purchase common stock were exercised for common stock, using the treasury stock method, and the common stock underlying outstanding restricted stock units (“RSUs”) was issued. |
Note_3_Business_Combinations_T
Note 3 - Business Combinations (Tables) | 6 Months Ended | ||||
Sep. 29, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule Of Consideration Paid [Table Text Block] | ' | ||||
Amount | |||||
Cash | $ | 25,000 | |||
Equity instruments | 5,177 | ||||
Estimated fair value of earn-out payments | 4,660 | ||||
Total consideration paid | $ | 34,837 | |||
Amount | |||||
Cash | $ | 1,000 | |||
Equity instruments | 3,740 | ||||
Estimated fair value of earn-out payments | 10,138 | ||||
Total consideration paid | $ | 14,878 | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
Amount | |||||
Identifiable tangible assets | |||||
Cash | $ | 1,055 | |||
Accounts Receivable | 241 | ||||
Inventories | 1,756 | ||||
Property, plant and equipment | 231 | ||||
Other assets | 3 | ||||
Accounts payable and accruals | (7,400 | ) | |||
Other short-term liabilities | (520 | ) | |||
Long-term liabilities | (126 | ) | |||
Total identifiable tangible assets, net | (4,760 | ) | |||
Identifiable intangible assets | 20,380 | ||||
Total identifiable assets, net | 15,620 | ||||
Goodwill | 19,217 | ||||
Fair value of total consideration transferred | $ | 34,837 | |||
Amount | |||||
Identifiable tangible assets | |||||
Inventories | $ | 126 | |||
Property, plant and equipment | 140 | ||||
Other assets | 36 | ||||
Accounts payable and accruals | (24 | ) | |||
Other short-term liabilities | (51 | ) | |||
Long-term liabilities | (61 | ) | |||
Total identifiable tangible assets, net | 166 | ||||
Identifiable intangible assets – existing technology | 7,540 | ||||
Total identifiable assets, net | 7,706 | ||||
Goodwill | 7,172 | ||||
Fair value of total consideration transferred | $ | 14,878 | |||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||
Fair Value | |||||
Developed technologies | $ | 15,720 | |||
In-process research and development | 2,280 | ||||
Customer relations | 2,170 | ||||
Trade name | 210 | ||||
Total identifiable intangible assets | $ | 20,380 |
Note_4_Fair_Value_Tables
Note 4 - Fair Value (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 2,428 | $ | — | $ | — | $ | 2,428 | 1 | % | |||||||||||||||
U.S. government and agency securities | 19,333 | 28,067 | — | 47,400 | 27 | % | |||||||||||||||||||
State and local government securities | — | 2,832 | — | 2,832 | 2 | % | |||||||||||||||||||
Corporate bonds and securities | 3 | 85,387 | — | 85,390 | 48 | % | |||||||||||||||||||
Asset-backed securities | — | 28,490 | — | 28,490 | 16 | % | |||||||||||||||||||
Mortgage-backed securities | — | 10,750 | — | 10,750 | 6 | % | |||||||||||||||||||
Total investment assets | $ | 21,764 | $ | 155,526 | $ | — | $ | 177,290 | 100 | % | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 7,643 | $ | 7,643 | 62 | % | |||||||||||||||
Acquisition-related contingent consideration – Cadeka | $ | — | $ | — | $ | 4,660 | $ | 4,660 | 38 | % | |||||||||||||||
Total liabilities | $ | — | $ | — | $ | 12,303 | $ | 12,303 | 100 | % | |||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 5,042 | $ | — | $ | — | $ | 5,042 | 3 | % | |||||||||||||||
U.S. government and agency securities | 22,460 | 19,261 | — | 41,721 | 21 | % | |||||||||||||||||||
State and local government securities | — | 2,935 | — | 2,935 | 1 | % | |||||||||||||||||||
Corporate bonds and securities | 274 | 91,955 | — | 92,229 | 47 | % | |||||||||||||||||||
Asset-backed securities | — | 30,966 | — | 30,966 | 16 | % | |||||||||||||||||||
Mortgage-backed securities | — | 22,736 | — | 22,736 | 12 | % | |||||||||||||||||||
Total investment assets | $ | 27,776 | $ | 167,853 | $ | — | $ | 195,629 | 100 | % | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 10,138 | $ | 10,138 | 100 | % | |||||||||||||||
Marketable Securities [Table Text Block] | ' | ||||||||||||||||||||||||
September 29, | March 31, | ||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Cash at financial institutions | $ | 7,623 | $ | 9,676 | |||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||
Money market funds | 2,428 | 5,042 | |||||||||||||||||||||||
Total cash and cash equivalents | $ | 10,051 | $ | 14,718 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 47,400 | $ | 41,721 | |||||||||||||||||||||
State and local government securities | 2,832 | 2,935 | |||||||||||||||||||||||
Corporate bonds and securities | 85,390 | 92,229 | |||||||||||||||||||||||
Asset-backed securities | 28,490 | 30,966 | |||||||||||||||||||||||
Mortgage-backed securities | 10,750 | 22,736 | |||||||||||||||||||||||
Total short-term marketable securities | $ | 174,862 | $ | 190,587 | |||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||||
Fair Value | Valuation | Significant | |||||||||||||||||||||||
(in thousands) | Technique | Unobservable Input | |||||||||||||||||||||||
As of September 29, 2013 | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | 7,643 | Combination of income and marketable approach | Revenue and Probability of Achievement | |||||||||||||||||||||
Acquisition-related contingent consideration – Cadeka | $ | 4,660 | Combination of income and marketable approach | Revenue and Probability of Achievement | |||||||||||||||||||||
Schedule of Change in Fair Value of Purchase Consideration Liability [Table Text Block] | ' | ||||||||||||||||||||||||
September 29, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
As of March 31, 2013 | $ | 10,138 | |||||||||||||||||||||||
Less: Adjustment to purchase consideration | (2,495 | ) | |||||||||||||||||||||||
As of September 29, 2013 | $ | 7,643 | |||||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Gross realized gains | $ | 164 | $ | 144 | $ | 382 | $ | 384 | |||||||||||||||||
Gross realized losses | (131 | ) | (259 | ) | (408 | ) | (537 | ) | |||||||||||||||||
Net realized income (losses) | $ | 33 | $ | (115 | ) | $ | (26 | ) | $ | (153 | ) | ||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gross | Gross | |||||||||||||||||||||||
Gains (1) | Losses (1) | ||||||||||||||||||||||||
Money market funds | $ | 2,428 | $ | — | $ | — | $ | 2,428 | |||||||||||||||||
U.S. government and agency securities | 47,402 | 15 | (17 | ) | 47,400 | ||||||||||||||||||||
State and local government securities | 2,837 | 1 | (6 | ) | 2,832 | ||||||||||||||||||||
Corporate bonds and securities | 85,413 | 58 | (81 | ) | 85,390 | ||||||||||||||||||||
Asset-backed securities | 28,528 | 14 | (52 | ) | 28,490 | ||||||||||||||||||||
Mortgage-backed securities | 10,797 | 21 | (68 | ) | 10,750 | ||||||||||||||||||||
Total investments | $ | 177,405 | $ | 109 | $ | (224 | ) | $ | 177,290 | ||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gross | Gross | |||||||||||||||||||||||
Gains (1) | Losses (1) | ||||||||||||||||||||||||
Money market funds | $ | 5,042 | $ | — | $ | — | $ | 5,042 | |||||||||||||||||
U.S. government and agency securities | 41,694 | 27 | — | 41,721 | |||||||||||||||||||||
State and local government securities | 2,927 | 10 | (2 | ) | 2,935 | ||||||||||||||||||||
Corporate bonds and securities | 92,059 | 215 | (45 | ) | 92,229 | ||||||||||||||||||||
Asset-backed securities | 30,932 | 61 | (27 | ) | 30,966 | ||||||||||||||||||||
Mortgage-backed securities | 22,646 | 194 | (104 | ) | 22,736 | ||||||||||||||||||||
Total investments | $ | 195,300 | $ | 507 | $ | (178 | ) | $ | 195,629 | ||||||||||||||||
Schedule Of Amortized Cost and Fair Market Value [Table Text Block] | ' | ||||||||||||||||||||||||
29-Sep-13 | 31-Mar-13 | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
Less than 1 year | $ | 57,231 | $ | 57,215 | $ | 61,011 | $ | 61,029 | |||||||||||||||||
Due in 1 to 5 years | 120,174 | 120,075 | 134,289 | 134,600 | |||||||||||||||||||||
Total | $ | 177,405 | $ | 177,290 | $ | 195,300 | $ | 195,629 | |||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
U.S. government and agency securities | $ | 21,759 | $ | (17 | ) | $ | — | $ | — | $ | 21,759 | $ | (17 | ) | |||||||||||
State and local government securities | 1,515 | (5 | ) | 315 | (1 | ) | 1,830 | (6 | ) | ||||||||||||||||
Corporate bonds and securities | 48,977 | (80 | ) | 758 | (1 | ) | 49,735 | (81 | ) | ||||||||||||||||
