Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Feb. 24, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'QUICKLOGIC CORPORATION | ' | ' |
Entity Central Index Key | '0000882508 | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 54,891,083 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $98,344,861 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||
Revenue | $26,072 | [1] | $14,944 | [1] | $20,969 | [1] |
Cost of revenue | 17,305 | 7,878 | 8,517 | |||
Gross profit | 8,767 | 7,066 | 12,452 | |||
Operating expenses: | ' | ' | ' | |||
Research and development | 8,375 | 8,743 | 9,836 | |||
Selling, general and administrative | 12,002 | 10,481 | 9,965 | |||
Restructuring costs | 181 | 0 | 0 | |||
Income (loss) from operations | -11,791 | -12,158 | -7,349 | |||
Gain on sale of TowerJazz Semiconductor Ltd. Shares | 181 | 0 | 0 | |||
Interest expense | -54 | -61 | -36 | |||
Interest income and other expense, net | -157 | -77 | -159 | |||
Income (loss) before income taxes | -11,821 | -12,296 | -7,544 | |||
Provision for (benefit from) income taxes | 455 | 18 | 50 | |||
Net income (loss) | ($12,276) | ($12,314) | ($7,594) | |||
Net Income (loss) per share: | ' | ' | ' | |||
Basic (in dollars per share) | ($0.27) | ($0.29) | ($0.21) | |||
Diluted (in dollars per share) | ($0.27) | ($0.29) | ($0.21) | |||
Weighted average shares: | ' | ' | ' | |||
Basic (in shares) | 45,762 | 41,831 | 36,792 | |||
Diluted (in shares) | 45,762 | 41,831 | 36,792 | |||
[1] | For all periods presented: New products include ArcticLink®, ArcticLink II, ArcticLink III, Eclipse™ II, PolarPro®, PolarPro II, and QuickPCI II. Mature products include Eclipse, EclipsePlus, pASIC® 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM, and V3, as well as royalty revenue, programming hardware and software. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Net income (loss) | ($12,276) | ($12,314) | ($7,594) |
Other comprehensive gain (loss), net of tax: | ' | ' | ' |
Change in unrealized gain (loss) on available-for-sale investments (See Note 4) | 11 | -124 | -503 |
Total comprehensive Income (loss) | ($12,265) | ($12,438) | ($8,097) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $37,406 | $22,578 |
Short-term investment in TowerJazz Semiconductor Ltd. | 0 | 345 |
Accounts receivable, net of allowances for doubtful accounts of $0 and $20, respectively | 3,261 | 1,242 |
Inventories | 4,136 | 3,028 |
Other current assets | 1,272 | 986 |
Total current assets | 46,075 | 28,179 |
Property and equipment, net | 2,840 | 2,659 |
Other assets | 211 | 186 |
TOTAL ASSETS | 49,126 | 31,024 |
Current liabilities: | ' | ' |
Revolving line of credit | 1,000 | 0 |
Trade payables | 3,578 | 1,965 |
Accrued liabilities | 3,519 | 1,214 |
Current portion of capital software lease obligations | 177 | 160 |
Total current liabilities | 8,274 | 3,339 |
Long-term liabilities: | ' | ' |
Capital software lease obligations, less current portion | 133 | 266 |
Other long-term liabilities | 121 | 141 |
Total liabilities | 8,528 | 3,746 |
Commitments and contingencies (see Note 15) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 100,000 shares authorized; 53,788 and 44,506 shares issued and outstanding, respectively | 54 | 45 |
Additional paid-in capital | 230,373 | 204,797 |
Accumulated other comprehensive income (loss) | ' | -11 |
Accumulated deficit | -189,829 | -177,553 |
Total stockholders' equity | 40,598 | 27,278 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $49,126 | $31,024 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Allowance for doubtful accounts | $0 | $20 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 53,788,000 | 44,506,000 |
Common stock, shares outstanding | 53,788,000 | 44,506,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, unless otherwise specified | |||||
Balance at Jan. 02, 2011 | $29,313 | $38 | $186,304 | $616 | ($157,645) |
Balance (in shares) at Jan. 02, 2011 | ' | 37,806 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Common stock issued under stock plans and employee stock purchase plans, shares | ' | 830 | ' | ' | ' |
Common stock issued under stock plans and employee stock purchase plans, value | 2,046 | 1 | 2,045 | ' | ' |
Change in unrealized gain on available-for-sale securities | -503 | ' | ' | -503 | ' |
Stock-based compensation | 1,676 | ' | 1,676 | ' | ' |
Net income (loss) | -7,594 | ' | ' | ' | -7,594 |
Balance at Jan. 01, 2012 | 24,938 | 39 | 190,025 | 113 | -165,239 |
Balance (in shares) at Jan. 01, 2012 | ' | 38,636 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Common stock issued under stock plans and employee stock purchase plans, shares | ' | 748 | ' | ' | ' |
Common stock issued under stock plans and employee stock purchase plans, value | 1,148 | 1 | 1,147 | ' | ' |
Private stock Offering, net of issuance costs and warrants, shares | ' | 5,122 | ' | ' | ' |
Private stock Offering, net issuance costs and warrants, value | 9,345 | 5 | 9,340 | ' | ' |
Issuance of common stocks warrants, value | 2,236 | ' | 2,236 | ' | ' |
Change in unrealized gain on available-for-sale securities | -124 | ' | ' | -124 | ' |
Stock-based compensation | 2,049 | ' | 2,049 | ' | ' |
Net income (loss) | -12,314 | ' | ' | ' | -12,314 |
Balance at Dec. 30, 2012 | 27,278 | 45 | 204,797 | -11 | -177,553 |
Balance (in shares) at Dec. 30, 2012 | ' | 44,506 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Common stock issued under stock plans and employee stock purchase plans, shares | ' | 542 | ' | ' | ' |
Common stock issued under stock plans and employee stock purchase plans, value | 966 | 1 | 965 | ' | ' |
Private stock Offering, net of issuance costs and warrants, shares | ' | 8,740 | ' | ' | ' |
Private stock Offering, net issuance costs and warrants, value | 23,126 | 8 | 23,118 | ' | ' |
Issuance of common stocks warrants, value | 0 | ' | ' | ' | ' |
Change in unrealized gain on available-for-sale securities | 11 | ' | ' | 11 | ' |
Stock-based compensation | 1,493 | ' | 1,493 | ' | ' |
Net income (loss) | -12,276 | ' | ' | ' | -12,276 |
Balance at Dec. 29, 2013 | $40,598 | $54 | $230,373 | $0 | ($189,829) |
Balance (in shares) at Dec. 29, 2013 | ' | 53,788 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | ($12,276) | ($12,314) | ($7,594) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' | ' |
Depreciation and amortization | 1,338 | 1,223 | 1,220 |
Stock-based compensation | 1,979 | 2,003 | 1,676 |
Write-down of inventories | 551 | 447 | 710 |
Gain on TowerJazz Semiconductor Ltd. Shares | -181 | 0 | 0 |
Tax effect on other comprehensive income (loss) | 273 | -63 | 0 |
Gain/loss on disposal of equipment | 27 | 0 | -8 |
Write-off of equipment | 96 | 25 | 102 |
Bad debt expense | -20 | 10 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,999 | 333 | 2,558 |
Inventories | -1,659 | 289 | -1,130 |
Other assets | -361 | -87 | 140 |
Trade payables | 1,379 | -654 | 312 |
Accrued liabilities | 1,817 | 140 | -185 |
Deferred income | 0 | -8 | -320 |
Other long-term liabilities | -20 | -7 | 24 |
Net cash provided by (used for) operating activities | -9,056 | -8,663 | -2,495 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures for property and equipment | -1,257 | -1,241 | -896 |
Proceeds from sale provided by TowerJazz Semiconductor Ltd. shares | 265 | 0 | 0 |
Net cash provided by (used in) investing activities | -992 | -1,241 | -896 |
Cash flows from financing activities: | ' | ' | ' |
Payment of capital software lease obligations | -216 | -452 | -408 |
Stock issuance cost | -2,219 | 0 | 0 |
Proceeds from line of credit | 1,000 | 0 | 0 |
Proceeds from issuance of common stock cost | 26,311 | 12,731 | 2,046 |
Net cash provided by (used in) financing activities | 24,876 | 12,279 | 1,638 |
Net increase/(decrease) in cash and cash equivalents | 14,828 | 2,375 | -1,753 |
Cash and cash equivalents at beginning of period | 22,578 | 20,203 | 21,956 |
Cash and cash equivalents at end of period | 37,406 | 22,578 | 20,203 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest paid | 44 | 50 | 43 |
Income taxes paid | 100 | 12 | 21 |
Supplemental schedule of non-cash investing and financing activities : | ' | ' | ' |
Capital software lease obligation to finance capital expenditures | 310 | 426 | 287 |
Purchase of equipment included in accounts payable | $33 | $11 | $371 |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 12 Months Ended |
Dec. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company and Basis of Presentation | ' |
THE COMPANY AND BASIS OF PRESENTATION | |
QuickLogic Corporation, referenced herein as QuickLogic or the Company, was founded in 1988 and reincorporated in Delaware in 1999. The Company develops and markets low power programmable solutions that enable customers to add differentiated features and capabilities to their mobile, consumer and industrial products. The Company is a fabless semiconductor company that designs, markets, and supports Customer Specific Standard Products, or CSSPs, Field Programmable Gate Arrays, or FPGAs, application solutions, associated design software and programming hardware. | |
QuickLogic Corporation's fiscal year ends on the Sunday closest to December 31. Fiscal years 2013, 2012 and 2011 ended on December 29, 2013, December 30, 2012 and January 1, 2012, respectively. | |
Liquidity | |
The Company has financed its operations and capital investments through sales of common stock, capital and operating leases, and bank lines of credit. As of December 29, 2013, the Company's principal sources of liquidity consisted of its cash and cash equivalents of $37.4 million and $5.0 million in available credit under its revolving line of credit with Silicon Valley Bank which expires on June 27, 2014. | |
The Company currently uses its cash to fund its capital expenditures and operating losses. Based on past performance and current expectations, the Company believes that its existing cash and cash equivalents, together with available financial resources from the revolving line of credit with Silicon Valley Bank will be sufficient to fund its operations and capital expenditures and provide adequate working capital for the next twelve months. | |
Over the longer term, based on current expectations regarding revenue growth and margin improvement, the Company believes that its existing cash and cash equivalents, together with financial resources from its revolving line of credit with Silicon Valley Bank and its ability to sell additional shares to capital markets will be sufficient to satisfy its operations and capital expenditures. | |
The Company's liquidity is affected by many factors including, among others: the level of revenue and gross profit as a result of the cyclicality of the semiconductor industry; the conversion of design opportunities into revenue; market acceptance of existing and new products including CSSPs based on its ArcticLink® and PolarPro® solution platforms; fluctuations in revenue as a result of product end-of-life; fluctuations in revenue as a result of the stage in the product life cycle of its customers' products; costs of securing access to and availability of adequate manufacturing capacity; levels of inventories; wafer purchase commitments; customer credit terms; the amount and timing of research and development expenditures; the timing of new product introductions; production volumes; product quality; sales and marketing efforts; the value and liquidity of its investment portfolio; changes in operating assets and liabilities; the ability to obtain or renew debt financing and to remain in compliance with the terms of existing credit facilities; the ability to raise funds from the sale of equity in the Company; the issuance and exercise of stock options and participation in the Company's employee stock purchase plan; and other factors related to the uncertainties of the industry and global economics. Accordingly, there can be no assurance that events in the future will not require the Company to seek additional capital or, if so required, that such capital will be available on terms acceptable to the Company. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of QuickLogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. | |
Foreign Currency | |
The functional currency of the Company's non-U.S. operations is the U.S. dollar. Accordingly, all monetary assets and liabilities of these foreign operations are translated into U.S. dollars at current period-end exchange rates and non-monetary assets and related elements of expense are translated using historical exchange rates. Income and expense elements are translated to U.S. dollars using the average exchange rates in effect during the period. Gains and losses from the foreign currency transactions of these subsidiaries are recorded as interest income and other expense, net in the statements of operations. | |
Use of Estimates | |
The preparation of these consolidated financial statements in conformity with generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates, particularly in relation to revenue recognition, the allowance for doubtful accounts, sales returns, valuation of investments, valuation of long-lived assets, valuation of inventories including identification of excess quantities, market value and obsolescence, measurement of stock-based compensation awards, accounting for income taxes and estimating accrued liabilities. | |
Concentration of Risk | |
The Company's accounts receivable are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Asia Pacific, and Europe. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. See Note 13 for information regarding concentrations associated with accounts receivable. | |
For the twelve months ended December 29, 2013, the Company generated 56% of its total revenue from shipments to a tier one customer, Samsung Electronics Co., Ltd. ("Samsung"). See Note 13 for information regarding concentrations associated with customers and distributors. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
Cash Equivalents | |
All highly liquid investments purchased with a remaining maturity of ninety days or less are considered cash equivalents. The Company's investment portfolio included in cash equivalents is generally comprised of investments that meet high credit quality standards. The Company's investment portfolio consists of money market funds, which are precluded from investing in auction rate securities. These funds invest in U.S. government obligations and repurchase agreements secured by U.S. Treasury obligations and U.S. government agency obligations. The fair value of this portfolio is based on market prices for securities with active secondary and resale markets. | |
Fair Value | |
The guidance for the fair value option for financial assets and financial liabilities provides companies the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings or equity. The Company has not elected to measure any financial assets or liabilities at fair value that were not previously required to be measured at fair value. | |
Foreign Currency Transactions | |
All of the Company's sales and cost of manufacturing are transacted in U.S. dollars. The Company conducts a portion of its research and development activities in Canada and India and has sales and marketing activities in various countries outside of the United States. Most of these international expenses are incurred in local currency. Foreign currency transaction gains and losses, which are not significant, are included in interest income and other expense, net, as they occur. Operating expenses denominated in foreign currencies were approximately 19%, 19%, and 16% of total operating expenses in 2013, 2012, and 2011, respectively. The Company incurred a majority of these foreign currency expenses in Japan and Canada. The Company has not used derivative financial instruments to hedge its exposure to fluctuations in foreign currency and, therefore, is susceptible to fluctuations in foreign exchange gains or losses in its results of operations in future reporting periods. | |
Inventories | |
Inventories are stated at the lower of standard cost or net realizable value. Standard cost approximates actual cost on a first-in, first-out basis. The Company routinely evaluates quantities and values of its inventories in light of current market conditions and market trends and records reserves for quantities in excess of demand and product obsolescence. The evaluation, which inherently involves judgments as to assumptions about expected future demand and the impact of market conditions on these assumptions, takes into consideration historic usage, expected demand, anticipated sales price, the stage in the product life cycle of its customers' products, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer design activity, customer concentrations, product merchantability and other factors. Market conditions are subject to change. Actual consumption of inventories could differ from forecast demand, and this difference could have a material impact on the Company's gross margin and inventory balances based on additional provisions for excess or obsolete inventories or a benefit from inventories previously written down. The Company also regularly reviews the cost of inventories against estimated market value and records a lower of cost or market reserve for inventories that have a cost in excess of estimated market value, which could have a material impact on the Company's gross margin and inventory balances based on additional write-downs to net realizable value or a benefit from inventories previously written down. | |
