Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
3-May-14 | Jun. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SIGMA DESIGNS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 34,474,323 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000790715 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 3-May-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $63,431 | $64,326 |
Short-term marketable securities | 6,920 | 7,791 |
Restricted cash | 1,540 | 1,775 |
Accounts receivable, net of allowances of $195 as of May 3, 2014 and $300 as of February 1, 2014 | 23,776 | 27,647 |
Inventory | 19,473 | 20,403 |
Deferred tax assets | 4,270 | 4,144 |
Prepaid expenses and other current assets | 7,180 | 8,069 |
Total current assets | 126,590 | 134,155 |
Long-term marketable securities | 9,864 | 15,505 |
Software, equipment and leasehold improvements, net | 23,991 | 27,089 |
Intangible assets, net | 28,617 | 29,780 |
Deferred tax assets, net of current portion | 253 | 439 |
Long-term investments and notes receivable, net of current portion | 3,872 | 3,873 |
Other non-current assets | 4,945 | 4,934 |
Total assets | 198,132 | 215,775 |
Current liabilities | ' | ' |
Accounts payable | 11,596 | 16,184 |
Accrued compensation and related benefits | 6,315 | 6,288 |
Accrued liabilities | 15,064 | 19,813 |
Total current liabilities | 32,975 | 42,285 |
Income taxes payable | 7,060 | 7,065 |
Long-term deferred tax liabilities | 870 | 976 |
Other long-term liabilities | 6,387 | 7,058 |
Total liabilities | 47,292 | 57,384 |
Commitments and contingencies (Note 10) | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock; no par value, authorized 2,000,000 shares, none issued and outstanding | 0 | 0 |
Common stock and additional paid-in capital; no par value; 100,000,000 shares authorized; 39,127,425 issued and 34,468,282 outstanding as of May 3, 2014 and 39,083,961 issued and 34,424,818 outstanding as of February 1, 2014 | 487,297 | 485,188 |
Treasury stock, at cost, 4,659,143 shares as of May 3, 2014 and February 1, 2014 | -88,198 | -88,198 |
Accumulated other comprehensive income | 905 | 651 |
Accumulated deficit | -249,164 | -239,250 |
Total shareholders' equity | 150,840 | 158,391 |
Total liabilities and shareholders' equity | $198,132 | $215,775 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances (in Dollars) | $195 | $300 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 39,127,425 | 39,083,961 |
Common stock, shares outstanding | 34,468,282 | 34,424,818 |
Treasury stock, shares | 4,659,143 | 4,659,143 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Net revenue | $36,873 | $52,540 |
Cost of revenue | 16,648 | 25,594 |
Gross profit | 20,225 | 26,946 |
Operating expenses | ' | ' |
Research and development | 17,103 | 20,204 |
Sales and marketing | 5,450 | 5,682 |
General and administrative | 5,031 | 4,762 |
Restructuring and impairment charges | 1,084 | 398 |
Total operating expenses | 28,668 | 31,046 |
Loss from operations | -8,443 | -4,100 |
Gain on sale of development project | ' | 1,079 |
Interest and other (expense) income, net | -52 | 691 |
Loss before income taxes | -8,495 | -2,330 |
Provision for income taxes | 1,419 | 2,203 |
Net loss | ($9,914) | ($4,533) |
Net loss per common share: | ' | ' |
Basic (in Dollars per share) | ($0.29) | ($0.13) |
Diluted (in Dollars per share) | ($0.29) | ($0.13) |
Shares used in computing net loss per share: | ' | ' |
Basic (in Shares) | 34,367 | 33,912 |
Diluted (in Shares) | 34,367 | 33,912 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Net loss | ($9,914) | ($4,533) |
Other comprehensive income (loss): | ' | ' |
Currency translation adjustments | 208 | -366 |
Unrealized gains (losses) on marketable securities, net of tax | 46 | -43 |
Other comprehensive income (loss) | 254 | -409 |
Comprehensive loss | ($9,660) | ($4,942) |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Cash flows from operating activities | ' | ' |
Net loss | ($9,914) | ($4,533) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 5,412 | 5,568 |
Stock-based compensation | 1,488 | 2,033 |
Provision for excess and obsolete inventory | 364 | 561 |
(Release of) provision for sales returns, discounts and doubtful accounts | -105 | 71 |
Deferred income taxes | 57 | 1,669 |
Gain on sale of development project | ' | -1,079 |
Impairment charges | 110 | ' |
Tax effect related to stock options | -620 | ' |
Excess tax expense from stock-based compensation | 620 | 188 |
Other non-cash activities | ' | 65 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 3,976 | -4,683 |
Inventory | 566 | 5,341 |
Prepaid expenses and other current and non-current assets | 841 | 2,060 |
Accounts payable | -4,389 | 3,117 |
Accrued liabilities, compensation and related benefits | 662 | -3,244 |
Income taxes payable and other long-term liabilities | -5,353 | -1,498 |
Net cash (used in) provided by operating activities | -6,285 | 5,636 |
Cash flows from investing activities | ' | ' |
Restricted cash | 235 | -2 |
Purchases of marketable securities | ' | -2,535 |
Sales and maturities of marketable securities | 6,558 | 3,390 |
Purchases of software, equipment and leasehold improvements | -818 | -2,594 |
Purchases of IP | -1,319 | -2,750 |
Proceeds from sale of development project, net of transaction fees | ' | 1,971 |
Repayment of note receivable | 60 | 250 |
Net cash provided by (used in) investing activities | 4,716 | -2,270 |
Cash flows from financing activities | ' | ' |
Excess tax benefit from stock-based compensation | 620 | ' |
Net proceeds from exercise of employee stock options and stock purchase rights | 1 | 32 |
Net cash provided by financing activities | 621 | 32 |
Effect of foreign exchange rate changes on cash and cash equivalents | 53 | -169 |
Net (decrease) increase in cash and cash equivalents | -895 | 3,229 |
Cash and cash equivalents, beginning of period | 64,326 | 51,218 |
Cash and cash equivalents, end of period | 63,431 | 54,447 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for income taxes | $3,694 | $1,969 |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||
1. Organization and summary of significant accounting policies | |||||||||||||
Organization and nature of operations: Sigma Designs, Inc. (referred to collectively in these unaudited condensed consolidated financial statements as “Sigma,” “we,” “our”, “the Company” and “us”) is a leader in intelligent media platforms in home entertainment and control. We focus on integrated system-on-chip, or SoC, solutions that serve as the foundation for some of the world’s leading consumer products, including televisions, set-top boxes and video networking products. All of our primary products are semiconductors that are targeted toward end-product manufacturers, Original Equipment Manufacturers, or OEMs, and Original Design Manufacturers, or ODMs. We sell our products into four primary markets which are the Digital Television, or DTV market, the home networking market, the set-top box market, and the home control market. We derive a portion of our revenue from licensing and other markets, including licenses, software development kits, engineering support services for hardware and software, engineering development for customization of chipsets and other accessories. | |||||||||||||
Basis of presentation: The unaudited condensed consolidated financial statements include the accounts of Sigma Designs, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. We operate and report quarterly financial results that consist of 13 weeks and end on the last Saturday of the period. The first quarter of fiscal 2015 and fiscal 2014 ended on May 3, 2014 (91 days) and May 4, 2013 (91 days), respectively. | |||||||||||||
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all disclosures required by US GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended February 1, 2014, included in our fiscal 2014 Annual Report on Form 10-K, as filed with the SEC on April 17, 2014, referred to as our fiscal 2014 Annual Report. | |||||||||||||
The condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in our opinion, are necessary to present fairly our consolidated financial position at May 3, 2014 and February 1, 2014, the consolidated results of our operations for the three months ended May 3, 2014 and May 4, 2013, and the consolidated cash flows for the three months ended May 3, 2014 and May 4, 2013. The results of operations for the three months ended May 3, 2014 are not necessarily indicative of the results to be expected for future quarters or the full year. | |||||||||||||
There have been no significant changes in our critical accounting policies during the three months ended May 3, 2014, as compared to the critical accounting policies described in our Annual Report on Form 10-K for the year ended February 1, 2014. For a complete summary of our significant accounting policies, refer to Note 1, "Organization and Summary of Significant Accounting Policies”, in Part II, Item 8 of our fiscal 2014 Annual Report. | |||||||||||||
Certain reclassifications have been made to historical financial data on our condensed consolidated statement of cash flows to conform to the current year presentation. Historically, cash flows used in or provided by changes in accrued liabilities, compensation and related benefits included changes in short-term income taxes payable. To improve transparency in the related balance sheet account, we have now presented this activity within cash flows used in income taxes payable and other long-term liabilities. This change did not impact total cash used in or provided by operating, investing or financing activities. | |||||||||||||
As Reported | Reclassifications | Adjusted | |||||||||||
Three Months Ended | 4-May-13 | ||||||||||||
Accrued liabilities, compensation and related benefits | $ | (5,265 | ) | $ | 2,021 | $ | (3,244 | ) | |||||
Income taxes payable and other long-term liabilities | 523 | (2,021 | ) | (1,498 | ) | ||||||||
Total | $ | (4,742 | ) | $ | - | $ | (4,742 | ) | |||||
Recent accounting pronouncements | |||||||||||||
In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09) providing a comprehensive new revenue recognition standard. ASU 2014-09 provides revised standards of recognition predicated on when an entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for us in our first quarter of fiscal 2018. ASU 2014-09 can be applied retrospectively with a modified retrospective application permitted. We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements. |
Note_2_Cash_Cash_Equivalents_a
Note 2 - Cash, Cash Equivalents and Marketable Securities | 3 Months Ended | ||||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | ||||||||||||||||||||||||
2. Cash, cash equivalents and marketable securities | |||||||||||||||||||||||||
As of May 3, 2014 and February 1, 2014, we had $1.5 million and $1.8 million, respectively, of restricted cash related to deposits pledged to a financial institution with regard to our foreign exchange hedging transactions and an office-space operating lease, which is not included in the amounts below. Cash, cash equivalents and marketable securities consist of the following (in thousands): | |||||||||||||||||||||||||
3-May-14 | 1-Feb-14 | ||||||||||||||||||||||||
Book Value | Net Unrealized Gains (Losses) | Fair Value | Book Value | Net Unrealized Gains (Losses) | Fair Value | ||||||||||||||||||||
Corporate bonds | $ | 15,128 | $ | 357 | $ | 15,485 | $ | 21,186 | $ | 308 | $ | 21,494 | |||||||||||||
Money market funds | 15,224 | - | 15,224 | 13,521 | - | 13,521 | |||||||||||||||||||
Municipal bonds and notes | - | - | - | 505 | 3 | 508 | |||||||||||||||||||
Fixed income mutual funds | 1,276 | 22 | 1,298 | 1,286 | 8 | 1,294 | |||||||||||||||||||
Total cash equivalents and marketable securities | $ | 31,628 | $ | 379 | $ | 32,007 | $ | 36,498 | $ | 319 | $ | 36,817 | |||||||||||||
Cash on hand held in the United States | $ | 1,464 | $ | 1,104 | |||||||||||||||||||||
Cash on hand held overseas | 46,744 | 49,701 | |||||||||||||||||||||||
