Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 03, 2016 | Aug. 05, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | EXAR CORPORATION | |
Entity Central Index Key | 753,568 | |
Trading Symbol | exar | |
Current Fiscal Year End Date | --04-02 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 49,574,599 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 3, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 85,276 | $ 55,070 |
Accounts receivable (net of allowances of $886 and $809) | 15,539 | 16,130 |
Accounts receivable, related party (net of allowances of $425 and $617) | 3,184 | 3,247 |
Inventories | 22,104 | 20,807 |
Other current assets | 2,179 | 1,922 |
Assets held for sale | 92,688 | 93,911 |
Total current assets | 220,970 | 191,087 |
Property, plant and equipment, net | 5,159 | 20,299 |
Goodwill | 31,613 | 31,613 |
Intangible assets, net | 11,012 | 11,735 |
Other non-current assets | 1,006 | 639 |
Total assets | 269,760 | 255,373 |
Current liabilities: | ||
Accounts payable | 11,312 | 11,258 |
Accrued compensation and related benefits | 2,273 | 2,984 |
Deferred income and allowances on sales to distributors | 3,213 | 3,053 |
Deferred income and allowances on sales to distributor, related party | 5,885 | 4,683 |
Other current liabilities | 12,299 | 10,669 |
Liabilities held for sale | 2,479 | 3,470 |
Total current liabilities | 37,461 | 36,117 |
Long-term lease financing obligations | 856 | 1,285 |
Other non-current obligations | 4,314 | 3,422 |
Total liabilities | 42,631 | 40,824 |
Commitments and contingencies (Notes 14, 15 and 16) | ||
Stockholders' equity: | ||
Common stock, $.0001 par value; 100,000,000 shares authorized; 48,998,725 and 48,545,311 shares outstanding | 5 | 5 |
Additional paid-in capital | 532,847 | 529,207 |
Accumulated deficit | (305,723) | (314,663) |
Total stockholders’ equity | 227,129 | 214,549 |
Total liabilities and stockholders’ equity | $ 269,760 | $ 255,373 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Related Party [Member] | ||
Accounts receivable, allowances | $ 425 | $ 617 |
Accounts receivable, allowances | $ 886 | $ 809 |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 48,998,725 | 48,545,311 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Continuing Operations [Member] | ||
Net income (loss) per share: | ||
Basic (in shares) | 48,680 | 47,927 |
Effect of options and awards (in shares) | 378 | |
Diluted (in shares) | 49,058 | 47,927 |
Discontinued Operations [Member] | ||
Net income (loss) per share: | ||
Basic (in shares) | 48,680 | 47,927 |
Effect of options and awards (in shares) | 378 | |
Diluted (in shares) | 49,058 | 47,927 |
Net sales | $ 19,636 | $ 16,806 |
Net sales, related party | 7,500 | 11,377 |
Total net sales | 27,136 | 28,183 |
Cost of sales | (10,411) | (9,776) |
Cost of sales, related party | 2,769 | 4,916 |
Amortization of purchased intangible assets | 594 | 613 |
Total cost of sales | 13,774 | 15,305 |
Gross profit | 13,362 | 12,878 |
Research and development | 4,931 | 6,429 |
Selling, general and administrative | 6,564 | 7,746 |
Merger and acquisition costs | 855 | 544 |
Restructuring Charges | 923 | 1,230 |
Asset Impairment Charges | 1,519 | |
Gain on sale of land and building under sale-leaseback arrangement | (9,300) | |
Total operating expenses, net | 5,492 | 15,949 |
Income (loss) from operations | 7,870 | (3,071) |
Interest income and other, net | 2 | (22) |
Interest expense | (38) | (48) |
Total other expense, net | (36) | (70) |
Income (loss) before income taxes | 7,834 | (3,141) |
Income Tax Expense (Benefit) | 291 | (787) |
Net income (loss) from continuing operations | 7,543 | (2,354) |
Net income (loss) from discontinued operations (See Note 3) | 1,397 | (156) |
Net income (loss) and comprehensive income (loss) | $ 8,940 | $ (2,510) |
Basic (in dollars per share) | $ 0.15 | $ (0.05) |
Diluted (in dollars per share) | 0.15 | (0.05) |
Basic (in dollars per share) | 0.03 | |
Diluted (in dollars per share) | 0.03 | |
Basic (in dollars per share) | 0.18 | (0.05) |
Diluted (in dollars per share) | $ 0.18 | $ (0.05) |
Basic (in shares) | 48,680 | 47,927 |
Effect of options and awards (in shares) | 378 | |
Diluted (in shares) | 49,058 | 47,927 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 8,940 | $ (2,510) |
Income (loss) from discontinued operations | 1,397 | (156) |
Income (loss) from continuing operations | 7,543 | (2,354) |
Adjustments to reconcile income from continuing operations to net cash flows from operating activities: | ||
Depreciation and amortization | 2,104 | 2,381 |
Gain on sale of land and building under sale-leaseback arrangement | (9,300) | |
Amortization of deferred gain on sale-leaseback arrangement | (199) | |
Stock-based compensation expense | 1,103 | 1,722 |
Impairment of design tools | 1,519 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 654 | 3,641 |
Inventories | (1,297) | (518) |
Prepaid expenses, other current assets and other assets | (6) | (862) |
Accounts payable | 40 | 2,459 |
Accrued compensation and related benefits | (711) | (185) |
Deferred income | 1,362 | (2,808) |
Other current and non-current liabilities | (245) | (1,284) |
Net cash provided by operating activities - continuing operations | 2,567 | 2,192 |
Net cash provided by (used in) operating activities - discontinued operations | 1,577 | (630) |
Net cash provided by operating activities | 4,144 | 1,562 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and intellectual property, net | (125) | (105) |
Sale of land and building under sale-leaseback arrangement | 24,051 | |
Net cash provided by (used in) investing activities - continuing operations | 23,926 | (105) |
Net cash provided by investing activities - discontinued operations | ||
Net cash provided by (used in) investing activities | 23,926 | (105) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 2,673 | 966 |
Purchase of stock for withholding taxes on vested restricted stock | (84) | (1,083) |
Cash settlement of equity award | (354) | |
Payments of lease financing obligations | (453) | (459) |
Net cash provided by (used in) financing activities - continuing operations | 2,136 | (930) |
Net cash provided by financing activities - discontinued operations | ||
Net cash provided by (used in) financing activities | 2,136 | (930) |
Net increase in cash and cash equivalents | 30,206 | 527 |
Cash and cash equivalents at the beginning of the period | 55,070 | 55,233 |
Cash and cash equivalents at the end of the period | $ 85,276 | $ 55,760 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Description of Business— Exar designs, develops and markets analog mixed-signal solutions serving the Industrial, Infrastructure, Automotive, and Audio/Video markets. Our comprehensive knowledge of end-user markets along our experience in analog and mixed signal technology has enabled us to provide innovative solutions designed to meet the needs of the evolving connected world. Applying both analog and mixed signal technologies, our products are deployed in a wide array of applications such as industrial, instrumentation and medical equipment, networking and telecommunication systems, servers, LED lighting solutions, and digital video recorders. We provide customers with a breadth of component products and sub-system solutions based on advanced silicon integration. Exar’s product portfolio includes Connectivity, Mixed-signal, Power Management, High Performance Analog, Processors and LED lighting. Basis of Presentation and Use of Management Estimates— 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 July 3, 2016 and our results of operations for the three months ended July 3, 2016 and June 28, 2015, respectively. These condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year . The financial statements include management’s estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Actual results could differ from those estimates, and material effects on operating results and financial position may result. Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year’s presentation. Such reclassification had no effect on previously reported results of operations or stockholders’ equity. Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2017 and 2016 consist of 53 and 52 weeks, respectively. The first quarter of fiscal years 2017 and 2016 consist of 14 and 13 weeks, respectively. Discontinued Operations — Note 3- Discontinued Operations”. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements Not Yet Adopted | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process in order to achieve this core principle which may require the use of judgment and estimates. The entity may adopt ASU 2014-09 either by using a full retrospective approach for all periods presented or a modified retrospective approach. This standard is effective for annual reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016. We have not yet selected a transition method and are currently evaluating the effect of adoption of this standard, if any, on our consolidated financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, 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. ASU 2014-15 (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. We do not expect the adoption of this guidance will have a material impact on our consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 primarily provides that an entity using an inventory method other than last-in, first out ("LIFO") or the retail inventory method should measure inventory at the lower of cost and net realizable value. The new guidance clarifies that net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This standard is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating the effect of adoption of this standard, if any, on our consolidated financial position, results of operations or cash flows. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and early adoption is not permitted. We are currently evaluating the effect of adoption of this standard, if any, on our consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases: (Topic 842) In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): In March 2016, the FASB issued ASU No. 2016-09 , Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers, Topic 606 – Identifying Performance Obligations and Licensing |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 3. DISCONTINUED OPERATIONS On June 1, 2016, we entered into a definitive agreement to sell iML to Beijing E-town Chipone Technology Co., Ltd for $136 million, payable in cash, and adjusted for iML’s cash and debt at closing. At July 3, 2016, we have classified the iML disposal group as held-for-sale and presented the results of iML’s operations as net income (loss) from discontinued operations in the condensed consolidated statements of operations. The assets and liabilities of iML are recorded as assets held for sale and liabilities held for sale within the condensed consolidated balance sheets, respectively. We are expecting to record a gain on the sale of iML that will be recognized when the transaction closes. The transition services associated with this transaction are expected to be immaterial. Summarized results from discontinued operations during the first quarter of fiscal 2017 and 216 are as follows: July 3, June 28, 2016 2015 Net sales $ 13,522 $ 12,239 Cost of sales: Cost of sales 7,702 5,825 Amortization of purchased intangible assets 1,245 1,855 Total cost of sales 8,947 7,680 Gross profit 4,575 4,559 Operating expenses: Research and development 1,685 1,881 Selling, general and administrative 1,397 1,946 Total operating expenses, net 3,082 3,827 Interest income and other, net (3 ) (4 ) Income (loss) before income taxes 1,496 736 Provision for income taxes 99 892 Net income (loss) from discontinued operations $ 1,397 $ (156 ) As of July 3, 2016 and March 27, 2016, the aggregate components of assets and liabilities classified as discontinued operations and included in current assets and current liabilities consisted of the following: July 3, March 27, 2016 2016 Accounts receivables, net $ 14,162 $ 13,427 Inventories 7,915 7,944 Deferred income taxes and other assets 118 248 Property, plant and equipment, net 95 88 Goodwill 13,258 13,258 Identifiable intangible assets, net 57,140 58,946 Total assets $ 92,688 $ 93,911 Accounts payable $ 1,127 $ 2,024 Accrued liabilities 1,307 1,422 Deferred income taxes and other liabilities 45 24 Total liabilities $ 2,479 $ 3,470 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4. BALANCE SHEET DETAILS Our inventories consisted of the following as of the dates indicated (in thousands): July 3, March 27, 2016 2016 Raw materials $ 1,080 $ 1,012 Work-in-progress 9,140 9,780 Finished goods 11,884 10,015 Total inventories $ 22,104 $ 20,807 Our property, plant and equipment consisted of the following as of the dates indicated below (in thousands): July 3, March 27, 2016 2016 Land $ - $ 6,660 Building - 16,365 Machinery and equipment 37,885 37,813 Software and licenses 22,068 22,045 Leasehold Improvement 763 755 Property, plant and equipment, total 60,716 83,638 Accumulated depreciation and amortization (55,557 ) (63,339 ) Total property, plant and equipment, net $ 5,159 $ 20,299 The decrease in land and building relates to the sale-leaseback of our Fremont office building. The accumulated depreciation and amortization for the three months ended July 3, 2016 includes a $1.5 million write down for impaired design tools. See “ Note 13 - Lease Financing Obligation. ” Our other current liabilities consisted of the following as of the dates indicated (in thousands): July 3, March 27, 2016 2016 Short-term lease financing obligations $ 3,772 $ 3,784 Deferred gain on sale of land and building under sale-leaseback arrangement 1,594 - Accrual for stock awards in connection with Cadeka acquisition 1,200 1,200 Purchase consideration holdback 1,006 1,006 Accrued legal and professional services 867 1,247 Accrued sales and marketing expenses 606 699 Accrued manufacturing expenses, royalties and licenses 318 486 Accrued restructuring charges and exit costs 697 494 Other current liabilities 2,239 1,753 Total other current liabilities $ 12,299 $ 10,669 Our other non-current obligations consisted of the following as of the dates indicated (in thousands): July 3, March 27, 2016 2016 Long-term taxes payable $ 3,432 $ 3,339 Long term deferred gain of land and building under sale-leaseback arrangement 797 - Deferred tax liability 85 83 Total other non-current obligations $ 4,314 $ 3,422 The deferred rent included in other current and non-current liabilities relates to deferred gain associated with our sale-leaseback, net of amortization. See “ Note 13. Lease Financing Obligations ” . |
Note 5 - Fair Value
Note 5 - Fair Value | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
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. We had no assets or liabilities utilizing Level 3 inputs as of July 3, 2016 or March 27, 2016. There were no transfers between Level 1 and Level 2 during the fiscal quarter ended July 3, 2016. As of July 3, 2016, all of our investments, consisting of money market funds with a fair value of $36.3 million, were classified as Level 1 investments. In June 2016, we donated the 93,000 common shares of CounterPath received in the first quarter of fiscal 2015 resulting from the dissolution of Skypoint Telecom Fund II (US), LP, in which we were a limited partner, and wrote off the related $50 thousand carrying value. Our cash and cash equivalents as of the dates indicated below were as follows (in thousands): July 3, March 27, 2016 2016 Cash and cash equivalents Cash in financial institutions $ 48,953 $ 55,066 Money market funds 36,323 4 Total cash and cash equivalents $ 85,276 $ 55,070 Realized gains (losses) on the sale of marketable securities are determined by the specific identification method and are reflected in interest income and other, net within the condensed consolidated statements of operations. During the three months ended July 3, 2016 and June 28, 2015, there were no net realized gains (losses) on the sale of marketable securities. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
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 when 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 Chief Executive Officer (“CEO”), we assess goodwill for impairment at the enterprise level. As of July 3, 2016, we performed a goodwill impairment analysis from continuing operations and concluded that it was not impaired as the fair value of the continuing operations exceeded the carrying value of the continuing business. Upon entering into a definitive agreement to sell iML, $13.3 million of goodwill was reclassified to assets held for sale based on the respective fair values of the disposal group and continuing operations. See “ Note 3. Discontinued Operations Intangible Assets Our purchased intangible assets for continued operations as of the dates indicated below were as follows (in thousands): July 3, 2016 March 27, 2016 Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Amortized intangible assets: Existing technology $ 53,878 $ (44,097 ) $ 9,781 4.3 $ 53,878 $ (43,502 ) $ 10,376 4.6 Customer relationships 5,225 (3,994 ) 1,231 3.4 5,225 (3,890 ) 1,335 3.6 Distributor relationships 1,264 (1,264 ) - - 1,264 (1,261 ) 3 - Patents/Core technology 3,459 (3,459 ) - - 3,459 (3,459 ) - - Trade names 210 (210 ) - - 210 (189 ) 21 - Total $ 64,036 $ (53,024 ) $ 11,012 $ 64,036 $ (52,301 ) $ 11,735 During the first quarter of fiscal year 2017, $57.1 million of net intangible assets were reclassified to assets held for sale. See “ Note 3-Discontinued Operations”. 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. Distributor relationships are amortized over seven years. Patents/core technology is amortized over six years. Trade names are amortized over three to six years. We evaluate the remaining useful life of our long-lived assets that are being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the long-lived asset is amortized prospectively over the remaining useful life. Long-lived assets are evaluated for impairment whenever events or changes in 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 which is derived using a discounted cash flow model. 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. As of July 3, 2016, we performed a goodwill impairment analysis from continuing operations and concluded that it was not impaired as the fair value of the continuing operations exceeded the carrying value of the continuing business. Upon entering into a definitive agreement to sell iML, $13.3 million of goodwill was reclassified to assets held for sale based on the respective fair values of the disposal group and continuing operations. See “ Note 3. Discontinued Operations The aggregate amortization expenses for our purchased intangible assets for the periods indicated below were as follows (in thousands): Three Months Ended July 3, June 28, 2016 2015 Amortization expense $ 723 $ 760 The total future amortization expenses for our purchased intangible assets are summarized below (in thousands): Amortization Expense (by fiscal year) 2017 (9 months remaining) $ 2,115 2018 2,802 2019 2,488 2020 1,989 2021 1,325 2022 and thereafter 293 Total future amortization $ 11,012 |
Note 7 - Long-term Investment
