Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 01, 2017 | Jan. 30, 2017 | |
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) | 50,890,387 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 1, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Current assets: | ||
Total cash and cash equivalents | $ 102,023 | $ 55,070 |
Short-term marketable securities | 125,621 | |
Accounts receivable (net of allowances of $831 and $809) | 12,842 | 16,130 |
Accounts receivable, related party (net of allowances of $416 and $617) | 4,977 | 3,247 |
Inventories | 24,221 | 20,807 |
Other current assets | 3,081 | 1,922 |
Assets of discontinued operations | 93,911 | |
Total current assets | 272,765 | 191,087 |
Property, plant and equipment, net | 3,926 | 20,299 |
Goodwill | 31,613 | 31,613 |
Intangible assets, net | 9,602 | 11,735 |
Other non-current assets | 5,605 | 639 |
Total assets | 323,511 | 255,373 |
Current liabilities: | ||
Accounts payable | 9,558 | 11,258 |
Accrued compensation and related benefits | 2,276 | 2,984 |
Deferred income and allowances on sales to distributors | 3,221 | 3,053 |
Deferred income and allowances on sales to distributor, related party | 2,988 | 4,683 |
Other current liabilities | 10,200 | 10,669 |
Liabilities of discontinued operations | 3,470 | |
Total current liabilities | 28,243 | 36,117 |
Long-term lease financing obligations | 1,285 | |
Other non-current obligations | 3,536 | 3,422 |
Total liabilities | 31,779 | 40,824 |
Commitments and contingencies (Notes 14 and 15) | ||
Stockholders' equity: | ||
Common stock, $.0001 par value; 100,000,000 shares authorized; 50,763,486 and 48,545,311 shares outstanding | 5 | 5 |
Additional paid-in capital | 551,206 | 529,207 |
Accumulated other comprehensive loss | (141) | |
Accumulated deficit | (259,338) | (314,663) |
Total stockholders’ equity | 291,732 | 214,549 |
Total liabilities and stockholders’ equity | $ 323,511 | $ 255,373 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Accounts receivable, allowances | $ 831 | $ 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) | 50,763,486 | 48,545,311 |
Related Party [Member] | ||
Accounts receivable, allowances | $ 416 | $ 617 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Sales: | ||||
Net sales | $ 18,845,000 | $ 16,884,000 | $ 58,881,000 | $ 47,740,000 |
Net sales, related party | 8,377,000 | 8,426,000 | 23,078,000 | 28,508,000 |
Total net sales | 27,222,000 | 25,310,000 | 81,959,000 | 76,248,000 |
Cost of sales: | ||||
Cost of sales | 10,054,000 | 9,716,000 | 31,473,000 | 29,922,000 |
Cost of sales, related party | 3,118,000 | 4,025,000 | 8,468,000 | 12,847,000 |
Restructuring charges and exit costs | 0 | 2,600,000 | 1,100,000 | 5,600,000 |
Proceeds from legal settlement | (1,500,000) | |||
Amortization of purchased intangible assets | 594,000 | 594,000 | 1,782,000 | 1,833,000 |
Total cost of sales | 13,766,000 | 14,335,000 | 41,948,000 | 43,842,000 |
Gross profit | 13,456,000 | 10,975,000 | 40,011,000 | 32,406,000 |
Operating expenses: | ||||
Research and development | 4,964,000 | 4,734,000 | 14,840,000 | 17,007,000 |
Selling, general and administrative | 9,109,000 | 6,781,000 | 23,425,000 | 21,690,000 |
Merger and acquisition costs | 1,270,000 | 544,000 | ||
Restructuring charges and exit costs, net | 0 | 2,600,000 | 1,100,000 | 5,600,000 |
Impairment of design tools | 0 | 1,519,000 | ||
Gain on sale of land and building under sale-leaseback arrangement | (9,300,000) | |||
Total operating expenses, net | 14,073,000 | 14,154,000 | 32,677,000 | 44,087,000 |
Income (loss) from operations | (617,000) | (3,179,000) | 7,334,000 | (11,681,000) |
Other income and (expense), net: | ||||
Interest income and other, net | 212,000 | (12,000) | 299,000 | (60,000) |
Interest expense | (80,000) | (65,000) | (147,000) | (158,000) |
Total other income (expense), net | 132,000 | (77,000) | 152,000 | (218,000) |
Income (loss) before income taxes | (485,000) | (3,256,000) | 7,486,000 | (11,899,000) |
Provision for (benefit from) income taxes | (204,000) | (1,211,000) | 141,000 | (5,410,000) |
Net income (loss) from continuing operations | (281,000) | (2,045,000) | 7,345,000 | (6,489,000) |
Net income (loss) from discontinued operations (See Note 3) | 45,660,000 | (5,092,000) | 47,982,000 | (7,355,000) |
Net income (loss) | $ 45,379,000 | $ (7,137,000) | $ 55,327,000 | $ (13,844,000) |
Net income (loss) per share from continuing operations: | ||||
Basic (in dollars per share) | $ (0.01) | $ (0.04) | $ 0.15 | $ (0.13) |
Diluted (in dollars per share) | (0.01) | (0.04) | 0.15 | (0.13) |
Net income (loss) per share from discontinued operations: | ||||
Basic (in dollars per share) | 0.91 | (0.11) | 0.97 | (0.15) |
Diluted (in dollars per share) | 0.89 | (0.11) | 0.95 | (0.15) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | 0.90 | (0.15) | 1.12 | (0.28) |
Diluted (in dollars per share) | $ 0.88 | $ (0.15) | $ 1.10 | $ (0.28) |
Basic (in shares) | 50,409 | 48,386 | 49,548 | 48,146 |
Effect of options and awards (in shares) | 956 | 713 | ||
Diluted (in shares) | 51,365 | 48,386 | 50,261 | 48,146 |
Continuing Operations [Member] | ||||
Net income (loss) per share: | ||||
Basic (in shares) | 50,409 | 48,386 | 49,548 | 48,146 |
Effect of options and awards (in shares) | 713 | |||
Diluted (in shares) | 50,409 | 48,386 | 50,261 | 48,146 |
Discontinued Operations [Member] | ||||
Net income (loss) per share: | ||||
Basic (in shares) | 50,409 | 48,386 | 49,548 | 48,146 |
Effect of options and awards (in shares) | 956 | 713 | ||
Diluted (in shares) | 51,365 | 48,386 | 50,261 | 48,146 |
Cost of Sales [Member] | ||||
Cost of sales: | ||||
Restructuring charges and exit costs | $ 225,000 | $ 740,000 | ||
Operating expenses: | ||||
Restructuring charges and exit costs, net | 225,000 | 740,000 | ||
Operating Expense [Member] | ||||
Cost of sales: | ||||
Restructuring charges and exit costs | 2,639,000 | 923,000 | 4,846,000 | |
Operating expenses: | ||||
Restructuring charges and exit costs, net | $ 2,639,000 | $ 923,000 | $ 4,846,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Net income (loss) | $ 45,379 | $ (7,137) | $ 55,327 | $ (13,844) |
Changes in market value of investments, net of tax: | ||||
Changes in unrealized loss on investments | (141) | |||
Net change in market value of investments | (141) | |||
Comprehensive income (loss) | $ 45,238 | $ (7,137) | $ 55,327 | $ (13,844) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 01, 2017 | Dec. 27, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 55,327,000 | $ (13,844,000) |
Net income (loss) from discontinued operations (See Note 3) | 47,982,000 | (7,355,000) |
Income (loss) from continuing operations | 7,345,000 | (6,489,000) |
Adjustments to reconcile income from continuing operations to net cash flows from operating activities: | ||
Depreciation and amortization | 4,739,000 | 6,908,000 |
Gain on sale of land and building under sale-leaseback arrangement | (9,300,000) | |
Amortization of deferred gain on sale-leaseback arrangement | (996,000) | |
Stock-based compensation expense | 7,131,000 | 3,810,000 |
Impairment of design tools | 1,519,000 | |
Restructuring charges and exist costs | 1,148,000 | 905,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,558,000 | (1,822,000) |
Inventories | (3,414,000) | 3,495,000 |
Prepaid expenses, other current assets and other assets | (515,000) | 7,488,000 |
Accounts payable | 5,049,000 | 1,055,000 |
Accrued compensation and related benefits | (708,000) | (646,000) |
Deferred income | (1,527,000) | (2,841,000) |
Other current and non-current liabilities | (2,219,000) | (7,875,000) |
Net cash provided by operating activities - continuing operations | 9,810,000 | 3,988,000 |
Net cash provided by (used in) operating activities - discontinued operations | 979,000 | (2,884,000) |
Net cash provided by operating activities | 10,789,000 | 1,104,000 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and intellectual property, net | (769,000) | (954,000) |
Sale of land and building under sale-leaseback arrangement | 24,051,000 | |
Purchases of short-term marketable securities | (125,762,000) | |
Net cash provided by (used in) investing activities - continuing operations | (102,480,000) | (954,000) |
Net cash provided by investing activities - discontinued operations | 127,933,000 | |
Net cash provided by (used in) investing activities | 25,453,000 | (954,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 13,950,000 | 2,351,000 |
Purchase of stock for withholding taxes on vested restricted stock | (456,000) | (1,562,000) |
Cash settlement of equity award | (429,000) | |
Payments of lease financing obligations | (2,783,000) | (2,294,000) |
Net cash provided by (used in) financing activities - continuing operations | 10,711,000 | (1,934,000) |
Net cash provided by financing activities - discontinued operations | ||
Net cash provided by (used in) financing activities | 10,711,000 | (1,934,000) |
Net increase in cash and cash equivalents | 46,953,000 | (1,784,000) |
Cash and cash equivalents at the beginning of the period | 55,070,000 | 55,233,000 |