Total cash on hand | 48,208 | 50,805 | |||||||||||||||||||||||
Total cash, cash equivalents and marketable securities | $ | 80,215 | $ | 87,622 | |||||||||||||||||||||
Reported as: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 63,431 | $ | 64,326 | |||||||||||||||||||||
Short-term marketable securities | 6,920 | 7,791 | |||||||||||||||||||||||
Long-term marketable securities | 9,864 | 15,505 | |||||||||||||||||||||||
$ | 80,215 | $ | 87,622 | ||||||||||||||||||||||
The amortized cost and estimated fair value of cash equivalents and marketable securities, by contractual maturity, are as follows (in thousands): | |||||||||||||||||||||||||
3-May-14 | 1-Feb-14 | ||||||||||||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | 22,036 | $ | 22,143 | $ | 21,284 | $ | 21,312 | |||||||||||||||||
Due in greater than one year | 9,592 | 9,864 | 15,214 | 15,505 | |||||||||||||||||||||
Total | $ | 31,628 | $ | 32,007 | $ | 36,498 | $ | 36,817 | |||||||||||||||||
Note_3_Fair_Values_of_Assets_a
Note 3 - Fair Values of Assets and Liabilities | 3 Months Ended | ||||||||||||||||
3-May-14 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
3. Fair values of assets and liabilities | |||||||||||||||||
Fair value is defined as, “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).” The accounting standards establish a consistent framework for measuring fair value and disclosure requirements about fair value measurements and among other things, require us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||||||
Fair value hierarchy | |||||||||||||||||
The accounting standards discuss valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |||||||||||||||||
● | Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
● | Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
● | Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our estimate of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques. | ||||||||||||||||
Determination of fair value | |||||||||||||||||
Our cash equivalents and marketable securities are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. The types of marketable securities valued based on quoted market prices in active markets include most U.S. government and agency securities, sovereign government obligations, money market securities and certain corporate obligations with high credit ratings and an ongoing trading market. | |||||||||||||||||
Our foreign currency derivative instruments were classified as Level 2 because they are valued using quoted prices and other observable data of similar instruments in active markets. | |||||||||||||||||
The tables below present the balances of our assets and liabilities measured at fair value on a recurring basis as of May 3, 2014 and February 1, 2014 (in thousands): | |||||||||||||||||
3-May-14 | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Corporate bonds | $ | 15,485 | $ | 15,485 | $ | - | $ | - | |||||||||
Money market funds | 15,224 | 15,224 | - | - | |||||||||||||
Fixed income mutual funds | 1,298 | 1,298 | - | - | |||||||||||||
Total cash equivalents and marketable securities | 32,007 | 32,007 | - | - | |||||||||||||
Restricted cash | 1,540 | 1,540 | - | - | |||||||||||||
Total assets measured at fair value | $ | 33,547 | $ | 33,547 | $ | - | $ | - | |||||||||
1-Feb-14 | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Corporate bonds | $ | 21,494 | $ | 21,494 | $ | - | $ | - | |||||||||
Money market funds | 13,521 | 13,521 | - | - | |||||||||||||
Municipal bonds and notes | 508 | 508 | - | - | |||||||||||||
Fixed income mutual funds | 1,294 | 1,294 | - | - | |||||||||||||
Total cash equivalents and marketable securities | 36,817 | 36,817 | - | - | |||||||||||||
Restricted cash | 1,775 | 1,775 | - | - | |||||||||||||
Derivative instruments asset | 35 | - | 35 | - | |||||||||||||
Total assets measured at fair value | $ | 38,627 | $ | 38,592 | $ | 35 | $ | - | |||||||||
Assets measured and recorded at fair value on a non-recurring basis | |||||||||||||||||
Our non-marketable promissory notes receivable and preferred stock investments in privately-held venture capital funded technology companies are recorded at cost and are adjusted to fair value only in the event that they become other-than-temporarily impaired. As of May 3, 2014, we held equity investments in three, and promissory notes receivable in one, privately-held venture capital funded technology companies and an equity investment in one joint venture, with an aggregate carrying value of $4.0 million. As of May 3, 2014, we did not identify any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments. Each of these equity investments in privately-held companies constituted less than a 20% ownership position. Furthermore, we do not believe that we have the ability to exert significant influence over any of these companies. |
Note_4_Derivative_Financial_In
Note 4 - Derivative Financial Instruments | 3 Months Ended | ||||||||||
3-May-14 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||
4. Derivative financial instruments | |||||||||||
Foreign exchange contracts are recognized either as assets or as liabilities on the balance sheet at fair value at the end of each reporting period. | |||||||||||
We have used foreign currency derivatives such as forward and option contracts as hedges against certain anticipated transactions denominated in Israeli shekels, or NIS. We do not assess derivative contracts for hedge effectiveness and thus such contracts do not qualify for hedge accounting. Therefore, we recognize all gains and losses from changes in the fair value of these derivate contracts immediately into earnings. Changes in fair value of the derivatives are recorded as interest and other (expense) income. | |||||||||||
As of May 3, 2014, we had no foreign exchange contracts. As of February 1, 2014, we had foreign exchange contracts to sell up to approximately $0.9 million for a total amount of approximately NIS 3.3 million, that matured on April 28, 2014. For the three months ended May 3, 2014, we did not recognize any gains or losses as a result of foreign exchange contracts. For the three months ended May 4, 2013, we recognized gains of approximately $0.3 million in interest and other (expense) income as a result of foreign exchange contracts. | |||||||||||
The following table presents the fair value of our outstanding derivative instruments as of May 3, 2014 and February 1, 2014 (in thousands): | |||||||||||
Derivative Assets | Balance Sheet Location | 3-May-14 | 1-Feb-14 | ||||||||
Foreign exchange contracts not designated as cash flow hedges | Prepaid expenses and other current assets | $ | - | $ | 35 | ||||||
Total fair value of derivative instruments | $ | - | $ | 35 | |||||||
Note_5_Investments_in_and_Note
Note 5 - Investments in and Notes Receivable from Privately Held Companies | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Investment Holdings [Abstract] | ' | ||||||||
Investment Holdings [Text Block] | ' | ||||||||
5. Investments in and notes receivable from privately held companies | |||||||||
The following table sets forth the value of investments in and notes receivable from privately-held companies (in thousands): | |||||||||
3-May-14 | 1-Feb-14 | ||||||||
Equity investments: | |||||||||
Issuer A | $ | 2,000 | $ | 2,000 | |||||
Issuer B | 1,000 | 1,000 | |||||||
Issuer C | 730 | 730 | |||||||
Issuer D | 142 | 143 | |||||||
Total equity investments | 3,872 | 3,873 | |||||||
Notes receivable: | |||||||||
Issuer A | 170 | 230 | |||||||
Total notes receivable | 170 | 230 | |||||||
Total equity investments and notes receivable | $ | 4,042 | $ | 4,103 | |||||
Equity investments | |||||||||
During fiscal 2009, we purchased shares of preferred stock in a privately-held venture capital funded technology company (“Issuer A”) at a total investment cost of $1.0 million. In the fourth quarter of fiscal 2010, we purchased additional shares of preferred stock in Issuer A at a cost of $1.0 million. | |||||||||
In the third quarter of fiscal 2011, we purchased shares of preferred stock in another privately-held technology company (“Issuer B”) at a total investment cost of $1.0 million. | |||||||||
In the fourth quarter of fiscal 2011, we purchased shares of preferred stock in another privately-held technology company (“Issuer C”) at a total investment cost of $1.0 million. In the fourth quarter of fiscal 2014, we recorded an impairment charge of $0.3 million on this investment as we concluded the impairment to be other-than-temporary. | |||||||||
In the third quarter of fiscal 2012, we made an equity investment of $0.1 million in a privately-held joint venture (“Issuer D”). | |||||||||
Notes receivable from privately-held companies | |||||||||
In November 2010, we loaned $1.0 million to Issuer A and received a secured promissory note. This promissory note is secured by the assets of Issuer A, bears interest at a rate of 5% per annum and is scheduled to be fully repaid during the second quarter of fiscal 2015. | |||||||||
As of May 3, 2014 and February 1, 2014, our notes receivable from privately-held companies were valued at $0.2 million, representing their cost. We made the above-described investments because we viewed the issuer as either having strategic technology or a business that would complement our technological capabilities or help create an opportunity for us to sell our chipset solutions. We analyze each investment quarterly for evidence of impairment. | |||||||||
Our President and Chief Executive Officer is a member of the Board of Directors of two of the companies we have invested in. In the case of Issuer B, the investment transaction was negotiated without the personal involvement of the executive officer who had a personal interest in the transaction. |
Note_6_Composition_of_Certain_
Note 6 - Composition of Certain Financial Statement Captions | 3 Months Ended | |||||||||||||
3-May-14 | ||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | |||||||||||||
6. Composition of certain financial statement captions | ||||||||||||||
The following tables summarize the main items comprising certain financial statement captions as of May 3, 2014 and February 1, 2014 (in thousands): | ||||||||||||||
Inventory | 3-May-14 | 1-Feb-14 | ||||||||||||
Wafers and other purchased materials | $ | 11,194 | $ | 10,079 | ||||||||||
Work-in-process | 887 | 1,527 | ||||||||||||
Finished goods | 7,392 | 8,797 | ||||||||||||
Total inventory | $ | 19,473 | $ | 20,403 | ||||||||||
Prepaid expenses and other current assets | 3-May-14 | 1-Feb-14 | ||||||||||||
Prepayments for inventory | $ | 1,670 | $ | 1,670 | ||||||||||
Note receivable | 170 | 230 | ||||||||||||
Amounts due from seller related to DTV acquisition | - | 1,439 | ||||||||||||
Other current assets | 5,340 | 4,730 | ||||||||||||
Total prepaid expenses and other current assets | $ | 7,180 | $ | 8,069 | ||||||||||
Software, equipment and leasehold improvements | Estimated | 3-May-14 | 1-Feb-14 | |||||||||||
Useful Lives | ||||||||||||||
(years) | ||||||||||||||
Software | 2 | $ | 38,484 | $ | 38,563 | |||||||||
Equipment | 1 | to | 5 | 21,040 | 21,147 | |||||||||
Office equipment and furniture | 2 | 8,844 | 8,806 | |||||||||||
Leasehold improvements | 1 | to | 6 | 3,164 | 3,149 | |||||||||
Total | 71,532 | 71,665 | ||||||||||||
Less: Accumulated depreciation and amortization | (47,541 | ) | (44,576 | ) | ||||||||||
Total software, equipment and leasehold improvements, net | $ | 23,991 | $ | 27,089 | ||||||||||
Software, equipment and leasehold improvement depreciation and amortization expense for the three months ended May 3, 2014 and May 4, 2013 was $3.1 million and $2.9 million, respectively. | ||||||||||||||
Accrued liabilities: | 3-May-14 | 1-Feb-14 | ||||||||||||
Income taxes payable, current portion | $ | 5,140 | $ | 7,968 | ||||||||||
Rebates | 2,841 | 3,587 | ||||||||||||
License fees | 2,010 | 1,929 | ||||||||||||
Deferred revenue | 819 | 3,001 | ||||||||||||
Warranties | 630 | 620 | ||||||||||||
Royalties | 434 | 985 | ||||||||||||
Settlements | - | 150 | ||||||||||||
Other accrued liabilities | 3,190 | 1,573 | ||||||||||||
