Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Sep. 28, 2014 | Nov. 04, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Exar Corporation | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--03-29 | ' |
Entity Common Stock, Shares Outstanding | ' | 47,075,018 |
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 | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $78,377 | $14,614 |
Restricted cash | 26,000 | ' |
Short-term marketable securities | ' | 152,420 |
Accounts receivable (net of allowances of $1,273 and $1,178) | 25,828 | 15,023 |
Accounts receivable, related party (net of allowances of $613 and $608) | 2,108 | 3,309 |
Inventories | 31,223 | 28,982 |
Other current assets | 5,323 | 3,549 |
Total current assets | 168,859 | 217,897 |
Property, plant and equipment, net | 17,212 | 21,280 |
Goodwill | 45,106 | 30,410 |
Intangible assets, net | 93,136 | 31,390 |
Other non-current assets | 1,408 | 1,240 |
Total assets | 325,721 | 302,217 |
Current liabilities: | ' | ' |
Accounts payable | 17,737 | 15,488 |
Accrued compensation and related benefits | 5,175 | 4,174 |
Deferred income and allowances on sales to distributors | 4,052 | 1,765 |
Deferred income and allowances on sales to distributors, related party | 10,342 | 9,349 |
Short-term debt financing | 26,000 | ' |
Liability for acquisition of non-controlling interests | 18,883 | ' |
Other current liabilities | 14,798 | 11,370 |
Total current liabilities | 96,987 | 42,146 |
Long-term lease financing obligations | 19 | 70 |
Other non-current obligations | 5,476 | 6,626 |
Total liabilities | 102,482 | 48,842 |
Commitments and contingencies (Notes 14, 15 and 16) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $.0001 par value; 100,000,000 shares authorized; 47,091,877 and 47,336,005 shares outstanding | 5 | 5 |
Additional paid-in capital | 512,384 | 508,116 |
Accumulated other comprehensive loss | -25 | -1,079 |
Accumulated deficit | -289,125 | -253,667 |
Total stockholders' equity | 223,239 | 253,375 |
Total liabilities and stockholders’ equity | $325,721 | $302,217 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $1,273 | $1,178 |
Common stock par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 47,091,877 | 47,336,005 |
Related Party [Member] | ' | ' |
Accounts receivable, allowances | $613 | $608 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Sales: | ' | ' | ' | ' |
Net sales | $34,369 | $24,978 | $56,067 | $48,836 |
Net sales, related party | 8,790 | 9,040 | 17,811 | 17,809 |
Total net sales | 43,159 | 34,018 | 73,878 | 66,645 |
Cost of sales: | ' | ' | ' | ' |
Cost of sales | 19,747 | 12,371 | 32,100 | 24,183 |
Cost of sales, related party | 3,471 | 4,156 | 7,309 | 8,063 |
Amortization of purchased intangible assets and inventory step-up | 3,137 | 2,098 | 6,682 | 3,448 |
Impairment of Intangibles | 12,300 | ' | 12,284 | ' |
Warranty Reserve | ' | 1,440 | ' | 1,440 |
Restructuring charges and exit costs | 6,600 | 400 | 7,000 | 1,400 |
Total cost of sales | 39,027 | 20,089 | 58,790 | 37,239 |
Gross profit | 4,132 | 13,929 | 15,088 | 29,406 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 10,369 | 7,136 | 18,612 | 13,316 |
Selling, general and administrative | 11,597 | 9,376 | 21,674 | 16,730 |
Merger and acquisition costs | 2,726 | 144 | 6,776 | 609 |
Net change in fair value of contingent consideration | -3,912 | -2,495 | -4,343 | -2,495 |
Total operating expenses | 26,962 | 14,545 | 49,270 | 29,475 |
Loss from operations | -22,830 | -616 | -34,182 | -69 |
Other income and expense, net: | ' | ' | ' | ' |
Interest income and other, net | 177 | 372 | 467 | 659 |
Interest expense | -494 | -41 | -980 | -78 |
Total other income and expense, net | -317 | 331 | -513 | 581 |
Income (Loss) before income taxes | -23,147 | -285 | -34,695 | 512 |
(Benefit) Provision for income taxes | 107 | -6,767 | 799 | -6,776 |
Net income (loss) | -23,254 | 6,482 | -35,494 | 7,288 |
Less: Net income (loss) attributable to non-controlling interests | 98 | 0 | -37 | 0 |
Net income (loss) attributable to Exar Corporation | -23,352 | 6,482 | -35,457 | 7,288 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.50) | $0.14 | ($0.75) | $0.15 |
Diluted (in Dollars per share) | ($0.50) | $0.13 | ($0.75) | $0.15 |
Shares used in the computation of net income (loss) per share: | ' | ' | ' | ' |
Basic (in Shares) | 47,139 | 47,496 | 47,188 | 47,151 |
Diluted (in Shares) | 47,139 | 49,150 | 47,188 | 48,647 |
Cost of Sales [Member] | ' | ' | ' | ' |
Cost of sales: | ' | ' | ' | ' |
Impairment of Intangibles | 8,367 | ' | 8,367 | ' |
Restructuring charges and exit costs | 4,305 | 24 | 4,332 | 105 |
Operating Expense [Member] | ' | ' | ' | ' |
Cost of sales: | ' | ' | ' | ' |
Impairment of Intangibles | 3,917 | ' | 3,917 | ' |
Restructuring charges and exit costs | $2,265 | $384 | $2,634 | $1,315 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Net income (loss) | ($23,254) | $6,482 | ($35,494) | $7,288 |
Changes in market value of investments: | ' | ' | ' | ' |
Changes in unrealized loss | ' | 166 | 199 | -418 |
Reclassification adjustment for net realized gains (losses) | ' | 33 | 26 | -26 |
Release of tax provision for unrealized gains | ' | 0 | 828 | 0 |
Net change in market value of investments | ' | 199 | 1,053 | -444 |
Comprehensive income (loss) | -23,254 | 6,681 | -34,441 | 6,844 |
Less: comprehensive income (loss) attributable to non-controlling interests | 98 | 0 | -37 | 0 |
Comprehensive income (loss) attributable to Exar Corporation | ($23,352) | $6,681 | ($34,404) | $6,844 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($35,494) | $7,288 |
Reconciliation of net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 8,570 | 6,171 |
Impairment of Intangibles | 12,284 | ' |
Restructuring charges and exit costs | 6,966 | ' |
Stock-based compensation expense | 6,727 | 4,710 |
Release of deferred tax valuation allowance | 828 | -6,770 |
Net change in fair value of contingent consideration | -4,343 | -2,495 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ' | ' |
Accounts receivable and accounts receivable, related party | 492 | -4,230 |
Inventories | -573 | 1,345 |
Other current and non-current assets | -1,025 | -427 |
Accounts payable | -2,469 | 2,807 |
Accrued compensation and related benefits | -1,339 | 77 |
Other current and non-current liabilities | -4,001 | -3,256 |
Deferred income and allowance to distributors including related party | 3,280 | -668 |
Net cash provided by (used in) operating activities | -10,097 | 4,552 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment and intellectual property, net | -656 | -749 |
Purchases of short-term marketable securities | -9,296 | -116,589 |
Proceeds from maturities of short-term marketable securities | 3,997 | 18,589 |
Proceeds from sales of short-term marketable securities | 158,412 | 113,618 |
Restricted cash | -26,000 | 0 |
Other disposal activities | ' | 125 |
Net cash provided by (used in) investing activities | 53,798 | -8,117 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 2,542 | 2,897 |
Purchase of stock for withholding taxes on vested restricted stock | -611 | -1,018 |
Proceeds from issuance of debt | 91,000 | 0 |
Repayment of debt | -65,000 | 0 |
Repurchase of common stock | -6,864 | -1,999 |
Payments of lease financing obligations | -1,005 | -982 |
Net cash provided by (used in) financing activities | 20,062 | -1,102 |
Net increase (decrease) in cash and cash equivalents | 63,763 | -4,667 |
Cash and cash equivalents at the beginning of period | 14,614 | 14,718 |
Cash and cash equivalents at the end of period | 78,377 | 10,051 |
Supplemental disclosure of cash flow and non-cash information: | ' | ' |
Cash paid for income tax | 62 | 66 |
Cash paid for (received from) interest | -466 | 78 |
Release of restricted stock upon vesting | 408 | 0 |
Integrated Memory Logic Limited [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Acquisition of Integrated Memory Logic, net of cash acquired | -72,659 | 0 |
Supplemental disclosure of cash flow and non-cash information: | ' | ' |
Reclassification of non-controlling interest as liability upon close of iML acquisition | 18883.00% | ' |
Cadeka Microcircuits [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Acquisition of Integrated Memory Logic, net of cash acquired | ' | -23,111 |
Supplemental disclosure of cash flow and non-cash information: | ' | ' |
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. 28, 2014 | |
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 integrated circuits and system solutions for the High-End Consumer, Industrial & Embedded Systems, and Infrastructure markets. Exar's broad product portfolio includes analog, display, LED lighting, mixed-signal, power management, connectivity, data management, and video processing 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 30, 2014 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 28, 2014 and our results of operations for the three and six months ended September 28, 2014 and September 29, 2013, respectively. These condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year ending March 29, 2015. | |
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 2015 and 2014 both consist of 52 weeks. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Sep. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standard Board (“FASB”) issued a new standard, Revenue from Contracts with Customers, to clarify the principles for recognizing revenue to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”) that would (1) provide a more robust framework for addressing revenue recognition; (2) improve comparability of revenue recognition practice across entities, industries, jurisdictions, and capital markets; and (3) provide more useful information to users of financial statements through improved disclosure requirements. This standard is effective for annual reporting periods beginning after December 15, 2016. Exar is currently evaluating the effect adoption of this standard will have, if any, on our consolidated financial position, results of operations or cash flows. | |
In June 2014, the FASB issued amended standards to provide explicit guidance on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. Under the amended standards, a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition and therefore, should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. These standards are effective for annual reporting periods beginning after December 15, 2015. Exar is currently evaluating the effect of adoption of this standard will have, if any, on our consolidated financial position, results of operations or cash flows. | |
In August 2014, the FASB issued amended standards to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). These standards are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Exar does not expect the adoption of this guidance will have a material impact on our consolidated financial position, results of operations or cash flows. |
Note_3_Business_Combinations
Note 3 - Business Combinations | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
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 non-controlling 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 for 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 Integrated Memory Logic | |||||||||||||||||
On June 3, 2014, we acquired approximately 92% of outstanding shares of Integrated Memory Logic Limited (“iML”), a leading provider of analog mixed-signal solutions for the flat panel display market. On September 15, 2014, we completed the acquisition through a second-step merger to acquire all of the remaining outstanding shares of iML. The iML acquisition supports Exar's strategy of building a large scale diversified analog mixed-signal business. iML’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our condensed consolidated financial statements beginning June 4, 2014. | |||||||||||||||||
Consideration | |||||||||||||||||
In June 2014, we acquired approximately 92% of iML’s outstanding shares for $206.4 million in cash. In September 2014, we acquired the remaining 8% of iML outstanding shares for $18.9 million, which was paid subsequent to the quarter ended September 28, 2014. Additionally, as required under the terms of the merger agreement, we assumed and converted iML’s employees’ then outstanding options into options to purchase 1.5 million shares of Exar’s common stock. The fair value of pre-merger vested options of $3.8 million was recorded as purchase consideration. | |||||||||||||||||
In accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations, the acquisition of iML’s outstanding shares was recorded as a purchase business acquisition since iML was considered a business. Under the purchase method of accounting, the fair value of the consideration was allocated to net assets acquired. 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 of 16.9%. 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 $14.7 million. Goodwill is primarily from expected synergies resulting from combining the operations of iML with that of Exar and is not deductible for tax purposes. | |||||||||||||||||
The summary of the purchase consideration is as follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Cash | $ | 206,411 | |||||||||||||||
Consideration for the acquisition of non-controlling interests | 17,872 | ||||||||||||||||
Fair value of assumed iML employee options | 3,835 | ||||||||||||||||
Total purchase price | $ | 228,118 | |||||||||||||||
Preliminary Purchase Price Allocation | |||||||||||||||||
The allocation of the total preliminary purchase price to iML’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 iML acquisition was as follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Identifiable tangible assets (liabilities) | |||||||||||||||||
Cash | $ | 133,752 | |||||||||||||||
Accounts receivable | 10,096 | ||||||||||||||||
Inventories | 3,950 | ||||||||||||||||
Other current assets | 727 | ||||||||||||||||
Property, plant and equipment | 480 | ||||||||||||||||
Other assets | 308 | ||||||||||||||||
Current liabilities | (12,356 | ) | |||||||||||||||
Long-term liabilities | (3,595 | ) | |||||||||||||||
Total identifiable tangible assets (liabilities), net | 133,362 | ||||||||||||||||
Identifiable intangible assets | 80,060 | ||||||||||||||||
Total identifiable assets, net | 213,422 | ||||||||||||||||
Goodwill | 14,696 | ||||||||||||||||
Fair value of total consideration transferred | $ | 228,118 | |||||||||||||||
The following table sets forth the components of identifiable intangible assets acquired in connection with the iML acquisition (in thousands): | |||||||||||||||||
Fair Value | |||||||||||||||||
Developed technologies | $ | 55,780 | |||||||||||||||
In-process research and development | 8,100 | ||||||||||||||||
Customer relationships | 15,060 | ||||||||||||||||
Trade names | 1,120 | ||||||||||||||||
Total identifiable intangible assets | $ | 80,060 | |||||||||||||||
In valuing specific components of the acquisition, that includes deferred taxes, and intangibles, we were required 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 iML are included in the merger and acquisition costs and interest expense line on the condensed consolidated statement of operations for the three and six months ended September 28, 2014 and were approximately $3.0 and $7.2 million, respectively. | |||||||||||||||||
Unaudited Pro Forma Financial Information | |||||||||||||||||
The following unaudited pro forma condensed financial information presents the combined results of operations of Exar and iML as if the acquisition was completed as of April 1, 2013, (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 43,322 | $ | 49,124 | $ | 84,608 | $ | 98,301 | |||||||||
Net income (loss) | $ | (19,751 | ) | $ | 6,062 | $ | (27,426 | ) | $ | 5,340 | |||||||
Earnings (loss) per share | |||||||||||||||||
Basic | $ | (0.42 | ) | $ | 0.13 | $ | (0.58 | ) | $ | 0.11 | |||||||
Diluted | $ | (0.42 | ) | $ | 0.12 | $ | (0.58 | ) | $ | 0.11 | |||||||
Three Months EndedSeptember 28, 2014 Compared with Three Months Ended September 29, 2013 | |||||||||||||||||
The pro forma financial information includes (1) amortization charges from acquired intangible assets of $0 and $2.4 million, respectively; (2) the estimated stock-based compensation expense related to the stock options assumed of $0.1 million and $0.5 million, respectively; (3) the elimination of historical intangible assets of $0 and $0.1 million, respectively; (4) the elimination of historical stock-based compensation charges recorded by iML of $0.2 million and $0.4 million, respectively, as a result of the cancellation of all outstanding options on the acquisition date; (5) the elimination of acquisition related costs of $3.0 million and $0, respectively; and (6) the related tax provision of $0.4 million and $0.3 million, respectively. | |||||||||||||||||
Six Months Ended September 28, 2014 Compared with Three Months Ended September 29, 2013 | |||||||||||||||||