Asset-backed securities | 15,817 | (44 | ) | 2,143 | (8 | ) | 17,960 | (52 | ) | ||||||||||||||||
Mortgage-backed securities | 249 | (2 | ) | 7,161 | (66 | ) | 7,410 | (68 | ) | ||||||||||||||||
Total | $ | 88,317 | $ | (148 | ) | $ | 10,377 | $ | (76 | ) | $ | 98,694 | $ | (224 | ) | ||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
State and local government securities | $ | — | $ | — | $ | 404 | $ | (2 | ) | $ | 404 | $ | (2 | ) | |||||||||||
Corporate bonds and securities | 29,609 | (42 | ) | 497 | (3 | ) | 30,106 | (45 | ) | ||||||||||||||||
Asset-backed securities | 10,008 | (17 | ) | 1,241 | (10 | ) | 11,249 | (27 | ) | ||||||||||||||||
Mortgage-backed securities | 2,911 | (39 | ) | 3,263 | (65 | ) | 6,174 | (104 | ) | ||||||||||||||||
Total | $ | 42,528 | $ | (98 | ) | $ | 5,405 | $ | (80 | ) | $ | 47,933 | $ | (178 | ) |
Note_5_Goodwill_and_Intangible1
Note 5 - Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||
September 29, | March 31, | ||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Beginning balance | $ | 10,356 | $ | 3,184 | |||||||||||||||||||||
Goodwill additions | 19,217 | 7,172 | |||||||||||||||||||||||
Ending balance | $ | 29,573 | $ | 10,356 | |||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||
29-Sep-13 | 31-Mar-13 | ||||||||||||||||||||||||
Accumulated | Net | Carrying | Accumulated | Net | |||||||||||||||||||||
Carrying | Amortization | Carrying | Amount | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||
Existing technology | $ | 58,588 | $ | (33,914 | ) | $ | 24,674 | $ | 42,858 | $ | (30,668 | ) | $ | 12,190 | |||||||||||
Patents/Core technology | 3,459 | (3,280 | ) | 179 | 3,459 | (3,182 | ) | 277 | |||||||||||||||||
Distributor relationships | 1,264 | (1,260 | ) | 4 | 1,264 | (1,219 | ) | 45 | |||||||||||||||||
Customer relationships | 5,075 | (2,351 | ) | 2,724 | 2,905 | (2,079 | ) | 826 | |||||||||||||||||
Tradenames | 210 | (17 | ) | 193 | — | — | — | ||||||||||||||||||
Total intangible assets subject to amortization | 68,596 | (40,822 | ) | 27,774 | 50,486 | (37,148 | ) | 13,338 | |||||||||||||||||
In-process research and development | 2,280 | — | 2,280 | — | — | — | |||||||||||||||||||
Total | $ | 70,876 | $ | (40,822 | ) | $ | 30,054 | $ | 50,486 | $ | (37,148 | ) | $ | 13,338 | |||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amortization expense | $ | 2,130 | $ | 1,048 | $ | 3,674 | $ | 2,161 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||
Amortization Expense (by fiscal year) | |||||||||||||||||||||||||
2014 (6 months remaining) | $ | 3,982 | |||||||||||||||||||||||
2015 | 6,039 | ||||||||||||||||||||||||
2016 | 4,863 | ||||||||||||||||||||||||
2017 | 3,449 | ||||||||||||||||||||||||
2018 | 3,255 | ||||||||||||||||||||||||
2019 and thereafter | 6,186 | ||||||||||||||||||||||||
Total future amortization | $ | 27,774 |
Note_6_LongTerm_Investment_Tab
Note 6 - Long-Term Investment (Tables) | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Investments Schedule [Abstract] | ' | ||||||||
Investment Holdings, Schedule of Investments [Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Beginning balance | $ | 1,288 | $ | 1,273 | |||||
Contributions | — | 15 | |||||||
Ending balance | $ | 1,288 | $ | 1,288 |
Note_7_Related_Party_Transacti1
Note 7 - Related Party Transaction (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Total Net Sales [Member] | ' | ||||||||||||||||
Note 7 - Related Party Transaction (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Future | 27 | % | 30 | % | 27 | % | 32 | % | |||||||||
Net Accounts Receivable [Member] | ' | ||||||||||||||||
Note 7 - Related Party Transaction (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||||||
September 29, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Future | 16 | % | 21 | % |
Note_8_Restructuring_Charges_a1
Note 8 - Restructuring Charges and Exit Costs (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||
Beginning | Additions/ | Non-cash | Payments | Ending | |||||||||||||||||
balance | adjustments | charges | balance | ||||||||||||||||||
Lease termination costs and others | $ | 2,860 | $ | (76 | ) | $ | (16 | ) | $ | (183 | ) | $ | 2,585 | ||||||||
Severance | 426 | 1,270 | — | (1,122 | ) | 574 | |||||||||||||||
Sale / Leaseback of Exar campus | — | 226 | — | (188 | ) | 38 | |||||||||||||||
Balance at September 29, 2013 | $ | 3,286 | $ | 1,420 | $ | (16 | ) | $ | (1,493 | ) | $ | 3,197 | |||||||||
31-Mar-13 | |||||||||||||||||||||
Beginning | Additions/ | Non-cash | Payments | Ending | |||||||||||||||||
balance | adjustments | charges | balance | ||||||||||||||||||
Lease termination costs and others | $ | 5,235 | $ | 6 | $ | (56 | ) | $ | (2,325 | ) | $ | 2,860 | |||||||||
Severance | 2,806 | 1,548 | — | (3,928 | ) | 426 | |||||||||||||||
Balance at March 31, 2013 | $ | 8,041 | $ | 1,554 | $ | (56 | ) | $ | (6,253 | ) | $ | 3,286 |
Note_9_Balance_Sheet_Detail_Ta
Note 9 - Balance Sheet Detail (Tables) | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Work-in-process and raw materials | $ | 11,556 | $ | 9,981 | |||||
Finished goods | 8,285 | 9,449 | |||||||
Total inventories | $ | 19,841 | $ | 19,430 | |||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Land | $ | — | $ | 6,660 | |||||
Building | 807 | 16,224 | |||||||
Machinery and equipment | 39,628 | 42,258 | |||||||
Software and licenses | 17,350 | 17,566 | |||||||
Property, plant and equipment, total | 57,785 | 82,708 | |||||||
Accumulated depreciation and amortization | (48,632 | ) | (58,608 | ) | |||||
Total property, plant and equipment, net | $ | 9,153 | $ | 24,100 | |||||
Other Current Liabilities [Table Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Fair value of earn-out liability – short-term | $ | 3,780 | $ | 2,599 | |||||
Short-term lease financing obligations | 3,266 | 3,189 | |||||||
Accrued restructuring charges and exit costs | 2,019 | 2,020 | |||||||
Accrued manufacturing expenses, royalties and licenses | 1,761 | 2,370 | |||||||
Purchase consideration holdback | 1,256 | 250 | |||||||
Accrued legal and professional services | 949 | 746 | |||||||
Accrued sales and marketing expenses | 521 | 576 | |||||||
Accrual for dispute resolution | — | 2,727 | |||||||
Other | 823 | 738 | |||||||
Total other current liabilities | $ | 14,375 | $ | 15,215 | |||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Fair value of earn-out liability – long–term | $ | 8,523 | $ | 7,539 | |||||
Long-term taxes payable | 2,215 | 2,225 | |||||||
Accrued restructuring charges and exit costs | 1,178 | 1,266 | |||||||
Other | 634 | 174 | |||||||
Total other non-current obligations | $ | 12,550 | $ | 11,204 |
Note_10_Net_Income_Loss_Per_Sh1
Note 10 - Net Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income (loss) | $ | 6,482 | $ | 263 | $ | 7,288 | $ | (313 | ) | ||||||||
Shares used in computation of net income (loss) per share: | |||||||||||||||||
Basic | 47,496 | 45,720 | 47,151 | 45,554 | |||||||||||||
Effect of options and awards | 1,654 | 326 | 1,496 | — | |||||||||||||
Diluted | 49,150 | 46,046 | 48,647 | 45,554 | |||||||||||||
Net income (loss) per share | |||||||||||||||||
Basic | $ | 0.14 | $ | 0.01 | $ | 0.15 | $ | (0.01 | ) | ||||||||
Diluted | $ | 0.13 | $ | 0.01 | $ | 0.15 | $ | (0.01 | ) |
Note_11_Common_Stock_Repurchas1
Note 11 - Common Stock Repurchases (Tables) | 6 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | |||||||||||||||
Total number of | Average Price Paid | Amount Paid for | ||||||||||||||
Shares Purchased | Per Share | Purchase | ||||||||||||||
(or Unit) | ||||||||||||||||
Balances, March 31, 2013 | 9,564 | $ | 9.22 | $ | 88,189 | |||||||||||
Repurchases for six months | 153 | $ | 13.07 | 1,999 | ||||||||||||
Balances, September 29, 2013 | 9,717 | $ | 9.28 | $ | 90,188 |
Note_12_StockBased_Compensatio1
Note 12 - Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Note 12 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Intrinsic value of options exercised | $ | 1,072 | $ | 177 | $ | 1,894 | $ | 575 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||
Grant- | Remaining | Value | |||||||||||||||||||
Date | Contractual | (in thousands) | |||||||||||||||||||
Fair Value | Term | ||||||||||||||||||||
(in years) | |||||||||||||||||||||