Total accrued liabilities | $ | 15,064 | $ | 19,813 | ||||||||||
Note_7_Intangible_Assets
Note 7 - Intangible Assets | 3 Months Ended | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||
7. Intangible assets | |||||||||||||||||||||
The tables below present the balances of our intangible assets (in thousands, except for years): | |||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Gross Value | Accumulated Impairment | Accumulated Amortization and Effect of Currency Translation | Net Value | Weighted Average Remaining Amortization Period (Years) | |||||||||||||||||
Charges | |||||||||||||||||||||
Acquired intangible assets: | |||||||||||||||||||||
Developed technology | $ | 76,639 | $ | (24,614 | ) | $ | (41,428 | ) | $ | 10,597 | 2.7 | ||||||||||
Customer relationships | 50,704 | (30,486 | ) | (17,364 | ) | 2,854 | 2.4 | ||||||||||||||
Trademarks and other | 4,078 | - | (3,532 | ) | 546 | 4.7 | |||||||||||||||
Purchased IP - amortizing | 21,874 | (5,516 | ) | (12,324 | ) | 4,034 | 1.3 | ||||||||||||||
Total amortizing | 153,295 | (60,616 | ) | (74,648 | ) | 18,031 | 2.4 | ||||||||||||||
Purchased IP - not yet deployed | 13,602 | (3,016 | ) | - | 10,586 | ||||||||||||||||
Total intangibles | $ | 166,897 | $ | (63,632 | ) | $ | (74,648 | ) | $ | 28,617 | |||||||||||
1-Feb-14 | |||||||||||||||||||||
Gross Value | Accumulated Impairment | Accumulated Amortization and Effect of Currency Translation | Net Value | Weighted Average Remaining Amortization Period (Years) | |||||||||||||||||
Charges | |||||||||||||||||||||
Acquired intangible assets: | |||||||||||||||||||||
Developed technology | $ | 76,639 | $ | (24,614 | ) | $ | (40,334 | ) | $ | 11,691 | 2.9 | ||||||||||
Customer relationships | 50,704 | (30,486 | ) | (17,048 | ) | 3,170 | 2.7 | ||||||||||||||
Trademarks and other | 4,078 | - | (3,502 | ) | 576 | 4.9 | |||||||||||||||
Purchased IP - amortizing | 21,569 | (5,516 | ) | (11,464 | ) | 4,589 | 1.5 | ||||||||||||||
Total amortizing | 152,990 | (60,616 | ) | (72,348 | ) | 20,026 | 2.6 | ||||||||||||||
Purchased IP - not yet deployed | 12,770 | (3,016 | ) | - | 9,754 | ||||||||||||||||
Total intangibles | $ | 165,760 | $ | (63,632 | ) | $ | (72,348 | ) | $ | 29,780 | |||||||||||
Acquired intangible assets represent intangible assets acquired through business combinations. Purchased intellectual property (“Purchased IP”) represents intangible assets acquired through direct purchases of licensed technology from vendors which is incorporated into our products. | |||||||||||||||||||||
Purchased IP – not yet deployed relates to Purchased IP from third parties for our products that are currently in development. We begin amortizing such intellectual property upon the earlier of the beginning of the term of the license agreement, as appropriate, or at the time we begin shipment of the associated products into which such intellectual property is incorporated. | |||||||||||||||||||||
Amortization expense related to intangible assets was $2.3 million and $2.7 million for the three months ended May 3, 2014 and May 4, 2013, respectively. | |||||||||||||||||||||
The following table presents the amortization of intangible assets in the accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
3-May-14 | May 4, 2013 | ||||||||||||||||||||
Cost of sales | $ | 1,946 | $ | 2,327 | |||||||||||||||||
Operating expenses | 354 | 389 | |||||||||||||||||||
Total intangibles amortization expense | $ | 2,300 | $ | 2,716 | |||||||||||||||||
As of May 3, 2014, we expect amortization expense in future periods to be as follows (in thousands): | |||||||||||||||||||||
Fiscal year | Total | ||||||||||||||||||||
2015 (remaining nine months) | $ | 6,627 | |||||||||||||||||||
2016 | 6,727 | ||||||||||||||||||||
2017 | 3,937 | ||||||||||||||||||||
2018 | 637 | ||||||||||||||||||||
2019 | 103 | ||||||||||||||||||||
Total | $ | 18,031 | |||||||||||||||||||
Note_8_Restructuring_Costs
Note 8 - Restructuring Costs | 3 Months Ended | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
8. Restructuring costs | |||||||||||||||||||||
In fiscal 2013, as a result of significant expansion in our infrastructure and operational activities in connection with purchases and acquisitions that took place between fiscal years 2008 and 2013, and in response to certain redundancies, underperforming operations and delays in programs and product releases, we implemented a restructuring program to realign our global operating expenses with our new business conditions, and to improve efficiency, competitiveness and profitability. Costs relating to facilities closure or lease commitment are recognized when the facility has been exited. Terminations costs are recognized when the costs are deemed both probable and estimable. | |||||||||||||||||||||
During the quarter ended May 3, 2014, as part of our continuing efforts to reduce expenses, we incurred restructuring charges of $1.0 million, all of which was related to workforce reductions of 29 employees across several geographic regions, the majority of which were in our operations in Israel. Of the total restructuring charges recorded in the first fiscal quarter, approximately $0.1 million was reflected in cost of revenue and $0.9 million was reflected in operating expenses. | |||||||||||||||||||||
During the quarter ended May 4, 2013, we incurred restructuring charges of $0.3 million, all of which was related to workforce reductions of 17 employees across several geographic regions and substantially all reflected in operating expenses. | |||||||||||||||||||||
Expenses recognized for restructuring activities impacting our operating expenses are included in “Restructuring and impairment charges” in the condensed consolidated statements of operations. Our restructuring measures could negatively impact our revenue and results of operations in the future as a result of less employees developing future products and working to sell existing products. | |||||||||||||||||||||
A combined summary of the recent activity of the restructuring plans initiated by us is as follows (in thousands): | |||||||||||||||||||||
Workforce Reduction | Asset Impairment | Facility Exit | Total | Cumulative Restructuring Costs | |||||||||||||||||
Costs | |||||||||||||||||||||
Liability, February 2, 2013 | $ | 1,014 | $ | - | $ | 8 | $ | 1,022 | $ | 3,264 | |||||||||||
Charges in fiscal 2014 | 1,696 | - | 610 | 2,306 | 2,306 | ||||||||||||||||
Cash payments | (2,347 | ) | - | (616 | ) | (2,963 | ) | - | |||||||||||||
Liability, February 1, 2014 | 363 | - | 2 | 365 | 5,570 | ||||||||||||||||
Charges for the three months ended May 3, 2014 | 1,025 | - | - | 1,025 | 1,025 | ||||||||||||||||
Cash payments | (802 | ) | - | (2 | ) | (804 | ) | - | |||||||||||||
Balance at May 3, 2014 | $ | 586 | $ | - | $ | - | $ | 586 | $ | 6,595 | |||||||||||
Note_9_Sale_of_Development_Pro
Note 9 - Sale of Development Project | 3 Months Ended |
3-May-14 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
9. Sale of development project | |
On March 8, 2013, we entered into an Asset Purchase Agreement with a third party (the “Buyer”) to sell certain development projects (intellectual property) and long-lived assets (the “Connectivity Assets”) related to the connectivity technology over coaxial cable market, including the transfer of 21 employees (the “Connectivity Employees”) to the Buyer. The aggregate carrying amount of the Connectivity Assets ultimately transferred was approximately $0.6 million and were classified as assets held for sale in prepaid expenses and other current assets in the condensed consolidated balance sheet at February 2, 2013. We received an initial payment of $2.0 million in cash at the closing of the transaction and a payroll expense reimbursement payment of $0.6 million (as described more fully below). Under the terms of the Asset Purchase Agreement, if certain technical milestones were met by September 30, 2013 as a result of further development of the transferred technology by the Buyer, we were to be paid an additional $5.0 million in cash. | |
In April 2013, upon receiving the closing consideration of $2.0 million, we recorded a gain of $1.1 million, net of the carrying value of the Connectivity Assets and fees for legal and bank services of approximately $0.4 million. The gain is included in “Gain on sale of development project” in the accompanying condensed consolidated statements of operations for the three months ended May 4, 2013. Additionally, in April 2013, in connection with the Asset Purchase Agreement, the Buyer reimbursed us for payroll expenses related to the employees transferred to the Buyer for the period from February 1, 2013 through the actual payroll transfer, totaling $0.6 million. | |
As the contingent consideration was uncertain at the time of the initial sale, we did not recognize the contingent payment. Accordingly, payment consideration, if and when it is determined that the milestone was met, will be recorded as other income in our consolidated statements of operations in its entirety. The technical milestones were due by September 30, 2013. | |
The Buyer advised us that it does not believe the milestones had been met by September 30, 2013. We are currently pursuing our rights through the dispute resolution provisions set forth in the Asset Purchase Agreement. To the extent we recognize any payment in regard to the milestone completion, we will recognize income upon receipt of any such proceeds from the Buyer. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 3 Months Ended | ||||||||||||||||
3-May-14 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||
10. Commitments and contingencies | |||||||||||||||||
Commitments | |||||||||||||||||
Product warranty | |||||||||||||||||
In general, we sell products with a one-year limited warranty that our products will be free from defects in materials and workmanship. Warranty cost is estimated at the time revenue is recognized based on historical activity, and additionally, for any specific known product warranty issues. Accrued warranty cost includes hardware repair and/or replacement and software support costs and is included in accrued liabilities on the accompanying condensed consolidated balance sheets. | |||||||||||||||||
Details of the change in accrued warranty as of May 3, 2014 and May 4, 2013 are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Balance | Additions and Adjustments | Deductions | Balance End | |||||||||||||
Beginning of | of Period | ||||||||||||||||
Period | |||||||||||||||||
3-May-14 | $ | 620 | $ | 125 | $ | (115 | ) | $ | 630 | ||||||||
4-May-13 | $ | 1,447 | $ | (154 | ) | $ | (243 | ) | $ | 1,050 | |||||||
Purchase commitments | |||||||||||||||||
We place non-cancelable orders to purchase semiconductor products from our suppliers on an eight to twelve week lead-time basis. As of May 3, 2014, the total amount of outstanding non-cancelable purchase orders was approximately $37.1 million. | |||||||||||||||||
Design Tools | |||||||||||||||||
We entered into an agreement with a vendor to purchase $12.9 million of design tools. Payments under this agreement are being made on a quarterly basis from June 2013 through March 2016. As of May 3, 2014, remaining payments under this agreement totaled $10.9 million. We have fully accrued this amount as of May 3, 2014. | |||||||||||||||||
Indemnifications | |||||||||||||||||
In certain limited circumstances, we have agreed and may agree in the future to indemnify certain customers against patent infringement claims from third parties related to our intellectual property. In these limited circumstances, the terms and conditions of sale generally limit the scope of the available remedies to a variety of industry-standard methods including, but not limited to, a right to control the defense or settlement of any claim, procure the right for continued usage, and a right to replace or modify the infringing products to make them non-infringing. To date, we have not incurred or accrued any significant costs related to any claims under such indemnification provisions. | |||||||||||||||||