Note 7 - Long-term Investment | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 7. LONG-TERM INVESTMENTS 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 account 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 year 2015. We periodically review and determine whether the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. As of the date indicated below, our long-term investments balance, which is included in the other non-current assets line item on the condensed consolidated balance sheets, consisted of the following (in thousands): July 3, March 27, 2016 2016 Beginning balance $ 389 $ 394 Donation of Counterpath shares (50 ) - Impairment charges - (5 ) Ending balance $ 339 $ 389 In June 2016, we donated the common shares of Counterpath and recorded the corresponding reduction in long term investment balances. At July 3, 2016 the remaining balance consists of an investment in a privately held company. |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 8. RELATED PARTY TRANSACTIONS Alonim Investments Inc. Alonim Investments Inc. (“Alonim”) through its wholly-owned affiliate, Rodfre Holdings LLC, owns approximately 7.6 million shares, or approximately 16%, of our outstanding common stock as of July 3, 2016. As such, Alonim is our largest stockholder. Future Electronics Inc. (“Future”) is also an affiliate of Alonim and our largest distributor. One of our directors is an executive officer of Future. Our related party transactions primarily involved sales to Future. Related party net sales as a percentage of our total net sales for the periods indicated below were as follows: Three Months Ended July 3, June 28, 2016 2015 Future and affiliates of Alonim 28 % 40 % Related party receivables as a percentage of our net accounts receivables were as follows as of the dates indicated below: July 3, March 27, 2016 2016 Future and affiliates of Alonim 17 % 17 % Related party expenses for marketing promotional materials reimbursed were not significant for the three months ended July 3, 2016 and June 28, 2015, respectively. FusionOps, Inc. The former CEO of FusionOps, Inc. is a member of the board of directors for Exar Corporation. For the three months ended July 3, 2016 and June 28, 2015 the Company paid $49,000 and $53,200, respectively to FusionOps, Inc. to build an application for internal data analysis and we recorded these amounts as expense in the period in which such costs were incurred. Interim President and Chief Executive Officer (“Interim CEO”) Richard Leza served as our interim CEO through May 31, 2016 when the Board of Directors appointed him as Executive Chairman and Technology Advisor. For the three months ended July 3, 2016 we paid $0.1 million and issued 8,000 fully vested restricted stock units with a grant date fair value of $52,600 for his services provided. On June 30, 2016, Mr. Leza resigned as our Executive Chairman and Technology Advisor. |
Note 9 - Common Stock Repurchas
Note 9 - Common Stock Repurchases | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 . 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. Since inception of the repurchase plan to July 3, 2016, we have repurchased a total of 11.1 million shares for an aggregate purchase price of $105.2 million. We did not repurchase any common stock during the three months ended July 3, 2016 or June 28, 2015. |
Note 10 - Restructuring Charges
Note 10 - Restructuring Charges and Exit Costs | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 0 . RESTRUCTURING CHARGES AND EXIT COSTS Restructuring expenses result from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, sometimes in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include contract termination costs to improve our cost structure prospectively. During the three months ended July 3, 2016, we incurred $0.9 million of restructuring charges and exit costs. The charges consisted primarily of reduction of our workforce, the impairment of certain fixed assets and licensed technologies. During the three months ended June 28, 2015, we incurred immaterial restructuring charges and costs. All restructuring charges and exit costs are included in operating expenses. 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 27, 2016 Additions/ adjustments Non-cash charges Payments July 3, 2016 Lease termination costs and others $ 130 $ 467 $ (27 ) $ (119 ) $ 451 Severance 364 456 - (574 ) 246 Total $ 494 $ 923 $ (27 ) $ (693 ) $ 697 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 1 . STOCK-BASED COMPENSATION Except for the stock compensation expense section, all amounts consist of both continuing and discontinued operations. 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 Three Months Ended July 3, 2016 July 3, 2016 Weighted Shares of Shares of Average Common Stock Common Stock Price per Share Authorized to issue 4,500 Reserved for future issuance 1,306 Issued 11 $ 6.20 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 each award issued. As of July 3, 2016, there were approximately 1 million shares available for future grants under the 2014 Plan. Stock Option Activities Our stock option transactions during three months ended July 3, 2016 are summarized below: Weighted Average In-the-money Weighted Remaining Aggregate Options Outstanding Average Contractual Intrinsic Vested and Options / Exercise Term Value Exercisable Quantity Price per Share (in years) (in thousands) (in thousands) Balance at March 27, 2016 7,722,383 $ 7.96 4.40 $ 87 48 Granted 1,161,900 6.78 Exercised (405,385 ) 6.42 Cancelled (235,726 ) 7.95 Forfeited (462,810 ) 7.66 Balance at July 3, 2016 7,780,362 7.88 4.26 6,760 4,353 Vested and expected to vest, July 3, 2016 7,005,891 7.98 4.05 5,783 Vested and exercisable, July 3, 2016 3,654,884 $ 8.67 2.45 $ 1,745 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 $7.80 and $5.26 as of July 3, 2016 and March 27, 2016, 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 then CEO. The options were scheduled to vest in four equal annual installments at the end of fiscal years 2013 through 2016 if certain predetermined market based financial measures were met. If the financial measures are not met, each installment would be rolled over to the subsequent fiscal year. In January 2014, we granted 140,000 performance-based stock options to our then CEO. The options were scheduled to vest at the end of fiscal year 2017 if certain predetermined financial measures were met. Due to the departure of our then CEO in October 2015, we recorded a reversal of $34,000 of compensation expense for these options in fiscal year 2016 as the requisite service period for vesting was not completed. No additional compensation expense for these options was recorded since the termination date for our former CEO. On July 1, 2016 we granted 280,000 and 120,000 performance-based stock options to our CEO and Chief Financial Officer (“CFO”), respectively. The options vest based on the achievement of company performance targets relating to our non-GAAP earnings per share in future periods. If the criteria are met, the options are scheduled to vest over a four-year period, with one-fourth vesting after 12 months from the date of the grant and the remaining shares vesting in equal monthly installments over the remaining three years, subject to the CEO’s and CFO’s continued service with us. As of July 3, 2016, we did not record any compensation expense associated with these performance-based stock options. Options exercised for the periods indicated below were as follows (in thousands): Three Months Ended July 3, June 28, 2016 2015 Intrinsic value of options exercised $ 521 $ 426 RSU Activities Our RSU transactions during the three months ended July 3, 2016 are summarized as follows: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Grant-Date Term Value Shares Fair Value (in years) (in thousands) Unvested at March 27, 2016 590,833 $ 9.39 1.45 $ 3,108 Granted 169,800 7.20 Issued and released (51,566 ) 9.99 Forfeited (123,196 ) 9.39 Unvested at July 3, 2016 585,871 $ 8.71 1.34 $ 4,570 Vested and expected to vest, July 3, 2016 486,294 1.23 3,793 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 then 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 for each installment if certain predetermined financial measures were met. If the financial measures were not met, each installment would be forfeited at the end of its respective fiscal year. Due to the departure of our then CEO in October, 2015, we recorded a reversal of $41,000 for these PRSUs in fiscal year 2016, as the requisite service period required for vesting was not completed. No additional compensation expense for these options was recorded since the termination date for our former CEO. In July 2013, as part of the acquisition of Cadeka, in order to encourage retention of five former Cadeka employees, we agreed to recommend to our Board of Directors in July 2015 a bonus, which, if approved by the Board of Directors, would be settled in RSUs subject to fulfillment of the service period. The ultimate approval of these awards was subject to the discretion of the Board of Directors. We recorded no compensation expense and $0.2 million of non- cash compensation expense for these awards in the three months ended July 3, 2016 and June 28, 2015, respectively. The expense is reported in the other current liabilities line on the condensed consolidated balance sheet as the total amount of bonus was to be settled in variable number of RSUs at the completion of the requisite service period. Such non-cash compensation expense was recorded as part of stock compensation expense in the condensed consolidated statements of operations. In July 2015, the Board of Directors ultimately determined not to approve the granting of these RSUs. In fiscal year 2016 we paid three of these five former Cadeka employees $75,000 in cash in exchange for a release of claims, including any claim such former employees may have to the RSUs described above. As a result of obtaining these releases, the proportional amount of liability net of cash payments was removed from our condensed consolidated balance sheet, with a corresponding increase in additional paid in capital. For the two remaining