The pro forma financial information includes (1) amortization charges from acquired intangible assets of $2.4 million and $4.9 million, respectively; (2) the estimated stock-based compensation expense related to the stock options assumed of $0.3 million and $0.6 million, respectively; (3) the elimination of historical intangible assets of $0.1 million and $0.2 million, respectively; (4) the elimination of historical stock-based compensation charges recorded by iML of $0.4 million and $0.1 million, respectively, as a result of the cancellation of all outstanding options on the acquisition date; (5) the elimination of acquisition related costs of $11.2 million and $0, respectively; and (6) the related tax provision of $0.6 million and tax benefit $0.6 million, respectively. | |||||||||||||||||
The unaudited pro forma condensed financial information is not intended to represent or be indicative of the condensed results of operations of Exar that would have been reported had the acquisition been completed as of the beginning of the periods presented, and should not be taken as representative of the future consolidated results of operations of Exar. | |||||||||||||||||
Acquisition of Stretch | |||||||||||||||||
On January 14, 2014, we completed the acquisition of Stretch, Inc. (“Stretch”), a provider of software configurable processors supporting the video surveillance market previously located in Sunnyvale, California. The transaction provides Exar with the technology to deliver an end-to-end high-definition solution for both digital and analog transmission of data from the camera to the DVR or NVR in surveillance applications. Stretch’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our condensed consolidated financial statements beginning January 14, 2014. | |||||||||||||||||
In accordance with ASC 805, Business Combinations, the total consideration paid for Stretch was first allocated to the net tangible liabilities assumed based on the estimated fair values of the assets and liabilities at the acquisition date. The excess of the fair value of the consideration paid over the fair value of Stretch’s net tangible liabilities assumed and identifiable intangible assets acquired resulted in the recognition of goodwill of $0.7 million primarily related to expected synergies to be achieved in connection with the acquisition. The goodwill is deductible over 15 years for tax purposes. | |||||||||||||||||
The table below shows the allocation of the purchase price to tangible and intangible assets acquired and liabilities assumed (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Tangible assets | $ | 2,937 | |||||||||||||||
Intangible assets | 7,010 | ||||||||||||||||
Goodwill | 667 | ||||||||||||||||
Liabilities assumed | (10,604 | ) | |||||||||||||||
Fair value of total consideration transferred | $ | 10 | |||||||||||||||
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 5, 2013. The pro forma effects of the portion of the Cadeka operations assumed through the transaction on our results of operations during fiscal 2014 were considered immaterial. | |||||||||||||||||
In accordance with ASC 805, Business Combinations, the total consideration paid for Cadeka was first allocated to the net tangible liabilities assumed based on the estimated fair values of the assets and liabilities at the acquisition date. The excess of the fair value of the consideration paid over the fair value of Cadeka’s net tangible liabilities assumed and identifiable intangible assets acquired resulted in the recognition of goodwill of $19.4 million primarily related to expected synergies from combining the operations of Cadeka with that of Exar and the release of deferred tax liabilities. The goodwill is not expected to be tax deductible. | |||||||||||||||||
The table below shows the allocation of the purchase price to tangible and intangible assets acquired and liabilities assumed (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Tangible assets | $ | 3,286 | |||||||||||||||
Intangible assets | 20,380 | ||||||||||||||||
Goodwill | 19,387 | ||||||||||||||||
Liabilities assumed | (8,216 | ) | |||||||||||||||
Fair value of total consideration transferred | $ | 34,837 | |||||||||||||||
Note_4_Balance_Sheet_Details
Note 4 - Balance Sheet Details | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||
NOTE 4. BALANCE SHEET DETAILS | |||||||||
Our inventories consisted of the following as of the dates indicated (in thousands): | |||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Work-in-process and raw materials | $ | 18,403 | $ | 13,555 | |||||
Finished goods | 12,820 | 15,427 | |||||||
Total inventories | $ | 31,223 | $ | 28,982 | |||||
Our property, plant and equipment consisted of the following as of the dates indicated below (in thousands): | |||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Land | $ | 6,660 | $ | 6,660 | |||||
Building | 17,284 | 16,787 | |||||||
Machinery and equipment | 41,064 | 40,675 | |||||||
Software and licenses | 17,836 | 17,549 | |||||||
Property, plant and equipment, total | 82,844 | 81,671 | |||||||
Accumulated depreciation and amortization | (65,632 | ) | (60,391 | ) | |||||
Total property, plant and equipment, net | $ | 17,212 | $ | 21,280 | |||||
Our other current liabilities consisted of the following as of the dates indicated (in thousands): | |||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Accrued restructuring charges and exit costs | 2,585 | 2,214 | |||||||
Accrued retention bonus | 1,832 | — | |||||||
Accrued income tax | 1,760 | 74 | |||||||
Short-term lease financing obligations | 1,717 | 2,671 | |||||||
Accrued manufacturing expenses, royalties and licenses | 1,587 | 1,639 | |||||||
Purchase consideration holdback | 1,006 | 1,256 | |||||||
Accrued legal and professional services | 827 | 1,453 | |||||||
Other | 3,484 | 2,063 | |||||||
Total other current liabilities | $ | 14,798 | $ | 11,370 | |||||
Our other non-current obligations consisted of the following (in thousands) as of the dates indicated: | |||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Long-term taxes payable | $ | 4,338 | $ | 794 | |||||
Deferred tax liability | 1,057 | 614 | |||||||
Accrued restructuring charges and exit costs | 62 | 155 | |||||||
Fair value of earn out liability – long-term | — | 3,853 | |||||||
Accrued retention bonus | — | 1,181 | |||||||
Other | 19 | 29 | |||||||
Total other non-current obligations | $ | 5,476 | $ | 6,626 | |||||
Note_5_Fair_Value
Note 5 - Fair Value | 6 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||
NOTE 5. 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 Inc. (“Altior”) and Cadeka are classified within Level 3 of the fair value hierarchy since it is based on a probability-based approach that includes significant unobservable inputs. Due to a significant decrease in revenue projections during the quarter ended September 28, 2014, we reversed $3.9 million of contingent consideration as the payment of such consideration was no longer probable. The fair value of the contingent consideration from the acquisitions of Altior and Cadeka was fully released as of September 28, 2014. | |||||||||||||||||||||||||
We received approximately 93,000 common shares of CounterPath Corporation (“CounterPath”) through the dissolution of Skypoint in which we were a limited partner since 2001. CounterPath was one of the investee companies of Skypoint. We estimated the fair value using the market value of common shares as determined by trading on the Nasdaq Capital Market. These securities have been classified to Level 2 as of September 28, 2014 and recorded in the other non-current assets line item on the condensed consolidated balance sheet. We believe the fair value inputs of CounterPath do not meet all of the criteria for Level 1 classification primarily due to the low trading volume of the stock. See Note 7–“Long-term Investments” for the discussion on Skypoint. | |||||||||||||||||||||||||
There were no transfers between Level 1, Level 2, and Level 3 during the fiscal quarter ended September 28, 2014. | |||||||||||||||||||||||||
The following table summarizes our other investments assets and liabilities as September 28, 2014 (in thousands): | |||||||||||||||||||||||||
28-Sep-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 2,000 | $ | — | $ | — | $ | 2,000 | |||||||||||||||||
Common shares of CounterPath | — | 92 | — | 92 | |||||||||||||||||||||
Total investment assets | $ | 2,000 | $ | 92 | $ | — | $ | 2,092 | |||||||||||||||||
As of March 30, 2014, our investment assets and liabilities, measured at fair value on a recurring basis, were as follows (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 9,378 | 13,134 | — | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 5 | 71,248 | — | 71,253 | |||||||||||||||||||||
Asset-backed securities | — | 27,635 | — | 27,635 | |||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | — | 28,248 | |||||||||||||||||||||
Total investment assets | $ | 14,019 | $ | 143,037 | $ | — | $ | 157,056 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 2,973 | $ | 2,973 | |||||||||||||||||
Acquisition-related contingent consideration – Cadeka | — | — | 1,370 | 1,370 | |||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 4,343 | $ | 4,343 | |||||||||||||||||
Our cash, cash equivalents and short-term marketable securities as of the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||
September 28, | March 30, | ||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Cash at financial institutions | $ | 76,377 | $ | 9,978 | |||||||||||||||||||||
Restricted cash | 26,000 | — | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||
Money market funds | 2,000 | 4,636 | |||||||||||||||||||||||
Total cash and cash equivalents | $ | 104,377 | $ | 14,614 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
U.S. government and agency securities | $ | — | $ | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | |||||||||||||||||||||||
Corporate bonds and securities | — | 71,253 | |||||||||||||||||||||||
Asset-backed securities | — | 27,635 | |||||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | |||||||||||||||||||||||
Total short-term marketable securities | $ | — | $ | 152,420 | |||||||||||||||||||||
Our marketable securities include U.S. government and agency securities, state and local government securities, corporate bonds and securities, asset-backed and mortgage-backed securities and certificates of deposit. 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. As of September 28, 2014, $26.0 million of short-term certificate deposit was used as collateral against our CTBC Bank Corporation (USA) (“CTBC”) bridge loan and classified as restricted cash. See Note 9-“Short-term Debt”. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Gross realized gains | $ | — | $ | 164 | $ | 264 | $ | 382 | |||||||||||||||||
Gross realized losses | — | (131 | ) | (238 | ) | (408 | ) | ||||||||||||||||||
Net realized income (losses) | $ | — | $ | 33 | $ | 26 | $ | (26 | ) | ||||||||||||||||
We did not have any unrealized gain (loss) as of September 28, 2014. | |||||||||||||||||||||||||
The following table summarizes our investments in marketable securities as of March 30, 2014 (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gross | Gross | |||||||||||||||||||||||
Gains (1) | Losses (1) | ||||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 22,550 | 1 | (39 | ) | 22,512 | ||||||||||||||||||||
State and local government securities | 2,762 | 10 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 71,309 | 32 | (88 | ) | 71,253 | ||||||||||||||||||||
Asset-backed securities | 27,661 | 22 | (48 | ) | 27,635 | ||||||||||||||||||||
Mortgage-backed securities | 28,362 | 24 | (138 | ) | 28,248 | ||||||||||||||||||||
Total investments | $ | 157,280 | $ | 89 | $ | (313 | ) | $ | 157,056 | ||||||||||||||||
-1 | Gross of tax impact of $828 | ||||||||||||||||||||||||
Our asset-backed securities as of March 31, 2014 were comprised primarily of premium tranches of vehicle loans and credit card receivables, while our mortgage-backed securities are primarily from Federal agencies. We did not own auction rate securities nor did we own securities that were classified as subprime. | |||||||||||||||||||||||||
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 the period presented, is included in the interest income and other, net line in the condensed 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. | |||||||||||||||||||||||||
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 28, 2014, no investments were identified with other-than-temporary declines in value. All investments were redeemed in the first quarter of fiscal 2015. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of cash equivalents and marketable securities classified as available-for-sale by expected maturity as of March 30, 2014 (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
Less than 1 year | $ | 49,539 | $ | 49,504 | |||||||||||||||||||||
Due in 1 to 5 years | 107,741 | 107,552 | |||||||||||||||||||||||
Total | $ | 157,280 | $ | 157,056 | |||||||||||||||||||||
The following table summarizes the gross unrealized losses and fair values of our investments in an unrealized loss position as of March 30, 2014, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
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 | $ | 18,245 | $ | (39 | ) | $ | — | $ | — | $ | 18,245 | $ | (39 | ) | |||||||||||
Corporate bonds and securities | 48,379 | (87 | ) | 596 | (1 | ) | 48,975 | (88 | ) | ||||||||||||||||
Asset-backed securities | 7,118 | (12 | ) | 5,478 | (36 | ) | 12,596 | (48 | ) | ||||||||||||||||
Mortgage-backed securities | 19,682 | (120 | ) | 983 | (18 | ) | 20,665 | (138 | ) | ||||||||||||||||
Total | $ | 93,424 | $ | (258 | ) | $ | 7,057 | $ | (55 | ) | $ | 100,481 | $ | (313 | ) | ||||||||||
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. We calculate the fair value of the contingent consideration on a quarterly basis based on a collaborative effort of our operations and financial accounting groups based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. | |||||||||||||||||||||||||
During the three months ended September 28, 2014, we measured the fair value of the contingent consideration liabilities for Altior and Cadeka acquisition based on a combination of income and market approach. Due to the significant decrease in revenue projection with the period in which such contingent consideration could be earned, we determined that the probability of revenue target achievement was highly unlikely. As a result, the fair value of the contingent consideration liabilities was reduced to zero. | |||||||||||||||||||||||||
The change in the fair value of our Altior purchase consideration liability is as follows (in thousands): | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of March 30, 2014 | $ | 2,973 | |||||||||||||||||||||||
Fair value adjustment | (2,973 | ) | |||||||||||||||||||||||
As of September 28, 2014 | $ | — | |||||||||||||||||||||||
The change in the fair value of our Cadeka purchase consideration liability is as follows (in thousands): | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of March 30, 2014 | $ | 1,370 | |||||||||||||||||||||||
Fair value adjustment | (1,370 | ) | |||||||||||||||||||||||
As of September 28, 2014 | $ | — | |||||||||||||||||||||||
Note_6_Goodwill_and_Intangible
Note 6 - Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
NOTE 6. 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 single operating segment and one chief operating decision maker, our President and Chief Executive Officer (“CEO”), we utilize an entity-wide approach to assess goodwill for impairment. As of September 28, 2014, 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 the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||||||
September 28, | March 30, | ||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||
Beginning balance | $ | 30,410 | $ | 10,356 | |||||||||||||||||||||||||
Goodwill additions | 14,696 | 20,054 | |||||||||||||||||||||||||||
Ending balance | $ | 45,106 | $ | 30,410 | |||||||||||||||||||||||||
Goodwill additions during the six months ended September 28, 2014 consisted of $14.7 million residual allocation from the iML acquisition purchase price accounting. The goodwill additions during fiscal 2014 consist of $19.4 million and $0.7 million residual allocation from the Cadeka and Stretch acquisition purchase price accounting, respectively. | |||||||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||||
Our purchased intangible assets as of the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||||||
28-Sep-14 | 30-Mar-14 | ||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Impairment charge | Net Carrying Amount | Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||
Existing technology | $ | 118,794 | $ | (42,268 | ) | $ | (9,134 | ) | $ | 67,392 | $ | 63,043 | $ | (37,510 | ) | $ | 25,533 | ||||||||||||
Customer relationships | 15,165 | (3,600 | ) | (870 | ) | 10,695 | 6,095 | (2,762 | ) | 3,333 | |||||||||||||||||||
Distributor relationships | 7,254 | (1,536 | ) | — | 5,718 | 1,264 | (1,260 | ) | 4 | ||||||||||||||||||||
Patents/Core technology | 3,459 | (3,412 | ) | — | 47 | 3,459 | (3,378 | ) | 81 | ||||||||||||||||||||
Trade names | 1,330 | (146 | ) | — | 1,184 | 210 | (51 | ) | 159 | ||||||||||||||||||||
Total intangible assets subject to amortization | 146,002 | (50,962 | ) | (10,004 | ) | 85,036 | 74,071 | (44,961 | ) | 29,110 | |||||||||||||||||||
In-process research and development | 10,380 | — | (2,280 | ) | 8,100 | 2,280 | — | 2,280 | |||||||||||||||||||||