The Company's semiconductor products have historically had an unusually long product life cycle and obsolescence has not been a significant factor in the valuation of inventories. However, as the Company pursues opportunities in the mobile market and continues to develop new CSSPs and products, the Company believes its product life cycle will be shorter and increase the potential for obsolescence. A significant decrease in demand could result in an increase in the amount of excess inventory on hand. Although the Company makes every effort to ensure the accuracy of its forecasts of future product demand, any significant unanticipated changes in demand or frequent new product developments could have a significant impact on the value of its inventory and its results of operations. | |
Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, generally one to seven years. Amortization of leasehold improvements and capital leases is computed on a straight-line basis over the shorter of the lease term or the estimated useful lives of the assets, generally one to seven years. | |
Long-Lived Assets | |
The Company reviews the recoverability of its long-lived assets, such as property and equipment, and investments, annually and when events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company's ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of the asset or asset group, an impairment loss is recognized for the difference between the estimated fair value and the carrying value, and the carrying value of the related assets is reduced by this difference. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets. During 2013, 2012 and 2011, the Company wrote-off equipment with a net book value of $96,000, $25,000, and $102,000, respectively. | |
Licensed Intellectual Property | |
The Company licenses intellectual property that is incorporated into its products. Costs incurred under license agreements prior to the establishment of technological feasibility are included in research and development expense as incurred. Costs incurred for intellectual property once technological feasibility has been established and that can be used in multiple products are capitalized as a long-term asset. Once a product incorporating licensed intellectual property has production sales, the amount is amortized over the estimated useful life of the asset, generally up to five years. | |
Revenue Recognition | |
The Company supplies standard products which must be programmed before they can be used in an application. The Company's products may be programmed by us, distributors, end-customers or third parties. | |
The Company recognizes revenue as products are shipped if evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, collection of the resulting receivable is reasonably assured and product returns are reasonably estimable. Revenue is recognized upon shipment of programmed and unprogrammed parts to both OEM customers and distributors, provided that legal title and risk of ownership have transferred. Parts held by distributors may be returned for quality reasons only under its standard warranty policy. | |
Warranty Costs | |
The Company warrants finished goods against defects in material and workmanship under normal use for twelve months from the date of shipment. The Company does not have significant product warranty related costs or liabilities. | |
Advertising | |
Costs related to advertising and promotion expenditures are charged to “Selling, general and administrative” expense as incurred. To date, costs related to advertising and promotion expenditures have not been material. | |
Stock-Based Compensation | |
The Company adopted the provisions to record stock-based compensation beginning fiscal year 2006. The Company accounts for stock-based compensation under the provisions of the amended authoritative guidance, and related interpretations which require the measurement and recognition of expense related to the fair value of stock-based compensation awards. The fair value of stock-based compensation awards is measured at the grant date and re-measured upon modification, as appropriate. The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares under the Company's 1999 Employee Stock Purchase Plan, or ESPP, consistent with the provisions of the amended authoritative guidance. The fair value of restricted stock awards, or RSAs, and restricted stock units, or RSUs, is based on the closing price of the Company's common stock on the date of grant. Equity compensation awards which vest with service are expensed on a straight-line basis over the requisite service period. Performance based awards that are expected to vest are expensed on a straight-line basis over the vesting period. The Company regularly reviews the assumptions used to compute the fair value of its stock-based awards and it will revise its assumptions as appropriate. In the event that assumptions used to compute the fair value of its stock-based awards are later determined to be inaccurate or if the Company changes its assumptions significantly in future periods, stock-based compensation expense and the results of operations could be materially impacted. See Note 11. | |
Accounting for Income Taxes | |
As part of the process of preparing the Company's financial statements, its required to estimate its income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company's actual current tax exposure together with assessing temporary differences resulting from different tax and accounting treatment of items, such as deferred revenue, allowance for doubtful accounts, the impact of equity awards, depreciation and amortization and employee related accruals. These differences result in deferred tax assets and liabilities, which are included on the Company's balance sheets. The Company must then assess the likelihood that its deferred tax assets will be recovered from future taxable income and to the extent the Company believes that recovery is not more likely than not, it must establish a valuation allowance. To the extent the Company establishs a valuation allowance or increase this allowance in a period, it must include an expense within the tax provision in the statements of operations. | |
Significant management judgment is required in determining the Company's provision for income taxes, the Company's deferred tax assets and liabilities and any valuation allowance recorded against the Company's net deferred tax assets. The Company's deferred tax assets, consisting primarily of net operating loss carryforwards, amounted to $63.6 million as of the end of 2013. The Company has also recorded a valuation allowance of $63.5 million as of the end of 2013 due to uncertainties related to the Company's ability to utilize its U.S. deferred tax assets before they expire. The valuation allowance is based on the uncertainty of the Company's estimates of taxable income and the period over which it expects to recover its deferred tax assets. | |
The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that it anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. | |
Concentration of Credit and Suppliers | |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality institutions. The Company's accounts receivable are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Europe and Asia Pacific. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. See Note 13 for information regarding concentrations associated with accounts receivable. | |
The Company depends on a limited number of contract manufacturers, subcontractors, and suppliers for wafer fabrication, assembly, programming and test of its devices, and for the supply of programming equipment, and these services are typically provided by one supplier for each of the Company's devices. The Company generally purchases these single or limited source services through standard purchase orders. Because the Company relies on independent subcontractors to perform these services, it cannot directly control its product delivery schedules, costs or quality levels. The Company's future success also depends on the financial viability of its independent subcontractors. | |
Comprehensive Income (Loss) | |
Comprehensive income (loss) includes all temporary changes in equity (net assets) during a period from non-owner sources. Comprehensive income (loss) includes unrealized holding gains or (losses) related to the TowerJazz ordinary shares. See Note 4. | |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board, or FASB, issued guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance became effective for the Company beginning December 15, 2012. The Company adopted this guidance prospectively in its interim period ended March 31, 2013 (see Note 12). | |
In March 2013, the FASB issued guidance on a parent's accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The Company will adopt the new guidance in its interim period ending March 30, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This guidance is effective for the Company beginning after December 15, 2013. Other than the change in presentation within the Consolidated Balance Sheet, this new guidance will not have an impact on the consolidated financial statements. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 29, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Income (Loss) Per Share | ' |
NET INCOME (LOSS) PER SHARE | |
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share was computed using the weighted average number of common shares outstanding during the period plus potentially dilutive common shares outstanding during the period under the treasury stock method. In computing diluted net income (loss) per share, the weighted average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options and warrants. | |
For 2013, 2012, and 2011, 8.0 million shares, 7.6 million shares, and 8.0 million shares respectively, associated with equity awards outstanding and the estimated number of shares to be purchased under the current offering period of the 2009 Employee Stock Purchase Plan were not included in the calculation of diluted net income (loss) per share, as they were considered antidilutive due to the net loss the Company experienced during those years. |
Investment_in_TowerJazz_Semico
Investment in TowerJazz Semiconductor Ltd. | 12 Months Ended |
Dec. 29, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Investment in TowerJazz Semiconductor Ltd. | ' |
INVESTMENT IN TOWERJAZZ SEMICONDUCTOR LTD. | |
During the second quarter of fiscal year 2013, the Company sold its remaining 42,970 TowerJazz ordinary shares. This sale resulted in a gain of $181,000. The number of TowerJazz ordinary shares sold by the Company reflect the 1-to-15 reverse stock split implemented by TowerJazz effective August 3, 2012. |
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Balance Sheet Components | ' | |||||||
BALANCE SHEET COMPONENTS | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Inventories: | ||||||||
Raw materials | $ | 19 | $ | 32 | ||||
Work-in-process | 1,343 | 2,599 | ||||||
Finished goods | 2,774 | 397 | ||||||
$ | 4,136 | $ | 3,028 | |||||
Other current assets: | ||||||||
Prepaid expenses | $ | 845 | $ | 954 | ||||
Other | 427 | 32 | ||||||
$ | 1,272 | $ | 986 | |||||
Property and equipment: | ||||||||
Equipment | $ | 13,294 | $ | 12,803 | ||||
Software | 3,349 | 5,682 | ||||||
Furniture and fixtures | 710 | 746 | ||||||
Leasehold improvements | 640 | 658 | ||||||
17,993 | 19,889 | |||||||
Accumulated depreciation and amortization | (15,153 | ) | (17,230 | ) | ||||
$ | 2,840 | $ | 2,659 | |||||
Accrued liabilities: | ||||||||
Employee related accruals | $ | 2,821 | $ | 1,035 | ||||
Other | 698 | 179 | ||||||
$ | 3,519 | $ | 1,214 | |||||
The Company recorded depreciation and amortization expense of $1.3 million, $1.2 million and $1.2 million for 2013, 2012 and 2011, respectively. Assets acquired under capital leases and included in property and equipment were $1.0 million and $800,000 at the end of 2013 and 2012, respectively. The Company recorded accumulated depreciation on leased assets of $593,000 and $301,000 as of the end of 2013 and 2012, respectively. As of December 29, 2013 and December 30, 2012, the capital software lease obligation relating to these assets was $310,000 and $426,000, respectively. |
Obligations
Obligations | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Obligations | ' | |||||||
OBLIGATIONS | ||||||||
December 29, | December 30 | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Debt and capital software lease obligations: | ||||||||
Revolving line of credit | $ | 1,000 | $ | — | ||||
Capital software leases | 310 | 426 | ||||||
1,310 | 426 | |||||||
Current portion of debt and capital software lease obligations | (1,177 | ) | (160 | ) | ||||
Long term portion of debt and capital software lease obligations | $ | 133 | $ | 266 | ||||
Revolving Line of Credit | ||||||||
In June 2013, the Company entered into the Ninth Amendment to Second Amended and Restated Loan and Security Agreement ("Agreement") with Silicon Valley Bank. The terms of the Agreement include a $6.0 million revolving line of credit available through June 27, 2014. Upon each advance, the Company can elect a fixed interest rate, which is the prime rate plus the prime rate margin, or a fixed rate which is LIBOR plus the LIBOR rate margin. As of December 29, 2013, the Company has $1.0 million of revolving debt outstanding with an interest rate of 3.75%. | ||||||||
The bank has a first priority security interest in substantially all of the Company's tangible and intangible assets to secure any outstanding amounts under the Agreement. Under the terms of the Agreement, the Company must maintain a minimum tangible net worth of at least $15 million, an adjusted quick ratio of 2-to-1 and a minimum unrestricted cash or cash equivalents balance of at least $8 million. The Agreement also has certain restrictions including, among others, restrictions on the incurrence of other indebtedness, the maintenance of depository accounts, the disposition of assets, mergers, acquisitions, investments, the granting of liens and the payment of dividends. The Company was in compliance with the financial covenants of the Agreement as of the end of the current reporting period. | ||||||||
Capital Leases | ||||||||
In December 2013, the Company leased design software under a two-year capital lease at an imputed interest rate of 4.34% per annum. Terms of the agreement require the Company to make quarterly payments of approximately $34,125 through September 2015, for a total of $273,000. As of December 29, 2013, $229,000 was outstanding under the capital lease, of which $96,000 was classified as a current liability. | ||||||||
In February 2012, the Company leased design software tools under a three-year capital lease at an imputed interest rate of 4.3% per annum. Terms of the agreement required the Company to make payments of principal and interest of $9,000 in March 2012 and $18,000 in December 2012, for a total of $27,000. As of December 29, 2013, there was no balance outstanding under the capital lease. | ||||||||
In January 2012, the Company leased design software tools under a three-year capital lease at an imputed interest rate of 4.24% per annum. Terms of the agreement require the Company to make semi-annual payments of principal and interest of approximately $82,500 through July 2014, for a total of $495,000 over the three-year period. As of December 29, 2013, $81,000 was outstanding under the capital lease, all of which was classified as a current liability. | ||||||||
In December 2011, the Company leased design software under a two-year capital lease at an imputed interest rate of 4.24% per annum. Terms of the agreement require the Company to make quarterly payments of approximately $34,125 through November 2013, for a total of $273,000. As of December 29, 2013, there was no balance outstanding under the capital lease. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
Pursuant to the accounting guidance for fair value measurements and its subsequent updates, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market and it considers assumptions that market participants would use when pricing the asset or liability. | ||||||||||||||||||||||||||||||||
The accounting guidance for fair value measurement also specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs) or reflect the company's own assumption of market participant valuation (unobservable inputs). The fair value hierarchy consists of the following three levels: | ||||||||||||||||||||||||||||||||
• | Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||