Unvested at March 31, 2013 | 732,204 | $ | 7.73 | 1.72 | $ | 7,688 | |||||||||||||||
Granted | 404,495 | 11.55 | |||||||||||||||||||
Issued and released | (305,738 | ) | 9.49 | ||||||||||||||||||
Cancelled | (30,666 | ) | 9.47 | ||||||||||||||||||
Unvested at September 29, 2013 | 800,295 | $ | 8.92 | 1.78 | $ | 10,644 | |||||||||||||||
Vested and expected to vest, September 29, 2013 | 666,299 | 1.71 | $ | 8,862 | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Cost of sales | $ | 212 | $ | 129 | $ | 354 | $ | 114 | |||||||||||||
Research and development | 689 | 236 | 829 | 109 | |||||||||||||||||
Selling, general and administrative | 2,722 | 982 | 3,527 | 1,298 | |||||||||||||||||
Total Stock-based compensation expense | $ | 3,623 | $ | 1,347 | $ | 4,710 | $ | 1,521 | |||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | ||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||
Amount | Weighted Average | ||||||||||||||||||||
(in thousands) | Expected | ||||||||||||||||||||
Remaining | |||||||||||||||||||||
Period (in years) | |||||||||||||||||||||
Options | $ | 8,244 | 2.8 | ||||||||||||||||||
RSUs | 4,981 | 2.4 | |||||||||||||||||||
Total Stock-based compensation expense | $ | 13,225 | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Expected term of options (years) | 4.44 | 4.5 | 4.4 | – | 4.44 | 4.2 | – | 4.5 | |||||||||||||
Risk-free interest rate | 1.12% | 0.50% | 0.60% | – | 1.12% | 0.50% | – | 0.60% | |||||||||||||
Expected volatility | 33% | 41% | 33% | – | 35% | 41% | – | 42% | |||||||||||||
Expected dividend yield | ─ | ─ | ─ | ─ | |||||||||||||||||
Weighted average estimated fair value | $ | 3.7 | $ | 2.68 | $ | 3.49 | $ | 2.72 | |||||||||||||
Employee Stock Purchase Plan [Member] | ' | ||||||||||||||||||||
Note 12 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
As of | Six Months Ended | ||||||||||||||||||||
29-Sep-13 | 29-Sep-13 | ||||||||||||||||||||
Shares of Common | Shares of Common | Weighted | |||||||||||||||||||
Stock | Stock | Average | |||||||||||||||||||
Price per Share | |||||||||||||||||||||
Authorized to issue | 4,500 | ||||||||||||||||||||
Reserved for future issuance | 1,386 | ||||||||||||||||||||
Issued | 6 | $ | 10.34 | ||||||||||||||||||
Employee Stock Option [Member] | ' | ||||||||||||||||||||
Note 12 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
Outstanding | Weighted | Weighted | Aggregate | In-the-money | |||||||||||||||||
Average | Average | Intrinsic | Options | ||||||||||||||||||
Exercise | Remaining | Value | Vested and Exercisable | ||||||||||||||||||
Price per | Contractual | (in thousands) | (in thousands) | ||||||||||||||||||
Share | Term | ||||||||||||||||||||
(in years) | |||||||||||||||||||||
Balance at March 31, 2013 | 6,212,333 | $ | 7.48 | 5.04 | $ | 19,199 | $ | 1,481 | |||||||||||||
Granted | 1,053,500 | 12.02 | |||||||||||||||||||
Exercised | (394,025 | ) | 7.16 | ||||||||||||||||||
Forfeited | (485,360 | ) | 7.85 | ||||||||||||||||||
Cancelled | (6,034 | ) | 9.21 | ||||||||||||||||||
Balance at September 29, 2013 | 6,380,414 | $ | 8.23 | 5.1 | $ | 32,414 | $ | 1,974 | |||||||||||||
Vested and expected to vest, September 29, 2013 | 5,761,712 | $ | 8.12 | 5.01 | $ | 29,891 | |||||||||||||||
Vested and exercisable, September 29, 2013 | 2,060,228 | $ | 7.39 | 3.63 | $ | 12,204 |
Note_13_Lease_Financing_Obliga1
Note 13 - Lease Financing Obligations (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule Of Amortization Expense [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amortization expense | $ | 884 | $ | 946 | $ | 1,750 | $ | 1,841 | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||||||
Fiscal Years | Design Tools | ||||||||||||||||
2014 (6 months remaining) | $ | 2,371 | |||||||||||||||
2015 | 1,456 | ||||||||||||||||
2016 | 59 | ||||||||||||||||
2017 | 10 | ||||||||||||||||
2018 and thereafter | 6 | ||||||||||||||||
Total minimum lease payments | 3,902 | ||||||||||||||||
Less: amount representing interest | 180 | ||||||||||||||||
Present value of minimum lease payments | 3,722 | ||||||||||||||||
Less: short-term lease financing obligations | 3,266 | ||||||||||||||||
Long-term lease financing obligations | $ | 456 | |||||||||||||||
Schedule of Interest Expense [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest expense | $ | 39 | $ | 38 | $ | 76 | $ | 72 | |||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rent expense | $ | 233 | $ | 174 | $ | 429 | $ | 307 | |||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||
Fiscal Years | Facilities | ||||||||||||||||
2014 (6 months remaining) | $ | 395 | |||||||||||||||
2015 | 540 | ||||||||||||||||
2016 | 452 | ||||||||||||||||
2017 | 141 | ||||||||||||||||
2018 and thereafter | 18 | ||||||||||||||||
Total minimum lease payments | $ | 1,546 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Remediation Liabilities [Table Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Liabilities for remediation activities | $ | 31 | $ | 76 | |||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Beginning balance | $ | 50 | $ | 90 | |||||
Provisions for warranties issued | 1,357 | - | |||||||
Settlements/adjustments | - | (40 | ) | ||||||
Ending balance | $ | 1,407 | $ | 50 |
Note_16_Income_Taxes_Tables
Note 16 - Income Taxes (Tables) | 6 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule Of Interest And Penalty Realted To Underpayment Of Tax [Table Text Block] | ' | ||||||||
September 29, | March 31, | ||||||||
2013 | 2013 | ||||||||
Accrued interest and penalties | $ | 249 | $ | 228 |
Note_17_Segment_and_Geographic1
Note 17 - Segment and Geographic Information (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Industrial & Embedded Systems | $ | 17,943 | $ | 15,923 | $ | 34,441 | $ | 32,011 | |||||||||
Networking & Storage | 10,273 | 7,656 | 20,180 | 14,091 | |||||||||||||
Communications Infrastructure | 5,697 | 6,737 | 11,673 | 13,465 | |||||||||||||
Other | 105 | 306 | 351 | 306 | |||||||||||||
Total net sales | $ | 34,018 | $ | 30,622 | $ | 66,645 | $ | 59,873 | |||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 11,572 | $ | 8,083 | $ | 22,040 | $ | 14,276 | |||||||||
China | 11,341 | 10,720 | 22,294 | 20,709 | |||||||||||||
Singapore | 3,534 | 3,280 | 6,930 | 7,316 | |||||||||||||
Germany | 2,888 | 3,165 | 5,668 | 6,203 | |||||||||||||
Japan | 1,613 | 1,387 | 2,839 | 2,868 | |||||||||||||
Europe (excluding Germany) | 836 | 1,438 | 1,525 | 2,543 | |||||||||||||
Rest of world | 2,234 | 2,549 | 5,349 | 5,958 | |||||||||||||
Total net sales | $ | 34,018 | $ | 30,622 | $ | 66,645 | $ | 59,873 | |||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Distributor A | 27% | 30% | 27% | 32% | |||||||||||||
Distributor B | 26% | 11% | 24% | 10% | |||||||||||||
Distributor C | 11% | 10% | 11% | 10% | |||||||||||||
Schedule Of Major Distributors [Table Text Block] | ' | ||||||||||||||||
September 29, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Distributor A | 16% | 21% | |||||||||||||||
Distributor B | 39% | 20% | |||||||||||||||
Distributor D | * | 11% |
Note_18_Assets_Held_For_Sale_T
Note 18 - Assets Held For Sale (Tables) | 6 Months Ended | ||||
Sep. 29, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | ||||
September 29, | |||||
2013 | |||||
Land | $ | 6,660 | |||
Building | 6,423 | ||||
Total assets held for sale | $ | 13,083 |
Note_3_Business_Combinations_D
Note 3 - Business Combinations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Jul. 05, 2013 | Jul. 05, 2013 | Mar. 22, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Jul. 05, 2013 | Sep. 29, 2013 | Mar. 22, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Jul. 05, 2013 | Mar. 22, 2013 | Jul. 05, 2013 | Mar. 22, 2013 | |
Prior to Considering Impact on Deferred Tax Assets and Liabilities [Member] | Potential Indemnity Claims [Member] | Potential Indemnity Claims [Member] | Potential Indemnity Claims [Member] | Potential Indemnity Claims [Member] | Cadeka [Member] | Cadeka [Member] | Altior [Member] | Altior [Member] | Altior [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