employees, an amount of $1.2 million is included other liabilities as of July 3, 2016, pending the earlier of a settlement with such former employees or the expiration of the relevant statute of limitations. In October 2013, we granted 70,000 PRSUs to certain executives. The first 50% of the PRSUs was 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 were met. The second 50% of the PRSUs was 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 were met. We recorded approximately $18,000 and $39,000 of compensation expense for these awards in the three months ended July 3, 2016 and June 28, 2015, respectively. One of the executives’ employment was terminated in fiscal year 2015. In August and December 2014, we granted 88,448 PRSUs to certain former iML employees. The PRSUs are scheduled to start vesting in three equal annual installments upon achievement of certain performance measures. We modified all stock awards outstanding in June 2016 for iML employees impacted by the pending sale of the iML entity. Under the modification, a certain portion of outstanding stock awards will early vest at the close of the transaction based on continued employment as of that date. As a result, we recorded a one-time reversal of $311,000 in stock compensation expense related to these stock awards in the three months ended July 3, 2016. The fair value of modified awards that are expected to vest is being recognized ratably over the estimated requisite service period. In July 2016, we granted 60,000 and 30,000 PRSUs to our CEO and CFO, respectively, which vests based on the achievement of company stock price targets in future periods. If the performance criteria are met, the PRSUs will vest over a three-year period, with one-third of the PRSUs vesting after 12 months from the date of grant and the remaining PRSUs vesting in equal quarterly installments over the remaining two years, subject to the CEO and CFO’s continued service with Exar. The value of these awards is estimated using a Monte-Carlo simulation model using the following valuation assumptions: Expected term of grants (years) 3 Risk-free interest rate 0.76 % Expected volatility 50 % For the three months ended July 3, 2016, we did not record any compensation expense related to these PRSUs. 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 July 3, June 28, 2016 2015 Cost of sales $ 114 $ 80 Research and development 246 294 Selling, general and administrative 733 1,349 Total stock-based compensation expense $ 1,093 $ 1,723 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, net of reversals, as of July 3, 2016: July 3, 2016 Weighted Average Remaining Amount Recognition (in thousands) Period (in years) Options $ 6,402 2.69 RSUs 1,635 1.50 PRSUs 495 2.22 Total unrecognized stock-based compensation expense $ 8,532 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 for future grants could be materially different. We used the following weighted average assumptions to calculate the fair values of options granted during the fiscal periods presented: Three Months Ended July 3, 2016 June 28, 2015 Expected term of options (years) 4.5 4.7 Risk-free interest rate 1.03 % 1.2 % Expected volatility 34.9 % 32 % Expected dividend yield - - Weighted average estimated fair value $ 2.08 $ 3.08 |
Note 12 - Net Income (Loss) Per
Note 12 - Net Income (Loss) Per Share | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 2 . NET INCOME (LOSS) PER SHARE Basic net income (loss) per share excludes dilution and is computed by dividing net 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 July 3, June 28, 2016 2015 Net income (loss) from continuing operations $ 7,543 $ (2,354 ) Net income (loss) from discontinued operations $ 1,397 $ (156 ) Net income (loss) $ 8,940 $ (2,510 ) Shares used in computation of net income (loss) from continuing operations per share: Basic 48,680 47,927 Effect of options and awards 378 - Diluted 49,058 47,927 Shares used in computation of net income (loss) from discontinued operations per share: Basic 48,680 47,927 Effect of options and awards 378 - Diluted 49,058 47,927 Shares used in computation of net income (loss) per share: Basic 48,680 47,927 Effect of options and awards 378 - Diluted 49,058 47,927 Net income (loss) per share from continuing operations: Basic $ 0.15 $ (0.05 ) Diluted $ 0.15 $ (0.05 ) Net income (loss) per share from discontinued operations: Basic $ 0.03 $ - Diluted $ 0.03 $ - Net income (loss) per share: Basic $ 0.18 $ (0.05 ) Diluted $ 0.18 $ (0.05 ) |
Note 13 - Lease Financing Oblig
Note 13 - Lease Financing Obligations | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 1 3. LEASE FINANCING OBLIGATIONS We have acquired licenses to engineering design tools (“Design Tools”) under capital leases. We acquired licenses to Design Tools of $6.9 million in January 2015 under a two-year license and two three-year licenses with prepayment of $1.0 million, $4.4 million in October 2014 under a three-year license with a prepayment of $1.5 million for the first year license and $0.9 million in July 2012 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 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 July 3, 2016 and March 27, 2016, 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 July 3, June 28, 2016 2015 Amortization expense $ 878 $ 1,073 During the three months ended July 3, 2016, we recorded an impairment charge of $1.5 million and a restructuring expense of $0.4 million associated with a portion of these Design Tools. Future minimum lease and sublease income payments for the lease financing obligations as of July 3, 2016 are as follows (in thousands): Fiscal Years Design tools 2017 (9 months remaining) $ 3,950 2018 1,529 Total minimum lease payments 5,479 Less: amount representing interest (851 ) Present value of future minimum lease payments 4,628 Less: short-term lease financing obligations (3,772 ) Long-term lease financing obligations $ 856 Interest expense for the lease financing obligations for the periods indicated below was as follows (in thousands): Three Months Ended July 3, June 28, 2016 2015 Interest expense $ 38 $ 48 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 July 3, June 28, 2016 2015 Rent expense $ 100 $ 181 Our future minimum lease payments for the lease operating obligations as of July 3, 2016 are as follows (in thousands): Fiscal Years Facilities 2017 (9 months remaining) $ 1,277 2018 1,239 2019 155 2020 49 Total future minimum lease payments $ 2,720 We sold our Fremont Campus in May 2016 for a net sales price of $24.1 million. Our Fremont Campus consists of approximately 151,000 square feet of office space and 4.5 acres of partially developed property adjacent to the buildings. Pursuant to the agreement, we have simultaneously leased back a portion of the Real Property through December 2017. Under the Lease Agreement, our financial obligations include a base monthly rent of $86,338 per month for the property located at 48720 Kato Road, and an additional monthly rent of $600 with respect to the portion of the building located at 48710 Kato Road, Fremont, California. We are also responsible for our monthly share of certain expenses related to the leased facilities, including our share of insurance premiums, taxes and common area expenses. We generated a gain on sale of $11.9 million as a result of this sale and leaseback transaction, $2.6 million of the gain has been deferred and is being recognized on a straight-line basis over the term of the lease. During the three months ended July 3, 2016, we recognized amortization of the deferred gain of $0.2 million, which was reflected as reduction of rent in the accompanying condensed consolidated statement of operations. Based on the terms of the agreement, we have classified and are accounting for the lease as an operating lease. The classification as an operating lease required judgment and estimates in developing key assumptions that include, but are not limited to, the lease term, the discount rate used in discounting future lease payments and the economic useful life of the asset. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 4 . COMMITMENTS AND CONTINGENCIES 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 or current property owners and companies, that had hazardous waste treated at the site participate in further site assessment and limited remediation activities. We have entered into various agreements with other named generators, former property owners and DTSC limited to the investigation of the sites’ condition and evaluation, and selection of appropriate remedial measures. The designated environmental consulting firm has prepared and submitted to DTSC a site profile and is currently engaged in further study. Given that this matter is under investigation and discussions are ongoing with respect to various related considerations, we are unable to ascertain our exposure, if any, or estimate a reasonably possible range of loss. I n 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, we were 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 and we have not received any recent communications from ACWD, we are unable to ascertain our exposure, if any, or estimate a reasonably possible range of loss. I n 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. Our warranty reserve balances as of July 3, 2016 and March 27, 2016 were immaterial. In the ordinary course of business, we may provide for indemnification of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of agreements or representations and warranties made by us, services to be provided by us, intellectual property infringement claims made by third parties or, matters related to our conduct of the business. In addition, we have entered into indemnification agreements with our directors and certain of our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or executive officers. We maintain director and officer liability insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers, and former directors and officers of acquired companies, in certain circumstances. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement and claims. Such indemnification agreements might not be subject to maximum loss clauses. Historically, we have not incurred material costs as a result of obligations under these agreements and we have not accrued any liabilities related to such indemnification obligations in our condensed consolidated financial statements. |