• | Level 2 – Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | |||||||||||||||||||||||||||||||
• | Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | |||||||||||||||||||||||||||||||
The following table presents the Company's financial assets that are measured at fair value on a recurring basis as of December 29, 2013 and December 30, 2012, consistent with the fair value hierarchy provisions of the authoritative guidance (in thousands): | ||||||||||||||||||||||||||||||||
As of December 29, 2013 | As of December 30, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Money market funds(1) | $ | 35,812 | $ | 35,812 | $ | — | $ | — | $ | 21,907 | $ | 21,907 | $ | — | $ | — | ||||||||||||||||
Investment in TowerJazz Semiconductor Ltd. (2) | — | — | — | — | 345 | 345 | — | — | ||||||||||||||||||||||||
Total assets | $ | 35,812 | $ | 35,812 | $ | — | $ | — | $ | 22,252 | $ | 22,252 | $ | — | $ | — | ||||||||||||||||
___________________________ | ||||||||||||||||||||||||||||||||
-1 | Money market funds are presented as a part of cash and cash equivalents on the accompanying consolidated balance sheets as of December 29, 2013 and December 30, 2012. | |||||||||||||||||||||||||||||||
(2) | In June 2013, the Company sold all of its 42,970 remaining shares of TowerJazz marketable securities for a gain of $181,000 and cash proceeds of $265,000. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
The following table presents the U.S. and foreign components of consolidated income (loss) before income taxes and the provision for (benefit from) income taxes (in thousands): | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income (loss) before income taxes: | ||||||||||||
U.S. | $ | (11,888 | ) | $ | (12,444 | ) | $ | (7,569 | ) | |||
Foreign | 67 | 148 | 25 | |||||||||
Income (loss) before income taxes | $ | (11,821 | ) | $ | (12,296 | ) | $ | (7,544 | ) | |||
Provision for (benefit from) income taxes: | ||||||||||||
Current: | ||||||||||||
Federal | $ | 58 | $ | — | $ | — | ||||||
State | 1 | 2 | 2 | |||||||||
Foreign | 83 | 51 | 66 | |||||||||
Subtotal | 142 | 53 | 68 | |||||||||
Deferred: | ||||||||||||
Federal | 225 | (55 | ) | — | ||||||||
State | 48 | (9 | ) | — | ||||||||
Foreign | 40 | 29 | (18 | ) | ||||||||
Subtotal | 313 | (35 | ) | (18 | ) | |||||||
Provision for (benefit from) income taxes | $ | 455 | $ | 18 | $ | 50 | ||||||
Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its U.S. federal and state deferred tax assets at December 29, 2013. The Company believes it is more likely than not it will be able to realize its foreign deferred tax assets. Deferred tax balances are comprised of the following (in thousands): | ||||||||||||
December 29, 2013 | December 30, 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating losses | $ | 38,594 | $ | 36,137 | ||||||||
Capital losses | 4,530 | 2,205 | ||||||||||
Accruals and reserves | 2,848 | 2,683 | ||||||||||
Credits carryforward | 5,433 | 5,024 | ||||||||||
Unrealized loss on marketable securities | — | 3,088 | ||||||||||
Depreciation and amortization | 10,590 | 9,558 | ||||||||||
Stock-based compensation | 1,583 | 1,344 | ||||||||||
Other | — | 273 | ||||||||||
63,578 | 60,312 | |||||||||||
Valuation allowances | (63,528 | ) | (60,223 | ) | ||||||||
Deferred tax asset | $ | 50 | $ | 89 | ||||||||
Deferred tax liability | — | — | ||||||||||
A rate reconciliation between income tax provisions at the U.S. federal statutory rate and the effective rate reflected in the consolidated statements of operations is as follows: | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense/(benefit) at statutory rate | $ | (4,019 | ) | $ | (4,180 | ) | $ | (2,565 | ) | |||
State taxes | 1 | 2 | 2 | |||||||||
Stock compensation and other permanent differences | 316 | 342 | 192 | |||||||||
Foreign taxes | 101 | 30 | 41 | |||||||||
Benefit allocated from other comprehensive income (loss) | 273 | (65 | ) | — | ||||||||
Future benefit of deferred tax assets not recognized | 3,783 | 3,889 | 2,380 | |||||||||
Provision for income taxes | $ | 455 | $ | 18 | $ | 50 | ||||||
As of December 29, 2013, the Company had net operating loss carryforwards of approximately $113.0 million for federal and $54.4 million for state income tax purposes. If not utilized, these carryforwards will begin to expire beginning in 2014 for federal and state purposes. Included in the net operating loss carryforwards amount is $8.1 million for federal and $5.0 million for state income tax purposes, which, when recognized, will result in a credit to stockholders' equity. | ||||||||||||
The Company has research credit carryforwards of approximately $2.8 million for federal and $3.8 million for state income tax purposes. If not utilized, the federal carryforwards will expire in various amounts beginning in 2018. The California credit can be carried forward indefinitely. | ||||||||||||
Under the Tax Reform Act of 1986, the amount of and the benefit from net operating loss carryforwards and credit carryforwards may be impaired or limited in certain circumstances. Events which may restrict utilization of a company's net operating loss and credit carryforwards include, but are not limited to, certain ownership change limitations as defined in Internal Revenue Code Section 382 and similar state provisions. In the event the Company has had a change of ownership, utilization of carryforwards could be restricted to an annual limitation. The annual limitation may result in the expiration of net operating loss carryforwards and credit carryforwards before utilization. | ||||||||||||
U.S. income taxes and foreign withholding taxes associated with the repatriation of earnings of foreign subsidiaries were not provided for on a cumulative total of $1.0 million of undistributed earnings for certain foreign subsidiaries as of the end of fiscal 2013. The Company intends to reinvest these earnings indefinitely in the Company's foreign subsidiaries. If these earnings were distributed to the United States in the form of dividends or otherwise, or if the shares of the relevant foreign subsidiaries were sold or otherwise transferred, the Company would be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. Determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | ||||||||||
Beginning balance of unrecognized tax benefits | $ | 79 | $ | 77 | $ | 73 | ||||||
Gross increases for tax positions of current year | — | 2 | 4 | |||||||||
Ending balance of unrecognized tax benefits | $ | 79 | $ | 79 | $ | 77 | ||||||
The amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $79,000 as of December 29, 2013. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 29, 2013 and December 30, 2012 the Company had approximately $40,000 and $33,000 of accrued interest and penalties related to uncertain tax positions. | ||||||||||||
The Company is subject to U.S. federal income tax as well as income taxes in many U.S. states and foreign jurisdictions in which the Company operates. As of December 29, 2013, fiscal years 2009 onward remain open to examination by the U.S. taxing authorities and fiscal years 2005 onward remain open to examination in Canada. The U.S. federal and U.S. state taxing authorities may choose to audit tax returns for tax years beyond the statute of limitation period due to significant tax attribute carryforwards from prior years, making adjustments only to carryforward attributes. The Company estimates that its unrecognized tax benefits will not change significantly within the next twelve months. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 29, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS' EQUITY | |
Common and Preferred Stock | |
The Company is authorized to issue 100 million shares of common stock and has 10 million shares of authorized but unissued undesignated preferred stock. Without any further vote or action by the Company's stockholders, the Board of Directors has the authority to determine the powers, preferences, rights, qualifications, limitations or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock. | |
Issuance of Common Stock | |
On July 31, 2013, the Company filed a shelf registration statement on Form S-3 under which the Company may, from time to time, sell securities in one or more offerings up to a total dollar amount of $40.0 million. The Company's shelf registration statement was declared effective on August 30, 2013 and expires in August 2016. | |
In November 2013, the Company issued an aggregate of 8,740,000 shares of common stock, $0.001 par value, in an underwritten public offering at a price of $2.90 per share. The Company received net proceeds from the offering of $23.1 million, net of underwriter's commission and other offering expenses of 2.2 million. | |
On June 1, 2012, the Company filed a registration statement on Form S-3 MEF to increase the amount of securities that may be sold under the shelf registration statement by $3.4 million. | |
In June 2012, the Company issued an aggregate of 5,122,000 shares of common stock and warrants to purchase up to an aggregate of 2,304,900 shares of common stock in a confidentially marketed underwritten offering. The common stock and warrants were issued in units (the “Units”), with each Unit consisting of (i) one share of common stock and (ii) a warrant to purchase 0.45 of a share of common stock, at a price of $2.50 per Unit. The Company received total net proceeds from the offering of $11.9 million, net of underwriting discounts and other offering expenses of $929,000. | |
The warrants are exercisable any time for a period of 60 months from the date of issuance on June 6, 2012, and are exercisable at a price of $2.98 per share. The Company allocated the proceeds between the common stock and the warrants based on the relative fair value of each on the date of issuance. The estimated grant date fair value was $0.97 per warrant and was calculated based on the following assumptions used in the Black-Scholes model: expected term of 5 years, risk-free interest rate of 0.89%, expected volatility of 62.18% and expected dividend of zero. |
Employee_Stock_Plans
Employee Stock Plans | 12 Months Ended |
Dec. 29, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Employee Stock Plans | ' |
EMPLOYEE STOCK PLANS | |
1999 Stock Plan | |
The 1999 Stock Plan, or 1999 Plan, provided for the issuance of incentive and nonqualified options, restricted stock units and restricted stock. Equity awards granted under the 1999 Plan have a term of up to ten years. Options typically vest at a rate of 25% one year after the vesting commencement date, and one forty-eighth for each month of service thereafter. In March 2009, the Board adopted the 2009 Stock Plan which was approved by the Company's stockholders on April 22, 2009. Effective April 22, 2009, no further stock options may be granted under the 1999 Plan. | |
2009 Stock Plan | |
The 2009 Stock Plan, or 2009 Plan, was amended and restated by the Board of Directors in March 2011 and approved by the Company's stockholders on April 28, 2011 to, among other things, reserve an additional 1.5 million shares of common stock for issuance under the Plan. As of December 29, 2013, approximately 7.0 million shares were reserved for issuance under the 2009 Plan. Equity awards that are cancelled, forfeited or repurchased under the 1999 Plan become available for grant under the 2009 Plan, up to a maximum of an additional 7.5 million shares. Equity awards granted under the 2009 Plan have a term of up to ten years. Options typically vest at a rate of 25% one year after the vesting commencement date, and one forty-eighth for each month of service thereafter. The Company may implement different vesting schedules in the future with respect to any new equity awards. | |
Employee Stock Purchase Plan | |
The 2009 Employee Stock Purchase Plan, or 2009 ESPP, was adopted in March 2009. The Company has reserved 2.3 million shares for issuance under the 2009 ESPP. The 2009 ESPP provides for six month offering periods. Participants purchase shares through payroll deductions of up to 20% of an employee's total compensation (maximum of 20,000 shares per offering period). The 2009 ESPP permits the Board of Directors to determine, prior to each offering period, whether participants purchase shares at: (i) 85% of the fair market value of the common stock at the end of the offering period; or (ii) 85% of the lower of the fair market value of the common stock at the beginning or the end of an offering period. The Board of Directors has determined that, until further notice, future offering periods will be made at 85% of the lower of the fair market value of the common stock at the beginning or the end of an offering period. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
The Company's equity incentive program is a broad-based, long-term retention program intended to attract, motivate, and retain talented employees as well as align stockholder and employee interests. The Company provides stock-based incentive compensation, or awards, to eligible employees and non-employee directors. Awards that may be granted under the program include non-qualified and incentive stock options, restricted stock units, or RSUs, performance-based restricted stock units, or PRSUs, and stock bonus units. To date, awards granted under the program consist of stock options, RSUs and PRSUs. The majority of stock-based awards granted under the program vest over four years. Stock options granted under the program have a maximum contractual term of ten years. | ||||||||||||||||
Stock-based compensation expense is recognized in the Company's consolidated statements of operations and includes compensation expense for the stock-based compensation awards granted or modified subsequent to January 1, 2006, based on the grant date fair value estimated in accordance with the provisions of the amended authoritative guidance. The impact on the Company's results of operations of recording stock-based compensation expense for fiscal years 2013, 2012 and 2011 was as follows (in thousands): | ||||||||||||||||
Fiscal Years | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Cost of revenue | $ | 232 | $ | 179 | $ | 131 | ||||||||||
Research and development | 666 | 455 | 458 | |||||||||||||
Selling, general and administrative | 1,081 | 1,369 | 1,087 | |||||||||||||
Total costs and expenses | $ | 1,979 | $ | 2,003 | $ | 1,676 | ||||||||||
In 2013, the Company granted restricted stock units, or RSUs, to employees with vesting terms from fully vested to 12 months vesting. Total stock-based compensation related to RSUs was $590,000 in 2013. The Company issued net shares for the vested RSUs, withholding shares in settlement of employee tax withholding obligations. In 2013, the Company also granted performance-based restricted stock units, or PRSUs, to new employees and the stock-based compensation related to PRSUs was $64,000. | ||||||||||||||||
The amount of stock-based compensation included in inventories at the end of 2013, 2012 and 2011 was not significant. | ||||||||||||||||
Valuation Assumptions | ||||||||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares under the Company's 2009 ESPP. Using the Black-Scholes pricing model requires the Company to develop highly subjective assumptions including the expected term of awards, expected volatility of its stock, expected risk-free interest rate and expected dividend rate over the term of the award. The Company's expected term of awards assumption is based primarily on its historical experience with similar grants. The Company's expected stock price volatility assumption for both stock options and ESPP shares is based on the historical volatility of the Company's stock, using the daily average of the opening and closing prices and measured using historical data appropriate for the expected term. The risk-free interest rate assumption approximates the risk-free interest rate of a Treasury Constant Maturity bond with a maturity approximately equal to the expected term of the stock option or ESPP shares. This fair value is expensed over the requisite service period of the award. The fair value of RSUs and PRSUs is based on the closing price of the Company's common stock on the date of grant. Equity compensation awards which vest with service are expensed using the straight-line attribution method over the requisite service period. | ||||||||||||||||
In addition to the assumptions used in the Black-Scholes pricing model, the amended authoritative guidance requires that the Company recognize expense for awards ultimately expected to vest; therefore the Company is required to develop an estimate of the number of awards expected to be forfeited prior to vesting, or forfeiture rate. The forfeiture rate is estimated based on historical pre-vest cancellation experience and is applied to all share-based awards. | ||||||||||||||||
The following weighted average assumptions are included in the estimated fair value calculations for stock option grants: | ||||||||||||||||
Fiscal Years | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected term (years) | 6.1 | 6.3 | 5.7 | |||||||||||||
Risk-free interest rate | 1.74 | % | 0.98 | % | 1.16 | % | ||||||||||