Cadeka [Member] | Cadeka [Member] | Altior [Member] | Cadeka [Member] | Altior [Member] | Cadeka [Member] | Altior [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | -15,000 | ' | ' | ' | 454,000 | ' | 358,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | -1,000,000 | -250,000 | 1,256,000 | 250,000 | 25,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition Potential Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 20,000,000 | ' | ' | 0 | 0 | 5,000,000 | 20,000,000 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 5,177,000 | 3,700,000 | ' | 3,740,000 | ' | ' | ' | ' |
Acquired Intangible Assets Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 12.00% | 23.00% | 19.00% |
Goodwill, Acquired During Period (in Dollars) | ' | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | 19,200,000 | 19,200,000 | 7,200,000 | 7,200,000 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | -6,767,000 | 0 | -6,776,000 | 22,000 | ' | ' | ' | ' | ' | -6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $48,000 | ' | ' | ' | ' | ' | ' |
Note_3_Business_Combinations_D1
Note 3 - Business Combinations (Details) - Summary of Consideration Paid (USD $) | 6 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jul. 05, 2013 | Sep. 29, 2013 | Mar. 22, 2013 |
Cadeka [Member] | Cadeka [Member] | Altior [Member] | Altior [Member] | |
Note 3 - Business Combinations (Details) - Summary of Consideration Paid [Line Items] | ' | ' | ' | ' |
Cash | $25,000 | ' | $1,000 | ' |
Equity instruments | 5,177 | 5,200 | 3,740 | 3,700 |
Estimated Fair value of earn-out payments | 4,660 | ' | 10,138 | ' |
Total consideration paid | $34,837 | ' | $14,878 | ' |
Note_3_Business_Combinations_D2
Note 3 - Business Combinations (Details) - Fair Value Allocated to Tangible and Identifiable Intangible Assets (USD $) | Sep. 29, 2013 | Mar. 31, 2013 | Apr. 01, 2012 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | Cadeka [Member] | Altior [Member] | |||
Note 3 - Business Combinations (Details) - Fair Value Allocated to Tangible and Identifiable Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | $1,055 | ' |
Accounts Receivable | ' | ' | ' | 241 | ' |
Inventories | ' | ' | ' | 1,756 | 126 |
Property, plant and equipment | ' | ' | ' | 231 | 140 |
Other assets | ' | ' | ' | 3 | 36 |
Accounts payable and accruals | ' | ' | ' | -7,400 | -24 |
Other short-term liabilities | ' | ' | ' | -520 | -51 |
Long-term liabilities | ' | ' | ' | -126 | -61 |
Total identifiable tangible assets, net | ' | ' | ' | -4,760 | 166 |
Identifiable intangible assets | ' | ' | ' | 20,380 | 7,540 |
Total identifiable assets, net | ' | ' | ' | 15,620 | 7,706 |
Goodwill | 29,573 | 10,356 | 3,184 | 19,217 | 7,172 |
Fair value of total consideration transferred | ' | ' | ' | $34,837 | $14,878 |
Note_3_Business_Combinations_D3
Note 3 - Business Combinations (Details) - Components of Identifiable Intangible Assets (Cadeka [Member], USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Identifiable intangible assets | $20,380 |
Developed Technology Rights [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Identifiable intangible assets | 15,720 |
In Process Research and Development [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Identifiable intangible assets | 2,280 |
Customer Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Identifiable intangible assets | 2,170 |
Trade Names [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Identifiable intangible assets | $210 |
Note_4_Fair_Value_Details
Note 4 - Fair Value (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
Note 4 - Fair Value (Details) [Line Items] | ' |
Available For Sale Securities Unrealized Losses Net Of Tax | $0.90 |
Altior [Member] | ' |
Note 4 - Fair Value (Details) [Line Items] | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | $2.50 |
Note_4_Fair_Value_Details_Inve
Note 4 - Fair Value (Details) - Investment Assets Measured at Fair Value (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investment | $177,290 | $195,629 |
Investment, percentage | 100.00% | 100.00% |
Acquisition-related contingent consideration | 12,303 | ' |
Acquisition-related contingent consideration, percentage | 100.00% | ' |
Altior [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Acquisition-related contingent consideration | 7,643 | 10,138 |
Altior [Member] | ' | ' |
Assets: | ' | ' |
Acquisition-related contingent consideration | 7,643 | 10,138 |
Acquisition-related contingent consideration, percentage | 62.00% | 100.00% |
Cadeka [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Acquisition-related contingent consideration | 4,660 | ' |
Cadeka [Member] | ' | ' |
Assets: | ' | ' |
Acquisition-related contingent consideration | 4,660 | ' |
Acquisition-related contingent consideration, percentage | 38.00% | ' |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 2,428 | 5,042 |
Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Investment | 2,428 | 5,042 |
Investment, percentage | 1.00% | 3.00% |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 19,333 | 22,460 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 28,067 | 19,261 |
US Government Agencies Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Investment | 47,400 | 41,721 |
Investment, percentage | 27.00% | 21.00% |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 2,832 | 2,935 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Investment | 2,832 | 2,935 |
Investment, percentage | 2.00% | 1.00% |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 3 | 274 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 85,387 | 91,955 |
Corporate Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Investment | 85,390 | 92,229 |
Investment, percentage | 48.00% | 47.00% |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 28,490 | 30,966 |
Asset-backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Investment | 28,490 | 30,966 |
Investment, percentage | 16.00% | 16.00% |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 10,750 | 22,736 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Investment | 10,750 | 22,736 |
Investment, percentage | 6.00% | 12.00% |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 21,764 | 27,776 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment | 155,526 | 167,853 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Acquisition-related contingent consideration | $12,303 | ' |
Note_4_Fair_Value_Details_Summ
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities (USD $) | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Apr. 01, 2012 |
In Thousands, unless otherwise specified | ||||
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities [Line Items] | ' | ' | ' | ' |
Cash at financial institutions | $7,623 | $9,676 | ' | ' |
Money market funds | 2,428 | 5,042 | ' | ' |
Total cash and cash equivalents | 10,051 | 14,718 | 10,423 | 8,714 |
Short-term marketable securities | 174,862 | 190,587 | ' | ' |
US Government Agencies Short-term Debt Securities [Member] | ' | ' | ' | ' |
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities [Line Items] | ' | ' | ' | ' |
Short-term marketable securities | 47,400 | 41,721 | ' | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' | ' |
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities [Line Items] | ' | ' | ' | ' |
Short-term marketable securities | 2,832 | 2,935 | ' | ' |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities [Line Items] | ' | ' | ' | ' |
Short-term marketable securities | 85,390 | 92,229 | ' | ' |
Asset-backed Securities [Member] | ' | ' | ' | ' |
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities [Line Items] | ' | ' | ' | ' |
Short-term marketable securities | 28,490 | 30,966 | ' | ' |
Collateralized Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Note 4 - Fair Value (Details) - Summary of Cash, Cash Equivalents and Short-Term Marketable Securities [Line Items] | ' | ' | ' | ' |
Short-term marketable securities | $10,750 | $22,736 | ' | ' |
Note_4_Fair_Value_Details_Quan
Note 4 - Fair Value (Details) - Quantitative information about the inputs and valuation methodologies (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Combination of Income and Marketable Approach [Member] | Altior [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Acquisition-related contingent consideration – fair value | $7,643 | ' |