Our articles of incorporation and bylaws require that we indemnify our officers and directors against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceedings arising out of their services to us. In addition, we have entered into separate indemnification agreements with each of our directors and executive officers, which provide for indemnification of these individuals under similar circumstances and under additional circumstances. The indemnification obligations are more fully described in our charter documents and the form of indemnification agreement filed with our SEC reports. We purchase insurance to cover claims or a portion of the claims made against our directors and officers. Since a maximum obligation is not explicitly stated in our charter documents or in our indemnification agreements and will depend on the facts and circumstances that arise out of any future claims, the overall maximum amount of the obligations cannot be reasonably estimated. The fair value of these obligations was zero on our consolidated balance sheet as of May 3, 2014. | |||||||||||||||||
Royalties | |||||||||||||||||
We pay royalties for the right to sell certain products under various license agreements. During the three months ended May 3, 2014 and May 4, 2013, we recorded gross royalty expense of $0.3 million and $0.5 million, respectively, in cost of revenue in the condensed consolidated statements of operations. | |||||||||||||||||
Our wholly owned subsidiary, Sigma Designs Israel SDI Ltd. (formerly Coppergate Communications, Ltd.), participated in programs sponsored by the Office of the Chief Scientist of Israel's Ministry of Industry, Trade and Labor, or the OCS, for the support of research and development activities that we conducted in Israel. Through May 3, 2014, we had obtained grants from the OCS aggregating to $5.2 million of our research and development projects in Israel. We completed the most recent of these projects in 2013. We are obligated to pay royalties to the OCS, amounting up to 4.5% of the sales of certain products up to an amount equal to the grants received, plus LIBOR-based interest. As of May 3, 2014, our remaining obligation under these programs was approximately $1.1 million. | |||||||||||||||||
Contingencies | |||||||||||||||||
Litigation | |||||||||||||||||
From time to time, we are involved in claims and legal proceedings that arise in the ordinary course of business. We expect that the number and significance of these matters will increase as our business expands. In particular, we could face an increasing number of patent and other intellectual property claims as the number of products and competitors in our industry grows. Any claims or proceedings against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time, result in the diversion of significant operational resources or cause us to enter into royalty or licensing agreements which, if required, may not be available on terms favorable to us. If an unfavorable outcome were to occur against us, there exists the possibility of a material adverse impact on our financial position and results of operations for the period in which the unfavorable outcome occurs and, potentially, in future periods. | |||||||||||||||||
In March 2013, we filed a motion to intervene in (and become a party to) U.S. Ethernet Innovations, LLC (USEI) v. AT&T Mobility, LLC (“AT&T”) and others, Case No. 5-10-cv-05254 CW, currently pending in the U.S. District Court for the Northern District of California, or the Litigation. In this Litigation, USEI filed a patent infringement complaint alleging that various AT&T products infringe USEI patents that have now expired, including alleging that set-top boxes deployed by AT&T that contain our SoCs infringe a USEI patent. USEI has made similar allegations that other defendants infringe this and other now expired USEI patents in this Litigation and other related cases. Further, other interveners have already been added to this Litigation and other related cases. USEI seeks monetary damages, attorney’s fees, and an injunction against AT&T, other defendants and other interveners. AT&T, other defendants and other interveners have denied the allegations of infringement made by USEI and asserted that USEI’s patents are invalid, unenforceable, and not infringed. The Court granted our motion to intervene. As a result, we filed a declaratory judgment complaint. USEI answered this complaint and asserted counter-claims against us, for which we have responded. The parties have now completed fact discovery and have moved on to expert discovery. USEI attempted to expand the scope of claims to cover all of our semiconductors; however, the court approved our motion to limit the case to only those devices initially claimed in the original USEI filing. Case management hearings for this multi-party suit have resulted in the court entertaining separate sequential trials for the various interveners remaining in the case. Intel Corporation, as one intervener, has requested that it proceed first, which would set a precedent for all subsequent trials. The trial date currently set by the court for the first trial is January 5, 2015. | |||||||||||||||||
In February 2014, Mentor Graphics Corporation (“Mentor”) filed a complaint against us, Case No. 3-14-cv00742, in the U.S. District Court for the Northern District of California, for unspecified damages alleging copyright infringement, breach of contract, unjust enrichment, and a request for audit and accounting relating to a certain Reference Platform License Agreement for Embedded Software, dated March 28, 2008 (the “Mentor Agreement”) by and between Trident Microsystems, Inc. (“Trident”) and Mentor. The Mentor Agreement was assigned to us in connection with our acquisition of assets related to the DTV business of Trident. We have filed our answer to this complaint, denying the substantive allegations. | |||||||||||||||||
Third-party licensed technology | |||||||||||||||||
We license technologies from various third parties and incorporate that technology into our products. Some of these licenses require us to pay royalties and others require us to report sales activities so that royalties may be collected from our customers. From time to time, we are audited by licensors of these technologies for compliance with the terms of these licenses. In the third quarter of fiscal 2013, we settled an audit for $0.3 million payable in four quarterly equal installments commencing in September 2012. Concurrently, we negotiated a license agreement for this technology for a period of three years for an amount of $3.5 million, also payable in four quarterly equal installments commencing in September 2012. The full amount of the license fees was recorded as purchased IP in fiscal 2013 and will be amortized over the license term. On February 28, 2013, we received a letter from another technology licensor notifying us of their intent to audit our compliance with the terms of a license agreement that we use in our set-top box business. In April 2014, we resolved this audit through binding arbitration for $0.2 million in penalties, $0.1 million of which was incurred during the three months ending May 3, 2014 and was included in sales and marketing expenses in the accompanying condensed consolidated statements of operations. As of May 3, 2014, we believe we are in compliance with our license agreements. However, we could be required to make additional payments as a result of pending or future compliance audits. For license agreements where we have royalty obligations, we charge any settlement payments that we make in connection with audits to cost of revenue. For license agreements where we simply have reporting obligations, we treat any settlement payments as penalties and charge the amounts to operating expenses in sales and marketing. As of May 3, 2014, we had no pending audits related to third-party licensed technology. |
Note_11_Net_Loss_Per_Share
Note 11 - Net Loss Per Share | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
11. Net loss per share | |||||||||
Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding. The following table sets forth the excluded anti-dilutive and excluded potentially dilutive securities for the three months ended May 3, 2014 and May 4, 2013 (in thousands): | |||||||||
Three Months Ended | |||||||||
3-May-14 | 4-May-13 | ||||||||
Stock options excluded because the effect of including would be anti-dilutive | 11 | 32 | |||||||
Stock options excluded because exercise price is in excess of average stock price | 4,008 | 4,841 | |||||||
Restricted stock awards and units excluded because the effect of including would be anti-dilutive | 53 | 26 | |||||||
Restricted stock awards and units excluded because potential buyback shares exceed weighted average restricted stock units and awards outstanding | 332 | 544 | |||||||
Note_12_Shareholders_Equity_an
Note 12 - Shareholders' Equity and Employee Benefits | 3 Months Ended | ||||||||||||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||||||||||
Shareholders Equity And Employee Benefits Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Shareholders Equity And Employee Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
12. Shareholders’ equity and employee benefits | |||||||||||||||||||||||||||||||||
Condensed consolidated statement of shareholders’ equity (amounts in thousands, except shares) | |||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Unrealized Gain (Loss) | Accumulated Translation Adjustment | Retained Earnings (Accumulated Deficit) | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Balance, February 1, 2014 | 39,083,961 | $ | 485,188 | (4,659,143 | ) | $ | (88,198 | ) | $ | 149 | $ | 502 | $ | (239,250 | ) | $ | 158,391 | ||||||||||||||||
Unrealized gain on marketable securities | - | - | - | - | 46 | - | - | 46 | |||||||||||||||||||||||||
Currency translation adjustments | - | - | - | - | - | 208 | - | 208 | |||||||||||||||||||||||||
Stock-based compensation expense | - | 1,488 | - | - | - | - | - | 1,488 | |||||||||||||||||||||||||
Tax effect related to stock options | - | 620 | - | - | - | - | - | 620 | |||||||||||||||||||||||||
Net proceeds from common stock issued under share plans | 43,464 | 1 | - | - | - | - | - | 1 | |||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (9,914 | ) | (9,914 | ) | |||||||||||||||||||||||
Balance, May 3, 2014 | 39,127,425 | $ | 487,297 | (4,659,143 | ) | $ | (88,198 | ) | $ | 195 | $ | 710 | $ | (249,164 | ) | $ | 150,840 | ||||||||||||||||
Endowment insurance pension plan | |||||||||||||||||||||||||||||||||
Related to our acquisition of our DTV business in May 2012, we added operations in Shanghai, China. It is required by the “Procedures of Shanghai Municipality on Endowment Insurance for Town Employees” to provide pension insurance for Shanghai employees. The plan is managed by the local authority and it is a mandatory plan. Under the current plan, the employee will contribute 8.0% of the annual base to the plan and the employer will match 21% of the annual base. For the three months ended May 3, 2014 and May 4, 2013, we made matching contributions of $0.5 million and $0.7 million, respectively. | |||||||||||||||||||||||||||||||||
Retirement pension plans | |||||||||||||||||||||||||||||||||
We maintain retirement pension plans for the benefit of qualified employees in Denmark, Taiwan, the Netherlands, and Germany. During the three months ended May 3, 2014 and May 4, 2013, we made matching contributions of $0.2 million and $0.3 million, respectively. | |||||||||||||||||||||||||||||||||
Severance plan | |||||||||||||||||||||||||||||||||
We maintain a severance plan for several Israeli employees pursuant to Israel's Severance Pay Law based on the most recent salary of the employees multiplied by the number of years of employment. Upon termination of employment, employees are entitled to one month salary for each year of employment or portion thereof. As of May 3, 2014, we have an accrued severance liability of $1.3 million offset by $1.3 million of severance employee funds. |