Expected volatility | 59 | % | 61 | % | 61 | % | ||||||||||
Expected dividend | — | — | — | |||||||||||||
The methodologies for determining the above values were as follows: | ||||||||||||||||
• | Expected term: The expected term represents the period that the Company's stock-based awards are expected to be outstanding and is estimated based on historical experience. | |||||||||||||||
• | Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the expected term of the Company's employee stock options. | |||||||||||||||
• | Expected volatility: The Company determines expected volatility based on historical volatility of the Company's common stock according to the expected term of the options. | |||||||||||||||
• | Expected dividend: The expected dividend assumption is based on the Company's intent not to issue a dividend under its dividend policy. | |||||||||||||||
The weighted average estimated fair value for options granted during 2013, 2012 and 2011 was $1.82, $1.36, and $1.53 per option, respectively. As of the end of 2013, the fair value of unvested stock options, net of expected forfeitures, was approximately $2.7 million. This unrecognized stock-based compensation expense is expected to be recorded over a weighted average period of 2.61 years. | ||||||||||||||||
Stock-Based Compensation Award Activity | ||||||||||||||||
The following table summarizes the shares available for grant under the 2009 Plan for 2013: | ||||||||||||||||
Shares | ||||||||||||||||
Available for Grant | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 30, 2012 | 2,920 | |||||||||||||||
Options granted | (716 | ) | ||||||||||||||
Options forfeited or expired | 269 | |||||||||||||||
RSUs granted | (215 | ) | ||||||||||||||
PRSU's granted | (30 | ) | ||||||||||||||
PRSU's forfeited or expired | 25 | |||||||||||||||
Balance at December 29, 2013 | 2,253 | |||||||||||||||
Stock Options | ||||||||||||||||
The following table summarizes stock options outstanding and stock option activity under the 1999 Plan and the 2009 Plan, and the related weighted average exercise price, for 2013, 2012 and 2011: | ||||||||||||||||
Number of Shares | Weighted Average | Weighted Average | Aggregate Intrinsic | |||||||||||||
Exercise Price | Remaining Term | Value | ||||||||||||||
(in thousands) | (in years) | (in thousands) | ||||||||||||||
Balance outstanding at January 2, 2011 | 8,069 | $ | 2.74 | |||||||||||||
Granted | 876 | 2.81 | ||||||||||||||
Forfeited or expired | (803 | ) | 4.51 | |||||||||||||
Exercised | (659 | ) | 2.46 | |||||||||||||
Balance outstanding at January 1, 2012 | 7,483 | 2.58 | ||||||||||||||
Granted | 791 | 2.43 | ||||||||||||||
Forfeited or expired | (935 | ) | 3.04 | |||||||||||||
Exercised | (379 | ) | 1.87 | |||||||||||||
Balance outstanding at December 30, 2012 | 6,960 | 2.55 | ||||||||||||||
Granted | 716 | 3.26 | ||||||||||||||
Forfeited or expired | (269 | ) | 2.65 | |||||||||||||
Exercised | (165 | ) | 2.21 | |||||||||||||
Balance outstanding at December 29, 2013 | 7,242 | $ | 2.62 | 5.75 | $ | 9,260 | ||||||||||
Exercisable at December 29, 2013 | 5,648 | $ | 2.54 | 4.9 | $ | 7,760 | ||||||||||
Vested and expected to vest at December 29, 2013 | 7,018 | $ | 2.61 | 5.64 | $ | 9,073 | ||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on the Company's closing stock price of $3.86 as of the end of the Company's current reporting period, which would have been received by the option holders had all option holders exercised their options as of that date. | ||||||||||||||||
The total intrinsic value of options exercised during 2013, 2012 and 2011 was $139,000, $343,000 and $1.8 million, respectively. Total cash received from employees as a result of employee stock option exercises during 2013, 2012 and 2011 was approximately $365,000, $711,000 and $1.6 million, respectively. The Company settles employee stock option exercises with newly issued common shares. In connection with these exercises, there was no tax benefit realized by the Company due to the Company's current loss position. Total stock-based compensation related to stock options was $1.1 million, $1.4 million, and $1.5 million for 2013, 2012, and 2011, respectively. | ||||||||||||||||
Significant exercise price ranges of options outstanding, related weighted average exercise prices and contractual life information at the end of 2013 were as follows: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Options | Weighted | Weighted Average | Options Vested and | Weighted Average | |||||||||||
Outstanding | Average | Exercise Price | Exercisable | Exercise Price | ||||||||||||
Remaining | ||||||||||||||||
Contractual | ||||||||||||||||
Life | ||||||||||||||||
(in thousands) | (in years) | (in thousands) | ||||||||||||||
$0.78 - $0.94 | 634 | 4.82 | $ | 0.9 | 634 | $ | 0.9 | |||||||||
1.63 - 1.63 | 1,155 | 5.15 | 1.63 | 1,155 | 1.63 | |||||||||||
2.06 - 2.75 | 949 | 5.9 | 2.42 | 552 | 2.53 | |||||||||||
2.76 - 2.76 | 11 | 8.11 | 2.76 | 4 | 2.76 | |||||||||||
2.78 - 2.78 | 2,094 | 6.9 | 2.78 | 1,593 | 2.78 | |||||||||||
2.82 - 3.02 | 839 | 2.83 | 2.96 | 810 | 2.96 | |||||||||||
3.04 - 3.48 | 801 | 8.38 | 3.39 | 240 | 3.36 | |||||||||||
3.54 - 4.17 | 681 | 4.76 | 4.07 | 583 | 4.15 | |||||||||||
4.36- 4.36 | 35 | 1.42 | 4.36 | 35 | 4.36 | |||||||||||
5.94 - 5.94 | 43 | 2.33 | 5.94 | 43 | 5.94 | |||||||||||
$0.78 - $5.94 | 7,242 | 5.75 | $ | 2.62 | 5,649 | $ | 2.54 | |||||||||
Restricted Stock Units | ||||||||||||||||
RSUs entitle the holder to receive, at no cost, one common share for each restricted stock unit on the vesting date as it vests. The Company withholds shares in settlement of employee tax withholding obligations upon the vesting of restricted stock units. The stock-based compensation related to grants of vested RSUs was $590,000 in 2013. In 2013, the Company also granted PRSUs, to new employees and the stock-based compensation related to PRSUs was $64,000. | ||||||||||||||||
RSUs & PRSUs Outstanding | ||||||||||||||||
Number of Shares | Weighted Average | |||||||||||||||
Grant Date Fair Value | ||||||||||||||||
(in thousands) | ||||||||||||||||
Nonvested at December 30, 2012 | 40 | $ | 2.3 | |||||||||||||
Granted | 245 | 3.33 | ||||||||||||||
Vested | (35 | ) | 3.28 | |||||||||||||
Forfeited | (25 | ) | — | |||||||||||||
Nonvested at December 29, 2013 | 225 | $ | 3.17 | |||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The weighted average estimated fair value, as defined by the amended authoritative guidance, of rights issued pursuant to the Company's ESPP during 2013, 2012 and 2011 was $0.71, $0.74 and $0.84, respectively. Sales under the ESPP were 357,000 shares of common stock at an average price of $1.74 for 2013, 270,000 shares of common stock at an average price of $1.95 for 2012, and 171,000 shares of common stock at an average price of $2.47 for 2011. | ||||||||||||||||
Under the 2009 ESPP, the Company issued 357,000 shares at a price of $1.74 per share during 2013. As of December 29, 2013, 1.2 million shares under the 2009 ESPP remained available for issuance. For 2013, the Company recorded compensation expense related to the ESPP of $203,000. | ||||||||||||||||
The fair value of rights issued pursuant to the Company's ESPP was estimated on the commencement date of each offering period using the following weighted average assumptions: | ||||||||||||||||
Fiscal Years | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected life (months) | 6.1 | 6 | 6.1 | |||||||||||||
Risk-free interest rate | 0.09 | % | 0.14 | % | 0.08 | % | ||||||||||
Volatility | 39 | % | 56 | % | 56 | % | ||||||||||
Dividend yield | — | — | — | |||||||||||||
The methodologies for determining the above values were as follows: | ||||||||||||||||
• | Expected term: The expected term represents the length of the purchase period contained in the ESPP. | |||||||||||||||
• | Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the term of the purchase period. | |||||||||||||||
• | Volatility: The Company determines expected volatility based on historical volatility of the Company's common stock for the term of the purchase period. | |||||||||||||||
• | Dividend Yield: The expected dividend assumption is based on the Company's intent not to issue a | |||||||||||||||
dividend under its dividend policy. | ||||||||||||||||
As of the end of 2013, the unrecognized stock-based compensation expense relating to the Company's ESPP is $89,000 and was expected to be recognized over a weighted average period of approximately 4.5 months. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Equity [Abstract] | ' | ||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||
Accumulated Other Comprehensive Income (Loss) | |||||
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the year ended December 29, 2013: | |||||
Change in unrealized gains on available for sale securities | |||||
(in thousands) | |||||
Accumulated other comprehensive income (loss), net of tax, as of December 30, 2012 | $ | (11 | ) | ||
Other comprehensive income (loss) before reclassifications | (77 | ) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 88 | ||||
Net change in other comprehensive income (loss) | 11 | ||||
Accumulated other comprehensive income (loss), net of tax, as of December 29, 2013 | $ | — | |||
The following table provides details about reclassification out of accumulated other comprehensive income for the year ended December 29, 2013: | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income Is Presented | |||
(in thousands) | |||||
Available-for-sale investments | $ | (185 | ) | Realized gain from sale of TowerJazz marketable securities | |
273 | Tax benefit on unrealized gain on TowerJazz marketable securities | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | $ | 88 | |||
Information_Concerning_Product
Information Concerning Product Lines, Geographic Information and Revenue Concentration | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Information Concerning Product Lines, Geographic Information and Revenue Concentration | ' | |||||||||||
-INFORMATION CONCERNING PRODUCT LINES, GEOGRAPHIC INFORMATION AND REVENUE CONCENTRATION | ||||||||||||
The Company identifies its business segments based on business activities, management responsibility and geographic location. For all periods presented, the Company operated in a single reportable business segment. | ||||||||||||
The following is a breakdown of revenue by product family (in thousands): | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue by product line (1) : | ||||||||||||
New products | $ | 18,219 | $ | 5,920 | $ | 5,326 | ||||||
Mature products | 7,853 | 9,024 | 15,643 | |||||||||
Total revenue | $ | 26,072 | $ | 14,944 | $ | 20,969 | ||||||
___________________________ | ||||||||||||
-1 | For all periods presented: New products include ArcticLink®, ArcticLink II, ArcticLink III, Eclipse™ II, PolarPro®, PolarPro II, and QuickPCI II. Mature products include Eclipse, EclipsePlus, pASIC® 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM, and V3, as well as royalty revenue, programming hardware and software. | |||||||||||
The following is a breakdown of revenue by shipment destination (in thousands): | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue by geography: | ||||||||||||
South Korea | $ | 14,675 | $ | 49 | $ | 399 | ||||||
United States | 3,722 | 5,049 | 8,271 | |||||||||
Europe | 1,788 | 2,414 | 4,127 | |||||||||
Malaysia | 2,082 | 1,714 | 1,780 | |||||||||
Japan | 2,068 | 3,316 | 2,733 | |||||||||
China | 1,212 | 1,725 | 3,032 | |||||||||
Rest of North America | 463 | 327 | 326 | |||||||||
Rest of Asia Pacific | 62 | 350 | 301 | |||||||||
Total revenue | $ | 26,072 | $ | 14,944 | $ | 20,969 | ||||||
The following distributors and customers accounted for 10% or more of the Company's revenue for the periods presented: | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Distributor “A” | 18 | % | 27 | % | 39 | % | ||||||
Distributor "C" | * | 19 | % | 10 | % | |||||||
Distributor “D” | * | 10 | % | 13 | % | |||||||
Customer “B” | * | 14 | % | 15 | % | |||||||
Customer "E" | * | * | 11 | % | ||||||||
Customer "F" | * | 10 | % | * | ||||||||
Customer "G" | 56 | % | * | * | ||||||||
___________________________ | ||||||||||||
* Represents less than 10% of revenue for the period presented. | ||||||||||||
The following distributors and customers accounted for 10% or more of the Company's accounts receivable as of the dates presented: | ||||||||||||
December 29, | December 30, | |||||||||||
2013 | 2012 | |||||||||||
Distributor “A” | 20 | % | 35 | % | ||||||||
Distributor “B” | * | 14 | % | |||||||||
Customer "G" | 71 | % | * | |||||||||
___________________________ | ||||||||||||
* Represents less than 10% of accounts receivable as of the date presented. | ||||||||||||
As of the end of 2013, less than 10% of the Company's long-lived assets, including property and equipment and other assets, were located outside the United States. |
Shelf_Registration_Statement
Shelf Registration Statement | 12 Months Ended |
Dec. 29, 2013 | |
Shelf Registration Statement [Abstract] | ' |
Shelf Registration Statement | ' |
SHELF REGISTRATION STATEMENT | |
On July 31, 2013, the Company filed a shelf registration statement on Form S-3 under which the Company may, from time to time, sell securities in one or more offerings up to a total dollar amount of $40.0 million. The Company's shelf registration statement was declared effective on August 30, 2013 and expires in August 2016. | |
In November 2013, the Company issued an aggregate of 8,740,000 shares of common stock, $0.001 par value, in an underwritten public offering at a price of $2.90 per share. The Company received net proceeds from the offering of $23.1 million, net of underwriter's commission and other offering expenses of $2.2 million. | |
On June 1, 2012, the Company filed a registration statement on Form S-3 MEF to increase the amount of securities that may be sold under the shelf registration statement by $3.4 million. | |
In June 2012, the Company issued an aggregate of 5,122,000 shares of common stock and warrants to purchase up to an aggregate of 2,304,900 shares of common stock in a confidentially marketed underwritten offering. The common stock and warrants were issued in units (the “Units”), with each Unit consisting of (i) one share of common stock and (ii) a warrant to purchase 0.45 of a share of common stock, at a price of $2.50 per Unit. The Company received total net proceeds from the offering of $11.9 million, net of underwriting discounts and other offering expenses of $929,000. | |
The warrants are exercisable any time for a period of 60 months from the date of issuance on June 6, 2012 and are exercisable at a price of $2.98 per share. The Company allocated the proceeds between the common stock and the warrants based on the relative fair value of each on the date of issuance. The estimated grant date fair value was $0.97 per warrant and was calculated based on the following assumptions used in the Black-Scholes model: expected term of 5 years, risk-free interest rate of 0.89%, expected volatility of 62.18% and expected dividend of zero. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Certain wafer manufacturers require the Company to forecast wafer starts several months in advance. The Company is committed to take delivery of and pay for a portion of forecasted wafer volume. As of the end of 2013 and 2012, the Company had $10.8 million and $621,000, respectively, of outstanding commitments for the purchase of wafer inventory. | ||||
The Company has purchase obligations with certain suppliers for the purchase of goods and services entered into in the ordinary course of business. As of December 29, 2013, total outstanding purchase obligations were $701,000, which are primarily due within the next 12 months. | ||||
The Company leases its primary facility under a non-cancelable operating lease that expires in 2015. In addition, the Company rents development facilities in India as well as sales offices in Europe and Asia. Total rent expense, net of sublease income, during 2013, 2012 and 2011 was approximately $947,000, $493,000, and $464,000, respectively. | ||||
Future minimum lease commitments under the Company's operating leases, net of sublease income and excluding property taxes and insurance are as follows: | ||||
Operating Leases | ||||
(in thousands) | ||||
Fiscal Years | ||||
2014 | $ | 906 | ||
2015 | 863 | |||
2016 and thereafter | 60 | |||
$ | 1,829 | |||
Litigation
Litigation | 12 Months Ended |
Dec. 29, 2013 | |
Litigation [Abstract] | ' |
Litigation | ' |
LITIGATION | |
From time to time, the Company may become involved in legal actions arising in the ordinary course of business including, but not limited to, intellectual property infringement and collection matters. Absolute assurance cannot be given that any such third party assertions will be resolved without costly litigation; in a manner that is not adverse to the Company's financial position, results of operations or cash flows; or without requiring royalty or other payments which may adversely impact gross profit. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at | Charged to | Deductions/Write-offs | Balance at | |||||||||||||