Combination of Income and Marketable Approach [Member] | Cadeka [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Acquisition-related contingent consideration – fair value | 4,660 | ' |
Altior [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Acquisition-related contingent consideration – fair value | $7,643 | $10,138 |
Note_4_Fair_Value_Details_Chan
Note 4 - Fair Value (Details) - Change in fair value of Altior purchase consideration liability (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Mar. 31, 2013 |
Altior [Member] | Altior [Member] | |||
Note 4 - Fair Value (Details) - Change in fair value of Altior purchase consideration liability [Line Items] | ' | ' | ' | ' |
Acquisition-related contingent consideration – Altior | ' | ' | $7,643 | $10,138 |
Less: Adjustment to purchase consideration | ($2,495) | ($2,495) | ($2,495) | ' |
Note_4_Fair_Value_Details_Net_
Note 4 - Fair Value (Details) - Net Realized Gains (Losses) on Marketable Securities (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Net Realized Gains (Losses) on Marketable Securities [Abstract] | ' | ' | ' | ' |
Gross realized gains | $164 | $144 | $382 | $384 |
Gross realized losses | -131 | -259 | -408 | -537 |
Net realized income (losses) | $33 | ($115) | ($26) | ($153) |
Note_4_Fair_Value_Details_Summ1
Note 4 - Fair Value (Details) - Summary of Investments in Marketable Securities (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $177,405 | $195,300 | ||
Unrealized Gross Gains | 109 | [1] | 507 | [1] |
Unrealized Gross Losses | -224 | [1] | -178 | [1] |
Fair Value | 177,290 | 195,629 | ||
Money Market Funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,428 | 5,042 | ||
Unrealized Gross Gains | ' | [1] | ' | [1] |
Unrealized Gross Losses | ' | [1] | ' | [1] |
Fair Value | 2,428 | 5,042 | ||
US Government Corporations and Agencies Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 47,402 | 41,694 | ||
Unrealized Gross Gains | 15 | [1] | 27 | [1] |
Unrealized Gross Losses | -17 | [1] | ' | [1] |
Fair Value | 47,400 | 41,721 | ||
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,837 | 2,927 | ||
Unrealized Gross Gains | 1 | [1] | 10 | [1] |
Unrealized Gross Losses | -6 | [1] | -2 | [1] |
Fair Value | 2,832 | 2,935 | ||
Corporate Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 85,413 | 92,059 | ||
Unrealized Gross Gains | 58 | [1] | 215 | [1] |
Unrealized Gross Losses | -81 | [1] | -45 | [1] |
Fair Value | 85,390 | 92,229 | ||
Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 28,528 | 30,932 | ||
Unrealized Gross Gains | 14 | [1] | 61 | [1] |
Unrealized Gross Losses | -52 | [1] | -27 | [1] |
Fair Value | 28,490 | 30,966 | ||
Collateralized Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 10,797 | 22,646 | ||
Unrealized Gross Gains | 21 | [1] | 194 | [1] |
Unrealized Gross Losses | -68 | [1] | -104 | [1] |
Fair Value | $10,750 | $22,736 | ||
[1] | Gross of tax impact |
Note_4_Fair_Value_Details_Amor
Note 4 - Fair Value (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities [Abstract] | ' | ' |
Less than 1 year | $57,231 | $61,011 |
Less than 1 year | 57,215 | 61,029 |
Due in 1 to 5 years | 120,174 | 134,289 |
Due in 1 to 5 years | 120,075 | 134,600 |
Total | 177,405 | 195,300 |
Total | $177,290 | $195,629 |
Note_4_Fair_Value_Details_Summ2
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | ' |
Fair Value Less than 12 Months | $88,317 | $42,528 |
Gross Unrealized Losses Less than 12 Months | -148 | -98 |
Fair Value Greater than 12 Months | 10,377 | 5,405 |
Gross Unrealized Losses Greater than 12 Months | -76 | -80 |
Fair Value Total | 98,694 | 47,933 |
Gross Unrealized Losses Total | -224 | -178 |
US Government Corporations and Agencies Securities [Member] | ' | ' |
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | ' |
Fair Value Less than 12 Months | 21,759 | ' |
Gross Unrealized Losses Less than 12 Months | -17 | ' |
Fair Value Total | 21,759 | ' |
Gross Unrealized Losses Total | -17 | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | ' |
Fair Value Less than 12 Months | 1,515 | ' |
Gross Unrealized Losses Less than 12 Months | -5 | ' |
Fair Value Greater than 12 Months | 315 | 404 |
Gross Unrealized Losses Greater than 12 Months | -1 | -2 |
Fair Value Total | 1,830 | 404 |
Gross Unrealized Losses Total | -6 | -2 |
Corporate Debt Securities [Member] | ' | ' |
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | ' |
Fair Value Less than 12 Months | 48,977 | 29,609 |
Gross Unrealized Losses Less than 12 Months | -80 | -42 |
Fair Value Greater than 12 Months | 758 | 497 |
Gross Unrealized Losses Greater than 12 Months | -1 | -3 |
Fair Value Total | 49,735 | 30,106 |
Gross Unrealized Losses Total | -81 | -45 |
Asset-backed Securities [Member] | ' | ' |
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | ' |
Fair Value Less than 12 Months | 15,817 | 10,008 |
Gross Unrealized Losses Less than 12 Months | -44 | -17 |
Fair Value Greater than 12 Months | 2,143 | 1,241 |
Gross Unrealized Losses Greater than 12 Months | -8 | -10 |
Fair Value Total | 17,960 | 11,249 |
Gross Unrealized Losses Total | -52 | -27 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Note 4 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | ' |
Fair Value Less than 12 Months | 249 | 2,911 |
Gross Unrealized Losses Less than 12 Months | -2 | -39 |
Fair Value Greater than 12 Months | 7,161 | 3,263 |
Gross Unrealized Losses Greater than 12 Months | -66 | -65 |
Fair Value Total | 7,410 | 6,174 |
Gross Unrealized Losses Total | ($68) | ($104) |
Note_5_Goodwill_and_Intangible2
Note 5 - Goodwill and Intangible Assets (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Jul. 05, 2013 | Sep. 29, 2013 | Mar. 22, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Cadeka [Member] | Cadeka [Member] | Altior [Member] | Altior [Member] | Distributor Relationships [Member] | Trade Names [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Existing Technology [Member] | Patented Technology [Member] | Customer Relationships [Member] | Existing Technology [Member] | Patented Technology [Member] | Customer Relationships [Member] | ||||||||
Note 5 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period (in Dollars) | ' | $19.20 | $19.20 | $7.20 | $7.20 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | '6 years | '3 years | '2 years | '5 years | '5 years | '9 years | '6 years | '7 years |
Note_5_Goodwill_and_Intangible3
Note 5 - Goodwill and Intangible Assets (Details) - Changes in the Carrying Amount of Goodwill (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Changes in the Carrying Amount of Goodwill [Abstract] | ' | ' |
Balance | $10,356 | $3,184 |
Goodwill additions | 19,217 | 7,172 |
Balance | $29,573 | $10,356 |
Note_5_Goodwill_and_Intangible4
Note 5 - Goodwill and Intangible Assets (Details) - Purchased Intangible Assets (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying Amount | $68,596 | $50,486 |
Accumulated Amoritzation | -40,822 | -37,148 |
Net Carrying Amount | 27,774 | 13,338 |
Total | 70,876 | 50,486 |
Total | -40,822 | -37,148 |
Total | 30,054 | 13,338 |
Research and Development [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
In-process research and development | 2,280 | ' |
Existing Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying Amount | 58,588 | 42,858 |
Accumulated Amoritzation | -33,914 | -30,668 |
Net Carrying Amount | 24,674 | 12,190 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying Amount | 3,459 | 3,459 |
Accumulated Amoritzation | -3,280 | -3,182 |
Net Carrying Amount | 179 | 277 |
Distributor Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying Amount | 1,264 | 1,264 |
Accumulated Amoritzation | -1,260 | -1,219 |
Net Carrying Amount | 4 | 45 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying Amount | 5,075 | 2,905 |
Accumulated Amoritzation | -2,351 | -2,079 |
Net Carrying Amount | 2,724 | 826 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying Amount | 210 | ' |
Accumulated Amoritzation | -17 | ' |
Net Carrying Amount | $193 | ' |
Note_5_Goodwill_and_Intangible5
Note 5 - Goodwill and Intangible Assets (Details) - Aggregate Amortization Expenses for Purchased Intangible Assets (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Aggregate Amortization Expenses for Purchased Intangible Assets [Abstract] | ' | ' | ' | ' |