Cash and cash equivalents at the end of the period | $ 102,023,000 | $ 53,449,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Description of Business— 1971 1991. 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— 10 March 27, 2016 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 January 1, 2017 three nine January 1, 2017 December 27, 2015, . The financial statements include management’s estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Actual results could differ from those estimates, and material effects on operating results and financial position may 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 53 52 13 2017 2016 53 52 2017, first 14 the remaining three 13 Discontinued Operations November 9, 2016, 100% Note 3 Discontinued Operations ” . |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements Not Yet Adopted | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In May 2014, 2014 09, 606). 2014 09 2014 09 five may may 2014 09 December 15, 2017. December 15, 2016. In July 2015, 2015 11, 330): 2015 11 first 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, 2016 01, 825 10), 2016 01 fiscal years beginning after December 15, 2017, 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, 2016 02, Leases: (Topic 842) twelve first 2019, In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606): three 2014 09. In March 2016, 2016 09 , Compensation-Stock Compensation (Topic 718): (1) (2) (3) December 15, 2016, In April 2016, 2016 10, Revenue from Contracts with Customers, Topic 606 2014 09. two 606: first 606 606 2014 09). In June 2016, 2016 13, Financial Instruments —Credit Losses, Topic 326 , which requires credit losses on financial assets measured at their amortized cost basis to be presented at the net amount expected to be collected, not on their incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. The new standard is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted. 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 December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, 606 2014 09). |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 3. DISCONTINUED OPERATIONS On November 9, 2016, 100% $127.9 $45.4 $5.0 The following table summarizes certain statements of operations information for discontinued operations for the three nine January 1, 2017 December 27, 2015, Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Net sales $ 4,628 $ 12,129 $ 30,936 $ 36,354 Cost of sales: Cost of sales 2,863 6,546 17,935 18,388 Amortization of purchased intangible assets - 1,867 1,245 5,589 Total cost of sales 2,863 8,413 19,180 23,977 Gross profit 1,765 3,716 11,756 12,377 Operating expenses: Research and development 974 4,036 5,634 7,571 Selling, general and administrative 655 3,355 3,459 7,569 Total operating expenses, net 1,629 7,391 9,093 15,140 Gain on sale of iML 45,382 - 45,382 - Interest income and other, net (10 ) 2 69 9 Income (loss) before income taxes 45,508 (3,673 ) 48,114 (2,754 ) Provision for (benefit from) income taxes (152 ) 1,419 132 4,601 Net income (loss) from discontinued operations $ 45,660 $ (5,092 ) $ 47,982 $ (7,355 ) The gain on sale was calculated as the cash proceeds, less iML assets of $90.4 $2.8 $5.0 Net proceeds $ 127,933 Assets sold (90,394 ) Liabilities transferred 2,843 Holdback amount 5,000 Gain on sale of iML $ 45,382 After the completion of the sale, all of iML's assets were sold and all liabilities were transferred. As of March 27, 2016, March 27, 2016 Accounts receivable, net $ 13,427 Inventories 7,944 Deferred income taxes and other assets 248 Property, plant and equipment, net 88 Goodwill 13,258 Identifiable intangible assets, net 58,946 Total assets $ 93,911 Accounts payable $ 2,024 Accrued liabilities 1,422 Deferred income taxes and other liabilities 24 Total liabilities $ 3,470 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details | 9 Months Ended |
Jan. 01, 2017 | |
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): January 1, March 27, 2017 2016 Raw materials $ 1,252 $ 1,012 Work-in-progress 9,729 9,780 Finished goods 13,240 10,015 Total inventories $ 24,221 $ 20,807 Our property, plant and equipment consisted of the following as of the dates indicated below (in thousands): January 1, March 27, 2017 2016 Land $ - $ 6,660 Building - 16,365 Machinery and equipment 38,214 37,813 Software and licenses 21,561 22,045 Leasehold Improvement 833 755 Property, plant and equipment, total 60,608 83,638 Accumulated depreciation, amortization and impairment (56,682 ) (63,339 ) Total property, plant and equipment, net $ 3,926 $ 20,299 The decrease in land and building relates to the sale-leaseback of our Fremont facility. The accumulated depreciation and amortization for the three nine January 1, 2017 $1.0 $2.5 “Note 13 Our other current liabilities consisted of the following as of the dates indicated (in thousands): January 1, March 27, 2017 2016 Short-term lease financing obligations $ 1,714 $ 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 sales and marketing expenses 894 699 Accrued legal and professional services 792 1,247 Accrued manufacturing expenses, royalties and licenses 674 486 Accrued restructuring charges and exit costs 157 494 Other current liabilities 2,169 1,753 Total other current liabilities $ 10,200 $ 10,669 Our other non-current obligations consisted of the following as of the dates indicated (in thousands): January 1, March 27, 2017 2016 Long-term taxes payable $ 3,446 $ 3,339 Deferred tax liability 90 83 Total other non-current obligations $ 3,536 $ 3,422 The deferred gain included in other current liabilities and non-current obligations relates to deferred gain associated with our sale-leaseback, net of amortization. See “ Note 13. |
Note 5 - Fair Value
Note 5 - Fair Value | 9 Months Ended |
Jan. 01, 2017 | |
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 first two may Level 1 Level 2 1 Level 3 Our cash and investment instruments are classified within Level 1 2 There were no transfers between Level 1 2 nine January 1, 2017. Exar had no assets or liabilities utilizing Level 3 January 1, 2017 March 27, 2016. Our investment assets, measured at fair value on a recurring basis, consisted of the following as of the dates indicated below (in thousands): January 1, 2017 Level 1 Level 2 Total Assets: Money market funds $ 65,114 $ - $ 65,114 U.S. government and agency securities 11,041 10,120 21,161 Corporate bonds and securities - 96,993 96,993 State and local government securities - 4,195 4,195 Certificates of deposit - 3,272 3,272 Total investment assets $ 76,155 $ 114,580 $ 190,735 March 27, 2016 Level 1 Level 2 Total Assets: Money market funds $ 4 $ - $ 4 Common shares of CounterPath - 43 43 Total investment assets $ 4 $ 43 $ 47 In June 2016, 93,000 first 2015 $50,000 Our cash and cash equivalents as of the dates indicated below were as follows (in thousands): January 1, March 27, 2017 2016 Cash and cash equivalents Cash in financial institutions $ 36,909 $ 55,066 Money market funds 65,114 4 Total cash and cash equivalents $ 102,023 $ 55,070 Our marketable securities include U.S. government and agency securities, state and local government securities, corporate bonds and securities, and certificates of deposit. We classify investments as available-for-sale at the time of purchase and re-evaluate such designation as of each balance sheet date. We amortize premiums and accrete discounts to interest income over the life of the investment. Our available-for-sale securities, which we intend to sell as necessary to meet our liquidity requirements, are classified as cash equivalents if the maturity date is 90 90 All marketable securities are reported at fair value based on the estimated or quoted market prices as of each balance sheet date, with unrealized gains or losses, net of tax effect, recorded in the condensed consolidated statements of other comprehensive income except those unrealized losses that are deemed to be other than temporary which are reflected in the impairment charges on investments line item on the condensed consolidated statements of operations. Realized gains (losses) on the sale of marketable securities are determined by the specific identification method and are reflected in interest income and other, net within the condensed consolidated statements of operations. During the three nine January 1, 2017 December 27, 2015, The following table summarizes our investments in marketable securities as of January 1, 2017 January 1, 2017 Amortized Unrealized Gross Unrealized Gross Cost Gains Losses Fair Value Money market funds $ 65,114 $ - $ - $ 65,114 U.S. government and agency securities 21,161 13 (13 ) 21,161 Corporate bonds and securities 97,133 19 (159 ) 96,993 State and local government securities 4,196 1 (2 ) 4,195 Certificates of deposit 3,272 - - 3,272 Total investments $ 190,876 $ 33 $ (174 ) $ 190,735 We periodically review our investments in unrealized loss positions for other-than-temporary impairments. This evaluation includes, but is not limited to, significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position, our intent not to sell the security, and whether it is more likely than not that we will not have to sell the security before recovery of its cost basis. For the three nine January 1, 2017, The amortized cost and estimated fair value of cash equivalents and marketable securities classified as available-for-sale by expected maturity as of January 1, 2017 January 1, 2017 Amortized Cost Fair Value Less than 1 year $ 93,565 $ 93,519 Due in 1 to 5 years 97,311 97,216 Total $ 190,876 $ 190,735 The following table summarizes the gross unrealized losses and fair values of our investments in an unrealized loss position as of January 1, 2017, January 1, 2017 Less than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and securities $ 77,362 $ (159 ) $ 77,362 $ (159 ) U.S. government and agency securities 15,379 (13 ) 15,379 (13 ) State and local government securities 1,471 (2 ) 1,471 (2 ) Total $ 94,212 $ (174 ) $ 94,212 $ (174 ) |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 9 Months Ended |