Note_13_Income_taxes
Note 13 - Income taxes | 3 Months Ended |
3-May-14 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
13. Income taxes | |
We recorded a provision for income taxes of $1.4 million and $2.2 million for the three months ended May 3, 2014 and May 4, 2013, respectively. The decrease in tax expense is primarily attributable to lower profitability in taxable jurisdictions in the first quarter of fiscal year 2015 as compared to the same period in fiscal year 2014. During the three months ended May 3, 2014 and May 4, 2013, we were unable to reasonably project our annual effective tax rate, and therefore computed our provision for income taxes based on year-to-date actual financial results. Included in our provision for income taxes are foreign exchange gains or losses on unsettled income tax liabilities. |
Note_14_Segment_and_Geographic
Note 14 - Segment and Geographical Information | 3 Months Ended | ||||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
14. Segment and geographical information | |||||||||||||||||||||||||
Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. We are organized as, and operate in, one reportable segment. Our operating segment consists of our geographically based entities in the United States, Israel, and Singapore. Our chief operating decision-maker reviews consolidated financial information, accompanied by information about revenue by product group, target market, and geographic region. We do not assess the performance of our geographic regions on other measures of income, expense or net income. | |||||||||||||||||||||||||
We sell our products into four primary target markets, which are the DTV market, home networking market, set-top box market, and home control market. We also have license revenue, included in the license and other market, which we receive from the license of our technology to third parties. | |||||||||||||||||||||||||
The following table sets forth net revenue and gross profit attributable to each target market (in thousands): | |||||||||||||||||||||||||
Three Months Ended | DTV | Home networking | Set-top box | Home control | License and other | Total | |||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Revenue from external customers | $ | 6,063 | $ | 16,120 | $ | 5,689 | $ | 6,140 | $ | 2,861 | $ | 36,873 | |||||||||||||
Gross profit | $ | 2,871 | $ | 8,922 | $ | 2,715 | $ | 3,223 | $ | 2,494 | $ | 20,225 | |||||||||||||
4-May-13 | |||||||||||||||||||||||||
Revenue from external customers | $ | 15,842 | $ | 20,181 | $ | 9,315 | $ | 4,589 | $ | 2,613 | $ | 52,540 | |||||||||||||
Gross profit | $ | 5,993 | $ | 12,241 | $ | 4,253 | $ | 1,932 | $ | 2,527 | $ | 26,946 | |||||||||||||
A reconciliation of target market gross profit to consolidated loss before income taxes is as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
3-May-14 | 4-May-13 | ||||||||||||||||||||||||
Total gross profit from target markets | $ | 20,225 | $ | 26,946 | |||||||||||||||||||||
Operating expenses | 28,668 | 31,046 | |||||||||||||||||||||||
Gain on sale of development project | - | 1,079 | |||||||||||||||||||||||
Interest and other (expense) income, net | (52 | ) | 691 | ||||||||||||||||||||||
Loss before income taxes | $ | (8,495 | ) | $ | (2,330 | ) | |||||||||||||||||||
The following table sets forth net revenue for each geographic region based on the ship-to location of customers (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
3-May-14 | 4-May-13 | ||||||||||||||||||||||||
Asia | $ | 29,246 | $ | 38,039 | |||||||||||||||||||||
North America | 4,336 | 5,030 | |||||||||||||||||||||||
Europe | 2,302 | 7,990 | |||||||||||||||||||||||
Other Regions | 989 | 1,481 | |||||||||||||||||||||||
Net revenue | $ | 36,873 | $ | 52,540 | |||||||||||||||||||||
During the three months ended May 3, 2014, Benchmark Electronics accounted for 11% of our net revenue. During the three months ended May 4, 2013, Flextronics and TP Vision accounted for 14% and 11% of our net revenue, respectively. | |||||||||||||||||||||||||
As of May 3, 2014, Benchmark Electronics and Nanning Fugui Precision accounted for approximately 19% and 13% of net accounts receivable, respectively. As of May 4, 2013, no customer exceeded more than 10% of net accounts receivable. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
3-May-14 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of presentation: The unaudited condensed consolidated financial statements include the accounts of Sigma Designs, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. We operate and report quarterly financial results that consist of 13 weeks and end on the last Saturday of the period. The first quarter of fiscal 2015 and fiscal 2014 ended on May 3, 2014 (91 days) and May 4, 2013 (91 days), respectively. | |
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all disclosures required by US GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended February 1, 2014, included in our fiscal 2014 Annual Report on Form 10-K, as filed with the SEC on April 17, 2014, referred to as our fiscal 2014 Annual Report. | |
The condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in our opinion, are necessary to present fairly our consolidated financial position at May 3, 2014 and February 1, 2014, the consolidated results of our operations for the three months ended May 3, 2014 and May 4, 2013, and the consolidated cash flows for the three months ended May 3, 2014 and May 4, 2013. The results of operations for the three months ended May 3, 2014 are not necessarily indicative of the results to be expected for future quarters or the full year. | |
There have been no significant changes in our critical accounting policies during the three months ended May 3, 2014, as compared to the critical accounting policies described in our Annual Report on Form 10-K for the year ended February 1, 2014. For a complete summary of our significant accounting policies, refer to Note 1, "Organization and Summary of Significant Accounting Policies”, in Part II, Item 8 of our fiscal 2014 Annual Report. | |
Certain reclassifications have been made to historical financial data on our condensed consolidated statement of cash flows to conform to the current year presentation. Historically, cash flows used in or provided by changes in accrued liabilities, compensation and related benefits included changes in short-term income taxes payable. To improve transparency in the related balance sheet account, we have now presented this activity within cash flows used in income taxes payable and other long-term liabilities. This change did not impact total cash used in or provided by operating, investing or financing activities. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent accounting pronouncements | |
In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09) providing a comprehensive new revenue recognition standard. ASU 2014-09 provides revised standards of recognition predicated on when an entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for us in our first quarter of fiscal 2018. ASU 2014-09 can be applied retrospectively with a modified retrospective application permitted. We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements. |
Note_1_Organization_and_Summar1
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | ||||||||||||
As Reported | Reclassifications | Adjusted | |||||||||||
Three Months Ended | 4-May-13 | ||||||||||||
Accrued liabilities, compensation and related benefits | $ | (5,265 | ) | $ | 2,021 | $ | (3,244 | ) | |||||
Income taxes payable and other long-term liabilities | 523 | (2,021 | ) | (1,498 | ) | ||||||||
Total | $ | (4,742 | ) | $ | - | $ | (4,742 | ) |
Note_2_Cash_Cash_Equivalents_a1
Note 2 - Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Investments [Table Text Block] | ' | ||||||||||||||||||||||||
3-May-14 | 1-Feb-14 | ||||||||||||||||||||||||
Book Value | Net Unrealized Gains (Losses) | Fair Value | Book Value | Net Unrealized Gains (Losses) | Fair Value | ||||||||||||||||||||
Corporate bonds | $ | 15,128 | $ | 357 | $ | 15,485 | $ | 21,186 | $ | 308 | $ | 21,494 | |||||||||||||
Money market funds | 15,224 | - | 15,224 | 13,521 | - | 13,521 | |||||||||||||||||||
Municipal bonds and notes | - | - | - | 505 | 3 | 508 | |||||||||||||||||||
Fixed income mutual funds | 1,276 | 22 | 1,298 | 1,286 | 8 | 1,294 | |||||||||||||||||||
Total cash equivalents and marketable securities | $ | 31,628 | $ | 379 | $ | 32,007 | $ | 36,498 | $ | 319 | $ | 36,817 | |||||||||||||
Cash on hand held in the United States | $ | 1,464 | $ | 1,104 | |||||||||||||||||||||
Cash on hand held overseas | 46,744 | 49,701 | |||||||||||||||||||||||
Total cash on hand | 48,208 | 50,805 | |||||||||||||||||||||||
Total cash, cash equivalents and marketable securities | $ | 80,215 | $ | 87,622 | |||||||||||||||||||||
Reported as: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 63,431 | $ | 64,326 | |||||||||||||||||||||
Short-term marketable securities | 6,920 | 7,791 | |||||||||||||||||||||||
Long-term marketable securities | 9,864 | 15,505 | |||||||||||||||||||||||
$ | 80,215 | $ | 87,622 | ||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
3-May-14 | 1-Feb-14 | ||||||||||||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | 22,036 | $ | 22,143 | $ | 21,284 | $ | 21,312 | |||||||||||||||||
Due in greater than one year | 9,592 | 9,864 | 15,214 | 15,505 | |||||||||||||||||||||
Total | $ | 31,628 | $ | 32,007 | $ | 36,498 | $ | 36,817 |
Note_3_Fair_Values_of_Assets_a1
Note 3 - Fair Values of Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||
3-May-14 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
3-May-14 | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Corporate bonds | $ | 15,485 | $ | 15,485 | $ | - | $ | - | |||||||||
Money market funds | 15,224 | 15,224 | - | - | |||||||||||||
Fixed income mutual funds | 1,298 | 1,298 | - | - | |||||||||||||
Total cash equivalents and marketable securities | 32,007 | 32,007 | - | - | |||||||||||||
Restricted cash | 1,540 | 1,540 | - | - | |||||||||||||
Total assets measured at fair value | $ | 33,547 | $ | 33,547 | $ | - | $ | - | |||||||||
1-Feb-14 | |||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Corporate bonds | $ | 21,494 | $ | 21,494 | $ | - | $ | - | |||||||||
Money market funds | 13,521 | 13,521 | - | - | |||||||||||||
Municipal bonds and notes | 508 | 508 | - | - | |||||||||||||
Fixed income mutual funds | 1,294 | 1,294 | - | - | |||||||||||||
Total cash equivalents and marketable securities | 36,817 | 36,817 | - | - | |||||||||||||
Restricted cash | 1,775 | 1,775 | - | - | |||||||||||||
Derivative instruments asset | 35 | - | 35 | - | |||||||||||||
Total assets measured at fair value | $ | 38,627 | $ | 38,592 | $ | 35 | $ | - |
Note_4_Derivative_Financial_In1
Note 4 - Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||
3-May-14 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||
Derivative Assets | Balance Sheet Location | 3-May-14 | 1-Feb-14 | ||||||||
Foreign exchange contracts not designated as cash flow hedges | Prepaid expenses and other current assets | $ | - | $ | 35 | ||||||
Total fair value of derivative instruments | $ | - | $ | 35 |
Note_5_Investments_in_and_Note1
Note 5 - Investments in and Notes Receivable from Privately Held Companies (Tables) | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Investment Holdings [Abstract] | ' | ||||||||
Schedule Of Equity Investments In And Financing Notes Receivable From Privately Held Companies [Table Text Block] | ' | ||||||||
3-May-14 | 1-Feb-14 | ||||||||
Equity investments: | |||||||||
Issuer A | $ | 2,000 | $ | 2,000 | |||||
Issuer B | 1,000 | 1,000 | |||||||
Issuer C | 730 | 730 | |||||||
Issuer D | 142 | 143 | |||||||
Total equity investments | 3,872 | 3,873 | |||||||
Notes receivable: | |||||||||
Issuer A | 170 | 230 | |||||||
Total notes receivable | 170 | 230 | |||||||
Total equity investments and notes receivable | $ | 4,042 | $ | 4,103 |
Note_6_Composition_of_Certain_1