Beginning | Costs and | End of Period | ||||||||||||||
of Period | Expenses | |||||||||||||||
Allowance for Doubtful Accounts: | ||||||||||||||||
Fiscal Year 2013 | $ | 20 | $ | (20 | ) | $ | — | $ | — | |||||||
Fiscal Year 2012 | $ | 10 | $ | 10 | $ | — | $ | 20 | ||||||||
Fiscal Year 2011 | $ | 16 | $ | — | $ | (6 | ) | $ | 10 | |||||||
Allowance for Deferred Tax Assets: | ||||||||||||||||
Fiscal Year 2013 | $ | 60,223 | $ | 3,305 | $ | — | $ | 63,528 | ||||||||
Fiscal Year 2012 | $ | 56,067 | $ | 4,156 | $ | — | $ | 60,223 | ||||||||
Fiscal Year 2011 | $ | 52,827 | $ | 3,240 | $ | — | $ | 56,067 | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Fiscal Period | ' |
QuickLogic Corporation's fiscal year ends on the Sunday closest to December 31. Fiscal years 2013, 2012 and 2011 ended on December 29, 2013, December 30, 2012 and January 1, 2012, respectively. | |
Liquidity | ' |
Liquidity | |
The Company has financed its operations and capital investments through sales of common stock, capital and operating leases, and bank lines of credit. As of December 29, 2013, the Company's principal sources of liquidity consisted of its cash and cash equivalents of $37.4 million and $5.0 million in available credit under its revolving line of credit with Silicon Valley Bank which expires on June 27, 2014. | |
The Company currently uses its cash to fund its capital expenditures and operating losses. Based on past performance and current expectations, the Company believes that its existing cash and cash equivalents, together with available financial resources from the revolving line of credit with Silicon Valley Bank will be sufficient to fund its operations and capital expenditures and provide adequate working capital for the next twelve months. | |
Over the longer term, based on current expectations regarding revenue growth and margin improvement, the Company believes that its existing cash and cash equivalents, together with financial resources from its revolving line of credit with Silicon Valley Bank and its ability to sell additional shares to capital markets will be sufficient to satisfy its operations and capital expenditures. | |
The Company's liquidity is affected by many factors including, among others: the level of revenue and gross profit as a result of the cyclicality of the semiconductor industry; the conversion of design opportunities into revenue; market acceptance of existing and new products including CSSPs based on its ArcticLink® and PolarPro® solution platforms; fluctuations in revenue as a result of product end-of-life; fluctuations in revenue as a result of the stage in the product life cycle of its customers' products; costs of securing access to and availability of adequate manufacturing capacity; levels of inventories; wafer purchase commitments; customer credit terms; the amount and timing of research and development expenditures; the timing of new product introductions; production volumes; product quality; sales and marketing efforts; the value and liquidity of its investment portfolio; changes in operating assets and liabilities; the ability to obtain or renew debt financing and to remain in compliance with the terms of existing credit facilities; the ability to raise funds from the sale of equity in the Company; the issuance and exercise of stock options and participation in the Company's employee stock purchase plan; and other factors related to the uncertainties of the industry and global economics. Accordingly, there can be no assurance that events in the future will not require the Company to seek additional capital or, if so required, that such capital will be available on terms acceptable to the Company. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of QuickLogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these consolidated financial statements in conformity with generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates, particularly in relation to revenue recognition, the allowance for doubtful accounts, sales returns, valuation of investments, valuation of long-lived assets, valuation of inventories including identification of excess quantities, market value and obsolescence, measurement of stock-based compensation awards, accounting for income taxes and estimating accrued liabilities. | |
Cash Equivalents | ' |
Cash Equivalents | |
All highly liquid investments purchased with a remaining maturity of ninety days or less are considered cash equivalents. The Company's investment portfolio included in cash equivalents is generally comprised of investments that meet high credit quality standards. The Company's investment portfolio consists of money market funds, which are precluded from investing in auction rate securities. These funds invest in U.S. government obligations and repurchase agreements secured by U.S. Treasury obligations and U.S. government agency obligations. The fair value of this portfolio is based on market prices for securities with active secondary and resale markets. | |
Fair Value | ' |
Fair Value | |
The guidance for the fair value option for financial assets and financial liabilities provides companies the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings or equity. The Company has not elected to measure any financial assets or liabilities at fair value that were not previously required to be measured at fair value. | |
Foreign Currency Transactions | ' |
Foreign Currency | |
The functional currency of the Company's non-U.S. operations is the U.S. dollar. Accordingly, all monetary assets and liabilities of these foreign operations are translated into U.S. dollars at current period-end exchange rates and non-monetary assets and related elements of expense are translated using historical exchange rates. Income and expense elements are translated to U.S. dollars using the average exchange rates in effect during the period. Gains and losses from the foreign currency transactions of these subsidiaries are recorded as interest income and other expense, net in the statements of operations. | |
Foreign Currency Transactions | |
All of the Company's sales and cost of manufacturing are transacted in U.S. dollars. The Company conducts a portion of its research and development activities in Canada and India and has sales and marketing activities in various countries outside of the United States. Most of these international expenses are incurred in local currency. Foreign currency transaction gains and losses, which are not significant, are included in interest income and other expense, net, as they occur. Operating expenses denominated in foreign currencies were approximately 19%, 19%, and 16% of total operating expenses in 2013, 2012, and 2011, respectively. The Company incurred a majority of these foreign currency expenses in Japan and Canada. The Company has not used derivative financial instruments to hedge its exposure to fluctuations in foreign currency and, therefore, is susceptible to fluctuations in foreign exchange gains or losses in its results of operations in future reporting periods. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of standard cost or net realizable value. Standard cost approximates actual cost on a first-in, first-out basis. The Company routinely evaluates quantities and values of its inventories in light of current market conditions and market trends and records reserves for quantities in excess of demand and product obsolescence. The evaluation, which inherently involves judgments as to assumptions about expected future demand and the impact of market conditions on these assumptions, takes into consideration historic usage, expected demand, anticipated sales price, the stage in the product life cycle of its customers' products, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer design activity, customer concentrations, product merchantability and other factors. Market conditions are subject to change. Actual consumption of inventories could differ from forecast demand, and this difference could have a material impact on the Company's gross margin and inventory balances based on additional provisions for excess or obsolete inventories or a benefit from inventories previously written down. The Company also regularly reviews the cost of inventories against estimated market value and records a lower of cost or market reserve for inventories that have a cost in excess of estimated market value, which could have a material impact on the Company's gross margin and inventory balances based on additional write-downs to net realizable value or a benefit from inventories previously written down. | |
The Company's semiconductor products have historically had an unusually long product life cycle and obsolescence has not been a significant factor in the valuation of inventories. However, as the Company pursues opportunities in the mobile market and continues to develop new CSSPs and products, the Company believes its product life cycle will be shorter and increase the potential for obsolescence. A significant decrease in demand could result in an increase in the amount of excess inventory on hand. Although the Company makes every effort to ensure the accuracy of its forecasts of future product demand, any significant unanticipated changes in demand or frequent new product developments could have a significant impact on the value of its inventory and its results of operations. | |
Property Plant and Equipment and Long-Lived Assets | ' |
Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, generally one to seven years. Amortization of leasehold improvements and capital leases is computed on a straight-line basis over the shorter of the lease term or the estimated useful lives of the assets, generally one to seven years. | |
Long-Lived Assets | |
The Company reviews the recoverability of its long-lived assets, such as property and equipment, and investments, annually and when events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company's ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of the asset or asset group, an impairment loss is recognized for the difference between the estimated fair value and the carrying value, and the carrying value of the related assets is reduced by this difference. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets. During 2013, 2012 and 2011, the Company wrote-off equipment with a net book value of $96,000, $25,000, and $102,000, respectively. | |
Licensed Intellectual Property | ' |
Licensed Intellectual Property | |
The Company licenses intellectual property that is incorporated into its products. Costs incurred under license agreements prior to the establishment of technological feasibility are included in research and development expense as incurred. Costs incurred for intellectual property once technological feasibility has been established and that can be used in multiple products are capitalized as a long-term asset. Once a product incorporating licensed intellectual property has production sales, the amount is amortized over the estimated useful life of the asset, generally up to five years. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company supplies standard products which must be programmed before they can be used in an application. The Company's products may be programmed by us, distributors, end-customers or third parties. | |
The Company recognizes revenue as products are shipped if evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, collection of the resulting receivable is reasonably assured and product returns are reasonably estimable. Revenue is recognized upon shipment of programmed and unprogrammed parts to both OEM customers and distributors, provided that legal title and risk of ownership have transferred. Parts held by distributors may be returned for quality reasons only under its standard warranty policy. | |
Warranty Costs | ' |
Warranty Costs | |
The Company warrants finished goods against defects in material and workmanship under normal use for twelve months from the date of shipment. The Company does not have significant product warranty related costs or liabilities. | |
Advertising | ' |
Advertising | |
Costs related to advertising and promotion expenditures are charged to “Selling, general and administrative” expense as incurred. To date, costs related to advertising and promotion expenditures have not been material. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company adopted the provisions to record stock-based compensation beginning fiscal year 2006. The Company accounts for stock-based compensation under the provisions of the amended authoritative guidance, and related interpretations which require the measurement and recognition of expense related to the fair value of stock-based compensation awards. The fair value of stock-based compensation awards is measured at the grant date and re-measured upon modification, as appropriate. The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares under the Company's 1999 Employee Stock Purchase Plan, or ESPP, consistent with the provisions of the amended authoritative guidance. The fair value of restricted stock awards, or RSAs, and restricted stock units, or RSUs, is based on the closing price of the Company's common stock on the date of grant. Equity compensation awards which vest with service are expensed on a straight-line basis over the requisite service period. Performance based awards that are expected to vest are expensed on a straight-line basis over the vesting period. The Company regularly reviews the assumptions used to compute the fair value of its stock-based awards and it will revise its assumptions as appropriate. In the event that assumptions used to compute the fair value of its stock-based awards are later determined to be inaccurate or if the Company changes its assumptions significantly in future periods, stock-based compensation expense and the results of operations could be materially impacted. See Note 11. | |
Valuation Assumptions | |
The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares under the Company's 2009 ESPP. Using the Black-Scholes pricing model requires the Company to develop highly subjective assumptions including the expected term of awards, expected volatility of its stock, expected risk-free interest rate and expected dividend rate over the term of the award. The Company's expected term of awards assumption is based primarily on its historical experience with similar grants. The Company's expected stock price volatility assumption for both stock options and ESPP shares is based on the historical volatility of the Company's stock, using the daily average of the opening and closing prices and measured using historical data appropriate for the expected term. The risk-free interest rate assumption approximates the risk-free interest rate of a Treasury Constant Maturity bond with a maturity approximately equal to the expected term of the stock option or ESPP shares. This fair value is expensed over the requisite service period of the award. The fair value of RSUs and PRSUs is based on the closing price of the Company's common stock on the date of grant. Equity compensation awards which vest with service are expensed using the straight-line attribution method over the requisite service period. | |
Accounting for Income Taxes | ' |
Accounting for Income Taxes | |
As part of the process of preparing the Company's financial statements, its required to estimate its income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company's actual current tax exposure together with assessing temporary differences resulting from different tax and accounting treatment of items, such as deferred revenue, allowance for doubtful accounts, the impact of equity awards, depreciation and amortization and employee related accruals. These differences result in deferred tax assets and liabilities, which are included on the Company's balance sheets. The Company must then assess the likelihood that its deferred tax assets will be recovered from future taxable income and to the extent the Company believes that recovery is not more likely than not, it must establish a valuation allowance. To the extent the Company establishs a valuation allowance or increase this allowance in a period, it must include an expense within the tax provision in the statements of operations. | |
Significant management judgment is required in determining the Company's provision for income taxes, the Company's deferred tax assets and liabilities and any valuation allowance recorded against the Company's net deferred tax assets. The Company's deferred tax assets, consisting primarily of net operating loss carryforwards, amounted to $63.6 million as of the end of 2013. The Company has also recorded a valuation allowance of $63.5 million as of the end of 2013 due to uncertainties related to the Company's ability to utilize its U.S. deferred tax assets before they expire. The valuation allowance is based on the uncertainty of the Company's estimates of taxable income and the period over which it expects to recover its deferred tax assets. | |