Total | $ | 156,382 | (50,962 | ) | (12,284 | ) | 93,136 | 76,351 | (44,961 | ) | 31,390 | ||||||||||||||||||
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. Customer relationships are amortized over five to seven years on an accelerated basis. Distributor relationships are amortized over six to seven years. Patents/core technology is amortized over five to six years. Trade names are amortized over three to six years. We expect the amortization of IPR&D to start in late fiscal 2015. 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 business circumstances indicate that the carrying amount of the assets (or asset group) may not be fully recoverable. Whenever events or changes in circumstances suggest that the carrying amount of long-lived assets may not be recoverable, we estimate the future cash flows expected to be generated by the assets (or asset group) from its use or eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Significant management judgment is required in the grouping of long-lived assets and forecasts of future operating results that are used in the discounted cash flow method of valuation. If our actual results, or the plans and estimates used in future impairment analyses are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges. | |||||||||||||||||||||||||||||
Exar completed a significant strategic restructuring process that began in the quarter ended September 28, 2014 and ended in October 2014. This restructuring was prompted by the recent acquisition of iML, and an associated significant reduction in force, including reductions at our Hangzhou, China and Loveland, Colorado units. We believe this restructuring allows us to achieve meaningful synergies and operating efficiencies and focus our resources on strategic priorities that we expect will yield the highest incremental return for Exar’s stockholders. For additional details, see “Note 11 – Restructuring Charges and Exit Costs.” As a result of this restructuring and the resultant re-prioritization of resources, we anticipate a decline in forecasted revenue related to certain intangible assets that were acquired in prior business combinations. Consequently, we performed an intangible assets impairment review during the second quarter of fiscal year 2015. Upon completion of this review, we recorded $12.3 million of impairment charges to acquired intangibles for the three and six months ended September 28, 2014. Of these impairment charges, $7.5 million and $4.8 million are related to High-Performance Analog and Data Compression products, respectively. As of September 29, 2013, there were no indicators or events 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 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Amortization expense | $ | 3,724 | $ | 2,130 | $ | 6,001 | $ | 3,674 | |||||||||||||||||||||
The total future amortization expenses for our purchased intangible assets excluding IPR&D are summarized below (in thousands): | |||||||||||||||||||||||||||||
Amortization Expense (by fiscal year) | |||||||||||||||||||||||||||||
2015 (6 months remaining) | $ | 6,406 | |||||||||||||||||||||||||||
2016 | 12,696 | ||||||||||||||||||||||||||||
2017 | 12,609 | ||||||||||||||||||||||||||||
2018 | 12,572 | ||||||||||||||||||||||||||||
2019 | 12,248 | ||||||||||||||||||||||||||||
2020 and thereafter | 28,505 | ||||||||||||||||||||||||||||
Total future amortization | $ | 85,036 | |||||||||||||||||||||||||||
Note_7_LongTerm_Investment
Note 7 - Long-Term Investment | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Investments Schedule [Abstract] | ' | ||||||||
Investment [Text Block] | ' | ||||||||
NOTE 7. LONG-TERM INVESTMENT | |||||||||
In July 2001, Exar became a Limited Partner in the Skypoint Telecom Fund II (US), LP. (“Skypoint Fund”), a venture capital fund focused on investments in communications infrastructure companies. We accounted for this non-marketable equity investment under the cost method in the other non-current assets in the consolidated balance sheet. The partnership was dissolved and the fund distributed stock of investee companies to Exar during first quarter of fiscal 2015. | |||||||||
We regularly 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 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Beginning balance | $ | 946 | $ | 1,288 | |||||
Net distributions | — | (19 | ) | ||||||
Impairment charges | (7 | ) | (323 | ) | |||||
Ending balance | $ | 939 | $ | 946 | |||||
The carrying amount of approximately $0.9 million as of September 28, 2014 reflects the net of the capital contributions, capital distributions and $0.3 million cumulative impairment charges. During the term of the fund we have made $4.8 million in capital contributions to Skypoint Fund since we became a limited partner in July 2001. As of September 28, 2014, 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 impairment analysis 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 remaining underlying investments of Skypoint Fund and as a result, $7,000 and $323,000 impairment charge was recorded during the second fiscal quarter of fiscal year 2015 and fourth quarter of fiscal year 2014, respectively. |
Note_8_Related_Party_Transacti
Note 8 - Related Party Transactions | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 8. RELATED PARTY TRANSACTIONS | |||||||||||||||||
Alonim Investments Inc. (“Alonim”) owns approximately 7.6 million shares, or approximately 16%, of our outstanding common stock as of September 28, 2014. As such, Alonim is our largest stockholder. | |||||||||||||||||
Related party contributions as a percentage of our total net sales for the periods indicated below were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Alonim | 20 | % | 27 | % | 24 | % | 27 | % | |||||||||
Related party receivables as a percentage of our net accounts receivables were as follows as of the dates indicated below: | |||||||||||||||||
September 28, | March 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Alonim | 8 | % | 18 | % | |||||||||||||
Related party expenses for marketing promotional materials reimbursed were not significant for the three and six months ended September 28, 2014 and September 29, 2013, respectively. |
Note_9_ShortTerm_Debt
Note 9 - Short-Term Debt | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTE 9. SHORT-TERM DEBT | |||||||||
As part of the acquisition of iML, we entered into short-term financing agreements with Stifel Financial Corporation (“Stifel”) and CTBC to provide bridge financing for the acquisition. | |||||||||
As of the date indicated below, our short-term debts principal balances, which is included in the Short-term debt financing line item on the condensed consolidated balance sheets, consisted of the following (in thousands): | |||||||||
September 28, | |||||||||
2014 | |||||||||
CTBC | $ | 26,000 | |||||||
Stifel | — | ||||||||
Total short-term debt | $ | 26,000 | |||||||
CTBC | |||||||||
On June 9, 2014 we entered into a Business Loan Agreement with CTBC to provide a loan for $26.0 million. This loan bears an interest rate of 3.25% and matures on December 9, 2014. Interest payments are due monthly with the entire principal due not later than December 9, 2014. | |||||||||
All obligations of Exar under the Business Loan Agreement are unconditionally guaranteed by iML through a $26.0 million short-term certificate deposit with the same institution which has been recorded as restricted cash as of September 28, 2014. | |||||||||
As of October 2014, the CTBC business loan has been completely paid off. See Note 19 – Subsequent Event. | |||||||||
Stifel | |||||||||
On May 27, 2014 (the “Initial Funding Date”), Exar entered into a bridge credit agreement (the “Credit Agreement”) with certain lender parties and Stifel Financial Corp., as Administrative Agent. The Credit Agreement provided Exar with a bridge term loan credit facility in an aggregate principal amount of up to $90.0 million (the “Bridge Facility”). | |||||||||
Interest on loans made under the Bridge Facility accrues, at Exar’s option, at a rate per annum equal to (1) the Base Rate (as defined below) plus (a) during the first 90 days following the Initial Funding Date, 7.5% and (b) thereafter, 8.5% or (2) 1-month LIBOR plus (a) during the first 90 days following the Initial Funding Date, 8.5% and (b) thereafter, 9.5%. The “Base Rate” is equal to, for any day, a rate per annum equal to the highest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 0.50%, and (c) 1 month LIBOR plus 1.00%. The Base Rate is subject to a floor of 2.5%, and LIBOR is subject to a floor of 1.5%. The interest rate for June 2014 was 8.65%. | |||||||||
Exar had drawn $65.0 million in May 2014 to fund the acquisition of iML’s outstanding shares. We repaid $26.0 million of the debt in June 2014 through a loan from CTBC with lower interest rate. As of July 2014, we completely paid off the Stifel loan. | |||||||||
Interest | |||||||||
For three and six months ended September 28, 2014, interest on our short-term debt, which is included in the “Interest expense” line item on the condensed consolidated statement of operations, consisted of the following (in thousands): | |||||||||
28-Sep-14 | |||||||||
Three months | Six months | ||||||||
ended | ended | ||||||||
CTBC | $ | 211 | $ | 256 | |||||
Stifel | 244 | 646 | |||||||
Total interest on short-term debt | $ | 455 | $ | 902 | |||||
Note_10_Common_Stock_Repurchas
Note 10 - Common Stock Repurchases | 6 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||
NOTE 10. 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 Exar. | |||||||||||||
On August 28, 2007, we announced the approval of a share repurchase plan and authorized the repurchase of 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. | |||||||||||||
Stock repurchase activities during six months ended September 28, 2014 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) | |||||||||||||
As of March 31, 2013 | 9,564 | $ | 9.22 | $ | 88,189 | ||||||||
Repurchases – August 25 to September 29, 2013 | 153 | 13.07 | 1,999 | ||||||||||
Repurchases – September 30 to October 27, 2013 | 73 | 13.63 | 1,001 | ||||||||||
Repurchases – November 24 to December 29, 2013 | 83 | 12.09 | 1,000 | ||||||||||
Repurchases – December 30, 2013 to January 26, 2014 | 122 | 11.61 | 1,417 | ||||||||||
Repurchases – January 27 to February 23, 2014 | 324 | 11.05 | 3,583 | ||||||||||
As of March 30, 2014 | 10,319 | $ | 9.22 | $ | 97,189 | ||||||||
Repurchases – March 31 to April 27, 2014 | 273 | 10.98 | 3,000 | ||||||||||
Repurchases – July 28 to September 28, 2014 | 393 | 9.83 | 3,864 | ||||||||||
As of September 28, 2014 | 10,985 | $ | 9.47 | $ | 104,053 | ||||||||
Note: The average price paid per share is based on the total price paid by Exar, which includes applicable broker fees. |
Note_11_Restructuring_Charges_
Note 11 - Restructuring Charges and Exit Costs | 6 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 11. RESTRUCTURING CHARGES AND EXIT COSTS | |||||||||||||||||||||
2015 Restructuring Charges and Exit Costs | |||||||||||||||||||||
Exar completed a significant strategic restructuring process that began in the quarter ended September 28, 2014 and ended in October 2014. This restructuring was prompted by the recent acquisition of iML, and an associated significant reduction in force, including reductions at our Hangzhou, China and Loveland, Colorado units. We believe this restructuring allows us to achieve meaningful synergies and operating efficiencies and focus our resources on strategic priorities that we expect will yield the highest incremental return for Exar’s stockholders. During the three and six months ended September 28, 2014, we incurred $6.6 million and $7.0 million restructuring charges and exit costs, respectively. The charges consisted primarily of reduction of our workforce, the impairment of certain fixed assets, licensed technologies and write-off of related inventory. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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): | |||||||||||||||||||||
March 30, | Additions/ | Non-cash | Payments | September 28, | |||||||||||||||||
2014 | adjustments | charges | 2014 | ||||||||||||||||||
Lease termination costs and others | $ | 1,615 | $ | 236 | $ | (109 | ) | $ | (234 | ) | $ | 1,508 | |||||||||
Impairment of fixed assets, licensed technologies and write down of inventory | — | 5,478 | (5,478 | ) | — | — | |||||||||||||||
Severance | 754 | 1,252 | — | (867 | ) | 1,139 | |||||||||||||||
Total | $ | 2,369 | $ | 6,966 | $ | (5,587 | ) | $ | (1,101 | ) | $ | 2,647 | |||||||||
April 1, | Additions/ | Non-cash | Payments | March 30, | |||||||||||||||||
2013 | adjustments | charges | 2014 | ||||||||||||||||||
Lease termination costs and others | $ | 2,860 | $ | 570 | $ | (57 | ) | $ | (1,758 | ) | $ | 1,615 | |||||||||
Severance | 426 | 2,444 | — | (2,116 | ) | 754 | |||||||||||||||
Total | $ | 3,286 | $ | 3,014 | $ | (57 | ) | $ | (3,874 | ) | $ | 2,369 | |||||||||
Note_12_StockBased_Compensatio
Note 12 - Stock-Based Compensation | 6 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
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 | ||||||||||||||||||||
September 28,2014 | September 28,2014 | ||||||||||||||||||||
Shares of Common | Shares of Common | Weighted | |||||||||||||||||||
Stock | Stock | Average | |||||||||||||||||||
Price per Share | |||||||||||||||||||||
Authorized to issue | 4,500 | ||||||||||||||||||||
Reserved for future issuance | 1,359 | ||||||||||||||||||||
Issued | 13 | $ | 10.94 | ||||||||||||||||||
Equity Incentive Plans | |||||||||||||||||||||
At the annual meeting of stockholders on September 18, 2014 (the “Annual Meeting”), our stockholders approved the Exar Corporation 2014 Equity Incentive Plan (“2014 Plan”). The 2014 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. | |||||||||||||||||||||
Prior to the Annual Meeting, we maintained the Exar Corporation 2006 Equity Incentive Plan (the “2006 Plan”) and the Sipex Corporation 2006 Equity Incentive Plan (the “Sipex 2006 Plan”). As of June 30, 2014, a total of 6,555,492 shares of our common stock were then subject to outstanding awards granted under the 2006 Plan and the Sipex 2006 Plan, and an additional 669,008 shares of our common stock were then available for new award grants under the 2006 Plan. As part of the stockholder approval of the 2014 Plan at the Annual Meeting, we agreed that no new awards will be granted under the 2006 Plan and the Sipex 2006 Plan, although awards made under these plans will remain subject to the terms of each such plan. | |||||||||||||||||||||
The maximum number of shares of our common stock that may be issued or transferred pursuant to awards under the 2014 Plan equals the sum of: (1) 5,170,000 shares, plus (2) the number of any shares subject to stock options granted under the 2006 Plan and the Sipex 2006 Plan and outstanding as of the date of the Annual Meeting which expire, or for any reason are cancelled or terminated, after the date of the Annual Meeting without being exercised, plus (3) the number of any shares subject to restricted stock and restricted stock unit awards granted under the 2006 Plan and the Sipex 2006 Plan that are outstanding and unvested as of the date of the Annual Meeting which are forfeited, terminated, cancelled, or otherwise reacquired after the date of the Annual Meeting without having become vested. Awards other than a stock option or stock appreciation right granted under the 2014 Plan are counted against authorized shares available for future issuance on a basis of two shares for every award issued. As of September 28, 2014, there were 5.1 million shares available for future grant under the 2014 Plan. | |||||||||||||||||||||
Stock Option Activities | |||||||||||||||||||||
Our stock option transactions during the six months ended September 28, 2014 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 30, 2014 | 7,213,848 | $ | 8.98 | 5.02 | $ | 21,301 | 2,170 | ||||||||||||||
Granted | 2,117,738 | 8.6 | |||||||||||||||||||
Exercised | (243,176 | ) | 6.83 | ||||||||||||||||||
Cancelled | (123,023 | ) | 12.94 | ||||||||||||||||||
Forfeited | (545,080 | ) | 10.29 | ||||||||||||||||||
Balance at September 28, 2014 | 8,420,307 | $ | 8.8 | 4.93 | $ | 9,232 | 4,454 | ||||||||||||||
Vested and expected to vest, September 28, 2014 | 7,446,743 | $ | 8.66 | 4.84 | $ | 9,063 | |||||||||||||||
Vested and exercisable, September 28, 2014 | 3,285,957 | $ | 7.47 | 3.83 | $ | 6,345 | |||||||||||||||
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 $9.07 and $11.71 as of September 28, 2014 and March 30, 2014, 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 CEO. The options are scheduled to vest in four equal annual installments at the end of fiscal years 2013 through 2016 if certain predetermined market based financial measures are met. If the financial measures are not met, each installment will be rolled over to the subsequent fiscal year. In January 2014, we granted 140,000 performance-based stock options to our CEO. The options are scheduled to vest at the end of fiscal year 2017 if certain predetermined financial measures are met. We recorded $75,000 and $187,000 of compensation expense for these options in the three and six months ended September 28, 2014, respectively. We recorded $65,000 and $130,000 of compensation expense for these options in the three and six months ended September 29, 2013, respectively. | |||||||||||||||||||||