Note 15 - Legal Proceedings
Note 15 - Legal Proceedings | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 1 5 . 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. |
Note 16 - Income Taxes
Note 16 - Income Taxes | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 6 . INCOME TAXES During the three months ended July 3, 2016, we recorded an income tax expense from continuing operations of approximately $0.3 million. The income tax expense was primarily due to federal alternative minimum taxes on the building sale gain. During the three months ended June 28, 2015, we recorded an income tax benefit from continuing operations of approximately $0.8 million. The income tax benefit was primarily due to losses benefited against income from discontinued operations. During the three months ended July 3, 2016, the unrecognized tax benefits increased by $0.1 million to $16.9 million primarily related to the increase of unrecognized tax benefit on R&D tax credits, offset by the lapsing of the statute of limitations. If recognized, $13.9 million of these unrecognized tax benefits (net of federal benefit) would be recorded as a reduction of future income tax provision before consideration of changes in 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): July 3, March 27, 2016 2016 Accrued interest and penalties $ 1,433 $ 1,364 Our major tax jurisdictions are the United States federal and various states, Canada, China, Hong Kong, Korea and certain other foreign jurisdictions. The fiscal years 2003 through 2015 remain open and subject to examinations by the appropriate governmental agencies in the United States and certain of our foreign jurisdictions. |
Note 17 - Segment and Geographi
Note 17 - Segment and Geographic Information | 3 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 1 7 . SEGMENT AND GEOGRAPHIC INFORMATION 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 Asia Pacific region, North America, and Europe. 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 July 3, June 28, 2016 2015 China $ 11,400 $ 8,803 United States 4,674 6,598 Taiwan 1,850 1,616 Korea 696 624 Singapore 3,498 4,185 Germany 2,421 3,673 Rest of world 2,597 2,684 Total net sales $ 27,136 $ 28,183 Substantially all of our long-lived assets as of July 3, 2016 and March 27, 2016, respectively, were located in the United States. The following distributors and customers accounted for 10% or more of our net sales in the periods indicated: Three Months Ended July 3, June 28, 2016 2015 Distributor A + 28 % 40 % Distributor B 16 % 10 % Distributor D 12 % * Distributor C 11 % * ————— * Net sales for this distributor or customer for this period were less than 10% of our net sales. + Related Party No other distributor or customer accounted for 10% or more of the net sales for the three months ended July 3, 2016 or June 28, 2015, respectively. The following distributors and customers accounted for 10% or more of our net accounts receivable as of the dates indicated: July 3, March 27, 2016 2016 Distributor B 22 % 13 % Distributor D 18 % 14 % Distributor A+ 17 % 17 % Distributor C 12 % 14 % Customer A * 12 % ____________ * Accounts receivable for this customer for this period were less than 10% of total account balance. + Related Party No other distributor or customer accounted for 10% or more of the net accounts receivable as of July 3, 2016 or March 27, 2016, respectively. |
Note 3 - Discontinued Operati23
Note 3 - Discontinued Operations (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | July 3, June 28, 2016 2015 Net sales $ 13,522 $ 12,239 Cost of sales: Cost of sales 7,702 5,825 Amortization of purchased intangible assets 1,245 1,855 Total cost of sales 8,947 7,680 Gross profit 4,575 4,559 Operating expenses: Research and development 1,685 1,881 Selling, general and administrative 1,397 1,946 Total operating expenses, net 3,082 3,827 Interest income and other, net (3 ) (4 ) Income (loss) before income taxes 1,496 736 Provision for income taxes 99 892 Net income (loss) from discontinued operations $ 1,397 $ (156 ) July 3, March 27, 2016 2016 Accounts receivables, net $ 14,162 $ 13,427 Inventories 7,915 7,944 Deferred income taxes and other assets 118 248 Property, plant and equipment, net 95 88 Goodwill 13,258 13,258 Identifiable intangible assets, net 57,140 58,946 Total assets $ 92,688 $ 93,911 Accounts payable $ 1,127 $ 2,024 Accrued liabilities 1,307 1,422 Deferred income taxes and other liabilities 45 24 Total liabilities $ 2,479 $ 3,470 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 3, March 27, 2016 2016 Raw materials $ 1,080 $ 1,012 Work-in-progress 9,140 9,780 Finished goods 11,884 10,015 Total inventories $ 22,104 $ 20,807 |
Property, Plant and Equipment [Table Text Block] | July 3, March 27, 2016 2016 Land $ - $ 6,660 Building - 16,365 Machinery and equipment 37,885 37,813 Software and licenses 22,068 22,045 Leasehold Improvement 763 755 Property, plant and equipment, total 60,716 83,638 Accumulated depreciation and amortization (55,557 ) (63,339 ) Total property, plant and equipment, net $ 5,159 $ 20,299 |
Other Current Liabilities [Table Text Block] | July 3, March 27, 2016 2016 Short-term lease financing obligations $ 3,772 $ 3,784 Deferred gain on sale of land and building under sale-leaseback arrangement 1,594 - Accrual for stock awards in connection with Cadeka acquisition 1,200 1,200 Purchase consideration holdback 1,006 1,006 Accrued legal and professional services 867 1,247 Accrued sales and marketing expenses 606 699 Accrued manufacturing expenses, royalties and licenses 318 486 Accrued restructuring charges and exit costs 697 494 Other current liabilities 2,239 1,753 Total other current liabilities $ 12,299 $ 10,669 |
Other Noncurrent Liabilities [Table Text Block] | July 3, March 27, 2016 2016 Long-term taxes payable $ 3,432 $ 3,339 Long term deferred gain of land and building under sale-leaseback arrangement 797 - Deferred tax liability 85 83 Total other non-current obligations $ 4,314 $ 3,422 |
Note 5 - Fair Value (Tables)
Note 5 - Fair Value (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | July 3, March 27, 2016 2016 Cash and cash equivalents Cash in financial institutions $ 48,953 $ 55,066 Money market funds 36,323 4 Total cash and cash equivalents $ 85,276 $ 55,070 |
Note 6 - Goodwill and Intangi26
Note 6 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | July 3, 2016 March 27, 2016 Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Amortized intangible assets: Existing technology $ 53,878 $ (44,097 ) $ 9,781 4.3 $ 53,878 $ (43,502 ) $ 10,376 4.6 Customer relationships 5,225 (3,994 ) 1,231 3.4 5,225 (3,890 ) 1,335 3.6 Distributor relationships 1,264 (1,264 ) - - 1,264 (1,261 ) 3 - Patents/Core technology 3,459 (3,459 ) - - 3,459 (3,459 ) - - Trade names 210 (210 ) - - 210 (189 ) 21 - Total $ 64,036 $ (53,024 ) $ 11,012 $ 64,036 $ (52,301 ) $ 11,735 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Amortization expense $ 723 $ 760 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense (by fiscal year) 2017 (9 months remaining) $ 2,115 2018 2,802 2019 2,488 2020 1,989 2021 1,325 2022 and thereafter 293 Total future amortization $ 11,012 |
Note 7 - Long-term Investment (
Note 7 - Long-term Investment (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Investment Holdings, Schedule of Investments [Table Text Block] | July 3, March 27, 2016 2016 Beginning balance $ 389 $ 394 Donation of Counterpath shares (50 ) - Impairment charges - (5 ) Ending balance $ 339 $ 389 |
Note 8 - Related Party Transa28
Note 8 - Related Party Transactions (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Net Accounts Receivable [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Future and affiliates of Alonim 28 % 40 % July 3, March 27, 2016 2016 Future and affiliates of Alonim 17 % 17 % |
Note 10 - Restructuring Charg29
Note 10 - Restructuring Charges and Exit Costs (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | March 27, 2016 Additions/ adjustments Non-cash charges Payments July 3, 2016 Lease termination costs and others $ 130 $ 467 $ (27 ) $ (119 ) $ 451 Severance 364 456 - (574 ) 246 Total $ 494 $ 923 $ (27 ) $ (693 ) $ 697 |
Note 11 - Stock-based Compens30