The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that it anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. | |
Concentration Risk | ' |
Concentration of Risk | |
The Company's accounts receivable are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Asia Pacific, and Europe. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. See Note 13 for information regarding concentrations associated with accounts receivable. | |
Concentration of Credit and Suppliers | |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality institutions. The Company's accounts receivable are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Europe and Asia Pacific. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. See Note 13 for information regarding concentrations associated with accounts receivable. | |
The Company depends on a limited number of contract manufacturers, subcontractors, and suppliers for wafer fabrication, assembly, programming and test of its devices, and for the supply of programming equipment, and these services are typically provided by one supplier for each of the Company's devices. The Company generally purchases these single or limited source services through standard purchase orders. Because the Company relies on independent subcontractors to perform these services, it cannot directly control its product delivery schedules, costs or quality levels. The Company's future success also depends on the financial viability of its independent subcontractors. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss) | |
Comprehensive income (loss) includes all temporary changes in equity (net assets) during a period from non-owner sources. Comprehensive income (loss) includes unrealized holding gains or (losses) related to the TowerJazz ordinary shares. See Note 4. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board, or FASB, issued guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance became effective for the Company beginning December 15, 2012. The Company adopted this guidance prospectively in its interim period ended March 31, 2013 (see Note 12). | |
In March 2013, the FASB issued guidance on a parent's accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The Company will adopt the new guidance in its interim period ending March 30, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This guidance is effective for the Company beginning after December 15, 2013. Other than the change in presentation within the Consolidated Balance Sheet, this new guidance will not have an impact on the consolidated financial statements. | |
Earnings Per Share | ' |
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share was computed using the weighted average number of common shares outstanding during the period plus potentially dilutive common shares outstanding during the period under the treasury stock method. In computing diluted net income (loss) per share, the weighted average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options and warrants |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Schedule of Supplemental Balance Sheet Disclosures | ' | |||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Inventories: | ||||||||
Raw materials | $ | 19 | $ | 32 | ||||
Work-in-process | 1,343 | 2,599 | ||||||
Finished goods | 2,774 | 397 | ||||||
$ | 4,136 | $ | 3,028 | |||||
Other current assets: | ||||||||
Prepaid expenses | $ | 845 | $ | 954 | ||||
Other | 427 | 32 | ||||||
$ | 1,272 | $ | 986 | |||||
Property and equipment: | ||||||||
Equipment | $ | 13,294 | $ | 12,803 | ||||
Software | 3,349 | 5,682 | ||||||
Furniture and fixtures | 710 | 746 | ||||||
Leasehold improvements | 640 | 658 | ||||||
17,993 | 19,889 | |||||||
Accumulated depreciation and amortization | (15,153 | ) | (17,230 | ) | ||||
$ | 2,840 | $ | 2,659 | |||||
Accrued liabilities: | ||||||||
Employee related accruals | $ | 2,821 | $ | 1,035 | ||||
Other | 698 | 179 | ||||||
$ | 3,519 | $ | 1,214 | |||||
Obligations_Tables
Obligations (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Obligations | ' | |||||||
December 29, | December 30 | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Debt and capital software lease obligations: | ||||||||
Revolving line of credit | $ | 1,000 | $ | — | ||||
Capital software leases | 310 | 426 | ||||||
1,310 | 426 | |||||||
Current portion of debt and capital software lease obligations | (1,177 | ) | (160 | ) | ||||
Long term portion of debt and capital software lease obligations | $ | 133 | $ | 266 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following table presents the Company's financial assets that are measured at fair value on a recurring basis as of December 29, 2013 and December 30, 2012, consistent with the fair value hierarchy provisions of the authoritative guidance (in thousands): | ||||||||||||||||||||||||||||||||
As of December 29, 2013 | As of December 30, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Money market funds(1) | $ | 35,812 | $ | 35,812 | $ | — | $ | — | $ | 21,907 | $ | 21,907 | $ | — | $ | — | ||||||||||||||||
Investment in TowerJazz Semiconductor Ltd. (2) | — | — | — | — | 345 | 345 | — | — | ||||||||||||||||||||||||
Total assets | $ | 35,812 | $ | 35,812 | $ | — | $ | — | $ | 22,252 | $ | 22,252 | $ | — | $ | — | ||||||||||||||||
___________________________ | ||||||||||||||||||||||||||||||||
-1 | Money market funds are presented as a part of cash and cash equivalents on the accompanying consolidated balance sheets as of December 29, 2013 and December 30, 2012. | |||||||||||||||||||||||||||||||
(2) | In June 2013, the Company sold all of its 42,970 remaining shares of TowerJazz marketable securities for a gain of $181,000 and cash proceeds of $265,000. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision for income taxes | ' | |||||||||||
The following table presents the U.S. and foreign components of consolidated income (loss) before income taxes and the provision for (benefit from) income taxes (in thousands): | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income (loss) before income taxes: | ||||||||||||
U.S. | $ | (11,888 | ) | $ | (12,444 | ) | $ | (7,569 | ) | |||
Foreign | 67 | 148 | 25 | |||||||||
Income (loss) before income taxes | $ | (11,821 | ) | $ | (12,296 | ) | $ | (7,544 | ) | |||
Provision for (benefit from) income taxes: | ||||||||||||
Current: | ||||||||||||
Federal | $ | 58 | $ | — | $ | — | ||||||
State | 1 | 2 | 2 | |||||||||
Foreign | 83 | 51 | 66 | |||||||||
Subtotal | 142 | 53 | 68 | |||||||||
Deferred: | ||||||||||||
Federal | 225 | (55 | ) | — | ||||||||
State | 48 | (9 | ) | — | ||||||||
Foreign | 40 | 29 | (18 | ) | ||||||||
Subtotal | 313 | (35 | ) | (18 | ) | |||||||
Provision for (benefit from) income taxes | $ | 455 | $ | 18 | $ | 50 | ||||||
Net deferred tax assets and liabilities | ' | |||||||||||
Deferred tax balances are comprised of the following (in thousands): | ||||||||||||
December 29, 2013 | December 30, 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating losses | $ | 38,594 | $ | 36,137 | ||||||||
Capital losses | 4,530 | 2,205 | ||||||||||
Accruals and reserves | 2,848 | 2,683 | ||||||||||
Credits carryforward | 5,433 | 5,024 | ||||||||||
Unrealized loss on marketable securities | — | 3,088 | ||||||||||
Depreciation and amortization | 10,590 | 9,558 | ||||||||||
Stock-based compensation | 1,583 | 1,344 | ||||||||||
Other | — | 273 | ||||||||||
63,578 | 60,312 | |||||||||||
Valuation allowances | (63,528 | ) | (60,223 | ) | ||||||||
Deferred tax asset | $ | 50 | $ | 89 | ||||||||
Deferred tax liability | — | — | ||||||||||
Reconciliation of provision for income taxes at U.S federal income tax rate to the provision for income taxes per the financial statements | ' | |||||||||||
A rate reconciliation between income tax provisions at the U.S. federal statutory rate and the effective rate reflected in the consolidated statements of operations is as follows: | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense/(benefit) at statutory rate | $ | (4,019 | ) | $ | (4,180 | ) | $ | (2,565 | ) | |||
State taxes | 1 | 2 | 2 | |||||||||
Stock compensation and other permanent differences | 316 | 342 | 192 | |||||||||
Foreign taxes | 101 | 30 | 41 | |||||||||
Benefit allocated from other comprehensive income (loss) | 273 | (65 | ) | — | ||||||||
Future benefit of deferred tax assets not recognized | 3,783 | 3,889 | 2,380 | |||||||||
Provision for income taxes | $ | 455 | $ | 18 | $ | 50 | ||||||
Reconciliation of beginning and ending amount of unrecognized tax benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | ||||||||||
Beginning balance of unrecognized tax benefits | $ | 79 | $ | 77 | $ | 73 | ||||||
Gross increases for tax positions of current year | — | 2 | 4 | |||||||||
Ending balance of unrecognized tax benefits | $ | 79 | $ | 79 | $ | 77 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||||
The impact on the Company's results of operations of recording stock-based compensation expense for fiscal years 2013, 2012 and 2011 was as follows (in thousands): | ||||||||||||||||
Fiscal Years | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Cost of revenue | $ | 232 | $ | 179 | $ | 131 | ||||||||||
Research and development | 666 | 455 | 458 | |||||||||||||
Selling, general and administrative | 1,081 | 1,369 | 1,087 | |||||||||||||
Total costs and expenses | $ | 1,979 | $ | 2,003 | $ | 1,676 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||
The following weighted average assumptions are included in the estimated fair value calculations for stock option grants: | ||||||||||||||||
Fiscal Years | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected term (years) | 6.1 | 6.3 | 5.7 | |||||||||||||
Risk-free interest rate | 1.74 | % | 0.98 | % | 1.16 | % | ||||||||||
Expected volatility | 59 | % | 61 | % | 61 | % | ||||||||||
Expected dividend | — | — | — | |||||||||||||
Schedule of Share-based Compensation, Activity | ' | |||||||||||||||
The following table summarizes the shares available for grant under the 2009 Plan for 2013: | ||||||||||||||||
Shares | ||||||||||||||||
Available for Grant | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 30, 2012 | 2,920 | |||||||||||||||
Options granted | (716 | ) | ||||||||||||||
Options forfeited or expired | 269 | |||||||||||||||
RSUs granted | (215 | ) | ||||||||||||||
PRSU's granted | (30 | ) | ||||||||||||||
PRSU's forfeited or expired | 25 | |||||||||||||||
Balance at December 29, 2013 | 2,253 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||
The following table summarizes stock options outstanding and stock option activity under the 1999 Plan and the 2009 Plan, and the related weighted average exercise price, for 2013, 2012 and 2011: | ||||||||||||||||
Number of Shares | Weighted Average | Weighted Average | Aggregate Intrinsic | |||||||||||||
Exercise Price | Remaining Term | Value | ||||||||||||||
(in thousands) | (in years) | (in thousands) | ||||||||||||||
Balance outstanding at January 2, 2011 | 8,069 | $ | 2.74 | |||||||||||||
Granted | 876 | 2.81 | ||||||||||||||
Forfeited or expired | (803 | ) | 4.51 | |||||||||||||
Exercised | (659 | ) | 2.46 | |||||||||||||
Balance outstanding at January 1, 2012 | 7,483 | 2.58 | ||||||||||||||
Granted | 791 | 2.43 | ||||||||||||||
Forfeited or expired | (935 | ) | 3.04 | |||||||||||||
Exercised | (379 | ) | 1.87 | |||||||||||||
Balance outstanding at December 30, 2012 | 6,960 | 2.55 | ||||||||||||||
Granted | 716 | 3.26 | ||||||||||||||
Forfeited or expired | (269 | ) | 2.65 | |||||||||||||
Exercised | (165 | ) | 2.21 | |||||||||||||
Balance outstanding at December 29, 2013 | 7,242 | $ | 2.62 | 5.75 | $ | 9,260 | ||||||||||
Exercisable at December 29, 2013 | 5,648 | $ | 2.54 | 4.9 | $ | 7,760 | ||||||||||
Vested and expected to vest at December 29, 2013 | 7,018 | $ | 2.61 | 5.64 | $ | 9,073 | ||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||
Significant exercise price ranges of options outstanding, related weighted average exercise prices and contractual life information at the end of 2013 were as follows: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Options | Weighted | Weighted Average | Options Vested and | Weighted Average | |||||||||||
Outstanding | Average | Exercise Price | Exercisable | Exercise Price | ||||||||||||
Remaining | ||||||||||||||||
Contractual | ||||||||||||||||
Life | ||||||||||||||||
(in thousands) | (in years) | (in thousands) | ||||||||||||||
$0.78 - $0.94 | 634 | 4.82 | $ | 0.9 | 634 | $ | 0.9 | |||||||||
1.63 - 1.63 | 1,155 | 5.15 | 1.63 | 1,155 | 1.63 | |||||||||||
2.06 - 2.75 | 949 | 5.9 | 2.42 | 552 | 2.53 | |||||||||||
2.76 - 2.76 | 11 | 8.11 | 2.76 | 4 | 2.76 | |||||||||||
2.78 - 2.78 | 2,094 | 6.9 | 2.78 | 1,593 | 2.78 | |||||||||||
2.82 - 3.02 | 839 | 2.83 | 2.96 | 810 | 2.96 | |||||||||||
3.04 - 3.48 | 801 | 8.38 | 3.39 | 240 | 3.36 | |||||||||||
3.54 - 4.17 | 681 | 4.76 | 4.07 | 583 | 4.15 | |||||||||||
4.36- 4.36 | 35 | 1.42 | 4.36 | 35 | 4.36 | |||||||||||
5.94 - 5.94 | 43 | 2.33 | 5.94 | 43 | 5.94 | |||||||||||
$0.78 - $5.94 | 7,242 | 5.75 | $ | 2.62 | 5,649 | $ | 2.54 | |||||||||
Schedule of Share-based compensation related to RSU | ' | |||||||||||||||
The stock-based compensation related to grants of vested RSUs was $590,000 in 2013. In 2013, the Company also granted PRSUs, to new employees and the stock-based compensation related to PRSUs was $64,000. | ||||||||||||||||
RSUs & PRSUs Outstanding | ||||||||||||||||
Number of Shares | Weighted Average | |||||||||||||||
Grant Date Fair Value | ||||||||||||||||
(in thousands) | ||||||||||||||||
Nonvested at December 30, 2012 | 40 | $ | 2.3 | |||||||||||||
Granted | 245 | 3.33 | ||||||||||||||
Vested | (35 | ) | 3.28 | |||||||||||||
Forfeited | (25 | ) | — | |||||||||||||
Nonvested at December 29, 2013 | 225 | $ | 3.17 | |||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumption | ' | |||||||||||||||
The fair value of rights issued pursuant to the Company's ESPP was estimated on the commencement date of each offering period using the following weighted average assumptions: | ||||||||||||||||
Fiscal Years | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected life (months) | 6.1 | 6 | 6.1 | |||||||||||||
Risk-free interest rate | 0.09 | % | 0.14 | % | 0.08 | % | ||||||||||
Volatility | 39 | % | 56 | % | 56 | % | ||||||||||
Dividend yield | — | — | — | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Equity [Abstract] | ' | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the year ended December 29, 2013: | |||||
Change in unrealized gains on available for sale securities | |||||
(in thousands) | |||||
Accumulated other comprehensive income (loss), net of tax, as of December 30, 2012 | $ | (11 | ) | ||
Other comprehensive income (loss) before reclassifications | (77 | ) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 88 | ||||
Net change in other comprehensive income (loss) | 11 | ||||
Accumulated other comprehensive income (loss), net of tax, as of December 29, 2013 | $ | — | |||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||
The following table provides details about reclassification out of accumulated other comprehensive income for the year ended December 29, 2013: | |||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income Is Presented | |||
(in thousands) | |||||
Available-for-sale investments | $ | (185 | ) | Realized gain from sale of TowerJazz marketable securities | |
273 | Tax benefit on unrealized gain on TowerJazz marketable securities | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | $ | 88 | |||
Information_Concerning_Product1
Information Concerning Product Lines, Geographic Information and Revenue Concentration (Tables) | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Revenue by Product Line | ' | |||||||||||
The following is a breakdown of revenue by product family (in thousands): | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue by product line (1) : | ||||||||||||
New products | $ | 18,219 | $ | 5,920 | $ | 5,326 | ||||||
Mature products | 7,853 | 9,024 | 15,643 | |||||||||
Total revenue | $ | 26,072 | $ | 14,944 | $ | 20,969 | ||||||
___________________________ | ||||||||||||
-1 | For all periods presented: New products include ArcticLink®, ArcticLink II, ArcticLink III, Eclipse™ II, PolarPro®, PolarPro II, and QuickPCI II. Mature products include Eclipse, EclipsePlus, pASIC® 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM, and V3, as well as royalty revenue, programming hardware and software. | |||||||||||
Schedule of Revenue by Geographical Areas | ' | |||||||||||
The following is a breakdown of revenue by shipment destination (in thousands): | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue by geography: | ||||||||||||
South Korea | $ | 14,675 | $ | 49 | $ | 399 | ||||||
United States | 3,722 | 5,049 | 8,271 | |||||||||
Europe | 1,788 | 2,414 | 4,127 | |||||||||
Malaysia | 2,082 | 1,714 | 1,780 | |||||||||
Japan | 2,068 | 3,316 | 2,733 | |||||||||
China | 1,212 | 1,725 | 3,032 | |||||||||
Rest of North America | 463 | 327 | 326 | |||||||||
Rest of Asia Pacific | 62 | 350 | 301 | |||||||||
Total revenue | $ | 26,072 | $ | 14,944 | $ | 20,969 | ||||||
Schedule of Customer Concentration | ' | |||||||||||