Jan. 01, 2017 | |
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 fourth second one one As of July 3, 2016, Intangible Assets Our purchased intangible assets for continued operations as of the dates indicated below were as follows (in thousands): January 1, 2017 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 $ (45,292 ) $ 8,586 3.9 $ 53,878 $ (43,502 ) $ 10,376 4.6 Customer relationships 5,225 (4,209 ) 1,016 3.0 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 $ (54,434 ) $ 9,602 $ 64,036 $ (52,301 ) $ 11,735 Long-lived assets are amortized on a straight-line basis over their respective estimated useful lives. Existing technology is amortized over two nine five seven seven six three six 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 may During the three nine January 1, 2017 December 27, 2015, The aggregate amortization expenses for our purchased intangible assets for the periods indicated below were as follows (in thousands): Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Amortization expense $ 705 $ 723 $ 2,133 $ 2,238 The total future amortization expenses for our purchased intangible assets are summarized below (in thousands): Amortization Expense (by fiscal year) 2017 (3 months remaining) $ 705 2018 2,802 2019 2,488 2020 1,989 2021 1,325 2022 and thereafter 293 Total future amortization $ 9,602 |
Note 7 - Long-term Investment
Note 7 - Long-term Investment | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 7. LONG-TERM INVESTMENTS In July 2001, first 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): January 1, March 27, 2017 2016 Beginning balance $ 389 $ 394 Donation of Counterpath shares (50 ) - Impairment charges - (5 ) Ending balance $ 339 $ 389 In June 2016, January 1, 2017 |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 9 Months Ended |
Jan. 01, 2017 | |
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 16%, January 1, 2017. Related party net sales as a percentage of our total net sales for the periods indicated below were as follows: Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Future and affiliates of Alonim 31% 33% 28% 25% Related party receivables as a percentage of our net accounts receivables were as follows as of the dates indicated below: January 1, March 27, 2017 2016 Future and affiliates of Alonim 28% 17% Related party expenses for marketing promotional materials reimbursed were not significant for the three nine January 1, 2017 December 27, 2015. FusionOps, Inc. The former CEO of FusionOps, Inc. is a member of the Board of Directors for Exar. For the three nine December 27, 2015, $28,200 $81,400, July 2016 2017, $82,200 July 2016. Interim President and Chief Executive Officer (“Interim CEO”) Richard Leza served as our interim CEO through May 31, 2016 nine January 1, 2017 $0.1 8,000 $52,600 June 30, 2016, |
Note 9 - Common Stock Repurchas
Note 9 - Common Stock Repurchases | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 . COMMON STOCK REPURCHASES From time to time with our Board of Directors’ approval, we acquire outstanding common stock in the open market to partially offset dilution from our equity award programs and to increase our return on our invested capital. On August 28, 2007, $100.0 On July 9, 2013, $50.0 may January 1, 2017, 11.1 $105.2 We did not repurchase any common stock during the three nine January 1, 2017 December 27, 2015. |
Note 10 - Restructuring Charges
Note 10 - Restructuring Charges and Exit Costs | 9 Months Ended |
Jan. 01, 2017 | |
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 During the three nine January 1, 2017, $0 $1.1 nine January 1, 2017 $0.2 $0.9 three nine December 27, 2015, $2.6 $5.6 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): Additions/ March 27, 2016 adjustments Non-cash charges Payments January 1, 2017 Lease termination costs and others $ 130 $ 467 $ (27 ) $ (436 ) $ 134 Severance 364 681 - (1,022 ) 23 Total $ 494 $ 1,148 $ (27 ) $ (1,458 ) $ 157 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 9 Months Ended |
Jan. 01, 2017 | |
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% three The following table summarizes our ESPP transactions during the fiscal periods presented (in thousands, except per share amounts): As of Nine Months Ended January 1, 2017 January 1, 2017 Weighted Shares of Shares of Average Common Stock Common Stock Price per Share Authorized to issue 4,500 Reserved for future issuance 1,298 Issued 19 $ 7.54 Equity Incentive Plans At the annual meeting of stockholders on September 18, 2014 2014 (“2014 2014 Prior to the Annual Meeting, we maintained the Exar Corporation 2006 “2006 2006 2006 June 30, 2014, 6,555,492 2006 2006 669,008 2006 2014 2006 2006 The maximum number of shares of our common stock that may 2014 (1) 5,170,000 (2) 2006 2006 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) 2006 2006 2014 two January 1, 2017, approximately 3.3 2014 Stock Option Activities Our stock option transactions during the nine January 1, 2017 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 1,466,800 7.30 Exercised (2,045,504 ) 6.97 Cancelled (614,454 ) 9.84 Forfeited (1,055,074 ) 7.53 Balance at January 1, 2017 5,474,151 8.02 4.66 16,195 4,787 Vested and expected to vest, January 1, 2017 4,909,103 8.12 4.50 14,140 Vested and exercisable, January 1, 2017 2,491,344 $ 8.85 3.19 $ 5,620 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 $10.78 $5.26 January 1, 2017 March 27, 2016, 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, 480,000 four 2013 2016 January 2014, 140,000 2017 October 2015, $34,000 2016 On July 1, 2016 280,000 120,000 four four January 1, 2017, $0.2 Options exercised for the periods indicated below were as follows (in thousands): Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Intrinsic value of options exercised $ 1,367 $ 39 $ 4,085 $ 637 RSU Activities Our RSU transactions during the nine January 1, 2017 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 622,039 8.63 Issued and released (209,236 ) 8.94 Forfeited (215,029 ) 9.68 Unvested at January 1, 2017 788,607 $ 8.83 1.81 $ 8,501 Vested and expected to vest, January 1, 2017 608,111 1.62 6,555 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, 300,000 to our then CEO. The PRSUs were scheduled to vest in three 2013 2015 three October, 2015, $41,000 2016, In July 2013, five July 2015 three nine January 1, 2017. $0.2 three nine December 27, 2015.The July 2015, 2016 three five $75,000 may two $1.2 January 1, 2017, In October 2013, 70,000 first 50% three 2015 three second 50% three 2016 three $5,000 $42,000 three nine January 1, 2017, $18,000 $96,000 three nine December 27, 2015, 2015. In August December 2014, 88,448 three June 2016 one $311,000 three July 3, 2016. $0.2 $0.7 three nine January 1, 2017, In July 2016, 60,000 30,000 three one third 12 two Expected term of grants (years) 3 Risk-free interest rate 0.76 % Expected volatility 50 % For the three nine January 1, 2017, $56,000 $80,000 In July 2016, 2017 (“2017 2017. $2.2 nine January 1, 2017. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options and RSUs for continuing operations during the fiscal periods presented (in thousands): Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Cost of sales $ 474 $ 98 $ 889 $ 257 Research and development 926 117 1,696 509 Selling, general and administrative 2,234 596 4,546 3,044 Total stock-based compensation expense $ 3,634 $ 811 $ 7,131 $ 3,810 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 January 1, 2017: January 1, 2017 Weighted Average Remaining Amount Recognition (in thousands) Period (in years) Options $ 4,887 2.59 RSUs 4,557 2.58 PRSUs 630 1.69 Total unrecognized stock-based compensation expense $ 10,074 |
Note 12 - Net Income (Loss) Per
Note 12 - Net Income (Loss) Per Share | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12. 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 Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Net income (loss) from continuing operations $ (281 ) $ (2,045 ) $ 7,345 $ (6,489 ) Net income (loss) from discontinued operations $ 45,660 $ (5,092 ) $ 47,982 $ (7,355 ) Net income (loss) $ 45,379 $ (7,137 ) $ 55,327 $ (13,844 ) Shares used in computation of net income (loss) from continuing operations per share: Basic 50,409 48,386 49,548 48,146 Effect of options and awards - - 713 - Diluted 50,409 48,386 50,261 48,146 Shares used in computation of net income (loss) from discontinued operations per share: Basic 50,409 48,386 49,548 48,146 Effect of options and awards 956 - 713 - Diluted 51,365 48,386 50,261 48,146 Shares used in computation of net income (loss) per share: Basic 50,409 48,386 49,548 48,146 Effect of options and awards 956 - 713 - Diluted 51,365 48,386 50,261 48,146 Net income (loss) per share from continuing operations: Basic $ (0.01 ) $ (0.04 ) $ 0.15 $ (0.13 ) Diluted $ (0.01 ) $ (0.04 ) $ 0.15 $ (0.13 ) Net income (loss) per share from discontinued operations: Basic $ 0.91 $ (0.11 ) $ 0.97 $ (0.15 ) Diluted $ 0.89 $ (0.11 ) $ 0.95 $ (0.15 ) Net income (loss) per share: Basic $ 0.90 $ (0.15 ) $ 1.12 $ (0.28 ) Diluted $ 0.88 $ (0.15 ) $ 1.10 $ (0.28 ) |