Amortization expense | $2,130 | $1,048 | $3,674 | $2,161 |
Note_5_Goodwill_and_Intangible6
Note 5 - Goodwill and Intangible Assets (Details) - Estimated Future Amortization Expenses for Purchased Intangible Assets (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortization Expense (by fiscal year) | ' | ' |
2014 (6 months remaining) | $3,982 | ' |
2015 | 6,039 | ' |
2016 | 4,863 | ' |
2017 | 3,449 | ' |
2018 | 3,255 | ' |
2019 and thereafter | 6,186 | ' |
Total future amortization | $27,774 | $13,338 |
Note_6_LongTerm_Investment_Det
Note 6 - Long-Term Investment (Details) (USD $) | Sep. 29, 2013 | Mar. 31, 2013 | Apr. 01, 2012 | Jul. 01, 2012 | Sep. 29, 2013 |
Skypoint Fund [Member] | Skypoint Fund [Member] | ||||
Note 6 - Long-Term Investment (Details) [Line Items] | ' | ' | ' | ' | ' |
Long-term Investments | $1,288,000 | $1,288,000 | $1,273,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | 15,000 | ' | ' | 4,800,000 |
Non Marketable Equity Investment In Fund Contributions | ' | ' | ' | $15,000 | ' |
Note_6_LongTerm_Investment_Det1
Note 6 - Long-Term Investment (Details) - Long-Term Investments (USD $) | Sep. 29, 2013 | Mar. 31, 2013 | Apr. 01, 2012 |
In Thousands, unless otherwise specified | |||
Long-Term Investments [Abstract] | ' | ' | ' |
Long term investment | $1,288 | $1,288 | $1,273 |
Contributions | ' | 15 | ' |
Long term investment | $1,288 | $1,288 | $1,273 |
Note_7_Related_Party_Transacti2
Note 7 - Related Party Transaction (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | |
Note 7 - Related Party Transaction (Details) [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding (in Shares) | 47,505,596 | ' | 47,505,596 | ' | 46,607,246 |
Operating Leases, Rent Expense | $233,000 | $174,000 | $429,000 | $307,000 | ' |
Future and Alonim [Member] | ' | ' | ' | ' | ' |
Note 7 - Related Party Transaction (Details) [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding (in Shares) | 7,600,000 | ' | 7,600,000 | ' | ' |
Percentage Of Common Stock Shares Outstanding | 16.00% | ' | 16.00% | ' | ' |
Cadeka [Member] | ' | ' | ' | ' | ' |
Note 7 - Related Party Transaction (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $69,000 | ' | $69,000 | ' | ' |
Note_7_Related_Party_Transacti3
Note 7 - Related Party Transaction (Details) - Related Party Contributions to Total Net Sales (Total Net Sales [Member], Future Electronics Inc [Member]) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Total Net Sales [Member] | Future Electronics Inc [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Future | 27.00% | 30.00% | 27.00% | 32.00% |
Note_7_Related_Party_Transacti4
Note 7 - Related Party Transaction (Details) - Related Party Receivables to Net Accounts Receivables (Net Accounts Receivable [Member], Future Electronics Inc [Member]) | 6 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Mar. 31, 2013 | |
Net Accounts Receivable [Member] | Future Electronics Inc [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Future | 16.00% | 21.00% |
Note_8_Restructuring_Charges_a2
Note 8 - Restructuring Charges and Exit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Sep. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Industrial Research Assistance Program [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Employee Severance [Member] | Facility Closing [Member] | ||||||||
Note 8 - Restructuring Charges and Exit Costs (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $400 | $300 | $600 | $300 | $900 | $1,400 | $1,300 | ($500) | $24 | $105 | $81 | $300 | $1,200 | $200 |
Note_8_Restructuring_Charges_a3
Note 8 - Restructuring Charges and Exit Costs (Details) - Summary of Activities Affecting Liabilities (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | $3,286 | $8,041 |
Additions/adjustments | 1,420 | 1,554 |
Non-cash charges | -16 | -56 |
Payments | -1,493 | -6,253 |
Ending balance | 3,197 | 3,286 |
Lease Contract Termination Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 2,860 | 5,235 |
Additions/adjustments | -76 | 6 |
Non-cash charges | -16 | -56 |
Payments | -183 | -2,325 |
Ending balance | 2,585 | 2,860 |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 426 | 2,806 |
Additions/adjustments | 1,270 | 1,548 |
Payments | -1,122 | -3,928 |
Ending balance | 574 | 426 |
Sale and Leaseback [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Additions/adjustments | 226 | ' |
Payments | -188 | ' |
Ending balance | $38 | ' |
Note_9_Balance_Sheet_Detail_De
Note 9 - Balance Sheet Detail (Details) - Inventories (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Work-in-process and raw materials | $11,556 | $9,981 |
Finished goods | 8,285 | 9,449 |
Total inventories | $19,841 | $19,430 |
Note_9_Balance_Sheet_Detail_De1
Note 9 - Balance Sheet Detail (Details) - Property, Plant and Equipment (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | $57,785 | $82,708 |
Accumulated depreciation and amortization | -48,632 | -58,608 |
Total property, plant and equipment, net | 9,153 | 24,100 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | ' | 6,660 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | 807 | 16,224 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | 39,628 | 42,258 |
Software and Software Development Costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | $17,350 | $17,566 |
Note_9_Balance_Sheet_Detail_De2
Note 9 - Balance Sheet Detail (Details) - Other Current Liabilities (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Note 9 - Balance Sheet Detail (Details) - Other Current Liabilities [Line Items] | ' | ' |
Fair value of earn-out liability – short-term | $3,780 | $2,599 |
Short-term lease financing obligations | 3,266 | 3,189 |
Accrued restructuring charges and exit costs | 2,019 | 2,020 |
Accrued manufacturing expenses, royalties and licenses | 1,761 | 2,370 |
Accrued legal and professional services | 949 | 746 |
Accrued sales and marketing expenses | 521 | 576 |
Accrual for dispute resolution | ' | 2,727 |
Other | 823 | 738 |
Total other current liabilities | 14,375 | 15,215 |
Potential Indemnity Claims [Member] | ' | ' |
Note 9 - Balance Sheet Detail (Details) - Other Current Liabilities [Line Items] | ' | ' |
Purchase consideration holdback | $1,256 | $250 |
Note_9_Balance_Sheet_Detail_De3
Note 9 - Balance Sheet Detail (Details) - Other Noncurrent Obligations (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Noncurrent Obligations [Abstract] | ' | ' |
Fair value of earn-out liability – long–term | $8,523 | $7,539 |
Long-term taxes payable | 2,215 | 2,225 |
Accrued restructuring charges and exit costs | 1,178 | 1,266 |
Other | 634 | 174 |
Total other non-current obligations | $12,550 | $11,204 |
Note_10_Net_Income_Loss_Per_Sh2
Note 10 - Net Income (Loss) Per Share (Details) (Stock Options and RSUs [Member]) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 |
Stock Options and RSUs [Member] | ' | ' | ' |
Note 10 - Net Income (Loss) Per Share (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.1 | 4.1 | 0.8 |
Note_10_Net_Income_Loss_Per_Sh3
Note 10 - Net Income (Loss) Per Share (Details) - Summary of Net Income (Loss) per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Summary of Net Income (Loss) per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) (in Dollars) | $6,482 | $263 | $7,288 | ($313) |
Shares used in computation of net income (loss) per share: | ' | ' | ' | ' |
Basic | 47,496 | 45,720 | 47,151 | 45,554 |
Effect of options and awards | 1,654 | 326 | 1,496 | ' |
Diluted | 49,150 | 46,046 | 48,647 | 45,554 |
Net income (loss) per share | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.14 | $0.01 | $0.15 | ($0.01) |
Diluted (in Dollars per share) | $0.13 | $0.01 | $0.15 | ($0.01) |
Note_11_Common_Stock_Repurchas2
Note 11 - Common Stock Repurchases (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jul. 09, 2013 | Aug. 28, 2007 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
August 2007 Repurchase Plan [Member] | July 2013 Repurchase Program [Member] | July 2013 Repurchase Program [Member] | |||
Note 11 - Common Stock Repurchases (Details) [Line Items] | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | $100 | ' | ' | ' |