Options exercised for the periods indicated below were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Intrinsic value of options exercised | $ | 426 | $ | 1,072 | $ | 856 | $ | 1,894 | |||||||||||||
RSU Activities | |||||||||||||||||||||
Our RSU transactions during the six months ended September 28, 2014 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 30, 2014 | 1,177,126 | $ | 10.94 | 1.62 | $ | 13,784 | |||||||||||||||
Granted | 204,697 | 9.5 | |||||||||||||||||||
Issued and released | (221,219 | ) | 10.71 | ||||||||||||||||||
Cancelled | (89,998 | ) | 14.35 | ||||||||||||||||||
Unvested at September 28, 2014 | 1,070,606 | $ | 10.42 | 1.48 | $ | 9,710 | |||||||||||||||
Vested and expected to vest, September 28, 2014 | 931,862 | 1.42 | $ | 8,452 | |||||||||||||||||
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 (“PRSUs”) to our CEO. The PRSUs were scheduled to vest in three equal 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. We recorded $146,000 and $880,000 of compensation expense for these awards in the three and six months ended September 28, 2014, respectively. We recorded $470,000 and $522,000 of compensation expense for these awards in the three and six months ended September 28, 2013, respectively. | |||||||||||||||||||||
In the first quarter of fiscal 2014, we granted 50,000 PRSUs to certain executives. The PRSUs were scheduled to vest in three equal installments at the end of fiscal year 2014 with a three-year vesting period if certain performance measures are met. We recorded $22,000 of stock compensation expense and stock compensation recovery of $98,000 in the three and six months ended September 28, 2014, respectively as a result of partially meeting the performance measurements by the executives. We recorded $148,000 of stock compensation expense for these awards in the three and six months ended September 29, 2013, respectively. | |||||||||||||||||||||
In July 2013, as part of the acquisition of Cadeka, we agreed to pay retention bonuses to certain former Cadeka employees and the bonuses will be settled in RSUs subject to fulfillment of the service period. We recorded $619,000 and $1,013,000 of compensation expense for these awards in the three and six months ended September 28, 2014, respectively. The expense is reported in the other current obligations line in the condensed consolidated balance sheet as the total amount of bonus is to be settled in variable number of RSUs at the completion of the requisite service period. Such non-cash compensation expense is recorded as part of stock compensation expense in the condensed consolidated statements of operations. | |||||||||||||||||||||
In August 2013, we announced the Fiscal Year 2014 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. The expense is reported in the other current liabilities line in the condensed consolidated balance sheet as the total amount of bonus is to be settled in variable number of RSUs at the completion of the requisite service period. Such non-cash compensation expense is recorded as part of stock compensation expense in the condensed consolidated statements of operations. Due to only partially achieving the financial performance goals and the participant’s annual Management by Objectives goals, we reversed the previously recorded stock compensation of $295,000 in the second quarter of fiscal year 2015 which resulted in a net stock compensation recovery of $290,000 for the six months ended September 28, 2014. | |||||||||||||||||||||
In October 2013, we granted 70,000 PRSUs to certain executives. The first 50% of the PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2015 with a three-year vesting period if certain performance measures are met. The second 50% of the PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2016 with a three-year vesting period if certain performance measures are met. We recorded $108,000 and $286,000 of compensation expense for these awards in the three and six months ended September 28, 2014, respectively. | |||||||||||||||||||||
In January 2014, we granted 82,500 PRSUs to certain former Stretch employees. The PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2015 with a three-year vesting period if certain performance measures are met. We recorded $169,000 of compensation expense in the three and six months ended September 28, 2014, respectively. | |||||||||||||||||||||
In August 2014, we announced the Fiscal Year 2015 Management Incentive Program (“2015 Incentive Program”). Under this program, each participant’s award is denominated in shares of our common stock and is subject to attainment of Exar’s performance goals as established by the Compensation Committee of the Board of Directors for Fiscal Year 2015. We recorded a stock compensation expense of $577,000 in the three and six months ended September 28, 2014, 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 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Cost of sales | $ | 227 | $ | 212 | $ | 487 | $ | 354 | |||||||||||||
Research and development | 870 | 689 | 1,682 | 829 | |||||||||||||||||
Selling, general and administrative | 2,503 | 2,722 | 4,558 | 3,527 | |||||||||||||||||
Total Stock-based compensation expense | $ | 3,600 | $ | 3,623 | $ | 6,727 | $ | 4,710 | |||||||||||||
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: | |||||||||||||||||||||
28-Sep-14 | |||||||||||||||||||||
Amount | Weighted Average Expected Remaining | ||||||||||||||||||||
(in thousands) | Period (in years) | ||||||||||||||||||||
Options | $ | 9,898 | 2.44 | ||||||||||||||||||
Performance Options | 531 | 1.96 | |||||||||||||||||||
RSUs | 4,896 | 1.99 | |||||||||||||||||||
PRSUs | 1,894 | 2.22 | |||||||||||||||||||
Total Unrecognized Stock-based compensation expense | $ | 17,219 | |||||||||||||||||||
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 includes 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 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Expected term of options (years) | 4.7 | 4.44 | 4.50- 4.70 | 4.40- 4.44 | |||||||||||||||||
Risk-free interest rate | 1.34 | % | 1.12 | % | 1.30% - 1.34 | % | 0.6%- 1.12 | ||||||||||||||
Expected volatility | 32 | % | 33 | % | 32 | % | 33% -35 | % | |||||||||||||
Expected dividend yield | ─ | ─ | ─ | ─ | |||||||||||||||||
Weighted average estimated fair value | $ | 2.89 | $ | 3.7 | $ | 2.86 | $ | 3.49 | |||||||||||||
Note_13_Net_Income_Loss_Per_Sh
Note 13 - Net Income (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 13. NET INCOME (LOSS) PER SHARE | |||||||||||||||||
Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to Exar 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 to purchase common stock were exercised for common stock, using the treasury stock method, and the common stock underlying outstanding 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 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) attributable to Exar Corporation | $ | (23,352 | ) | $ | 6,482 | $ | (35,457 | ) | $ | 7,288 | |||||||
Shares used in computation of net income (loss) per share: | |||||||||||||||||
Basic | 47,139 | 47,496 | 47,188 | 47,151 | |||||||||||||
Effect of options and awards | ─ | 1,654 | ─ | 1,496 | |||||||||||||
Diluted | 47,139 | 49,150 | 47,188 | 48,647 | |||||||||||||
Net income (loss) per share | |||||||||||||||||
Basic | $ | (0.50 | ) | $ | 0.14 | $ | (0.75 | ) | $ | 0.15 | |||||||
Diluted | $ | (0.50 | ) | $ | 0.13 | $ | (0.75 | ) | $ | 0.15 | |||||||
All outstanding stock options and RSUs are potentially dilutive securities. As of September 28, 2014, all outstanding stock options and RSUs were excluded from the computation of diluted net income per share because they were determined to be anti-dilutive. 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. |
Note_14_Lease_Financing_Obliga
Note 14 - Lease Financing Obligations | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Debt and Capital Leases Disclosures [Text Block] | ' | ||||||||||||||||
NOTE 14. LEASE FINANCING OBLIGATIONS | |||||||||||||||||
We have acquired engineering design tools (“Design Tools”) under capital leases. We acquired Design Tools of $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, and $1.0 million in June 2010 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 28, 2014 and March 30, 2014, 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 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization expense | $ | 800 | $ | 884 | $ | 1,600 | $ | 1,750 | |||||||||
Future minimum lease and sublease income payments for the lease financing obligations as of September 28, 2014 are as follows (in thousands): | |||||||||||||||||
Fiscal Years | Design Tools | ||||||||||||||||
2015 (6 months remaining) | $ | 1,687 | |||||||||||||||
2016 | 59 | ||||||||||||||||
2017 | 10 | ||||||||||||||||
2018 | 6 | ||||||||||||||||
Total minimum lease payments | 1,762 | ||||||||||||||||
Less: amount representing interest | 26 | ||||||||||||||||
Present value of minimum lease payments | 1,736 | ||||||||||||||||
Less: short-term lease financing obligations | 1,717 | ||||||||||||||||
Long-term lease financing obligations | $ | 19 | |||||||||||||||
Interest expense for the lease financing obligation for the periods indicated below was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | 39 | $ | 39 | $ | 78 | $ | 76 | |||||||||
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 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Rent expense | $ | 564 | $ | 233 | $ | 896 | $ | 429 | |||||||||
Our future minimum lease payments for the lease operating obligations as of September 28, 2014 are as follows (in thousands): | |||||||||||||||||
Fiscal Years | Facilities | ||||||||||||||||
2015 (6 months remaining) | $ | 728 | |||||||||||||||
2016 | 1,108 | ||||||||||||||||
2017 | 508 | ||||||||||||||||
2018 | 160 | ||||||||||||||||
Total minimum lease payments | $ | 2,504 | |||||||||||||||
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
NOTE 15. 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 (“RWQCB”) approved our application for low-threat closure and rescinded the previous cleanup order. All monitoring well closure activities on the site and adjacent/neighboring sites have been completed. We have finalized and executed access, environmental indemnity and tolling agreements, and deed restriction covenants with the property owner. The required deed restriction has been recorded. In October 2014, we received a No Further Action letter and Case Closure summary from RWQCB. The matter is considered closed at this time. | |||||||||
Outstanding liabilities for remediation activities were immaterial for all periods presented. | |||||||||
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 is moving forward with the agreed preliminary site assessment and continues to prepare and submit the agreed periodic status reporting. 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 the opinion of management, after consulting with legal counsel, and taking into account insurance coverage, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our financial statements, as a whole. | |||||||||
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 investigating alternative upgradient sites. Given that this investigation is ongoing, we are unable to ascertain our exposure, if any. In the opinion of management, after consulting with legal counsel, and taking into account insurance coverage, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our financial statements, as a whole. | |||||||||
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 liability 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. | |||||||||
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 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Beginning balance | $ | 1,074 | $ | 50 | |||||
Provisions for warranties issued | 17 | 1,480 | |||||||
Settlements/adjustments | (452 | ) | (456 | ) | |||||
Ending balance | $ | 639 | $ | 1,074 | |||||
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_16_Legal_Proceedings
Note 16 - Legal Proceedings | 6 Months Ended |
Sep. 28, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
NOTE 16. LEGAL PROCEEDINGS | |
From time to time, we are involved in various claims, legal actions and complaints arising in the normal course of business. We are not a named party to any ongoing lawsuit or formal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our financial position, results of operations or cash flows. | |
In fiscal year 2014, two former employees of Exar’s French subsidiary asserted claims against that subsidiary for alleged unfair dismissal in the French Labor Courts. We believe that the former employees were terminated in accordance with the requirements of French law and that the former employees’ claims are not supported by evidence. The two matters were heard on October 10, 2014 and October 22, 2014, respectively. We dispute the claims and we intend to vigorously protect our interests. The industrial courts will render their judgments on December 1, 2014 and January 21, 2015, respectively. We do not believe an adverse outcome will have a material impact on our financial position, results of operations or cash flow. |
Note_17_Income_Taxes
Note 17 - Income Taxes | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 17. INCOME TAXES | |||||||||
During the three months and six months ended September 28, 2014, we recorded an income tax expense of approximately $0.1 million and $0.8 million, respectively. The income tax expense was primarily related to the allocation of tax expense between continuing operations and other comprehensive income when applying the exception to ASC 740 intraperiod allocation rule upon liquidation of our available for sale security portfolio. 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 release of valuation allowance from Exar’s acquisition of Cadeka Microcircuits, LLC. | |||||||||
During the three months ended September 28, 2014, the unrecognized tax benefits decreased by $18,000 to $16.9 million primarily related to the reversals on reserves from statute of limitations. If recognized, $14.1million 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 valuation allowance. | |||||||||
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 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Accrued interest and penalties | $ | 1,254 | $ | 83 | |||||
Our major tax jurisdictions are the United States federal and various states, Canada, China, Hong Kong, Taiwan, the Cayman Islands and certain other foreign jurisdictions. The fiscal years 2003 through 2013 remain open and subject to examinations by the appropriate governmental agencies in the United States and over varying periods in certain of our foreign jurisdictions. |
Note_18_Segment_and_Geographic
Note 18 - Segment and Geographic Information | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 18. 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 Industrial & Embedded Systems, High-End Consumer, and Infrastructure. | |||||||||||||||||
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 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Industrial & Embedded Systems | $ | 19,656 | $ | 17,943 | $ | 38,523 | $ | 34,441 | |||||||||
High-End Consumer | 16,199 | 105 | 19,623 | 351 | |||||||||||||
Infrastructure | 7,304 | 15,970 | 15,732 | 31,853 | |||||||||||||
Total net sales | $ | 43,159 | $ | 34,018 | $ | 73,878 | $ | 66,645 | |||||||||
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 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
China | $ | 16,738 | $ | 11,341 | $ | 27,497 | $ | 22,294 | |||||||||
United States | 5,012 | 11,572 | 11,239 | 22,040 | |||||||||||||
Taiwan | 5,826 | 911 | 7,236 | 1,793 | |||||||||||||
Korea | 5,126 | 544 | 7,254 | 1,526 | |||||||||||||
Singapore | 3,605 | 3,534 | 7,195 | 6,930 | |||||||||||||
Germany | 3,055 | 2,888 | 6,012 | 5,668 | |||||||||||||
Rest of world | 3,797 | 3,228 | 7,445 | 6,394 | |||||||||||||
Total net sales | $ | 43,159 | $ | 34,018 | $ | 73,878 | $ | 66,645 | |||||||||
Substantially all of our long-lived assets at each of September 28, 2014 and September 29, 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 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Distributor A | 20 | % | 27 | % | 24 | % | 27 | % | |||||||||
Distributor B | * | 26 | % | * | 24 | % | |||||||||||
Distributor C | * | 11 | % | * | 11 | % | |||||||||||
Customer C | 11 | % | * | * | * | ||||||||||||
* | Net sales for this distributor or customer for this period were less than 10% of our net sales. | ||||||||||||||||
No other distributor or customer accounted for 10% or more of the net sales for the three and six months ended September 28, 2014 or September 29, 2013, respectively. | |||||||||||||||||
The following distributors and customers accounted for 10% or more of our net accounts receivable as of the dates indicated: | |||||||||||||||||
September 28, | March 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Distributor A | * | 16 | % | ||||||||||||||
Distributor B | * | 17 | % | ||||||||||||||
Distributor D | * | 14 | % | ||||||||||||||
Distributor C | * | 12 | % | ||||||||||||||
Customer C | 13 | % | * | ||||||||||||||
* 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 28, 2014 or March 30, 2014, respectively. |