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Performance-based Restricted Stock Units [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected term of grants (years) 3 Risk-free interest rate 0.76 % Expected volatility 50 % |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | As of Three Months Ended July 3, 2016 July 3, 2016 Weighted Shares of Shares of Average Common Stock Common Stock Price per Share Authorized to issue 4,500 Reserved for future issuance 1,306 Issued 11 $ 6.20 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average In-the-money Weighted Remaining Aggregate Options Outstanding Average Contractual Intrinsic Vested and Options / Exercise Term Value Exercisable Quantity Price per Share (in years) (in thousands) (in thousands) Balance at March 27, 2016 7,722,383 $ 7.96 4.40 $ 87 48 Granted 1,161,900 6.78 Exercised (405,385 ) 6.42 Cancelled (235,726 ) 7.95 Forfeited (462,810 ) 7.66 Balance at July 3, 2016 7,780,362 7.88 4.26 6,760 4,353 Vested and expected to vest, July 3, 2016 7,005,891 7.98 4.05 5,783 Vested and exercisable, July 3, 2016 3,654,884 $ 8.67 2.45 $ 1,745 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Intrinsic value of options exercised $ 521 $ 426 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Grant-Date Term Value Shares Fair Value (in years) (in thousands) Unvested at March 27, 2016 590,833 $ 9.39 1.45 $ 3,108 Granted 169,800 7.20 Issued and released (51,566 ) 9.99 Forfeited (123,196 ) 9.39 Unvested at July 3, 2016 585,871 $ 8.71 1.34 $ 4,570 Vested and expected to vest, July 3, 2016 486,294 1.23 3,793 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended July 3, 2016 June 28, 2015 Expected term of options (years) 4.5 4.7 Risk-free interest rate 1.03 % 1.2 % Expected volatility 34.9 % 32 % Expected dividend yield - - Weighted average estimated fair value $ 2.08 $ 3.08 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Cost of sales $ 114 $ 80 Research and development 246 294 Selling, general and administrative 733 1,349 Total stock-based compensation expense $ 1,093 $ 1,723 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | July 3, 2016 Weighted Average Remaining Amount Recognition (in thousands) Period (in years) Options $ 6,402 2.69 RSUs 1,635 1.50 PRSUs 495 2.22 Total unrecognized stock-based compensation expense $ 8,532 |
Note 12 - Net Income (Loss) P31
Note 12 - Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Net income (loss) from continuing operations $ 7,543 $ (2,354 ) Net income (loss) from discontinued operations $ 1,397 $ (156 ) Net income (loss) $ 8,940 $ (2,510 ) Shares used in computation of net income (loss) from continuing operations per share: Basic 48,680 47,927 Effect of options and awards 378 - Diluted 49,058 47,927 Shares used in computation of net income (loss) from discontinued operations per share: Basic 48,680 47,927 Effect of options and awards 378 - Diluted 49,058 47,927 Shares used in computation of net income (loss) per share: Basic 48,680 47,927 Effect of options and awards 378 - Diluted 49,058 47,927 Net income (loss) per share from continuing operations: Basic $ 0.15 $ (0.05 ) Diluted $ 0.15 $ (0.05 ) Net income (loss) per share from discontinued operations: Basic $ 0.03 $ - Diluted $ 0.03 $ - Net income (loss) per share: Basic $ 0.18 $ (0.05 ) Diluted $ 0.18 $ (0.05 ) |
Note 13 - Lease Financing Obl32
Note 13 - Lease Financing Obligations (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Amortization Expense [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Amortization expense $ 878 $ 1,073 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Fiscal Years Design tools 2017 (9 months remaining) $ 3,950 2018 1,529 Total minimum lease payments 5,479 Less: amount representing interest (851 ) Present value of future minimum lease payments 4,628 Less: short-term lease financing obligations (3,772 ) Long-term lease financing obligations $ 856 |
Schedule of Interest Expense [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Interest expense $ 38 $ 48 |
Schedule of Rent Expense [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Rent expense $ 100 $ 181 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Years Facilities 2017 (9 months remaining) $ 1,277 2018 1,239 2019 155 2020 49 Total future minimum lease payments $ 2,720 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Interest and Penalty Related to Underpayment of Tax [Table Text Block] | July 3, March 27, 2016 2016 Accrued interest and penalties $ 1,433 $ 1,364 |
Note 17 - Segment and Geograp34
Note 17 - Segment and Geographic Information (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 China $ 11,400 $ 8,803 United States 4,674 6,598 Taiwan 1,850 1,616 Korea 696 624 Singapore 3,498 4,185 Germany 2,421 3,673 Rest of world 2,597 2,684 Total net sales $ 27,136 $ 28,183 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended July 3, June 28, 2016 2015 Distributor A + 28 % 40 % Distributor B 16 % 10 % Distributor D 12 % * Distributor C 11 % * |
Schedule of Major Distributors [Table Text Block] | July 3, March 27, 2016 2016 Distributor B 22 % 13 % Distributor D 18 % 14 % Distributor A+ 17 % 17 % Distributor C 12 % 14 % Customer A * 12 % |
Note 3 - Discontinued Operati35
Note 3 - Discontinued Operations (Details Textual) $ in Millions | Jun. 01, 2016USD ($) |
IML [Member] | Beijing E-Town Chipone Technology Co. [Member] | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 136 |
Note 3 - Summarized Results Fro
Note 3 - Summarized Results From Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2016 | Jun. 28, 2015 | Mar. 27, 2016 | |
Net sales | $ 13,522 | $ 12,239 | |
Cost of sales | 7,702 | 5,825 | |
Amortization of purchased intangible assets | 1,245 | 1,855 | |
Total cost of sales | 8,947 | 7,680 | |
Gross profit | 4,575 | 4,559 | |
Research and development | 1,685 | 1,881 | |
Selling, general and administrative | 1,397 | 1,946 | |
Total operating expenses, net | 3,082 | 3,827 | |
Interest income and other, net | (3) | (4) | |
Income (loss) before income taxes | 1,496 | 736 | |
Provision for income taxes | 99 | 892 | |
Net income (loss) from discontinued operations | 1,397 | $ (156) | |
Accounts receivables, net | 14,162 | $ 13,427 | |
Inventories | 7,915 | 7,944 | |
Deferred income taxes and other assets | 118 | 248 | |
Property, plant and equipment, net | 95 | 88 | |
Goodwill | 13,258 | 13,258 | |
Identifiable intangible assets, net | 57,140 | 58,946 | |
Total assets | 92,688 | 93,911 | |
Accounts payable | 1,127 | 2,024 | |
Accrued liabilities | 1,307 | 1,422 | |
Deferred income taxes and other liabilities | 45 | 24 | |
Total liabilities | $ 2,479 | $ 3,470 |
Note 4 - Balance Sheet Detail37
Note 4 - Balance Sheet Details (Details Textual) $ in Millions | 3 Months Ended |
Jul. 03, 2016USD ($) | |
Design Tool Impairment | $ 1.5 |
Note 4 - Inventories (Details)
Note 4 - Inventories (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Raw materials | $ 1,080 | $ 1,012 |
Work-in-progress | 9,140 | 9,780 |
Finished goods | 11,884 | 10,015 |
Total inventories | $ 22,104 | $ 20,807 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Land | $ 6,660 | |
Building | 16,365 | |
Machinery and equipment | 37,885 | 37,813 |
Software and licenses | 22,068 | 22,045 |
Leasehold Improvement | 763 | 755 |
Property, plant and equipment, total | 60,716 | 83,638 |
Accumulated depreciation and amortization | (55,557) | (63,339) |
Total property, plant and equipment, net | $ 5,159 | $ 20,299 |
Note 4 - Other Current Liabilit
Note 4 - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Short-term lease financing obligations | $ 3,772 | $ 3,784 |
Deferred gain on sale of land and building under sale-leaseback arrangement | 1,594 | |
Accrual for stock awards in connection with Cadeka acquisition | 1,200 | 1,200 |
Purchase consideration holdback | 1,006 | 1,006 |
Accrued legal and professional services | 867 | 1,247 |
Accrued sales and marketing expenses | 606 | 699 |
Accrued manufacturing expenses, royalties and licenses | 318 | 486 |
Accrued restructuring charges and exit costs | 697 | 494 |
Other current liabilities | 2,239 | 1,753 |
Total other current liabilities | $ 12,299 | $ 10,669 |
Note 4 - Other Noncurrent Oblig
Note 4 - Other Noncurrent Obligations (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Long-term taxes payable | $ 3,432 | $ 3,339 |
Long term deferred gain of land and building under sale-leaseback arrangement | 797 | |
Deferred tax liability | 85 | 83 |
Total other non-current obligations | $ 4,314 | $ 3,422 |
Note 5 - Fair Value (Details Te
Note 5 - Fair Value (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2016 | Jul. 03, 2016 | Jun. 28, 2015 | Mar. 27, 2016 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 0 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||
Assets, Fair Value Disclosure | 36,300,000 | |||
CounterPath [Member] | ||||
Donated Common Shares | 93,000 | |||
Donated Common Shares, Carrying Value, Write-off | $ 50,000 | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 0 | $ 0 |
Note 5 - Investment Assets Meas
Note 5 - Investment Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 | Jun. 28, 2015 | Mar. 29, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||||
Investment Assets | $ 36,323 | $ 4 | ||
Cash in financial institutions | 48,953 | 55,066 | ||
Total cash and cash equivalents | $ 85,276 | $ 55,070 | $ 55,760 | $ 55,233 |
Note 6 - Goodwill and Intangi44
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | Mar. 27, 2016 | |
Reclassification of Goodwill to Assets Held For Sale [Member] | |||
Current Period Reclassifications Adjustment | $ 13,300,000 | ||
reclassification of Intangible Assets to Assets Held for Sale [Member] | |||
Current Period Reclassifications Adjustment | $ 57,100,000 | ||
Minimum [Member] | Existing Technology [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | Existing Technology [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum [Member] | Distribution Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum [Member] | Patented Technology [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Maximum [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years 146 days | 3 years 219 days | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 6 - Purchased Intangible A
Note 6 - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 03, 2016 | Mar. 27, 2016 | |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | $ 53,878 | $ 53,878 |
Accumulated Amortization | (44,097) | (43,502) |
Net Carrying Amount | $ 9,781 | $ 10,376 |
Weighted Average Life | 4 years 109 days | 4 years 219 days |
Customer Relationships [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | $ 5,225 | $ 5,225 |
Accumulated Amortization | (3,994) | (3,890) |
Net Carrying Amount | $ 1,231 | $ 1,335 |
Weighted Average Life | 3 years 146 days | 3 years 219 days |
Distribution Rights [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | $ 1,264 | $ 1,264 |