Note 6 - Composition of Certain Financial Statement Captions (Tables) | 3 Months Ended | |||||||||||||
3-May-14 | ||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||||||
Inventory | 3-May-14 | 1-Feb-14 | ||||||||||||
Wafers and other purchased materials | $ | 11,194 | $ | 10,079 | ||||||||||
Work-in-process | 887 | 1,527 | ||||||||||||
Finished goods | 7,392 | 8,797 | ||||||||||||
Total inventory | $ | 19,473 | $ | 20,403 | ||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | |||||||||||||
Prepaid expenses and other current assets | 3-May-14 | 1-Feb-14 | ||||||||||||
Prepayments for inventory | $ | 1,670 | $ | 1,670 | ||||||||||
Note receivable | 170 | 230 | ||||||||||||
Amounts due from seller related to DTV acquisition | - | 1,439 | ||||||||||||
Other current assets | 5,340 | 4,730 | ||||||||||||
Total prepaid expenses and other current assets | $ | 7,180 | $ | 8,069 | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
Software, equipment and leasehold improvements | Estimated | 3-May-14 | 1-Feb-14 | |||||||||||
Useful Lives | ||||||||||||||
(years) | ||||||||||||||
Software | 2 | $ | 38,484 | $ | 38,563 | |||||||||
Equipment | 1 | to | 5 | 21,040 | 21,147 | |||||||||
Office equipment and furniture | 2 | 8,844 | 8,806 | |||||||||||
Leasehold improvements | 1 | to | 6 | 3,164 | 3,149 | |||||||||
Total | 71,532 | 71,665 | ||||||||||||
Less: Accumulated depreciation and amortization | (47,541 | ) | (44,576 | ) | ||||||||||
Total software, equipment and leasehold improvements, net | $ | 23,991 | $ | 27,089 | ||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||||||||
Accrued liabilities: | 3-May-14 | 1-Feb-14 | ||||||||||||
Income taxes payable, current portion | $ | 5,140 | $ | 7,968 | ||||||||||
Rebates | 2,841 | 3,587 | ||||||||||||
License fees | 2,010 | 1,929 | ||||||||||||
Deferred revenue | 819 | 3,001 | ||||||||||||
Warranties | 630 | 620 | ||||||||||||
Royalties | 434 | 985 | ||||||||||||
Settlements | - | 150 | ||||||||||||
Other accrued liabilities | 3,190 | 1,573 | ||||||||||||
Total accrued liabilities | $ | 15,064 | $ | 19,813 |
Note_7_Intangible_Assets_Table
Note 7 - Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Gross Value | Accumulated Impairment | Accumulated Amortization and Effect of Currency Translation | Net Value | Weighted Average Remaining Amortization Period (Years) | |||||||||||||||||
Charges | |||||||||||||||||||||
Acquired intangible assets: | |||||||||||||||||||||
Developed technology | $ | 76,639 | $ | (24,614 | ) | $ | (41,428 | ) | $ | 10,597 | 2.7 | ||||||||||
Customer relationships | 50,704 | (30,486 | ) | (17,364 | ) | 2,854 | 2.4 | ||||||||||||||
Trademarks and other | 4,078 | - | (3,532 | ) | 546 | 4.7 | |||||||||||||||
Purchased IP - amortizing | 21,874 | (5,516 | ) | (12,324 | ) | 4,034 | 1.3 | ||||||||||||||
Total amortizing | 153,295 | (60,616 | ) | (74,648 | ) | 18,031 | 2.4 | ||||||||||||||
Purchased IP - not yet deployed | 13,602 | (3,016 | ) | - | 10,586 | ||||||||||||||||
Total intangibles | $ | 166,897 | $ | (63,632 | ) | $ | (74,648 | ) | $ | 28,617 | |||||||||||
1-Feb-14 | |||||||||||||||||||||
Gross Value | Accumulated Impairment | Accumulated Amortization and Effect of Currency Translation | Net Value | Weighted Average Remaining Amortization Period (Years) | |||||||||||||||||
Charges | |||||||||||||||||||||
Acquired intangible assets: | |||||||||||||||||||||
Developed technology | $ | 76,639 | $ | (24,614 | ) | $ | (40,334 | ) | $ | 11,691 | 2.9 | ||||||||||
Customer relationships | 50,704 | (30,486 | ) | (17,048 | ) | 3,170 | 2.7 | ||||||||||||||
Trademarks and other | 4,078 | - | (3,502 | ) | 576 | 4.9 | |||||||||||||||
Purchased IP - amortizing | 21,569 | (5,516 | ) | (11,464 | ) | 4,589 | 1.5 | ||||||||||||||
Total amortizing | 152,990 | (60,616 | ) | (72,348 | ) | 20,026 | 2.6 | ||||||||||||||
Purchased IP - not yet deployed | 12,770 | (3,016 | ) | - | 9,754 | ||||||||||||||||
Total intangibles | $ | 165,760 | $ | (63,632 | ) | $ | (72,348 | ) | $ | 29,780 | |||||||||||
Amortization Expense of Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
3-May-14 | May 4, 2013 | ||||||||||||||||||||
Cost of sales | $ | 1,946 | $ | 2,327 | |||||||||||||||||
Operating expenses | 354 | 389 | |||||||||||||||||||
Total intangibles amortization expense | $ | 2,300 | $ | 2,716 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||
Fiscal year | Total | ||||||||||||||||||||
2015 (remaining nine months) | $ | 6,627 | |||||||||||||||||||
2016 | 6,727 | ||||||||||||||||||||
2017 | 3,937 | ||||||||||||||||||||
2018 | 637 | ||||||||||||||||||||
2019 | 103 | ||||||||||||||||||||
Total | $ | 18,031 |
Note_8_Restructuring_Costs_Tab
Note 8 - Restructuring Costs (Tables) | 3 Months Ended | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
Workforce Reduction | Asset Impairment | Facility Exit | Total | Cumulative Restructuring Costs | |||||||||||||||||
Costs | |||||||||||||||||||||
Liability, February 2, 2013 | $ | 1,014 | $ | - | $ | 8 | $ | 1,022 | $ | 3,264 | |||||||||||
Charges in fiscal 2014 | 1,696 | - | 610 | 2,306 | 2,306 | ||||||||||||||||
Cash payments | (2,347 | ) | - | (616 | ) | (2,963 | ) | - | |||||||||||||
Liability, February 1, 2014 | 363 | - | 2 | 365 | 5,570 | ||||||||||||||||
Charges for the three months ended May 3, 2014 | 1,025 | - | - | 1,025 | 1,025 | ||||||||||||||||
Cash payments | (802 | ) | - | (2 | ) | (804 | ) | - | |||||||||||||
Balance at May 3, 2014 | $ | 586 | $ | - | $ | - | $ | 586 | $ | 6,595 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||
3-May-14 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Balance | Additions and Adjustments | Deductions | Balance End | |||||||||||||
Beginning of | of Period | ||||||||||||||||
Period | |||||||||||||||||
3-May-14 | $ | 620 | $ | 125 | $ | (115 | ) | $ | 630 | ||||||||
4-May-13 | $ | 1,447 | $ | (154 | ) | $ | (243 | ) | $ | 1,050 |
Note_11_Net_Loss_Per_Share_Tab
Note 11 - Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
3-May-14 | 4-May-13 | ||||||||
Stock options excluded because the effect of including would be anti-dilutive | 11 | 32 | |||||||
Stock options excluded because exercise price is in excess of average stock price | 4,008 | 4,841 | |||||||
Restricted stock awards and units excluded because the effect of including would be anti-dilutive | 53 | 26 | |||||||
Restricted stock awards and units excluded because potential buyback shares exceed weighted average restricted stock units and awards outstanding | 332 | 544 |
Note_12_Shareholders_Equity_an1
Note 12 - Shareholders' Equity and Employee Benefits (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||||||||||
Shareholders Equity And Employee Benefits Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Unrealized Gain (Loss) | Accumulated Translation Adjustment | Retained Earnings (Accumulated Deficit) | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Balance, February 1, 2014 | 39,083,961 | $ | 485,188 | (4,659,143 | ) | $ | (88,198 | ) | $ | 149 | $ | 502 | $ | (239,250 | ) | $ | 158,391 | ||||||||||||||||
Unrealized gain on marketable securities | - | - | - | - | 46 | - | - | 46 | |||||||||||||||||||||||||
Currency translation adjustments | - | - | - | - | - | 208 | - | 208 | |||||||||||||||||||||||||
Stock-based compensation expense | - | 1,488 | - | - | - | - | - | 1,488 | |||||||||||||||||||||||||
Tax effect related to stock options | - | 620 | - | - | - | - | - | 620 | |||||||||||||||||||||||||
Net proceeds from common stock issued under share plans | 43,464 | 1 | - | - | - | - | - | 1 | |||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (9,914 | ) | (9,914 | ) | |||||||||||||||||||||||
Balance, May 3, 2014 | 39,127,425 | $ | 487,297 | (4,659,143 | ) | $ | (88,198 | ) | $ | 195 | $ | 710 | $ | (249,164 | ) | $ | 150,840 |
Note_14_Segment_and_Geographic1
Note 14 - Segment and Geographical Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | DTV | Home networking | Set-top box | Home control | License and other | Total | |||||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Revenue from external customers | $ | 6,063 | $ | 16,120 | $ | 5,689 | $ | 6,140 | $ | 2,861 | $ | 36,873 | |||||||||||||
Gross profit | $ | 2,871 | $ | 8,922 | $ | 2,715 | $ | 3,223 | $ | 2,494 | $ | 20,225 | |||||||||||||
4-May-13 | |||||||||||||||||||||||||
Revenue from external customers | $ | 15,842 | $ | 20,181 | $ | 9,315 | $ | 4,589 | $ | 2,613 | $ | 52,540 | |||||||||||||
Gross profit | $ | 5,993 | $ | 12,241 | $ | 4,253 | $ | 1,932 | $ | 2,527 | $ | 26,946 | |||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
3-May-14 | 4-May-13 | ||||||||||||||||||||||||
Total gross profit from target markets | $ | 20,225 | $ | 26,946 | |||||||||||||||||||||
Operating expenses | 28,668 | 31,046 | |||||||||||||||||||||||
Gain on sale of development project | - | 1,079 | |||||||||||||||||||||||
Interest and other (expense) income, net | (52 | ) | 691 | ||||||||||||||||||||||
Loss before income taxes | $ | (8,495 | ) | $ | (2,330 | ) | |||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
3-May-14 | 4-May-13 | ||||||||||||||||||||||||
Asia | $ | 29,246 | $ | 38,039 | |||||||||||||||||||||
North America | 4,336 | 5,030 | |||||||||||||||||||||||
Europe | 2,302 | 7,990 | |||||||||||||||||||||||
Other Regions | 989 | 1,481 | |||||||||||||||||||||||
Net revenue | $ | 36,873 | $ | 52,540 |
Note_1_Organization_and_Summar2
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Reclassifications to Historical Financial Data (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Accrued liabilities, compensation and related benefits | $662 | ($3,244) |
Income taxes payable and other long-term liabilities | -5,353 | -1,498 |
Total | ' | -4,742 |
Scenario, Previously Reported [Member] | ' | ' |
Accrued liabilities, compensation and related benefits | ' | -5,265 |
Income taxes payable and other long-term liabilities | ' | 523 |
Total | ' | -4,742 |
Scenario, Adjustment [Member] | ' | ' |
Accrued liabilities, compensation and related benefits | ' | 2,021 |
Income taxes payable and other long-term liabilities | ' | ($2,021) |
Note_2_Cash_Cash_Equivalents_a2
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) (USD $) | 3-May-14 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Disclosure Text Block Supplement [Abstract] | ' | ' |
Restricted Cash and Cash Equivalents | $1.50 | $1.80 |
Note_2_Cash_Cash_Equivalents_a3
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-14 | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Book value | $31,628 | $36,498 | ' | ' |
Net unrealized gain (loss) | 379 | 319 | ' | ' |
Fair value - cash equivalents and marketable securities | 32,007 | 36,817 | ' | ' |
Fair value - cash on hand | 48,208 | 50,805 | ' | ' |
Fair value - cash, cash equivalents and marketable securities | 80,215 | 87,622 | ' | ' |
Reported as: | ' | ' | ' | ' |
Cash and cash equivalents | 63,431 | 64,326 | 54,447 | 51,218 |
Short-term marketable securities | 6,920 | 7,791 | ' | ' |
Long-term marketable securities | 9,864 | 15,505 | ' | ' |
United States [Member] | ' | ' | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Fair value - cash on hand | 1,464 | 1,104 | ' | ' |
Overseas [Member] | ' | ' | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Fair value - cash on hand | 46,744 | 49,701 | ' | ' |
Corporate Bond Securities [Member] | ' | ' | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Book value | 15,128 | 21,186 | ' | ' |
Net unrealized gain (loss) | 357 | 308 | ' | ' |
Fair value - cash equivalents and marketable securities | 15,485 | 21,494 | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Book value | 15,224 | 13,521 | ' | ' |
Fair value - cash equivalents and marketable securities | 15,224 | 13,521 | ' | ' |
Municipal Bonds and Notes [Member] | ' | ' | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Book value | ' | 505 | ' | ' |
Net unrealized gain (loss) | ' | 3 | ' | ' |
Fair value - cash equivalents and marketable securities | ' | 508 | ' | ' |
Fixed Income Funds [Member] | ' | ' | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Cash, Cash Equivalents and Marketable Securities [Line Items] | ' | ' | ' | ' |