The following distributors and customers accounted for 10% or more of the Company's revenue for the periods presented: | ||||||||||||
Fiscal Years | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Distributor “A” | 18 | % | 27 | % | 39 | % | ||||||
Distributor "C" | * | 19 | % | 10 | % | |||||||
Distributor “D” | * | 10 | % | 13 | % | |||||||
Customer “B” | * | 14 | % | 15 | % | |||||||
Customer "E" | * | * | 11 | % | ||||||||
Customer "F" | * | 10 | % | * | ||||||||
Customer "G" | 56 | % | * | * | ||||||||
___________________________ | ||||||||||||
* Represents less than 10% of revenue for the period presented. | ||||||||||||
Schedule Of Customers Accounting for More than 10% of Accounts Receivable | ' | |||||||||||
The following distributors and customers accounted for 10% or more of the Company's accounts receivable as of the dates presented: | ||||||||||||
December 29, | December 30, | |||||||||||
2013 | 2012 | |||||||||||
Distributor “A” | 20 | % | 35 | % | ||||||||
Distributor “B” | * | 14 | % | |||||||||
Customer "G" | 71 | % | * | |||||||||
___________________________ | ||||||||||||
* Represents less than 10% of accounts receivable as of the date presented. | ||||||||||||
As of the end of 2013, less than 10% of the Company's long-lived assets, including property and equipment and other assets, were located outside the United States. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments for Operating Leases | ' | |||
Future minimum lease commitments under the Company's operating leases, net of sublease income and excluding property taxes and insurance are as follows: | ||||
Operating Leases | ||||
(in thousands) | ||||
Fiscal Years | ||||
2014 | $ | 906 | ||
2015 | 863 | |||
2016 and thereafter | 60 | |||
$ | 1,829 | |||
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 29, 2013 |
Revolving Credit Facility [Member] | Samsung [Member] | |||||
Silicon Valley Bank [Member] | Sales Revenue, Goods, Net [Member] | |||||
Liquidity [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $37,406,000 | $22,578,000 | $20,203,000 | $21,956,000 | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | $5,000,000 | ' |
Percentage of revenue from major customer | ' | ' | ' | ' | ' | 56.00% |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Operating expenses denominated in foreign currency (as a percent) | 19.00% | 19.00% | 16.00% |
Write-off of equipment | $96,000 | $25,000 | $102,000 |
Operating loss carryforward | 63,600,000 | ' | ' |
Valuation allowance | $63,528,000 | $60,223,000 | ' |
Licensed Intellectual Property [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '7 years | ' | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '1 year | ' | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '7 years | ' | ' |
Assets Held under Capital Leases [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '1 year | ' | ' |
Assets Held under Capital Leases [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '7 years | ' | ' |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 8 | 7.6 | 8 |
Investment_in_TowerJazz_Semico1
Investment in TowerJazz Semiconductor Ltd. (Details) (TowerJazz [Member], USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Aug. 03, 2012 | Jun. 30, 2013 |
TowerJazz [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for Sale Securities Shares Sold During the Period | ' | 42,970 |
Gain (Loss) on Investments | ' | $181 |
Reverse stock split, conversion ratio | 0.0667 | ' |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventories: | ' | ' |
Raw materials | $19 | $32 |
Work-in-process | 1,343 | 2,599 |
Finished goods | 2,774 | 397 |
Inventories | 4,136 | 3,028 |
Other current assets: | ' | ' |
Prepaid expenses | 845 | 954 |
Other | 427 | 32 |
Other current assets | 1,272 | 986 |
Accrued liabilities: | ' | ' |
Employee related accruals | 2,821 | 1,035 |
Other | 698 | 179 |
Accrued liabilities | $3,519 | $1,214 |
Balance_Sheet_Components_Prope
Balance Sheet Components (Property and Equipment) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property and equipment: | ' | ' |
Property and equipment, gross | $17,993 | $19,889 |
Accumulated depreciation and amortization | -15,153 | -17,230 |
Property and equipment, net | 2,840 | 2,659 |
Equipment [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment, gross | 13,294 | 12,803 |
Software [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment, gross | 3,349 | 5,682 |
Furniture and Fixtures [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment, gross | 710 | 746 |
Leasehold Improvements [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment, gross | $640 | $658 |
Balance_Sheet_Components_Narra
Balance Sheet Components (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Depreciation and amortization | $1,338 | $1,223 | $1,220 |
Capital asset recorded | 1,000 | 800 | ' |
Accumulated depreciation on capital lease assets | 593 | 301 | ' |
Capital software leases | $310 | $426 | ' |
Obligations_Schedule_of_Obliga
Obligations (Schedule of Obligations) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Debt and capital lease obligations: | ' | ' |
Revolving line of credit | $1,000 | $0 |
Capital software leases | 310 | 426 |
Debt and Capital Lease Obligations | 1,310 | 426 |
Current portion of debt and capital software lease obligations | -1,177 | -160 |
Long term portion of debt and capital software lease obligations | $133 | $266 |
Obligations_Narrative_Details
Obligations (Narrative) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Feb. 29, 2012 | Feb. 29, 2012 | Feb. 29, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 01, 2013 | Jan. 31, 2012 | Dec. 29, 2013 | Dec. 31, 2011 | Dec. 29, 2013 |
Capital Lease Obligation, Leased February 2012 [Member] | Payment One [Member] | Payment Two [Member] | Capital Lease Obligation, Leased December 2013 [Member] | Capital Lease Obligation, Leased December 2013 [Member] | Capital Lease Obligation, Leased December 2013 [Member] | Capital Lease Obligation, Leased January 2012 [Member] | Capital Lease Obligation, Leased January 2012 [Member] | Capital Lease Obligation, Leased December 2011 [Member] | Revolving Credit Facility [Member] | |||
Software Tools [Member] | Software Tools [Member] | Software Tools [Member] | Software [Member] | Software [Member] | Software Tools [Member] | Software Tools [Member] | Software Tools [Member] | Silicon Valley Bank [Member] | ||||
Debt and Capital Lease Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 |
Revolving line of credit | 1,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% |
Minimum net worth required for compliance with covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 |
Minimum adjusted quick ratio required for compliance with covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Minimum cash balance required for compliance with covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 |
Capital leases term | ' | ' | '3 years | ' | ' | '2 years | ' | ' | '3 years | ' | '2 years | ' |
Capital lease, implied interest rate | ' | ' | 4.30% | ' | ' | 4.34% | ' | ' | 4.24% | ' | 4.24% | ' |
Capital lease, periodic payment | ' | ' | ' | 9,000 | 18,000 | 34,125 | ' | ' | 82,500 | ' | 34,125 | ' |
Capital lease obligations | 310,000 | 426,000 | 27,000 | ' | ' | ' | 229,000 | 273,000 | ' | 495,000 | 273,000 | ' |
Current portion of capital lease obligations | $177,000 | $160,000 | ' | ' | ' | ' | $96,000 | ' | ' | $81,000 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jun. 30, 2013 | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | TowerJazz [Member] | ||||||||||||
Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Money market funds | ' | ' | ' | $35,812 | [1] | $21,907 | [1] | $35,812 | [1] | $21,907 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' |
Investment in TowerJazz Semiconductor Ltd. | ' | ' | ' | 0 | [2] | 345 | [2] | 0 | [2] | 345 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' |
Total assets | ' | ' | ' | 35,812 | 22,252 | 35,812 | 22,252 | 0 | 0 | 0 | 0 | ' | ||||||||
Previously unissued stock by subsidiary or equity investee, shares sold in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,970,000 | ||||||||
Gain on sale of previously unissued stock by subsidiary or equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,000 | ||||||||
Proceeds from sale provided by TowerJazz Semiconductor Ltd. shares | $265 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $265,000 | ||||||||
[1] | Money market funds are presented as a part of cash and cash equivalents on the accompanying consolidated balance sheets as of DecemberB 29, 2013 and DecemberB 30, 2012. | |||||||||||||||||||
[2] | In June 2013, the Company sold all of its 42,970 remaining shares of TowerJazz marketable securities for a gain of $181,000 and cash proceeds of $265,000. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Cumulative unremitted foreign earnings | $1,000,000 | ' |
Unrecognized tax benefits that would affect effective tax rate if recognized | 79,000 | ' |
Accrued interest and penalties related to uncertain tax positions | 40,000 | 33,000 |
Federal [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 113,000,000 | ' |
Operating loss carryforwards that will result in credits to stockholders equity | 8,100,000 | ' |
Federal [Member] | Research Tax Credit Carryforward [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Tax credit carryforward | 2,800,000 | ' |
State [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 54,400,000 | ' |
Operating loss carryforwards that will result in credits to stockholders equity | 5,000,000 | ' |
State [Member] | Research Tax Credit Carryforward [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Tax credit carryforward | $3,800,000 | ' |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Income (loss) before income taxes: | ' | ' | ' |
U.S. | ($11,888) | ($12,444) | ($7,569) |
Foreign | 67 | 148 | 25 |
Income (loss) before income taxes | -11,821 | -12,296 | -7,544 |
Current: | ' | ' | ' |
Federal | 58 | 0 | 0 |
State | 1 | 2 | 2 |
Foreign | 83 | 51 | 66 |
Subtotal | 142 | 53 | 68 |
Deferred: | ' | ' | ' |
Federal | 225 | -55 | 0 |
State | 48 | -9 | 0 |
Foreign | 40 | 29 | -18 |
Subtotal | 313 | -35 | -18 |
Provision for (benefit from) income taxes | $455 | $18 | $50 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes (Net Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating losses | $38,594 | $36,137 |
Capital losses | 4,530 | 2,205 |
Accruals and reserves | 2,848 | 2,683 |
Credits carryforward | 5,433 | 5,024 |
Unrealized loss on marketable securities | 0 | 3,088 |
Depreciation and amortization | 10,590 | 9,558 |
Stock-based compensation | 1,583 | 1,344 |
Other | 0 | 273 |
Deferred tax assets, gross | 63,578 | 60,312 |
Valuation allowances | -63,528 | -60,223 |
Deferred tax asset | 50 | 89 |
Deferred tax liability | $0 | $0 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Tax Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense/(benefit) at statutory rate | ($4,019) | ($4,180) | ($2,565) |
State taxes | 1 | 2 | 2 |
Stock compensation and other permanent differences | 316 | 342 | 192 |
Foreign taxes | 101 | 30 | 41 |
Benefit allocated from other comprehensive income (loss) | 273 | -65 | 0 |
Future benefit of deferred tax assets not recognized | 3,783 | 3,889 | 2,380 |
Provision for (benefit from) income taxes | $455 | $18 | $50 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance of unrecognized tax benefits | $79 | $77 | $73 |
Gross increases for tax positions of current year | 0 | 2 | 4 |
Ending balance of unrecognized tax benefits | $79 | $79 | $77 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2013 | Jun. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 31, 2013 | Jun. 02, 2012 | 31-May-12 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' |
Shelf registration maximum offering | ' | ' | ' | ' | ' | $40,000,000 | ' | ' |
Shares issued in aggregate | 8,740,000 | 5,122,000 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' |
Share Price (in dollars per share) | $2.90 | ' | $3.86 | ' | ' | ' | ' | ' |
Proceeds from offering | 23,100,000 | 11,900,000 | ' | ' | ' | ' | ' | ' |
Stock issuance cost | 2,200,000 | 929,000 | 2,219,000 | 0 | 0 | ' | ' | ' |
Common stock and warrant | ' | 2,304,900 | ' | ' | ' | ' | ' | ' |
Increase in maximum amount of securities able to be sold under shelf registration statement | ' | ' | ' | ' | ' | ' | $3,400,000 | $3,400,000 |
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right number of securities called by warrants or rights per unit | ' | 0.45 | ' | ' | ' | ' | ' | ' |
Price (in dollars per unit) | ' | 2.5 | ' | ' | ' | ' | ' | ' |
Exercise period of warrants | ' | ' | '60 months | ' | ' | ' | ' | ' |
Fair value grant date (in dollars per unit) | ' | ' | 0.97 | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per unit) | ' | ' | 2.98 | ' | ' | ' | ' | ' |
Expected term | ' | ' | '5 years | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | 0.89% | ' | ' | ' | ' | ' |
Expected volatility rate | ' | ' | 62.18% | ' | ' | ' | ' | ' |
Expected dividend rate (in dollars per share) | ' | ' | $0 | ' | ' | ' | ' | ' |
Employee_Stock_Plans_Details
Employee Stock Plans (Details) | 1 Months Ended | 12 Months Ended | |
Apr. 28, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award vesting period | ' | '4 years | ' |
1999 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award, up to term | ' | '10 years | ' |
1999 Stock Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for grant (in shares) | ' | 0 | ' |
1999 Stock Plan [Member] | Initial Vesting [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award vesting period | ' | '1 year | ' |
Percent of options vested | ' | 25.00% | ' |
1999 Stock Plan [Member] | Periodic Vesting [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award vesting period | ' | '1 month | ' |
Percent of options vested | ' | 2.08% | ' |
2009 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award, up to term | ' | '10 years | ' |
Shares available for grant (in shares) | ' | 2,253,000 | 2,920,000 |
Additional shares reserved for issuance (in shares) | 1,500,000 | ' | ' |
Shares reserved for issuance | ' | 7,000,000 | ' |
Forfeited or repurchased available for reissuance | ' | 7,500,000 | ' |
2009 Stock Plan [Member] | Initial Vesting [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award vesting period | ' | '1 year | ' |
Percent of options vested | ' | 25.00% | ' |
2009 Stock Plan [Member] | Periodic Vesting [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity award vesting period | ' | '1 month | ' |
Percent of options vested | ' | 2.08% | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares reserved for issuance | ' | 2,300,000 | ' |
Maximum percent of employees total compensation allowed for purchase of shares | ' | 20.00% | ' |
Maximum number of shares per employee per period | ' | 20,000 | ' |
Purchase price of shares as a percentage of fair market value | ' | 85.00% | ' |
Duration of offering period | ' | '6 months | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Allocation of Recognized Period Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total costs and expenses | $1,979 | $2,003 | $1,676 |
Cost of revenue [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total costs and expenses | 232 | 179 | 131 |
Research and development [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total costs and expenses | 666 | 455 | 458 |
Selling, general and administrative [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total costs and expenses | $1,081 | $1,369 | $1,087 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Valuation Assumptions) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term | '6 years 1 month 6 days | '6 years 3 months 18 days | '5 years 8 months 9 days |
Risk-free interest rate | 1.74% | 0.98% | 1.16% |
Expected volatility | 59.00% | 61.00% | 61.00% |
Expected dividend | 0.00% | 0.00% | 0.00% |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term | '6 months 3 days | '6 months | '6 months 3 days |
Risk-free interest rate | 0.09% | 0.14% | 0.08% |
Expected volatility | 39.00% | 56.00% | 56.00% |
Expected dividend | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule of Stock Based Compensation Award Activity) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant, Number of Shares [Roll Forward] | ' | ' | ' |
Options granted, shares | -716,000 | -791,000 | -876,000 |
Options forfeited or expired, shares | 269,000 | 935,000 | 803,000 |
2009 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant, Number of Shares [Roll Forward] | ' | ' | ' |
Balance at beginning of period (in shares) | 2,920,000 | ' | ' |
Options granted, shares | -716,000 | ' | ' |
Options forfeited or expired, shares | 269,000 | ' | ' |
Balance at end of period (in shares) | 2,253,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant, Number of Shares [Roll Forward] | ' | ' | ' |
RSUs granted, shares | -245,000 | ' | ' |
PRSU's forfeited or expired, shares | 25,000 | ' | ' |
Restricted Stock [Member] | 2009 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant, Number of Shares [Roll Forward] | ' | ' | ' |