Note_19_Subsequent_Events
Note 19 - Subsequent Events | 6 Months Ended |
Sep. 28, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 19. SUBSEQUENT EVENTS | |
On September 15, 2014, we completed the iML acquisition through a second-step merger to acquire all of the remaining outstanding shares of iML held by non-controlling interests. As of September 15, 2014, Exar owns 100% of the outstanding stock of iML. Subsequent to the end of the quarter, in October 2014 we substantively paid off $18.9 million liability for acquisition of the non-controlling interests and the $26 million business loan with CTBC. | |
Subsequent to the end of the quarter, we finalized a significant restructuring. See “Note 11 – Restructuring Charges and Exit Costs” for additional details. |
Note_3_Business_Combinations_T
Note 3 - Business Combinations (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule Of Consideration Paid [Table Text Block] | ' | ||||||||||||||||
Amount | |||||||||||||||||
Cash | $ | 206,411 | |||||||||||||||
Consideration for the acquisition of non-controlling interests | 17,872 | ||||||||||||||||
Fair value of assumed iML employee options | 3,835 | ||||||||||||||||
Total purchase price | $ | 228,118 | |||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||
Amount | |||||||||||||||||
Identifiable tangible assets (liabilities) | |||||||||||||||||
Cash | $ | 133,752 | |||||||||||||||
Accounts receivable | 10,096 | ||||||||||||||||
Inventories | 3,950 | ||||||||||||||||
Other current assets | 727 | ||||||||||||||||
Property, plant and equipment | 480 | ||||||||||||||||
Other assets | 308 | ||||||||||||||||
Current liabilities | (12,356 | ) | |||||||||||||||
Long-term liabilities | (3,595 | ) | |||||||||||||||
Total identifiable tangible assets (liabilities), net | 133,362 | ||||||||||||||||
Identifiable intangible assets | 80,060 | ||||||||||||||||
Total identifiable assets, net | 213,422 | ||||||||||||||||
Goodwill | 14,696 | ||||||||||||||||
Fair value of total consideration transferred | $ | 228,118 | |||||||||||||||
Fair Value | |||||||||||||||||
Developed technologies | $ | 55,780 | |||||||||||||||
In-process research and development | 8,100 | ||||||||||||||||
Customer relationships | 15,060 | ||||||||||||||||
Trade names | 1,120 | ||||||||||||||||
Total identifiable intangible assets | $ | 80,060 | |||||||||||||||
Amount | |||||||||||||||||
Tangible assets | $ | 2,937 | |||||||||||||||
Intangible assets | 7,010 | ||||||||||||||||
Goodwill | 667 | ||||||||||||||||
Liabilities assumed | (10,604 | ) | |||||||||||||||
Fair value of total consideration transferred | $ | 10 | |||||||||||||||
Amount | |||||||||||||||||
Tangible assets | $ | 3,286 | |||||||||||||||
Intangible assets | 20,380 | ||||||||||||||||
Goodwill | 19,387 | ||||||||||||||||
Liabilities assumed | (8,216 | ) | |||||||||||||||
Fair value of total consideration transferred | $ | 34,837 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 43,322 | $ | 49,124 | $ | 84,608 | $ | 98,301 | |||||||||
Net income (loss) | $ | (19,751 | ) | $ | 6,062 | $ | (27,426 | ) | $ | 5,340 | |||||||
Earnings (loss) per share | |||||||||||||||||
Basic | $ | (0.42 | ) | $ | 0.13 | $ | (0.58 | ) | $ | 0.11 | |||||||
Diluted | $ | (0.42 | ) | $ | 0.12 | $ | (0.58 | ) | $ | 0.11 |
Note_4_Balance_Sheet_Details_T
Note 4 - Balance Sheet Details (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Work-in-process and raw materials | $ | 18,403 | $ | 13,555 | |||||
Finished goods | 12,820 | 15,427 | |||||||
Total inventories | $ | 31,223 | $ | 28,982 | |||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Land | $ | 6,660 | $ | 6,660 | |||||
Building | 17,284 | 16,787 | |||||||
Machinery and equipment | 41,064 | 40,675 | |||||||
Software and licenses | 17,836 | 17,549 | |||||||
Property, plant and equipment, total | 82,844 | 81,671 | |||||||
Accumulated depreciation and amortization | (65,632 | ) | (60,391 | ) | |||||
Total property, plant and equipment, net | $ | 17,212 | $ | 21,280 | |||||
Other Current Liabilities [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Accrued restructuring charges and exit costs | 2,585 | 2,214 | |||||||
Accrued retention bonus | 1,832 | — | |||||||
Accrued income tax | 1,760 | 74 | |||||||
Short-term lease financing obligations | 1,717 | 2,671 | |||||||
Accrued manufacturing expenses, royalties and licenses | 1,587 | 1,639 | |||||||
Purchase consideration holdback | 1,006 | 1,256 | |||||||
Accrued legal and professional services | 827 | 1,453 | |||||||
Other | 3,484 | 2,063 | |||||||
Total other current liabilities | $ | 14,798 | $ | 11,370 | |||||
Other Noncurrent Liabilities [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Long-term taxes payable | $ | 4,338 | $ | 794 | |||||
Deferred tax liability | 1,057 | 614 | |||||||
Accrued restructuring charges and exit costs | 62 | 155 | |||||||
Fair value of earn out liability – long-term | — | 3,853 | |||||||
Accrued retention bonus | — | 1,181 | |||||||
Other | 19 | 29 | |||||||
Total other non-current obligations | $ | 5,476 | $ | 6,626 |
Note_5_Fair_Value_Tables
Note 5 - Fair Value (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
28-Sep-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 2,000 | $ | — | $ | — | $ | 2,000 | |||||||||||||||||
Common shares of CounterPath | — | 92 | — | 92 | |||||||||||||||||||||
Total investment assets | $ | 2,000 | $ | 92 | $ | — | $ | 2,092 | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 9,378 | 13,134 | — | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 5 | 71,248 | — | 71,253 | |||||||||||||||||||||
Asset-backed securities | — | 27,635 | — | 27,635 | |||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | — | 28,248 | |||||||||||||||||||||
Total investment assets | $ | 14,019 | $ | 143,037 | $ | — | $ | 157,056 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 2,973 | $ | 2,973 | |||||||||||||||||
Acquisition-related contingent consideration – Cadeka | — | — | 1,370 | 1,370 | |||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 4,343 | $ | 4,343 | |||||||||||||||||
Marketable Securities [Table Text Block] | ' | ||||||||||||||||||||||||
September 28, | March 30, | ||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Cash at financial institutions | $ | 76,377 | $ | 9,978 | |||||||||||||||||||||
Restricted cash | 26,000 | — | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||
Money market funds | 2,000 | 4,636 | |||||||||||||||||||||||
Total cash and cash equivalents | $ | 104,377 | $ | 14,614 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
U.S. government and agency securities | $ | — | $ | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | |||||||||||||||||||||||
Corporate bonds and securities | — | 71,253 | |||||||||||||||||||||||
Asset-backed securities | — | 27,635 | |||||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | |||||||||||||||||||||||
Total short-term marketable securities | $ | — | $ | 152,420 | |||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Gross realized gains | $ | — | $ | 164 | $ | 264 | $ | 382 | |||||||||||||||||
Gross realized losses | — | (131 | ) | (238 | ) | (408 | ) | ||||||||||||||||||
Net realized income (losses) | $ | — | $ | 33 | $ | 26 | $ | (26 | ) | ||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gross | Gross | |||||||||||||||||||||||
Gains (1) | Losses (1) | ||||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 22,550 | 1 | (39 | ) | 22,512 | ||||||||||||||||||||
State and local government securities | 2,762 | 10 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 71,309 | 32 | (88 | ) | 71,253 | ||||||||||||||||||||
Asset-backed securities | 27,661 | 22 | (48 | ) | 27,635 | ||||||||||||||||||||
Mortgage-backed securities | 28,362 | 24 | (138 | ) | 28,248 | ||||||||||||||||||||
Total investments | $ | 157,280 | $ | 89 | $ | (313 | ) | $ | 157,056 | ||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
Less than 1 year | $ | 49,539 | $ | 49,504 | |||||||||||||||||||||
Due in 1 to 5 years | 107,741 | 107,552 | |||||||||||||||||||||||
Total | $ | 157,280 | $ | 157,056 | |||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
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 | $ | 18,245 | $ | (39 | ) | $ | — | $ | — | $ | 18,245 | $ | (39 | ) | |||||||||||
Corporate bonds and securities | 48,379 | (87 | ) | 596 | (1 | ) | 48,975 | (88 | ) | ||||||||||||||||
Asset-backed securities | 7,118 | (12 | ) | 5,478 | (36 | ) | 12,596 | (48 | ) | ||||||||||||||||
Mortgage-backed securities | 19,682 | (120 | ) | 983 | (18 | ) | 20,665 | (138 | ) | ||||||||||||||||
Total | $ | 93,424 | $ | (258 | ) | $ | 7,057 | $ | (55 | ) | $ | 100,481 | $ | (313 | ) | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of March 30, 2014 | $ | 2,973 | |||||||||||||||||||||||
Fair value adjustment | (2,973 | ) | |||||||||||||||||||||||
As of September 28, 2014 | $ | — | |||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of March 30, 2014 | $ | 1,370 | |||||||||||||||||||||||
Fair value adjustment | (1,370 | ) | |||||||||||||||||||||||
As of September 28, 2014 | $ | — |
Note_6_Goodwill_and_Intangible1
Note 6 - Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
September 28, | March 30, | ||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||
Beginning balance | $ | 30,410 | $ | 10,356 | |||||||||||||||||||||||||
Goodwill additions | 14,696 | 20,054 | |||||||||||||||||||||||||||
Ending balance | $ | 45,106 | $ | 30,410 | |||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
28-Sep-14 | 30-Mar-14 | ||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Impairment charge | Net Carrying Amount | Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||
Existing technology | $ | 118,794 | $ | (42,268 | ) | $ | (9,134 | ) | $ | 67,392 | $ | 63,043 | $ | (37,510 | ) | $ | 25,533 | ||||||||||||
Customer relationships | 15,165 | (3,600 | ) | (870 | ) | 10,695 | 6,095 | (2,762 | ) | 3,333 | |||||||||||||||||||
Distributor relationships | 7,254 | (1,536 | ) | — | 5,718 | 1,264 | (1,260 | ) | 4 | ||||||||||||||||||||
Patents/Core technology | 3,459 | (3,412 | ) | — | 47 | 3,459 | (3,378 | ) | 81 | ||||||||||||||||||||
Trade names | 1,330 | (146 | ) | — | 1,184 | 210 | (51 | ) | 159 | ||||||||||||||||||||
Total intangible assets subject to amortization | 146,002 | (50,962 | ) | (10,004 | ) | 85,036 | 74,071 | (44,961 | ) | 29,110 | |||||||||||||||||||
In-process research and development | 10,380 | — | (2,280 | ) | 8,100 | 2,280 | — | 2,280 | |||||||||||||||||||||
Total | $ | 156,382 | (50,962 | ) | (12,284 | ) | 93,136 | 76,351 | (44,961 | ) | 31,390 | ||||||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Amortization expense | $ | 3,724 | $ | 2,130 | $ | 6,001 | $ | 3,674 | |||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||||
Amortization Expense (by fiscal year) | |||||||||||||||||||||||||||||
2015 (6 months remaining) | $ | 6,406 | |||||||||||||||||||||||||||
2016 | 12,696 | ||||||||||||||||||||||||||||
2017 | 12,609 | ||||||||||||||||||||||||||||
2018 | 12,572 | ||||||||||||||||||||||||||||
2019 | 12,248 | ||||||||||||||||||||||||||||
2020 and thereafter | 28,505 | ||||||||||||||||||||||||||||
Total future amortization | $ | 85,036 |
Note_7_LongTerm_Investment_Tab
Note 7 - Long-Term Investment (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Investments Schedule [Abstract] | ' | ||||||||
Investment Holdings, Schedule of Investments [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Beginning balance | $ | 946 | $ | 1,288 | |||||
Net distributions | — | (19 | ) | ||||||
Impairment charges | (7 | ) | (323 | ) | |||||
Ending balance | $ | 939 | $ | 946 |
Note_8_Related_Party_Transacti1
Note 8 - Related Party Transactions (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Total Net Sales [Member] | ' | ||||||||||||||||
Note 8 - Related Party Transactions (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Alonim | 20 | % | 27 | % | 24 | % | 27 | % | |||||||||
Net Accounts Receivable [Member] | ' | ||||||||||||||||
Note 8 - Related Party Transactions (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||||||
September 28, | March 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Alonim | 8 | % | 18 | % |
Note_9_ShortTerm_Debt_Tables
Note 9 - Short-Term Debt (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
September 28, | |||||||||
2014 | |||||||||
CTBC | $ | 26,000 | |||||||
Stifel | — | ||||||||
Total short-term debt | $ | 26,000 | |||||||
Interest Income and Interest Expense Disclosure [Table Text Block] | ' | ||||||||
28-Sep-14 | |||||||||
Three months | Six months | ||||||||
ended | ended | ||||||||
CTBC | $ | 211 | $ | 256 | |||||
Stifel | 244 | 646 | |||||||
Total interest on short-term debt | $ | 455 | $ | 902 |
Note_10_Common_Stock_Repurchas1
Note 10 - Common Stock Repurchases (Tables) | 6 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
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) | |||||||||||||
As of March 31, 2013 | 9,564 | $ | 9.22 | $ | 88,189 | ||||||||
Repurchases – August 25 to September 29, 2013 | 153 | 13.07 | 1,999 | ||||||||||
Repurchases – September 30 to October 27, 2013 | 73 | 13.63 | 1,001 | ||||||||||
Repurchases – November 24 to December 29, 2013 | 83 | 12.09 | 1,000 | ||||||||||
Repurchases – December 30, 2013 to January 26, 2014 | 122 | 11.61 | 1,417 | ||||||||||
Repurchases – January 27 to February 23, 2014 | 324 | 11.05 | 3,583 | ||||||||||
As of March 30, 2014 | 10,319 | $ | 9.22 | $ | 97,189 | ||||||||
Repurchases – March 31 to April 27, 2014 | 273 | 10.98 | 3,000 | ||||||||||
Repurchases – July 28 to September 28, 2014 | 393 | 9.83 | 3,864 | ||||||||||
As of September 28, 2014 | 10,985 | $ | 9.47 | $ | 104,053 |
Note_11_Restructuring_Charges_1
Note 11 - Restructuring Charges and Exit Costs (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
March 30, | Additions/ | Non-cash | Payments | September 28, | |||||||||||||||||
2014 | adjustments | charges | 2014 | ||||||||||||||||||
Lease termination costs and others | $ | 1,615 | $ | 236 | $ | (109 | ) | $ | (234 | ) | $ | 1,508 | |||||||||
Impairment of fixed assets, licensed technologies and write down of inventory | — | 5,478 | (5,478 | ) | — | — | |||||||||||||||
Severance | 754 | 1,252 | — | (867 | ) | 1,139 | |||||||||||||||
Total | $ | 2,369 | $ | 6,966 | $ | (5,587 | ) | $ | (1,101 | ) | $ | 2,647 | |||||||||
April 1, | Additions/ | Non-cash | Payments | March 30, | |||||||||||||||||
2013 | adjustments | charges | 2014 | ||||||||||||||||||
Lease termination costs and others | $ | 2,860 | $ | 570 | $ | (57 | ) | $ | (1,758 | ) | $ | 1,615 | |||||||||
Severance | 426 | 2,444 | — | (2,116 | ) | 754 | |||||||||||||||
Total | $ | 3,286 | $ | 3,014 | $ | (57 | ) | $ | (3,874 | ) | $ | 2,369 |
Note_12_StockBased_Compensatio1
Note 12 - Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | ||||||||||||||||||||
As of | Six Months Ended | ||||||||||||||||||||
September 28,2014 | September 28,2014 | ||||||||||||||||||||
Shares of Common | Shares of Common | Weighted | |||||||||||||||||||
Stock | Stock | Average | |||||||||||||||||||
Price per Share | |||||||||||||||||||||
Authorized to issue | 4,500 | ||||||||||||||||||||
Reserved for future issuance | 1,359 | ||||||||||||||||||||
Issued | 13 | $ | 10.94 | ||||||||||||||||||
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 30, 2014 | 7,213,848 | $ | 8.98 | 5.02 | $ | 21,301 | 2,170 | ||||||||||||||
Granted | 2,117,738 | 8.6 | |||||||||||||||||||
Exercised | (243,176 | ) | 6.83 | ||||||||||||||||||
Cancelled | (123,023 | ) | 12.94 | ||||||||||||||||||
Forfeited | (545,080 | ) | 10.29 | ||||||||||||||||||
Balance at September 28, 2014 | 8,420,307 | $ | 8.8 | 4.93 | $ | 9,232 | 4,454 | ||||||||||||||
Vested and expected to vest, September 28, 2014 | 7,446,743 | $ | 8.66 | 4.84 | $ | 9,063 | |||||||||||||||
Vested and exercisable, September 28, 2014 | 3,285,957 | $ | 7.47 | 3.83 | $ | 6,345 | |||||||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Intrinsic value of options exercised | $ | 426 | $ | 1,072 | $ | 856 | $ | 1,894 | |||||||||||||
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 30, 2014 | 1,177,126 | $ | 10.94 | 1.62 | $ | 13,784 | |||||||||||||||
Granted | 204,697 | 9.5 | |||||||||||||||||||
Issued and released | (221,219 | ) | 10.71 | ||||||||||||||||||
Cancelled | (89,998 | ) | 14.35 | ||||||||||||||||||
Unvested at September 28, 2014 | 1,070,606 | $ | 10.42 | 1.48 | $ | 9,710 | |||||||||||||||
Vested and expected to vest, September 28, 2014 | 931,862 | 1.42 | $ | 8,452 | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Cost of sales | $ | 227 | $ | 212 | $ | 487 | $ | 354 | |||||||||||||
Research and development | 870 | 689 | 1,682 | 829 | |||||||||||||||||
Selling, general and administrative | 2,503 | 2,722 | 4,558 | 3,527 | |||||||||||||||||
Total Stock-based compensation expense | $ | 3,600 | $ | 3,623 | $ | 6,727 | $ | 4,710 | |||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | ||||||||||||||||||||
28-Sep-14 | |||||||||||||||||||||
Amount | Weighted Average Expected Remaining | ||||||||||||||||||||
(in thousands) | Period (in years) | ||||||||||||||||||||
Options | $ | 9,898 | 2.44 | ||||||||||||||||||
Performance Options | 531 | 1.96 | |||||||||||||||||||
RSUs | 4,896 | 1.99 | |||||||||||||||||||
PRSUs | 1,894 | 2.22 | |||||||||||||||||||