Accumulated Amortization | (1,264) | (1,261) |
Net Carrying Amount | 3 | |
Patents [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 3,459 | 3,459 |
Accumulated Amortization | (3,459) | (3,459) |
Net Carrying Amount | ||
Trade Names [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 210 | 210 |
Accumulated Amortization | (210) | (189) |
Net Carrying Amount | 21 | |
Carrying Amount | 64,036 | 64,036 |
Accumulated Amortization | (53,024) | (52,301) |
Net Carrying Amount | $ 11,012 | $ 11,735 |
Note 6 - Aggregate Amortization
Note 6 - Aggregate Amortization Expenses for Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Amortization expense | $ 723 | $ 760 |
Note 6 - Estimated Future Amort
Note 6 - Estimated Future Amortization Expenses for Purchased Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
2017 (9 months remaining) | $ 2,115 | |
2,018 | 2,802 | |
2,019 | 2,488 | |
2,020 | 1,989 | |
2,021 | 1,325 | |
2022 and thereafter | 293 | |
Total future amortization | $ 11,012 | $ 11,735 |
Note 7 - Summary of Long-term I
Note 7 - Summary of Long-term Investment (Details) - Other Noncurrent Assets [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 03, 2016 | Mar. 27, 2016 | |
Beginning balance | $ 389 | $ 394 |
Donated Common Shares, Carrying Value, Write-off | (50) | |
Impairment charges | (5) | |
Ending balance | $ 339 | $ 389 |
Note 8 - Related Party Transa49
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | ||
Jul. 03, 2016 | Jun. 28, 2015 | Mar. 27, 2016 | |
Alonim Investments Inc. [Member] | |||
Common Stock, Shares, Outstanding | 7,600,000 | ||
Percentage of Common Stock Shares Outstanding | 16.00% | ||
Fusionops [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 49,000 | $ 53,200 | |
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 52,600 | ||
Chief Executive Officer [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 100,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 169,800 | ||
Common Stock, Shares, Outstanding | 48,998,725 | 48,545,311 |
Note 8 - Related Party Receivab
Note 8 - Related Party Receivables As a Percentage of Net Accounts Receivable (Details) - Alonim Investments Inc. [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | Mar. 27, 2016 | |
Sales Revenue, Net [Member] | |||
Net Accounts Receivable | 28.00% | 40.00% | |
Accounts Receivable [Member] | |||
Net Accounts Receivable | 17.00% | 17.00% |
Note 9 - Common Stock Repurch51
Note 9 - Common Stock Repurchases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 106 Months Ended | |||
Jul. 03, 2016 | Jun. 28, 2015 | Jul. 03, 2016 | Jul. 09, 2013 | Aug. 28, 2007 | |
August 2007 Repurchase Plan [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 100 | ||||
July 2013 Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 50 | ||||
Stock Repurchased During Period, Shares | 11,100,000 | ||||
Stock, Repurchased and Retired, Balance Value | $ 105.2 | ||||
Treasury Stock, Shares, Acquired | 0 | 0 |
Note 10 - Restructuring Charg52
Note 10 - Restructuring Charges and Exit Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Restructuring Charges | $ 923 | $ 1,230 |
Note 10 - Summary of Activities
Note 10 - Summary of Activities Affecting Liabilities (Details) $ in Thousands | 3 Months Ended |
Jul. 03, 2016USD ($) | |
Lease Contract Termination Costs [Member] | |
Beginning Balance | $ 130 |
Additions/ adjustments | 467 |
Non-cash charges | (27) |
Payments | (119) |
Ending balance | 451 |
Employee Severance [Member] | |
Beginning Balance | 364 |
Additions/ adjustments | 456 |
Payments | (574) |
Ending balance | 246 |
Beginning Balance | 494 |
Additions/ adjustments | 923 |
Non-cash charges | (27) |
Payments | (693) |
Ending balance | $ 697 |
Note 11 - Stock-based Compens54
Note 11 - Stock-based Compensation (Details Textual) | Jul. 03, 2016USD ($)$ / sharesshares | Jul. 01, 2016shares | Jan. 31, 2014shares | Oct. 31, 2013shares | Mar. 31, 2012shares | Jan. 31, 2012shares | Jul. 03, 2016USD ($)$ / sharesRateshares | Jun. 28, 2015USD ($) | Dec. 31, 2014shares | Dec. 27, 2015shares | Dec. 28, 2014 | Mar. 27, 2016USD ($)$ / sharesshares | Sep. 18, 2014shares | Jun. 30, 2014shares |
Employee Stock Participation Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | Rate | 95.00% | |||||||||||||
2006 Plan and Sipex 2006 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,555,492 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 669,008 | |||||||||||||
2014 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,170,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award | 2 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,000,000 | 1,000,000 | ||||||||||||
Chief Executive Officer [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 140,000 | 480,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Vesting Number of Installments | 4 | |||||||||||||
Allocated Share-based Compensation Expense, Adjustment | $ | $ (34,000) | |||||||||||||
Chief Executive Officer [Member] | Performance Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 280,000 | |||||||||||||
Chief Executive Officer [Member] | Performance-Based RSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Vesting Number of Installments | 3 | |||||||||||||
Allocated Share-based Compensation Expense, Adjustment | $ | $ 0 | $ (41,000) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 60,000 | 300,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Chief Financial Officer [Member] | Performance Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 120,000 | |||||||||||||
Chief Financial Officer [Member] | Performance-Based RSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,000 | |||||||||||||
Former Cadeka Employees [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Allocated Share-based Compensation Expense | $ | $ 200,000 | |||||||||||||
Former Cadeka Employees [Member] | Other Current Liabilities [Member] | ||||||||||||||
Accrued Bonuses, Current | $ | $ 1,200,000 | 1,200,000 | ||||||||||||
Former Cadeka Employees [Member] | ||||||||||||||
Former Employees, Number | 5 | |||||||||||||
Payments to Employees | $ | $ 75,000 | |||||||||||||
Employees Unsettled, Number | $ | 2 | |||||||||||||
Certain Executives [Member] | October 2013 PRSUs [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Vesting Number of Installments | 3 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Allocated Share-based Compensation Expense | $ | 18,000 | 39,000 | ||||||||||||
Certain Executives [Member] | October 2013 PRSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70,000 | |||||||||||||
Number of Executives Terminated | 1 | |||||||||||||
Former IML Employees [Member] | Performance-Based RSUs [Member] | ||||||||||||||
Allocated Share-based Compensation Expense, Adjustment | $ | $ (311,000) | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 88,448 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Performance-Based RSUs [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||||||||
Performance-Based RSUs [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Performance-Based RSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 169,800 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,780,362,000 | 7,780,362,000 | 7,722,383,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,500,000 | 4,500,000 | ||||||||||||
Share Price | $ / shares | $ 7.80 | $ 7.80 | $ 5.26 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,161,900,000 | |||||||||||||
Allocated Share-based Compensation Expense | $ | $ 1,093,000 | $ 1,723,000 | ||||||||||||
Accrued Bonuses, Current | $ | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 |
Note 11 - ESPP Transactions (De
Note 11 - ESPP Transactions (Details) shares in Thousands | 3 Months Ended |
Jul. 03, 2016$ / sharesshares | |
Authorized to issue (in shares) | 4,500 |
Reserved for future issuance (in shares) | 1,306 |
Issued (in shares) | 11 |
Issued (in dollars per share) | $ / shares | $ 6.20 |
Note 11 - Summary of Stock Opti
Note 11 - Summary of Stock Option Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 03, 2016 | Mar. 27, 2016 | Jul. 03, 2016 | Mar. 27, 2016 | |
Balance, outstanding options (in shares) | 7,722,383 | |||
Balance, weighted average exercise price (in dollars per share) | $ 7.88 | $ 7.96 | ||
Balance, weighted average remaining contractual term | 4 years 94 days | 4 years 146 days | ||
Balance, aggregate intrinsic value | $ 87,000 | |||
Balance, in-the-money options vested and exercisable (in shares) | 4,353 | 48 | 4,353 | 48 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,161,900 | |||
Granted, weighted average exercise price (in dollars per share) | $ 6.78 | |||
Exercised, outstanding options (in shares) | (405,385) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 6.42 | |||
Cancelled, outstanding options (in shares) | (235,726) | |||
Cancelled, weighted average exercise price (in dollars per share) | $ 7.95 | |||
Forfeited, outstanding options (in shares) | (462,810) | |||
Forfeited, weighted average exercise price (in dollars per share) | $ 7.66 | |||
Balance, outstanding options (in shares) | 7,780,362 | 7,722,383 | ||
Balance, aggregate intrinsic value | $ 6,760,000 | $ 87,000 | ||
Balance, in-the-money options vested and exercisable (in shares) | 4,353 | 48 | ||
Vested and expected to vest, outstanding options (in shares) | 7,005,891 | |||
Vested and expected to vest, July 3, 2016 (in dollars per share) | $ 7.98 | |||
Vested and expected to vest, July 3, 2016 | 4 years 18 days | |||
Vested and expected to vest, July 3, 2016 | $ 5,783 | |||
Vested and exercisable, outstanding options (in shares) | 3,654,884 | |||
Vested and exercisable, July 3, 2016 (in dollars per share) | $ 8.67 | |||
Vested and exercisable, July 3, 2016 | 2 years 164 days | |||
Vested and exercisable, July 3, 2016 | $ 1,745 |
Note 11 - Options Exercised (De