Note 13 - Lease Financing Oblig
Note 13 - Lease Financing Obligations | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 13. 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 January 2015 two two three $1.0 $4.4 October 2014 three $1.5 first $0.9 July 2012 three January 1, 2017 March 27, 2016, 2.0% 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 Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Amortization expense $ 1,483 $ 941 $ 2,825 $ 2,979 During the three nine January 1, 2017, $0 $1.5 $0.4 Future minimum lease and sublease income payments for the lease financing obligations as of January 1, 2017 Fiscal Years Design tools 2017 (3 months remaining) $ 510 2018 1,530 Total minimum lease payments 2,040 Less: amount representing interest (326 ) Present value of future minimum lease payments 1,714 Less: short-term lease financing obligations (1,714 ) Long-term lease financing obligations $ - Interest expense for the lease financing obligations for the periods indicated below was as follows (in thousands): Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Interest expense $ 19 $ 65 $ 87 $ 158 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 Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Rent expense $ 499 $ 186 $ 666 $ 530 Our future minimum lease payments for the lease operating obligations as of January 1, 2017 Fiscal Years Facilities 2017 (3 months remaining) $ 472 2018 1,482 2019 292 2020 48 Total future minimum lease payments $ 2,294 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 14. COMMITMENTS AND CONTINGENCIES In early 2012, 1985, two In a letter dated March 27, 2012, tenants June 2012, We warrant all custom products and application specific products, including cards and boards, against defects in materials and workmanship for a period of 12 may 90 Our warranty reserve balances as of January 1, 2017 March 27, 2016 In the ordinary course of business, we may third may may 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 | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 15. LEGAL PROCEEDINGS From time to time, we are involved in various claims, legal actions and complaints arising in the normal course of business. 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 | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 16. INCOME TAXES During the three nine January 1, 2017, $0.2 $0.1 three nine December 27, 2015, $1.2 $5.4 740 During the three January 1, 2017, $0.2 $17.0 $13.9 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): January 1, March 27, 2017 2016 Accrued interest and penalties $ 1,585 $ 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 2004 2016 |
Note 17 - Segment and Geographi
Note 17 - Segment and Geographic Information | 9 Months Ended |
Jan. 01, 2017 | |
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 the 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 Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 China $ 10,714 $ 9,241 $ 34,089 $ 28,096 United States 4,922 5,059 14,550 13,416 Singapore 3,525 3,255 10,234 10,740 Germany 2,717 2,992 7,433 9,951 Taiwan 1,434 1,873 5,381 5,219 Korea 539 259 1,846 1,227 Rest of world 3,371 2,631 8,426 7,599 Total net sales $ 27,222 $ 25,310 $ 81,959 $ 76,248 Substantially all of our long-lived assets as of January 1, 2017 March 27, 2016, The following distributors and customers accounted for 10% Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Distributor A + 31 % 33 % 28 % 37 % Distributor B 13 % 11 % 14 % * Distributor C 13 % 10 % 13 % 10 % Distributor D 12 % 11 % 12 % 11 % * Net sales for this distributor or customer for this period was less than 10% + Related Party No other distributor or customer accounted for 10% three January 1, 2017 December 27, 2015. The following distributors and customers accounted for 10% January 1, March 27, 2017 2016 Distributor A+ 28 % 17 % Distributor B 17 % 13 % Distributor C 15 % 14 % Distributor D * 14 % Customer A * 12 % * Accounts receivable for this customer for this period was less than 10% + Related Party No other distributor or customer accounted for 10% January 1, 2017 March 27, 2016. |
Note 18 - Subsequent Event
Note 18 - Subsequent Event | 9 Months Ended |
Jan. 01, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 18 . SUBSEQUENT EVENT On January 9, 2017, 1060 95131. 65,223 The term of the Sublease commences on the latest to occur of: (i) mutual execution of the Sublease by Exar and the Sublandlord; (ii) receipt of the Landlord’s consent to the Sublease; (iii) the date Exar provides proof of insurance required by the Sublandlord pursuant to the Sublease and the Landlord pursuant to the Master Lease; (iv) the date Exar provides both the security deposit and the first September 1, 2017 30 February 2, 2017. July 2017. $90,000 |
Note 3 - Discontinued Operati25
Note 3 - Discontinued Operations (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Net sales $ 4,628 $ 12,129 $ 30,936 $ 36,354 Cost of sales: Cost of sales 2,863 6,546 17,935 18,388 Amortization of purchased intangible assets - 1,867 1,245 5,589 Total cost of sales 2,863 8,413 19,180 23,977 Gross profit 1,765 3,716 11,756 12,377 Operating expenses: Research and development 974 4,036 5,634 7,571 Selling, general and administrative 655 3,355 3,459 7,569 Total operating expenses, net 1,629 7,391 9,093 15,140 Gain on sale of iML 45,382 - 45,382 - Interest income and other, net (10 ) 2 69 9 Income (loss) before income taxes 45,508 (3,673 ) 48,114 (2,754 ) Provision for (benefit from) income taxes (152 ) 1,419 132 4,601 Net income (loss) from discontinued operations $ 45,660 $ (5,092 ) $ 47,982 $ (7,355 ) Net proceeds $ 127,933 Assets sold (90,394 ) Liabilities transferred 2,843 Holdback amount 5,000 Gain on sale of iML $ 45,382 March 27, 2016 Accounts receivable, net $ 13,427 Inventories 7,944 Deferred income taxes and other assets 248 Property, plant and equipment, net 88 Goodwill 13,258 Identifiable intangible assets, net 58,946 Total assets $ 93,911 Accounts payable $ 2,024 Accrued liabilities 1,422 Deferred income taxes and other liabilities 24 Total liabilities $ 3,470 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | January 1, March 27, 2017 2016 Raw materials $ 1,252 $ 1,012 Work-in-progress 9,729 9,780 Finished goods 13,240 10,015 Total inventories $ 24,221 $ 20,807 |
Property, Plant and Equipment [Table Text Block] | January 1, March 27, 2017 2016 Land $ - $ 6,660 Building - 16,365 Machinery and equipment 38,214 37,813 Software and licenses 21,561 22,045 Leasehold Improvement 833 755 Property, plant and equipment, total 60,608 83,638 Accumulated depreciation, amortization and impairment (56,682 ) (63,339 ) Total property, plant and equipment, net $ 3,926 $ 20,299 |
Other Current Liabilities [Table Text Block] | January 1, March 27, 2017 2016 Short-term lease financing obligations $ 1,714 $ 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 sales and marketing expenses 894 699 Accrued legal and professional services 792 1,247 Accrued manufacturing expenses, royalties and licenses 674 486 Accrued restructuring charges and exit costs 157 494 Other current liabilities 2,169 1,753 Total other current liabilities $ 10,200 $ 10,669 |
Other Noncurrent Liabilities [Table Text Block] | January 1, March 27, 2017 2016 Long-term taxes payable $ 3,446 $ 3,339 Deferred tax liability 90 83 Total other non-current obligations $ 3,536 $ 3,422 |
Note 5 - Fair Value (Tables)
Note 5 - Fair Value (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | January 1, 2017 Level 1 Level 2 Total Assets: Money market funds $ 65,114 $ - $ 65,114 U.S. government and agency securities 11,041 10,120 21,161 Corporate bonds and securities - 96,993 96,993 State and local government securities - 4,195 4,195 Certificates of deposit - 3,272 3,272 Total investment assets $ 76,155 $ 114,580 $ 190,735 March 27, 2016 Level 1 Level 2 Total Assets: Money market funds $ 4 $ - $ 4 Common shares of CounterPath - 43 43 Total investment assets $ 4 $ 43 $ 47 |
Marketable Securities [Table Text Block] | January 1, March 27, 2017 2016 Cash and cash equivalents Cash in financial institutions $ 36,909 $ 55,066 Money market funds 65,114 4 Total cash and cash equivalents $ 102,023 $ 55,070 |
Available-for-sale Securities [Table Text Block] | January 1, 2017 Amortized Unrealized Gross Unrealized Gross Cost Gains Losses Fair Value Money market funds $ 65,114 $ - $ - $ 65,114 U.S. government and agency securities 21,161 13 (13 ) 21,161 Corporate bonds and securities 97,133 19 (159 ) 96,993 State and local government securities 4,196 1 (2 ) 4,195 Certificates of deposit 3,272 - - 3,272 Total investments $ 190,876 $ 33 $ (174 ) $ 190,735 |