Total Unrecognized Stock-based compensation expense | $ | 17,219 | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Expected term of options (years) | 4.7 | 4.44 | 4.50- 4.70 | 4.40- 4.44 | |||||||||||||||||
Risk-free interest rate | 1.34 | % | 1.12 | % | 1.30% - 1.34 | % | 0.6%- 1.12 | ||||||||||||||
Expected volatility | 32 | % | 33 | % | 32 | % | 33% -35 | % | |||||||||||||
Expected dividend yield | ─ | ─ | ─ | ─ | |||||||||||||||||
Weighted average estimated fair value | $ | 2.89 | $ | 3.7 | $ | 2.86 | $ | 3.49 |
Note_13_Net_Income_Loss_Per_Sh1
Note 13 - Net Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) attributable to Exar Corporation | $ | (23,352 | ) | $ | 6,482 | $ | (35,457 | ) | $ | 7,288 | |||||||
Shares used in computation of net income (loss) per share: | |||||||||||||||||
Basic | 47,139 | 47,496 | 47,188 | 47,151 | |||||||||||||
Effect of options and awards | ─ | 1,654 | ─ | 1,496 | |||||||||||||
Diluted | 47,139 | 49,150 | 47,188 | 48,647 | |||||||||||||
Net income (loss) per share | |||||||||||||||||
Basic | $ | (0.50 | ) | $ | 0.14 | $ | (0.75 | ) | $ | 0.15 | |||||||
Diluted | $ | (0.50 | ) | $ | 0.13 | $ | (0.75 | ) | $ | 0.15 |
Note_14_Lease_Financing_Obliga1
Note 14 - Lease Financing Obligations (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule Of Amortization Expense [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization expense | $ | 800 | $ | 884 | $ | 1,600 | $ | 1,750 | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||||||
Fiscal Years | Design Tools | ||||||||||||||||
2015 (6 months remaining) | $ | 1,687 | |||||||||||||||
2016 | 59 | ||||||||||||||||
2017 | 10 | ||||||||||||||||
2018 | 6 | ||||||||||||||||
Total minimum lease payments | 1,762 | ||||||||||||||||
Less: amount representing interest | 26 | ||||||||||||||||
Present value of minimum lease payments | 1,736 | ||||||||||||||||
Less: short-term lease financing obligations | 1,717 | ||||||||||||||||
Long-term lease financing obligations | $ | 19 | |||||||||||||||
Schedule of Interest Expense [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | 39 | $ | 39 | $ | 78 | $ | 76 | |||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Rent expense | $ | 564 | $ | 233 | $ | 896 | $ | 429 | |||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||
Fiscal Years | Facilities | ||||||||||||||||
2015 (6 months remaining) | $ | 728 | |||||||||||||||
2016 | 1,108 | ||||||||||||||||
2017 | 508 | ||||||||||||||||
2018 | 160 | ||||||||||||||||
Total minimum lease payments | $ | 2,504 |
Note_15_Commitments_and_Contin1
Note 15 - Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Beginning balance | $ | 1,074 | $ | 50 | |||||
Provisions for warranties issued | 17 | 1,480 | |||||||
Settlements/adjustments | (452 | ) | (456 | ) | |||||
Ending balance | $ | 639 | $ | 1,074 |
Note_17_Income_Taxes_Tables
Note 17 - Income Taxes (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule Of Interest And Penalty Related To Underpayment Of Tax [Table Text Block] | ' | ||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
Accrued interest and penalties | $ | 1,254 | $ | 83 |
Note_18_Segment_and_Geographic1
Note 18 - Segment and Geographic Information (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Industrial & Embedded Systems | $ | 19,656 | $ | 17,943 | $ | 38,523 | $ | 34,441 | |||||||||
High-End Consumer | 16,199 | 105 | 19,623 | 351 | |||||||||||||
Infrastructure | 7,304 | 15,970 | 15,732 | 31,853 | |||||||||||||
Total net sales | $ | 43,159 | $ | 34,018 | $ | 73,878 | $ | 66,645 | |||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
China | $ | 16,738 | $ | 11,341 | $ | 27,497 | $ | 22,294 | |||||||||
United States | 5,012 | 11,572 | 11,239 | 22,040 | |||||||||||||
Taiwan | 5,826 | 911 | 7,236 | 1,793 | |||||||||||||
Korea | 5,126 | 544 | 7,254 | 1,526 | |||||||||||||
Singapore | 3,605 | 3,534 | 7,195 | 6,930 | |||||||||||||
Germany | 3,055 | 2,888 | 6,012 | 5,668 | |||||||||||||
Rest of world | 3,797 | 3,228 | 7,445 | 6,394 | |||||||||||||
Total net sales | $ | 43,159 | $ | 34,018 | $ | 73,878 | $ | 66,645 | |||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Distributor A | 20 | % | 27 | % | 24 | % | 27 | % | |||||||||
Distributor B | * | 26 | % | * | 24 | % | |||||||||||
Distributor C | * | 11 | % | * | 11 | % | |||||||||||
Customer C | 11 | % | * | * | * | ||||||||||||
* | Net sales for this distributor or customer for this period were less than 10% of our net sales. | ||||||||||||||||
Schedule Of Major Distributors [Table Text Block] | ' | ||||||||||||||||
September 28, | March 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Distributor A | * | 16 | % | ||||||||||||||
Distributor B | * | 17 | % | ||||||||||||||
Distributor D | * | 14 | % | ||||||||||||||
Distributor C | * | 12 | % | ||||||||||||||
Customer C | 13 | % | * | ||||||||||||||
* Accounts receivable for this distributor for this period were less than 10% of total account balance. |
Note_3_Business_Combinations_D
Note 3 - Business Combinations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Share data in Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Oct. 31, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 15, 2014 | Jun. 03, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Jan. 14, 2014 | Mar. 30, 2014 | Jul. 05, 2013 | Mar. 30, 2014 |
Subsequent Event [Member] | Pro Forma [Member] | Pro Forma [Member] | Pro Forma [Member] | Pro Forma [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Stretch, Inc. [Member] | Stretch, Inc. [Member] | Cadeka Microcircuits [Member] | Cadeka Microcircuits [Member] | |||||
Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | ||||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 92.00% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $18,900,000 | ' | ' | ' | ' | ' | $206,411,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228,118,000 | 18,900,000 | ' | ' | 10,000 | ' | 34,837,000 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 3,800,000 | 3,800,000 | 10,604,000 | ' | 8,216,000 | ' |
Acquired Intangible Assets Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.90% | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | 14,700,000 | 700,000 | 700,000 | 19,400,000 | 19,400,000 |
Business Combination, Acquisition Related Costs | 2,726,000 | 144,000 | 6,776,000 | 609,000 | ' | 3,000,000 | 0 | 11,200,000 | 0 | ' | ' | ' | 3,000,000 | 7,200,000 | ' | ' | ' | ' |
Amortization of Intangible Assets | 3,137,000 | 2,098,000 | 6,682,000 | 3,448,000 | ' | 0 | 2,400,000 | 2,400,000 | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,600,000 | 3,623,000 | 6,727,000 | 4,710,000 | ' | 100,000 | 500,000 | 300,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Intangible Assets, Current | ' | ' | ' | ' | ' | 0 | -100,000 | -100,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock or Unit Option Plan Expense | ' | ' | ' | ' | ' | 200,000 | 400,000 | 400,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $107,000 | ($6,767,000) | $799,000 | ($6,776,000) | ' | $400,000 | $300,000 | $600,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' |
Note_3_Business_Combinations_D1
Note 3 - Business Combinations (Details) - Business Acquistion Purchase Price (Integrated Memory Logic Limited [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Jun. 03, 2014 | Sep. 28, 2014 |
Integrated Memory Logic Limited [Member] | ' | ' |
Note 3 - Business Combinations (Details) - Business Acquistion Purchase Price [Line Items] | ' | ' |
Cash | $206,411 | ' |
Consideration for the acquisition of non-controlling interests | 17,872 | ' |
Fair value of assumed iML employee options | 3,835 | ' |
Total purchase price | $228,118 | $18,900 |
Note_3_Business_Combinations_D2
Note 3 - Business Combinations (Details) - Fair Value Allocated to Tangible and Identifiable Intangible Assets (USD $) | Sep. 28, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Sep. 28, 2014 | Jan. 14, 2014 | Jul. 05, 2013 |
In Thousands, unless otherwise specified | Developed Technology Rights [Member] | In Process Research and Development [Member] | Customer Relationships [Member] | Trade Names [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Stretch, Inc. [Member] | Cadeka Microcircuits [Member] | |||
Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | ||||||||
Identifiable tangible assets (liabilities) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | $133,752 | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | 10,096 | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | 3,950 | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | 727 | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | 480 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | 308 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | -12,356 | ' | ' | ' |
Long-term liabilities | ' | ' | ' | ' | ' | ' | ' | -3,595 | ' | ' | ' |
Total identifiable tangible assets (liabilities), net | ' | ' | ' | ' | ' | ' | ' | 133,362 | ' | 2,937 | 3,286 |
Identifiable intangible assets | ' | ' | ' | 55,780 | 8,100 | 15,060 | 1,120 | 80,060 | ' | 7,010 | 20,380 |
Total identifiable assets, net | ' | ' | ' | ' | ' | ' | ' | 213,422 | ' | ' | ' |
Goodwill | 45,106 | 30,410 | 10,356 | ' | ' | ' | ' | 14,696 | ' | 667 | 19,387 |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | -3,800 | -10,604 | -8,216 |
Fair value of total consideration transferred | ' | ' | ' | ' | ' | ' | ' | $228,118 | $18,900 | $10 | $34,837 |
Note_3_Business_Combinations_D3
Note 3 - Business Combinations (Details) - Unaudited Pro Forma Condensed Financial Information (Integrated Memory Logic Limited [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Integrated Memory Logic Limited [Member] | ' | ' | ' | ' |
Note 3 - Business Combinations (Details) - Unaudited Pro Forma Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | $43,322 | $49,124 | $84,608 | $98,301 |
Net income (loss) | ($19,751) | $6,062 | ($27,426) | $5,340 |
Earnings (loss) per share | ' | ' | ' | ' |
Basic | ($0.42) | $0.13 | ($0.58) | $0.11 |
Diluted | ($0.42) | $0.12 | ($0.58) | $0.11 |
Note_4_Balance_Sheet_Details_D
Note 4 - Balance Sheet Details (Details) - Inventories (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Work-in-process and raw materials | $18,403 | $13,555 |
Finished goods | 12,820 | 15,427 |
Total inventories | $31,223 | $28,982 |
Note_4_Balance_Sheet_Details_D1
Note 4 - Balance Sheet Details (Details) - Property, Plant and Equipment (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $6,660 | $6,660 |
Building | 17,284 | 16,787 |
Machinery and equipment | 41,064 | 40,675 |
Software and licenses | 17,836 | 17,549 |
Property, plant and equipment, total | 82,844 | 81,671 |
Accumulated depreciation and amortization | -65,632 | -60,391 |
Total property, plant and equipment, net | $17,212 | $21,280 |
Note_4_Balance_Sheet_Details_D2
Note 4 - Balance Sheet Details (Details) - Other Current Liabilities (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Accrued restructuring charges and exit costs | $2,585 | $2,214 |
Accrued retention bonus | 1,832 | ' |
Accrued income tax | 1,760 | 74 |
Short-term lease financing obligations | 1,717 | 2,671 |
Accrued manufacturing expenses, royalties and licenses | 1,587 | 1,639 |
Purchase consideration holdback | 1,006 | 1,256 |
Accrued legal and professional services | 827 | 1,453 |
Other | 3,484 | 2,063 |
Total other current liabilities | $14,798 | $11,370 |
Note_4_Balance_Sheet_Details_D3
Note 4 - Balance Sheet Details (Details) - Other Noncurrent Obligations (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Noncurrent Obligations [Abstract] | ' | ' |
Long-term taxes payable | $4,338 | $794 |
Deferred tax liability | 1,057 | 614 |
Accrued restructuring charges and exit costs | 62 | 155 |
Fair value of earn out liability – long-term | ' | 3,853 |
Accrued retention bonus | ' | 1,181 |
Other | 19 | 29 |
Total other non-current obligations | $5,476 | $6,626 |
Note_5_Fair_Value_Details
Note 5 - Fair Value (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 30, 2014 |
Note 5 - Fair Value (Details) [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ($3,912) | ($2,495) | ($4,343) | ($2,495) | ' |
Restricted Cash and Cash Equivalents, Current | 26,000 | ' | 26,000 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ' | 0 | 828 | 0 | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ' | 0 | ' | ' |
CounterPath [Member] | ' | ' | ' | ' | ' |
Note 5 - Fair Value (Details) [Line Items] | ' | ' | ' | ' | ' |
Common Stock Shares Received, Dissolution (in Shares) | 93,000 | ' | 93,000 | ' | ' |
Altior Inc. and Cadeka Microcircuits [Member] | ' | ' | ' | ' | ' |
Note 5 - Fair Value (Details) [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -3,900 | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | ' | 0 | ' | ' |
Certificates of Deposit [Member] | ' | ' | ' | ' | ' |
Note 5 - Fair Value (Details) [Line Items] | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents, Current | $26,000 | ' | $26,000 | ' | ' |
Note_5_Fair_Value_Details_Inve
Note 5 - Fair Value (Details) - Investment Assets Measured at Fair Value (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
Assets: | ' |
Fair value of investment assets | $2,092 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ' |
Assets: | ' |
Fair value of investment assets | 2,000 |
Fair Value, Inputs, Level 1 [Member] | ' |
Assets: | ' |
Fair value of investment assets | 2,000 |
Fair Value, Inputs, Level 2 [Member] | CounterPath [Member] | ' |
Assets: | ' |
Fair value of investment assets | 92 |
Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Fair value of investment assets | 92 |
Money Market Funds [Member] | ' |
Assets: | ' |
Fair value of investment assets | 2,000 |
CounterPath [Member] | ' |
Assets: | ' |
Fair value of investment assets | $92 |
Note_5_Fair_Value_Details_Inve1
Note 5 - Fair Value (Details) - Investment Assets and Liabilities Measured at Fair Value on Recurring Basis (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Assets: | ' |
Investment assets fair value | $157,056 |
Liabilities: | ' |
Acquisition-related contingent consideration | 4,343 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' |
Assets: | ' |
Investment assets fair value | 9,378 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Investment assets fair value | 13,134 |
US Government Agencies Debt Securities [Member] | ' |
Assets: | ' |
Investment assets fair value | 22,512 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Investment assets fair value | 2,772 |
US States and Political Subdivisions Debt Securities [Member] | ' |
Assets: | ' |
Investment assets fair value | 2,772 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' |
Assets: | ' |
Investment assets fair value | 5 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Investment assets fair value | 71,248 |
Corporate Debt Securities [Member] | ' |
Assets: | ' |
Investment assets fair value | 71,253 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Investment assets fair value | 27,635 |
Asset-backed Securities [Member] | ' |
Assets: | ' |
Investment assets fair value | 27,635 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Investment assets fair value | 28,248 |
Collateralized Mortgage Backed Securities [Member] | ' |
Assets: | ' |
Investment assets fair value | 28,248 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ' |
Assets: | ' |
Investment assets fair value | 4,636 |
Fair Value, Inputs, Level 1 [Member] | ' |
Assets: | ' |
Investment assets fair value | 14,019 |
Fair Value, Inputs, Level 2 [Member] | ' |
Assets: | ' |
Investment assets fair value | 143,037 |
Fair Value, Inputs, Level 3 [Member] | Altior [Member] | ' |
Liabilities: | ' |
Acquisition-related contingent consideration | 2,973 |
Fair Value, Inputs, Level 3 [Member] | Cadeka Microcircuits [Member] | ' |
Liabilities: | ' |
Acquisition-related contingent consideration | 1,370 |
Fair Value, Inputs, Level 3 [Member] | ' |
Liabilities: | ' |
Acquisition-related contingent consideration | 4,343 |
Money Market Funds [Member] | ' |
Assets: | ' |
Investment assets fair value | 4,636 |
Altior [Member] | ' |
Liabilities: | ' |
Acquisition-related contingent consideration | 2,973 |
Cadeka Microcircuits [Member] | ' |
Liabilities: | ' |
Acquisition-related contingent consideration | $1,370 |
Note_5_Fair_Value_Details_Cash
Note 5 - Fair Value (Details) - Cash, Cash Equivalents and Short-Term Marketable Securities (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | ' | ' |
Cash at financial institutions | $76,377 | $9,978 |
Restricted cash | 26,000 | ' |
Cash equivalents | ' | ' |
Money market funds | 2,000 | 4,636 |
Total cash and cash equivalents | 104,377 | 14,614 |
Available-for-sale securities | ' | ' |
Short-term marketable securities | ' | 152,420 |
US Government Agencies Debt Securities [Member] | ' | ' |
Available-for-sale securities | ' | ' |
Short-term marketable securities | ' | 22,512 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Available-for-sale securities | ' | ' |
Short-term marketable securities | ' | 2,772 |
Corporate Debt Securities [Member] | ' | ' |
Available-for-sale securities | ' | ' |
Short-term marketable securities | ' | 71,253 |
Asset-backed Securities [Member] | ' | ' |
Available-for-sale securities | ' | ' |
Short-term marketable securities | ' | 27,635 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Available-for-sale securities | ' | ' |
Short-term marketable securities | ' | $28,248 |