Stock Repurchase Program, Additional Authorized Amount | 50 | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | ' | 90.2 | 2 | 2 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | $59.80 | ' | ' |
Note_11_Common_Stock_Repurchas3
Note 11 - Common Stock Repurchases (Details) - Stock repurchase activities (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 |
Stock repurchase activities [Abstract] | ' |
Total number of Shares Purchased | 9,564 |
Average Price Paid Per Share (or Unit) (in Dollars per share) | $9.22 |
Amount Paid for Purchase (in Dollars) | $88,189 |
Repurchases for six months | 153 |
Repurchases for six months (in Dollars per share) | $13.07 |
Repurchases for six months (in Dollars) | 1,999 |
Total number of Shares Purchased | 9,717 |
Average Price Paid Per Share (or Unit) (in Dollars per share) | $9.28 |
Amount Paid for Purchase (in Dollars) | $90,188 |
Note_12_StockBased_Compensatio2
Note 12 - Stock-Based Compensation (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 15, 2010 | Sep. 29, 2013 | Jan. 31, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Mar. 31, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | |
Equity Incentive Plans [Member] | Equity Incentive Plans [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Executive Management Incentive Program [Member] | Executive Management Incentive Program [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Executives[Member] | Executives[Member] | ||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan Percentage Of Common Stock Purchase Price | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Based Compensation Equity Incentive Plan | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.30 | $10.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 1,053,500 | ' | ' | ' | 480,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | $4,710,000 | $1,521,000 | ' | ' | ' | $65,000 | $65,000 | $130,000 | $130,000 | ' | ' | $1,300,000 | $1,300,000 | ' | $470,000 | $112,000 | $522,000 | $224,000 | $148,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | 50,000 | 404,495 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | '3 years | ' |
Note_12_StockBased_Compensatio3
Note 12 - Stock-Based Compensation (Details) - Summary of ESPP Transactions (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 |
Summary of ESPP Transactions [Abstract] | ' |
Authorized to issue | 4,500 |
Reserved for future issuance | 1,386 |
Issued | 6 |
Issued (in Dollars per share) | $10.34 |
Note_12_StockBased_Compensatio4
Note 12 - Stock-Based Compensation (Details) - Summary of Stock Option Transactions (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Summary of Stock Option Transactions [Abstract] | ' | ' |
Options outstanding | ' | 6,212,333 |
Weighted Average Exercise Price of Options Outstanding (in Dollars per share) | ' | $7.48 |
Weighted Average Remaining Contractual Term of Options Outstanding | '5 years 36 days | '5 years 14 days |
Aggregate Intrinsic Value (in Dollars) | ' | $19,199 |
In the Money Options Vested and Exercisable | ' | 1,481,000 |
Granted | 1,053,500 | ' |
Granted (in Dollars per share) | $12.02 | ' |
Exercised | -394,025 | ' |
Exercised (in Dollars per share) | $7.16 | ' |
Forfeited | -485,360 | ' |
Forfeited (in Dollars per share) | $7.85 | ' |
Cancelled | -6,034 | ' |
Cancelled (in Dollars per share) | $9.21 | ' |
Vested and expected to vest, September 29, 2013 | 5,761,712 | ' |
Vested and expected to vest, September 29, 2013 (in Dollars per share) | $8.12 | ' |
Vested and expected to vest, September 29, 2013 | '5 years 3 days | ' |
Vested and expected to vest, September 29, 2013 (in Dollars) | 29,891 | ' |
Vested and exercisable, September 29, 2013 | 2,060,228 | ' |
Vested and exercisable, September 29, 2013 (in Dollars per share) | $7.39 | ' |
Vested and exercisable, September 29, 2013 | '3 years 229 days | ' |
Vested and exercisable, September 29, 2013 (in Dollars) | 12,204 | ' |
Options outstanding | 6,380,414 | ' |
Weighted Average Exercise Price of Options Outstanding (in Dollars per share) | $8.23 | ' |
Aggregate Intrinsic Value (in Dollars) | $32,414 | ' |
In the Money Options Vested and Exercisable | 1,974,000 | ' |
Note_12_StockBased_Compensatio5
Note 12 - Stock-Based Compensation (Details) - Options Exercised (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Options Exercised [Abstract] | ' | ' | ' | ' |
Intrinsic value of options exercised | $1,072 | $177 | $1,894 | $575 |
Note_12_StockBased_Compensatio6
Note 12 - Stock-Based Compensation (Details) - Summary of RSU Transactions (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 12 - Stock-Based Compensation (Details) - Summary of RSU Transactions [Line Items] | ' | ' |
Unvested at March 31, 2013 | ' | 732,204 |
Unvested at March 31, 2013 (in Dollars per share) | ' | $7.73 |
Unvested at March 31, 2013 | '1 year 284 days | '1 year 262 days |
Unvested at March 31, 2013 (in Dollars) | ' | $7,688 |
Unvested at September 29, 2013 | 800,295 | ' |
Unvested at September 29, 2013 (in Dollars per share) | $8.92 | ' |
Unvested at September 29, 2013 | '1 year 284 days | '1 year 262 days |
Unvested at September 29, 2013 (in Dollars) | 10,644 | ' |
Granted | 404,495 | ' |
Granted (in Dollars per share) | $11.55 | ' |
Issued and released | -305,738 | ' |
Issued and released (in Dollars per share) | $9.49 | ' |
Cancelled | -30,666 | ' |
Cancelled (in Dollars per share) | $9.47 | ' |
Vested and expected to vest, September 29, 2013 | 666,299 | ' |
Vested and expected to vest, September 29, 2013 | '1 year 259 days | ' |
Vested and expected to vest, September 29, 2013 (in Dollars) | $8,862 | ' |
Note_12_StockBased_Compensatio7
Note 12 - Stock-Based Compensation (Details) - Summary Stock-Based Compensation Expense Related to Stock Options and RSUs (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $3,623 | $1,347 | $4,710 | $1,521 |
Cost of Sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 212 | 129 | 354 | 114 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 689 | 236 | 829 | 109 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $2,722 | $982 | $3,527 | $1,298 |
Note_12_StockBased_Compensatio8
Note 12 - Stock-Based Compensation (Details) - Summary of Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Note 12 - Stock-Based Compensation (Details) - Summary of Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Total Stock-based compensation expense | $13,225 |
Employee Stock Option [Member] | ' |
Note 12 - Stock-Based Compensation (Details) - Summary of Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Options | 8,244 |
Options | '2 years 292 days |
RSUs | '2 years 292 days |
Restricted Stock Units (RSUs) [Member] | ' |
Note 12 - Stock-Based Compensation (Details) - Summary of Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Options | '2 years 146 days |
RSUs | $4,981 |
RSUs | '2 years 146 days |
Note_12_StockBased_Compensatio9
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' | ' | ' | ' |
Expected term of options (years) | '4 years 160 days | '4 years 6 months | ' | ' |
Risk-free interest rate | 1.12% | 0.50% | ' | ' |
Expected volatility | 33.00% | 41.00% | ' | ' |
Weighted average estimated fair value (in Dollars per share) | $3.70 | $2.68 | $3.49 | $2.72 |
Minimum [Member] | ' | ' | ' | ' |
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' | ' | ' | ' |
Expected term of options (years) | ' | ' | '4 years 146 days | '4 years 73 days |
Risk-free interest rate | ' | ' | 0.60% | 0.50% |
Expected volatility | ' | ' | 33.00% | 41.00% |
Maximum [Member] | ' | ' | ' | ' |
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' | ' | ' | ' |
Expected term of options (years) | ' | ' | '4 years 160 days | '4 years 6 months |
Risk-free interest rate | ' | ' | 1.12% | 0.60% |
Expected volatility | ' | ' | 35.00% | 42.00% |
Note_13_Lease_Financing_Obliga2
Note 13 - Lease Financing Obligations (Details) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 | Dec. 30, 2011 | Oct. 31, 2011 | Jun. 30, 2010 | Dec. 31, 2009 | Jul. 31, 2009 | Sep. 29, 2013 | Sep. 29, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | |||||||
Note 13 - Lease Financing Obligations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | $0.20 | $0.90 | $4.50 | $5.80 | $1 | $1.30 | $1.10 | ' | ' |