Investments Classified by Contractual Maturity Date [Table Text Block] | January 1, 2017 Amortized Cost Fair Value Less than 1 year $ 93,565 $ 93,519 Due in 1 to 5 years 97,311 97,216 Total $ 190,876 $ 190,735 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | January 1, 2017 Less than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and securities $ 77,362 $ (159 ) $ 77,362 $ (159 ) U.S. government and agency securities 15,379 (13 ) 15,379 (13 ) State and local government securities 1,471 (2 ) 1,471 (2 ) Total $ 94,212 $ (174 ) $ 94,212 $ (174 ) |
Note 6 - Goodwill and Intangi28
Note 6 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | January 1, 2017 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 $ (45,292 ) $ 8,586 3.9 $ 53,878 $ (43,502 ) $ 10,376 4.6 Customer relationships 5,225 (4,209 ) 1,016 3.0 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 $ (54,434 ) $ 9,602 $ 64,036 $ (52,301 ) $ 11,735 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Amortization expense $ 705 $ 723 $ 2,133 $ 2,238 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense (by fiscal year) 2017 (3 months remaining) $ 705 2018 2,802 2019 2,488 2020 1,989 2021 1,325 2022 and thereafter 293 Total future amortization $ 9,602 |
Note 7 - Long-term Investment (
Note 7 - Long-term Investment (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Investment Holdings, Schedule of Investments [Table Text Block] | January 1, March 27, 2017 2016 Beginning balance $ 389 $ 394 Donation of Counterpath shares (50 ) - Impairment charges - (5 ) Ending balance $ 339 $ 389 |
Note 8 - Related Party Transa30
Note 8 - Related Party Transactions (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Net Accounts Receivable [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Future and affiliates of Alonim 31% 33% 28% 25% January 1, March 27, 2017 2016 Future and affiliates of Alonim 28% 17% |
Note 10 - Restructuring Charg31
Note 10 - Restructuring Charges and Exit Costs (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Additions/ March 27, 2016 adjustments Non-cash charges Payments January 1, 2017 Lease termination costs and others $ 130 $ 467 $ (27 ) $ (436 ) $ 134 Severance 364 681 - (1,022 ) 23 Total $ 494 $ 1,148 $ (27 ) $ (1,458 ) $ 157 |
Note 11 - Stock-based Compens32
Note 11 - Stock-based Compensation (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | As of Nine Months Ended January 1, 2017 January 1, 2017 Weighted Shares of Shares of Average Common Stock Common Stock Price per Share Authorized to issue 4,500 Reserved for future issuance 1,298 Issued 19 $ 7.54 |
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 1,466,800 7.30 Exercised (2,045,504 ) 6.97 Cancelled (614,454 ) 9.84 Forfeited (1,055,074 ) 7.53 Balance at January 1, 2017 5,474,151 8.02 4.66 16,195 4,787 Vested and expected to vest, January 1, 2017 4,909,103 8.12 4.50 14,140 Vested and exercisable, January 1, 2017 2,491,344 $ 8.85 3.19 $ 5,620 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Intrinsic value of options exercised $ 1,367 $ 39 $ 4,085 $ 637 |
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 622,039 8.63 Issued and released (209,236 ) 8.94 Forfeited (215,029 ) 9.68 Unvested at January 1, 2017 788,607 $ 8.83 1.81 $ 8,501 Vested and expected to vest, January 1, 2017 608,111 1.62 6,555 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Cost of sales $ 474 $ 98 $ 889 $ 257 Research and development 926 117 1,696 509 Selling, general and administrative 2,234 596 4,546 3,044 Total stock-based compensation expense $ 3,634 $ 811 $ 7,131 $ 3,810 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | January 1, 2017 Weighted Average Remaining Amount Recognition (in thousands) Period (in years) Options $ 4,887 2.59 RSUs 4,557 2.58 PRSUs 630 1.69 Total unrecognized stock-based compensation expense $ 10,074 |
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 % |
Note 12 - Net Income (Loss) P33
Note 12 - Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Net income (loss) from continuing operations $ (281 ) $ (2,045 ) $ 7,345 $ (6,489 ) Net income (loss) from discontinued operations $ 45,660 $ (5,092 ) $ 47,982 $ (7,355 ) Net income (loss) $ 45,379 $ (7,137 ) $ 55,327 $ (13,844 ) Shares used in computation of net income (loss) from continuing operations per share: Basic 50,409 48,386 49,548 48,146 Effect of options and awards - - 713 - Diluted 50,409 48,386 50,261 48,146 Shares used in computation of net income (loss) from discontinued operations per share: Basic 50,409 48,386 49,548 48,146 Effect of options and awards 956 - 713 - Diluted 51,365 48,386 50,261 48,146 Shares used in computation of net income (loss) per share: Basic 50,409 48,386 49,548 48,146 Effect of options and awards 956 - 713 - Diluted 51,365 48,386 50,261 48,146 Net income (loss) per share from continuing operations: Basic $ (0.01 ) $ (0.04 ) $ 0.15 $ (0.13 ) Diluted $ (0.01 ) $ (0.04 ) $ 0.15 $ (0.13 ) Net income (loss) per share from discontinued operations: Basic $ 0.91 $ (0.11 ) $ 0.97 $ (0.15 ) Diluted $ 0.89 $ (0.11 ) $ 0.95 $ (0.15 ) Net income (loss) per share: Basic $ 0.90 $ (0.15 ) $ 1.12 $ (0.28 ) Diluted $ 0.88 $ (0.15 ) $ 1.10 $ (0.28 ) |
Note 13 - Lease Financing Obl34
Note 13 - Lease Financing Obligations (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Amortization Expense [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Amortization expense $ 1,483 $ 941 $ 2,825 $ 2,979 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Fiscal Years Design tools 2017 (3 months remaining) $ 510 2018 1,530 Total minimum lease payments 2,040 Less: amount representing interest (326 ) Present value of future minimum lease payments 1,714 Less: short-term lease financing obligations (1,714 ) Long-term lease financing obligations $ - |
Schedule of Interest Expense [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Interest expense $ 19 $ 65 $ 87 $ 158 |
Schedule of Rent Expense [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Rent expense $ 499 $ 186 $ 666 $ 530 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Years Facilities 2017 (3 months remaining) $ 472 2018 1,482 2019 292 2020 48 Total future minimum lease payments $ 2,294 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Interest and Penalty Related to Underpayment of Tax [Table Text Block] | January 1, March 27, 2017 2016 Accrued interest and penalties $ 1,585 $ 1,364 |
Note 17 - Segment and Geograp36
Note 17 - Segment and Geographic Information (Tables) | 9 Months Ended |
Jan. 01, 2017 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 China $ 10,714 $ 9,241 $ 34,089 $ 28,096 United States 4,922 5,059 14,550 13,416 Singapore 3,525 3,255 10,234 10,740 Germany 2,717 2,992 7,433 9,951 Taiwan 1,434 1,873 5,381 5,219 Korea 539 259 1,846 1,227 Rest of world 3,371 2,631 8,426 7,599 Total net sales $ 27,222 $ 25,310 $ 81,959 $ 76,248 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Nine Months Ended January 1, December 27, January 1, December 27, 2017 2015 2017 2015 Distributor A + 31 % 33 % 28 % 37 % Distributor B 13 % 11 % 14 % * Distributor C 13 % 10 % 13 % 10 % Distributor D 12 % 11 % 12 % 11 % |
Schedule of Major Distributors [Table Text Block] | January 1, March 27, 2017 2016 Distributor A+ 28 % 17 % Distributor B 17 % 13 % Distributor C 15 % 14 % Distributor D * 14 % Customer A * 12 % |
Note 3 - Discontinued Operati37
Note 3 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Nov. 09, 2016 | Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 |
Disposal Group, Including Discontinued Operation, Consideration | $ 127,900 | ||||
IML [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | 127,933 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 45,382 | $ 45,382 | $ 45,382 | ||
Discontinued Operation, Purchase Price Consideration Held in Escrow | 5,000 | ||||
Discontinued Operation, Assets Sold | 90,394 | ||||
Discontinued Operation, Liabilities Transferred | 2,843 | ||||
IML [Member] | Other Noncurrent Assets [Member] | |||||
Discontinued Operation, Purchase Price Consideration Held in Escrow | $ 5,000 |
Note 3 - Discontinued Operati38
Note 3 - Discontinued Operations - Summarized Results From Discontinued Operations (Details) - USD ($) $ in Thousands | Nov. 09, 2016 | Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | Mar. 27, 2016 |
Selling, general and administrative | $ 655 | $ 3,355 | $ 3,459 | $ 7,569 | ||
Net income (loss) from discontinued operations | 45,660 | (5,092) | 47,982 | (7,355) | ||
Net proceeds | $ 127,900 | |||||
Total assets | $ 93,911 | |||||
Total liabilities | 3,470 | |||||
IML [Member] | ||||||
Net sales | 4,628 | 12,129 | 30,936 | 36,354 | ||
Cost of sales | 2,863 | 6,546 | 17,935 | 18,388 | ||
Amortization of purchased intangible assets | 1,867 | 1,245 | 5,589 | |||
Total cost of sales | 2,863 | 8,413 | 19,180 | 23,977 | ||
Gross profit | 1,765 | 3,716 | 11,756 | 12,377 | ||
Research and development | 974 | 4,036 | 5,634 | 7,571 | ||
Total operating expenses, net | 1,629 | 7,391 | 9,093 | 15,140 | ||
Gain on sale of iML | 45,382 | 45,382 | 45,382 | |||
Interest income and other, net | (10) | 2 | 69 | 9 | ||
Income (loss) before income taxes | 45,508 | (3,673) | 48,114 | (2,754) | ||
Provision for (benefit from) income taxes | (152) | 1,419 | 132 | 4,601 | ||
Net income (loss) from discontinued operations | 45,660 | (5,092) | 47,982 | (7,355) | ||
Net proceeds | 127,933 | |||||
Assets sold | (90,394) | |||||
Liabilities transferred | 2,843 | |||||