RSUs granted, shares | -215,000 | ' | ' |
Preferred Restricted Stock Units [Member] | 2009 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant, Number of Shares [Roll Forward] | ' | ' | ' |
RSUs granted, shares | -30,000 | ' | ' |
PRSU's forfeited or expired, shares | 25,000 | ' | ' |
StockBased_Compensation_Schedu3
Stock-Based Compensation (Schedule of Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Number Of Shares | ' | ' | ' |
Balance outstanding at beginning of period, in shares | 6,960 | 7,483 | 8,069 |
Granted, in shares | 716 | 791 | 876 |
Forfeited or expired, in shares | -269 | -935 | -803 |
Exercised, in shares | -165 | -379 | -659 |
Balance outstanding at end of period, in shares | 7,242 | 6,960 | 7,483 |
Exercisable, in shares | 5,648 | ' | ' |
Vested and expected to vest, in shares | 7,018 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Balance outstanding at beginning of period, in dollars per share | $2.55 | $2.58 | $2.74 |
Granted, in dollars per share | $3.26 | $2.43 | $2.81 |
Forfeited or expired, in dollars per share | $2.65 | $3.04 | $4.51 |
Exercised, in dollars per share | $2.21 | $1.87 | $2.46 |
Balance outstanding at end of period, in dollars per share | $2.62 | $2.55 | $2.58 |
Exercisable, in dollars per share | $2.54 | ' | ' |
Vested and expected to vest, in dollars per share | $2.61 | ' | ' |
Weighted Average Remaining Term | ' | ' | ' |
Balance outstanding | '5 years 9 months | ' | ' |
Exercisable | '4 years 10 months 24 days | ' | ' |
Vested and expected to vest | '5 years 7 months 21 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Balance outstanding | $9,260 | ' | ' |
Exercisable | 7,760 | ' | ' |
Vested and expected to vest | $9,073 | ' | ' |
StockBased_Compensation_Schedu4
Stock-Based Compensation (Schedule of Options Outstanding and Options Exercisable) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 7,242 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $0.78 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $5.94 |
Weighted average remaining contractual life (in years) | '5 years 9 months |
Weighted average exercise price (in dollars per share) | $2.62 |
Options vested and exercisable (in shares) | 5,649 |
Weighted average exercise price (in dollars per share) | $2.54 |
Exercise Price $0.78 - $0.94 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 634 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $0.78 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $0.94 |
Weighted average remaining contractual life (in years) | '4 years 9 months 25 days |
Weighted average exercise price (in dollars per share) | $0.90 |
Options vested and exercisable (in shares) | 634 |
Weighted average exercise price (in dollars per share) | $0.90 |
Exercise Price $1.63 - 1.63 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 1,155 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $1.63 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $1.63 |
Weighted average remaining contractual life (in years) | '5 years 1 month 24 days |
Weighted average exercise price (in dollars per share) | $1.63 |
Options vested and exercisable (in shares) | 1,155 |
Weighted average exercise price (in dollars per share) | $1.63 |
Exercise Price $2.06 - $2.75 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 949 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $1.75 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $2.75 |
Weighted average remaining contractual life (in years) | '5 years 10 months 24 days |
Weighted average exercise price (in dollars per share) | $2.42 |
Options vested and exercisable (in shares) | 552 |
Weighted average exercise price (in dollars per share) | $2.53 |
Exercise Price $2.76 - 2.76 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 11 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $2.76 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $2.76 |
Weighted average remaining contractual life (in years) | '8 years 1 month 10 days |
Weighted average exercise price (in dollars per share) | $2.76 |
Options vested and exercisable (in shares) | 4 |
Weighted average exercise price (in dollars per share) | $2.76 |
Exercise Price $2.78- 2.78 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 2,094 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $2.78 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $2.78 |
Weighted average remaining contractual life (in years) | '6 years 10 months 24 days |
Weighted average exercise price (in dollars per share) | $2.78 |
Options vested and exercisable (in shares) | 1,593 |
Weighted average exercise price (in dollars per share) | $2.78 |
Exercise Price $2.82- 3.02 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 839 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $2.82 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $3.02 |
Weighted average remaining contractual life (in years) | '2 years 9 months 29 days |
Weighted average exercise price (in dollars per share) | $2.96 |
Options vested and exercisable (in shares) | 810 |
Weighted average exercise price (in dollars per share) | $2.96 |
Exercise Price $3.04- 3.48 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 801 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $3.04 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $3.48 |
Weighted average remaining contractual life (in years) | '8 years 4 months 17 days |
Weighted average exercise price (in dollars per share) | $3.39 |
Options vested and exercisable (in shares) | 240 |
Weighted average exercise price (in dollars per share) | $3.36 |
Exercise Price $3.54 - 4.17 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 681 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $3.54 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $4.17 |
Weighted average remaining contractual life (in years) | '4 years 9 months 4 days |
Weighted average exercise price (in dollars per share) | $4.07 |
Options vested and exercisable (in shares) | 583 |
Weighted average exercise price (in dollars per share) | $4.15 |
Exercise Price $4.36 - 4.36 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 35 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $4.36 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $4.36 |
Weighted average remaining contractual life (in years) | '1 year 5 months 1 day |
Weighted average exercise price (in dollars per share) | $4.36 |
Options vested and exercisable (in shares) | 35 |
Weighted average exercise price (in dollars per share) | $4.36 |
Exercise Price $5.94 - 5.94 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options outstanding (in shares) | 43 |
Range of exercise price, options outstanding, minimum (in dollars per share) | $5.94 |
Range of exercise price, options outstanding, maximum (in dollars per share) | $5.94 |
Weighted average remaining contractual life (in years) | '2 years 3 months 29 days |
Weighted average exercise price (in dollars per share) | $5.94 |
Options vested and exercisable (in shares) | 43 |
Weighted average exercise price (in dollars per share) | $5.94 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Awards and Restricted Stock Units) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Total costs and expenses | $1,979 | $2,003 | $1,676 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning balance (in shares) | 40,000 | ' | ' |
Granted (in shares) | 245,000 | ' | ' |
Vested (in shares) | -35,000 | ' | ' |
Forfeited (in shares) | -25,000 | ' | ' |
Ending balance (in shares) | 225,000 | ' | ' |
Beginning balance (in dollars per share) | $2.30 | ' | ' |
Granted (in dollars per share) | $3.33 | ' | ' |
Vested (in dollars per share) | $3.28 | ' | ' |
Forfeited (in dollars per share) | $0 | ' | ' |
Ending balance (in dollars per share) | $3.17 | ' | ' |
Total costs and expenses | $590 | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Nov. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity award vesting period | '4 years | ' | ' | ' |
Options expiration period | '10 years | ' | ' | ' |
Stock-based compensation | $1,979,000 | $2,003,000 | $1,676,000 | ' |
Weighted average estimated fair value, options (in dollars per share) | $1.82 | $1.36 | $1.53 | ' |
Fair value of unvested stock options | 2,700,000 | ' | ' | ' |
Closing stock price (in dollars per share) | $3.86 | ' | ' | $2.90 |
The total intrinsic value of options exercised | 139,000 | 343,000 | 1,800,000 | ' |
Total cash received from employees as a result of employee stock option exercises | 365,000 | 711,000 | 1,600,000 | ' |
Unrecognized stock-based compensation expense | 89,000 | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 1,100,000 | 1,400,000 | 1,500,000 | ' |
Weighted average term | '2 years 7 months 10 days | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 590,000 | ' | ' | ' |
Weighted average estimated fair value (in dollars per share) | $3.17 | $2.30 | ' | ' |
Sales under ESPP (in shares) | 245,000 | ' | ' | ' |
Average price of sales under ESPP (in dollars per share) | $3.33 | ' | ' | ' |
Preferred Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | 64,000 | ' | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average term | '4 months 15 days | ' | ' | ' |
Weighted average estimated fair value (in dollars per share) | $0.71 | $0.74 | $0.84 | ' |
Sales under ESPP (in shares) | 357,000 | 270,000 | 171,000 | ' |
Average price of sales under ESPP (in dollars per share) | $1.74 | $1.95 | $2.47 | ' |
Shares available for issuance (in shares) | 1,200,000 | ' | ' | ' |
Compensation expense related to ESPP | $203,000,000 | ' | ' | ' |
2009 Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for issuance (in shares) | 2,253,000 | 2,920,000 | ' | ' |
2009 Stock Plan [Member] | Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Sales under ESPP (in shares) | 215,000 | ' | ' | ' |
2009 Stock Plan [Member] | Preferred Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Sales under ESPP (in shares) | 30,000 | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, as of December 30, 2012 | ' | ($11) | ($11) |
Other comprehensive income (loss) before reclassifications | ' | ' | -77 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 88 |
Net change in other comprehensive income (loss) | ' | ' | 11 |
Accumulated other comprehensive income (loss), net of tax, as of December 29, 2013 | ' | ($11) | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassifications Out of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | ($455) | ($18) | ($50) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Available-for-sale investments | -185 | ' | ' |
Income Tax Expense (Benefit) | 273 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | $88 | ' | ' |
Information_Concerning_Product2
Information Concerning Product Lines, Geographic Information and Revenue Concentration (Schedule of Revenue by Product Line) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||
segment | segment | segment | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Number of reportable segments | 1 | 1 | 1 | |||
Total revenue | $26,072 | [1] | $14,944 | [1] | $20,969 | [1] |
New Products [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Total revenue | 18,219 | [1] | 5,920 | [1] | 5,326 | [1] |
Mature Products [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Total revenue | $7,853 | [1] | $9,024 | [1] | $15,643 | [1] |
[1] | For all periods presented: New products include ArcticLinkB., ArcticLink II, ArcticLink III, Eclipseb" II, PolarProB., PolarPro II, and QuickPCI II. Mature products include Eclipse, EclipsePlus, pASICB. 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM, and V3, as well as royalty revenue, programming hardware and software. |
Information_Concerning_Product3
Information Concerning Product Lines, Geographic Information and Revenue Concentration (Schedule of Revenue by Geographical Area) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | $26,072 | [1] | $14,944 | [1] | $20,969 | [1] |
South Korea [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 14,675 | 49 | 399 | |||
United States [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 3,722 | 5,049 | 8,271 | |||
Europe [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 1,788 | 2,414 | 4,127 | |||
Malaysia [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 2,082 | 1,714 | 1,780 | |||
Japan [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 2,068 | 3,316 | 2,733 | |||
China [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 1,212 | 1,725 | 3,032 | |||
Rest of North America [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 463 | 327 | 326 | |||
Rest of Asia Pacific [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | $62 | $350 | $301 | |||
[1] | For all periods presented: New products include ArcticLinkB., ArcticLink II, ArcticLink III, Eclipseb" II, PolarProB., PolarPro II, and QuickPCI II. Mature products include Eclipse, EclipsePlus, pASICB. 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM, and V3, as well as royalty revenue, programming hardware and software. |
Information_Concerning_Product4
Information Concerning Product Lines, Geographic Information and Revenue Concentration (Schedule of Customer Concentration) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Accounts Receivable [Member] | Distributor A [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of accounts receivable from major customer | 20.00% | 35.00% | ' |
Accounts Receivable [Member] | Customer G [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of accounts receivable from major customer | 71.00% | ' | ' |
Accounts Receivable [Member] | Distributor B [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of accounts receivable from major customer | ' | 14.00% | ' |
Sales Revenue, Goods, Net [Member] | Distributor A [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | 18.00% | 27.00% | 39.00% |
Sales Revenue, Goods, Net [Member] | Distributor C [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | ' | 19.00% | 10.00% |
Sales Revenue, Goods, Net [Member] | Distributor D [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | ' | 10.00% | 13.00% |
Sales Revenue, Goods, Net [Member] | Customer B [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | ' | 14.00% | 15.00% |
Sales Revenue, Goods, Net [Member] | Customer E [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | ' | ' | 11.00% |
Sales Revenue, Goods, Net [Member] | Customer F [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | ' | 10.00% | ' |
Sales Revenue, Goods, Net [Member] | Customer G [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of revenue from major customer | 56.00% | ' | ' |
Shelf_Registration_Statement_D
Shelf Registration Statement (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2013 | Jun. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 31, 2013 | Jun. 02, 2012 | 31-May-12 | |
Shelf registration maximum offering | ' | ' | ' | ' | ' | $40,000,000 | ' | ' |
Shares issued in aggregate | 8,740,000 | 5,122,000 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' |
Share Price (in dollars per share) | $2.90 | ' | $3.86 | ' | ' | ' | ' | ' |
Proceeds from offering | 23,100,000 | 11,900,000 | ' | ' | ' | ' | ' | ' |
Stock issuance cost | 2,200,000 | 929,000 | 2,219,000 | 0 | 0 | ' | ' | ' |
Increase in maximum amount of securities able to be sold under shelf registration statement | ' | ' | ' | ' | ' | ' | $3,400,000 | $3,400,000 |
Common stock and warrant | ' | 2,304,900 | ' | ' | ' | ' | ' | ' |
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right number of securities called by warrants or rights per unit | ' | 0.45 | ' | ' | ' | ' | ' | ' |
Price (in dollars per unit) | ' | 2.5 | ' | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per unit) | ' | ' | 2.98 | ' | ' | ' | ' | ' |
Fair value grant date (in dollars per unit) | ' | ' | 0.97 | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | 0.89% | ' | ' | ' | ' | ' |
Exercise period of warrants | ' | ' | '60 months | ' | ' | ' | ' | ' |
Expected term | ' | ' | '5 years | ' | ' | ' | ' | ' |
Expected volatility rate | ' | ' | 62.18% | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Schedule of Future Minimum Lease Payments for Operating Leases)(Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Future minimum lease commitments under operating leases: | ' |
2014 | $906 |
2015 | 863 |
2016 and thereafter | 60 |
Total | $1,829 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' | ' |
Purchase obligation | $701 | ' | ' |
Total rent expense, net of sublease income | 947 | 493 | 464 |
Wafer purchase commitment [Member] | ' | ' | ' |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' | ' |
Outstanding commitment for purchases | $10,800 | $621 | ' |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning Balance | $20 | $10 | $16 |
Charged to Costs and Expenses | -20 | 10 | 0 |
Deductions/Write-offs | 0 | 0 | -6 |
Ending Balance | 0 | 20 | 10 |
Allowance for Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning Balance | 60,223 | 56,067 | 52,827 |
Charged to Costs and Expenses | 3,305 | 4,156 | 3,240 |
Deductions/Write-offs | 0 | 0 | 0 |
Ending Balance | $63,528 | $60,223 | $56,067 |