Capital Lease License Term | '29 months | '3 years | '3 years | '3 years | '3 years | '28 months | '3 years | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | 2.00% | 7.25% |
Note_13_Lease_Financing_Obliga3
Note 13 - Lease Financing Obligations (Details) - Amortization Expense Related to the Design Tools (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Note 13 - Lease Financing Obligations (Details) - Amortization Expense Related to the Design Tools [Line Items] | ' | ' | ' | ' |
Amortization expense | $2,098 | $858 | $3,448 | $1,777 |
Design Tools [Member] | ' | ' | ' | ' |
Note 13 - Lease Financing Obligations (Details) - Amortization Expense Related to the Design Tools [Line Items] | ' | ' | ' | ' |
Amortization expense | $884 | $946 | $1,750 | $1,841 |
Note_13_Lease_Financing_Obliga4
Note 13 - Lease Financing Obligations (Details) - Lease financing (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Lease financing [Abstract] | ' | ' |
2014 (6 months remaining) | $2,371 | ' |
2015 | 1,456 | ' |
2016 | 59 | ' |
2017 | 10 | ' |
2018 and thereafter | 6 | ' |
Total minimum lease payments | 3,902 | ' |
Less: amount representing interest | 180 | ' |
Present value of minimum lease payments | 3,722 | ' |
Less: short-term lease financing obligations | 3,266 | 3,189 |
Long-term lease financing obligations | $456 | ' |
Note_13_Lease_Financing_Obliga5
Note 13 - Lease Financing Obligations (Details) - Summary of Interest Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Note 13 - Lease Financing Obligations (Details) - Summary of Interest Expense [Line Items] | ' | ' | ' | ' |
Interest expense | $41 | $38 | $78 | $72 |
Design Tools [Member] | ' | ' | ' | ' |
Note 13 - Lease Financing Obligations (Details) - Summary of Interest Expense [Line Items] | ' | ' | ' | ' |
Interest expense | $39 | $38 | $76 | $72 |
Note_13_Lease_Financing_Obliga6
Note 13 - Lease Financing Obligations (Details) - Summary of Rent Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Summary of Rent Expense [Abstract] | ' | ' | ' | ' |
Rent expense | $233 | $174 | $429 | $307 |
Note_13_Lease_Financing_Obliga7
Note 13 - Lease Financing Obligations (Details) - Operating lease (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Operating lease [Abstract] | ' |
2014 (6 months remaining) | $395 |
2015 | 540 |
2016 | 452 |
2017 | 141 |
2018 and thereafter | 18 |
Total minimum lease payments | $1,546 |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | Sep. 29, 2013 | Mar. 31, 2013 | Apr. 01, 2012 |
In Thousands, unless otherwise specified | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Product Warranty Accrual | $1,407 | $50 | $90 |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Outstanding Liabilities for Remediation Activities, Net of Payments (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Outstanding Liabilities for Remediation Activities, Net of Payments [Abstract] | ' | ' |
Liabilities for remediation activities | $31 | $76 |
Note_14_Commitments_and_Contin4
Note 14 - Commitments and Contingencies (Details) - Warranty Reserve Balance (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 |
Warranty Reserve Balance [Abstract] | ' | ' |
Beginning balance | $50 | $90 |
Provisions for warranties issued | 1,357 | ' |
Settlements/adjustments | ' | -40 |
Ending balance | $1,407 | $50 |
Note_15_Legal_Proceedings_Deta
Note 15 - Legal Proceedings (Details) (EUR €) | 6 Months Ended |
Sep. 29, 2013 | |
Former Employee #1 [Member] | ' |
Note 15 - Legal Proceedings (Details) [Line Items] | ' |
Loss Contingency, Damages Sought, Value | € 690,830 |
Former Employee #2 [Member] | ' |
Note 15 - Legal Proceedings (Details) [Line Items] | ' |
Loss Contingency, Damages Sought, Value | € 511,951 |
Note_16_Income_Taxes_Details
Note 16 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ($6,767,000) | $0 | ($6,776,000) | $22,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | -13,000 | ' | -31,000 | ' |
Unrecognized Tax Benefits | 15,400,000 | ' | 15,400,000 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $12,900,000 | ' | $12,900,000 | ' |
Minimum [Member] | ' | ' | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Open Tax Year | '2003 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Open Tax Year | '2012 | ' | ' | ' |
Note_16_Income_Taxes_Details_E
Note 16 - Income Taxes (Details) - Estimated Interest and Penalties Related to the Underpayment of Income Taxes (USD $) | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Interest and Penalties Related to the Underpayment of Income Taxes [Abstract] | ' | ' |
Accrued interest and penalties | $249 | $228 |
Note_17_Segment_and_Geographic2
Note 17 - Segment and Geographic Information (Details) | 6 Months Ended |
Sep. 29, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |
Number of Operating Segments | 1 |
Percent of Accounts Receivable | 10.00% |
Note_17_Segment_and_Geographic3
Note 17 - Segment and Geographic Information (Details) - Net Sales by End Market (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $34,018 | $30,622 | $66,645 | $59,873 |
Industrial And Embedded Systems [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 17,943 | 15,923 | 34,441 | 32,011 |
Networking And Storage [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 10,273 | 7,656 | 20,180 | 14,091 |
Communications Infrastructure [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 5,697 | 6,737 | 11,673 | 13,465 |
Other Markets [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $105 | $306 | $351 | $306 |
Note_17_Segment_and_Geographic4
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | $34,018 | $30,622 | $66,645 | $59,873 |
United States [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 11,572 | 8,083 | 22,040 | 14,276 |
China [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 11,341 | 10,720 | 22,294 | 20,709 |
Singapore [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 3,534 | 3,280 | 6,930 | 7,316 |
Germany [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 2,888 | 3,165 | 5,668 | 6,203 |
Japan [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 1,613 | 1,387 | 2,839 | 2,868 |
Europe (excluding Germany) [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 836 | 1,438 | 1,525 | 2,543 |
Rest Of World [Member] | ' | ' | ' | ' |
Note 17 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | $2,234 | $2,549 | $5,349 | $5,958 |
Note_17_Segment_and_Geographic5
Note 17 - Segment and Geographic Information (Details) - Major Distributors and Customer of Net Revenue (Net Revenue [Member]) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Distributor A [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net Revenue | 27.00% | 30.00% | 27.00% | 32.00% |
Distributor B [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net Revenue | 26.00% | 11.00% | 24.00% | 10.00% |
Distributor C [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net Revenue | 11.00% | 10.00% | 11.00% | 10.00% |
Note_17_Segment_and_Geographic6
Note 17 - Segment and Geographic Information (Details) - Major Distributors of Net Account Receivables (Net Accounts Receivable [Member]) | 6 Months Ended | 12 Months Ended | |
Sep. 29, 2013 | Mar. 31, 2013 | ||
Distributor A [Member] | ' | ' | |
Note 17 - Segment and Geographic Information (Details) - Major Distributors of Net Account Receivables [Line Items] | ' | ' | |
Net Accounts Receivable | 16.00% | 21.00% | |
Distributor B [Member] | ' | ' | |
Note 17 - Segment and Geographic Information (Details) - Major Distributors of Net Account Receivables [Line Items] | ' | ' | |
Net Accounts Receivable | 39.00% | 20.00% | |
Distributor D [Member] | ' | ' | |
Note 17 - Segment and Geographic Information (Details) - Major Distributors of Net Account Receivables [Line Items] | ' | ' | |
Net Accounts Receivable | ' | [1] | 11.00% |
[1] | Accounts receivable for this distributor for this period were less than 10% of total account balance |
Note_18_Assets_Held_For_Sale_D
Note 18 - Assets Held For Sale (Details) - Related Assets Reclassified as Held for Sale (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held For Sale | $13,083 |
Land [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held For Sale | 6,660 |
Building [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held For Sale | $6,423 |