Holdback amount | 5,000 | |||||
Gain on sale of iML | $ 45,382 | $ 45,382 | $ 45,382 | |||
Accounts receivable, net | 13,427 | |||||
Inventories | 7,944 | |||||
Deferred income taxes and other assets | 248 | |||||
Property, plant and equipment, net | 88 | |||||
Goodwill | 13,258 | |||||
Identifiable intangible assets, net | 58,946 | |||||
Total assets | 93,911 | |||||
Accounts payable | 2,024 | |||||
Accrued liabilities | 1,422 | |||||
Deferred income taxes and other liabilities | 24 | |||||
Total liabilities | $ 3,470 |
Note 4 - Balance Sheet Detail39
Note 4 - Balance Sheet Details (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Jan. 01, 2017 | Jan. 01, 2017 | |
Design Tool Impairment | $ 1 | $ 2.5 |
Note 4 - Balance Sheet Detail40
Note 4 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Raw materials | $ 1,252 | $ 1,012 |
Work-in-progress | 9,729 | 9,780 |
Finished goods | 13,240 | 10,015 |
Total inventories | $ 24,221 | $ 20,807 |
Note 4 - Balance Sheet Detail41
Note 4 - Balance Sheet Details - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Land | $ 6,660 | |
Building | 16,365 | |
Machinery and equipment | 38,214 | 37,813 |
Software and licenses | 21,561 | 22,045 |
Leasehold Improvement | 833 | 755 |
Property, plant and equipment, total | 60,608 | 83,638 |
Accumulated depreciation, amortization and impairment | (56,682) | (63,339) |
Total property, plant and equipment, net | $ 3,926 | $ 20,299 |
Note 4 - Balance Sheet Detail42
Note 4 - Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Short-term lease financing obligations | $ 1,714 | $ 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 sales and marketing expenses | 894 | 699 |
Accrued legal and professional services | 792 | 1,247 |
Accrued manufacturing expenses, royalties and licenses | 674 | 486 |
Accrued restructuring charges and exit costs | 157 | 494 |
Other current liabilities | 2,169 | 1,753 |
Total other current liabilities | $ 10,200 | $ 10,669 |
Note 4 - Balance Sheet Detail43
Note 4 - Balance Sheet Details - Other Noncurrent Obligations (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Long-term taxes payable | $ 3,446 | $ 3,339 |
Deferred tax liability | 90 | 83 |
Total other non-current obligations | $ 3,536 | $ 3,422 |
Note 5 - Fair Value (Details Te
Note 5 - Fair Value (Details Textual) - CounterPath [Member] | 1 Months Ended |
Jun. 30, 2016USD ($)shares | |
Donated Common Shares | shares | 93,000 |
Donated Common Shares, Carrying Value, Write-off | $ | $ 50,000 |
Note 5 - Fair Value - Investmen
Note 5 - Fair Value - Investment Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Assets: | ||
Investment assets | $ 190,735 | $ 47 |
US Government Corporations and Agencies Securities [Member] | ||
Assets: | ||
Investment assets | 21,161 | |
Corporate Debt Securities [Member] | ||
Assets: | ||
Investment assets | 96,993 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets: | ||
Investment assets | 4,195 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 76,155 | 4 |
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Assets: | ||
Investment assets | 11,041 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Investment assets | ||
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets: | ||
Investment assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 114,580 | 43 |
Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Assets: | ||
Investment assets | 10,120 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Investment assets | 96,993 | |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets: | ||
Investment assets | 4,195 | |
Money Market Funds [Member] | ||
Assets: | ||
Investment assets | 65,114 | 4 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 65,114 | 4 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | ||
CounterPath [Member] | ||
Assets: | ||
Investment assets | 43 | |
CounterPath [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | ||
CounterPath [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | $ 43 | |
Certificates of Deposit [Member] | ||
Assets: | ||
Investment assets | 3,272 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | $ 3,272 |
Note 5 - Fair Value - Cash and
Note 5 - Fair Value - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 | Dec. 27, 2015 | Mar. 29, 2015 |
Cash in financial institutions | $ 36,909 | $ 55,066 | ||
Total cash and cash equivalents | 102,023 | 55,070 | $ 53,449 | $ 55,233 |
Fair Value, Inputs, Level 1 [Member] | ||||
Investment assets | $ 65,114 | $ 4 |
Note 5 - Fair Value - Summary o
Note 5 - Fair Value - Summary of Investments in Marketable Securities (Details) | Jan. 01, 2017USD ($) |
Amortized cost | $ 190,876,000 |
Unrealized gross gains | 33,000 |
Unrealized gross losses | (174,000) |
Fair value | 190,735,000 |
US Government Corporations and Agencies Securities [Member] | |
Amortized cost | 21,161,000 |
Unrealized gross gains | 13,000 |
Unrealized gross losses | (13,000) |
Fair value | 21,161,000 |
Corporate Debt Securities [Member] | |
Amortized cost | 97,133 |
Unrealized gross gains | 19 |
Unrealized gross losses | (159) |
Fair value | 96,993 |
US States and Political Subdivisions Debt Securities [Member] | |
Amortized cost | 4,196,000 |
Unrealized gross gains | 1,000 |
Unrealized gross losses | (2,000) |
Fair value | 4,195,000 |
Money Market Funds [Member] | |
Amortized cost | 65,114,000 |
Unrealized gross gains | |
Unrealized gross losses | |
Fair value | 65,114,000 |
Certificates of Deposit [Member] | |
Amortized cost | 3,272,000 |
Unrealized gross gains | |
Unrealized gross losses | |
Fair value | $ 3,272,000 |
Note 5 - Fair Value - Amortized
Note 5 - Fair Value - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities (Details) $ in Thousands | Jan. 01, 2017USD ($) |
Amortized cost, less than 1 year | $ 93,565 |
Fair value, less than 1 year | 93,519 |
Amortized cost, due in 1 to 5 years | 97,311 |
Fiar value, due in 1 to 5 years | 97,216 |
Amortized cost | 190,876 |
Fair value | $ 190,735 |
Note 5 - Fair Value - Gross Unr
Note 5 - Fair Value - Gross Unrealized Losses and Fair Value of Investments in Unrealized Loss Postion (Details) $ in Thousands | Jan. 01, 2017USD ($) |
Fair value of securities in a continuous loss position for less than 12 months | $ 94,212 |
Goss loss on securities in a continuous loss position for less than 12 months | (174) |
Fair value of securities in a continuous loss position | 94,212 |
Goss loss on securities in a continuous loss position | (174) |
Corporate Debt Securities [Member] | |
Fair value of securities in a continuous loss position for less than 12 months | 77,362 |
Goss loss on securities in a continuous loss position for less than 12 months | (159) |
Fair value of securities in a continuous loss position | 77,362 |
Goss loss on securities in a continuous loss position | (159) |
US Government Corporations and Agencies Securities [Member] | |
Fair value of securities in a continuous loss position for less than 12 months | 15,379 |
Goss loss on securities in a continuous loss position for less than 12 months | (13) |
Fair value of securities in a continuous loss position | 15,379 |
Goss loss on securities in a continuous loss position | (13) |
US States and Political Subdivisions Debt Securities [Member] | |
Fair value of securities in a continuous loss position for less than 12 months | 1,471 |
Goss loss on securities in a continuous loss position for less than 12 months | (2) |
Fair value of securities in a continuous loss position | 1,471 |
Goss loss on securities in a continuous loss position | $ (2) |
Note 6 - Goodwill and Intangi50
Note 6 - Goodwill and Intangible Assets (Details Textual) | 9 Months Ended | 12 Months Ended |
Jan. 01, 2017 | Mar. 27, 2016 | |
Number of Operating Segments | 1 | |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years 328 days | 4 years 219 days |
Technology-Based Intangible Assets [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Technology-Based Intangible Assets [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 9 years | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years 219 days |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Distribution Rights [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Patented Technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Trade Names [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Trade Names [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years |
Note 6 - Goodwill and Intangi51
Note 6 - Goodwill and Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 01, 2017 | Mar. 27, 2016 | |
Amortized intangible assets: | ||
Carrying amount | $ 64,036 | $ 64,036 |
Accumulated amortization | (54,434) | (52,301) |
Net carrying amount | 9,602 | 11,735 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets: | ||
Carrying amount | 53,878 | 53,878 |
Accumulated amortization | (45,292) | (43,502) |
Net carrying amount | $ 8,586 | $ 10,376 |
Weighted average life (Year) | 3 years 328 days | 4 years 219 days |
Customer Relationships [Member] | ||
Amortized intangible assets: | ||
Carrying amount | $ 5,225 | $ 5,225 |
Accumulated amortization | (4,209) | (3,890) |
Net carrying amount | $ 1,016 | $ 1,335 |
Weighted average life (Year) | 3 years | 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 |
Note 6 - Goodwill and Intangi52