Book value | 1,276 | 1,286 | ' | ' |
Net unrealized gain (loss) | 22 | 8 | ' | ' |
Fair value - cash equivalents and marketable securities | $1,298 | $1,294 | ' | ' |
Note_2_Cash_Cash_Equivalents_a4
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities by Maturity (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities by Maturity [Line Items] | ' | ' |
Book Value | $31,628 | $36,498 |
Fair Value | 32,007 | 36,817 |
Due in 1 Year or Less [Member] | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities by Maturity [Line Items] | ' | ' |
Book Value | 22,036 | 21,284 |
Fair Value | 22,143 | 21,312 |
Due in Greater Than 1 Year [Member] | ' | ' |
Note 2 - Cash, Cash Equivalents and Marketable Securities (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities by Maturity [Line Items] | ' | ' |
Book Value | 9,592 | 15,214 |
Fair Value | $9,864 | $15,505 |
Note_3_Fair_Values_of_Assets_a2
Note 3 - Fair Values of Assets and Liabilities (Details) (Equity Investments and Promissory Notes Receivable [Member], USD $) | 3-May-14 |
In Millions, unless otherwise specified | |
Equity Investments and Promissory Notes Receivable [Member] | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) [Line Items] | ' |
Investment Owned, at Cost | $4 |
Note_3_Fair_Values_of_Assets_a3
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | $32,007 | $36,817 |
Restricted cash | 1,540 | 1,775 |
Derivative instruments asset | ' | 35 |
Total assets/liabilities measured at fair value | 33,547 | 38,627 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 32,007 | 36,817 |
Restricted cash | 1,540 | 1,775 |
Total assets/liabilities measured at fair value | 33,547 | 38,592 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Derivative instruments asset | ' | 35 |
Total assets/liabilities measured at fair value | ' | 35 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 15,485 | 21,494 |
Corporate Bond Securities [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 15,485 | 21,494 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 15,224 | 13,521 |
Money Market Funds [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 15,224 | 13,521 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 1,298 | 1,294 |
Fixed Income Funds [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | 1,298 | 1,294 |
Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | ' | 508 |
Municipal Bonds and Notes [Member] | ' | ' |
Note 3 - Fair Values of Assets and Liabilities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Cash equivalents and short-term investments | ' | $508 |
Note_4_Derivative_Financial_In2
Note 4 - Derivative Financial Instruments (Details) | 3 Months Ended | |||
In Millions, unless otherwise specified | 4-May-13 | 3-May-14 | Feb. 01, 2014 | Feb. 01, 2014 |
USD ($) | USD ($) | USD ($) | ILS | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | ' | $0 | $0.90 | ' |
Derivative Asset, Notional Amount (in New Shekels) | ' | ' | ' | 3.3 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $0.30 | ' | ' | ' |
Note_4_Derivative_Financial_In3
Note 4 - Derivative Financial Instruments (Details) - Fair Value of Outstanding Derivative Instruments (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | ' |
Total fair value of derivative instruments | $35 |
Prepaid Expenses and Other Current Assets [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Foreign exchange contracts not designated as cash flow hedges | $35 |
Note_5_Investments_in_and_Note2
Note 5 - Investments in and Notes Receivable from Privately Held Companies (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | Jan. 30, 2010 | Jan. 31, 2009 | Nov. 30, 2010 | Oct. 30, 2010 | Feb. 01, 2014 | Jan. 29, 2011 | Oct. 29, 2011 |
In Millions, unless otherwise specified | Issuer A [Member] | Issuer A [Member] | Issuer A [Member] | Issuer B [Member] | Issuer C [Member] | Issuer C [Member] | Issuer D [Member] | ||
Preferred Stock Investments [Member] | Preferred Stock Investments [Member] | Preferred Stock Investments [Member] | Preferred Stock Investments [Member] | Preferred Stock Investments [Member] | |||||
Note 5 - Investments in and Notes Receivable from Privately Held Companies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Investments | ' | ' | $1 | $1 | ' | $1 | ' | $1 | $0.10 |
Other than Temporary Impairment Losses, Investments | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Notes, Loans and Financing Receivable, Gross, Noncurrent | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Investment Interest Rate | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Notes Receivable, Related Parties | $0.20 | $0.20 | ' | ' | ' | ' | ' | ' | ' |
Note_5_Investments_in_and_Note3
Note 5 - Investments in and Notes Receivable from Privately Held Companies (Details) - Value of Investments in and Notes Receivable from Privately Held Companies (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Equity investments: | ' | ' |
Equity investments | $3,872 | $3,873 |
Notes receivable: | ' | ' |
Note receivable | 170 | 230 |
Total equity investments and notes receivable | 4,042 | 4,103 |
Issuer A [Member] | ' | ' |
Equity investments: | ' | ' |
Equity investments | 2,000 | 2,000 |
Notes receivable: | ' | ' |
Note receivable | 170 | 230 |
Issuer B [Member] | ' | ' |
Equity investments: | ' | ' |
Equity investments | 1,000 | 1,000 |
Issuer C [Member] | ' | ' |
Equity investments: | ' | ' |
Equity investments | 730 | 730 |
Issuer D [Member] | ' | ' |
Equity investments: | ' | ' |
Equity investments | $142 | $143 |
Note_6_Composition_of_Certain_2
Note 6 - Composition of Certain Financial Statement Captions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | $3.10 | $2.90 |
Note_6_Composition_of_Certain_3
Note 6 - Composition of Certain Financial Statement Captions (Details) - Inventories (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Wafers and other purchased materials | $11,194 | $10,079 |
Work-in-process | 887 | 1,527 |
Finished goods | 7,392 | 8,797 |
Total inventory | $19,473 | $20,403 |
Note_6_Composition_of_Certain_4
Note 6 - Composition of Certain Financial Statement Captions (Details) - Prepaid Expenses and Other Current Assets (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' |
Prepayments for inventory | $1,670 | $1,670 |
Note receivable | 170 | 230 |
Amounts due from seller related to DTV acquisition | ' | 1,439 |
Other current assets | 5,340 | 4,730 |
Total prepaid expenses and other current assets | $7,180 | $8,069 |
Note_6_Composition_of_Certain_5
Note 6 - Composition of Certain Financial Statement Captions (Details) - Software, Equipment and Leasehold Improvements (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | Feb. 01, 2014 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment balances | $71,532 | $71,665 |
Less: Accumulated depreciation and amortization | -47,541 | -44,576 |
Total software, equipment and leasehold improvements, net | 23,991 | 27,089 |
Software and Software Development Costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives (years) | '2 years | ' |
Property, plant and equipment balances | 38,484 | 38,563 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment balances | 21,040 | 21,147 |
Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives (years) | '1 year | ' |
Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives (years) | '5 years | ' |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives (years) | '2 years | ' |
Property, plant and equipment balances | 8,844 | 8,806 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment balances | $3,164 | $3,149 |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives (years) | '1 year | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives (years) | '6 years | ' |
Note_6_Composition_of_Certain_6
Note 6 - Composition of Certain Financial Statement Captions (Details) - Accrued Liabilities (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||||
Accrued Liabilities [Abstract] | ' | ' | ' | ' |
Income taxes payable, current portion | $5,140 | $7,968 | ' | ' |
Rebates | 2,841 | 3,587 | ' | ' |
License fees | 2,010 | 1,929 | ' | ' |
Deferred revenue | 819 | 3,001 | ' | ' |
Warranties | 630 | 620 | 1,050 | 1,447 |
Royalties | 434 | 985 | ' | ' |
Settlements | ' | 150 | ' | ' |
Other accrued liabilities | 3,190 | 1,573 | ' | ' |
Total accrued liabilities | $15,064 | $19,813 | ' | ' |
Note_7_Intangible_Assets_Detai
Note 7 - Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Disclosure Text Block [Abstract] | ' | ' |
Amortization of Intangible Assets | $2,300 | $2,716 |
Note_7_Intangible_Assets_Detai1
Note 7 - Intangible Assets (Details) - Acquired Intangible Assets, Subject to Amortization (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 3-May-14 | Feb. 01, 2014 |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | $166,897 | $165,760 |
Acquired Intangible, Accumulated Impairment Charges | -63,632 | -63,632 |
Acquired Intangible, Accumulated Amortization and Effect of Currency Translation | -74,648 | -72,348 |
Acquired Intangible, Net Value | 28,617 | 29,780 |
Developed Technology Rights [Member] | ' | ' |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | 76,639 | 76,639 |
Acquired Intangible, Accumulated Impairment Charges | -24,614 | -24,614 |
Acquired Intangible, Accumulated Amortization and Effect of Currency Translation | -41,428 | -40,334 |
Acquired Intangible, Net Value | 10,597 | 11,691 |
Acquired Intangible, Weighted Average Remaining Amortization Period | '2 years 255 days | '2 years 328 days |
Customer Relationships [Member] | ' | ' |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | 50,704 | 50,704 |
Acquired Intangible, Accumulated Impairment Charges | -30,486 | -30,486 |
Acquired Intangible, Accumulated Amortization and Effect of Currency Translation | -17,364 | -17,048 |
Acquired Intangible, Net Value | 2,854 | 3,170 |
Acquired Intangible, Weighted Average Remaining Amortization Period | '2 years 146 days | '2 years 255 days |
Trademarks and Other [Member] | ' | ' |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | 4,078 | 4,078 |
Acquired Intangible, Accumulated Amortization and Effect of Currency Translation | -3,532 | -3,502 |
Acquired Intangible, Net Value | 546 | 576 |
Acquired Intangible, Weighted Average Remaining Amortization Period | '4 years 255 days | '4 years 328 days |
Purchased IP-Amortizing [Member] | ' | ' |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | 21,874 | 21,569 |
Acquired Intangible, Accumulated Impairment Charges | -5,516 | -5,516 |
Acquired Intangible, Accumulated Amortization and Effect of Currency Translation | -12,324 | -11,464 |
Acquired Intangible, Net Value | 4,034 | 4,589 |
Acquired Intangible, Weighted Average Remaining Amortization Period | '1 year 109 days | '1 year 6 months |
Acquired Intangible Assets Subtotal [Member] | ' | ' |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | 153,295 | 152,990 |
Acquired Intangible, Accumulated Impairment Charges | -60,616 | -60,616 |
Acquired Intangible, Accumulated Amortization and Effect of Currency Translation | -74,648 | -72,348 |
Acquired Intangible, Net Value | 18,031 | 20,026 |
Acquired Intangible, Weighted Average Remaining Amortization Period | '2 years 146 days | '2 years 219 days |
Purchased Intellectual Property - not yet deployed [Member] | ' | ' |
Acquired intangible assets: | ' | ' |
Acquired Intangible, Gross Value | 13,602 | 12,770 |
Acquired Intangible, Accumulated Impairment Charges | -3,016 | -3,016 |
Acquired Intangible, Net Value | $10,586 | $9,754 |
Note_7_Intangible_Assets_Detai2
Note 7 - Intangible Assets (Details) - Amortization of Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Note 7 - Intangible Assets (Details) - Amortization of Intangible Assets [Line Items] | ' | ' |
Intangible Asset Amortization Expense | $2,300 | $2,716 |
Cost of Sales [Member] | ' | ' |
Note 7 - Intangible Assets (Details) - Amortization of Intangible Assets [Line Items] | ' | ' |
Intangible Asset Amortization Expense | 1,946 | 2,327 |
Operating Expense [Member] | ' | ' |