Note 11 - Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Intrinsic value of options exercised | $ 521 | $ 426 |
Note 11 - RSU Transactions (Det
Note 11 - RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 03, 2016USD ($)$ / sharesshares | Mar. 27, 2016USD ($)$ / sharesshares | |
Shares (in shares) | 590,833 | |
Unvested (in dollars per share) | $ / shares | $ 9.39 | |
Unvested | 1 year 124 days | 1 year 164 days |
Unvested | $ | $ 3,108 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 169,800 | |
Granted (in dollars per share) | $ / shares | $ 7.20 | |
Issued and released (in shares) | (51,566) | |
Issued and released (in dollars per share) | $ / shares | $ 9.99 | |
Forfeited (in shares) | (123,196) | |
Forfeited (in dollars per share) | $ / shares | $ 9.39 | |
Shares (in shares) | 585,871 | 590,833 |
Unvested (in dollars per share) | $ / shares | $ 8.71 | |
Unvested | $ | $ 4,570 | $ 3,108 |
Vested and expected to vest, July 3, 2016 (in shares) | 486,294 | |
Vested and expected to vest, July 3, 2016 | 1 year 83 days | |
Vested and expected to vest, July 3, 2016 | $ | $ 3,793 |
Note 11 - Valuation Assumption
Note 11 - Valuation Assumption of Performance-based Restricted Stock Units (Details) | Jul. 03, 2016 | Jun. 28, 2015 |
Expected term of grants (years) | 3 years | 4 years 255 days |
Risk-free interest rate | 0.76% | 1.20% |
Expected volatility | 50.00% | 32.00% |
Note 11 - Stock-Based Compens60
Note 11 - Stock-Based Compensation Expense Related to Stock Options and RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | $ 114 | $ 80 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 246 | 294 |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | 733 | 1,349 |
Allocated Share-based Compensation Expense | $ 1,093 | $ 1,723 |
Note 11 - Unrecognized Stock-ba
Note 11 - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs (Details) $ in Thousands | 3 Months Ended |
Jul. 03, 2016USD ($) | |
Employee Stock Option [Member] | |
Amount | $ 6,402 |
Weighted Average Remaining Recognition Period | 2 years 251 days |
Restricted Stock Units (RSUs) [Member] | |
Amount | $ 1,635 |
Weighted Average Remaining Recognition Period | 1 year 182 days |
Performance-Based RSUs [Member] | |
Amount | $ 495 |
Weighted Average Remaining Recognition Period | 2 years 80 days |
Amount | $ 8,532 |
Note 11 - Weighted Average Assu
Note 11 - Weighted Average Assumptions (Details) - $ / shares | Jul. 03, 2016 | Jul. 03, 2016 | Jun. 28, 2015 |
Minimum [Member] | |||
Expected term of options (years) | 4 years 182 days | ||
Risk-free interest rate | 1.03% | ||
Expected volatility | 34.90% | ||
Expected term of options (years) | 3 years | 4 years 255 days | |
Risk-free interest rate | 0.76% | 1.20% | |
Expected volatility | 50.00% | 32.00% | |
Weighted average estimated fair value (in dollars per share) | $ 2.08 | $ 3.08 |
Note 12 - Summary of Net Income
Note 12 - Summary of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Continuing Operations [Member] | ||
Basic (in shares) | 48,680 | 47,927 |
Effect of options and awards (in shares) | 378 | |
Diluted (in shares) | 49,058 | 47,927 |
Discontinued Operations [Member] | ||
Basic (in shares) | 48,680 | 47,927 |
Effect of options and awards (in shares) | 378 | |
Diluted (in shares) | 49,058 | 47,927 |
Net income (loss) from continuing operations | $ 7,543 | $ (2,354) |
Net income (loss) from discontinued operations (See Note 3) | 1,397 | (156) |
Net income (loss) | $ 8,940 | $ (2,510) |
Basic (in shares) | 48,680 | 47,927 |
Effect of options and awards (in shares) | 378 | |
Diluted (in shares) | 49,058 | 47,927 |
Net income (loss) per share from continuing operations: | ||
Basic (in dollars per share) | $ 0.15 | $ (0.05) |
Diluted (in dollars per share) | 0.15 | (0.05) |
Net income per share from discontinued operations: | ||
Basic (in dollars per share) | 0.03 | |
Diluted (in dollars per share) | 0.03 | |
Net income (loss) per share: | ||
Basic (in dollars per share) | 0.18 | (0.05) |
Diluted (in dollars per share) | $ 0.18 | $ (0.05) |
Note 13 - Lease Financing Obl64
Note 13 - Lease Financing Obligations (Details Textual) | 1 Months Ended | 3 Months Ended | |||||
May 30, 2016USD ($)aft² | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2012USD ($) | Jul. 03, 2016USD ($) | Jun. 28, 2015USD ($) | Mar. 27, 2016 | |
Property, Plant and Equipment, Net [Member] | January Two Thousand Fifteen Two-Year And Two Three-Year License [Member] | |||||||
Capital Lease Obligations Incurred | $ 6,900,000 | ||||||
Property, Plant and Equipment, Net [Member] | October 2014 Three-Year License [Member] | |||||||
Capital Lease Obligations Incurred | $ 4,400,000 | ||||||
Property, Plant and Equipment, Net [Member] | July 2012 Three-Year License [Member] | |||||||
Capital Lease Obligations Incurred | $ 900,000 | ||||||
January Two Thousand Fifteen Two-Year And Two Three-Year License [Member] | |||||||
Repayments of Long-term Capital Lease Obligations | $ 1,000,000 | ||||||
October 2014 Three-Year License [Member] | |||||||
Repayments of Long-term Capital Lease Obligations | $ 1,500,000 | ||||||
Capital Lease Obligations [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | ||||||
Capital Lease Obligations [Member] | Maximum [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.25% | ||||||
Design Tool Impairment [Member] | |||||||
Restructuring Costs | $ 400,000 | ||||||
Fremont Campus [Member] | Portion of Building Located at 48720 Kato Road [Member] | |||||||
Sale Leaseback Transaction, Monthly Rental Payments | $ 86,338 | ||||||
Fremont Campus [Member] | Portion of Building Located at 48710 Kato Road [Member] | |||||||
Sale Leaseback Transaction, Monthly Rental Payments | $ 600 | ||||||
Fremont Campus [Member] | |||||||
Sale of Land and Building, Selling Price | 24,100,000 | ||||||
Area of Real Estate Property | ft² | 151,000 | ||||||
Area of Land | a | 4.5 | ||||||
Sale Leaseback Transaction, Gain on Sale, Gross | $ 11,900,000 | ||||||
Sale Leaseback Transaction, Deferred Gain, Net | $ 2,600,000 | ||||||
Repayments of Long-term Capital Lease Obligations | 453,000 | $ 459,000 | |||||
Asset Impairment Charges | 1,519,000 | ||||||
Sale Leaseback Transaction, Amortization of Deferred Gain | $ 200,000 |
Note 13 - Amortization Expense
Note 13 - Amortization Expense Related to the Design Tools (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Design Tools [Member] | ||
Amortization expense | $ 878 | $ 1,073 |
Note 13 - Future Minimum Lease
Note 13 - Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
2017 (9 months remaining) | $ 3,950 | |
2,018 | 1,529 | |
Total minimum lease payments | 5,479 | |
Less: amount representing interest | (851) | |
Present value of future minimum lease payments | 4,628 | |
Less: short-term lease financing obligations | (3,772) | $ (3,784) |
Long-term lease financing obligations | $ 856 |
Note 13 - Interest Expense (Det
Note 13 - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended |
Jul. 03, 2016 | Jun. 28, 2016 | |
Design Tools [Member] | ||
Interest expense | $ 38 | $ 48 |
Note 13 - Rent Expense (Details
Note 13 - Rent Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Rent expense | $ 100 | $ 181 |
Note 13 - Operating Lease (Deta
Note 13 - Operating Lease (Details) $ in Thousands | Jul. 03, 2016USD ($) |
2017 (9 months remaining) | $ 1,277 |
2,018 | 1,239 |
2,019 | 155 |
2,020 | 49 |
Total future minimum lease payments | $ 2,720 |
Note 14 - Commitments and Con70
Note 14 - Commitments and Contingencies (Details Textual) | 3 Months Ended | |
Jul. 03, 2016 | Jul. 03, 2016 | |
Warranty Term, Customer Products | 1 year | |
Warranty Term, Standard Products | 90 days |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2016 | Jul. 03, 2016 | Jun. 28, 2015 | |
Earliest Tax Year [Member] | |||
Open Tax Year | 2,003 | ||
Latest Tax Year [Member] | |||
Open Tax Year | 2,015 | ||
Income Tax Expense (Benefit) | $ 291 | $ (787) | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 100 | ||
Unrecognized Tax Benefits | 16,900 | 16,900 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 13,900 | $ 13,900 |
Note 16 - Estimated Interest an
Note 16 - Estimated Interest and Penalties Related to the Underpayment of Income Taxes (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 27, 2016 |
Accrued interest and penalties | $ 1,433 | $ 1,364 |
Note 17 - Net Sales by Geograph
Note 17 - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
CHINA | ||
Net sales | $ 11,400 | $ 8,803 |
UNITED STATES | ||
Net sales | 4,674 | 6,598 |
TAIWAN, PROVINCE OF CHINA | ||
Net sales | 1,850 | 1,616 |
KOREA, REPUBLIC OF | ||
Net sales | 696 | 624 |
SINGAPORE | ||
Net sales | 3,498 | 4,185 |
GERMANY | ||
Net sales | 2,421 | 3,673 |
Rest of the World [Member] | ||
Net sales | 2,597 | 2,684 |
Net sales | $ 27,136 | $ 28,183 |
Note 17 - Major Distributors an
Note 17 - Major Distributors and Customer of Net Revenue (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | ||
Jul. 03, 2016Rate | Jun. 28, 2015Rate | ||
Distributor A [Member] | |||
Distributor | [1] | 28.00% | 40.00% |
Distributor B [Member] | |||
Distributor | 16.00% | 10.00% | |
Distributor D [Member] | |||
Distributor | 12.00% | ||
Distributor C [Member] | |||
Distributor | 11.00% | ||
[1] | Net sales for this distributor for this period were less than 10% of our net sales. |
Note 17 - Major Distributors of
Note 17 - Major Distributors of Net Account Receivables (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2016 | Mar. 27, 2016 | ||
Distributor B [Member] | |||
Net Accounts Receivable | 22.00% | 13.00% | |
Distributor D [Member] | |||
Net Accounts Receivable | 18.00% | 14.00% | |
Distributor A [Member] | |||
Net Accounts Receivable | [1] | 17.00% | 17.00% |
Distributor C [Member] | |||
Net Accounts Receivable | 12.00% | 14.00% | |
Customer A [Member] | |||
Net Accounts Receivable | 12.00% | ||
[1] | Related party |