Note 6 - Goodwill and Intangible Assets - Aggregate Amortization Expenses for Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Amortization expense | $ 705 | $ 723 | $ 2,133 | $ 2,238 |
Note 6 - Goodwill and Intangi53
Note 6 - Goodwill and Intangible Assets - Estimated Future Amortization Expenses for Purchased Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
2017 (3 months remaining) | $ 705 | |
2,018 | 2,802 | |
2,019 | 2,488 | |
2,020 | 1,989 | |
2,021 | 1,325 | |
2022 and thereafter | 293 | |
Total future amortization | $ 9,602 | $ 11,735 |
Note 7 - Long-term Investment -
Note 7 - Long-term Investment - Summary of Long-term Investment (Details) - Other Noncurrent Assets [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 01, 2017 | Mar. 27, 2016 | |
Beginning balance | $ 389 | $ 394 |
Donation of Counterpath shares | (50) | |
Impairment charges | (5) | |
Ending balance | $ 339 | $ 389 |
Note 8 - Related Party Transa55
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | ||
Dec. 27, 2015 | Jul. 31, 2016 | Jan. 01, 2017 | Dec. 27, 2015 | Mar. 27, 2016 | |
Common Stock, Shares, Outstanding | 50,763,486 | 48,545,311 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 622,039 | ||||
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 | $ 28,200 | $ 82,200 | $ 81,400 | ||
Chief Executive Officer [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 100,000 | ||||
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 |
Note 8 - Related Party Transa56
Note 8 - Related Party Transactions - Related Party Receivables As a Percentage of Net Accounts Receivable (Details) - Alonim Investments Inc. [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | Mar. 27, 2016 | |
Sales Revenue, Net [Member] | |||||
Future and affiliates of Alonim | 31.00% | 33.00% | 28.00% | 25.00% | |
Accounts Receivable [Member] | |||||
Future and affiliates of Alonim | 28.00% | 17.00% |
Note 9 - Common Stock Repurch57
Note 9 - Common Stock Repurchases (Details Textual) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | 112 Months Ended | ||
Jan. 01, 2017 | Jan. 01, 2017 | Jul. 09, 2013 | Aug. 28, 2007 | |
Stock Repurchased During Period, Shares | 11.1 | |||
Stock, Repurchased and Retired, Balance Value | $ 105.2 | |||
August 2007 Repurchase Plan [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 100 | |||
July 2013 Repurchase Program [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 50 |
Note 10 - Restructuring Charg58
Note 10 - Restructuring Charges and Exit Costs (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Restructuring Charges | $ 0 | $ 2,600,000 | $ 1,100,000 | $ 5,600,000 |
Cost of Sales [Member] | ||||
Restructuring Charges | 225,000 | 740,000 | ||
Operating Expense [Member] | ||||
Restructuring Charges | $ 2,639,000 | $ 923,000 | $ 4,846,000 |
Note 10 - Restructuring Charg59
Note 10 - Restructuring Charges and Exit Costs - Summary of Activities Affecting Liabilities (Details) $ in Thousands | 9 Months Ended |
Jan. 01, 2017USD ($) | |
Beginning Balance | $ 494 |
Additions/ adjustments | 1,148 |
Non-cash charges | (27) |
Payments | (1,458) |
Ending balance | 157 |
Lease Contract Termination Costs [Member] | |
Beginning Balance | 130 |
Additions/ adjustments | 467 |
Non-cash charges | (27) |
Payments | (436) |
Ending balance | 134 |
Employee Severance [Member] | |
Beginning Balance | 364 |
Additions/ adjustments | 681 |
Non-cash charges | |
Payments | (1,022) |
Ending balance | $ 23 |
Note 11 - Stock-based Compens60
Note 11 - Stock-based Compensation (Details Textual) | Jul. 01, 2016shares | Jul. 31, 2016shares | Jan. 31, 2014shares | Oct. 31, 2013shares | Mar. 31, 2012shares | Jan. 31, 2012shares | Jan. 31, 2012 | Jan. 01, 2017USD ($)$ / sharesshares | Jul. 03, 2016USD ($) | Dec. 27, 2015USD ($) | Dec. 31, 2014shares | Jan. 01, 2017USD ($)$ / sharesRateshares | Dec. 27, 2015USD ($) | Dec. 28, 2014 | Mar. 27, 2016USD ($)$ / sharesshares | Sep. 18, 2014shares | Jun. 30, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,474,151 | 5,474,151 | 7,722,383 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,500,000 | 4,500,000 | |||||||||||||||
Share Price | $ / shares | $ 10.78 | $ 10.78 | $ 5.26 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,466,800 | ||||||||||||||||
Allocated Share-based Compensation Expense | $ | $ 3,634,000 | $ 811,000 | $ 7,131,000 | $ 3,810,000 | |||||||||||||
Accrued Bonuses, Current | $ | 1,200,000 | $ 1,200,000 | $ 1,200,000 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 622,039 | ||||||||||||||||
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 | $ | $ (41,000) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 60,000 | 300,000 | |||||||||||||||
Chief Financial Officer [Member] | Performance Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 120,000 | ||||||||||||||||
Allocated Share-based Compensation Expense | $ | $ 200,000 | ||||||||||||||||
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 | ||||||||||||||||
Chief Executive Officer and Chief Financial Officer [Member] | Performance Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||||||||
Chief Executive Officer and Chief Financial Officer [Member] | Performance-based RSUs [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||
Allocated Share-based Compensation Expense | $ | 56,000 | $ 80,000 | |||||||||||||||
Chief Executive Officer and Chief Financial Officer [Member] | 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% | ||||||||||||||||
Chief Executive Officer and Chief Financial Officer [Member] | 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 | ||||||||||||||||
Former Cadeka Employees [Member] | |||||||||||||||||
Former Employees, Number | 5 | ||||||||||||||||
Payments to Employees | $ | $ 75,000 | ||||||||||||||||
Employees Unsettled, Number | 2 | ||||||||||||||||
Former Cadeka Employees [Member] | Other Current Liabilities [Member] | |||||||||||||||||
Accrued Bonuses, Current | $ | 1,200,000 | $ 1,200,000 | |||||||||||||||
Former Cadeka Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Allocated Share-based Compensation Expense | $ | 200,000 | ||||||||||||||||
Certain Executives [Member] | October 2013 PRSUs [Member] | |||||||||||||||||
Allocated Share-based Compensation Expense | $ | 5,000 | $ 18,000 | 42,000 | $ 96,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70,000 | ||||||||||||||||
Number of Executives Terminated | 1 | ||||||||||||||||
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 | ||||||||||||||||
Certain Executives [Member] | October 2013 PRSUs [Member] | Share-based Compensation Award, Tranche Two [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 | ||||||||||||||||
Former IML Employees [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 | $ | $ (311,000) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||
Allocated Share-based Compensation Expense | $ | $ 200,000 | $ 700,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 88,448 | ||||||||||||||||
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 | 3,300,000 | 3,300,000 | |||||||||||||||
The 2017 Incentive Program [Member] | |||||||||||||||||
Allocated Share-based Compensation Expense | $ | $ 2,200,000 |
Note 11 - Stock-based Compens61
Note 11 - Stock-based Compensation - ESPP Transactions (Details) shares in Thousands | 9 Months Ended |
Jan. 01, 2017$ / sharesshares | |
Authorized to issue (in shares) | 4,500 |
Reserved for future issuance (in shares) | 1,298 |
Issued (in shares) | 19 |
Issued (in dollars per share) | $ / shares | $ 7.54 |
Note 11 - Stock-based Compens62
Note 11 - Stock-based Compensation - Summary of Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 01, 2017 | Mar. 27, 2016 | |
Balance at March 27, 2016 (in shares) | 7,722,383 | |
Balance at March 27, 2016 (in dollars per share) | $ 7.96 | |
Balance at March 27, 2016 (Year) | 4 years 240 days | 4 years 146 days |
Balance at March 27, 2016 | $ 16,195 | $ 87 |
Balance at March 27, 2016 (in shares) | 4,787,000 | 48,000 |
Granted (in shares) | 1,466,800 | |
Granted (in dollars per share) | $ 7.30 | |
Exercised (in shares) | (2,045,504) | |
Exercised (in dollars per share) | $ 6.97 | |
Cancelled (in shares) | (614,454) | |
Cancelled (in dollars per share) | $ 9.84 | |
Forfeited (in shares) | (1,055,074) | |
Forfeited (in dollars per share) | $ 7.53 | |
Balance at January 1, 2017 (in shares) | 5,474,151 | 7,722,383 |
Balance at January 1, 2017 (in dollars per share) | $ 8.02 | $ 7.96 |
Vested and expected to vest, January 1, 2017 (in shares) | 4,909,103 | |
Vested and expected to vest, January 1, 2017 (in dollars per share) | $ 8.12 | |
Vested and expected to vest, January 1, 2017 (Year) | 4 years 182 days | |
Vested and expected to vest, January 1, 2017 | $ 14,140 | |
Vested and exercisable, January 1, 2017 (in shares) | 2,491,344 | |
Vested and exercisable, January 1, 2017 (in dollars per share) | $ 8.85 | |
Vested and exercisable, January 1, 2017 (Year) | 3 years 69 days | |
Vested and exercisable, January 1, 2017 | $ 5,620 |
Note 11 - Stock-based Compens63
Note 11 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Intrinsic value of options exercised | $ 1,367 | $ 39 | $ 4,085 | $ 637 |
Note 11 - Stock-based Compens64
Note 11 - Stock-based Compensation - RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 01, 2017 | Mar. 27, 2016 | |