Note_5_Fair_Value_Details_Net_
Note 5 - 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. 28, 2014 | Sep. 29, 2013 |
Net Realized Gains (Losses) on Marketable Securities [Abstract] | ' | ' | ' |
Gross realized gains | $164 | $264 | $382 |
Gross realized losses | -131 | -238 | -408 |
Net realized income (losses) | $33 | $26 | ($26) |
Note_5_Fair_Value_Details_Summ
Note 5 - Fair Value (Details) - Summary of Investments in Marketable Securities (USD $) | Mar. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | $157,280 | |
Unrealized Gross Gains | 89 | [1] |
Unrealized Gross Losses | -313 | [1] |
Fair Value | 157,056 | |
US Government Agencies Debt Securities [Member] | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | 22,550 | |
Unrealized Gross Gains | 1 | [1] |
Unrealized Gross Losses | -39 | [1] |
Fair Value | 22,512 | |
US States and Political Subdivisions Debt Securities [Member] | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | 2,762 | |
Unrealized Gross Gains | 10 | [1] |
Unrealized Gross Losses | ' | [1] |
Fair Value | 2,772 | |
Corporate Debt Securities [Member] | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | 71,309 | |
Unrealized Gross Gains | 32 | [1] |
Unrealized Gross Losses | -88 | [1] |
Fair Value | 71,253 | |
Asset-backed Securities [Member] | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | 27,661 | |
Unrealized Gross Gains | 22 | [1] |
Unrealized Gross Losses | -48 | [1] |
Fair Value | 27,635 | |
Collateralized Mortgage Backed Securities [Member] | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | 28,362 | |
Unrealized Gross Gains | 24 | [1] |
Unrealized Gross Losses | -138 | [1] |
Fair Value | 28,248 | |
Money Market Funds [Member] | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | |
Amortized Cost | 4,636 | |
Unrealized Gross Gains | ' | [1] |
Unrealized Gross Losses | ' | [1] |
Fair Value | $4,636 | |
[1] | Gross of tax impact of $828 |
Note_5_Fair_Value_Details_Amor
Note 5 - Fair Value (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities [Abstract] | ' |
Less than 1 year | $49,539 |
Less than 1 year | 49,504 |
Due in 1 to 5 years | 107,741 |
Due in 1 to 5 years | 107,552 |
Total | 157,280 |
Total | $157,056 |
Note_5_Fair_Value_Details_Summ1
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments (USD $) | Mar. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | |
Fair Value Less than 12 Months | $93,424 | |
Gross Unrealized Losses Less than 12 Months | -258 | |
Fair Value Greater than 12 Months | 7,057 | |
Gross Unrealized Losses Greater than 12 Months | -55 | |
Fair Value Total | 100,481 | |
Gross Unrealized Losses Total | -313 | [1] |
US Government Agencies Debt Securities [Member] | ' | |
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | |
Fair Value Less than 12 Months | 18,245 | |
Gross Unrealized Losses Less than 12 Months | -39 | |
Fair Value Total | 18,245 | |
Gross Unrealized Losses Total | -39 | [1] |
Corporate Debt Securities [Member] | ' | |
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | |
Fair Value Less than 12 Months | 48,379 | |
Gross Unrealized Losses Less than 12 Months | -87 | |
Fair Value Greater than 12 Months | 596 | |
Gross Unrealized Losses Greater than 12 Months | -1 | |
Fair Value Total | 48,975 | |
Gross Unrealized Losses Total | -88 | [1] |
Asset-backed Securities [Member] | ' | |
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | |
Fair Value Less than 12 Months | 7,118 | |
Gross Unrealized Losses Less than 12 Months | -12 | |
Fair Value Greater than 12 Months | 5,478 | |
Gross Unrealized Losses Greater than 12 Months | -36 | |
Fair Value Total | 12,596 | |
Gross Unrealized Losses Total | -48 | [1] |
Collateralized Mortgage Backed Securities [Member] | ' | |
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ' | |
Fair Value Less than 12 Months | 19,682 | |
Gross Unrealized Losses Less than 12 Months | -120 | |
Fair Value Greater than 12 Months | 983 | |
Gross Unrealized Losses Greater than 12 Months | -18 | |
Fair Value Total | 20,665 | |
Gross Unrealized Losses Total | ($138) | [1] |
[1] | Gross of tax impact of $828 |
Note_5_Fair_Value_Details_Chan
Note 5 - Fair Value (Details) - Change in Fair Value of Consideration Liability (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Mar. 29, 2014 |
Altior [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Consideration liability fair value | ' | $2,973 |
Less: Adjustment to purchase consideration | -2,973 | ' |
Consideration liability fair value | 0 | 2,973 |
Cadeka Microcircuits [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Consideration liability fair value | ' | 1,370 |
Less: Adjustment to purchase consideration | -1,370 | ' |
Consideration liability fair value | $0 | $1,370 |
Note_6_Goodwill_and_Intangible2
Note 6 - Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 15, 2014 | Sep. 28, 2014 | Jul. 05, 2013 | Mar. 30, 2014 | Jan. 14, 2014 | Mar. 30, 2014 | |
High-Performance Analog [Member] | High-Performance Analog [Member] | Data Compression [Member] | Data Compression [Member] | Existing Technology [Member] | Existing Technology [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Distribution Rights [Member] | Distribution Rights [Member] | Patented Technology [Member] | Patented Technology [Member] | Trade Names [Member] | Trade Names [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Cadeka Microcircuits [Member] | Cadeka Microcircuits [Member] | Stretch, Inc. [Member] | Stretch, Inc. [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,700,000 | $14,700,000 | $19,400,000 | $19,400,000 | $700,000 | $700,000 |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '2 years | '9 years | '5 years | '7 years | '6 years | '7 years | '5 years | '6 years | '3 years | '6 years | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) (in Dollars) | $12,300,000 | $12,284,000 | $7,500,000 | $7,500,000 | $4,800,000 | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_6_Goodwill_and_Intangible3
Note 6 - 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. 28, 2014 | Mar. 30, 2014 |
Changes in the Carrying Amount of Goodwill [Abstract] | ' | ' |
Beginning balance | $30,410 | $10,356 |
Goodwill additions | 14,696 | 20,054 |
Ending balance | $45,106 | $30,410 |
Note_6_Goodwill_and_Intangible4
Note 6 - Goodwill and Intangible Assets (Details) - Purchased Intangible Assets (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ' | ' |
Carrying Amount | $146,002 | $74,071 |
Accumulated Amortization | -50,962 | -44,961 |
Impairment charge | -10,004 | ' |
Net Carrying Amount | 85,036 | 29,110 |
Total | 156,382 | 76,351 |
Total | -50,962 | -44,961 |
Total | -12,284 | ' |
Total | 93,136 | 31,390 |
In Process Research and Development [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
In-process research and development | 10,380 | 2,280 |
In-process research and development | -2,280 | ' |
In-process research and development | 8,100 | 2,280 |
Technology-Based Intangible Assets [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Carrying Amount | 118,794 | 63,043 |
Accumulated Amortization | -42,268 | -37,510 |
Impairment charge | -9,134 | ' |
Net Carrying Amount | 67,392 | 25,533 |
Total | -42,268 | -37,510 |
Customer Relationships [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Carrying Amount | 15,165 | 6,095 |
Accumulated Amortization | -3,600 | -2,762 |
Impairment charge | -870 | ' |
Net Carrying Amount | 10,695 | 3,333 |
Total | -3,600 | -2,762 |
Distribution Rights [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Carrying Amount | 7,254 | 1,264 |
Accumulated Amortization | -1,536 | -1,260 |
Net Carrying Amount | 5,718 | 4 |
Total | -1,536 | -1,260 |
Patents [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Carrying Amount | 3,459 | 3,459 |
Accumulated Amortization | -3,412 | -3,378 |
Net Carrying Amount | 47 | 81 |
Total | -3,412 | -3,378 |
Trade Names [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Carrying Amount | 1,330 | 210 |
Accumulated Amortization | -146 | -51 |
Net Carrying Amount | 1,184 | 159 |
Total | ($146) | ($51) |
Note_6_Goodwill_and_Intangible5
Note 6 - 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. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Aggregate Amortization Expenses for Purchased Intangible Assets [Abstract] | ' | ' | ' | ' |
Amortization expense | $3,724 | $2,130 | $6,001 | $3,674 |
Note_6_Goodwill_and_Intangible6
Note 6 - Goodwill and Intangible Assets (Details) - Estimated Future Amortization Expenses for Purchased Intangible Assets (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amortization Expense (by fiscal year) | ' | ' |
2015 (6 months remaining) | $6,406 | ' |
2016 | 12,696 | ' |
2017 | 12,609 | ' |
2018 | 12,572 | ' |
2019 | 12,248 | ' |
2020 and thereafter | 28,505 | ' |
Total future amortization | $85,036 | $29,110 |
Note_7_LongTerm_Investment_Det
Note 7 - Long-Term Investment (Details) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Sep. 28, 2014 | Mar. 30, 2014 |
Skypoint Fund [Member] | Skypoint Fund [Member] | ||||
Note 7 - Long-Term Investment (Details) [Line Items] | ' | ' | ' | ' | ' |
Long-term Investments | $939,000 | $946,000 | $1,288,000 | ' | ' |
Long-term Investments, Cumulative Impairment Charges | 300,000 | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | ' | ' | 4,800,000 | ' |
Cost-method Investments, Other than Temporary Impairment | ' | ' | ' | $7,000 | $323,000 |
Note_7_LongTerm_Investment_Det1
Note 7 - Long-Term Investment (Details) - Long-term Investment (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Mar. 30, 2014 |
Long-term Investment [Abstract] | ' | ' |
Beginning balance | $946 | $1,288 |
Net distributions | 0 | -19 |
Impairment charges | -7 | -323 |
Ending balance | $939 | $946 |
Note_8_Related_Party_Transacti2
Note 8 - Related Party Transactions (Details) | Sep. 28, 2014 | Mar. 30, 2014 |
Note 8 - Related Party Transactions (Details) [Line Items] | ' | ' |
Common Stock, Shares, Outstanding | 47,091,877 | 47,336,005 |
Alonim Investments Inc. [Member] | ' | ' |
Note 8 - Related Party Transactions (Details) [Line Items] | ' | ' |
Common Stock, Shares, Outstanding | 7,600,000 | ' |
Percentage Of Common Stock Shares Outstanding | 16.00% | ' |
Note_8_Related_Party_Transacti3
Note 8 - Related Party Transactions (Details) - Related Party Contributions to Total Net Sales (Alonim Investments Inc. [Member], Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Alonim Investments Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Alonim | 20.00% | 27.00% | 24.00% | 27.00% |
Note_8_Related_Party_Transacti4
Note 8 - Related Party Transactions (Details) - Related Party Receivables As a Percentage of Net Accounts Receivable (Alonim Investments Inc. [Member], Accounts Receivable [Member], Customer Concentration Risk [Member]) | 6 Months Ended | 12 Months Ended |
Sep. 28, 2014 | Mar. 30, 2014 | |
Alonim Investments Inc. [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Alonim | 8.00% | 18.00% |
Note_9_ShortTerm_Debt_Details
Note 9 - Short-Term Debt (Details) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||
Sep. 28, 2014 | Sep. 29, 2013 | Mar. 30, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | 27-May-14 | Jun. 29, 2014 | 27-May-14 | Jun. 09, 2014 | Jun. 09, 2014 | Sep. 28, 2014 | |
Scenario 1 [Member] | Scenario 1 [Member] | Scenario 1 [Member] | Scenario 2 [Member] | Scenario 2 [Member] | Scenario 2 [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | CTBC [Member] | CTBC [Member] | Certificates of Deposit [Member] | ||||
Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | |||||||
Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Federal Funds Effective Swap Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | ||||||||||
Initial Duration Following the Initial Funding Date [Member] | After the Initial Duration Following the Initial Funding Date [Member] | Initial Duration Following the Initial Funding Date [Member] | After the Initial Duration Following the Initial Funding Date [Member] | |||||||||||||||
Note 9 - Short-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt (in Dollars) | $91,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | ' | ' | $26,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' |
Restricted Cash and Cash Equivalents, Current (in Dollars) | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 |
Debt Instrument, Face Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' |
Initial Duration Following the Initial Funding Date | ' | ' | ' | ' | ' | '90 days | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 7.50% | 8.50% | ' | 8.50% | 9.50% | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.65% | ' | ' | ' | ' |
Repayments of Debt (in Dollars) | $65,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,000,000 | ' | ' | ' | ' |
Note_9_ShortTerm_Debt_Details_
Note 9 - Short-Term Debt (Details) - Short-term Debts (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
Note 9 - Short-Term Debt (Details) - Short-term Debts [Line Items] | ' |
Short-term debt | $26,000 |
CTBC [Member] | ' |
Note 9 - Short-Term Debt (Details) - Short-term Debts [Line Items] | ' |
Short-term debt | 26,000 |
Stifel Financial Corp. [Member] | ' |
Note 9 - Short-Term Debt (Details) - Short-term Debts [Line Items] | ' |
Short-term debt | $0 |
Note_9_ShortTerm_Debt_Details_1
Note 9 - Short-Term Debt (Details) - Interest on Short-term Debt (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 |
Note 9 - Short-Term Debt (Details) - Interest on Short-term Debt [Line Items] | ' | ' |
Interest on short-term debt | $455 | $902 |
CTBC [Member] | ' | ' |
Note 9 - Short-Term Debt (Details) - Interest on Short-term Debt [Line Items] | ' | ' |
Interest on short-term debt | 211 | 256 |
Stifel Financial Corp. [Member] | ' | ' |
Note 9 - Short-Term Debt (Details) - Interest on Short-term Debt [Line Items] | ' | ' |
Interest on short-term debt | $244 | $646 |
Note_10_Common_Stock_Repurchas2
Note 10 - Common Stock Repurchases (Details) (USD $) | Aug. 28, 2007 | Jul. 09, 2013 |
In Millions, unless otherwise specified | August 2007 Repurchase Plan [Member] | July 2013 Repurchase Program [Member] |
Note 10 - Common Stock Repurchases (Details) [Line Items] | ' | ' |
Stock Repurchase Program, Authorized Amount | $100 | $50 |
Note_10_Common_Stock_Repurchas3
Note 10 - Common Stock Repurchases (Details) - Stock Repurchase Activities (USD $) | 1 Months Ended | 2 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Feb. 23, 2014 | Jan. 26, 2014 | Dec. 29, 2013 | Oct. 27, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Mar. 30, 2013 |
Stock Repurchase Activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Balances, Total number of Shares Purchased | 10,319 | ' | ' | ' | ' | ' | ' | 9,564 |
Balances, Average Price Paid Per Share (or Unit) | $9.22 | ' | ' | ' | ' | ' | ' | $9.22 |
Balances, Amount Paid for Purchase | $97,189 | ' | ' | ' | ' | ' | ' | $88,189 |
Repurchases, Total number of Shares Purchased | 273 | 324 | 122 | 83 | 73 | 153 | 393 | ' |
Repurchases, Average Price Paid Per Share (or Unit) | $10.98 | $11.05 | $11.61 | $12.09 | $13.63 | $13.07 | $9.83 | ' |
Repurchases, Amount Paid for Purchase | 3,000 | 3,583 | 1,417 | 1,000 | 1,001 | 1,999 | 3,864 | ' |
Balances, Total number of Shares Purchased | ' | ' | ' | ' | ' | ' | 10,985 | 9,564 |
Balances, Average Price Paid Per Share (or Unit) | ' | ' | ' | ' | ' | ' | $9.47 | $9.22 |
Balances, Amount Paid for Purchase | ' | ' | ' | ' | ' | ' | $104,053 | $88,189 |
Note_11_Restructuring_Charges_2
Note 11 - Restructuring Charges and Exit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Note 11 - Restructuring Charges and Exit Costs (Details) [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $6,600 | $400 | $7,000 | $1,400 |
Employee Severance [Member] | ' | ' | ' | ' |
Note 11 - Restructuring Charges and Exit Costs (Details) [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | 1,200 |
Facility Closing [Member] | ' | ' | ' | ' |
Note 11 - Restructuring Charges and Exit Costs (Details) [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | $200 |
Note_11_Restructuring_Charges_3
Note 11 - Restructuring Charges and Exit Costs (Details) - Summary of Activities Affecting Liabilities (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Mar. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | $2,369 | $3,286 |
Additions/Adjustments | 6,966 | 3,014 |
Non-cash Charges | -5,587 | -57 |
Payments | -1,101 | -3,874 |
Ending Balance | 2,647 | 2,369 |
Lease Contract Termination Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 1,615 | 2,860 |
Additions/Adjustments | 236 | 570 |
Non-cash Charges | -109 | -57 |
Payments | -234 | -1,758 |
Ending Balance | 1,508 | 1,615 |
Impairment of Fixed Assets and Write Down of Inventory [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Additions/Adjustments | 5,478 | ' |
Non-cash Charges | -5,478 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 754 | 426 |
Additions/Adjustments | 1,252 | 2,444 |
Payments | -867 | -2,116 |
Ending Balance | $1,139 | $754 |
Note_12_StockBased_Compensatio2
Note 12 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 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 | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 30, 2014 | Jan. 31, 2014 | Mar. 31, 2012 | Jan. 31, 2012 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Jan. 31, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Oct. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 28, 2014 | Sep. 18, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | |
Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [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] | October 2013 PRSUs [Member] | October 2013 PRSUs [Member] | October 2013 PRSUs [Member] | Employee Stock Participation Plan [Member] | 2006 Plan and Sipex 2006 Plan [Member] | 2006 Plan [Member] | 2014 Plan [Member] | 2014 Plan [Member] | 2015 Incentive Program [Member] | 2015 Incentive Program [Member] | ||||||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Certain Executives [Member] | Certain Executives [Member] | Certain Executives [Member] | Certain Executives [Member] | Certain Executives [Member] | Former Stretch Employees [Member] | Former Stretch Employees [Member] | Former Stretch Employees [Member] | 2014 Incentive Program [Member] | 2014 Incentive Program [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Cadeka Employees [Member] | Cadeka Employees [Member] | Certain Executives [Member] | Certain Executives [Member] | Certain Executives [Member] | ||||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 8,420,307 | ' | 8,420,307 | ' | 7,213,848 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,555,492 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,500,000 | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 669,008 | ' | 5,170,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' |
Share Price (in Dollars per share) | $9.07 | ' | $9.07 | ' | $11.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | 2,117,738 | ' | ' | 140,000 | ' | 480,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | ' | ' | ' | ' | ' | ' | 3 | 4 | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $3,600,000 | $3,623,000 | $6,727,000 | $4,710,000 | ' | ' | ' | ' | $146,000 | $470,000 | $880,000 | $522,000 | $22,000 | $148,000 | ' | ($98,000) | $148,000 | ' | $169,000 | $169,000 | ($295,000) | ($290,000) | $75,000 | $65,000 | $187,000 | $130,000 | $619,000 | $1,013,000 | ' | $108,000 | ' | $286,000 | ' | ' | ' | ' | ' | $577,000 | $577,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | 82,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,697 | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' |
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) - ESPP Transactions (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 |
ESPP Transactions [Abstract] | ' |
Authorized to issue | 4,500 |
Reserved for future issuance | 1,359 |
Issued | 13 |
Issued (in Dollars per share) | $10.94 |
Note_12_StockBased_Compensatio4
Note 12 - Stock-Based Compensation (Details) - Stock Option Transactions (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2014 | Mar. 30, 2014 |
Stock Option Transactions [Abstract] | ' | ' |
Options outstanding | 8,420,307 | 7,213,848 |
Weighted Average Exercise Price of Options Outstanding (in Dollars per share) | $8.80 | $8.98 |
Weighted Average Remaining Contractual Term of Options Outstanding | '4 years 339 days | '5 years 7 days |
Aggregate Intrinsic Value (in Dollars) | $9,232 | $21,301 |
In the Money Options Vested and Exercisable | 4,454,000 | 2,170,000 |
Vested and expected to vest, September 28, 2014 | 7,446,743 | ' |
Vested and expected to vest, September 28, 2014 (in Dollars per share) | $8.66 | ' |
Vested and expected to vest, September 28, 2014 | '4 years 306 days | ' |
Vested and expected to vest, September 28, 2014 (in Dollars) | 9,063 | ' |
Vested and exercisable, September 28, 2014 | 3,285,957 | ' |
Vested and exercisable, September 28, 2014 (in Dollars per share) | $7.47 | ' |
Vested and exercisable, September 28, 2014 | '3 years 302 days | ' |
Vested and exercisable, September 28, 2014 (in Dollars) | $6,345 | ' |
Granted | 2,117,738 | ' |
Granted (in Dollars per share) | $8.60 | ' |
Exercised | -243,176 | ' |
Exercised (in Dollars per share) | $6.83 | ' |
Cancelled | -123,023 | ' |
Cancelled (in Dollars per share) | $12.94 | ' |
Forfeited | -545,080 | ' |
Forfeited (in Dollars per share) | $10.29 | ' |
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. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Options Exercised [Abstract] | ' | ' | ' | ' |
Intrinsic value of options exercised | $426 | $1,072 | $856 | $1,894 |
Note_12_StockBased_Compensatio6
Note 12 - Stock-Based Compensation (Details) - RSU Transactions (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2014 | Mar. 30, 2014 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 12 - Stock-Based Compensation (Details) - RSU Transactions [Line Items] | ' | ' |
Shares | 1,070,606 | 1,177,126 |
Weighted Average Grant-Date Fair Value (in Dollars per share) | $10.42 | $10.94 |
Weighted Average Remaining Contractual Term (in years) | '1 year 175 days | '1 year 226 days |
Aggregate Intrinsic Value (in thousands) (in Dollars) | $9,710 | $13,784 |
Granted | 204,697 | ' |
Granted (in Dollars per share) | $9.50 | ' |
Issued and released | -221,219 | ' |
Issued and released (in Dollars per share) | $10.71 | ' |
Cancelled | -89,998 | ' |
Cancelled (in Dollars per share) | $14.35 | ' |
Vested and expected to vest, September 28, 2014 | 931,862 | ' |
Vested and expected to vest, September 28, 2014 | '1 year 153 days | ' |
Vested and expected to vest, September 28, 2014 (in Dollars) | $8,452 | ' |
Note_12_StockBased_Compensatio7
Note 12 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense Related to Stock Options and RSUs (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-Based Compensation Expense | $3,600,000 | $3,623,000 | $6,727,000 | $4,710,000 |
Cost of Sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-Based Compensation Expense | 227,000 | 212,000 | 487,000 | 354,000 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-Based Compensation Expense | 870,000 | 689,000 | 1,682,000 | 829,000 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-Based Compensation Expense | $2,503,000 | $2,722,000 | $4,558,000 | $3,527,000 |
Note_12_StockBased_Compensatio8
Note 12 - Stock-Based Compensation (Details) - Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Note 12 - Stock-Based Compensation (Details) - Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Amount | $17,219 |
Employee Stock Option [Member] | ' |
Note 12 - Stock-Based Compensation (Details) - Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Amount | 9,898 |
Weighted Average Expected Remaining Period | '2 years 160 days |
Performance Shares [Member] | ' |
Note 12 - Stock-Based Compensation (Details) - Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Amount | 531 |
Weighted Average Expected Remaining Period | '1 year 350 days |
Restricted Stock Units (RSUs) [Member] | ' |
Note 12 - Stock-Based Compensation (Details) - Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Amount | 4,896 |
Weighted Average Expected Remaining Period | '1 year 361 days |
Performance-Based RSUs [Member] | ' |
Note 12 - Stock-Based Compensation (Details) - Unrecognized Stock-Based Compensation Expense Related to Stock Options and RSUs [Line Items] | ' |
Amount | $1,894 |
Weighted Average Expected Remaining Period | '2 years 80 days |
Note_12_StockBased_Compensatio9
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' | ' | ' | ' |
Expected term of options (years) | '4 years 255 days | '4 years 160 days | ' | ' |
Risk-free interest rate | 1.34% | 1.12% | ' | ' |
Expected volatility | 32.00% | 33.00% | 32.00% | ' |
Weighted average estimated fair value (in Dollars per share) | $2.89 | $3.70 | $2.86 | $3.49 |
Minimum [Member] | ' | ' | ' | ' |
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' | ' | ' | ' |
Expected term of options (years) | ' | ' | '4 years 6 months | '4 years 146 days |
Risk-free interest rate | ' | ' | 1.30% | 0.60% |
Expected volatility | ' | ' | ' | 33.00% |
Maximum [Member] | ' | ' | ' | ' |
Note 12 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' | ' | ' | ' |
Expected term of options (years) | ' | ' | '4 years 255 days | '4 years 160 days |
Risk-free interest rate | ' | ' | 1.34% | 1.12% |
Expected volatility | ' | ' | ' | 35.00% |
Note_13_Net_Income_Loss_Per_Sh2
Note 13 - Net Income (Loss) Per Share (Details) (Stock Options, Warrants and RSUs [Member]) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
Stock Options, Warrants and RSUs [Member] | ' | ' |
Note 13 - Net Income (Loss) Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.1 | 0.8 |
Note_13_Net_Income_Loss_Per_Sh3
Note 13 - 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. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Summary of Net Income (Loss) per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to Exar Corporation (in Dollars) | ($23,352) | $6,482 | ($35,457) | $7,288 |
Shares used in computation of net income (loss) per share: | ' | ' | ' | ' |
Basic | 47,139 | 47,496 | 47,188 | 47,151 |
Effect of options and awards | ' | 1,654 | ' | 1,496 |
Diluted | 47,139 | 49,150 | 47,188 | 48,647 |
Net income (loss) per share | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.50) | $0.14 | ($0.75) | $0.15 |
Diluted (in Dollars per share) | ($0.50) | $0.13 | ($0.75) | $0.15 |
Note_14_Lease_Financing_Obliga2
Note 14 - Lease Financing Obligations (Details) (USD $) | Jul. 31, 2012 | Dec. 30, 2011 | Oct. 31, 2011 | Jun. 30, 2010 | Sep. 28, 2014 | Sep. 28, 2014 |
In Millions, unless otherwise specified | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | ||||
Minimum [Member] | Maximum [Member] | |||||
Note 14 - Lease Financing Obligations (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | $0.90 | $4.50 | $5.80 | $1 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | 2.00% | 7.25% |
Note_14_Lease_Financing_Obliga3
Note 14 - Lease Financing Obligations (Details) - Amortization Expense Related to the Design Tools (Design Tools [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Design Tools [Member] | ' | ' | ' | ' |
Note 14 - Lease Financing Obligations (Details) - Amortization Expense Related to the Design Tools [Line Items] | ' | ' | ' | ' |
Amortization expense | $800 | $884 | $1,600 | $1,750 |
Note_14_Lease_Financing_Obliga4
Note 14 - Lease Financing Obligations (Details) - Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations [Abstract] | ' | ' |
2015 (6 months remaining) | $1,687 | ' |
2016 | 59 | ' |
2017 | 10 | ' |
2018 | 6 | ' |
Total minimum lease payments | 1,762 | ' |
Less: amount representing interest | 26 | ' |
Present value of minimum lease payments | 1,736 | ' |
Less: short-term lease financing obligations | 1,717 | 2,671 |
Long-term lease financing obligations | $19 | ' |
Note_14_Lease_Financing_Obliga5
Note 14 - Lease Financing Obligations (Details) - Interest Expense (Design Tools [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Design Tools [Member] | ' | ' | ' | ' |
Note 14 - Lease Financing Obligations (Details) - Interest Expense [Line Items] | ' | ' | ' | ' |
Interest expense | $39 | $39 | $78 | $76 |
Note_14_Lease_Financing_Obliga6
Note 14 - Lease Financing Obligations (Details) - Rent Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Rent Expense [Abstract] | ' | ' | ' | ' |
Rent expense | $564 | $233 | $896 | $429 |
Note_14_Lease_Financing_Obliga7
Note 14 - Lease Financing Obligations (Details) - Operating Lease (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
Operating Lease [Abstract] | ' |
2015 (6 months remaining) | $728 |
2016 | 1,108 |
2017 | 508 |
2018 | 160 |
Total minimum lease payments | $2,504 |
Note_15_Commitments_and_Contin2
Note 15 - Commitments and Contingencies (Details) (USD $) | Jun. 29, 2014 | Mar. 30, 2014 | Sep. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Product Warranty Accrual | $639 | $1,074 | $1,400 | $50 |
Note_15_Commitments_and_Contin3
Note 15 - Commitments and Contingencies (Details) - Warranty Reserve Balance (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Sep. 29, 2013 |
Warranty Reserve Balance [Abstract] | ' | ' | ' |
Beginning balance | $1,074 | $50 | $1,400 |
Provisions for warranties issued | 17 | 1,480 | ' |
Settlements/adjustments | -452 | -456 | ' |
Ending balance | $639 | $1,074 | $1,400 |
Note_17_Income_Taxes_Details
Note 17 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Note 17 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $107,000 | ($6,767,000) | $799,000 | ($6,776,000) |
Unrecognized Tax Benefits, Period Increase (Decrease) | -18,000 | ' | ' | ' |
Unrecognized Tax Benefits | 16,900,000 | ' | 16,900,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $14,000,000 | ' | $14,000,000 | ' |
Earliest Tax Year [Member] | ' | ' | ' | ' |
Note 17 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Open Tax Year | ' | ' | '2003 | ' |
Latest Tax Year [Member] | ' | ' | ' | ' |
Note 17 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Open Tax Year | ' | ' | '2013 | ' |
Note_17_Income_Taxes_Details_E
Note 17 - Income Taxes (Details) - Estimated Interest and Penalties Related to the Underpayment of Income Taxes (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Estimated Interest and Penalties Related to the Underpayment of Income Taxes [Abstract] | ' | ' |
Accrued interest and penalties | $1,254 | $83 |
Note_18_Segment_and_Geographic2
Note 18 - Segment and Geographic Information (Details) | 6 Months Ended |
Sep. 28, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |
Number of Operating Segments | 1 |
Note_18_Segment_and_Geographic3
Note 18 - Segment and Geographic Information (Details) - Net Sales by End Market (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales by end market | $43,159 | $34,018 | $73,878 | $66,645 |
Industrial And Embedded Systems [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales by end market | 19,656 | 17,943 | 38,523 | 34,441 |
High End Consumer [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales by end market | 16,199 | 105 | 19,623 | 351 |
Communication & Networking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales by end market | $7,304 | $15,970 | $15,732 | $31,853 |
Note_18_Segment_and_Geographic4
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | $43,159 | $34,018 | $73,878 | $66,645 |
CHINA | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 16,738 | 11,341 | 27,497 | 22,294 |
UNITED STATES | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 5,012 | 11,572 | 11,239 | 22,040 |
TAIWAN, PROVINCE OF CHINA | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 5,826 | 911 | 7,236 | 1,793 |
KOREA, REPUBLIC OF | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 5,126 | 544 | 7,254 | 1,526 |
SINGAPORE | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 3,605 | 3,534 | 7,195 | 6,930 |
GERMANY | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | 3,055 | 2,888 | 6,012 | 5,668 |
Rest Of World [Member] | ' | ' | ' | ' |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ' | ' | ' | ' |
Net sales | $3,797 | $3,228 | $7,445 | $6,394 |
Note_18_Segment_and_Geographic5
Note 18 - Segment and Geographic Information (Details) - Major Distributors and Customer of Net Revenue (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 3 Months Ended | 6 Months Ended | ||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |||||
Distributor A [Member] | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Net Revenue | 20.00% | 27.00% | 24.00% | 27.00% | ||||
Distributor B [Member] | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Net Revenue | ' | [1] | 26.00% | ' | [1] | 24.00% | ||
Distributor C [Member] | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Net Revenue | ' | [1] | 11.00% | ' | [1] | 11.00% | ||
Customer C [Member] | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Net Revenue | 11.00% | ' | [1] | ' | [1] | ' | [1] | |
[1] | Net sales for this distributor or customer for this period were less than 10% of our net sales. |
Note_18_Segment_and_Geographic6
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable (Accounts Receivable [Member], Customer Concentration Risk [Member]) | 6 Months Ended | 12 Months Ended | ||
Sep. 28, 2014 | Mar. 30, 2014 | |||
Distributor A [Member] | ' | ' | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ' | ' | ||
Distributor | ' | [1] | 16.00% | |
Distributor B [Member] | ' | ' | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ' | ' | ||
Distributor | ' | [1] | 17.00% | |
Distributor D [Member] | ' | ' | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ' | ' | ||
Distributor | ' | [1] | 14.00% | |
Distributor C [Member] | ' | ' | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ' | ' | ||
Distributor | ' | [1] | 12.00% | |
Customer C [Member] | ' | ' | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ' | ' | ||
Distributor | 13.00% | ' | [1] | |
[1] | Accounts receivable for this distributor for this period were less than 10% of total account balance. |
Note_19_Subsequent_Events_Deta
Note 19 - Subsequent Events (Details) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Oct. 31, 2014 | Oct. 31, 2014 | Jun. 03, 2014 | Sep. 28, 2014 | Sep. 15, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | Integrated Memory Logic Limited [Member] | |||
Integrated Memory Logic Limited [Member] | CTBC [Member] | ||||||
Note 19 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | 92.00% | 8.00% | 100.00% |
Payments to Acquire Businesses, Gross | ' | ' | $18,900 | ' | $206,411 | ' | ' |
Repayments of Debt | $65,000 | $0 | ' | $26,000 | ' | ' | ' |