Note 7 - Intangible Assets (Details) - Amortization of Intangible Assets [Line Items] | ' | ' |
Intangible Asset Amortization Expense | $354 | $389 |
Note_7_Intangible_Assets_Detai3
Note 7 - Intangible Assets (Details) - Future Amortization Expense Related to Acquired Intangible Assets (USD $) | 3-May-14 |
In Thousands, unless otherwise specified | |
Future Amortization Expense Related to Acquired Intangible Assets [Abstract] | ' |
2015 (remaining nine months) | $6,627 |
2016 | 6,727 |
2017 | 3,937 |
2018 | 637 |
2019 | 103 |
Total | $18,031 |
Note_8_Restructuring_Costs_Det
Note 8 - Restructuring Costs (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Note 8 - Restructuring Costs (Details) [Line Items] | ' | ' |
Restructuring and Related Cost, Incurred Cost | $1 | $0.30 |
Restructuring and Related Cost, Number of Positions Eliminated | 29 | 17 |
Cost of Sales [Member] | ' | ' |
Note 8 - Restructuring Costs (Details) [Line Items] | ' | ' |
Restructuring and Related Cost, Incurred Cost | 0.1 | ' |
Operating Expense [Member] | ' | ' |
Note 8 - Restructuring Costs (Details) [Line Items] | ' | ' |
Restructuring and Related Cost, Incurred Cost | $0.90 | ' |
Note_8_Restructuring_Costs_Det1
Note 8 - Restructuring Costs (Details) - Summary of Restructuring Costs, Outstanding Payable Balance and Cumulative Restructuring Costs (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 | 3-May-14 | Feb. 01, 2014 | Feb. 02, 2013 | 3-May-14 | Feb. 01, 2014 | Feb. 02, 2013 | 3-May-14 | Feb. 01, 2014 | Feb. 02, 2013 | 3-May-14 | Feb. 01, 2014 | Feb. 02, 2013 |
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Total Restructuring Charges [Member] | Total Restructuring Charges [Member] | Total Restructuring Charges [Member] | Cumulative Restructuring Costs [Member] | Cumulative Restructuring Costs [Member] | Cumulative Restructuring Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability balance | ' | ' | $586 | $363 | $1,014 | ' | $2 | $8 | $586 | $365 | $1,022 | $6,595 | $5,570 | $3,264 |
Charges | 1,084 | 398 | 1,025 | 1,696 | ' | ' | 610 | ' | 1,025 | 2,306 | ' | 1,025 | 2,306 | ' |
Cash payments | ' | ' | ($802) | ($2,347) | ' | ($2) | ($616) | ' | ($804) | ($2,963) | ' | ' | ' | ' |
Note_9_Sale_of_Development_Pro1
Note 9 - Sale of Development Project (Details) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
Apr. 30, 2013 | 4-May-13 | 3-May-14 | Feb. 01, 2014 | Mar. 08, 2013 | Mar. 08, 2013 | Mar. 08, 2013 | Mar. 08, 2013 | Mar. 08, 2013 | |
Additional After Timely First Milestone [Member] | Closing Consideration [Member] | Payroll Expense Reimbursement [Member] | MoCa [Member] | ||||||
MoCa [Member] | MoCa [Member] | ||||||||
Note 9 - Sale of Development Project (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Employees Transferred | ' | ' | ' | ' | 21 | ' | ' | ' | ' |
Assets | ' | ' | $198,132,000 | $215,775,000 | ' | ' | ' | ' | $600,000 |
Revenue Recognition, Milestone Method, Revenue Recognized | ' | ' | ' | ' | ' | 5,000,000 | 2,000,000 | 600,000 | ' |
Gain (Loss) on Sale of Project | 1,100,000 | 1,079,000 | ' | ' | ' | ' | ' | ' | ' |
Connectivity Assets Legal Fees and Bank Services | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Payroll Transfer | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_10_Commitments_and_Contin2
Note 10 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 15 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Oct. 27, 2012 | 3-May-14 | Feb. 02, 2013 | 3-May-14 | 4-May-13 | 3-May-14 | Oct. 27, 2012 | Feb. 01, 2014 | 3-May-14 |
Cost of Sales [Member] | Cost of Sales [Member] | Selling and Marketing Expense [Member] | Second Licensed Technology Audit Settlement [Member] | Design Tool Licences [Member] | Design Tool Licences [Member] | ||||
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | $37.10 | ' | ' | ' | ' | ' | ' | $10.90 |
Long-term Purchase Commitment, Amount | ' | ' | ' | ' | ' | ' | ' | 12.9 | ' |
Contractual Obligation | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Direct Operating Cost, Royalty Expense | ' | ' | ' | 0.3 | 0.5 | ' | ' | ' | ' |
Proceeds from Grantors | ' | 5.2 | ' | ' | ' | ' | ' | ' | ' |
Percentage of Royalties | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' |
Accrued Royalties | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' |
Payments for Other Operating Activities | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Licensing Period Under Negotiation | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Licensing Fees Under Negotiation | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Loss in Period | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' |
Note_10_Commitments_and_Contin3
Note 10 - Commitments and Contingencies (Details) - Change in Accrued Warranty (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Change in Accrued Warranty [Abstract] | ' | ' |
Balance, Beginning of Period | $620 | $1,447 |
Additions and Adjustments | 125 | -154 |
Deductions | -115 | -243 |
Balance, End of Period | $630 | $1,050 |
Note_11_Net_Loss_Per_Share_Det
Note 11 - Net Loss Per Share (Details) - Excluded Anti-Diluted and Excluded Potentially Dilutive Securities | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Excluded Because the Effect of Including Would be Anti-Dilutive [Member] | Employee Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options and awards excluded | 11 | 32 |
Excluded Because the Effect of Including Would be Anti-Dilutive [Member] | Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options and awards excluded | 53 | 26 |
Excluded Because Exercise Price is in Excess of Average Stock Price [Member] | Employee Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options and awards excluded | 4,008 | 4,841 |
Excluded Because Potential Buyback Shares Exceed Weighted Average Restricted Stock Units and Awards Outstanding [Member] | Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options and awards excluded | 332 | 544 |
Note_12_Shareholders_Equity_an2
Note 12 - Shareholders' Equity and Employee Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Endowment Insurance Pension Plan [Member] | ' | ' |
Note 12 - Shareholders' Equity and Employee Benefits (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 21.00% | ' |
Endowment Insurance Pension Plan [Member] | ' | ' |
Note 12 - Shareholders' Equity and Employee Benefits (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0.50 | $0.70 |
Retirement Pension Plan [Member] | ' | ' |
Note 12 - Shareholders' Equity and Employee Benefits (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.2 | 0.3 |
Severance Plan [Member] | ' | ' |
Note 12 - Shareholders' Equity and Employee Benefits (Details) [Line Items] | ' | ' |
Supplemental Unemployment Benefits, Severance Benefits | 1.3 | ' |
Defined Benefit Plan, Assets for Plan Benefits | $1.30 | ' |
Note_12_Shareholders_Equity_an3
Note 12 - Shareholders' Equity and Employee Benefits (Details) - Condensed Consolidated Statement of Shareholdersb Equity (USD $) | 3 Months Ended | 3 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | 3-May-14 | 4-May-13 | 3-May-14 | 3-May-14 | Feb. 01, 2014 | 3-May-14 | 3-May-14 | 3-May-14 |
Common Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] | |||
Note 12 - Shareholders' Equity and Employee Benefits (Details) - Condensed Consolidated Statement of Shareholdersb Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, February 1, 2014 (in Shares) | ' | ' | 39,083,961 | -4,659,143 | -4,659,143 | ' | ' | ' |
Balance, February 1, 2014 | $158,391 | ' | $485,188 | ($88,198) | ($88,198) | $149 | $502 | ($239,250) |
Unrealized gain on marketable securities | 46 | -43 | ' | ' | ' | 46 | ' | ' |
Currency translation adjustments | 208 | ' | ' | ' | ' | ' | 208 | ' |
Stock-based compensation expense | 1,488 | ' | 1,488 | ' | ' | ' | ' | ' |
Tax effect related to stock options | 620 | ' | 620 | ' | ' | ' | ' | ' |
Net proceeds from common stock issued under share plans (in Shares) | ' | ' | 43,464 | ' | ' | ' | ' | ' |
Net proceeds from common stock issued under share plans | 1 | ' | 1 | ' | ' | ' | ' | ' |
Net loss | -9,914 | -4,533 | ' | ' | ' | ' | ' | -9,914 |
Balance, May 3, 2014 (in Shares) | ' | ' | 39,127,425 | -4,659,143 | -4,659,143 | ' | ' | ' |
Balance, May 3, 2014 | $150,840 | ' | $487,297 | ($88,198) | ($88,198) | $195 | $710 | ($249,164) |
Note_13_Income_taxes_Details
Note 13 - Income taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Note 13 - Income taxes (Details) [Line Items] | ' | ' |
Income Tax Expense (Benefit) | $1,419 | $2,203 |
Singapore [Member] | ' | ' |
Note 13 - Income taxes (Details) [Line Items] | ' | ' |
Income Tax Expense (Benefit) | $1,400 | ' |
Note_14_Segment_and_Geographic2
Note 14 - Segment and Geographical Information (Details) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
3-May-14 | 3-May-14 | 3-May-14 | 4-May-13 | 4-May-13 | 3-May-14 | |
Benchmark Electronics [Member] | Benchmark Electronics [Member] | Flextronics [Member] | TP Vision [Member] | Nanning Fugui Precision [Member] | ||
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | ||
Sales Revenue, Net [Member] | Accounts Receivable [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Accounts Receivable [Member] | ||
Note 14 - Segment and Geographical Information (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 1 | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | 11.00% | 19.00% | 14.00% | 11.00% | 13.00% |
Note_14_Segment_and_Geographic3
Note 14 - Segment and Geographical Information (Details) - Revenue Attributable to Each Target Market (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from external customers | $36,873 | $52,540 |
Gross profit | 20,225 | 26,946 |
DTV [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from external customers | 6,063 | 15,842 |
Gross profit | 2,871 | 5,993 |
Home Networking [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from external customers | 16,120 | 20,181 |
Gross profit | 8,922 | 12,241 |
Set-Top Box [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from external customers | 5,689 | 9,315 |
Gross profit | 2,715 | 4,253 |
Home Control and Energy Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from external customers | 6,140 | 4,589 |
Gross profit | 3,223 | 1,932 |
License and Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from external customers | 2,861 | 2,613 |
Gross profit | $2,494 | $2,527 |
Note_14_Segment_and_Geographic4
Note 14 - Segment and Geographical Information (Details) - Reconciliation of Target Market Profit to Consolidated Loss before Income Taxes (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2013 | 3-May-14 | 4-May-13 |
Reconciliation of Target Market Profit to Consolidated Loss before Income Taxes [Abstract] | ' | ' | ' |
Total gross profit from target markets | ' | $20,225 | $26,946 |
Operating expenses | ' | 28,668 | 31,046 |
Gain on sale of development project | 1,100 | ' | 1,079 |
Interest and other (expense) income, net | ' | -52 | 691 |
Loss before income taxes | ' | ($8,495) | ($2,330) |
Note_14_Segment_and_Geographic5
Note 14 - Segment and Geographical Information (Details) - Net Revenue Based on the Ship-to Location (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Note 14 - Segment and Geographical Information (Details) - Net Revenue Based on the Ship-to Location [Line Items] | ' | ' |
Net revenue | $36,873 | $52,540 |
Asia [Member] | ' | ' |
Note 14 - Segment and Geographical Information (Details) - Net Revenue Based on the Ship-to Location [Line Items] | ' | ' |
Net revenue | 29,246 | 38,039 |
North America [Member] | ' | ' |
Note 14 - Segment and Geographical Information (Details) - Net Revenue Based on the Ship-to Location [Line Items] | ' | ' |
Net revenue | 4,336 | 5,030 |
Europe [Member] | ' | ' |
Note 14 - Segment and Geographical Information (Details) - Net Revenue Based on the Ship-to Location [Line Items] | ' | ' |
Net revenue | 2,302 | 7,990 |
Other Regions [Member] | ' | ' |
Note 14 - Segment and Geographical Information (Details) - Net Revenue Based on the Ship-to Location [Line Items] | ' | ' |
Net revenue | $989 | $1,481 |