Unvested at March 27, 2016 (in shares) | 590,833 | |
Unvested at March 27, 2016 (in dollars per share) | $ 9.39 | |
Unvested at March 27, 2016 (Year) | 1 year 295 days | 1 year 164 days |
Unvested at March 27, 2016 | $ 8,501 | $ 3,108 |
Granted (in shares) | 622,039 | |
Granted (in dollars per share) | $ 8.63 | |
Issued and released (in shares) | (209,236) | |
Issued and released (in dollars per share) | $ 8.94 | |
Forfeited (in shares) | (215,029) | |
Forfeited (in dollars per share) | $ 9.68 | |
Unvested at January 1, 2017 (in shares) | 788,607 | 590,833 |
Unvested at January 1, 2017 (in dollars per share) | $ 8.83 | $ 9.39 |
Vested and expected to vest, January 1, 2017 (in shares) | 608,111 | |
Vested and expected to vest, January 1, 2017 (Year) | 1 year 226 days | |
Vested and expected to vest, January 1, 2017 | $ 6,555 |
Note 11 - Stock-based Compens65
Note 11 - Stock-based Compensation - Valuation Assumption of Performance-based Restricted Stock Units (Details) | 9 Months Ended |
Jan. 01, 2017 | |
Expected term of grants (years) (Year) | 3 years |
Risk-free interest rate | 0.76% |
Expected volatility | 50.00% |
Note 11 - Stock-based Compens66
Note 11 - Stock-based Compensation - Stock-based Compensation Expense Related to Stock Options and RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Stock-based compensation expense | $ 3,634 | $ 811 | $ 7,131 | $ 3,810 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 474 | 98 | 889 | 257 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 926 | 117 | 1,696 | 509 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 2,234 | $ 596 | $ 4,546 | $ 3,044 |
Note 11 - Stock-based Compens67
Note 11 - Stock-based Compensation - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs (Details) $ in Thousands | 9 Months Ended |
Jan. 01, 2017USD ($) | |
Unrecognized stock-based compensation expense | $ 10,074 |
Employee Stock Option [Member] | |
Unrecognized stock-based compensation expense | $ 4,887 |
Weighted Average Remaining Recognition Period (Year) | 2 years 215 days |
Restricted Stock Units (RSUs) [Member] | |
Unrecognized stock-based compensation expense | $ 4,557 |
Weighted Average Remaining Recognition Period (Year) | 2 years 211 days |
Performance-based RSUs [Member] | |
Unrecognized stock-based compensation expense | $ 630 |
Weighted Average Remaining Recognition Period (Year) | 1 year 251 days |
Note 12 - Net Income (Loss) P68
Note 12 - Net Income (Loss) Per Share - Summary of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Income (loss) from continuing operations | $ (281) | $ (2,045) | $ 7,345 | $ (6,489) |
Net income (loss) from discontinued operations (See Note 3) | 45,660 | (5,092) | 47,982 | (7,355) |
Net income (loss) | $ 45,379 | $ (7,137) | $ 55,327 | $ (13,844) |
Basic (in shares) | 50,409 | 48,386 | 49,548 | 48,146 |
Effect of options and awards (in shares) | 956 | 713 | ||
Diluted (in shares) | 51,365 | 48,386 | 50,261 | 48,146 |
Net income (loss) per share from continuing operations: | ||||
Basic (in dollars per share) | $ (0.01) | $ (0.04) | $ 0.15 | $ (0.13) |
Diluted (in dollars per share) | (0.01) | (0.04) | 0.15 | (0.13) |
Net income (loss) per share from discontinued operations: | ||||
Basic (in dollars per share) | 0.91 | (0.11) | 0.97 | (0.15) |
Diluted (in dollars per share) | 0.89 | (0.11) | 0.95 | (0.15) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | 0.90 | (0.15) | 1.12 | (0.28) |
Diluted (in dollars per share) | $ 0.88 | $ (0.15) | $ 1.10 | $ (0.28) |
Continuing Operations [Member] | ||||
Basic (in shares) | 50,409 | 48,386 | 49,548 | 48,146 |
Effect of options and awards (in shares) | 713 | |||
Diluted (in shares) | 50,409 | 48,386 | 50,261 | 48,146 |
Discontinued Operations [Member] | ||||
Basic (in shares) | 50,409 | 48,386 | 49,548 | 48,146 |
Effect of options and awards (in shares) | 956 | 713 | ||
Diluted (in shares) | 51,365 | 48,386 | 50,261 | 48,146 |
Note 13 - Lease Financing Obl69
Note 13 - Lease Financing Obligations (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2012 | Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | Mar. 27, 2016 | |
Repayments of Long-term Capital Lease Obligations | $ 2,783,000 | $ 2,294,000 | ||||||
Asset Impairment Charges | $ 0 | 1,519,000 | ||||||
Restructuring Costs | 1,148,000 | $ 905,000 | ||||||
Design Tool Impairment [Member] | ||||||||
Restructuring Costs | $ 400,000 | $ 400,000 | ||||||
Capital Lease Obligations [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | 2.00% | ||||||
Capital Lease Obligations [Member] | Maximum [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.25% | |||||||
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 | |||||||
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 |
Note 13 - Lease Financing Obl70
Note 13 - Lease Financing Obligations - Amortization Expense Related to the Design Tools (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Design Tools [Member] | ||||
Amortization expense | $ 1,483 | $ 941 | $ 2,825 | $ 2,979 |
Note 13 - Lease Financing Obl71
Note 13 - Lease Financing Obligations - Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
2017 (3 months remaining) | $ 510 | |
2,018 | 1,530 | |
Total minimum lease payments | 2,040 | |
Less: amount representing interest | (326) | |
Present value of future minimum lease payments | 1,714 | |
Less: short-term lease financing obligations | (1,714) | $ (3,784) |
Long-term lease financing obligations |
Note 13 - Lease Financing Obl72
Note 13 - Lease Financing Obligations - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Design Tools [Member] | ||||
Interest expense | $ 19 | $ 65 | $ 87 | $ 158 |
Note 13 - Lease Financing Obl73
Note 13 - Lease Financing Obligations - Rent Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Rent expense | $ 499 | $ 186 | $ 666 | $ 530 |
Note 13 - Lease Financing Obl74
Note 13 - Lease Financing Obligations - Operating Lease (Details) $ in Thousands | Jan. 01, 2017USD ($) |
2017 (3 months remaining) | $ 472 |
2,018 | 1,482 |
2,019 | 292 |
2,020 | 48 |
Total future minimum lease payments | $ 2,294 |
Note 14 - Commitments and Con75
Note 14 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Jan. 01, 2017 | |
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 | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Income Tax Expense (Benefit) | $ (204) | $ (1,211) | $ 141 | $ (5,410) |
Unrecognized Tax Benefits, Period Increase (Decrease) | (200) | |||
Unrecognized Tax Benefits | 17,000 | 17,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 13,900 | $ 13,900 | ||
Earliest Tax Year [Member] | ||||
Open Tax Year | 2,004 | |||
Latest Tax Year [Member] | ||||
Open Tax Year | 2,016 |
Note 16 - Income Taxes - Estima
Note 16 - Income Taxes - Estimated Interest and Penalties Related to the Underpayment of Income Taxes (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 27, 2016 |
Accrued interest and penalties | $ 1,585 | $ 1,364 |
Note 17 - Segment and Geograp78
Note 17 - Segment and Geographic Information - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |
Net sales | $ 27,222 | $ 25,310 | $ 81,959 | $ 76,248 |
CHINA | ||||
Net sales | 10,714 | 9,241 | 34,089 | 28,096 |
UNITED STATES | ||||
Net sales | 4,922 | 5,059 | 14,550 | 13,416 |
SINGAPORE | ||||
Net sales | 3,525 | 3,255 | 10,234 | 10,740 |
GERMANY | ||||
Net sales | 2,717 | 2,992 | 7,433 | 9,951 |
TAIWAN, PROVINCE OF CHINA | ||||
Net sales | 1,434 | 1,873 | 5,381 | 5,219 |
KOREA, REPUBLIC OF | ||||
Net sales | 539 | 259 | 1,846 | 1,227 |
Rest of the World [Member] | ||||
Net sales | $ 3,371 | $ 2,631 | $ 8,426 | $ 7,599 |
Note 17 - Segment and Geograp79
Note 17 - Segment and Geographic Information - Major Distributors and Customer of Net Revenue (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||||
Jan. 01, 2017 | Dec. 27, 2015 | Jan. 01, 2017 | Dec. 27, 2015 | |||
Distributor A [Member] | ||||||
Distributor | [1] | 31.00% | 33.00% | 28.00% | 37.00% | |
Distributor B [Member] | ||||||
Distributor | 13.00% | 11.00% | 14.00% | [2] | ||
Distributor C [Member] | ||||||
Distributor | 13.00% | 10.00% | 13.00% | 10.00% | [2] | |
Distributor D [Member] | ||||||
Distributor | 12.00% | 11.00% | 12.00% | 11.00% | [2] | |
[1] | Related Party | |||||
[2] | Net sales for this distributor or customer for this period were less than 10% of our net sales. |
Note 17 - Segment and Geograp80
Note 17 - Segment and Geographic Information - Major Distributors of Net Account Receivables (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 9 Months Ended | 12 Months Ended | ||
Jan. 01, 2017 | Mar. 27, 2016 | |||
Distributor A [Member] | ||||
Net accounts receivable | [1] | 28.00% | 17.00% | |
Distributor B [Member] | ||||
Net accounts receivable | 17.00% | 13.00% | ||
Distributor C [Member] | ||||
Net accounts receivable | 15.00% | 14.00% | ||
Distributor D [Member] | ||||
Net accounts receivable | [2] | 14.00% | ||
Customer A [Member] | ||||
Net accounts receivable | [2] | 12.00% | ||
[1] | Related Party | |||
[2] | Accounts receivable for this customer for this period were less than 10% of total account balance. |
Note 18 - Subsequent Event (Det
Note 18 - Subsequent Event (Details Textual) | Jan. 09, 2017USD ($) |
Subsequent Event [Member] | New Headquarter Facility [Member] | |
Operating Lease Monthly Rent | $ 90,000 |